The science and technology board guides long-term capital to technological innovation, which is a key point for China to enter the technology dividend turning period.
Editor’s note: This article is from the WeChat public account “CV Intelligence” (ID: CVAI2019), author Yang Jianwei, editor Zhang Lijuan.
Things are rare.
The chip semiconductor industry, the capital market in China is such a “rare” existence. In Zhejiang, there are some private enterprises that used to be traditional industries. After the bottleneck of growth, some of them began to look for the targets of chip semiconductors. When they find them, they often find Shanghai. But when they find it, they find that: Where there is a profit of more than 10 million, they will think about the capital market, and the valuation should be at least 50 times PE.
After picking up, Zhongwei and other unicorn chip companies, the chip’s valuation is even higher.
Many investors focused on chip semiconductors told CV Intelligence that they have recently felt that the valuation of chip targets has risen rapidly, and some of the star names of investment have risen very quickly. The market is hot, “not good to start.”
This feeling of first-tier market investors is consistent with the performance of the science and technology stock market. Star stocks such as picking up, Zhongwei, etc., always have no shortage of followers, and each trading day has a high turnover rate of around 30%, which proves that people holding these stocks are not practical. Because of the feeling of hot, the investors of the board will be replaced.
Behind the fierceness of the primary and secondary markets, people do not understand the industry rules, development paths and business practices of chip semiconductors. Even with the heat of the chip field for a year and a half, we still see some basic cognitive errors everywhere.
In this context, CV Intelligence held two chip salons in Beijing and Shanghai on July 19th and July 26th, in order to provide people with a window in the field of chip semiconductors.
Through these two salons, we tried to answer the following questions: Why should we invest in chip semiconductors at this time? What is the difference between Chinese and American chip investments? What are the investment opportunities for chip localization replacement? What is the difference between a fully market-based AI chip? Large-scale wafer foundry and chip design outsourcing services built by state-owned abbots, as two cases of deepening the division of labor in the chip industry, for IC design companies