Last week's communications industry was brilliant. The most shocking news was that China Telecom, which has always been low-key, even announced its LTE networking and terminal strategy, so that another operator could not sit still and began to inquire about telecommunications everywhere. LTE situation; the most worrying news is that China Mobile has finally started the bidding for TD-LTE wireless main equipment. A fierce fighting is inevitable; but there is also a message that makes the industry feel the most "irrational". That is, Ziguang Group announced the acquisition of Spreadtrum Communications for $ 1.48 billion.
Ziguang Group was born out of Tsinghua University and has a broad layout in high-tech, biomedicine, technology real estate and urban infrastructure; but Ziguang Group's high-tech is mainly concentrated in the fields of simulation, robotics and IT distribution. Spreadtrum Communications is a Nasdaq-listed company that specializes in semiconductor communication chip design. To put it bluntly, there is no intersection between the two.
Things that don't intersect are simply related, and they definitely need a strong bond. Yes, that is capital! Spreadtrum needs capital, and it needs a lot of capital injection to win the future; and Ziguang Group also needs capital, and it needs to tell more beautiful stories to the capital market.
Spreadtrum: worrying about future
After Wu Ping bleakly resigned, he replaced Li Liyou, who advocates "farmer culture." After Li took office, he made a lot of changes to Spreadtrum. While straightening out all aspects of the relationship, he adopted gambling-based product strategies and achieved great success. Both market share and revenue were very fast.
After the purse swelled, Spreadtrum began to acquire MobilePeak and Taijing Information to make up for shortcomings in WCDMA and other fields. Because everyone knows that Spreadtrum started with GSM and TDS, and WCDMA / CDMA has always been a short board.
In this month, although investment banks such as JPMorgan, JPMorgan Chase and Merrill Lynch all gave relatively positive research reports to Spreadtrum, one phenomenon is that Spreadtrum is now at the end of the crossbow.
First of all, China Mobile began to adjust the subsidy direction of TD-SCDMA terminals, gradually shifting from the original single-core to dual-core and quad-core. Do n’t talk about it here, the performance of single-core, dual-core, quad-core, consumers just like to listen to “mine is quad-core, yours is single-core, mine is better than yours.†From the second half of this year, CMCC's subsidies for single-core mobile phones began to decrease significantly, while Spreadtrum's dominant product on TD is the single-core SC8810.
In the TDS market, China Mobile's subsidies are very critical. The shift in its market strategy will have a certain negative impact on Spreadtrum. Spreadtrum's largest competitor on TDS, MediaTek's dual-core MT6572 chipset, has been on sale in the open market this month. It will enter the operator's market in July, which will cause even greater pressure on Spreadtrum.
The second is Spreadtrum ’s own shortcomings. The acquisition of MobilePeak is to make up for its disadvantages in WCDMA, but recent personnel changes have caused a certain negative impact on it. Although its WCDMA chipset has been delivered to Lenovo and other customers for testing, market feedback is mediocre.
The third is how to win the future. From the perspective of global mobile communications development, the LTE era is accelerating. One of the first problems faced by LTE terminals is multi-mode. For example, China Mobile has put forward the demand for five modes and ten frequencies, which poses a great challenge to chip manufacturers. Because now in China, including Lianxin Technology, Spreadtrum, and even MediaTek have not launched corresponding mobile terminal solutions.
Ziguang: Capital Story
As soon as the Ziguang Group's acquisition offer came out, the industry had a view that after the completion of the acquisition, Ziguang Group would delist Spreadtrum Communications from NASDAQ, and then list it on the domestic A-shares to earn greater investment income.
Industry insiders pointed out that although Spreadtrum has been operating well in recent years, its performance has been rising. In view of the downturn of semiconductor stocks on Nasdaq, PE has only been about 10 times, compared with the 30-40 times price-earnings ratio of mainland A shares. On the other hand, if you count Spreadtrum's revenue growth from the US delisting to the A-share listing for one to two years, delisting Spreadtrum from the US to the A-share listing can bring at least 5 times more investment income.
But if this is the case, I believe that many people in China will see this "business opportunity", and why is it Ziguang Group?
Coincidentally, Ziguang Group, a subsidiary of Ziguang Group, also suspended trading to plan a major asset reorganization. Will Ziguang Group inject the acquired Spreadtrum Communications into Ziguang shares? But the problem is the same. The market value of Ziguang shares is less than 3 billion yuan, and the acquisition price of Spreadtrum is close to 10 billion yuan. How can the little snake swallow the elephant?
However, as a national key high-tech enterprise, a national "863 Program" achievement industrialization base, and the third largest IT distributor in China, Ziguang shares that have been selected as China's "top 100" electronic information companies over the years should indeed be a good plan for how to use technology And the power of capital to realize the "Chinese Dream".
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