ASE and counterfeit products have to go through China and the United States

The case of Sun Moonlight's merger and acquisition of defective products was successively approved by Germany and South Korea, but the counterfeit product rebutted yesterday (3), emphasizing that mainland China and the United States are the main markets of ASE, and it takes half a year or more to conduct anti-monopoly review. Not mentioning the two places, it is misleading to investors.

The counterfeit product once again suggested that the shareholder of the product or the person who wants to participate in the public acquisition of the investor should be wary of the risk of the stock price falling due to the future ban on the merger of the ASE and the product.


Lu IC design industry order package ratio map / economic daily report to share the product announcement statement, ASE's second public acquisition of the product equity case, only the fragment talk about the progress of Germany, South Korea, but Germany and South Korea are not ASE The main market of the company.

According to the products, the main products of the two companies' products and services are on the mainland, with a market share of 80% and the US 60%. The anti-monopoly results of the two places are the key. However, the length of the review period is long, and the sun and the moon are avoided, and even the case of prohibiting the combination is not mentioned, which may mislead investors.

According to statistics from the Institute of Industrial Science and Technology (IEK), the top 10 revenues of mainland IC manufacturers are US$6.933 billion, accounting for 87% of the total IC manufacturers in mainland China.

Among them, logic IC products accounted for 85% of the total product revenue ratio.

Yanpin stressed that mainland logic IC manufacturers outsource packaging OEM orders and logic IC products, 50% to 95% of the top five industry orders are concentrated in ASE and products, high concentration of customers and production lines, plus ASE, products The revenue of all products in the mainland is up to 80%, and the possibility of obtaining the consent of the mainland Ministry of Commerce is extremely low.

In the past few years, the company reviewed the case of mergers and acquisitions and analyzed the Ministry of Commerce’s combination of the first and second industry players with extremely high market share in the “same geographical market”. ", requires the sale of related assets, such as NXP's acquisition of Freescale; or the decision to retain the M&A license, such as the merger of an IC design company in China.

In addition, the Ministry of Commerce has not approved a "malicious merger" case.

For example, the counterfeit case of an IC design company in China, the total market share of the two parties is 80%, and the combination will form an oligopoly in the LCD TV control single chip market.

In addition to requiring the merged party to keep the independent legal person from merging, the Ministry of Commerce also restricts the exercise of the rights of the shareholders of the company, and the two parties cannot conduct business cooperation. It also supervises that within two years from August 26, 2013, the two companies must Three months to report the progress of the performance of the obligation.

This IC design duo merger has not yet been merged in the mainland.

Look at the acquisition case...

NXP has proposed the acquisition of Freescale to the mainland's Ministry of Commerce. It is also required to split the business and sell it due to the market share of up to 90%.

Yanpin pointed out yesterday (3) that NXP and Freescale are both RF power transistor manufacturers. The two companies have the largest market share in the world and the mainland. The two companies were in the RF last year. The power transistor market has a market share of up to 90%.

NXP and Freescale's global market share in 2014 was 32% and 22%, respectively, a total of 54%.

Yanpin stressed that the mainland Ministry of Commerce believes that the merger of the two companies will make other competitors difficult to enter the relevant market, requiring NXP to sell the RF power transistor business (stripping), and in accordance with the "Samba Agreement" submitted to the Ministry of Commerce, Sales of radio frequency power transistor business to Beijing Jianguang Company. It is also required that the equity acquisition of the two companies may not be implemented before the completion of the divestiture business. According to the statistics of IEK and the company's annual report, in 2014, ASE and counterfeit products accounted for more than 80% of the market in the mainland market. The product market belongs to IC packaging and logic IC, high-level logic IC industry. The horizontal combination type, the market share of the relevant market is above 80%, the two manufacturers' production lines, products or customers are highly overlapped. Similar to the NXP acquisition case, the industry's highly leading top two mergers and acquisitions may cause the market. Blockade effect.

Yan Pin stressed that from the Continental Ministry of Commerce restrictions on the combination of cases can be understood, as long as the combination of the two cases in the relevant market merger market share of more than 40%, and other competitors have a larger gap, will adopt a restrictive attitude, ASE, product merger Due to the market share of up to 80%, and the high concentration of customers, it is expected that the situation will be similar.

Yanpin pointed out that the merger of ASE and 矽 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 足以 日 日 日 日 日 日 日 日 日It will be strictly reviewed for more than half a year, the probability of passing is not high, and even the original state is required.

This risk is not stated in the prospectus of the second acquisition of ASE, so that the products should be sold to shareholders with great risks.