My Age of Investment

Zhang Rujing laughed at himself: "Actually, Huaxin's current situation has a lot to do with my personal success.

When I was working at Texas Instruments, I helped the company build 9 factories in the United States, Japan, Singapore, Italy and other countries. I was highly praised by the industry. Everyone said that I was a "master of factory construction".

My father was still alive at that time, and he asked me a simple but thought-provoking question: When will you go to mainland China to build a factory? "

Speaking of this, Zhang Rujing showed a nostalgic look, "To be honest, I had no impression of the mainland at all before, because when our family boarded the ship from Jinling Xiaguan to Kaohsiung in 1949, I was less than one year old at that time. a baby.

However, my father said that I was born in the mainland, and our roots are also in the mainland. I think he was right. Two years ago, I took my mother to Chongqing to see the places where they once "battled". "

Xia Jingxing stopped talking. He had known Zhang Rujing's parents.

Among the couple, the husband is a steelmaking expert and the wife is a gunpowder expert. During the Anti-Japanese War, the two of them moved to Yuzhou, the wartime capital, as intellectual youths and technicians with the Party. The couple met and fell in love in Yuzhou, where they worked together. This military factory once produced 90% of the heavy machine guns in China at that time. Isn't this more romantic and exciting than some anti-Japanese drama?

"My father was already a colonel in the arsenal in 1949, and he was a weapons manufacturer. At that time, he did not dare to stay in the mainland.

When he got old, he thought about fallen leaves returning to their roots every day. "

Zhang Rujing smiled, "At that time, I originally planned to build the first and second factories of Shida Semiconductor in Wanwan, and the other three to tenth factories were all built in the mainland. You should also know what happened later. Shida Semiconductor was Gulf Electric has acquired it, and Zhang Zhong does not agree with my plan to build a factory in mainland China, so I will do it myself."

Xia Jingxing nodded heavily, "You can be regarded as inheriting the old man's legacy and helping him fulfill his dream of returning to his roots.

I believe that in a few years, you will definitely have a part in China’s chip history. "

Zhang Rujing waved his hand, "I don't care about these, but the complex in my heart has always prompted me to want to build a local chip industry chain for the country.

Whether it is a diamond-shaped industrial layout or vertical industry integration extending downstream, we are all moving forward around this goal.

It can only be said that I underestimated the funds required for this goal, the impatience of capital, and the volatility in the market.

In fact, there is no need for Taiwan Electronics to use me to scare the monkeys. As for Huaxin's current predicament, I bear the main responsibility and it is appropriate for me to step down.

But before I leave, I want to do something for Huaxin to preserve the spark of chip manufacturing. "

Zhang Rujing looked at Xia Jingxing with bright eyes, "Mr. Xia, as long as you are willing to help, you can put forward any conditions you have, and I will help you implement them one by one."

The other party was so candid that it actually made Xia Jingxing feel a little ashamed.

He is still scheming against the other party, but the other party has already reached the height of preserving the fire for the entire Chinese chip industry.

But having said that, Huaxin is indeed the hope of the whole village. If Zhang Rujing had not followed his father's orders and built the factory in China, but had built it in Singapore and Malaysia, then the development of China's semiconductors would have been slower and more difficult.

"Actually, many of your ideas, Mr. Zhang, coincide with mine!"

Xia Jingxing also decided not to be such a "villain" anymore, and decided to have a frank and honest talk with Zhang Rujing.

"Oh? Really?" Zhang Rujing smiled, "In what way?"

"Those who achieve great things will fight for a hundred years without fighting for a breath!"

Xia Jingxing said with a smile: "The backwardness of China's chip industry cannot be fully reversed by Huaxin International. What is needed is the improvement of the overall industry level."

Zhang Rujing nodded slightly, "Yes, although the slogan of global division of labor is shouted loudly now, those of us involved in sensitive industries all know that this is nonsense!"

Xia Jingxing and Lin Xinhe couldn't help but laugh. After talking for so long, it was the first time they heard each other swear. It was quite refreshing.

“When we buy photolithography machines and other manufacturing equipment, we need approval from others, and we also need to declare that they are not for military use.

Why is Huaxin registered in the Cayman Islands? The reason why domestic certification is foreign investment is to avoid these shackles.

Because of this foreign investment status, Huaxin International is the only one among all chip manufacturing companies in China that does not enjoy domestic industry preferential policies. "

Xia Jingxing smiled and nodded, "So you were the only one, now we have to add Fuxing Semiconductor.

We are also considered a foreign-invested enterprise, but as long as the factories, technical personnel, industrial value and taxes are kept in China, we don't need to worry too much about this. "

"We still need to be careful. If foreign capital intervenes, and its fund has a duration, so there is a demand for exit, this will force us to go public. After we go public, we will have to pursue good financial reports.

We do not have the financial strength and technological foundation of Samsung, Texas Instruments, and Gulf Power. If we want to catch up, we can only work hard to develop technology and build factories...

And these investments are translated into financial reports, which are a bunch of loss figures, which will cause the stock price to be depressed.

Investors will distrust the management, and conflicts will break out, affecting the development of the entire enterprise.

Therefore, in a word, companies that focus on R\u0026D investment and asset operations should not go public easily. "

Lin Xinhe's face was burning. As an early shareholder of Huaxin International, DCM also forced Huaxin to go public as soon as possible and also raised various questions about the financial report.

Xia Jingxing said solemnly: "You are right. Going public has opened up financing channels in the secondary market, but it has also tied up the company's hands and feet, making it difficult to overtake in corners."

Lin Xinhe suddenly interjected: "If we don't go public, where will the money come from to invest in the development of the chip industry? Billions of dollars have been invested, and it is also a normal demand for investors to ask for returns.

You can't just invest tens of billions of dollars without asking for an IPO and exit, right? Who has so much courage? "

Zhang Rujing chuckled and nodded, "This is also true, so we can only improve the operating level of the industry, accumulate strength bit by bit, and then slowly plan for overtaking in corners."

Xia Jingxing smiled and said, "How long do we have to wait? I wonder if Mr. Zhang has heard of the Renaissance Industrial Fund?"

"I heard that the scale is as high as 100 billion yuan?" Zhang Rujing looked at Xia Jingxing very curiously.

"Yes, and the fund has a duration of ten years."

Xia Jingxing still has information that he has not disclosed, that is, this 100 billion fund, Vision Capital will invest more than 90 billion.

Even if the duration is up and the invested company is not listed, Vision Capital can use its own funds to establish an S fund that purchases second-hand fund shares, allowing other external fund LPs to exit.

In this way, the duration of the 100 billion fund is unlimited, and it does not matter if it invests in a company for 20 or 30 years and does not exit.

He spends his own money so arrogantly.

Zhang Rujing said in amazement: "Mr. Xia is really courageous for such a large-scale fund."

Xia Jingxing smiled and said: "I am not courageous, but just like you, I hope to achieve industrial upgrading in my own way.

Of course, I also have selfish motives, and there are quite a lot of them. I don’t want the consumer electronics, home appliances and other products of the Renaissance Industry to be choked by chips. "

Zhang Rujing laughed and said, "Mr. Xia, you are quite candid."

"Many of your and Huaxin's operational ideas overlap with ours. In fact, Fuxing Semiconductor, Fuxing Industrial Fund and Huaxin International can establish broader cooperation."

Zhang Rujing looked at Xia Jingxing and narrowed his eyes slightly, "Mr. Xia, what do you mean?"

"If I only hold 10% of the shares, I won't like it, because I can't exert influence on Huaxin International, and this company can't afford my tens of billions or even hundreds of billions of investment."

After some testing and understanding, Xia Jingxing finally revealed his truest purpose.

There is no need to hide anymore. He believes that Zhang Rujing understands his investment philosophy and will support him.

Because it is our common dream and pursuit to make Huaxin International and the entire Chinese chip industry develop better.

Sure enough, Zhang Rujing seemed to have already anticipated Xia Jingxing's true purpose. He was not surprised at all and acted very calmly.

"Mr. Xia, are you really willing to place such a heavy bet on the chip industry?"

Xia Jingxing felt that he had been underestimated and did not explain much. He smiled and said: "In a few months, the 100 billion fund will be officially closed. At that time, you can invite Mr. Zhang to come and take a look at the bank balance."

Zhang Rujing said quickly: "That's not what I meant. It's just your handwriting and feelings that really surprised me."

Xia Jingxing smiled faintly, "There are 1.3 billion people in China, and it is impossible for all of them to be like Li Huangtai and Mu Zhixin. There are entrepreneurs like you who follow your father's orders to build cores for the country, and there are also people who spend all their wealth to buy back aircraft carriers for the country. Entrepreneur, what do I do?"

Zhang Rujing basically agreed in his heart, but decided to make some things clear in advance.

“Mr.

Xia Jingxing smiled brightly, "Guo Taimin, who is rich and well-off, commented on his cousin-in-law Zhang Zhongmou: Don't play a hundred moves, but Morris (Zhang Zhongmou) can do it in one move!"

I just like to compete with such "national players" and learn from each other's chess skills!

The old man must be almost 80 years old. He just married a new wife a few years ago. His body looks pretty strong. He probably won't mind that I am a newbie and don't have martial ethics. "