陈大同 | 芯片往事（二）

Core Insights - The article reflects on the evolution of the semiconductor industry in China over the past two decades, highlighting the transition from a struggling sector to a thriving one, largely due to government support and the emergence of venture capital [5][6][7]. Group 1: Transition to Venture Capital - The author transitioned from entrepreneurship to venture capital after the IPO of a semiconductor company, recognizing the potential of venture capital in fostering multiple startups rather than just one [2][3]. - The initial venture capital landscape in China was dominated by internet and consumer sectors, with semiconductor investments being rare and challenging [4][5]. Group 2: Government Support and Industry Growth - The establishment of the National Integrated Circuit Industry Investment Fund in 2014 marked a significant turning point, providing substantial financial support to the semiconductor industry [6][7]. - The fund's collaboration with local governments and enterprises led to a dramatic increase in semiconductor manufacturing capacity and the successful listing of numerous semiconductor companies on the stock market [6][7]. Group 3: Successful Investments and Achievements - The venture capital firm invested in several semiconductor startups, with a high success rate, as evidenced by the majority of their portfolio companies achieving public listings [5][6]. - The establishment of the Science and Technology Innovation Board in 2019 further accelerated the growth of the semiconductor sector, resulting in hundreds of new listings and the emergence of industry leaders [6][7]. Group 4: Mergers and Acquisitions - The acquisition of Shanghai Spreadtrum Communications by Tsinghua Unigroup in 2013 set a precedent for Chinese semiconductor companies to return to the domestic market after being listed abroad [9][10]. - The article details the complex process of acquiring OmniVision Technologies, emphasizing the challenges faced during negotiations and regulatory approvals [11][12][13]. Group 5: Challenges and Strategic Decisions - Following the failed merger with Junzheng Technology, the company faced operational challenges and declining performance, necessitating a strategic pivot towards localization and market adaptation [21][22]. - The leadership transition to a new CEO was crucial for revitalizing the company and addressing competitive pressures from both domestic and international players [24][25][26].