My Age of Investment

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Late September.

The China Securities Regulatory Commission handled special matters and quickly approved the 12 billion yuan fixed increase plan submitted by BOE.

At the same time, Liu Hai flew to the capital in person and signed a series of complex fund investment agreements with Vision Capital on behalf of Daxia Capital.

Daxia Capital plans to invest US$5 billion to jointly launch the LCD panel industry investment fund with Vision Capital. It claims to be a PE investment fund. The internal code is very similar to the domestic integrated circuit industry investment fund, but the serial number is a little later. , named Shuangsheng No. 2.

In addition to the US$5 billion invested by Daxia Capital, the Frostfall No. 2 Fund also has the equity of two project companies invested by Vision Capital - Chengdu BOE’s 4.5-generation line and 6-generation line.

In the entire fund, Daxia Capital plays the role of LP, which only contributes money and is not responsible for specific management, while Vision Capital plays the role of GP and holds a certain fund share.

Since Vision Capital's domestic investments are basically Xia Jingxing's own funds, after getting through the complicated shareholding structures and vests, 100% of the fund shares are still held by Xia Jingxing alone.

Xia Jingxing wanted to recruit some people to share the pressure of fund investment, but the reality was that almost no one was willing to play this kind of money-burning game with him. At the same time, he also had to bet on the rise of the mainland's panel industry, and the investment risks were very high.

Just like the two integrated circuit industry investment funds that were launched and established before, Xia Jingxing was ultimately responsible for most or even all of the investment.

The disadvantage of this is that it takes up a lot of funds, it is not easy to use small to make big gains, and it is not conducive to leveraging investment leverage;

At the same time, the benefits are also very obvious. There is no fund duration, no exit pressure, and there is no random pressure from LPs. The panel battle can be fought as long as you want, and no one will come out to oppose it for ten or twenty years.

After the panel industry investment fund was deployed, big moves were made frequently.

First, it fulfilled its commitment to invest in the last panel production line in Chengdu. BOE invested 9 billion and Shuangjiang No. 2 Fund invested 5 billion. In addition, it sought a bank loan of 14 billion, totaling 28 billion yuan, to build the 8.5-generation line in Chengdu.

Then, the Luzhou government, unwilling to be outdone, came to BOE and proposed investment promotion conditions that were comparable to those of Chengdu. Land and policies were not a problem. At the same time, they also used their fiscal revenue to play venture capital to help BOE solve part of the factory construction problem. Funding source issues.

Huang Dongsheng didn't dare to be expert, so he reported the news to Xia Jingxing and asked the big benefactor for his opinion.

Xia Jingxing has not yet reached the point of repaying his hometown and disregarding the upper limit of a city's industrial capacity.

He felt that the conditions offered by Luzhou were good and sincere, so he immediately called Huang Dongsheng back and agreed to establish BOE's fifth panel production line in Luzhou.

This panel production line in Luzhou is also a planned high-generation line. It is an 8.5-generation line with a total investment of 28.5 billion yuan. The Luzhou local government has promised to solve the problem of 10 billion yuan, the Shuangjiang No. 2 Fund has provided funds of 5 billion yuan, and BOE itself has invested 2 billion yuan. The remaining 11.5 billion yuan of gap funds will be borrowed from the syndicate by the three parties.

Just after signing the investment intention agreement with Luzhou, the Yuzhou government came to visit again.

The ranking of big cities was immediately reflected. Several local government-owned capital companies in Yuzhou announced that they could collectively invest 11 billion yuan to build an 8.5-generation or even 10-generation glass one end in Chengdu with a monthly production capacity of 120,000 pieces of glass substrates. Wire.

To overpower Rongcheng, Huang Dongsheng felt that this was somewhat disrespectful to Mr. Xia.

After struggling for a while, Huang Dongsheng couldn't resist the temptation and came to ask Xia Jingxing for instructions.

Xia Jingxing only replied with the word "build", so why should he not accept the money he sent to his door?

In this way, the Yuzhou 8.5-generation line with a total investment of 33 billion yuan was planned.

In the entire project, Yuzhou local government capital invested 11 billion, Shuangjiang No. 2 Fund invested 6 billion, BOE itself invested 3 billion, and the remaining 13 billion fund gap was covered by loans.

The reason why the 8.5-generation line was launched instead of the 10-generation line is because BOE itself has not yet mastered the relevant technology.

The world's first 10th-generation line was announced by Sharp more than a year ago. It has not yet been completed and will not be officially completed until next month.

Sharp is definitely not willing to license such leading technology to external parties.

However, the 8.5-generation lines are enough, and BOE is still planning three 8.5-generation lines. After full production, the annual production capacity will be enough to meet the annual production capacity of TV manufacturers and computer manufacturers of 40 to 50 million large-screen LCD TVs and computer LCD screens.

…………

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"I said, brother, if you continue to spend so lavishly, Shuangsheng 2 will invest all 5 billion US dollars next month. Should we take it easy?"

Liu Hai came to Xia Jingxing's office in person. As soon as he entered the room, he slapped the documents in his hand on the table and pushed them in front of Xia Jingxing.

Xia Jingxing picked up the document and looked at it for a few times, then smiled and said: "Not bad, half of the funds have been spent so quickly, and we will continue to work hard."

Bangs: "..."

When the words reached his lips, Liu Hai swallowed them again because he felt that his thoughts were not on the same channel as Xia Jingxing's.

“Rongcheng invested 300 million for the 4.5-generation line, 5 billion for the 6-generation line, and 5 billion for the 8.5-generation line;

The Luzhou 8.5-generation line invested 5 billion, and the Yuzhou 8.5-generation line invested 6 billion;

In addition, it also subscribed for RMB 5 billion of convertible corporate debt issued by BOE. "

Speaking of this, Liu Hai paused and his face became a little serious, "Even excluding the two 4.5-generation lines and 6-generation lines that have been built in Chengdu, our funds have spent a total of 21 billion yuan.

When US$5 billion was remitted to the mainland, less than 34.2 billion yuan was exchanged for foreign exchange, equivalent to 60% of the funds having been spent.

If we use this money to acquire BOE, we will have bought all of this loss-making company. "

Xia Jingxing shook his head, "If you don't buy them, why buy them?

If BOE is fully acquired, do you think it will be so easy to carry out construction in various places? "

Liu Hai frowned and said, "That's not the case. China is so short of LCD panels now that most LCD panels still rely on imports. Even if it is a private enterprise, the local government will still support it."

"There are still differences." Xia Jingxing said concisely.

Seeing that Xia Jingxing didn't want to discuss this topic in depth, Liu Hai stopped arguing with Xia Jingxing and turned to talk about the LCD panel production and operation companies established in various places, such as Chengdu BOE, Chongqing BOE, and Luzhou BOE.

Among these companies, the listed company BOE Technology Group Co., Ltd. only holds a small amount of shares through several wholly-owned subsidiaries and is the smallest shareholder. Local governments are the largest shareholders, while Vision Capital Frostfall No. 2 Fund is basically in the middle. the second largest shareholder.

Speaking of this, Liu Hai gradually came to his senses. No wonder it was so easy to get loans. The total loans amounted to tens of billions. Except for real estate companies, I believe no company would have such loose loans.

And compared with lending to real estate companies that are guaranteed to make a profit, the risk of lending to BOE is actually not small.

Didn’t SVAnec become insolvent not long ago and left a mess?

"In addition to the 5 billion yuan of convertible bonds subscribed, how will we exit the equity of these project companies we invested in in the future?"

Liu Hai asked tentatively: "In the future, BOE Technology shares will be absorbed into the listed company system one by one? Will they become circulating securities?"

Xia Jingxing nodded, "Yes, that's all we can do. This is what I originally agreed with Huang Dongsheng."

Liu Hai shook his head, "I feel a little bit at a disadvantage. Look how much BOE's stock price has risen since these panel production line projects were announced?"

"Don't worry too much about these. We don't speculate in BOE's stocks. What we do is industrial investment. The revitalization of industry also needs such a strong partner by its side. "

Having said this, Xia Jingxing smiled and said, "Don't worry, Lao Huang is a kind man and he won't cheat anyone except stock investors.

The two production lines in Chengdu have already achieved mass production. Do you think he is anxious to acquire them?

What he means is to wait until the project operating company is completely profitable before acquiring and annexing it. "

Liu Hai sneered: "I'm afraid it was specifically requested by the local major shareholder. No one is a fool."

Xia Jingxing spread his hands and said, "Isn't this good? If someone fights for legitimate investment interests for us, we can just concentrate on doing our own thing and maintain a good cooperative relationship with BOE."

"Okay! Just decide."

Liu Hai sighed, "However, Jing Xing, I want to remind you that Daxia Capital's cash and short-term investment funds have dropped to just over 20 billion US dollars.

It turned out that this number was US$31.4 billion, because the acquisition of Pengcheng Development Bank injected US$4 billion into Envision Financial Holdings, and now Frostfall No. 2 Fund has invested another US$5 billion. "

Xia Jingxing scratched his head, "Only this little money left? Spend it so quickly?"

Liu Hai looked at the ceiling. He didn't want to see someone's pretentious look. What does it mean to have so little money left?

But this person is first-class in making money, and he is also first-class in spending money.

Xia Jingxing was really not in Versailles, but he was reminded of the fussy life he had lived in the past few years.

If you are not careful, you will fall back into poverty!

When money is used, you will regret it!

"It seems like we need to continue to earn some extra money."

Xia Jingxing said in his heart, facing so many capital-intensive and technology-intensive industries, he felt that he had suffered from insufficient firepower PTSD.

It is estimated that Li Huangtai also suffers from this disease. No normal person has so much cash in his hand. Ordinary people know how to buy Yu'e Bao.

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