My Age of Investment

In the first ten days of March, the first phase of integration work of Fuxing Industrial Group officially came to an end. The equity structure of dozens of subsidiaries was basically cleared up, and financial information such as assets and valuations of each subsidiary was counted and counted.

After the integration, the Fuxing Industrial Group is no longer wholly owned by Xia Jingxing alone, but has two more small shareholders, the Chen Hong and Huang Hongsheng families.

When Fuxing Mobile was first established, it claimed to inject 500 million U.S. dollars, of which Chen Hong invested 10 million U.S. dollars, accounting for 2% of the shares.

Vision Capital did invest 490 million US dollars, but it was "loaned" by Xia Jingxing several times. For example, 1 billion RMB was injected into Zhao Jun's Grass Fund, and an additional 100 million US dollars was injected into Android...

Although Fuxing Mobile has ample cash in its account, these actions did not have any impact on the normal operation of the company, but they still harmed Chen Hong's interests after all, but this smart big brother never said no, not even a single complaint Never had.

Due to emotion and reason, Xia Jingxing should express something to Chen Hong when Fuxing Industrial Group concentrated the equity of various subsidiaries in the parent company "Fuxing Industrial Holdings".

Therefore, after consulting Chen Hong's opinion, Xia Jingxing changed Hanergy's 2% stake in Fuxing Mobile into a 0.94% stake in Fuxing Industrial Group.

The overall valuation of Fuxing Industrial Group is calculated at US$2.12 billion.

Among them, ATL and CATL and other energy sectors have a combined valuation of US$200 million. ATL has increased a lot from the US$110 million purchase price of the previous year, but CATL has not been established for a long time, and the price cannot be estimated at all.

The total value of the home appliance sector is 648 million US dollars.

Fuxing Industry Group holds 60% of Supor's shares, with a market value of 2.65 billion yuan;

Holds 26.43% of shares in Kelon Electric Appliances and Rongsheng Refrigerator, with a market value of RMB 880 million;

Holds 24.01% of shares in Little Swan, with a market value of 650 million;

Holding a 39.7% stake in Skyworth, with a market value of 750 million;

Holding 100% equity of Xiaoxiong Electric, with a valuation of 10 million US dollars.

Add DJI with a valuation of 100 million yuan, Sunco with a valuation of 2 billion yuan, and Fuxing mobile phone with a valuation of 1 billion U.S. dollars...

All in all, all the businesses add up, and the total valuation is just over US$2 billion.

This statistical result,

Xia Jingxing was surprised, but also normal.

The surprise is that the so-called six major business groups are going to be the revival industry of the world's top hard technology giants. Based on this valuation, they can't even catch up with a fraction of other overseas giants in the same industry.

I think it's normal because companies like Fuxing Mobile, DJI, and CATL haven't grown up at all, and businesses such as semiconductors and the Internet of Things are still on paper.

However, these are not big problems. It is only a matter of time until a large amount of funds are withdrawn from overseas to invest in construction, all the stalls are rolled out, and the valuation doubles several times or dozens of times.

In addition to Chen Hong, the Huang Hongsheng family also obtained 2.85% of the shares of Fuxing Industrial Group.

This is because when purchasing Skyworth, Huang Hongsheng chose a half-cash, half-equity transaction plan. This TV tycoon who was still in the office was very optimistic about the future development of Xia Jingxing and Fuxing Industry, and asked for a ride.

Xia Jingxing also welcomed this.

Because in the future, Fuxing Industry will inevitably have a large-scale capital injection. If Huang Hongsheng does not follow up with the investment, the shares of these two or three points may be diluted to decimal points.

Even if the dilution will be severe, as long as Huang Hongsheng can afford to wait and hold on, the rate of return on this equity investment will be considerable in the future.

It wasn't that Xia Jingxing wanted to force small shareholders out through malicious capital injections, but that Fuxing Industry would inevitably spend a lot of money if it wanted to develop hard-core technology. Just a single semiconductor didn't know how much money it would swallow.

In addition to these assets, Fuxing Mobile also has a supporting mobile phone industry M\u0026A fund, but it is only a cooperation, and the ownership is in the hands of Envision Capital, and it is not included in the assets of Fuxing Industrial.

After the integration work is over, the fund that has invested more than half of its funds has not changed much, and will continue to invest around the mobile phone industry chain.

Because no matter from the perspective of valuation or business prospects, mobile phones will be one of the core businesses of Renaissance Industries.

In the office of Zhongguancun Science and Technology Park, Fuxing Industrial Group held its first shareholder meeting, and Chen Hong and Huang Hongsheng's wife Lin Weiping were elected as directors of the group.

Lin Weiping, like Du Juan, is known as the woman behind the "barrel rich man". After their husbands were imprisoned, both of them saved their husbands' family businesses that they had worked hard for half a lifetime. They both have basic abilities and standards.

After the election of the board of directors was completed, Xia Jingxing, who was successfully elected as the chairman, raised his chin to Zhu Zhaojiang. The latter got up and talked about the first topic of the day.

"President Xia, all directors and shareholders, after contacting and negotiating with the Beijing Olympic Organizing Committee, a basic intention has been reached. Fuxing Mobile will become the global partner of the Beijing 2008 Olympic Games with a sponsorship fee of 80 million US dollars, which is commonly known as the top sponsor. business.

There are 12 companies as the top sponsors with us, such as Conscience Computer, Coca-Cola, General Motors, McDonald's, Panasonic, Johnson \u0026 Johnson, VISA and so on. "

Xia Jingxing raised his eyebrows, "Conscience Computer has also become a top sponsor?"

Hearing this, Zhu Zhaojiang's expression was stagnant, he knew how much Mr. Xia hated this company, so he had no choice but to say in a regretful tone: "There is no way, one is that they are willing to spend money, the other is that they After all, it is regarded as a Chinese-funded enterprise, a banner of China's technology field."

"They are not qualified to be a banner in the field of science and technology, and Renaissance Industries is no different." Li Guangnan, who was elected as a consultant and independent director of Renaissance Industries Group, reacted fiercely, with a look of resentment.

Seeing Academician Tangtang being so angry, everyone at the scene felt a little embarrassed, and for a while didn't know whether to agree or not.

In the end, it was Xia Jingxing who spoke to break the awkward atmosphere.

"Academician Li said very well, without the core technology in hand, it can be regarded as a banner in the field of science and technology.

Since the birth of Fuxing Industry, countless colleagues and I have determined to break the international technology blockade and let China's hard technology industry take off. "

Xia Jingxing swept everyone around, and said with a solemn expression: "Our first step to take off is the Olympics!

Fuxing mobile phone is now a sharp knife of the group, and it is also the most promising product to gain a leading position in the international market.

Our next plan is to do our best to carry out mobile phone marketing and publicity around the Olympic Games, maintain this upward momentum, and then use the money earned from overseas to feed back the research and development of other businesses, and finally achieve the common development goal of "be rich first and then get rich later". . "

It was said that apart from directors Chen Hong, Lin Weiping, and Li Guangnan who agreed, the other business group presidents appointed as directors, including Li Ying, Zeng Jiqun, Li Zexiang, Lin Bing, etc., also nodded in support.

Anyone with a discerning eye can see that Fuxing Industry is currently poor and empty. It wants to make a lot of money, and even go to the international arena to compete with technology giants.

There is no other reason, it is too weak, and the domestic market is still unbalanced, so how can we talk about showing its edge in the international market.

"President Xia, I have a question."

Xia Jingxing looked at Lin Weiping who spoke, and smiled, "Please tell me!"

"Our Fuxing Industrial Group has just started. Companies such as Dajiang and Xiaoxiong have only been established for a year or two. They are slightly larger, and the business is more stable. Sunco and several home appliance companies.

But except for Supor and Skyworth, other companies have more or less various financial problems. "

Xia Jingxing nodded. If there were no financial problems, he would not be able to buy these companies just like collecting junk.

"President Xia, after you take charge of these companies, I believe that you will be able to integrate resources and bring them back to their original business peak, and even go one step further.

But it takes time, and what we need most right now is time. "

Lin Weiping said with a serious face: "I have read the financial statements of each business segment of the group, and in a short period of time, most of the companies have difficulty making blood by themselves.

Fuxing Mobile is still a few months away from going on sale, and suddenly it has to spend 80 million US dollars to sponsor the Olympics. Will this cause financial pressure on the group? "

Chen Hongyun glanced at Lin Weiping, and said with a smile: "Mr. Lin, this is a small problem. The funds in Fuxing Mobile's account are enough to pay the sponsorship fee. If it is not enough, let's jointly inject another round of capital."

Lin Weiping smiled, "I know it's enough to pay the sponsorship fee, but the sponsorship is just the beginning. To maximize the advertising effect brought by the Olympic sponsorship, follow-up marketing and supporting brand marketing activities need three or four times the sponsorship fee." financial support, and even more.

I have read related reports that Samsung sponsored the last Olympic Games for 60 million US dollars, but the annual brand marketing expenses exceeded 200 million US dollars.

Are we in a little hurry? I think it's better to take it slow. "

The executives and directors present looked thoughtful. To be honest, what Lin Weiping said was very reasonable. Although Fuxing Industrial Group has a lot of momentum, it is actually a start-up group. difference.

Of course, these gaps are not impossible to fill, it all depends on Xia Jingxing's intention.

Xia Jingxing smiled lightly, he felt that Lin Weiping had two meanings, and seemed to be reminding him.

"Fuxing Mobile lent about 1.8 billion RMB to other companies I invested in last year. This money will be repaid on time this year, including the principal and interest. It will definitely not cause any trouble to the operation of Fuxing Mobile and slow down the pace of development. .”

Lin Weiping didn't expect Xia Jingxing to be so straightforward, and felt a little nervous for a moment, don't let the major shareholder Xia Jingxing bear a grudge because of this.

From her point of view, she felt that her reminder was very necessary and correct. It didn't make sense for Fuxing Mobile to lend money to outside companies after such a big move.

Xia Jingxing is still very open-minded, he won't hold grudges against minority shareholders just because of such a trivial matter, and it's only natural to pay off debts, not to mention that Fuxing Mobile will also be short of money in the future.

"In addition to repaying the loan on time, when necessary, I will inject US$1 billion into Renaissance Industries. This is my promise.

You don't have to worry or feel panic. Renaissance Industry has also condensed my sweat and hope. I will do my best to support its development. "

Xia Jingxing didn't speak much, but his words were concise and to the point. With his current status in the business world, making such a promise, and at the same time in front of so many people, was undoubtedly very reassuring.

No one feels that the strides are too big anymore. It doesn’t matter that Olympic sponsorship and supporting marketing and promotion cost hundreds of millions of dollars. What if Fuxing Mobile and even the entire Fuxing Industry are not profitable. The major shareholders have strong capital and can afford it!

Lin Weiping was a well-rounded person, after hearing what Xia Jingxing said, he took a reassurance, and began to speak out to make amends.

"It turns out that Mr. Xia has already planned all of this in his heart. It seems that I was worrying too much. You will laugh at Mr. Xia."

Xia Jingxing waved his hand, "The board of directors, it's not anyone's speech, everyone speaks freely."

Then, Li Ying raised the topic for the second time.

"May 1st Labor Day is coming soon, Gome and Suning are going to hold holiday promotions, offering discounts of 30% and 20% off. The two companies have a tough attitude and are unwilling to bear a penny of these discounts. All of them are provided by our suppliers. out.

In addition, both companies are now planning big mergers and opening stores, where will the money come from? Press the billing period of our suppliers. "

Xia Jingxing nodded slightly. It's not been a day or two since the two major electrical appliance chain stores have been domineering, and they are a little more polite to their big suppliers. Small suppliers have to pay an entrance fee first to enter the store, and send employees to bring their own dry food to the store for promotions. .

"I see. Speed ​​up the construction of "Fuxing House" offline stores and "Fuxing Mall". In addition, the group has also invested in an e-commerce website called "Jingxi Mall". channel dependence."

Li Ying frowned slightly, "But these layouts take time. The e-commerce platform needs traffic and users, and offline stores need to be rolled out across the country. It is estimated that it will not take two or three years to take shape."

Xia Jingxing sighed, "Try your best. The two major stores have developed for more than ten years before they are as good as they are today. They are not allowed to increase the "rent"? Let them go. It won't be long before they go shopping."

Li Ying was naturally aware of Xia Jingxing's plan, but she believed that these deployments would not be able to threaten the two major stores in a short period of time, and the distribution, installation and acquisition of major appliances would be a big trouble.

Zeng Jiqun was the third to raise the topic.

"There is bad news. Wisdom Fruit knew that after ATL joined Fuxing Industrial Group, it removed us from the list of battery suppliers for mobile phones, computers and other products, and instead cooperated with LG Chem.

There are also conscientious computers and mobile phones, and the cooperation with ATL has also been stopped. "

Zeng Yanqun smiled helplessly. Unfortunately, all his previous predictions have come true.

Once they choose to stand in a team, they are no longer independent suppliers, but bear a very conspicuous camp label, which brings a lot of difficulties to their business development.

However, for this part of the market share that was lost, orders for Fuxing mobile phones have replenished a large part. If the sales of Fuxing mobile phones are fully opened, it may help ATL to a higher level.

Now the relationship between their ATL and the group can be regarded as a prosperity for both, and a loss for both.

Xia Jingxing didn't react much to the bad news that Zeng Yanqun narrated, his face was calm, and he just said "Got it" lightly.

Seeing Xia Jingxing's calmness, Zeng Jiqun also knew that he was a bit hypocritical. When the group was established, it had already made a plan, and even the countermeasures were formulated beforehand. Soldiers will block it, and water will cover it. It's really not worth making a fuss about.

"Mr. Xia, I heard some rumors that the "New Energy Vehicle Production Access Management Rules" may be released." Zeng Yanqun looked very excited and looked eager to try.

"You're very well informed, I've heard about it too!"

Xia Jingxing smiled, "However, don't get too excited, from the release of the policy, to the trial, to the promotion, there is no two or three years that cannot be completed.

During this period of time, CATL should not gossip about hot topics, but calm down and engage in research and development. When the industry officially begins to explode, it will be a good time for you to show your talents. "

"I know, I know." Zeng Yanqun nodded hurriedly with a smile all over his face.

Li Zexiang's fourth report: "Mr. Xia, we at DJI have already been to Rongcheng, met with the leaders of Rongcheng Aviation Vocational College, and held a few days of seminars to preliminarily decide on the matter.

DJI sponsors 10 million RMB, and co-organizes three majors and three classes with Chengdu Aeronautical Academy, first affiliated with other departments.

If the cooperation effect is satisfactory, DJI will increase its sponsorship in the future, and the Rongcheng Aviation Institute also stated that it can set up a special department. "

Xia Jingxing nodded slightly, his father had informed him of this matter two days ago.

He could feel his father's joy through the phone. In fact, he can understand his father quite well. He is middle-aged and has no hope of official career, but he has ushered in his second spring in the education career, and his passion for work is instantly ignited.

He thinks this is quite good, after all, his father is only in his forties, and if he retires or stays at home, he will suffer from illness.

Now he has found a job for his father, teaching and educating people, promoting the progress of vocational education, and at the same time making his father feel that he is helping him, which serves multiple purposes.

In addition, his father also explained to him that it is impossible to open a drone department as soon as he comes up, and the school cannot take risks before seeing obvious results.

He has no objection to this either. DJI is still very weak and its products have not yet been successfully developed, so it is not appropriate to take too big a step.

"Okay, let's just go with it. Both DJI and the school need to grow and gradually increase cooperation."

Li Zexiang nodded and stopped talking.

Just when Xia Jingxing was about to announce the end of the meeting, Deng Yuanjun interjected: "I have persuaded Liang Mengsong that he is willing to join Fuxing Industrial Group.

But the thorny issue of the non-compete agreement needs our help to solve.

And he didn't come to the mainland alone, he led a group of people, a team to join our company, TSMC will definitely not let it go. "

Xia Jingxing nodded lightly, "I know this, you can find out how much the liquidated damages are, and we will pay them all."

"It's a lot of money, and it can't completely cure all hidden dangers." Although Deng Yuanjun felt the determination of the boss, he subconsciously reminded him.

Xia Jingxing knew what the so-called hidden dangers were, patent infringement, commercial secret theft and other "unfounded" things were all possible.

Because of Liang Mengsong, TSMC and Samsung fought a lawsuit for several years, and finally TSMC won.

If you add SMIC, which was sacked by TSMC's legal department, the company's legal department can be regarded as an ever-victorious general.

Of course, after Liang Mengsong joined Samsung, he led Samsung's team to counterattack TSMC and caused a lot of losses to the latter, which made TSMC hate it so much, and must kill chickens to warn monkeys.

Fuxing Semiconductor will certainly not be so destructive for a while, but still cannot underestimate TSMC's determination to deal with the "traitor".

For example, SMIC, which showed a slight threat, may shake TSMC's market share in the mainland, but the actual process technology is still far behind, but TSMC still waved the patent butcher's knife without hesitation.

Xia Jingxing thought carefully in his heart, he couldn't hope for TSMC's mercy, because that would be meaningless, but he had to find a more secure way, to develop a wave first.