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global semiconductor industry cross border m & a and its driving factors

2016-11-15

basic data and reasons of global cross border m & a
 
   in 2015, the total amount of global m & a transactions reached 4.7 trillion us dollars, including 1.7 trillion us dollars of cross-border m & a transactions. the main engine comes from developed countries, and the amount of mergers and acquisitions in europe and the united states exceeds 50% of the global total;
 
   the high liquidity brought by monetary easing, the strong us dollar and the steadily rising market value of stock market are the three factors driving the craze of cross-border m & a in developed countries;
 
   the total amount of m & a in machine manufacturing, electronic manufacturing, real estate and transportation industry increased rapidly, which was the main industry m & a focus;
 
   the total scale of cross-border m & a transactions in china amounted to us $90.3 billion, accounting for 5.3% of the global total. in the first half of 2016, the amount of cross-border m & a transactions in china reached us $144.1 billion, up 274% year-on-year. china has gradually become one of the most important initiators and destinations of cross-border m & a;
 
tracking and prediction of m & a in global semiconductor industry
 
   from january to november 2016, according to incomplete statistics, there were 27 mergers and acquisitions in the global semiconductor industry, with a transaction scale of nearly us $150 billion, including 7 mergers and acquisitions of more than us $3 billion (about 20 billion rmb). the m & a value of advanced semiconductor countries such as europe, the united states, japan and so on exceeded 80% of the global total (3% in europe, 52.5% in the united states, 24.5% in japan);
 
   the internet of things (wireless communication and sensors), automotive electronics, power devices and analog circuits are the main m & a focus of the whole industry, and 1 / 3 of the transactions are related to the layout of the internet of things market by enterprises;
 
    the growth of the whole industry slows down, the r & d cost rises, the industrial transfer moves from the west to the east, the guiding effect of china's large funds and the overvalued premium on semiconductor enterprises are the main factors to promote the m & a boom in the semiconductor industry;
 
   in the future, european enterprises will continue to be the main target of intra industry m & a for the following reasons:
 
under the influence of slow economic recovery and political environment turbulence, the stock market performance of major european countries is not good, which is very attractive for overseas enterprises to carry out cross-border m & a;
 
   2. there are more suitable targets in europe in the hot areas of m & a such as communications, automotive electronics, power devices, etc;
 
the strong us $3. makes us enterprises reduce the cost of exchange rate changes when they acquire foreign companies, creating and improving the opportunities for some enterprises to make profits through cross-border mergers and acquisitions. china is also the main competitor to buy european semiconductor enterprises based on "overseas market low valuation, rmb bubble, supply side reform and going global" strategy.
 
driving factors analysis and trend prediction of cross border m & a in china's semiconductor industry
 
   compared with 2015, the number and amount of overseas semiconductor m & a cases participated by domestic companies have decreased significantly since 2016, such as the acquisition of lattice by canonbridge, the acquisition of iml under exar by jichuang north and yiguotou, and the acquisition of lfoundry by smic international, etc;
 
   china's semiconductor industry m & a focuses on two aspects: one is to integrate with the global market and select innovative technologies in emerging markets such as the internet of things and automobile; the other is the key product areas (medium and high-end mpu / mcu, fpga / dsp, embedded mpu / dsp, dram / nand, display driver chip, high-end analog and high-power devices) to achieve the goal of replacing china's core chips the proportion of domestic products is close to 0%;
 
   in addition to europe and the united states (import substitute products), japan and south korea (memory, drive circuit industry chain), israel (black technology and emerging technology), and other countries, m & a targets are also hot spots for chinese semiconductor enterprises;
 
   the trend prediction and challenges of cross-border m & a of chinese semiconductor enterprises:
 
(1) it is more targeted and focuses on business units rather than the overall acquisition of companies;
 
(2)thirdly, china's foreign policy and macro-economic risk are also increased;
 
domestic enterprises began to participate in global industrial integration, and technology and management were internationalized simultaneously.