Technology: Start by selling mobile phones

What is the wafer factory Zheng Qian mentioned?

Simply put, a fab is a manufacturer that purifies silica-rich sand into single-crystal silicon ingots and then cuts them into wafers.

This wafer is the raw material for manufacturing chips.

but.

Large "chip foundries" such as TSMC, Intel and SMIC require a large amount of wafers to produce chips.

Therefore, almost all major manufacturers will invest in building their own wafer fabs, firstly to ensure sufficient raw materials for their chip foundry business;

Second, building your own factory can also reduce raw material costs.

Over time,

"Chip foundries" such as TSMC and SMIC have their own "wafer fabs" and are also called wafer foundries.

However, not every company that produces chips has the strength of TSMC and SMIC.

As Zheng Qian said, building a "wafer fab" requires at least 2 billion, but this is already the minimum investment, and often requires tens of billions or even tens of billions of funds.

Under such circumstances, small chip manufacturers that cannot afford to build factories can only purchase wafers from "wafer fabs", then lithograph, package and finally sell them themselves.

Domestic companies such as Unisoc Micro and some military chip companies operate in this way. "Yellow River Storage" also purchases 12-inch wafers from Taiwan's largest wafer manufacturer "Global Wafer" for chip production.

Knowing this clearly, Mo Ran knew that it was definitely unrealistic for "Yellow River Storage" to build its own wafer fab in a short time, but...

What Zheng Qian said about buying more lithography machines can be considered.

With his understanding of the chip industry, Mo Ran's understanding of lithography machines has also deepened.

In fact, producing a chip is not as easy as imagining that using a photolithography machine to lithograph a wafer can be successful.

For example, if you want to produce a 48-nanometer "Pony Crossing the River" NPU chip, you need to repeatedly illuminate it about 8-10 times.

Except for the bottom transistor layer, which requires a 32nm DUV lithography machine, some of the illumination above does not require the most advanced lithography machine.

In other words, in addition to advanced lithography machines, you can also buy some low-process lithography machines to form a high-low mix, so that the entire "lithography machine group" can maximize production efficiency.

As for funding?

In July, Nietzsche's total debt was 1.1 billion, of which 700 million was borrowed with a one-year term from "Blackstone Capital", and there was a 400 million deposit from OPOP and Xiaomi, which was regarded as an interest-free loan.

The liquidity on the account is 165 million.

Including OPOP and Xiaomi's "face recognition" settlement fees, the August net profit reached a total profit of 551 million, and the available funds on Nietzsche's account reached 716 million.

Of course, the debt is still 1.1 billion.

In September last month, although the sales volume of the air-conditioning business declined due to seasonal effects, the continued sales of the new "Luban No. 8" still ensured overall profits. In September, the net profit from product sales reached 110 million.

at present,

Available funds on Nietzsche’s books reached 826 million, with liabilities of 1.1 billion.

Although there are liabilities, the cash of 826 million is enough for Mo Ran to buy a lithography machine.

But photolithography machines are not so easy to buy. You can’t even find a seller without some connections.

After thinking for a while, Mo Ran finally decided to call Mr. Bao Youcai of "Runfa Electronics Factory" first.

Bao Youcai was in a good mood when he received the call.

Since Moran took over the lithography machine and technical team at a total price of 630 million yuan, the pressure on Runfa Electronics Factory has dropped sharply, and the factory has gradually returned to normal.

Bao Youcai was very grateful to Mo Ran.

So after hearing that Mo Ran hoped to purchase a few more photolithography machines through him, although he was surprised, he still agreed.

After hanging up the phone with Bao Youcai, Mo Ran immediately called Chen Yousheng, the head of Yanguo District of "Blackstone Capital".

As a global investment company, "Blackstone Capital" must also have relevant channels, and it may even have some mortgaged "lithography machines" in its hands.

Chen Yousheng was a little surprised when he received a call from Mo Ran.

"Mr. Mo, if I remember correctly, you previously borrowed 700 million from us, probably to purchase a photolithography machine, right?"

"Why are you increasing investment in just a few months? Are you so optimistic about the chip industry?"

Of course, Mo Ran would not inform him of his plan. He made a haha ​​casually and then brought the topic to something that Chen Yousheng was more concerned about.

"Don't worry, Mr. Chen, as long as you can help provide the seller information, we can also borrow some more money from you to purchase the photolithography machine after signing the contract."

"Anyway, I won't let your help go in vain."

The main businesses of "Blackstone Capital" in the world are project investment and equity investment, and the second one is loan mortgage.

After hearing what Mo Ran said, Chen Yousheng would naturally not refuse business.

"Okay Mr. Mo, I will report this matter to our Asia headquarters immediately."

"See if there is any relevant lithography machine intelligence information at the headquarters. If so, I will contact you."

"OK, thanks."

After hanging up the phone, Mo Ran breathed a sigh of relief. These two lines were the ones he felt were more reliable.

All we can do now is wait and see if any good news comes back.

In the next two days, while Mo Ran was paying attention to the yield rate of 32-layer "3D-NAND", he also started planning for a new flagship mobile phone.

On the third day, news suddenly came from Chen Yousheng of "Blackstone Capital".

"Mr. Mo, according to your request, we did find a company here that wants to sell photolithography machines."

"oh?"

Mo Ran was really surprised. In just three days, news came from Blackstone Capital. This was so efficient.

Chen Yousheng continued on the phone:

"Moreover, this company wants to sell more than just a photolithography machine."

"They are preparing to reduce their chip foundry business, so they have a complete set of 'lithography unit' equipment they want to sell, including a 22-nanometer high-end DUV lithography machine."

22nm!

Mo Ran was even more surprised.

If I remember correctly, in 2017, SMIC, the strongest domestic chip foundry in China, before placing an order to purchase an AMSL7 nanometer EUV lithography machine, the most advanced lithography machine it owned was only a 28-nanometer DUV Lithography!

certainly!

This does not mean that SMIC does not have money to buy 22nm or even 18nm DUV lithography machines.

But in the field of chip manufacturing, it does not mean that you can produce 28-nanometer chips with a 28-nanometer photolithography machine. You also need to master the corresponding production process.

At this time in 2017, SMIC's main production capacity was still producing the 40-nanometer process that was mass-produced in 2013. Even the 32-nanometer production process has not yet been fully conquered.

Under such circumstances, what is the point of SMIC buying a higher lithography machine?

Bought to eat dust?

Mo Ran naturally has no worries about SMIC.

Although "Yellow River Memory" has just mastered the 48nm process technology, even if it buys a 22nm lithography machine, it cannot achieve its maximum performance.

but.

If you don’t buy it now, you may not be able to buy such a high-end lithography machine in a few months.

After just a few seconds, he smiled and said:

"Mr. Chen, your efficiency really opened my eyes."

"But I would like to learn more about the specific situation. What do you think?"

"That's natural, it's not a trivial matter."

Chen Yousheng was not surprised and continued:

"I am currently receiving the detailed information of the other party's 'lithography machine'. If you are free, you can come and learn more about it now."

Mo Ran thought for a moment and then agreed.

"Okay, I'll come over and take a look."

The two parties hung up the phone, Mo Ran thought for a while, then drove to "Yellow River Storage" to pick up Li Zhi, and then the two went to the office of "Blackstone Capital" together.

Li Zhi has been focusing almost entirely on the "lithography machine" business for the past six months, and his understanding of the lithography machine has improved by leaps and bounds. With him here, he can obviously have a clearer understanding of the situation and performance of the seller's lithography machine.

soon.

The two came to the Chengdu office of "Blackstone Pacific" in the CBD and met Chen Yousheng.

However, what surprised Mo Ran was that half a step in front of Chen Yousheng, there was a foreigner whom he had not seen last time.

"Mr. Mo, let me introduce you first. This is Mr. Adolfo Bello, the president of our Blackstone Capital Asia region."

"Mr. President, this is our client, Mr. Mo Ran, the boss of Nietzsche Company."

Foreigner?

Mo Ran was slightly startled, but quickly came to his senses.

"Blackstone Capital" is originally a foreign capital, and it is normal for the president of Asia to be a foreigner.

only……

He silently took a look at President Adolfo Bello in front of him. Although he looked a bit older than Chen Yousheng, at least fifty or sixty years old, his eyes were full of sparkle and he looked energetic. Very shrewd.

In particular, the unique hooked nose and fair skin leave a deep impression on people, unlike traditional Europeans or Americans.

But that's not important.

After a moment, Mo Ran stretched out his right hand and greeted:

"Mr. President, nice to meet you."

"Me too! My friend, please have a seat."

After polite exchanges, the two parties sat down and the atmosphere became much more relaxed.

After the assistant brought the fragrant coffee to the coffee table, Adolf Bello looked at Moran and spoke first:

"Mr. Mo, originally this deal only required Jack Chen to talk to you. It just so happened that I just arrived here yesterday, so it just happened that I was the one to talk to you."

"We mobilized a lot of resources in accordance with your request, and finally found a seller interested in selling a 'lithography unit'. Jack Chen has already told you the specific situation."

"These are some details of the seller's 'lithography unit', you can take a look."

With that said, Adolph Bello handed a piece of information to Mo Ran.

Mo Ran took it and flipped through it briefly. As expected, it was exactly what Chen Yousheng said. There were a total of six lithography machines' information and models, one of which was a 22-nanometer DUV lithography machine.

In addition, there are also some supporting equipment for chip production, such as etching machines and some heat treatment equipment.

He didn't speak in a hurry, and handed the information to Li Zhi after reading it.

On the way here, he discussed the matter with Li Zhi and roughly estimated the price of these equipment.

The market price of the 32-nanometer lithography machine previously purchased from "Runfa Electronics Factory" is about 650 million. The 22-nanometer DUV lithography machine is definitely more expensive, but the second-hand market price is about 800 million-850 million.

Coupled with several other 48-nanometer, 56-nanometer, and 60-nanometer DUV lithography machines and configuration equipment that are not considered advanced processes, the total price of the entire "lithography machine group" should be around 1.5 billion to 1.6 billion.

As long as the equipment is within this price range and the equipment is fine, Mo Ran thinks it's okay to buy it.

A few minutes later, Li Zhi, who carefully read through the information, finally read it carefully, raised his head and nodded to Mo Ran.

Mo Ranxin understood and turned to look at Adolf Bello with a smile.

"President Bello, these photolithography machines provided by your company can indeed meet our needs."

"But what I'm more interested in is how much does the other party want?"

This time Adolph Bello did not answer Mo Ran directly.

He gently picked up the coffee cup on the table and turned it around in his hands, then looked straight into Mo Ran's eyes with shrewd eyes.

"Mr. Mo, don't worry about the price yet."

"You should know that 22-nanometer DUV lithography machines are high-end precision equipment all over the world. Although there is no clear law now, selling them to you and shipping them here is a very sensitive matter."

“Without our operation, it would be virtually impossible for you to close this deal.”

Mo Ran's expression remained as usual, but his heart secretly thumped, and he understood what it meant in an instant.

Mo Ran understood this in his heart, but shook his head in surprise and denied:

"President Bello, I don't know what you mean. I'm just an ordinary businessman who just wants to buy some equipment legally."

"hehe."

Adolf Bello smiled and took a sip of coffee, not caring about Moran's denial.

"You're right."

"You just want to buy a photolithography machine, and we happen to have seller channels."

"You don't need to worry about other things. As long as you pay, we can take care of everything else."

Mo Ran was even more surprised.

The meaning of Adolph Bello's words is already very clear. "Blackstone Capital" not only wants to be an "information provider", but also wants to insert itself into this transaction, or to dominate this transaction.

And what’s even more amazing is that,

Adolf Bello seems to be very confident, so confident that he even has the ability to deal with the interference of the United States?

He took a deep look at Adolf Bello, and his originally calm expression became a little more serious.

"President Bello, you mean... I just need to talk to you about this deal?"

"That's understandable."

Adolph Bello nodded and smiled.

"We have already communicated with the seller, and we are solely responsible for the negotiation. You don't have to worry."

"As long as we agree on the price, we can complete the deal."

"Then what's the price you want?"

Adolphe Bello snapped his fingers.

"2000000000."

2000000000? !

Mo Ran was completely shocked. He knew that Blackstone Capital wanted to act as an intermediary and earn some money from the price difference.

But it was originally expected to be only tens of millions or up to 100 million.

I didn’t expect it... If you don’t open your mouth, it’s amazing!

This price was four to five hundred million higher than what he thought it would be.

and,

Mo Ran suspected that the Blackstone Capital in front of him might not only raise the price from his side, but also lower the price from the seller.

Eat both sides!

For a moment, he couldn't help but take another look at Adolf Bello, who was still smiling calmly. Hidden under the faint smile were the fangs of capital greed.

but,

Before Moran could speak, Adolph Bello, who was smiling, said again:

"and,"

"Out of the 2 billion fee, I hope you can pay 500 million in cash first, and then the remaining 1.5 billion will be settled from us in the form of a mortgage loan for the "lithography machine."

"Of course, if you still choose a one-year loan like last time, we need to increase the interest slightly, from the previous 21% to 25%."

2 billion fee, 1.5 billion loan, and 25% annualized loan interest!

Mo Ran took a deep breath, feeling frightened.

I originally thought that the intermediary fee of 400-500 million just now was the limit of "Blackstone Capital", but I didn't expect that this was only the limit of my own knowledge, and it was far from reaching the limit of capital greed.

25% interest is so damn high on loan sharks.

The interest alone of 1.5 billion is as high as 375 million a year, and the total cost of this transaction will reach 2.4 billion.

Compared with the original purchase cost of 1.5 billion, it was a full 900 million more!

And these 900 million,

It will be the net income of "Blackstone Capital", the extra 900 million that was obtained from this transaction through a sudden change!

"It has to be Western capital that knows how to play. It's so proficient in breaking bones and sucking out marrow!"

Mo Ran sighed in his heart, and his eyes subconsciously fell on Adolf Bello again, but the next second, he suddenly had a flash of inspiration and frowned slightly.

wrong.

Adolphe Bello doesn't look like a traditional white Westerner, he looks more like...!

Fair skin, hooked nose, deep eye sockets...

It's a Jew!

In an instant, Mo Ran was startled and immediately realized that Adolph Bello was a Jew, so could the consortium behind "Blackstone Capital" be a Jewish consortium? !

hiss!

If this is the case, it all makes sense. If Blackstone Capital is backed by Jewish capital, then the conditions Adolf Bello just proposed are simply in line with the style of Jewish capital.

And Jewish capital is indeed capable of solving all sensitive troubles!

Thinking of this, Mo Ran couldn't help but sit up straight and narrowed his eyes slightly. This time, his transaction partner was Jewish capital, which controlled the vast majority of the world's wealth.

After thinking for a moment, he said slowly:

"President Bello, I'm sorry, but we cannot accept your request."

"The price is too high and I can't afford it."