My Age of Investment

  Chapter 1107 Technical Generation Difference

  Although Xia Jingxing and Zhang Rujing have met for the first time, they chatted with each other as speculatively as close friends for many years.

  Unconsciously, the sky outside the window was already bright, and the two people even chatted around the semiconductor for a whole night, and they didn’t know how many cups of coffee they drank.

  Zhang Rujing’s face no longer had the decadence and tiredness he had when he came, and the whole person became energetic, without any sleepiness at all.

  Although he still had some ideas, he noticed that Lin Xinhe and Liu Xiaoduo, who was in charge of mixing coffee, were yawning incessantly, and he knew that today's chat should end here.

   "Then President Xia, let's talk about it today. On the Wanwan engineer's side, I will do the work. It shouldn't be a big problem.

  As for international capital and official capital, I beg you. "

Xia Jingxing stood up and shook hands with Zhang Rujing, and said with a smile: "Please rest assured, all internal problems and obstacles, this time we have to smooth out all at once. Only in this way can we free our hands and feet to move forward. ."

  Zhang Rujing nodded slightly, and after a night of discussion, he had already highly agreed with Xia Jingxing’s development strategy.

  In fact, the other party’s development strategy is similar to his diamond layout, but the other party has to be more radical, with a broader and far-reaching layout.

  Of course, the reason why he failed was mainly because Huaxin International didn’t have enough chips.

  Fast Industrial Group and Envision Capital both have very strong capital strength, and the success rate is undoubtedly much higher than that of Huaxin International.

   "President Xia, I will definitely cooperate with you with all my strength."

  Walking to the door, Zhang Rujing and Xia Jingxing looked at each other, with a smile on their faces.

  He has been thoroughly persuaded by Xia Jingxing and intends to hand over the banner of revitalizing China's semiconductors to this young man.

  He knew that his mission was almost over, and he solved the problem of “nothing” from scratch for China Semiconductor.

  And from being good to good, from good to good, you need younger and more capable people to achieve it.

  He is now letting Huaxin International go and let Xia Jingxing run it, which will also allow this company to go further in the chip journey.

  The two looked at each other for a while, and they both smiled and nodded towards each other, everything was silent.

  Welling down Xia Jingxing’s farewell, Zhang Rujing gently hummed a mainland children’s song that his father taught him when he was a child and left.

  He felt as if he had been relieved of heavy burdens, walking briskly, and his expression calmly, as if he was ten years younger.

  Standing in the corridor outside the door, watching Zhang Rujing's figure go further and further away, the singing gradually disappeared and was inaudible, Xia Jingxing smiled and said with emotion: "It's really a strange person!"

Lin Xinhe on the side folded his arms and smiled: "What am I talking about? He doesn't care about the control of Huaxin International, nor does he care about the gains or losses of personal wealth. What he really cares about is the gathering of his personal efforts and the death of his father. And whether the company with personal family and country feelings can achieve better development."

  Xia Jingxing nodded his head seriously, "Yes, he entrusted us with his dreams, it is the performance of trusting us, and we must not let him down."

  Lin Xinhe nodded slightly, "It's up to you. You are now the captain."

  ……

  ……

   After a few hours of sleep, Xia Jingxing got up from the bed at noon. After washing and eating lunch, he walked out of the hotel room and took the elevator to the 49th floor of the Vision Capital Magic Capital Office.

  When Xia Jingxing came to the meeting room, Deng Yuanyun, Li Guangnan, Liang Mengsong and other company employees and consultants, and Lin Xinhe, Deng Feng, Xu Xin and other shareholders all arrived.

Xia Jingxing was too lazy to lay the groundwork, and directly threw out the core topic: "Yesterday I chatted with Mr. Zhang Rujing, the founder of Huaxin International, and I decided to let Fuxing Semiconductor acquire Huaxin International, with Fuxing Industry Industry Fund acting as a financial advisor and Provide financing support."

  As soon as these words came out, the scene was quiet for half a minute. Except for Lin Xinhe, everyone else was shocked by the news when you look at me and I see you.

  Renaissance Semiconductor only went into production yesterday, and today it will acquire China’s largest chip manufacturer. What speed is this? It’s not so fast in the Rockets, right?

Zhu Min pierced the needle and led NEA to invest in Huaxin International. He had some understanding of this company and said: "Jingxing, you have to think about it clearly. Huaxin International’s stock price is sluggish now. The acquisition does not cost a few dollars, even Not as good as building a new factory.

  But why is his company's market value so low? This is because the market looks down on it.

  Outside the lawsuit of Gulf Power, like a Damocles sword hanging above the head, I don’t know when it will fall;

  Internal losses are plentiful, and the industry predicts that Huaxin International’s losses this year may reach a new high.

  The two unfavorable factors are superimposed, and Huaxin International is likely to become a pile of negative assets within a year or two.

  For example, the factory and technicians are still there, but they need to compensate Gulf Power for one billion U.S. dollars, and lose several hundred million U.S. dollars each year. In fact, its book value has been cleared. "

  Other people felt that what Zhu Min said was reasonable, so they nodded, and then all turned their eyes to Xia Jingxing.

  Xia Jingxing faintly explained: “The lawsuit of Gulf Power will not be discussed here, only the business level of Huaxin International.

  Since last year, the price of storage chips has plummeted, which is the main factor causing Huaxin's loss.

  In addition, Jiangcheng, Rongcheng and other factories have just started production, and orders are unstable. At the same time, they are also facing the pain of transforming from storage chips to logic chips...

  This happened to catch up with the industry trough, as long as it survives the past two years, the situation will get better.

  Even if I don’t acquire Huaxin, I plan to let Fuxing Semiconductor build its factories and production lines even at a loss in the past two years.

  Now the revival of mobile phones has begun to lead the trend of replacement of smartphones. Next year, the domestic 3G network will be rolled out on a large scale. After the market demand for chips rebounds, market production capacity may be insufficient due to this round of cyclical adjustments.

  We entered the game relatively late. If we don’t seize this round of investment opportunities and catch up, it will only be more difficult in the future.

  In addition, more importantly, Huaxin has a generation or even two generations of technology ahead of us!

  For example, in December last year, they had already obtained the IBM 45-nanometer image sensor chip technology authorization, but they have not yet fully grasped the technology for the time being, and their own business difficulties have also slowed down the development progress.

AMD and Fujitsu’s joint venture, Flying Suo Semiconductor, signed a cooperation agreement with Huaxin in October last year for the development of 65-nanometer flash memory chips, and conducted trial production at the end of last year. It was originally planned for mass production in the second quarter of this year. .

  However, Flyso Semiconductor itself had problems in its operations, and it might go bankrupt, so it also slowed down the mass production plan of Huaxin's 65-nanometer products.

  Even with so many unfavorable factors, Huaxin International has a better development foundation than us.

  If we enter Huaxin International, we will provide strong support to it and advance their advanced manufacturing process to 65 nanometers or even 45 nanometers, which can save us at least three years of development time.

  The 65-nanometer products of Gulf Power were mass-produced in the fourth quarter of 2006, and the 45-nanometer products were mass-produced at the end of last year.

  If the cooperation orders, technical personnel and technical reserves of Huaxin International are absorbed, the gap between Fuxing Semiconductor and Gulf Power can be shortened from five or six years to one to two years, and the technology generation gap can also be shortened from the last three generations to one generation. "

  While explaining his reasons for the acquisition, Xia Jingxing also thought and analyzed in his mind.

  Three years ago, the technological gap between Huaxin and Wandian was the closest. At that time, the technological gap between the two companies was only about one year and one generation of products.

  However, in recent years, Gulf Power has begun to exert its strength again, and in addition to various problems within Huaxin, the technological gap has begun to widen.

  But things have not reached the point of irreversibility.

  If it is to go back to the old road of the past life, Huaxin International will give up the pursuit of advanced manufacturing process because of shareholders' infighting, and the great opportunity for overtaking in the corner will be regrettably missed.

  Wan Power has not yet become invincible and invincible more than ten years later. It took more than ten years of chip dividends for this company in the previous life to become the global foundry hegemon.

  If you don’t catch up right now, you will have to pay ten or a hundred times the price of catching up in the future.

  Because of the breakthrough of high-end processes within 10 nanometers, R&D investment and production line construction costs are already an astronomical figure, at least calculated in units of tens of billions of dollars.

  Ordinary companies can’t afford to supply them at all. Only three companies such as Gulf Power, Samsung and Intel can afford to play this money-burning game.

  Liang Mengsong raised his arms high and said, “I support Mr. Xia’s decision! If we cannot master the advanced technology, we will never be able to enter the chip high-end market, and what we eat will always be some leftovers, and the Fuxing Industry brand will also be covered in dust.

  As long as the technology gap with Gulf Power can be shortened to one generation in the next two to three years, I can make a military order to equalize Gulf Power in five to six years and surpass Gulf Power in ten years. "

  (End of this chapter)