Reinventing the Millennium

On September 9, Morningstar Semiconductor was listed in Hong Kong.

As an international high-tech company focusing on the research and development of mixed video signal control chip technology, Morningstar's IPO financing of US$200 million has gone smoothly on the road to listing, and it has also been sought after by many institutions.

In the six years since its establishment, Morningstar has grown rapidly with an annual growth rate of more than 50%. From monitor chips to TV chips and already approved mobile phone chips, it has gradually become a well-known IC design company around the world.

In 2005, Morningstar became the world's leading supplier of LCD monitor chips. This year or next, Morningstar is expected to rank first in the global LCD TV chip market share.

With such development momentum and such R\u0026D capabilities, Morningstar Semiconductor has a bright future.

However, as the company's recently promoted senior vice president and marketing director Wei Boyun, he had been waiting anxiously from last night to this morning.

As soon as Wei Boyun received the call from Mr. Liang, he realized that there was a big problem.

He is someone who has been fighting for the first-tier markets in Mainland China, South Korea, and Japan, and knows where the company’s future lies.

Over the past few years, Morningstar Semiconductor's rapid development is inseparable from the rapidly growing market in the mainland and its strategy of grabbing share at low prices for its own products, but this does not mean that it can continue forever.

The upstream and downstream semiconductor markets in Japan and South Korea are relatively strict. Now that MediaTek has entered the field of TV chips, Morningstar has suffered significantly greater competitive pressure.

The jump from TV chips to mobile phone chips is not as difficult as moving from monitors to TVs, as evidenced by the repeated tapeouts from last year to this year.

Under such circumstances, a mobile phone brand that has huge local advantages and has already made a mark overseas is extremely valuable.

Wei Boyun can responsibly say that as long as Chenxing can cooperate with Yike, it will be a new world.

on the contrary……

Ding dong.

The elevator opens.

"Mr. Fang!" Wei Boyun stuck to the hotel elevator and finally waited for Mr. Fang, whom he hadn't seen for a long time.

"Oh, Mr. Wei, I heard that you have been promoted, how are you doing recently?" Fang Zhuo saw the familiar Wei Boyun and smiled at him.

Wei Boyun felt relieved when he saw the kind smile. He followed beside him and said, "It's not bad, but the pressure is even greater."

"Well, get in the car." Fang Zhuo glanced at the scattered reporters and got into the car first.

Wei Boyun made a half circle and got into the passenger seat.

However, as soon as he sat down, he noticed with his peripheral vision that there was no smile on Mr. Fang's face. He felt a thump in his heart, but he still had to bring up the most important topic: "Mr. Fang... this time I heard about chips..."

"There's nothing to say. Mr. Liang and I have already talked about it. Don't make it difficult for me." Fang Zhuo said calmly.

Wei Boyun felt that he was really in trouble.

He thought about the greeting Mr. Fang had just greeted him, and tentatively talked about his work after promotion, and talked about Morningstar's development of the Japanese and Korean markets.

This was really not interrupted by Mr. Fang.

Wei Boyun's thoughts gradually became smoother: "Mr. Fang, you are a shareholder of the company. This listing is a great event for Morningstar. The future development of Morningstar depends on you."

"I know what you are here for, Mr. Wei. Our cooperation lies with you and not with me." Fang Zhuo looked at the street scene in Xiangjiang, "Do you think a company's important products can be determined based on just a few relationships? ?”

"Mr. Fang is right, only good products can achieve mutual success with good products." Wei Boyun said calmly, "We at Morningstar are confident to come up with good products, but it will take some time. If there is anything wrong, please criticize it. The more progress we can make.”

Fang Zhuo frowned and without any politeness, directly criticized Chenxing for its "nothing done" for more than half a year.

It may be a bit too much to say that it has done nothing, but 59 points and 0 points are both failing.

The car arrives at the Hong Kong Stock Exchange.

"It's not that I want to get stuck with Morningstar, it's the product department who put forward the opinion." Fang Zhuo said before getting off the car, "As a potential collaborator, Yike has provided a lot of conveniences and given you opportunities. If you can't grasp it, what can I do? ?”

Wei Boyun felt sweat on his forehead, and when Mr. Fang got off the car, he hurried down and walked with him into the Hong Kong Stock Exchange.

Morningstar went public today, with an issue price of HK$37 and an estimated market value of US$2.1 billion.

At this time, the head of the company, Liang Gongwei, was being interviewed by the media in full glory.

Fang Zhuo had no intention of getting close, and the secretaries and assistants also looked away from the reporters who saw Mr. Fang coming over.

"Mr. Fang, you are right to criticize. Morningstar has been wasting time and opportunities in the past few months." Wei Boyun is still trying to get Mr. Fang to change his mind, "But we are indeed working hard. An objective reason is that the previously acquired The French team was not integrated well enough, and this problem has now been effectively improved."

He mentioned Morningstar’s acquisition to enter the field of mobile phone chips, and let that company take the blame first.

Fang Zhuo glanced at Wei Boyun and said in a gentle tone: "As a collaborator, what I said just now was more straightforward, which may be a bit hurtful."

"Ah, no, no, Mr. Fang, this is because we didn't do our job well. Your words don't hurt anyone. I'm sad, but what's sad is that we failed to seize the opportunity given by Yi Ke." Wei Boyun felt that if he was criticized, In exchange for understanding, that is simply the most cost-effective thing in the world.

Fang Zhuo nodded slightly: "Just now as a collaborator, now as a shareholder, I have to say a few more words. Listing is far from the end. There is MediaTek in Baodao and Spreadtrum in the mainland. The road to price war is not easy. If Morningstar loses If it loses its spirit, the issue price will probably be the highest point."

Not everyone can win a price war, but the threshold for participating is definitely not high.

MediaTek is already concentrating on Xiao M on the same island and developing TV chips. Spreadtrum, a subsidiary of Ziguang Group in Shanghai, is also trying out mid-to-low-end mobile phone chips.

Wei Boyun nodded carefully and was criticized by Mr. Fang for half an hour in a blink of an eye.

"I don't know how Morningstar makes decisions internally." Fang Zhuo said with a dry mouth, "But since it's Mr. Wei and you are so sincere, let's see how your chips are doing in December this year. If it doesn't work, it won't work." .”

Compared with the statement given to Liang Gongwei yesterday, this is another two months of grace.

Wei Boyun was overjoyed and did not lose his composure. He just said steadily: "Don't worry, Mr. Fang, Chenxing will definitely come up with the best design."

Fang Zhuo looked at Wei Boyun and said meaningfully: "This time it's about our friendship, not Morning Star, not Liang Gongwei, but it's only this time."

He walked to the reporter who had been waiting for a long time on the other side.

Wei Boyun didn't have time to taste Mr. Fang's words, so he breathed a sigh of relief, and then felt sweat all over his back.

"Mr. Wei, drink water." Secretary Liu Zonghong did not follow the boss to maintain the order of the interview, but thoughtfully handed Mr. Wei a bottle of mineral water.

Wei Boyun thanked him and drank half the bottle.

"Secretary Liu, how is the cooperation between MediaTek and our company going?" Wei Boyun saw Mr. Liang's gaze, but he didn't rush over. Instead, he took the opportunity to inquire with Mr. Fang's secretary.

Liu Zonghong shook his head: "I don't know about this matter."

He looked at Mr. Wei's expression and revealed the news: "Mr. Wei, don't worry too much. Mr. Fang mentioned Morningstar yesterday and praised your achievements in the market. He said that Morningstar would never be what it is today without you. Listed."

Wei Boyun smiled bitterly. He was quite satisfied at first, but after waiting like this all night and being trained for nearly an hour, his head was numb.

However, Mr. Fang has good people around him, and Secretary Liu is very kind to him several times when he meets him.

Wei Boyun sighed: "Secretary Liu, thank you for your comfort. If you have time in the past two days, I will treat you to dinner."

Liu Zonghong smiled slightly, but neither agreed nor refused.

Wei Boyun said goodbye, he still needed to inform his boss of the news.

Liu Zonghong looked at the man's back and considered whether to call Zhang Xuebin of Luzhou Meiling at noon or in the afternoon. No matter what kind of performance Morningstar's IC design performed, Meiling might have further contact with MediaTek.

Also, he knows that Yike will not choose Morningstar or MediaTek this time, and will still maintain cooperation with Qualcomm.

You can't blame the boss for this. Just like Mr. Fang said, he failed to seize the opportunity. Now that he has passed that point, it won't work anymore.

Liu Zonghong looked at the exchange between Wei Boyun and Liang Gongwei, thinking about Morning Star, wondering whether the stock price would reach its peak today.

Fang Zhuo, who was being interviewed on the other side, did not expect to come to support today as a Morningstar shareholder, but most of the questions these reporters asked were about Yike.

"Mr. Fang, have you considered Yike to be listed on the Hong Kong Stock Exchange?"

Fang Zhuo replied: "Yike's performance in the US stock market is good and there is no shortage of money. I don't have this idea for the time being."

"Mr. Fang, why hasn't Mars been selling goods in Xiangjiang for so long? Do you look down on the market in Xiangjiang?" A reporter asked a series of questions, "Have you heard the voices of consumers in Xiangjiang? Are you deliberately ignoring them? ?”

Yike mobile phones are not sold in Hong Kong. Last year, only a small number of the first-generation Mars products were launched, and this generation of Mars2 is completely missing.

This caused many Xiangjiang consumers to go to Fangzhuo's Weibo to report their problems, and Yike Company also received many direct inquiries.

Fang Zhuo replied calmly: "The operators in Xiangjiang have some objections to Yike's sales model. We are working hard to solve this problem. I believe it will be normal soon."

The five 3G operators in Xiangjiang showed little enthusiasm when the first generation of Mars was released. By this year's second generation, they were unwilling to purchase and distribute it, and instead proposed conventional sales.

Seeing that the attitude here was rather arrogant, Yike kept talking calmly.

Currently, a breakthrough lies in China Mobile's Hong Kong subsidiary, China Telephone Company, which currently only has a 2G license.

If we really can't reach an agreement...then we can't reach an agreement.

Yike's main focus is on three major markets, the Mainland, Europe and the United States.

The reporter was not satisfied with Mr. Fang’s answer: “Mr. Fang, do you think there are not enough consumers in Xiangjiang, so you despise them?”

Of course Fang Zhuo couldn't admit this and denied: "No, not only do I not despise, but I also attach great importance to the consumers here. I just said that the operator has differences with us. For the sake of the Xiangjiang market, I even considered acquiring or establishing A telecommunications operating company.”

The reporter was surprised: "Acquisition or establishment?"

Fang Zhuo smiled and said, "How about it? Am I good to consumers?"

It sounded true just now, but now it sounds like a joke.

The reporters were confused about the situation for a while and tried to verify the authenticity.

Fang Zhuo smiled and said nothing, unwilling to answer the question: "It's almost time. I don't have any questions so I went to watch the bell ringing. This is my first time coming to the Hong Kong Stock Exchange to watch the bell ringing."

"Mr. Fang, will you be able to watch it for the second time soon? Won't you come when Yongke Real Estate goes public?" The reporter mentioned another company with a deeper connection.

"Absolutely, if I'm not busy then." Fang Zhuo replied vaguely.

It may be busier in the future, but Yongke Real Estate has cultivated a lot of autonomy, which makes people feel at ease that it doesn't matter if he comes or not.

The time is about to reach 9:30. The Hong Kong Stock Exchange says it is ringing a bell, but it is actually ringing a gong.

Fang Zhuo did not answer any more questions, and after struggling for two minutes, he walked towards Liang Gongwei, who had been waiting for a long time.

"Mr. Fang, come on, come on." Liang Gongwei asked Mr. Fang, the shareholder who held 14.5% of the shares after the IPO, to knock the gong.

"How can Morningstar go public if you, the founder, don't do it?" Fang Zhuo refused.

Liang Gongwei insisted that Mr. Fang also come to power.

"I'm not going to knock, or let Mr. Wei go up and knock." Fang Zhuo suddenly glanced at Wei Boyun next to him.

Wei Boyun was startled by this proposal and quickly refused.

Several founding elders nearby looked at Senior Vice President Wei Boyun in unison.

"Mr. Liang, Mr. Fang, you are together, you are together." Others from Chenxing urged, and even handed over the second gong.

Seeing that the time was really coming, Fang Zhuo had no choice but to agree.

Liang Gongwei and Fang Zhuo took the stage together, with the real-time time displayed on the screen behind them.

At nine-thirty, the two of them struck the gong at the same time with their gong mallets.

A crisp sound announced the successful listing of Morningstar Semiconductor.

On September 9, Morningstar Semiconductor (the new stock name is "Cayman Morningstar", stock code "03928.HK") was officially listed on the main board of the Hong Kong Stock Exchange and successfully landed in the capital market.

Mr. Liang Gongwei, Chairman of the Board of Directors of Morningstar Semiconductor, Mr. Fang Zhuo, shareholder, and the company’s senior management attended the bell-ringing ceremony.

Representatives from Goldman Sachs, the exclusive sponsor and exclusive global coordinator, representatives from Heung Kong Securities Co., Ltd., the joint lead manager, and guests from various listing guidance agencies witnessed the glorious moment of Morningstar Semiconductor's listing.

Media reporters took a picture of Morningstar CEO Liang Gongwei and Mainland's richest man Fang Zhuo smiling at each other, and published it as a report photo with the title "Mainland's richest man lands on the Hong Kong Stock Exchange."

In the afternoon, with the good news that MediaTek and Luzhou Meiling have confirmed their cooperation and the prospect of Changhong's business, Morningstar's stock price fell below the issue price of 37, closing at 35.5 Hong Kong dollars.

Wei Boyun:......

Liang Gongwei:......

More reports followed.

——The stock price broke immediately after listing, and the richest man in the Mainland lost the Hong Kong Stock Exchange.

——Morning Star is approaching dusk, and the TV chip field may face the biggest challenge.

——MediaTek gave a big gift to Morningstar and Fangzhuo, but there was a fire in the backyard of its main business.