陈大同丨芯片往事（续）

Core Viewpoint - The article reflects on the evolution of the semiconductor industry in China over the past two decades, highlighting the transition from entrepreneurship to venture capital investment, and the significant role of government support in fostering industry growth. Group 1: Transition to Venture Capital - After the IPO of Spreadtrum Communications in 2007, the author transitioned into the emerging high-tech venture capital industry in China, recognizing the importance of venture capital in fostering innovation [3][4]. - The author emphasizes that the success of a venture capital fund can support numerous startups, contrasting with individual entrepreneurship, which is limited to a few successful companies [4][5]. - The establishment of Huashan Capital in 2009 was a response to the global financial crisis, aiming to seize opportunities in high-tech investments, particularly in semiconductors [7][8]. Group 2: Government Support and Industry Growth - The launch of the National Integrated Circuit Industry Development Promotion Outline in 2014 and the establishment of a 128 billion yuan national semiconductor fund marked a turning point for the industry, significantly increasing government funding from a few billion to hundreds of billions annually [10][11]. - The fund's combination of government and social capital broke the traditional planned economy model, creating a new investment approach that spurred rapid growth in the semiconductor sector [10][11]. - The article notes that the semiconductor manufacturing capacity has dramatically increased, alleviating long-standing capacity bottlenecks, and that many key equipment and materials companies received support from the fund [11]. Group 3: Successful Investments and Market Dynamics - The establishment of the Sci-Tech Innovation Board in 2019 allowed numerous semiconductor companies to go public, creating a complete industry chain and fostering the emergence of leading enterprises in various segments [11][12]. - The author highlights the successful investment track record of the venture capital firm, with over 200 companies funded, primarily in the semiconductor sector, and more than 50 companies successfully listed [12][13]. - The article discusses the challenges faced by semiconductor companies, including competition from global giants like Sony and Samsung, and the need for domestic companies to adapt to local market conditions [33][34]. Group 4: Mergers and Acquisitions - The acquisition of Spreadtrum Communications by Tsinghua Unigroup in 2013 marked a significant event in the semiconductor industry, showcasing the potential for domestic companies to reclaim their positions in the market [15][16]. - The article details the complex process of merging and acquiring companies, emphasizing the importance of strategic partnerships and the challenges faced during negotiations [21][22]. - The eventual acquisition of OmniVision Technologies by Beijing OmniVision highlighted the necessity for local companies to integrate and adapt to the domestic market to thrive amidst international competition [34][35].