The recent dramas of Qualcomm and Broadcom have come to an end and have attracted numerous crowds. However, in the course of our onlookers, the U.S. president personally vetoed the deal. Thinking from another angle, what does it matter for us to think about? In order to initiate the future, I believe that the following five points can be seriously considered:
First, the semiconductor industry is one of the core competences
The semiconductor industry is the core of the information technology industry. It is an important basic, pilot, and strategic industry. It is also the cornerstone of the development of emerging strategic industries such as 5G mobile communications, big data, and cloud computing. The future will be the development of innovative and intelligent industries. Will rely more on semiconductors. This point the United States not only sees, but also does it.
For high-tech industries such as semiconductors, the United States deems it imprisoned and does not allow outsiders to impose a referent. Even "allies" and "owners" are no exceptions. Since Trump took office, he has paid more attention to the protection of semiconductors and high-tech technology. He also jumped out of the case early in the veto, and his emphasis on semiconductors is evident.
In the past, it was often said that "science and technology are the primary productive forces." It is indeed "semiconductor is the core competitiveness." The two meetings, the government work report listed semiconductor as the first of the real economic development, this degree of emphasis is also very much in line with our judgment and expectations of the industry. However, the key to industrial development is implementation, implementation, and action.
Second, the first time to actively participate in industrial mergers and acquisitions
The case of Broadcom's acquisition of Qualcomm does not seem to be directly related to Chinese capital and Chinese companies, but Broadcom and Qualcomm’s largest market is in China. The relevant departments should not lose their voice in this case. Can we do some pre-judgment in advance in this process and try to maximize our own interests? For the government and industry, whether to judge, predict and analyze the outcome in advance, according to the results of the judgment and their own interests to do the corresponding action. Semiconductor M&A involves industrial interests and the overall competition. As the world's largest semiconductor market in the Chinese market, we should predict, formulate strategies, take the initiative to participate, and be active, so that we are no longer spectators, outsiders, but real bureaucrats, and even the controller. Only in this way can we strive for their own authority and the interests of the industry.
Third, weakening the merger and acquisition road to strengthen independent research and development
Whether it is semiconductor or other high-tech, due to the nature of "strategic competition" and "core competition," the U.S. government and other countries' governments are all working to protect it. Broadcom was formerly a U.S. company and its headquarters was in Singapore. Broadcom also promised to move its headquarters back to the United States. Even so, the acquisition was blocked. And in the beginning CFIUS was involved. Looking further ahead, if it comes to semiconductor high-end industries, the United States’ attitude toward its allies is also very determined. Infineon’s acquisition of Cree’s department, wolfspeed, and the US’s CFIUS, also believe it’s “say no†to American national security.
We must realize that the current window of international merger and acquisition has gradually closed. Must abandon the acquisition of fantasy, strengthen independent research and development, promote self-control. Your own industry does it yourself, and your own way is to go on your own. It's better to be slower and to be steady.
Fourth, the fund to increase R & D investment in the industry
The industry is very hot, there are many funds, large fund small funds, and funds are being used everywhere. In the case of mergers and acquisitions from the difficulties and the scarcity of the subject, the Fund's support for the industry must also advance with the times, self-adjustment, and strengthen investment in R&D companies. Promote the domestic leading enterprises to speed up independent research and development, product "upgrade", technology "cage for bird" or the next fund to focus on the direction.
At present, Chinese companies do not lack the money for investment, but they lack the self-development patience and the proportion of investment in research and development is seriously low. When the preparations for the second phase of the National Semiconductor Industry Investment Fund are underway, it is an important responsibility to create an industrial structure with healthy ecological environment and strong endogenous growth. Therefore, government funds, including large funds, are also called for more support for corporate R&D in the future, development of more financial products that support self-developed R&D, and vigorous support for independent R&D of leading companies, increasing investment and support for R&D companies.
V. Local support industries must also support independent research and development
In the past, companies lacked start-up capital. The government supported the building of factories, bought equipment, and paid wages. However, R&D is now a shortcoming for Chinese companies, and local governments should adjust their policies to subsidize and support R&D. The subsidy of R&D by local governments not only solves the urgency of the company, but also provides the charity for the company, and it also serves the role of meeting the demands of the company.
"Eggs break from the outside to the inside are just food, breaking from the inside out is life." China Semiconductor can not rely solely on the momentum of the acquisition of overseas assets to advance, can not rely entirely on the realization of high-end products to achieve breakthroughs.
In the past 30 years, China's electronics industry chain has undergone three upgrades: relying on low-cost advantages, from poor to white, to manufacturing centers; relying on huge local market advantages, from manufacturing centers to market centers; relying on the first two foundations and industrial chains. The advantages of integration have gradually grown from a market center to a center of innovation. It is more than a cannibalism to count down the three industry leapfrogs and to rely on independent research and development and down-to-earth endogenous development. Endogenous controllability, stability, and sustainability are more effective than epitaxy.
All employees in the industry should abandon their illusions, base themselves on reality, and independently research and develop, down to earth. Looking to the future, China's semiconductor industry will rely on hard work, hard work and hard work, independent research and development, self-control, self-reliance, self-challenge, self-breakthrough, self-subversion, can only get out of China's industry right way.
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