My Age of Investment

   Chapter 1311 Early Rafters

   After staying in the capital for a few days, Xia Jingxing went to the magic capital.

   He didn't rush to see Wang Wei, and entrusted Zhang Yong with the task of hitting the front.

  Deng Yuanjun went to Spreadtrum with him after receiving Xia Jingxing at the airport.

   The global R&D center of this baseband chip manufacturer is also located in Zhangjiang Science and Technology Park, which is very close to Huaxin International and Fuxing Semiconductor.

   Sitting in the car, Deng Yuanjun reported to Xia Jingxing the whole process of acquiring Spreadtrum Communications.

   "After Spreadtrum went public in 2007 with the aura of "China's No. 1 3G Share", its business has continued to decline.

   In the third quarter of last year, Spreadtrum recorded revenue of US$19.977 million, down 48% year-on-year, with a net loss of US$31.258 million.

   Then the financial crisis broke out, and Spreadtrum’s share price once fell to around $0.8, resulting in a market value that was less than the company’s book net cash.

   At the beginning of this year, with the help of the two founders Wu Ping and Chen Datong, Fuxing Semiconductor acquired Spreadtrum Communications at a premium of US$212 million. "

  Xia Jingxing chuckled: "Spreadtrum has been tricked by China Mobile, the first 3G company, hehe, the 3G commercial license was only issued this year, and the daylilies are getting cold after waiting."

  Deng Yuanjun said with a smile: "In fact, Spreadtrum launched the first TD-SCDMA/GSM dual-mode chip as early as 2004, and then the company put all its treasures on this domestic standard technology.

   This decision was made by Wu Ping during his tenure as CEO. It cannot be said that he was wrong, but that he did not expect the above decision to be so slow, and almost consumed Spreadtrum to death. "

  Xia Jingxing smiled. He was very familiar with Chen Datong and Wu Ping, and knew some of their thoughts.

   To put it bluntly, it is a bet, betting that the TD standard will be supported by policy, and then Spreadtrum can ride on this "localization" ride and compete with MediaTek in one fell swoop.

   You can't do it without gambling, because on the 2G chip, Spreadtrum Communications, which has just been established, is not the opponent of MediaTek, which has been established for many years.

   As for Qualcomm, you can't even see the back.

   "Because of this wrong decision, Wu Ping and Chen Datong were made difficult by the capital side. They said they resigned voluntarily and left the company to start a second business. In fact, they were forced to leave by the shareholders."

   Speaking of this, Deng Yuanjun was full of emotion, "To be honest, it's a pity. If the above is stronger, maybe Spreadtrum Communications will not be what it is now."

  Xia Jingxing said indifferently: "There are also difficulties above, who made our country's technology lag behind and is in the pursuit of catching up."

  Deng Yuanjun smiled and nodded, "Yes, if the 3G license was issued a few years ago, we might not have anything to do with us."

  Xia Jingxing wanted to ask Deng Yuanjun about the TD chip of Spreadtrum Communications. After thinking about it, he decided to wait until Spreadtrum Communications to talk about it, and then changed the subject to talk about the Industrial Renaissance Fund.

   When talking about the fund, Deng Yuanjun seemed to have changed his personality, and his excitement came up all of a sudden.

   "Mr. Xia, there are rumors in the industry now that our 100 billion RMB fund will invest in hundreds of chip industry chain companies in the next two to three years.

   Those who know, and those who don’t, are recommending projects to us.

   China has never set up such a large fund, let alone a fund dedicated to semiconductor investment.

  908 and 909 projects, the investment is 2 billion yuan and 10 billion yuan respectively, which is less than one-eighth of ours.

   Everyone admires Mr. Xia for your courage, saying that Fuxing Industry has done things that the country has never done.

  Recently, the leaders of Magic Capital ran to our company every three days. They very much hope that we will invest the 100 billion yuan in Magic Capital, or introduce invested semiconductor companies into Magic Capital. "

  Xia Jingxing frowned slightly and said, "I have repeatedly ordered that no vigorous promotion is allowed, and even if I want to promote it, it cannot be said to be a semiconductor industry fund.

   Now that you are doing this, what should I do if the bald eagle is sanctioned? "

  Xia Jingxing poured a basin of cold water on Deng Yuanjun's head, and he immediately woke up.

   He smiled bitterly: "Mr. Xia, we are already very low-key, but the companies we invest in are all semiconductor companies, which cannot be concealed at all.

   The companies we invest in are all in the middle and low-end fields, and the technology and products are outdated. Shouldn’t the bald eagle be vigilant? "

  Xia Jingxing shook his head and said, "You can't speculate on the bald eagle with this kind of thinking. At the latest next year, China's total GDP will surpass that of Japan, and the bald eagle's eyes will definitely shift to China."

   Having said this, Xia Jingxing sighed and decided to explain a little more to Deng Yuanjun.

   "The time window left for us to catch up is only a few years, and the overall level of China's semiconductor technology must be improved by one or two levels during this time.

  Otherwise, once technology imports are cut off and domestic technology cannot be replaced, Fuxing mobile phones, Fuxing cars, drones and other products will all become a pile of waste. "

  Deng Yuanjun frowned, "It won't be that serious, will it?"

  Xia Jingxing stared at Deng Yuanjun and said solemnly, "Don't overestimate Lao Mei's moral level, they will do anything for their own benefit.

  Rejuvenation Industry has made this early rafter, so it must be prepared to rot first. "

   "Prepare to be rotten first?" Deng Yuanjun muttered to himself.

"right!"

  Xia Jingxing looked at Deng Yuanjun with burning eyes, "Since we decided to take this step, we have embarked on a road of no return.

  Either you reach the finish line in victory, or you are smashed to pieces, and there is no such thing as retreating.

  If the revival of industry cannot break the Western blockade, then I would rather it be destroyed.

   In my dictionary, there is absolutely no such thing as being content with being a second-rate enterprise. "

  Deng Yuanjun looked at the resolute boss, his eyes were a little complicated for a while.

   Many of the mysteries buried in his heart have been solved at this moment.

   Taking semiconductors as an example, Fuxing Industry invests in so many chip companies. In terms of rate of return, it is not the best investment direction, but it is suspected of duplication of construction.

   Now he understands that the boss is playing a big game and wants to drag the Chinese semiconductor industry forward with his own strength.

   "The backwardness of the semiconductor industry cannot be changed overnight."

  Deng Yuanjun decided to persuade the boss not to be too impatient. It is honorable to break the family and make the country, but the actual situation should also be considered.

  Xia Jingxing nodded and said, "I know this, so there will be a second and third phase of the Renaissance Industrial Fund, until the day China Semiconductor stands up.

   At the same time, Fuxing Industry must also play a role in the sales of end products, and support some excellent semiconductor companies with business and orders, so that they can grow as soon as possible. "

  Deng Yuanjun asked: "What about Fuxing Semiconductor? Our own subsidiary also needs chip orders from Fuxing Industry."

  Xia Jingxing smiled, "Fuxing Semiconductor cannot cover our needs 100%, IGBTs, chip materials, manufacturing equipment, EDA software, these are all areas that we have not set foot in.

   Of course, in the long run, we can only provide limited help to the invested companies, and more need their own efforts. "

  Deng Yuanjun thought for a while and said, "I think it might be better. The Renaissance Industrial Fund invests in some non-semiconductor companies, such as the automobile industry chain and the mobile phone industry chain, so that our actions will not look so abrupt.

  If the funds are all invested, we will then initiate the establishment of the second and third funds. "

  Xia Jingxing thought for a while, then nodded and said, "This is also a way, it looks more like an industrial fund for the revival of the industry, rather than a fund for the revival of the semiconductor industry."

  Deng Yuanjun smiled slightly, "Yes, that's what I meant, I want to play a full set of acting, now it can only be called a half set."

   "By the way, you just said that the Modu government wants us to invest the 100 billion yuan in Modu. Did they mention the investment memorandum signed before?"

   (end of this chapter)