Core Viewpoint - The National Integrated Circuit Industry Investment Fund Co., Ltd. (Big Fund Phase I) has officially listed its entire 14.31% stake in Silan Microelectronics, amounting to approximately 51.51 million shares, with a transfer base price of 844 million yuan [1] Company Overview - Silan Microelectronics was founded in 2002 in Silicon Valley, USA, and was privatized in 2016 with a joint investment from the Big Fund and Shanhai Capital for 500 million USD [1] - The company specializes in the research and sales of integrated circuit chips, focusing on display control chips and high-speed intelligent interconnection chips, supplying products to major manufacturers such as LG, BOE, Google, and Samsung [1] Financial Performance - Silan Microelectronics has experienced significant fluctuations in its financial performance, with net profits reported as 25.67 million yuan, 79.84 million yuan, and 113 million yuan for the years 2020 to 2022, respectively [2] - In 2024, the company is projected to incur a net loss of 127 million yuan, with total revenue of 708 million yuan; from January to August of this year, revenue was 418 million yuan, with a net loss of 62.75 million yuan [2] Investment Strategy - The transfer of Silan Microelectronics' entire stake is part of the Big Fund's routine exit strategy, as the fund was established in 2014 with a planned 15-year lifespan divided into investment, recovery, and extension periods [3] - The Big Fund has reduced its holdings in several listed companies this year, decreasing the number of A-share companies from 28 in January to 24 by the end of the third quarter [3] - The Big Fund is also advancing a capital reduction distribution, needing to return 18 billion yuan to its shareholders, reducing its registered capital from 98.72 billion yuan to 80.72 billion yuan [3]