My Age of Investment

Woodlands Industrial Zone, Singapore, Xinxin Group Fab2 factory.

Xia Jingxing, who had just finished his speech at the National University of Singapore, rushed to the wafer factory that was originally owned by Chartered Semiconductor. Then, accompanied by Fu Jixun and several other senior executives of New Core Group, he inspected the work and talked about it. The memory chip market has experienced severe turbulence recently.

"Lao Fu, the burden on you now is not light at all. Are you sure you can handle it?"

Facing Xia Jingxing's questions, Fu Jixun was very frank and said with a grin: "As long as the ammunition is replenished, I'm sure it will shatter several of its three-star teeth."

Hearing this, the executives following the two men all showed knowing smiles.

With the relationship between Xia Jingxing and Samsung becoming increasingly hostile, Xinxin Group has now been pushed to the front line of the confrontation between the two giants. At this point, any means of hiding clumsiness or showing weakness are meaningless.

Since Samsung has chosen to take action, it will not leave any room. Regardless of whether New Core Group is willing or not, it must follow Stud.

Fortunately, there is the richest man in Asia and the third richest man in the world in front of him!

During Xia Jingxing's stay in Singapore, Forbes released another list. Compared with last year, Xia Jingxing's net worth and ranking have increased this year. With a net worth of US$52 billion, he surpassed stock investor Warren Buffett and ranked third richest in the world. Ahead of him are Mexican telecommunications tycoon Carlos Carlos, who is worth $74 billion, and Bill Gates, who is worth $56 billion.

The main increase in Xia Jingxing's wealth does not come from Facebook, which went public last year and has significantly reduced its public shareholding, but from Fuxing Industrial Holdings Group, whose valuation is getting higher and higher and its global influence is growing. The valuation of the company, which was founded only six years ago, has exceeded 100 billion US dollars.

This is also the second 100-billion-dollar company founded or controlled by Xia Jingxing. Although Vision Capital currently manages more than 100 billion U.S. dollars in assets, its valuation is far lower than its asset management scale, and there is too little information disclosure. Good for valuation.

Xia Jingxing said with a smile on his face: "Samsung always likes to use its strong financial resources to crush its opponents. Although this method is simple and crude, it has to be said that it is very effective.

Don't worry about money. Daxia Capital, Mubadala Investment Company, and Danmaxi Holdings are the strongest backers of Xinxin Group. "

Fu Jixun smiled silently. He understood the boss's subtext - it was time to ask for help from the two wealthy landlords again.

One is the Abu Dhabi Sovereign Wealth Management Fund, which is rich in oil, and the other is the only developed country in Southeast Asia that sits on the golden waterway at the doorstep to collect money. They are both owners who are not short of money.

Bringing these two families together to compete for financial resources and money with Universe Smecta, who eats kimchi as a delicacy, the scene of that kind of collision shouldn't be too exciting.

In fact, when Xia Jingxing designed the equity structure of Xinxin Group, he had already considered the conflicts that might occur in the future.

Although he is not short of money, who can refuse two good partners who are not short of money.

Moreover, there are two countries standing behind Mubadala and Danmasi. Although they are both small countries, they can still play some role at certain times.

Fu Jixun thought for a while, then leaned next to Xia Jingxing and said in a low voice: "Mr.

How could Xia Jingxing not understand Fu Jixun's hint? He waved his hand to indicate that it was okay.

Dan Maxi and Mubadala Company had already boarded his pirate ship and wanted to jump off the ship, but it was not that easy.

However, even if the two companies agree to increase capital and share this time, I am afraid they will still feel a little unhappy afterwards. After all, the conflict between New Core Group and Samsung was all because of him. Even if he was not the main cause, it also accelerated the whole process to a great extent. .

For the sake of long-term friendship, Xia Jingxing decided to take more care of himself.

…

A few days later, Sheikh Mansour flew from the United Arab Emirates to Singapore and held a shareholders' meeting with Xia Jingxing and Huo Jing.

"According to the current trend of the memory chip market, we must be mentally prepared to lose billions or even tens of billions of dollars this year."

Xia Jingxing sat at the corner of the round conference table, observing the expressions of the two people opposite him, and said in a joking tone: "Now the media around the world are saying that I have completely broken up with Samsung, so Samsung is trying to crack down on New Core Group of chip shipments, deliberately selling chips at prices lower than manufacturing costs.

I researched it carefully and found that they were right. Xinxin Group was implicated by me this time and suffered an unreasonable disaster. "

The two people in high positions in front of him were obviously not fools, so Xia Jingxing acted very candidly and frankly explained the matter of his separation from Samsung, and then based on the reactions of the two people, he further decided on the subsequent capital increase. Which one should be thrown out?

Mansour had long heard about Xia Jingxing's break with Sanxing and was very angry about it.

Xinxin Group started from scratch, invested a total of 20 billion US dollars, and merged with several major chip manufacturers. It took several years to create the hard-won situation today.

Seeing that the most difficult period has finally passed, factories such as Elpida and Qimonda that were once almost closed down have restarted operations. Chip orders have been signed one after another. It is just around the corner that Xinxin Group will become an emerging storage giant. Samsung suddenly appears. A price war started at this juncture, which made him very unhappy.

However, he did not express his anger at Xia Jingxing, at least on the surface.

Mansour acted very calmly and said in a gentle tone: "Darren, this has nothing to do with you. As a leading company in memory chips, Samsung will definitely do something after seeing the threat posed by New Core Group to it. There was some reaction.”

Hearing Mansour's words, Huo Jing on the side thought about it in her heart, and also expressed her position: "Samsung's approach can be said to hurt the enemy 800, and damage itself a thousand, because they occupy the market The share is relatively high, so the loss will be more serious than that of Xinxin Group.

In addition, they are also provoking battles with their peers in multiple fields such as mobile phones, panels, and chip foundries at the same time. I don’t think they can persist for long.

Mr. Xia, you don’t have to blame yourself. In my opinion, the main reason for this matter is that Samsung is deliberately provoking trouble. "

Xia Jingxing smiled and said again: "In any case, this matter is all because of me. Otherwise, let's revise the investment agreement we signed before. In the next four years, I will personally report to Xinxin Group How about a capital injection?”

Huo Jing's heart skipped a beat, but she quickly realized that she was fishing to test her reaction.

If he and the Singapore government behind him did not support Xinxin Group enough, Xia Jingxing might turn around and cancel subsequent cooperation plans.

Moreover, the corresponding investment cooperation agreement has been signed in black and white before. If Dan Maxi breaks the contract at this time, will he still have credibility in the eyes of investors and partners?

Xia Jingxing just said he was nice and could carry it all by himself, but in fact, he had already tied them to Dan and Ma Xi.

Thinking of this, Huo Jing's expression immediately became serious and she said sternly: "Mr. Long-term, more in-depth cooperation.

Samsung's reputation as a "price butcher" is known to everyone around the world. Even if they don't take action today, they will wield the butcher's knife tomorrow. "

Xia Jingxing smiled slightly. The attitude of the Po County magistrate's wife was as he expected. Before making a decision, she must look at the problem from a higher perspective.

As the largest technology investment project introduced since the founding of Singapore, Xinxin Group plays the role of a locomotive in this country, which can effectively promote the development of Singapore's entire chip industry chain, balance the industrial structure, and not only solve a few jobs. , it’s as simple as paying some taxes.

On the other side, Mansour also said righteously: "Dylan, do you think our Mubadala Company is so cowardly?

I know the chip price war is fierce, but we Emirati men are not afraid.

We cherish the friendship with our partners more than some monetary gains and losses. "

The so-called friendship is all based on greater cooperative interests.

For example, Mubadala Investment Company and the Abu Dhabi Sovereign Wealth Management Fund behind Mansour have subscribed to Vision Capital's $20 billion hedge fund.

A large part of the billions of dollars in profits that Vision Capital has captured in Japan in the past few days belongs to the royal family behind Mansour.

Through these overt or covert cooperation and exchange of interests, Xia Jingxing and Vision Capital have actually expanded their circle of LP friends beyond China and the United States.

If the methods Samsung uses in the future are not limited to price wars, but start asking the masters behind it to take action, the governments of Singapore and the United Arab Emirates can step forward to help him share some political pressure.

In short, Xia Jingxing was very satisfied with the statements made by Mansour and Huo Jing, so he stopped testing them and began to talk about his own solution.

“As a new company that has just emerged in the industry, no old force will sit back and watch its peaceful rise.

Samsung was the first to show its teeth to us. If Xinxin Group does not show a stronger attitude, it is hard to say whether other worse incidents will happen next.

There is a famous Chinese saying: If you hit with one punch, you will avoid hundreds of punches.

Therefore, in the face of Samsung's provocative behavior, we should use our old fists.

No matter how much Samsung reduces the price of its chips, we will cut the price by another 10% on their basis. This will extinguish their arrogance and let Samsung and other storage giants see our determination and put away these ridiculous tricks. . "

Huo Jing's heart suddenly trembled when she heard Xia Jingxing's tough words. She was used to calculating carefully, but she was still not used to Xia Jingxing's money-burning behavior.

As a son of a rich man, Mansour never hesitates when spending money, and he has already decided to support Xia Jingxing to the end, so he will not hesitate even more. He said loudly: "I support it, and I must give the Koreans a little show! They You can fight with them for as long as you want in the price war, I don’t believe that their money is dug out of the ground!”

The corner of Xia Jingxing's mouth twitched. It's hard not to have a crush on such a cute and domineering oil tycoon.

Seeing that both of them were determined to confront Samsung head-on, Huo Jing swallowed back the words of persuasion she was about to say, nodded and said, "I support it too!"

Xia Jingxing smiled and said: "Doing this is actually good for New Core Group. After seeing our tough and fierce reaction, Samsung might stop and focus all its efforts on Fuxing Industry and no longer implicate New Core." group.

This is called fighting to force peace! Koreans will definitely weigh it carefully. "

Huo Jing thought carefully in her mind and found that it was really possible as Xia Jingxing said. Your Samsung Li family is powerful, but can you compare with the two countries standing behind the New Core Group? It would be great to be able to deal with Xia Jingxing alone!

Mansour also rolled his eyes thoughtfully. If they were to compare financial resources, they had never been afraid of anyone! It would be best if we show the momentum of the oil family and successfully scare away Samsung.

Seeing that both of them were thinking about it, Xia Jingxing promptly proposed a capital increase plan—Singapore would invest US$3 billion, Daxia Capital would invest US$4 billion, and Mubadala Investment Company would invest US$8 billion.

Three institutions increased their capital by US$15 billion at one time!

This is equivalent to disbursing funds that should be allocated next year and also allocating them this year.

Considering the fierce price war and plan to intimidate Samsung, neither Huo Jing nor Mansour raised any objections and readily agreed to the capital increase plan.

After completing this round of capital increase, there will also be some changes in the equity structure of Xinxin Group.

For example, Daxia Capital's shareholding ratio in Xinxin Holdings will drop from 80% to 62.5%, while Mubadala's shareholding ratio in Xinxin Holdings will increase from 20% to 37.5%.

Xinxin Holdings, a shareholding platform with a combined 100% stake held by Daxia Capital and Mubadala, remains unchanged at 80%, while Danmaxi continues to hold the other 20%. .

After the shareholding structure was penetrated, the shareholding ratio of the three institutions in Xinxin Group has become 5:3:2.

Unknowingly, Mubadala and Dan Masi already owned half of the equity of Xinxin Group. For this purpose, the two institutions invested US$12 billion and US$7 billion respectively. The sunk cost was already quite high. If something happens later, I have no choice but to bite the bullet.

Xia Jingxing's cumulative investment in Xinxin Holdings and Xinxin Group is US$16 billion, which is several billion less than the combined investment amount of Mubadala and Dan Maxi. The reason why the shareholding ratio is the same as that of the two is mainly because It was Daxia Capital, as a founding shareholder, that received a wave of value-added dividends when it acquired and integrated the assets of several major sectors of Xinxin Group.

However, until the company truly establishes a firm foothold in the industry and becomes a memory chip giant that is not weaker than Samsung and Hynix, it is meaningless to care about these things.

Counting this round of capital injection, the cumulative investment in Xinxin Group by the three institutions has reached a terrifying US$35 billion, but the valuation is only a mere US$40 billion, and it is still a bit fictitious and not widely recognized by the industry. The output ratio can be said to be quite low.

This is also a common problem in the chip industry, which requires investors to wait patiently and take a longer-term view.

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