"National Tech Soars 111% in 5 Days; Liu Yiquan Couple Revel in Bull Market"
The epic market trend driven by Big A has ignited investment enthusiasm in the market. Against this backdrop, the semiconductor sector's veteran listed company, National Technology, has seen its stock price soar, successfully doubling in just five trading days. For Liu Yiqian, the chicken cup tycoon who has been investing in National Technology for 11 years, it seems that the good time for harvest has finally arrived.
Even though the performance in the first half of the year was slightly disappointing, National Technology has made a comeback in the secondary market.
Data from Tonghuashun shows that as of the close on October 10th, National Technology rose by 13.7%, closing at 21.99 yuan, with a turnover rate of 61.97%, a trading volume of 351 million shares, and a transaction volume of 8.005 billion yuan.
Looking at the span of nearly five trading days, it can be observed that the stock price of National Technology has soared by more than 111%. This is undoubtedly good news for investors who have long been lying in wait, and Liu Yiqian, a major capital figure, is one of them.
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At the end of 2013, due to the transfer of shares by the original controlling shareholder of National Technology, China Hua Da, Liu Yiqian took over and acquired 11.142 million shares of the company. Since then, this major capital figure has embarked on an eleven-year journey of accompanying the company. After increasing and decreasing his shares in the company, Liu Yiqian's final shareholding is 8.9928 million shares, and the current market value of the couple's holdings is 500 million yuan.
During this period, as Liu Yiqian's wife, Wang Wei first appeared in the list of the top ten shareholders of National Technology in the third quarter of 2021, and later even increased her holdings to become the second-largest shareholder of the company.
However, in terms of returns, disregarding the dividend factor, investing in National Technology has always been considered by the outside world as one of the few setbacks for Liu Yiqian and his wife. With the recent surge in National Technology's stock price, the two may be entering a harvest period.
National Technology's stock price, which has been dormant for several years, has recently seen a surge.
According to Tonghuashun data, in the past five trading days, National Technology has swept up three daily limit-ups, and on October 10th, the company's stock price even touched the daily limit during the trading session. Although it eventually fell back, it still rose by 13.7%, which also enabled National Technology to successfully double its stock price in the past five trading days.Public information reveals that Guomin Technology's main business is the research and development, design, and sales of independently developed and branded integrated circuit chips, as well as the provision of corresponding system solutions and after-sales technical support services. Additionally, the company is engaged in the research and development, production, and sales of artificial graphite anode materials for lithium-ion batteries, as well as graphite processing services.
The company's main products include security chips, communication chips, and lithium battery anode materials. Among them, security chips encompass USBKEY security chips, secure storage chips, trusted computing chips, and mobile payment chips. Lithium battery anode materials mainly consist of three categories: artificial graphite anode, natural graphite anode, and silicon-based anode.
The surge in Guomin Technology's stock price is attributed to the A-share market on one hand, and on the other hand, to the frequent positive news at the semiconductor industry level. Market analysis generally believes that the industry's recovery trend is evident.
According to a recent report released by the Semiconductor Industry Association (SIA), in August 2024, global semiconductor sales reached $53.1 billion, a year-on-year increase of 20.6%, and a month-on-month increase of 3.5%. This sales data has achieved growth for five consecutive months and set a historical high in August.
Against the backdrop of the global semiconductor industry's recovery, China's integrated circuit industry has also performed exceptionally. Data from the Ministry of Industry and Information Technology's Operation Monitoring and Coordination Bureau shows that from January to August 2024, China's integrated circuit production was 284.5 billion pieces, a year-on-year increase of 26.6%.
Many institutional research reports believe that the recovery of demand in this round of the semiconductor industry is inseparable from the strong driving force of AI development. On October 2nd, NVIDIA CEO Huang Renxun stated in an interview that the Blackwell chip is currently at full production, and the market demand for this chip has reached a "crazy" level.
The significant increase in Guomin Technology's stock price undoubtedly brought a sigh of relief to many shareholders, as since July 30, 2021, when the company's stock price touched 42.26 yuan per share, it has been on a downward trend, even reaching a low of only 6.45 yuan per share. This naturally worried investors who had laid out their investments in Guomin Technology early on, with Liu Yiqian and Wang Wei being among those investors.
Liu Yiqian and Wang Wei Finally Welcome the Harvest Season
Guomin Technology's equity structure is quite dispersed. Although Liu Yiqian and his wife rank among the top three shareholders of the company, their shareholding ratio has not reached 5% of the company's total share capital. Their capital operations are quite mysterious, and only a rough judgment can be made through the company's announcements and the time period of share increases.
At the end of 2013, Guomin Technology's original controlling shareholder, China Hua Da, transferred 27.5% of the company's shares to Peng Guohua, Liu Yiqian, and eight other parties. At that time, Liu Yiqian acquired 11.142 million shares of Guomin Technology, with a transfer price of 17.95 yuan per share, totaling approximately 200 million yuan in equity payments.In the first quarter of 2015, Liu Yiqian's shareholding increased to 12.3457 million shares, raising his shareholding ratio to 4.54%, with the average stock price of Guomin Technology at 34.68 yuan per share for that quarter. A simple calculation shows that Liu Yiqian's initial investment in Guomin Technology was approximately 240 million yuan.
From market data, since Liu Yiqian increased his position in Guomin Technology, the company's stock price has been on an upward trend. On May 22, 2015, the stock price of Guomin Technology reached a historical high of 38.95 yuan per share. Liu Yiqian's "paper profit" also once exceeded his holding cost.
However, Liu Yiqian did not cash in his profits and has been "locking his position". This investment strategy also made the capital tycoon, who has been in the market for many years, taste the bitterness.
On the evening of November 29, 2017, Guomin Technology announced a temporary suspension of trading, due to the cumulative investment of 500 million yuan, and the personnel of Shenzhen Guotai QiXing Industrial Investment Fund Management Center, which was established in cooperation with the subsidiary of Qianhai Qilong Fund Management Co., Ltd., Beijing Qilong Pharmaceutical Holdings Co., Ltd., were all in a state of being uncontactable.
The "black swan" event caused an uproar in the capital market. After the opening, the stock price of Guomin Technology continued to hit the daily limit down, and the stock price reached the lowest at 7.11 yuan per share. Under this background, Liu Yiqian could only helplessly "cut meat" and reduced 63.58% of his equity in the second quarter of 2018. According to market data, the average stock price for that quarter was 10.47 yuan per share.
It is worth mentioning that due to Guomin Technology's distribution plan of paying 1 yuan per 10 shares and then transferring an additional 10 shares in 2015, Liu Yiqian's shareholding became 24.6913 million shares. Therefore, his holding cost also decreased. Calculated at 10.47 yuan per share (ignoring dividend factors), Liu Yiqian's profit on Guomin Technology is almost zero.
His wife, Wang Wei, also followed Liu Yiqian's pace and became one of the top ten shareholders of Guomin Technology in the third quarter of 2021. She then increased her holdings by 7.6854 million shares in the following quarter and has maintained it to this day.
It is obvious that since the beginning of 2022, Guomin Technology has been extremely sluggish in the secondary market, which also made Wang Wei have no suitable opportunity to reduce her holdings.
It can be said that Guomin Technology is one of the few cases where Liu Yiqian and his wife have suffered a defeat. However, with the recent surge in Guomin Technology's stock price, Liu Yiqian and his wife will once again usher in a harvest period.
In fact, in addition to the minefield of Guomin Technology, Changjiang Securities also made Liu Yiqian feel "hollowed out physically".In April 2015, Liu Yiqian, through his New Liyi Group, invested 10 billion yuan to acquire the 14.72% Changjiang Securities equity held by Qingdao Haier, involving 698 million unrestricted circulating shares, becoming the largest single shareholder of Changjiang Securities. However, since 2015, influenced by the overall market environment, the stock performance of Changjiang Securities has been average. Compared to the price of 14.33 yuan per share at the time of acquisition in 2015, there is a significant gap.
Furthermore, looking at the investment returns of Guohua Life Insurance, it is evident that Liu Yiqian has experienced investment failures in recent years. Data shows that in 2023, the investment returns of Guohua Life Insurance dropped to 7.337 billion yuan, a decrease of nearly 3.2 billion yuan compared to 2022. At the same time, its net investment return rate for 2023 was only 2.27%, which is not only lower than the industry average but also lower than the fixed deposit interest rates of some banks.
However, with the introduction of various policies after "924," the A-share market has experienced a significant upward trend. Against this backdrop, Liu Yiqian's investment strategy and capital operations may be迎来 an important turning point.
The "over-raising king" with chronic losses
It is understood that Guomin Technology was established in 2000, formerly known as Shenzhen Zhongxing Integrated Circuit Design Co., Ltd., jointly funded by Zhongxing Communications and Guotou Electronics.
In 2010, Guomin Technology went public on the Growth Enterprise Board at a price of 87.5 yuan per share, raising about 2.3 billion yuan, of which 1.96 billion was over-raised funds, with an over-raising rate of 586%, known as the "over-raising king of the Growth Enterprise Board."
Since its listing, Guomin Technology's revenue has fluctuated. From 2010 to 2012, the company's revenue declined year by year. From 2013 to 2016, it rebounded, and from 2017 to 2020, revenue declined again year by year. In 2020, the company's revenue was only 380 million yuan, half of the revenue at the time of listing.
However, benefiting from the increased demand in the downstream market of integrated circuits and the rapid development of the lithium battery industry, in 2021, Guomin Technology's integrated circuit business and anode material business achieved significant year-on-year growth in sales revenue and gross profit.
In 2021, Guomin Technology achieved a revenue of 1.018 billion yuan, a year-on-year increase of 168%; operating cash flow was 212 million yuan, a year-on-year increase of 741.40%; net profit attributable to the parent company was 219 million yuan, a year-on-year increase of 1849.09%.
The good times did not last long. In 2022 and 2023, although Guomin Technology's operating income still exceeded 1 billion yuan, its net profit has been negative for two consecutive years.In the first half of this year, from the perspective of revenue and profit, Guomin Technology achieved a business income of 515 million yuan, a year-on-year increase of 10.64%; the net profit attributable to the parent company was a loss of 134 million yuan, compared to a loss of 228 million yuan in the same period last year; the net profit after deducting non-recurring gains and losses was a loss of 82.374 million yuan, compared to a loss of 230 million yuan in the same period last year.
The company stated that the change in business income was mainly due to actively developing new customers and new product markets while maintaining a solid cooperation with existing customers. During the reporting period, the sales volume of the company's integrated circuit key components and anode materials both increased significantly year-on-year, and the company's business income still achieved a year-on-year increase under the pressure of prices.
In addition to the performance still being in a loss, Guomin Technology's equity is also extremely dispersed. One year after Guomin Technology went public, the second-largest shareholder, ZTE Communication, quickly reduced its holdings and cashed out, and the controlling shareholder, China Hua Da, followed suit. Currently, the largest shareholder is the company's chairman, Sun Yingtong, with a shareholding ratio of only 3.74%.
It is worth noting that previously, in order to solve the problem of the company having no actual controller, Guomin Technology planned a "exclusive private placement" to Sun Yingtong, the chairman, with a plan to issue no less than 69.3909 million shares and no more than 92.5122 million shares, not exceeding 30% of the total share capital before the issuance. Correspondingly, the total amount of funds to be raised is no less than 900 million yuan and no more than 1.2 billion yuan. According to the number of shares issued, after the issuance is completed, Sun Yingtong's shareholding ratio will be no less than 13.84% and no more than 16.74%, but in the end, the plan was not successful.