My 1999

After nearly four years of hard work by Xu Liang and Sun Mingzhen, Hynix has completely gotten rid of the dilemma of being on the verge of bankruptcy in 2003.

Especially in the past two years, flash memory chips have been very profitable, and Hynix has also made a lot of money.

The completion of the Wuxi factory has made it the world's second largest flash memory manufacturer after Samsung.

Just these two chip factories with an annual output of 1.2 million 12-inch wafers and 1.2 million 8-inch wafers can generate nearly US$7 billion in revenue each year.

It directly doubled Hynix's main business income.

Gross profit also increased significantly.

In addition to the profits earned from the capital market, the debt of $18 billion has been reduced to $11 billion.

And the company's investment account still has nearly $4 billion in cash.

It can be said that Hynix's finances are already very healthy.

In comparison, Vivendi, Unocal, Taihua, and Seibu are much worse.

Under the guidance of Xu Liang, Vivendi has earned no less than 10 billion US dollars in the capital market in the past two years.

There is also the golden goose of "The Voice of China".

The revenue in 2006 increased by 18% compared with the previous year.

But not all the money earned was used to reduce debt.

A large part of it was invested in telecommunications.

Vivendi is now one of the largest 3G telecommunications operators in France, the Netherlands and Luxembourg. In 2007, it also plans to expand the telecommunications market in Central European and North African countries such as Switzerland, Monaco and the Czech Republic.

The large-scale investment has increased Vivendi's assets and reduced the debt ratio.

But Vivendi and Veolia have a total debt of nearly 40 billion US dollars, and the debt ratio is still higher than 50%, and there are still great financial risks.

Because of the industry, Taihua's debt has now exceeded 70%.

Unocal is similar.

The acquisition of Unocal Oil alone increased debt by 18 billion US dollars.

Fortunately, with the high oil prices in the past two years, Unocal has made a lot of profits, enough to support the company's healthy operation.

The most difficult is Seibu, which is insolvent.

Xu Liang's plan is to take advantage of the subprime mortgage crisis to reduce the debt ratio of the five companies to 40%, or even around 30%.

Of course, debt reduction does not mean paying back the money directly.

The utilization rate of funds is too low.

By acquiring or investing in more industries and using higher revenue to pay back the money, not only can corporate income tax be reduced, but the scale of the company can also be expanded.

Kill two birds with one stone.

Hearing the astonishing debt scale of these companies, Jiang Xiaoyang no longer cared about Xu Liang's distribution of Hongyan's CDS debt to them.

"How are the matters of SMIC and BOE handled?" Xu Liang asked.

"According to your request, the equity of the two companies held by Hanhua was also sold to the 'Hanhua American Charity Foundation'."

The 'Hanhua American Charity Foundation' is a charity organization located in Los Angeles.

The actual controller of this charity organization is Xu Meng, who has changed his nationality to the United States.

Hanhua donated all the nearly 70 billion US dollars of pre-tax profits earned from the United States this time to the 'Hanhua American Charity Foundation'. Xu Liang was not at ease with anyone except Xu Meng, his biological sister.

Jiang Xiaoyang also disagreed.

"This year, SMIC and BOE can invest freely."

Jiang Xiaoyang also smiled.

Last year, BOE and SMIC received a loan of 20 billion US dollars from Standard Chartered, ICBC and other banks with Hanhua as a guarantee to build panel and chip factories.

Add R\u0026D investment and equipment depreciation.

In 2006, the loss was nearly 700 million US dollars.

This number at least doubled in 2007.

The real big head was in 2008. The large-scale factory buildings built in 2006 will enter the equipment depreciation period. Coupled with the depression caused by the subprime mortgage crisis, the loss amount is probably not less than 3 billion US dollars.

Just the loss of the two companies in three years is not less than 10 billion US dollars.

In addition to Xu Liang's new factory construction plan, the total investment in three years is more than 100 billion US dollars.

SMIC and BOE will definitely not be able to take out such a huge amount of money. Without a guarantee, financial institutions will not provide loans.

So whoever holds the shares of the two companies must invest money.

As a major shareholder, the 'Hanhua American Charity Foundation' must invest more.

It doesn't matter even if other shareholders don't follow.

The Hanhua American Charity Foundation has enough money.

In this way, within the rules, the money earned by Hanhua in the United States can be continuously sent back to China without paying high capital gains taxes.

When the time comes to 10 years later, when the panel industry and the chip industry are about to come out of the low tide with the explosion of smartphones, the equity of the two companies will be bought back from the Hanhua American Charity Foundation.

Because of the continuous huge losses, the prices of SMIC and BOE will not be very high.

In this way, the two major strategies of paying less taxes and reaping the fruits of victory are achieved.

As for the "Hanhua American Charity Foundation" with serious losses.

Ahem, there are always losses in investment.

It's normal.

In the future, the "Hanhua American Charity Foundation" will receive all the gross profits earned by Hanhua from the United States, and at the same time play the role of a "nanny".

Provide a steady stream of ammunition for the expansion of Xu's companies.

Of course, in order to avoid being criticized.

The investment projects of the "Hanhua American Charity Foundation" cannot all lose money, and the huge amount of tens of billions of dollars always needs some other channels to maintain and increase the value.

"Investment income from the United States accounts for 70% of Hanhua's total income this year. Without this huge amount of money, Hanhua will lack a large chunk of income."

Jiang Xiaoyang said slowly.

Xu Liang glanced at her.

"When BOE and SMIC are well established in the future, they will be acquired by the Xu Family Hanhua Wealth Trust."

This trust is a legacy trust established by Xu Liang for Jiang Xiaoyang and their children.

“Acquisitions cost money.”

"The total market value of all Hongmeng's subsidiaries has exceeded US$200 billion, and there are still more than US$20 billion in cash on the account, as well as a series of unlisted companies such as Pangu Company and Kingsoft Software." Xu Liang reminded.

The meaning is obvious, I give you the most assets.

Stop being greedy.

Jiang Xiaoyang listened and understood what he meant.

He pursed his lips and said no more.

As Xu's assets become larger and larger, the relationship between the two has been alienated by capital and turned into partners.

love?

Long gone.

Otherwise, Jiang Xiaoyang would not let Xu Liang live and drink outside.

What is exclusive is love, what is let go is called bed partner.

"My dad asked us to go back for dinner tonight." Jiang Xiaoyang changed the subject.

"Okay, it just so happens that I haven't played chess with him for a long time."

The two chatted for a while, and then Jiang Xiaoyang left.

…

Because Jiang Xiaoyang was due to give birth in two months, which happened to be the New Year's Eve, she did not return to her hometown for the New Year this year.

The 2007 Spring Festival Gala was disappointing.

Although Lao Zhao's "Planning" is good, it is obviously inferior to the past "Selling Kidnappings" and "Xiao Cui Talks".

Pan Duanjiang's "Carry Love to the End" was refreshing to him.

Apart from these two, the other programs didn't leave much of a deep impression on him.

Just after the New Year, Jiang Xiaoyang gave birth to his second son in the special care unit of Beijing Children's Hospital.

Father Xu Yongpei named this ‘grandson’ Xu Wenzhao.

Xu Liang peeled an apple and handed it over.

"Wen Zhao looks like you."

After taking the apple and taking a bite, Jiang Xiaoyang looked at his sleeping son next to him with a gentle and loving smile on his face.

"Yangyang looks like you, and Wen Zhao looks like you, so as a mother, I have no sense of existence at all."

"His mother is so beautiful. When this brat grows up, he has charmed many girls."

Xu Liang flattered him a little.

"Hmph, with you as a father as an example, they will definitely be playboys in the future."

"Haha, lust is a man's nature."

"Humph, I knew you would say that. ...I will definitely teach them well in the future and strive to make them become good men from beginning to end."

Xu Liang smiled and said nothing more.

Men's urge to reproduce is engraved in their bones.

Among ten men, not even half are innocent.

Most people do not fall down the red flag at home, but flutter colorful flags outside.

After looking at the time, Xu Liang stood up straight.

"It's almost time. I have to go to Hongmeng for a meeting, so I'll leave first."

"Well, come back soon."

"Know."

After leaving home, Xu Liang came to the Future Science City, Hongmeng UFO headquarters.

After the first phase of Future Science City opened last year, it became a landmark in Beijing.

With Bing going public and its market value exceeding US$170 billion, this place has become a technological landmark in China.

It even has a certain popularity around the world.

Global Travel also took advantage of the situation and added this place to its tourist attractions.

When Xu Liang came over, he saw many blond and blue-eyed foreigners wandering in the square outside the Future Science City.

"Mr. Xu, happy New Year."

"Mr. Xu, Happy New Year."...

Seeing him come in, Hongmeng's employees quickly greeted him respectfully.

He smiled and nodded, and walked all the way to his office on the top floor.

Not long after he sat down, Xie Wen opened the door and walked in.

"Mr. Xu."

"Lao Xie is here? Come and sit down. I just made black tea."

Xie Wen came over with a smile and sat down on the sofa next to him.

"It seems I came at the right time."

"Haha, you must have come here because of the scent of my tea."

Smiling and pouring him a drink.

"Taste it."

Xie Wen picked it up, sniffed it gently and then took a sip.

"Dianhong?"

"Um."

"I thought you were Dahongpao again."

"Change your taste. I'm tired of drinking Dahongpao all the time."

Putting down the teacup, Xie Wen placed the documents he had brought over in front of Xu Liang.

"This is Hongmeng's financial report and operating information last year; and this year's development plan."

Looking at the thick pile on the table in front of him, Xu Liang smiled.

"So many? No wonder I didn't hand it over until now."

"The company is getting bigger and bigger. There are so many things at home and abroad, and we need to review them in the middle, so it takes a lot of time."

Xu Liang nodded.

Why is it always said that very large companies have low efficiency and rigid management?

Because I have to be rigid.

There are dozens or hundreds of countries involved, and each country has different laws.

Even different parts of the same country have different laws.

The resulting management, taxation, personnel, etc. are all extremely complex issues.

It also wastes a lot of time.

Therefore, companies with less than 100 employees are the most efficient, and the CEO can directly manage every employee.

Once the company has more than one hundred people.

This will inevitably bring about various reports and various management processes.

Administrative expenses are increasing and efficiency is declining.

Hongmeng now has close to 40,000 employees scattered around the world.

You can imagine the complexity.

Xu Liang picked it up, flipped it over briefly, and then put it down.

He already knew the rough data and took the rest back to look at.

"Is the settlement with Hutchison Whampoa over?"

"it's over."

Hongmeng, Hutchison Whampoa and Taihua made a three-party deal.

Hongmeng sold Internet Technology to Hutchison Whampoa, and Hutchison Whampoa sold Beijing Oriental Plaza to Taihua.

Each of the three parties has its own interests.

The sale of Internet Technology also directly increased the cash reserves of Hongmeng Corporation by US$5.2 billion.

Hongmeng Corporation’s cash reserves exceeded 20 billion for the first time, reaching a height of 20.7 billion US dollars.

Hongmeng Corporation now has no debt.

This huge amount of liquidity is invested in treasury bonds and monetary funds, and the annual interest income is as high as 1.5 billion US dollars.

Hongmeng now uses this interest to maintain the company's operations.

Mainly personnel salaries and R\u0026D expenses.

When Bing, Yihaodian, Sina, Hongmeng Games, Universal Pictures, and DreamWorks Animation operate independently, all the expenses of Hongmeng headquarters will actually be less than 1.5 billion US dollars.

Therefore, this cash asset will continue to increase.

"How are the listing arrangements for Kingsoft Company going?"

"A prospectus has been submitted to the Shanghai Stock Exchange." After a pause, Xie Wen hesitated and said, "Mr. Xu, does it have to be listed in Shanghai?"

"Do the people below have any opinions?"

Xie Wen nodded.

"Everyone still feels that the domestic stock market trading system is not perfect, and they would rather list on Nasdaq and the Hong Kong Stock Exchange."

"It's just path dependence.

Now the development of the Internet is in full swing, and the prospects of the Internet have been recognized by the capital market.

Whether it is Nasdaq or the Hong Kong Stock Exchange, every listed Internet company has created a high market value of dozens of times the price-earnings ratio.

This craze has affected the world, especially China.

However, China, especially mainland investment companies and ordinary people, are rarely able to share in the high returns brought by Internet listings due to institutional reasons.

This is a huge hidden force.

We need to unleash this power.

Jinshan is the best introduction. " Xu Liang said.

When 360 was in the United States in the last generation, its market value was less than 10 billion U.S. dollars. After returning to A-shares, it increased more than seven times, and exceeded 440 billion Chinese dollars at its peak.

Although the A-shares in 2007 are different from the A-shares in 2018.

But the stock market is much hotter now than it was in 2018.

Big A created an unprecedented peak of 6,000 points.

It has never been achieved again.

"I will pass on your words."

Seeing that Xu Liang's attitude remained unchanged, Xie Wen didn't persuade him any more.

After so many years, the big boss has never missed it.

The listing of Kingsoft is different from the previous ones such as Yihaodian, Bing, Sina and Wangke.

Kingsoft has never raised external funds.

100% of the shares are directly held by Hongmeng headquarters.

Of course, Kingsoft’s business scale is far inferior to that of Yihaodian and Bing.

Until now.

Kingsoft has six mainstream businesses: WPS, Kingsoft Security Guard, Kingsoft PowerWord, Kingsoft Pinyin Input Method, Hongmeng Browser, and Kingsoft Software Manager.

In 2006, the total revenue was only 2.54 billion Chinese dollars, and the operating profit was 370 million Chinese dollars.

Based on a price-to-earnings ratio valuation of 30 times, Kingsoft’s market value is less than 10 billion Chinese dollars.

The plate is not big.

Therefore, Hanhua is fully responsible for the listing of Kingsoft Software this time.

"Mr. Xu, when will Hongmeng Games be scheduled to be launched?"

"Why, Wei Xiao and the others can't bear it anymore?"

"Seeing their brother companies going public one after another and their value doubling, they really can't help it. And SoftBank, JP Morgan, and Goldman Sachs also hope that their investments can be realized," Xie Wen said.