NAURA(SZ:002371) Di Yi Cai Jing·2025-09-17 11:17Core Viewpoint - The National Integrated Circuit Industry Investment Fund (referred to as "Big Fund Phase I") has reduced its stake in Northern Huachuang (002371.SZ) for the third time, bringing its shareholding below 5%, while achieving significant cash returns from its investments over the past decade [1][2]. Investment and Divestment Summary - Big Fund Phase I has invested a total of 15.11 billion yuan in Northern Huachuang, participating in strategic restructuring and initial public offerings, and has now realized at least 55 billion yuan in cash returns from its investments [2][4]. - The fund's stake in Northern Huachuang decreased to 4.999932%, with a total of 36.2039 million shares remaining after the latest reduction [1][2]. - Over the past ten years, Northern Huachuang's annual revenue has grown from 1.6 billion yuan to 29.8 billion yuan, and net profit has increased from less than 100 million yuan to approximately 5.6 billion yuan, demonstrating the success of state capital in nurturing leading semiconductor enterprises [2][3]. Historical Investment Details - Big Fund Phase I first invested in Northern Huachuang in 2016, acquiring 34.3643 million shares at 17.46 yuan per share, totaling 600 million yuan, becoming the third-largest shareholder [3][4]. - The second investment occurred in 2019, where the fund contributed 911 million yuan to acquire 14.8668 million shares at 61.27 yuan per share during a new round of fundraising aimed at expanding production and advancing technology [3][4]. - The fund's first divestment in 2020 involved selling 4.9512 million shares at an average price of 175.35 yuan, recouping its entire investment cost [4]. Recent Market Activity - In 2022, despite a 35% decline in Northern Huachuang's stock price, Big Fund Phase I did not reduce its holdings [5]. - In May 2023, after the lock-up period for its shares expired, the fund initiated its second round of divestment, selling 10.5912 million shares for a total of 2.97 billion yuan [5][6]. - Following the latest reduction, Big Fund Phase I's shareholding in Northern Huachuang has fallen below 5%, indicating a potential gradual exit from its investment as per its defined investment extension period [6].