On August 27, 2023, the China Securities Regulatory Commission (CSRC) issued the "Regulatory Arrangements for the CSRC to Coordinate the Balance and Optimization of IPOs and Refinancing in the Primary and Secondary Markets" (hereinafter referred to as the "827 New Deal") on its official website. The controlling shareholder and actual controller shall not pass the secondary market ** the company's shares.
Recently, the author has paid attention to oneProposed listingThe actual controller of this company, Li Xiaomin, increased his holdings of the company by borrowing debt before listing.
According to the prospectus and the first round of feedback responses, as of December 31, 2023, Li Xiaomin still had outstanding liabilities totaling 94.65 million yuan, and the disclosed loan flow is as follows:
The author carefully examines the main purpose of Li Xiaomin's loans, and it can be found that in order to maintain his control, the actual controller increased his holdings through anti-dilution in the company's follow-up financing processThe borrowings are mainly used to increase the company's capital and pay taxes
Compared with many companies in the process of pre-IPO, the boss cashed out in advance by transferring equity, the actual controller of Sembcorp Nano did the opposite, did not hesitate to bear a debt of nearly 100 million, and increased the company's holdings with the same external investors, which undoubtedly gave investors a reassurance, and it can also be seen that the actual controller has a high degree of confidence in the company's development. In the public ** report, the actual controller Li Xiaomin also mentioned his debts, he said that he returned to China for more than ten years, and almost all of his savings were invested in the company, "This is my confidence in the company."I am highly optimistic about the future development of Sembcorp Nano, and I myself use the same ** to buy shares, and investors say that this is the most reassuring guarantee clause for them.
According to the reply to the inquiry letter, the actual controller is burdened with a debt of nearly 100 million yuan, in addition to the company's cash dividends, Li Xiaomin also has a variety of repayment funds such as salary income, self-owned real estate realization, repayment by others, and realization. Overall, Li XiaominAt present, there are various and feasible ways to repay debts, and it has the ability to repay debts.
Judging from the company's historical dividends, the dividends that Li Xiaomin has received in recent years are actually used for company-related purposes, not for improving personal life, which really surprises the author. According to the specific flow of dividends received by Li Xiaomin disclosed in the inquiry letter, the dividends are mainly used to repay the loans for increasing holdings, the interest on loans from financial institutions and the individual income tax of the share reform, etc., and the dividends obtained from the company are ultimately used for the company's related affairs, and it can be seen that Li Xiaomin has invested all his net worth in the companyIt truly demonstrates the unconditional support and strong confidence of the actual controller in the company.
In fact, since the second half of 2023, in order to further activate the capital market and boost investor confidence, the China Securities Regulatory Commission has launched a series of policies to effectively boost investor confidence from multiple dimensions such as expanding the amount of capital in the capital market, improving the quality of listed companies, and strengthening the protection of investors' interests. In December 2023, the China Securities Regulatory Commission (CSRC) issued the Guidelines for the Supervision of Listed Companies No. 3 - Cash Dividends of Listed Companies (Revised in 2023), the Guidelines for the Articles of Association of Listed Companies and the relevant self-regulatory rules of the exchange to promote the balance, timeliness, stability and sense of gain of investors in cash dividends of listed companies. On January 24, 2024, Wang Jianjun, vice chairman of the China Securities Regulatory Commission, pointed out in an interview that it is necessary to build an investor-oriented capital market, and the majority of investors have returns and a sense of gain. Wang Jianjun proposed that listed companies should firmly establish the awareness of rewarding shareholders, and without reasonable returns, they are not qualified listed companies.
In its first round of feedback responses, Sembcorp Nano made it clear that according to the "Shareholder Dividend Return Plan within Three Years after the Company's Listing", "if the net profit and net cash flow generated by operating activities in any fiscal year of the Company exceed RMB 70 million in the last three years, the Company's profit distributed in cash for that year shall not be less than RMB 40 million in principle". According to the Plan, the company will be formed after listingDepartmentUnityLong-term dividend constraint mechanism, which can allow investors to share the performance dividends of listed companies earlier and more. The above plan enhances the transparency of the company's cash dividends and the level of investor returns, and also sets reasonable preconditions for dividends to ensure that the company will not lose its sustainable development ability due to excessive dividends.
Where is the confidence and confidence of the actual controller? What is the company's growth potential and competitive advantage? The author took a closer look at the company's business and performance.
lThe actual controller has a technical background and has been deeply involved in the analysis and experimental track for 20 years
Sembcorp Nano's founder, Li Xiaomin, has long been deeply involved in the field of semiconductor third-party analysis experiments, and graduated from Peking University with a bachelor's degree in microelectronics, a master's degree in electronic engineering from the National University of Singapore, and then worked as a research and development engineer at the Institute of Microelectronics of the Agency for Science, Technology and Research, Singapore.
Figure:Li Xiaomin is there as an alumni representativeIn 2023Peking UniversitySpeech at the graduation ceremony of the School of Integrated Circuits
As a veteran of 20 years in the industry, Li Xiaomin initially founded a commercial third-party testing and analysis laboratory in Singapore in 2004, and in 2012, he seized the opportunity of the domestic semiconductor industry to develop to the mid-to-high-end, and returned to China to establish Sembcorp Nano in Suzhou, providing one-stop testing and analysis services including failure analysis, material analysis and reliability analysis for semiconductor industry chain enterprises.
According to Sembcorp Nano's public disclosure materials, in line with the development trend of the semiconductor third-party testing and analysis market, under the leadership of Li Xiaomin, Sembcorp Nano's performance continued to grow, and gradually grew into a leading third-party testing and analysis laboratory in China.
lScientific and technological innovationPlay a key role in the industrial chain to help the upgrading and development of the semiconductor industry
According to the prospectus disclosed by Sembcorp Nano, the compound growth rate of its operating income from 2020 to 2022 is as high as 5440%。According to its latest disclosed feedback response, the company's operating income in 2023 is 39,303$570,000 (unaudited), also an increase of 3685%。The continued growth of the business is undoubtedly the confidence of its future dividends**. Dividends are the basic attributes of investment, and growth is the cornerstone of dividends. Sembcorp Nano has the confidence to set clear dividends, that is, to the companyBusiness growth brought about by high-tech attributes.
Semiconductor testing and analysis is an important link in the semiconductor industry chain, and testing and analysis services help accelerate the R&D process of customers, improve product performance indicators and yield rates, and play an important role in the development of semiconductor technology and process evolution. Specific to the semiconductor industry, the analysis laboratory provides failure analysis, material characterization, simulation, product error correction, process monitoring, etc. for the entire industry chainAuxiliary R&D function,Through professional analysis and testing technology, we can diagnose chip products, find the true cause of chip failure, assist in realizing improvement plans, and give technical iteration routes. Its business runs through the entire industrial chain from semiconductor materials, semiconductor equipment, chip design, wafer manufacturing, packaging and testing, and is a rigid support to support the high-quality development of the semiconductor industry.
Figure: Typical testing and analysis cases disclosed in the prospectus
As a leading third-party semiconductor testing and analysis enterprise in China, Sembcorp Nano is a key technical support platform for R&D, manufacturing and quality monitoring in the semiconductor field. Sembcorp Nano is also known in the industry as a high-tech field"Stealth heroes behind the scenes".
Chairman Yi Huiman said at the 14th Lujiazui Forum that policies and measures to further support high-level scientific and technological self-reliance and self-reliance will be introduced in the capital market in due course. The China Securities Regulatory Commission also clearly emphasized in the answer to reporters' questions released on August 18 that the overall idea is to improve the support mechanism for scientific and technological innovation in the capital market, guide resources to gather in the field of scientific and technological innovation, and the main policy measures are to establish a "green channel" for the listing and financing, bond issuance, mergers and acquisitions of technology-based enterprises that break through key core technologies. A technology innovation company like Sembcorp Nano is also an enterprise that needs strong support from the capital market, and its future landing on the Science and Technology Innovation Board is also fully reflectedFinance empowers technology to be self-reliant and self-reliantimportant role.
lInternational cooperation, leading testing capabilities to create a high-quality market reputation
Sembcorp Nano isIt is a demonstration enterprise of cooperation between China and Singapore。The company's founder, Li Xiaomin, initially established a laboratory in Singapore in 2004, and in 2012 the company was launched as a Sino-Singapore cooperation project in Suzhou Industrial Park. The company's development layout fully combines the advantages of Suzhou and Singapore, through years of industry accumulation and development, the company has become the transmitter of Sino-Singapore science and technology cooperation, and has established good communication and cooperation with the Singapore Science and Technology Bureau and Singapore's well-known local semiconductor companies, and has reached a cooperation with Singapore University of Technology and Design SUTD to establish the Sembcorp Nano Semiconductor Academy to provide practical learning opportunities for the master's program in integrated circuit design and failure analysis and reliability verification, and help cultivate practical talents in the industry.
Figure:Singapore University of Technology and Designutd
It is worth mentioning that Sembcorp Nano has established good cooperation with well-known international semiconductor manufacturers, including Applied Materials, as disclosed in its prospectusGlobal semiconductor equipment giant Applied MaterialsIt also directly purchases failure analysis, material analysis and other services from it. According to the information disclosed on the company's official website, Sembcorp Nano was invited to participate in the groundbreaking ceremony of Applied Materials' "Singapore Development 2030" plan at the end of 2022.
Figure: Applied Materials was one of the top five customers in each period of the company's reporting period
In addition, Sembcorp Nano also works with:The world's top manufacturer of testing and analytical instrumentsEstablish a good cooperative relationship, sign strategic cooperation agreements with world-renowned semiconductor equipment manufacturers such as Thermo Fisher, Hitachi, EPEC, Carl Zeiss, etc., realize the ecological co-construction of semiconductor testing and analysis laboratories, and further enhance the strength of testing and analysis. According to the information disclosed on the company's official website, Sembcorp Nano, as a strategic partner of Thermo Fisher Scientific in China, was invited to attend the 50th anniversary celebration of the US-China National Committee held in Beijing recently, and worked with many partners to develop relevant cooperation in the future.
lCustomer quality, cash flowSufficient and high quality of earnings
At present, Sembcorp Nano has served more than 2,000 customers around the world, and typical customers include well-known chip design manufacturers at home and abroad, such as A, Zhuosheng Micro, Qualcomm and Broadcom; Huahong Group, the leading wafer foundry in China; global packaging and testing giants ASE and Changdian Technology; The world's leading semiconductor equipment manufacturer, Applied Materials, NAURA Huachuang; domestic display panel leaders BOE and Tianma Micro; Domestic LED chip leader, HC Semitek, etc. Sembcorp Nano is also the first third-party testing and analysis laboratory in the Asia-Pacific region to be accredited by Xilinx.
Based on the company's leading detection and analysis technology, the detection and analysis services provided by Sembcorp Nano have a high gross profit margin, strong profitability, short business collection cycle, high accounts receivable turnover rate, and a good cash flow from operating activities. During the reporting period, the company's net cash flow from operating activities was positiveThis also lays a solid foundation for the development of the listed dividend plan.
Figure:Key financial data and financial indicators for the reporting period
Presumably, after reading the above points, you can also understand that the confidence and confidence of the actual controller come from the first - whether from the perspective of hard technology content, international layout, or from the status of the industrial chain and future development prospects, Sembcorp Nano is a rare high-quality target at present, and it is no wonder that Li Xiaomin, the actual controller, has been consistent for 20 years, betting all his net worth, and even continuing to increase his holdings at the cost of debt. It is also Li Xiaomin's courage and determination that the company firmly seized the opportunity of the development of the domestic semiconductor industry and achieved rapid development. It is believed that a company like Sembcorp Nano may also be expected to perform in the capital market after listing in the future.
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