金字火腿“跨界”造芯背后，隐现福建富商郑庆昇的资本阳谋

Core Viewpoint - Jinzi Ham's recent investment in Zhongsheng Microelectronics marks a significant move into the semiconductor industry, reflecting a strategic shift from its traditional food business to high-tech sectors, particularly in optical communication chips [1][2][3] Investment Details - Jinzi Ham plans to invest up to 300 million yuan (approximately 42.5 million USD) to acquire no more than 20% equity in Zhongsheng Microelectronics through a capital increase [1][2] - The investment will occur in two phases: the first phase involves 100 million yuan at a pre-investment valuation of Zhongsheng Microelectronics between 1 billion to 1.3 billion yuan, while the second phase will depend on the successful verification of a specific chip [2][3] Company Background - Zhongsheng Microelectronics was founded in 2019 by key R&D personnel from U.S. optical communication chip design companies and has been recognized as a potential unicorn in China [3] - The company specializes in the R&D and design of high-speed optical module core chips, including TIA and Driver chips, but has yet to achieve profitability, reporting revenues of 20,490 yuan and a net loss of 3,882,610 yuan in 2024 [3] Jinzi Ham's Performance - Jinzi Ham, listed since 2010, has struggled with its core business of Chinese and European-style hams, with revenues of 445 million yuan in 2022, declining to 314 million yuan in 2023, and a slight recovery to 344 million yuan in 2024 [4] - The company reported a net profit of 49.03 million yuan in 2022, which decreased to 40.06 million yuan in 2023, followed by a recovery to 62.17 million yuan in 2024 [4] Leadership and Strategic Shift - The control of Jinzi Ham was transferred to Zheng Qingsheng in April 2023, who has a history of cross-industry ventures, including real estate and education [6][8] - Following the acquisition, Zheng Qingsheng quickly established two semiconductor-related companies, indicating a strong commitment to diversifying Jinzi Ham's business model [7][10] Market Reaction - Following the announcement of the investment, Jinzi Ham's stock surged to a limit-up of 7.85 yuan per share, bringing its market capitalization close to 10 billion yuan [1][2]