My Age of Investment

Fu Jixun said: "I think we should vigorously develop storage chips!"

Xia Jingxing nodded and motioned for Fu Jixun to continue.

“Currently, Fuxing Semiconductor is deeply involved in the Chinese market, while Xinxin Group is cooperating externally.

I think New Core Group should try its best to avoid comprehensive competition with Fuxing Semiconductor. It is best for the two to achieve a complementary effect.

We can't compete with each other, right? "

Deng Yuanjun and Fu Jixun each control an integrated circuit industry fund. The former came to Singapore with Xia Jingxing this time and was also preparing to communicate with Fu Jixun.

One of the key points of communication is strategic coordination. To put it simply, we should not fight against our own people, but fight against others together.

Hearing Fu Jixun's words, he couldn't help but interrupt: "Mr. Fu, because of Xinxin Group's acquisition of Marvell Electronics, we have actually exchanged ideas with Spreadtrum Communications in the field of baseband chips."

Fu Jixun nodded, "Yes, this is a fact, and it is also an industrial merger and acquisition approved by Mr. Xia."

Xia Jingxing looked at Deng Yuanjun's puzzled eyes and explained: "The baseband chip market is huge, and even if Spreadtrum Communications' technology reaches the level, it is impossible to monopolize the entire market.

Introducing competition from Wonderful Electronics can keep this pool of water alive instead of a stagnant one.

In addition, Marvell Electronics has been developing mobile phone chips for more than three years and it is impossible to withdraw from this field.

Moreover, the td chip they developed has also won the bid for multiple mobile projects.

Spreadtrum Communications and Marvell Electronics can work together to squeeze MediaTek out of the Chinese mainland market, and then slowly deal with Qualcomm.

In addition, Marvell Electronics has business in mainland China, which also gives Xinxin Group a reason to expand and build wafer fabs.

Although Xinxin Group is a Singaporean company and is headquartered in Singapore, it does not mean that it does not do business in the mainland Chinese market.

On the contrary, Xinxin Group should make full use of its status as a Singapore company to flexibly and calmly complete capital operations and technology acquisition in the international market, and then use relevant technologies and resources in the mainland Chinese market.

This is our original intention to establish Xinxin Group, and it is also the next development plan of Xinxin Group. "

Deng Yuanjun nodded, "I understand."

After that, he smiled at Ji Xun again and said, "Mr. Fu, I'm sorry to interrupt you. You can continue."

Fu Jixun nodded gently to Deng Yuanjun and continued: "It is impossible to have no business friction with Fuxing Semiconductor.

Fuxing Semiconductor has Huaxin International, and we also have Chartered Semiconductor, a chip foundry.

It can only be said that the two companies try to control healthy competition on a small scale and agree on their main areas of effort on a large scale to avoid large-scale competition and huge internal friction. "

Hearing this, even Liu Hai couldn't help but nodded, looked at Fu Jixun with admiration, and said: "Yes, Xinxin Group is now a Singapore company, and Temasek also holds shares in it. It cannot be compared with Fuxing Semiconductors are like a family, and we should not give in where competition is necessary.

But where there should be no competition, we must not foolishly start a war and let European, American, Japanese and Korean semiconductor manufacturers reap the benefits. "

Fu Jixun smiled, "Yes, the more important strategic purpose of Xinxin Group is to make full use of its status as a non-Chinese investor to help China's semiconductor industry and revitalize the industry to move forward more steadily, as Mr. Xia just said. Move forward.

Based on this most important strategic goal, a small fight with Fuxing Semiconductor should be nothing.

Maybe the third family was beaten to death during the beating. "

Xia Jingxing smiled and said, "Then my loss is a bit big, and it's double."

"You can still make money back later!" Fu Jixun said with a wink.

Xia Jingxing smiled and nodded lightly, "Well, Xinxin Group still needs to change its focus areas. It cannot focus on mobile phone system-level chips, nor can it focus on the major fields of Internet of Things home appliance chips and automotive chips."

"Then we can only make storage chips. This market is big enough and fertile enough, and it will not compete with Fuxing Semiconductor. On the contrary, it can also provide strong support for Fuxing series terminal equipment.

And this is also the exclusive territory of Hynix, which was formed by the merger of Samsung, LG Semiconductor and Hyundai Electronics.

Haven't Samsung and LG recently rushed to mainland China to build panel production plants? What do you want to do? We also bring the flames of war to their doorsteps. "

Speaking of this, Fu Jixun's aura suddenly rose, and he said in a deep voice: "More than a year ago, a fierce war broke out again in the storage chip market.

In this industrial war, the Chinese people behaved unusually ruthlessly!

At the end of 2007, the price of DRAM dropped to only one-quarter of the same period in 2006.

In 2008, when the financial crisis broke out, DRAM prices plummeted, with the price of a single unit plummeting from US$2.25 to US$0.31.

At that time, the material cost of DRAM manufacturers was about 0.6-0.7 US dollars, and the cash cost was about 1.4 US dollars.

What have the stick memory manufacturers headed by Samsung done?

They started counter-cyclical investment again, which made countless peers become jealous!

In the history of memory chip development in China, three countercyclical investments have occurred.

Take Samsung as an example. Their first countercyclical investment took place on the eve of the signing of the Plaza Accord. The Japanese people took advantage of every opportunity to take over the Japanese semiconductor industry in this crisis that was a catastrophic one. The remaining market share has initially established a firm foothold in the industry.

The second countercyclical investment occurred in the 1990s. When global memory chip prices fell again, Samsung once again expanded its production capacity, resulting in huge losses for Japan's three giants Hitachi, NEC, and Mitsubishi, and they had to merge their memory departments into one company. ——Elpida, united against the stick.

The third counter-cyclical investment was in 2007. Samsung once again raised its butcher knife to kill all its Japanese and European competitors.

As it turns out, they succeeded once again.

Samsung spent 118% of the company's total profits that year on DRAM expansion, launched a price war by increasing production capacity, and deliberately aggravated industry losses.

The price of dram fell below the cash cost in mid-2008, and even fell below the material cost at the end of 2008, with each unit being sold at a loss.

Infineon, which was spun off from Siemens' semiconductor division... and Qimonda, the memory division spun off, the world's fourth largest DRAM supplier, known as the light of European memory, went out at the beginning of this year and declared bankruptcy.

Elpida, the third largest DRAM manufacturer, is still hanging on for the time being after receiving a bailout from Japan's Ministry of Economy, Trade and Industry.

Starting from scratch, the Chinese people have basically defeated global opponents in the field of memory chips by launching three industrial wars. "

Xia Jingxing interrupted: "In this world, there is still a Micron alive and kicking."

Fu Jixun smiled lightly and said, "That's their father. If you dare to mess around, be careful of getting a hefty fine.

Even Micron is currently far behind Samsung and Hynix in the storage chip market, especially in the DRAM field. Stick chips are the trend! "

Deng Yuanjun asked: "I heard that Hynix suffered serious losses in this round of countercyclical investment. It postponed its investment and expansion plan in Xicheng, China, and closed its Oregon factory. Local factories in the United States also tightened their belts. "

Fu Jixun said calmly: "Hynix is ​​not as strong as Samsung after all, and its crazy borrowing and expansion in the past few years laid the foundation for today's debt crisis.

But don't worry about them, they will definitely not die.

The Chinese government attaches more importance to the semiconductor industry than the German government. This year, it issued new loans to Hynix and allowed the extension of existing debt repayments, for fear that Hynix would fail.

No matter what happens, the Chinese government can still find a consortium to come forward to reorganize, just like the reorganization of Hyundai and LG's memory business a few years ago. Anyway, the meat will rot in the pot. "

“Can we acquire Hynix?”

Hearing this, Xia Jingxing, Fu Jixun, and Liu Hai all looked at Deng Yuanyun with wide eyes. How much did you drink at the banquet today?

Deng Yuanjun faced everyone who looked at him like an idiot, and continued without changing his expression: "I mean New Core Group is going to take over, and Fuxing Semiconductor will definitely not be able to do it."

Fu Jixun shook his head and said in a long voice: "It's difficult! At the beginning of the century, Micron Technology wanted to take over Hynix, which was desperate at that time, but it was unanimously opposed by the board of directors of Hynix.

Well, if you don’t sell it, prepare to die!

Just when everyone expected Hynix to die soon so that it could rush to carve up the market, it turned out that it relied on the Chinese market to survive again.

At that time, because Micron Technology failed to acquire Hynix, it became angry and sued Hynix to the European Union and the United States on the grounds that it accepted bank subsidies controlled by the US government.

What’s even more shocking is that the European Union and the United States also adopted the evidence submitted by Micron Technology and decided to impose import tariffs of 34% and 45% respectively on Hynix.

In order to circumvent tariff sanctions, Hynix finally found STMicroelectronics to invest US$2 billion in Xicheng, China, to jointly establish a storage chip manufacturing plant, and Hynix received two-thirds of the production capacity.

This investment also became China's largest foreign technology investment at the time, which effectively alleviated the operating difficulties faced by Hynix at the time. "

Xia Jingxing smiled. If the acquisition fails, the lawsuit will be filed, but is that okay?

In the invisible chip battlefield, there are countless similar nasty things.

Even your own dog will be beaten with a stick, let alone people with whom you have a bad relationship.

If you want to do something, you have to be mentally prepared to resist all kinds of open and covert attacks.

“Don’t think about it, Hynix cannot be acquired, and the debt crisis they face this time is much better than last time.

The situation was so miserable last time that even the Bangkok government thought it might be hopeless. Moreover, their American father personally came to acquire the company, but the acquisition plan still failed.

If Xinxin Group, which is controlled by Chinese investors and holds shares, gets involved, Bangzi may not even let us in. "

As soon as Xia Jingxing finished speaking, Fu Jixun said loudly: "Then acquire Qimonda and Elpida! Weakness combined makes us strong!"

－－－－－－Digression－－－－－

That’s the third update today, and there’s still one chapter left to return tomorrow, otherwise I won’t be able to bear it again tomorrow.

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