Reinventing the Millennium

The road to market for ice cores is not easy.

Since it was confirmed that the road to listing has begun, all major institutional shareholders have been rejoicing. People at home and abroad have sent sincere wishes and expressed their gratitude for the success of China Mainland Semiconductor.

Having a successful career and making a little money along the way is naturally what it should be.

The listing of Ice Core is jointly sponsored by Goldman Sachs and Credit Suisse, and all work has been started since the beginning of the year. Because the situation of Ice Core is relatively complicated, it requires systematic sorting of information, and the review situation of the SEC must also be considered. It took until the middle of the year to prepare all the work.

According to the progress, Goldman Sachs and Credit Suisse are about to submit S1 and other application materials to the SEC, respond to the SEC’s review opinions, and then start their road show journey.

Generally speaking, although Bingxin faces many public opinion and regulatory issues in the United States, Goldman Sachs and Credit Suisse are still confident in its successful listing. As for Bingxin’s valuation...

Taking the industry leader Taiji as a benchmark, its market value this year is US$73.9 billion. Therefore, after comprehensive consideration, Goldman Sachs believes that Bingxin’s valuation of US$21-24 billion is a suitable range.

It is worth mentioning that Fang Zhuo made a statement when facing the dissatisfaction of major shareholders about the high valuation during Bingxin’s last financing. It was not that Bingxin’s valuation was high, but that Taiji was undervalued.

At that time, Taiji’s market value was US$45 billion. In less than two years, this number had risen to US$72.4 billion.

The current situation somewhat confirms Fang Zhuo's argument.

However, compared with the US$18 billion in Bingxin’s last round of valuation, Goldman Sachs’ US$21 billion is not too high. It is more about using the development over the past year as the basis for the original high valuation.

As a semiconductor company in Mainland China, everything is not easy.

As a semiconductor company led by Mr. Fang, it is even more difficult.

On June 3, Goldman Sachs Vice President Thiel, who was in charge of this listing, arrived in Washington at the invitation of Mr. Fang.

This invitation was said to be for an informal meeting in private.

Thiel didn't feel particularly surprised. There were so many strange requests from customers. What could be done in just one meeting? It happened to be a time to chat with Mr. Fang about the upcoming SEC review.

However, when Thiel walked into the suite with documents in hand and saw someone else besides Mr. Fang...

His expression was inevitably a little stiff, and an ominous premonition quickly enveloped his heart. Mr. Fang's moth seemed to have rushed to his face in an instant, burrowing in along his eyes, nose, mouth, and ears.

"Hi, Tyer, this is Austin, you should know him." Fang Zhuo introduced smoothly.

Thiel knew Austin. Although he didn't have much dealings with him, he knew where he was coming from.

He kept smiling, shaking hands and exchanging pleasantries.

"Ice cores can't be put on the market now, just wait." Fang Zhuo waited until the greetings were over and directly announced the theme of today's meeting.

As soon as Tyer sat down and reached for the coffee cup with an unfinished smile on his face, a basin of cold water was poured directly on it.

He looked at the slightly frowning man in front of him, Mr. Fang, are you going to die or not...

Just like this, there is no foreplay, just bring the knife up!

Fang Zhuo pointed at Austin: "The latest news is that ice cores may face equipment purchase restrictions, and we cannot rule out further restrictions."

Thiel grasped the key point: "Maybe?"

Seeing that he didn't give up, Fang Zhuo repeated: "The latest news is that ice core will face restrictions on equipment procurement, and it is not ruled out that it will face further restrictions."

Thiel: "..."

He was silent for two seconds and questioned: "The latest news? Where did it come from?"

Fang Zhuo looked at Austin.

"The restrictions proposed within the business will restrict Ice Core from purchasing NXE:3100 and subsequent upgraded lithography machines from the Netherlands." Austin gave a description.

Thiel had to repeat: "NXE:3100?"

"You can understand it as a core equipment that plays a very important role in subsequent advanced manufacturing processes." Fang Zhuo explained.

Thiel asked further: "Subsequent advanced manufacturing process? How advanced is it?"

Fang Zhuo thought for a few seconds: "Probably below 5nm. If there is no EUV before it, multiple exposures may still be used, but there is definitely a problem with the competitiveness of mass production."

Thiel said excitedly: "5nm? Isn't that a long time away? We can definitely continue to go on the market!"

"Further restrictions are not ruled out." Fang Zhuo pointed out the current situation.

Thiel looked at Austin: "Will there be further restrictions?"

"It may happen, but..." Austin hesitated for two seconds, "Not sure yet, only 3100."

"According to the current process progress, 5nm will be at least five or six years away!" Thiel said with some excitement, "It will have a certain impact on our launch, but it is still controllable!"

"This is a signal that symbolizes uncontrollability." Fang Zhuo said.

Thiel argued rationally: "Yes, because of this, we should open up the road to listing!"

The more uncontrollable it is, the more necessary it is to get ahead!

You can cut the meat even if you run up there, but if you don't even get up, the meat is not easy to cut!

Fang Zhuo said directly: "Tiel, I am telling you the situation and informing you of the decision. The ice core will withdraw the materials and suspend the listing. It will wait until the situation improves before re-listing."

Thiel was completely excited and stood up directly: "Mr. Fang, I don't agree!"

Austin had a subtle sense of déjà vu, which seemed to be the same when Mr. Fang disagreed before.

"It's useless if you don't agree." Fang Zhuo said calmly, "I have already decided. There is no need to go against this situation."

"Mr. Fang, how much work and effort we have put in!" Taier said sadly and angrily, "We even chose an auspicious day to submit the application materials in order to conform to Chinese culture!"

"Let's ask the master to calculate it again. I obviously didn't make the right choice this time." Fang Zhuo said helplessly, "Do you think I don't want to go public? Do you think I want ice cores to be restricted? It's true that I want to go public, but the current situation can't help it The listing is also real.”

Tyer gritted his teeth and said, "Mr. Fang, if we don't go public now, if the restrictions become serious, it will be even more impossible to go public!"

"The situation will not get worse, there will be a turn for the better, don't be anxious." Fang Zhuo glanced at Austin and signaled that the appearance of this source was a signal, "You have to believe me."

Tyer took a breath and suddenly asked: "Mr. Fang, do you want to put ice cores on the market?"

Fang Zhuo frowned: "You even asked such a question, even if you don't believe me, you still have to believe Austin."

When Tyer thought about Mr. Fang's always unpredictable nature, it was difficult not to feel anxious: "Who should I trust?"

"Believe in me when you should believe in me, and believe in him when you should believe in him." Fang Zhuo replied.

Taire looked at Mr. Fang: "I'm afraid that I believed you when I should have believed in him, and I believed him when I should have believed in you. What if the situation gets worse day by day? Will I miss the opportunity now!"

Fang Zhuo did not avoid looking at him, his eyes were firm: "Don't worry, Taier, we still have Big A."

Thiel: "..."

Oh, yes, it seems that one possibility has been ignored. Big A can support the bottom line, so maybe... it can.