TFME(SZ:002156)2022-12-04 10:28Group 1: Company Overview - The main business of Tongfu Microelectronics is integrated circuit packaging and testing [2] - After the restructuring, the top three shareholders will be Huada Microelectronics, Fujitsu (China), and the National Integrated Circuit Industry Investment Fund, with the fund holding approximately 14.65% [3] - The company has seen significant growth in market share, particularly in high-end products like BGA, FC, WLP, and SiP, with FC and WLP products growing over 100% in 2016 [3] Group 2: Client Base and Competitive Advantage - The company has high-end clients including AMD, TI, MTK, and ST, with five of the top ten global fabless IC design companies as customers [3] - The stability of customer relationships is a core competitive advantage, as once certified and in mass production, clients tend to remain loyal [3] - Since 2014, the company has leveraged industry growth to increase asset and revenue scale, becoming the seventh-largest packaging and testing company globally [4] Group 3: Joint Ventures and Production Capacity - Post-restructuring, the company holds 85% of the shares in its Suzhou and Penang joint ventures, which focus on high-end packaging technologies [4] - These factories are transitioning to serve high-end clients and have begun producing 14nm and 16nm process products, with 7nm technology under development [4] - The joint ventures have secured a significant portion of AMD's packaging orders, enhancing their strategic customer base [4] Group 4: Fundraising and Future Prospects - The fundraising plan aims to raise up to 969 million RMB, with a base price of 11.74 RMB per share, primarily for integrated circuit packaging and testing projects [5] - The growth of the integrated circuit industry in China is supported by government policies, with over 40% of new wafer fabs expected to be established in mainland China in the next three years [5] - The introduction of the National Integrated Circuit Industry Investment Fund as a strategic investor is expected to enhance the company's market position and resource acquisition [6]