My Age of Investment

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After receiving Xia Jingxing's personal guarantee and promise, Huang Hongsheng and his wife left with satisfaction.

Out of courtesy, Xia Jingxing personally gave the two of them a ride.

As soon as he sent the two of them out of the office, he stopped when the couple refused and did not continue to see each other off.

Seeing the couple leaving happily, Xia Jingxing couldn't help but shake his head.

It is actually good for the other party to jump out of the Fuxing Industrial platform to start a second business, so as to avoid any unspeakable things happening in the future.

If the other party is honest and responsible, he will naturally not miss out on the dividends and corporate development dividends that should be given to them.

However, Huang Hongsheng's decision to build a car still brought back some memories in his heart.

If he remembers correctly, the home appliance king did not just shout slogans or make a ppt when building cars. Instead, he first acquired Jinling Jinlong Automobile, an old bus manufacturer, and then fully transformed it into an electric vehicle, and quickly developed into a company comparable to BYD. , Yutong Bus, a pure electric bus manufacturer with industry-leading sales volume... and then expanded into pure electric passenger cars and commercial vehicles.

Xia Jingxing felt that Huang Hongsheng had not told him the truth. How could he sell thousands of pure electric buses a year just by building them?

If the home appliance king wants to realize his dream of being a car king, he will eventually enter more automotive fields, so that he can sell more cars and create a large enough industry.

In his previous life, Huang Hongsheng once said that "cars are just household appliances with wheels." It seems that he didn't pay much attention to the difficulty of building cross-border cars.

But the result is not very ideal.

In a few years, new energy vehicles will become a huge trend, attracting overlords from all walks of life such as home appliance giants, mobile phone giants, Internet giants, real estate giants, etc. to join this industry, for fear that they will be late and miss a hot bite.

But most companies are destined to become cannon fodder. It’s not just talk about being in a different industry, but also the timing of entry is also crucial.

Xia Jingxing dismissed the thoughts in his mind. Huang Hongsheng could do whatever he wanted. He couldn't control it. However, he still wished him success in building cars, so that Fuxing Industrial could sell more lithium batteries, car chips, autonomous driving technology, and add car systems. Installed capacity.

As for whether it will pose a huge threat to Fuxing Auto in the future? He believes not, he still has this confidence.

After returning to the office and sitting down, Xia Jingxing opened his work email and began to handle today's official duties.

Suddenly, he saw an email about BOE's preparation for targeted financing, and quickly called Liu Xiaoduo in.

"BOE is going to build a new 8.5-generation TFT LCD panel production line in Chengdu? The total investment in the project is 28 billion yuan?"

Liu Xiaoduo nodded like garlic and explained: "Mr. Xia, have you forgotten? The three-year period has arrived. According to the plan, BOE should launch the third production line."

Xia Jingxing patted his head and completely remembered, "Three panel production lines will be settled in Chengdu in three phases over three years." He was the one who took the lead in proposing and implementing this construction plan. During this period, both BOE and the local government in Chengdu gave high support.

In the first half of 2007, the 4.5-generation panel production line, which cost more than 3 billion yuan, broke ground in Chengdu and was officially put into production in the second half of last year;

In the second half of 2007, before the construction of the 4.5-generation line was completely completed, China's first 6-generation panel production line, which cost 18 billion yuan, started construction in Chengdu.

Three months ago, the 6th generation panel production line was officially completed and put into production.

At this point, the construction of the last planned 8.5-generation production line has been officially put on the agenda.

Thinking of this, Xia Jingxing made a mental calculation. For the construction of the first two production lines, Vision Capital invested a total of more than 5.3 billion yuan in two phases.

According to the originally signed tripartite cooperation agreement, Envision Capital still needs to invest another 5 billion yuan in the last 8.5-generation production line. After the investment is completed, the investment commitment of a total of tens of billions of yuan will be successfully completed.

With these three newly built LCD panel production lines, BOE, coupled with the original Beijing 5th generation line, has the ability to manufacture LCD panels of all sizes from 1.8 inches to 55 inches. The journey of localization replacement has begun again. Next city.

BOE in this generation will achieve this goal at least one to two years faster than BOE in the previous generation. In the fierce market competition, this is also an advantage.

For Chengdu, the direct investment in three panel production lines is nearly 50 billion yuan, and it has also driven countless upstream and downstream industries to invest and build factories in Chengdu, which is equivalent to creating an LCD panel industry cluster with an output value of 100 billion yuan out of thin air.

When it comes to drinking water, remembering the source, and giving back to his hometown, he should be worthy of the elders in his hometown, and he has lived up to the title of Investment Ambassador that was awarded to him by Prefect Ge.

Thinking of this, Xia Jingxing suddenly wanted to chat with Huang Dongsheng. He had not seen this person for a long time and wanted to pay attention to BOE's development.

So Xia Jingxing gave Liu Xiaoduo a few words and asked her to immediately make arrangements for an inspection and visit to BOE.

The next day.

Early in the morning.

After receiving the news, Huang Dongsheng did not wait for Xia Jingxing to visit him in person, but took the initiative to visit Xia Jingxing at the office of Fuxing Industrial Group, with a very low profile.

“Mr.

After not seeing each other for a while, Xia Jingxing noticed that the white hair on Huang Dongsheng's head had increased significantly, and it looked like almost all of it had turned white. He guessed that Huang Dongsheng had been under a lot of pressure in the past few years and was too worried.

"Old Huang, you are too polite. You are the chairman of BOE, what are you talking about reporting on? Envision Capital only plays the role of investor and partner.

I have said before that I feel very relieved that all investments in BOE and all cooperation projects with BOE are in your hands and I will not interfere too much.

This time I asked you to meet, mainly because I haven’t seen you for a while, so we can communicate and learn together. "

Huang Dongsheng repeatedly expressed his humility, saying that he had great respect for Xia Jingxing, a strategic investor.

Without the strong support of the other party, perhaps the 4.5-generation line with an investment of more than 3 billion yuan can be established, but the 6-generation line will definitely not be established so easily, and construction may not have started yet.

Over the years, he begged his father to sue his grandmother, visited countless investors including central government-owned capital and local government-owned capital, met countless blank stares, and experienced all the ups and downs in the world. Only Xia Jingxing was willing to believe in him and invest in him.

And the most rare thing is that Xia Jingxing has excellent patience and does not attach too much importance to the return on investment. More importantly, he has the same idea as him - to contribute to a country that lacks chips and screens.

Take Xia Jingxing's investment in BOE in the past two years as an example. The investment of more than 5 billion has hardly seen any profit. The investment in other industries may have increased several times.

According to his understanding of Xia Jingxing's investment ability, he has the ability to turn stone into gold.

But why would the other party still invest in BOE, which is not making money or even losing money? It is not just driven by entrepreneurial sentiments and national sentiments.

Huang Dongsheng is full of admiration and closeness to this kind of like-minded person.

Not to mention taking the initiative to come to Zhongguancun to see Xia Jingxing, even if the other party in the United States said something, he could fly over to visit him immediately.

There was no such thing as losing face. He didn't want to dampen the other party's enthusiasm for industrial service to the country.

In the past two years, Xia Jingxing's career has grown bigger and bigger. He is very busy with official duties and has flown to various cities around the world as a trapeze artist.

Therefore, Huang Dongsheng did not bother Xia Jingxing too much. His main contact was Deng Yuanyun, CFO of Fuxing Industry.

After a few pleasantries, Huang Dongsheng began to introduce BOE's development in the past two years to Xia Jingxing in detail.

“…At present, BOE has completed and put into production three production lines of 4.5-generation, 5-generation and 6-generation.

The Gen 4.5 line in Chengdu currently produces 30,000 pieces of glass substrates per month, and we plan to expand production to 45,000 pieces. The products are mainly used in electronic devices such as laptops, tablets, mobile phones, and digital cameras below 12.1 inches.

The Gen 5 line in Beijing has been upgraded and expanded, and now has a monthly production capacity of 85,000 glass substrates. The products are mainly used in desktop monitors, car navigation displays, notebook computers and other equipment below 17 inches.

There is also the Chengdu 6th generation line that was just completed and put into operation not long ago. Its production capacity is to produce 90,000 glass substrates per month, covering display product applications below 37 inches, including 18.5-inch and 21.5-inch computer LCD screens, 26-inch and 32-inch TV LCD screens and other products. "

Xia Jingxing frowned slightly, "Products above 37 inches have to wait until the 8.5th generation line is completed, right?"

Huang Dongsheng nodded heavily, "Yes, the 8.5-generation line is expected to invest 28 billion yuan. After completion, it will have a monthly production capacity of 90,000 glass substrates, which can be cut into LCD panels. This translates into annual shipments of more than 10 million pieces."

Xia Jingxing didn't say anything, feeling in his heart that BOE's development speed was still a little slow.

Small-sized LCD screens for mobile phones and computers no longer need to be imported on a large scale, but the demand for televisions has not yet been fully met.

As if he had read through Xia Jingxing’s thoughts, Huang Dongsheng smiled bitterly: “Mr. I dare not even think about it.

However, after careful calculation, we, BOE, are still lagging behind.

For example, due to insufficient technical reserves, the yield rate of the sixth-generation line has not reached satisfactory results, and we are still working hard to improve the yield rate.

In addition, the company's capital reserves are not sufficient, which has delayed the construction of the 8.5-generation line. "

Xia Jingxing nodded thoughtfully. Since he did not directly invest in BOE, but first adopted a project cooperation method, a large amount of assets were not injected into the listed company. Therefore, BOE's stock price rose limited in the past two years, and directional financing was also limited. Well, even if you issue bonds, you won’t be able to raise much money, and there is a skill cooling time for targeted financing.

You must know that the construction cost of the latest 8.5-generation line on the agenda is worth the combined construction costs of the three production lines currently owned by BOE. For BOE, the financial pressure is not small.

Thinking of this, Xia Jingxing asked: "I see that you are planning to raise a round of targeted financing recently. Are there any problems with funding?"

"No problem at all, because we plan to raise 12 billion yuan in targeted financing this time." Huang Dongsheng replied with great confidence.

"So much?" Xia Jingxing was a little surprised, because BOE's several targeted financings in the past only raised more than ten to two billion yuan, which was less than a fraction of this financing.

Huang Dongsheng said with a smile: "Rongcheng no longer plans to participate in this 8.5-generation production line. I heard that they have stopped all subway projects because of investment in the 4.5-generation line and 6-generation line.

Therefore, we decided to raise 12 billion yuan in targeted financing this time, of which 3 billion yuan will be used to supplement corporate operating funds, and the other 9 billion yuan will be used to invest in the 8.5-generation line.

In addition to the 5 billion investment you provided and another 14 billion in syndicated loans, 28 billion will be enough. "

Xia Jingxing thought for a while and asked tentatively: "So where do you decide to build this 8.5-generation line?"

Huang Dongsheng replied without thinking: "It must be placed in Chengdu! Not to mention the investment agreement signed in black and white, let's just say that without the help of Chengdu, there would be no BOE 6th generation line. One cannot be ungrateful."

Speaking of this, Huang Dongsheng smiled self-deprecatingly, "The capital has approached me several times, hoping that I would keep the 8.5-generation line in the capital, but I rejected them all and answered them: There will be plenty of opportunities in the future..."

Xia Jingxing laughed, feeling completely relieved.

If Huang Dongsheng let go of Rongcheng's dove, then he would not be able to see the elders of Rongcheng. It would not be a big deal if he committed suicide in Jingcheng. He is much thicker-skinned than Lao Xiang. Brother Bang is the one truly worth learning from.

Having said that, in order to make way for the panel production line, even the subway project in Chengdu was stopped. This shows how determined Ge Zhifu is, and he did not hesitate to block his personal political future. I believe he must be under a lot of pressure.

Thinking of this, Xia Jingxing decided to give Huang Dongsheng another reassurance and said, "You can go ahead and do it. If you still lack construction funds for the 8.5-generation line, I will make up for it all for you."

Huang Dongsheng chuckled, "Mr. Xia, the 8.5-generation line should not be short of funds, but now Samsung, LG and other advanced manufacturers are actively deploying OLED and AMOLED technology.

If we want to catch up with their development, I think we can't just focus on the tft-lcd field, but we must seize new technologies as soon as possible. "

Xia Jingxing felt like a bolt of lightning struck in his mind. Yes, technology is advancing, and tft will gradually fall behind!

In the past, the media praised the strong rise of mainland panel manufacturers, but in fact they only achieved a leading share in the TFT-LCD panel market that Japanese and Korean manufacturers have gradually given up.

Samsung produced amoled panels as early as 2007, and soon a series of mobile phones will be launched with amoled screens. It will use its excellent performance to establish the market position of mobile phones and ship them like crazy.

At the same time, the shipment volume of mobile phones and the profits earned have fed back the amoled panels that have just started.

Huang Dongsheng thought Xia Jingxing didn't understand this, so he explained it from the side.

"OLED organic light-emitting diode was first discovered in the laboratory by Professor Qingyun Deng, a Chinese-American scientist born in Hong Kong Island in 1979, and started research from there. Therefore, he is also called the father of OLED.

According to different driving methods, the industry divides OLED into passive pmoled and active amoled.

OLED display technology is known as the third generation display technology after CRT and LCD because of its advantages such as self-illumination, wide viewing angle, infinitely high contrast, low power consumption, and extremely high response speed. It is a pioneer in changes in the field of display technology.

For example, take a smartphone, a screen made of amoled material can be thinner and lighter than a tft screen, with brighter colors, richer layers, and more detailed details.

Another feature is that because it is self-luminous, only the necessary pixels of the screen light up when displaying the picture, while the entire backlight module of the tft-lcd screen lights up, so the amoled screen consumes less power and saves more power. . "

Speaking of this, Huang Dongsheng murmured to himself: "Nowadays, all smartphones use large screens. I feel that amoled may be about to usher in great development."

Xia Jingxing asked with a smile: "These are its advantages, what about its disadvantages? It can't be without disadvantages, right?"

"Of course there are shortcomings. If there are no shortcomings, everyone will make this kind of screen."

Huang Dongsheng said: "To sum up, there are roughly the following shortcomings. The life of organic light-emitting materials is short, the production yield rate is low, and the investment cost is high."

Xia Jingxing nodded lightly, and to the point, it was not that domestic panel manufacturers were short-sighted and could not see the advantages of OLED and AMOLED, but that their strength did not allow it!

Samsung relied on high-end smartphones to harvest the world, and then slowly began to support OLED and amoled panels.

This is the advantage of the industrial chain, which can help each other.

There is a reason why Samsung is so awesome and can continue to be the big brother of Android even after losing the Chinese market.

There is another point that Huang Dongsheng did not mention. The flexible screen is made of amoled material.

In the long run, it will be impossible for Fuxing Industrial not to deploy amoled.

At the same time, because the cost of amoled is higher than that of ordinary OLED screens, it is mainly used in small equipment such as mobile phones. Due to cost considerations, large-screen TVs and computers still use ordinary OLED screens in large quantities.

Therefore, to revitalize industry, we must grasp both technologies.

Thinking of this, Xia Jingxing had an idea in mind and said, "How about letting BOE try to build an OLED and AMOLED production line each?"

Huang Dongsheng spread his hands, "No money!"

Xia Jingxing smiled, knowing that the reason why the other party laid so much groundwork was to say these two words.

"I'll pay and you'll take care of it."

This was what Huang Dongsheng was waiting for, and he laughed so hard that his teeth came out.

"Mr. Xia, is this not taking advantage of you?"

Xia Jingxing smiled lightly, "No, it's just mutual benefit. We don't have a big business like Samsung, so we can only support each other to develop.

You don’t have to worry about lack of sales for the OLED and AMOLED screens you produce. They can be used in some products of Fuxing Mobile, Honor Mobile, and Skyworth TV.

On the one hand, new technologies can be tested, and on the other hand, the technology can be improved based on market feedback.

It may be stumbling at first, but that’s how it is with developing new technologies. There are no shortcuts, you can only take one step at a time.

In addition, tft panels will not be eliminated so quickly, and cost determines everything.

In addition, amoled screen degradation and screen burn-in are big problems. Only after these technical difficulties are overcome can we truly usher in a leap forward in development. "

Huang Dongsheng nodded in agreement. At the same time, he realized that he seemed to have underestimated Mr. Xia, who obviously had some research on OLED display technology.

After initially finalizing the cooperation to build OLED and AMOLED panel production lines, Huang Dongsheng turned around and talked about the panel price trend in the past two years.

“In 2007, not long after we started building the 4.5-generation line, the panel market bottomed out.

I thought there would be a dividend period of two to three years, but the financial crisis hit me right away, and panel prices plummeted.

But since the beginning of this year, panel prices have started to rise strangely, and only in the mainland market. Do you know why? "

Xia Jingxing looked at Huang Dongsheng with a look of resentment on his face, and gradually remembered something, and his face became serious.

"You mean it was caused by those people who picked things up?"

－－－－－－Digression－－－－－

Two in one. I wrote this chapter for more than eight hours. I read the previous article and looked up information. My head is dizzy. I originally wanted to write three chapters, but I have to do it tomorrow.

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