Why does SMIC extend its reach into the field of package testing?
On the evening of April 28th, SMIC announced that SMIC, a wholly-owned subsidiary of SMIC, subscribed for 151 million shares of Changjiang Electronics Technology, with a total subscription price of 2.655 billion yuan, paid in cash. After the completion of the transaction, SMIC will hold a total of 194 million shares of Changjiang Electronics Technology Co., Ltd., which will account for 14.26% of Changjiang Electronics Technology. After the transaction, it will become the single largest shareholder of Changjiang Electronics Technology. In addition, SMIC will nominate two directors to Changjiang Electronics Technology.
Why do semiconductors go back and forth?
After the emergence of the foundry model, the semiconductor industry has been divided into three parts: manufacturing, design and packaging. The three companies have their own functions and cooperate with each other. Chip manufacturing is also known as the front end (Front end, also translated Front-end), representative companies include TSMC and SMIC. The package test tests the die produced by the chip manufacturer and completes the final product form test. Therefore, it is called the back end. Sun Moonlight and Changjiang Electronics Technology.
The original foundry only focused on chip manufacturing, and cooperated with the packaging and testing, but did not independently develop the back-end technology. But now, including TSMC and SMIC, have extended their reach into the field of package testing. Why?
This is mainly because after the development of semiconductor technology is close to the physical limit, the new package becomes a realistic choice for achieving higher integration. Three-dimensional system packages with multiple dies stacked together are becoming more and more popular. The development of stacking technology between these dies is more advantageous for fabs than for packaging and testing. Nowadays, chips are getting faster and faster, and power consumption is getting higher and higher. It also puts more demands on packaging technology. In the development of new packaging technologies, wafer manufacturers have more and more advantages.
Advanced packaging is becoming more and more complex
Luo Zhenqiu, deputy general manager of TSMC China, said in an interview with the non-net in 2014: " TSMC used to do only foundry, and now it is also investing in advanced packaging. The main reason is that TSMC has found some technologies, please seal the factory. Development will be slower, and if they are delayed, we will do it ourselves, so that we can drive the entire industry forward."
Spontaneous combination? Capital promotion? Or political performance?
Since the establishment of SMIC in 2014, SMIC has been cooperating with Changjiang Electronics. After the establishment of the big fund, it has invested in SMIC and Changjiang Electronics Technology. In the process of the acquisition of Xingke Jinpeng by Changdian Technology, SMIC's core semiconductors are also involved, so it is not surprising that the two companies have further cooperation. However, whether it is from the financial statements or the news of the industry, SMIC's funds are not sufficient. According to the plan, the capital required for mass production of 14nm process in 2020 is very high.
Therefore, the promotion of the big fund in this transaction can not be underestimated, Gu Wenjun directly said that the big fund "to contribute money, to promote the joint strength of SMIC, can be called the big fund in 2016's No. 1 engineering'"
To what extent will the cooperation between the two sides be? If it is to integrate into a group, then the main fund is “invisible hand†or “visible hand� This is the independent will of the two sides, market development The natural demand is still a kind of cooperation designed. Cross-domain integration, there is no strong technical person who understands technology, how likely is it to succeed?
After all, SMIC has encountered similar troubles. When Wuhan opened a fab in Wuhan (ie, Wuhan Xinxin) in 2006, the Wuhan Municipal Government paid a “custodian fee†to SMIC, which was operated and managed by SMIC. It seems that this is a light business, but from the final result, Wuhan Xinxin's development is not satisfactory, and SMIC is also carrying a baggage. Finally, around 2013, Wuhan Xinxin announced that it is no longer a sister company of SMIC.
The front and back of the semiconductor can of course be integrated and need to be merged, but is the current method suitable? The reason why TSMC entered the field of packaging and testing is precisely because the testing and testing factory cannot synchronize with TSMC in terms of technology development.
Luo Zhenqiu said in an interview at the 2015 ICCAD conference: "The semiconductor industry is characterized by a strong concentration of execution and decision-making. In such an industry with heavy capital expenditures and intellectual intensive and capital-intensive industries, the power of decision and decision is very uniform. Let's do it. Look at many companies in Japan, you merge with me, I merge with you, and I didn't do it at the end."
It is understandable to be eager to change the backward situation of China's semiconductors, but the idea should be clear and the actions should be sound. After all, resources are limited and opportunities are rare. If the direction is wrong, it will have to run for several generations.
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