Re-discussion on the interest and emptiness of the introduction of the group of Violet

The rumor that Intel acquired the 20% share of the Tsinghua Violet Group has been brushed off for two days, but I still feel less reliable.

I wrote some of the reasons why I have written "Intel shares in the violet light". and asserts that Intel may be working with the Purple Light group's exhibition. At that time I did not give a judgment of the interest and emptiness of the event.

Today, I try to revise my point of view and make a judgment: The Violet Group itself does have the incentive to directly introduce strategic collaborators, but it may not be in their interest to work with Intel.

First, said the purple Light group to introduce strategic partner power.

Violet Group main business, the past is not a semiconductor, and very different. This year, its radical integration of the exhibition, Judico, if there is no will, no one can believe that the local two major semiconductor design enterprises willing to vote for its embrace, this is not common sense.

This is also a common sense. I see that some people are always deliberately denying that the "industrial politics" behind this topic can only be an ostrich. If a country develops its own semiconductor industry, is there any logic that cannot be explained openly and covertly?

I would say that the weak industries, even if the label of nationalization, is it a shameful thing? Just say, you integrate after, need to operate according to the industry law, cannot through the state-owned enterprise color administrative instruction to operate just.

If said that the exhibition, Judico run, need to put straw from the sale, it is a lie. If they say they need some money, they don't have to privatize and sell themselves. I believe that this trend is related to the strong power of the authorities to develop semiconductors and to be implemented through the violet light.

And Violet has been looking for a way out for years. It lacks the semiconductor industry background, which may be the impetus for it to opt for openness and to introduce strategic partners.

Add a little violet to the context of the group. In the past 26 years, the Purple Light group has undergone reorganization, restructuring, from the school-owned enterprises, the state ownership of the enterprise as a limited liability company, after the introduction of the people of Kin-kun group, to become a national holding (Tsinghua holding of large shareholders, holding 51% percentage), at the same time with a

After that, Violet Group once wanted to become a private enterprise, not fruit. In my opinion, if there is no change within the Violet group, or health-kun this private enterprise behind a certain kind of "mysterious" strength or public relations ability, it is difficult to imagine, Violet will have become a private enterprises power. This is common sense.

We should know that the Chinese mainland is still in the sensitive stage of MBO when the purple Light is reorganized, reformed and even introduced into the public-health-kun period. The topic is apt to be caught in the hat of reselling state-owned assets.

So far, the purple Light group state-controlled nature has not changed, Tsinghua Holding is still a major shareholder, still hold 51% of the proportion of two shareholders, health-kun, holding 49%. This suggests that the tendency of the violet to become a private enterprise is blocked.

When the purple Light Group integrated the acquisition of the exhibition, Judico, considering the strategic value of integrated circuit in China's industry, as well as a certain kind of nationalist sentiment, can be regarded as a sensitive moment, it is difficult to imagine that Tsinghua holding will tolerate the purple light again to change the attempt.

Tsinghua Holding is not willing to release the proportion, especially the release to the 20% of the proportion of Intel, thereby losing the holding status. It is understandable that the private enterprise Kin-kun group will release its shares. But it has been in the Bureau so long, has not made money, the integration of the two major local design enterprises, if there is no more revenue, it has any reason to ferry? And, in this, most of them are people in the system.

Also, there is a valuation pressure. 1.5 billion dollars won the purple Light group 20% shares, that is, the latter valuation of only 7.5 billion U.S. dollars, about 46.5 billion yuan. As of this year July, the total assets of Violet Group is about 40 billion RMB. means that intel, for example, has given it a 16% premium, according to a plausible number of rumours.

This is really a big problem.

Or back to the point of my previous article, I think it makes sense for Intel to inject the purple light. Only, the rumor that 1.5 billion dollars to win 20% shares in the exhibition, it seems a bit overvalued. Because, the purple Light had won the exhibition, spent less than 1.8 billion dollars. Equal to say, if Intel invests the information, give the above data, that is the lucky of the exhibition. Although I have always thought that the exhibition is not only the price of violet.

But, I don't understand, Intel's view is too narrow if it is the exhibition. Because, the industry can see, when the purple Light after the exhibition, Judico, after the two have a quite complementary integration opportunities.

At the outset, the purple Light acquisition Judico, a respected semiconductor experts said to me, the exhibition in the back made a lot of effort, want to integrate Judico. That's why Judico's mood bounced back.

Take the detour and come back. I mean, Intel's motives are commercially logical, but on the show, prices are utilitarian and seem to be hidden.

Of course, this is nothing but speculation before it becomes a reality. As to whether Intel is the right partner, look down. My attitude is not optimistic.

Ii. Value judgment of cooperation

Then listen to me for the value of this rumor. Unlike previous bullish, I now believe that the Violet or the exhibition and Intel's strategic partnership is not too optimistic.

Intel's business model will not change radically. This determines its x86 route and the arm route of the exhibition, there is a contradiction between. It is almost impossible for the show to abandon the arm route and accept Intel's authorization.

While Intel has technical reserves in the field of LTE, there is a considerable voice in the Internet access market in the field of ICT, which supports the exhibition of TD thigh, but this authorization will not change the Intel's closed technology roadmap.

I am not denying the value of Intel's authorization, which is also a sign of openness. Only, in the pure x86 architecture based processor Program licensing cooperation, the path will not be too wide, imagine little space.

This looks like Intel is playing the "money more" case, and may have other intentions. For example, Intel could make a huge sacrifice to leverage the Chinese market as soon as possible to subvert Qualcomm's position in the global marketplace-though I find it a little unlikely. Anecdotal evidence of Intel's mandated program focuses on the mobile internet sector, especially the tablet. And this subdivision, put in the entire ICT sector, is basically not what, although the exhibition in 2014 did emphasize that they will take the flat line.

In my opinion, if you continue to think about this issue, it is likely to be a major tool in Intel's PR China market. The public knows that China's "go to the IoE" campaign is continuing, although it is not to rid the US monopoly giants, but in a gesture to force them to open up cooperation, there is a similar effect. Who let the old us for many years adhere to the Cold War thinking, and constantly strengthen scientific and technological control, strengthen trade protectionism.

Moreover, America's multinational giants do use their own technology and market advantages to maintain the long-term commercial operation of the high pressure. Technological innovation and intellectual property rights are the commanding heights of their speech to Chinese industry.

Not long ago, when Qualcomm encountered China's investigation into in-depth, it suddenly announced in time, will be China's largest semiconductor foundry enterprise SMIC to establish cooperation. And IBM in the wave after the horn, but also in a timely manner announced the establishment of cooperation with the tide.

Intel does not rule out the establishment of a strategic partnership with Violet, which is both: the implementation of a strategic cooperation, but also to defuse a potential to ioe wave of pressure, although against its antitrust rhetoric is not much.

From a commercial point of view, I think it is reasonable. If put in the global market, in the technology industry facing the continuous transformation pressure, choose favorable areas, do have a focus on investment, in line with the interests of the layout of the Giants. After all, China's integrated circuit industry is ushering in a wave of new boom period, the state's policy support for this industry more and more clear, as long as the innovative, efficient operation, to obtain a glorious cycle of interest should be expected.

Oh, not to mention the purple Light integration of the exhibition and Judico, there will be a certain will, if Intel can follow, comply with this will, of course, is a strategic vision. Just, it may not be the best partner of Violet.

I think, the purple light integration, Judico, its ideal partner is the system machine manufacturers, semiconductor foundry Enterprises, they are direct ecosystem, Intel's power is only indirect help.

It has been said that Intel, in addition to its authorized processor solution, will provide services to the 12-inch plant in Dalian. I think it's all rhetorical, a little bit. The Intel Dalian plant serves its own processor, and the so-called authorized scheme, or Intel, will not be violet or exhibition. This is not a pull, this is the bottom line of old America, Intel dare not blatantly give others technology, it is also not willing. No, I'll see.

Although I am not very optimistic about this cooperation, if it is put in a longer period of time, if the cooperation can be achieved, it will produce more symbolic significance than an isolated cooperation case. May be more iconic than the landing of Intel's Dalian plant. At least it makes sense that over the past years, the once secretive semiconductor industry, once dominated by the US, is now beginning to bow to China, the market-mastering factor.