My 1999

"2 billion Chinese Yuan, 1 billion is fine if that doesn't work."

Huang Dongsheng lacked confidence.

The current situation of BOE didn't give him confidence.

Xu Liang shook his head slowly.

Huang Dongsheng's heart 'clicked', and his face instantly turned pale.

Xu Liang smiled and said, "Mr. Huang, don't get me wrong. Since I'm meeting Mr. Huang here today, it means that I'm determined to invest in BOE. The reason I shook my head is that the amount of your targeted financing is too small."

Huang Dongsheng's worry turned into joy in an instant, "Excuse me, how much does Mr. Xu plan to invest in us?"

"10 billion."

Xu Liang's tone was calm.

It was light and felt like a hundred yuan.

"How much?" Huang Dongsheng was stunned for a moment, and quickly confirmed whether he had heard it wrong.

"10 billion!"

Xu Liang pointed a finger and smiled.

Huang Dongsheng didn't speak. At this moment, he felt as if he was in a dream, and always felt a little unreal. Their company, which was often questioned by retail investors for eighteen generations of ancestors, how could they have received 10 billion investment?

Now the total market value of BOE's A shares and B shares is less than 3 billion Chinese yuan.

There is a problem! There must be a big problem here!

"Mr. Xu, are you going to acquire BOE?"

Huang Dongsheng looked at Xu Liang with complicated eyes, and his heart was mixed with mixed feelings.

Xu Liang smiled faintly: "Panels are a money-burning business. Samsung burned 12 years before it became profitable. Taiwanese manufacturers are better, but it took nearly 10 years to become profitable.

In addition, I heard that Mr. Huang proposed a very famous Huang's Law in the industry: Under the condition of unchanged prices, the performance of display panels must be doubled every 36 months."

Huang Dongsheng waved his hand and said modestly: "What Huang's Law, just one person's opinion.

What I mean by this is that production capacity must be continuously expanded. If you want to make money tomorrow, you must lose money today."

Xu Liang smiled faintly. He nodded slightly: "Samsung and LG do this in the semiconductor field, including the panel industry.

The lower the industry cycle, the faster the expansion! Counter-cyclical investment!

Because every industry downturn is a reshuffle, and it is also a good opportunity to overtake on the curve, and the cost of expansion is still very low."

"Not bad!"

Huang Dongsheng said with a firm look in his eyes: "BOE took a detour before and learned a lot of bitter lessons.

Our 5th generation line came in at the peak of the cycle, and when it was put into production, it happened to catch up with the valley, so it suffered a blood loss for two years.

I advised the four companies before Friends from the color TV company: Now is the valley, hurry up to enter the market, after production, it is just the peak, and you can quickly get your money back!

Alas, what a pity..."

Xu Liang said: "The foundation of BOE's LCD panel comes from modern times?"

Huang Dongsheng: "Yes. In the late 1990s, we had become a leading company in the CRT (cathode ray tube) field, but once on a business trip to Japan, people from Sharp gave me an electronic clock with a color LCD screen as a souvenir.

The product was small in size, light in weight, and had clear imaging. At that time, I had a hunch that LCD liquid crystal screens would likely replace CRT and become the next direction of the display industry.

This matter was too important and related to the fate of the entire factory. I didn't dare to make a decision easily.

After returning to the factory, I gathered all the young people with high education and set up a special industry research group to figure out the development direction of the entire display industry. After countless investigations and demonstrations, we finally decided to bet on LCD. ”

Xu Liang nodded gently. It sounded like this decision was light and nothing great, but it was actually a turning point in the fate of BOE and even the entire Chinese panel industry.

At that time, CRT technology still dominated the market, and major domestic manufacturers were still desperately launching new equipment and production lines. Even the global TV giant Thomson Group was still increasing its investment in CRT.

There was no absolute wind direction, declaring that LCD would dominate the display industry.

BOE's decision was a big risk.

You should know that BOE's CRT was the first in China at that time, which was equivalent to the industry boss saying that what he did had no future, which had a huge impact on the company.

Huang Dongsheng bet on LCD against all odds and won the future of an industry.

Huang Dongsheng's eyes were filled with memories.

"At that time, Japanese and Korean companies were relatively mature in TNF-LCD technology and had entered the stage of large-scale mass production. We were several years behind and would face a huge technological blockade if we entered this field.

The display industry itself requires heavy investment. It is not cost-effective to do research and development from scratch.

In fact, when the dramatic changes came, many companies did not fail to see the direction of the wind, but they no longer had the courage and ability to follow the wind.

BOE was lucky. It happened to catch up with the Asian financial crisis or the Korean financial crisis. We scraped together 380 million US dollars, which was about 3.2 billion RMB at the time, and acquired Hyundai Group's LCD business as a whole.

At that time, our annual revenue was only 800 million and our net profit was only 70 million, which was equivalent to a desperate battle.

Fortunately, the bet was right, otherwise BOE might not exist now."

Speaking of this, Huang Dongsheng smiled, unable to hide his pride and pride, because this matter could be regarded as the most correct thing he had done in his life, second only to agreeing to take over BOE.

Xu Liang praised: "Mr. Huang is very decisive.

In this kind of backward industry, if you want to break through the technological blockade, you have to take risks.

If you want to achieve something, wisdom, courage, and ability are all indispensable. "

"Mr. Xu deserves the award. I'm just not willing to wait for death."

Xu Liang smiled and said: "It can also be seen from this incident that the panel industry is an industry that requires long-term investment. How can we fight on the battlefield if we only have courage and no ammunition?

Betting on new technologies, acquiring or building new production lines, impacting production capacity, enduring industry cycles... Which of these does not require money? "

Huang Dongsheng lowered his head and thought deeply. What Xu Liang said was true. BOE needed money very, very much!

According to common sense, he has no reason to refuse tens of billions of investments.

"Mr. Xu, if you become BOE's major shareholder, how will you operate?"

Huang Dongsheng said directly.

He wouldn't mind giving up the company if it could make BOE better.

"The important thing is not what I want to do, but what does Mr. Huang do?"

Looking at his shocked eyes, Xu Liang continued with a smile.

"The biggest reason why I invested in BOE is Mr. Huang."

"I?"

“We Chinese people all say that a snake cannot survive without a head. If a company wants to succeed, it must have an excellent professional manager.

Mr. Huang is one of the most outstanding professional managers I have ever seen, both in terms of decision-making and sense of responsibility.

It is precisely because of you at BOE that I am willing to spend huge sums of money.

Without you, I would not give BOE a second glance. "

Huang Dongsheng was encouraged by his affirmative tone and appreciative eyes.

A huge wave of warmth enveloped his internal organs, making him feel warm and wet in the corners of his eyes.

Since BOE started to suffer losses, he has suffered too much criticism.

No matter where you go, you hear sarcasm and sarcasm.

The praise from Xu Liang, who is ranked second in Forbes, the richest man in China, a world-class business leader and a financial investor, is like a sweet spring nourishing his depleted heart.

The thought of 'a scholar will die for his confidant' lingered in his mind.

After taking a deep breath to calm down the excitement.

"It's my honor that Mr. Xu is willing to trust me. But BOE..."

Xu Liang waved his hand to interrupt.

"BOE's development is your business, I'm only responsible for getting money."

BOE has developed very well under the leadership of Huang Dongsheng, and he does not want to add any unnecessary fuss.

"Mr. Huang should know about the 'Crystal Conference'?"

Xu Liang changed the topic.

Huang Dongsheng nodded affirmatively.

Any panel company knows this.

In the six years from 2001 to 2006, six companies including Samsung, LG, Chimei, AUO, Chunghwa Picture Tubes, and Hannstar Color Crystal held a total of 53 "crystal conferences" in South Korea and the Gulf region.

The meeting is basically held once a month, and the main content is to exchange information and negotiate prices.

The most critical one is that when selling LCD panels in mainland China, several companies adjust prices together to jointly control the market.

These operations directly caused the price of domestic color TVs to remain high. LCD panels once accounted for two-thirds, or even 89%, of the total cost of TVs.

In developed countries, this cost ratio is only 50%.

"The Crystal Conference is a noose wrapped around all of China's consumer electronics industry."

Huang Dongsheng's tone was heavy.

"I hope Mr. Huang can lead BOE to break this noose as soon as possible."

"I will do my best! Moreover, it is also my dream to break the 'Crystal Agreement' and become the world's number one panel manufacturer."

“This is also what I appreciate about Mr. Huang.

However, if BOE wants to rise, although tens of billions of investments are large, it is far from enough. "

Now 10 billion Huaxia coins cannot build a 6th generation production line.

"We have to eat step by step. With your 10 billion, we can raise double the amount of money from the capital market. This will directly double BOE's production capacity."

"So, Mr. Huang accepted my financing?"

"This matter is too important. I need to communicate with the directors and shareholders. I will give Mr. Xu an answer as soon as possible."

Although excited, Huang Dongsheng was not dizzy yet.

"As it should be!"

I originally wanted to have a few off-topic conversations and have a casual meal together at noon to share feelings.

But Huang Dongsheng was impatient and quickly said goodbye and left.