Written by the editorial team of Today Weekly
On July 14, Hon Hai announced that its subsidiary, Fulian Industrial (FII), indirectly acquired the equity of Ziguang for 5.38 billion yuan (approximately NT$23.83 billion). On the one hand, it is the global electronics foundry leader Hon Hai Group; on the other hand, it is China’s Tsinghua Unigroup, which has caused huge waves in the semiconductor industry on both sides of the Taiwan Strait.
In an extremely complicated transaction, the two groups have a certain degree of intersection of fate. On the other side, it is the possibility of Tsinghua Unigroup to re-emerge the “Semiconductor National Team”; in the Taiwan industry, it is the chairman of Hon Hai Liu. Yang Wei’s ingenious plan to fight for the semiconductor business, as well as his ambition for Hon Hai’s transformation plan.
According to industry analysis, under the trend of “disengagement” in the global supply chain in recent years, Hon Hai has obviously actively invested in markets other than China.
For Hon Hai’s transformation plan in full swing, is there any chance of becoming a shareholder in Tsinghua Unigroup to bring substantial help? Can the “small investment” of RMB 5.38 billion create an unexpected breakthrough in industrial upgrading?
“If Hon Hai’s semiconductors want to move forward, they really need help from others,” said Gao Qiquan, known as the “Godfather of Taiwan’s DRAM” and former executive vice president of Tsinghua Unigroup. The implication is that the semiconductor veteran has a relatively positive view on the effect of this investment in Ziguang.
In an exclusive interview with “Today Weekly”, Gao Qiquan constantly emphasized the importance of “talent” and “team”. He believes that for a “semiconductor latecomer”, how to quickly absorb semiconductor human resources with sufficient experience and expertise is the top priority. heavy. In fact, some people in the industry said that in the past Hon Hai’s image of “electronic foundry” was too clear, so it was often difficult to quickly gain the recognition of semiconductor talents in the process of developing the semiconductor business.
As for the related businesses of Ziguang Group, Gao Qiquan believes that at least three companies have internal teams of a certain level, namely Ziguang Zhanrui, the strongest mobile phone chip designer in China, Yangtze River Storage, a leader in flash memory in China, and New H3C, a large server manufacturer. , “Compared with establishing these teams by themselves, it is certainly much simpler and faster for Hon Hai to obtain cooperation through shareholding.” Gao Qiquan said.
“Investing in Unisplendour does give Hon Hai an opportunity, but it’s not a ‘great advantage’.” Yang Yingchao, chairman of Kirkland Capital and chief consultant of Yikang Group, analyzed, “On the whole, the road is right. Yes.” But he, who has been studying Hon Hai for more than 20 years, also said, “Follow-up risks still exist.”
Yang Yingchao explained with this transaction that the outside world believes that Ziguang’s territory spans memory, IC design and other fields, and the investment in Ziguang will complement the supply chain of key automotive components, and then connect the upstream and downstream of memory, IC design, packaging and testing, etc. Vertically integrated services are good for Hon Hai’s development of semiconductors and electric vehicles, “but not entirely.”
In his opinion, can it attract more semiconductor talents to invest in Hon Hai after the shareholding, or can it improve its technology and make achievements, and then bring substantial help to Hon Hai’s entry into new applications such as electric vehicles? It remains to be seen; what’s more, Hon Hai “had limited effect after the acquisition of the panel factory Sharp, and then withdrew from the panel factory Innolux’s board of directors.
“Hon Hai buys Ziguang at this time, it’s like buying an option…” Yang Yingchao pointed out that for a company as big as Hon Hai, even if the investment of more than 20 billion yuan in Ziguang is lost, it will not hurt. And once the bet is right, it will give Hon Hai an additional channel to increase revenue. To a certain extent, it does have the benefit of betting big with small.
Under the banner of high transformation, Fii’s investment in Unisplendour may bear fruit after many years, or it may end up with nothing, but no matter whether this transaction can bring talents and technology feedback, then Hon Hai The transformation plan is of substantial help. In the eyes of Yang Yingchao, an analyst who understands Hon Hai the most, this at least means that this “king of global electronic foundry”, known for its stable and conservative operating performance in the past, is actively seeking innovation and change, ” In order to defend the profit, take the initiative to attack!”
For more content, please refer to the latest issue of Today Weekly (No. 1335)
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