My 1999

"BOE has always insisted on developing its own technology to fill the technological gap in the country. It is a high-tech industry that needs support. Haven't you Hanhua always invested in high-tech enterprises? BOE is just right for you." Jiang Weiguo said.

"We invest in start-up companies, and BOE has been listed for many years," Jiang Xiaoyang said.

Xu Liang: "Dad, I will take this information back and have a look at it. I will give you a result after reading it."

"If you really don't want to, there's no need to force it."

"Um."

…

On the way back from my father-in-law's house.

"Do you really want to invest in BOE?"

Jiang Xiaoyang asked.

After so many years, she knows the man around her very well.

If he wasn't really interested, he wouldn't have brought the information back at all.

"I am indeed interested in BOE."

"Then do you know that BOE is now wearing a hat?"

The so-called cap is to add ‘ST’ in front of the stock.

"ST" means Special Treatment. ST shares will serve as a reminder to investors when they buy them, telling them that there are huge risks in buying this stock.

All companies with hats are basically suffering serious losses or have various operating risks.

"I know."

"You know you still want to vote?"

"Daughter-in-law, are we short of money now?"

"Of course not."

Hanhua currently has nearly US$33 billion on its books, and its fund has undistributed profits of up to US$50 billion.

In other words, Hanhua's cash flow exceeds US$80 billion.

Plus the equity assets held.

Nearly $100 billion.

And Hanhua also holds equity interests in hundreds of start-up companies.

So Hanhua is not short of money.

99.999% of companies in the world do not have as much liquidity as Hanhua.

“Hanhua is already very large, and it is no longer appropriate for us to take huge risks and make short-term investments.

The long term is king.

After all, Hanhua is not a partnership company like Goldman Sachs or JP Morgan, but a company owned by our Xu family. If it really suffers a loss, the loss will be our own money.

We must be responsible for ourselves. "

Jiang Xiaoyang pondered for a moment.

"So you are optimistic about BOE?"

“I’m not optimistic about BOE, I’m optimistic about all companies that work hard on research and development and master core technologies.

With a wide moat, it will not be easily replaced.

Although BOE has been struggling to make a profit, it is indeed constantly doing research and development and filling the domestic technology gap. Such a company is worthy of our investment.

It doesn’t matter if it doesn’t make a profit for three or four years. As long as it stays on the right path, there will always be times when we get huge returns. "

Xu Liang has enough patience to wait for BOE to grow.

Jiang Xiaoyang nodded slightly, she would not question Xu Liang's investment vision.

"Hanhua came to vote?"

"Um."

——

A black Mercedes-Benz business car turned down Zhongguancun East Road and slowly stopped in front of a modern office building covered with silver-white glass curtain walls and shining brightly in the sun.

The car door opens.

A middle-aged man with gray hair and a brown suit walked down.

Looking at the luxurious office building in front of him.

"Hanhua, I've heard about his name for a long time."

Huang Dongsheng watched for a moment, then strode inside with his secretary.

The hall is very spacious, with a small built-in landscape on the left and a seating area on the right.

Since Hanhua's Entrepreneurship Incubator Park moved to the Future Science City, although the space saved has been given to Hanhua Securities, Hanhua Insurance and other departments, it is still inevitably a lot deserted.

Come to the front desk.

The girl in black stockings wearing professional attire quickly stood up.

"Hello, welcome to Hanhua."

"I want to meet Mr. Xu Liang, CEO of Hanhua."

"Do you have an appointment?"

"have."

"What's your last name?"

"BOE Huang Dongsheng."

"Please wait."

The girl in black stockings picked up the phone on the table and asked the president's office.

The answer quickly came in the affirmative.

"Mr. Huang, please come with me."

Take them into the elevator and go straight to the top floor.

Huang Dongsheng also soon met Xu Liang, who had been waiting for him for a long time.

He quickly stretched out his right hand.

"Mr. Xu, I have heard about his name for a long time, but today I finally met him in person."

"Mr. Huang, you're welcome. Please sit down."

Xu Liang smiled and spoke kindly.

He has always been full of admiration for entrepreneurs with backbone, especially those who dare to spend money on research and development. BOE is also a company worthy of respect.

Although criticized by retail investors, it is well known that investment is risky.

Since you choose to invest, you have to bear the risk.

Xu Liang just pulled away his hand and suddenly noticed a sinister scar like a winding centipede on Huang Dongsheng's palm, and frowned slightly.

"Mr. Huang, I heard that your hand was injured by crushing a red wine glass at the dinner table?"

Xu Liang had heard a rumor in his previous life that Huang Dongsheng negotiated with Japanese suppliers and invited the Japanese to jointly build a factory in mainland China, but he was insulted by the Japanese.

People have said: LCD panels, as a high-tech value-added precision industry, have extremely high quality requirements for production line workers. Chinese people simply cannot do it, and the quality cannot meet our requirements.

The people of Wanwan can, after all, they have been ruled by Japan for 50 years.

How could Huang Dongsheng bear this anger? He crushed the red wine glass in his hand on the spot, slammed the table and told the Japanese to get out, and swore that BOE would never use this company's products again.

Afterwards, Huang Dongsheng went to the hospital for seven stitches, and a hideous scar was permanently left on his palm.

This scar is not only a pain for him and BOE, but also a pain for the Chinese panel industry.

Seeing the conspicuous scar on Huang Dongsheng's hand, Xu Liang couldn't help but admire him, and he had more understanding and tolerance for BOE's persistence.

Investing in BOE is destined to be a business that will not make much money or even lose money in the next ten years.

Because data shows that since BOE went public, it has raised nearly 100 billion yuan through private placement and bond issuance, which is equivalent to half of its market value, and the total share capital has increased from 550 million shares to nearly 40 billion shares. It is so crazy.

This does not include policy subsidies and loans from national and local governments. If all are added, the total investment in more than a dozen panel production lines will exceed 400 billion.

But this is also normal. Samsung lost money for 12 years before it made a profit.

Taiwan's enterprises lost money for 10 years before they made a profit.

BOE is no exception.

However, Xu Liang is not short of money. He has enough patience to wait for Huang Dongsheng to cultivate BOE into the world's number one panel company in his memory.

Seeing that he kept staring at the scar on his palm and directly pointed out the origin of the scar, Huang Dongsheng did not hide it and admitted it generously.

"President Xu, please forgive me for making a fool of myself. The Japanese are too bullying and trampling on the dignity of us Chinese people. I believe that any Chinese with a conscience will react the same way as me.

If I were younger, I might even beat up the Japanese."

"President Huang is a man of character, which makes people admire him.

Please sit down."

After thanking him, both parties sat down as host and guest.

Huang Dongsheng acted decisively and put the information he had prepared in advance in front of Xu Liang after sitting down.

"Mr. Xu, this is our BOE's latest operating data and financial report, please take a look."

"Mr. Huang is really quick-witted."

"Everyone's time is precious, don't waste it if you can save it."

Xu Liang smiled and nodded.

"Then I'll take a look first."

"Mr. Xu, please."

Xu Liang picked up the information and read it carefully.

The predecessor of BOE, Beijing Electronic Tube Factory, is a long-established military enterprise with a glorious history and one of the 156 projects assisted by the Soviet Union.

In 1960, the output value reached 338 million, and the net profit paid to the state was 119 million. In the early 1960s, this military factory was once the largest electronic tube factory in Asia.

Later, in order to support the construction of the Third Front, the electronic tube factory moved its personnel and equipment as a whole, and its strength was severely weakened. In addition, in the 1980s, electronic tube technology began to be replaced by semiconductor technology, and the factory's efficiency began to decline.

In order to make a living, the electronic tube factory and Panasonic jointly built a factory, but the Japanese not only blocked the core technology, but even withheld dividends.

Thousands of retired employees in the factory made substantial contributions to the national defense industry and cutting-edge equipment breakthroughs when they were young.

But in the early 1990s, they could not even have a full meal. They could only wear masks and broken hats to pick up the cabbage stalks that vendors did not want in the vegetable market near Jiuxianqiao.

Huang Dongsheng entered the electronic tube factory after graduating from university in 1981. He worked in the factory for ten years and saw all this. Just when he was ready to find another way out and follow the trend to do business.

The old factory director found him and hoped that he could serve as the factory director and lead the electronics factory out of the predicament, but Huang Dongsheng firmly refused and insisted on leaving.

The old employees of the factory came out to retain Huang Dongsheng.

Do you want our old masters to pick up cabbage stalks again?

You can't leave, we are willing to follow you.

It was this sentence that made Huang Dongsheng completely change his mind. He was ordered at the time of defeat and in danger, and led BOE to stage a wonderful drama of survival!

Huang Dongsheng did not MBO this state-owned enterprise. At the beginning of the business, he personally took the lead and paid 5,000 yuan, and pulled the whole factory to collect 6.5 million yuan, and began to reform drastically, breaking the old big pot meal and fully marketizing...

It took only a few years for BOE to win a new life, landed on the Shenzhen Stock Exchange, and made profits for twelve consecutive years.

Until 2005, the year before last, when the panel cycle was adjusted and product prices plunged, BOE suffered a blood loss of nearly 1.6 billion, losing all the money it had earned in the previous twelve years at one time.

Last year, BOE recorded a loss of nearly 1.8 billion again.

Those who made 200 to 300 million yuan made money, and those who lost more than 10 billion yuan lost money. Huang Dongsheng really felt desperate in the past two years. He was less than 50 years old, but half of his hair was white.

In order to get out of the predicament, he found four domestic color TV companies and prepared to do a big thing together.

However, the loose business alliance was almost teasingly divided and disintegrated by the Japanese, which stabbed Huang Dongsheng in the chest again.

However, he did not give up, nor did he leave BOE in disgrace. He was still trying to find a way out.

He had deep feelings for this company where he had worked hard for half his life. He joined the company when he graduated from college in his twenties and witnessed its glory, trough, and rebirth. It had long become a spiritual sustenance for him.

Looking at Xu Liang who was concentrating on reading the information, Huang Hongsheng felt uneasy.

He knew BOE's current miserable situation better than anyone else.

Moreover, BOE's losses had just begun. According to the experience of foreign manufacturers, this loss will continue for many years.

So he looked around, but apart from the support from above, he couldn't find any institution willing to invest in BOE.

If he was rejected by Hanhua again, he wouldn't know what to do for a while.

Hula...

Xu Liang put down the information.

"How much investment does Mr. Huang hope to get?"