Reinventing the Millennium.

Chapter 1167 Ice Core Financing (4K)

How to solve Sony's big hole?

Fang Zhuo sat on the plane to Luzhou, thinking about this matter for his old friend all the time.

This year it looks like everything is in decline except for the PS3.

Oh, LCD TVs may have grown, but Japan's subsidies to consumers combined with the requirement to fully complete the transition from analog to digital TV broadcasting was a big factor driving the growth.

Fang Zhuo thought about it, but still felt that Sony could only focus on the huge growth of smartphones.

But now it is not the same as before. Yike and Apple are leading the way, and Samsung is also very competitive. There are also various manufacturers from various countries that are hitting the low-end and mid-end. It is not easy for Sony to break out.

Apple is unwilling to let go of the screen, that is, the integration of Android system + Yike's photography + Sony.

"Difficult, difficult." Fang Zhuo sighed.

Liu Zonghong raised his ears, what's the matter?

"It's hard for Sony." Fang Zhuo sighed again.

Liu Zonghong put down his ears and automatically translated in his heart, Sony is difficult, so good.

He waited for a few seconds and asked, "Boss Fang, will Sony's business recover next year? Will Stringer just drag on like this?"

"It takes courage to make foam." Fang Zhuo frowned, "Sewing every year and repairing it every year, maybe the business will explode next year."

Liu Zonghong has been with the boss for a long time, and he also knows a lot about Sony. Previously, Sony mobile phones couldn't use their own camera technology, so the boss, an outsider, helped.

Oh no, the boss is not an outsider, the boss is the director.

Whether the director is not a director, Stringer is still known as Sony's ZTE master.

Liu Zonghong returned to silence, thinking about Sony Sensor's stake in this time. If Sony continues to toss like this, this subsidiary may be hard to say.

When the Qingzi arrived in Luzhou, the directors of Bingxin were already waiting.

Goldman Sachs, Deutsche Bank, and DCM, three world-renowned institutions, sent senior or senior vice presidents this time to deal with Ice Core's unusual financing proposal.

IDG was attended by Xiong Xiaoge, the head of the group.

Bingxin has raised funds three times since 03. The first two financing entities can be said to be Goldman Sachs, Deutsche Bank, DCM, IDG, and Fang Zhuo. The third financing was to introduce more private equity capital after the financial crisis, but the board of directors changed. It has always been small, like Luzhou State Investment, which mainly represents the local attitude. The general manager Wu Hongquan has given up the board seat and Liang Mengsong has been replaced.

Ice cores have always had a good board--like a dead board.

But this time, when Ice Core had a clear plan to go public, the dead board also wanted to boil over.

After three rounds of financing, Goldman Sachs holds 12.3%, Deutsche Bank holds 11.2%, DCM holds 10.3%, IDG holds 10.2%, Luzhou State Investment holds 8.9%, private equity QT and MNG each hold 6 %, 6.3%.

And, the largest shareholder is 34.8% of Fangzhuo and Bingxin.

Judging from the equity release, Ice Core is a wafer manufacturing company that accommodates international capital and China.

From the perspective of customer distribution, Ice Core's customers are all over the world.

From the perspective of revenue growth, Bingxin is already the fourth largest manufacturer in the world and is expected to be among the top three manufacturers in the next few years.

From 03 to 10, 7 years, it is time to get the rewards and get the rewards as soon as possible.

And, you don't need to pay extra to get rewards!

The last point is the consensus of Goldman Sachs, Deutsche Bank, and DCM.

Everyone knows what they want to do when they suddenly want to raise money suddenly, seeing that they can go public.

No need, no need at all.

This time, Yasen from Goldman Sachs, Chers from Deutsche Bank, and Denton from DCM arrived in Luzhou two days in advance. After the telephone communication, they had close face-to-face communication to make sure that everyone had the same attitude.

And, don't mind seeking wider shareholder support, strongly opposed to the new financing plan.

The three companies hold a total of 33.8% of the shares, which already have a strong influence. In addition, Ice Core and the 12.3% held by the two overseas private equity capital QT and MNG that came in in the third round, this is expected to reach a consensus. 46.1% of the shares.

This time the board of directors, the three came to do two things, the first was to urge Bingxin to go public as soon as possible, and the second was to firmly say no to Fang Zhuo!

However, considering their respective situations, such as business changes caused by the tense relationship between Goldman Sachs and Mr. Fang, and the overseas fab jointly built by Deutsche Bank in Germany and Bingxin, this time it is DCM's Denton who is leading the charge.

As directors representing the shareholder organization, although the three of them have never dealt with Fang Zhuo, they are familiar with his style of conduct, so they communicated repeatedly before the meeting, and hoped to get in touch with someone who is a shareholder but does not have a director seat. QT and MNG, unfortunately there is no result for the time being, but their attitudes have been united.

On October 10th, at ten o'clock in the morning, the time for Bingxin's board of directors had arrived, but Fang Zhuo, the head of the board, had not yet appeared.

"President Fang's plane is probably delayed." Denton's Chinese is very standard, and he smiled at co-CEO Liang Mengsong who also attended the meeting.

Liang Mengsong glanced at the director coldly, but did not respond at all.

Denton was a little unhappy. He glanced at his companion on the other side. Deutsche Bank's Cheers was chatting and laughing with CEO Qiu Ciyun. The two of them had several good communications in Germany.

He frowned, Chelsea can do it, so should he.

Denton still hoped to establish a spiritual connection with the co-CEO to pave the way for the next meeting, and then said: "Mr. Fang has a high reputation in the industry. This time, he proposes a refinancing attempt. Oh, it's really good." Surprising."

Liang Mengsong looked over, but his gaze didn't seem to be in front of him again.

"Mr. Liang, I don't have to talk about this financing..." Denton's words were interrupted by the co-CEO.

Liang Mengsong sighed and said: "The depth of the gate trench is shallow, and dry etching technology is still required. The etching time and rate must be precise, so as to ensure the accuracy of the trench depth."

Denton: "???"

He looked at the co-CEO in a daze, and he was sure that he understood every Chinese character, but he really didn't understand the meaning of connecting them.

Denton thought for a while and asked politely in English: "Mr. Liang, what did you just say?"

Liang Mengsong repeated the results of his thinking for a while in English.

Denton was sure that he still didn't understand this time, but it was undoubtedly a problem with the ice core's craftsmanship.

However, I'm talking to you about today's financing negotiation, isn't it impolite for you to talk to me about this?

"The difficulty of dry etching technology is too high." CEO Qiu Ciyun took up the topic, "The control of this precision will be a big problem at that time."

Liang Mengsong's eyes suddenly sharpened: "Is it difficult to do it? Which craft is not difficult?"

"It's not that we don't do it, but that we need to consider a more reasonable combination of craftsmanship and progress." Qiu Ciyun refuted with a frown.

The two argued over technical issues, and it was still the dispute over the front and rear gate schemes that had been entwined inside the ice core during this period.

Denton said to Chelsea who quietly sat back next to him: "The CEO and the co-CEO are at odds, which is a good signal for our board of directors."

The faces of the two were already red from arguing.

There are seven members on the board of directors, and the three companies came here this time to show that the directors cannot be ignored. If necessary, they will not rule out the proposal to hold a general meeting of shareholders.

But if you can get a vote on the board of directors, the process will be more convenient.

At this moment, the door of the meeting room was pushed open, and Fang Zhuo, head of Bingxin, hurried in.

Danton and Cheers looked at each other, and they both saw a deep look of vigilance mixed with worship and fear in each other's eyes, the old devil is coming!

"Mr. Fang!"

The people in the conference room stood up unanimously to welcome the major shareholders.

"Sit, all sit." Fang Zhuo waved his hand.

Yasen from Goldman Sachs, Chelsea from Deutsche Bank, Denton from DCM, and Xiong Xiaoge from IDG all sat down.

But Danton noticed that CEO Qiu Ciyun and co-CEO Liang Mengsong were still standing, and a thought came to him, even if the head of the company came, would they still continue to fight?

"Oh, Mr. Qiu, Dr. Liang, you go, I'll do it here." Fang Zhuo noticed the eagerness of these two.

Qiu Ciyun and Liang Mengsong nodded, turned around and were about to leave the meeting room.

Denton was a little confused: "Wait, wait, Mr. Fang, isn't there a board meeting? Where are Mr. Qiu and Mr. Liang going?"

"Their tickets are all with me." Fang Zhuo explained, and then asked the DCM representative, "Do I need to sign a written concerted action agreement?"

Denton choked, noticing the impatient expression of the co-CEO Liang Mengsong, and silently shook his head, no need.

Fang Zhuo nodded, took the tea poured by his secretary Liu Zonghong, took a sip before saying, "Have we all reached a consensus?"

The five-member board fell silent.

Xiong Xiaoge also toasted and drank tea silently.

Fang Zhuo glanced at the old bear who didn't say hello, and felt that the demeanor after the acquisition of IDG was different. He was in a good mood and gained weight again.

Xiong Xiaoge received the gaze, and was about to speak with a "cough".

"Mr. Fang, it's hard to reach a consensus on this matter." Yasen from Goldman Sachs rushed to the front and spoke in opposition.

He has done in-depth research on Fang Zong and the Yike Department, and knows that the head of IDG wears the same pants as Fang Zong.

There is a saying in the Huaxia industry, which is left and right, and it is talking about the relationship between Mr. Fang and the two major investors in the investment circle.

"Why?" Fang Zhuo asked gently.

"Why? This, this..." Yasen was stunned, "Because Bingxin doesn't need financing now, and it can get enough money to build production lines and invest in research and development without financing from us!"

Fang Zhuo glanced at the others, and asked: "Everyone should have read the future plan for Ice Core, we have production line construction plans in Shencheng, Xi'an, and the future Yangcheng, which still requires funds. Part of it is used to leverage the funds for construction, how can it be said that there is no need for financing?"

"The Huaxia region welcomes ice cores. As far as I know, the production line in Yangcheng is operated by entrustment, and the local government advances funds in the early stage." Denton of DCM pointed out one point.

Fang Zhuo asked again: "Who did you listen to?"

Denton froze for a moment: "That's what you say."

Seeing what he said, Fang Zhuo simply refuted the rumor: "It's fake."

Denton: "?"

Fake?Is it true or not?

Ma De, can you believe what Mr. Fang said?

"Ice Core's current capital demand is indeed not like before, and local governments are indeed willing to invest funds for common development, which is the same even in Germany." Fang Zhuo said here, nodding to Cheers of Deutsche Bank, and continued, " But it is by no means unconditional support, and all news is based on what I say."

The latest and accurate news is that Yangcheng is willing to advance the funds, but I don't want it to advance all the funds. All the previous news will be invalidated.

Cheers thought about the production line of Deutsche Bank and Bingxin in Germany, but did not speak immediately.

"Even so, even if Bingxin's revenue is estimated to be as high as 30 billion US dollars this year, it won't be able to withdraw money. Mr. Fang, if you want to raise funds, you can just introduce other institutions directly. Why do we have to pay this money?" Denton pointed out The most unreasonable bit.

Bingxin has to raise funds before going public, but why is it targeting its own financing?

If you want money, just find another home.

The most unacceptable thing is that the financing ratio proposed by Bingxin is extremely unreasonable. It wants to raise US$15 billion but only releases 8% of the shares, which means that the valuation of Bingxin in this round has jumped to US$187.5 billion .

The direct comparison with Taiji is the most obvious. As an industry leader, Taiji’s current market value is 450 billion U.S. dollars, and its revenue forecast for this year is almost 4.5 times that of Bingxin.

Regardless of revenue scale or technology accumulation, Taiji far surpasses Bingxin.

Now that Bingxin is estimated to be 187.5 billion before it goes public, what kind of performance support will it use after it goes public?

I am afraid that it will break if it is not listed, and it will be locked up immediately!

Denton impassionedly pointed out the irrationality of Bingxin's financing this time, citing Taiwan Ji's leading status and revenue growth data in a large number, and stood up directly when it came to the emotional part.

It is not without merit to use industry-leading companies to measure valuations.

Fang Zhuo quietly listened to Denton's explanation, and said relaxedly: "Denton, it is true that Tai Ji's revenue and technology are very leading. The valuation of 180 ice core seems too much, but in fact, it is because..."

He gave his rebuttal: "Tai Ji's market value is greatly underestimated."

It's not that we set it high, it's that the desk record is too low!

As soon as the leader of Tai Ji lowered, it seemed that we were very tall.

Denton: "..."

He didn't expect that the standard he brought out could be changed, and he stood there in a daze.

Xiong Xiaoge noticed this guy's expression, and almost couldn't hold back his laughter. Well, Mr. Fang's question is very thought-provoking. Mr. Denton is already rebuilding his thinking logic.

"Don't you believe it?" Fang Zhuo said, "If you don't believe it, there is a witness here. We have made a personal bet of 1000 million US dollars. Tai Ji will soon become a company worth [-] billion US dollars in the future, um, in three or four years, How about it?"

Denton asked, "Three years or four years?"

"It's only three years." Fang Zhuo thought for a while, "In October 13, Taiji was a company worth 10 billion dollars. Our Bingxin was listed before that, so it's reasonable to measure the current valuation. .”

Denton was silent.

"1000 million US dollars, no one can deceive you." Fang Zhuo said with a smile.

Denton considered the current market value of Taiji and the three-year deadline, and felt that it was still a bit difficult. He heard the bet of "1000 million US dollars", and opened his mouth and said, "Okay, then I will..."

He paused: "Then I won't bet with you."

Take the bet and I'll be fooled!

Those who lost the previous round of bets all jumped off the roof!

"I represent DCM today, not to bet with you." Denton said calmly.

"Then let DCM change to another person. You don't even trust your own judgment. The communication between us is really a little bit reluctant." Fang Zhuo shook his head slightly.

"Whether the DCM is replaced or not is something that will come later. Mr. Fang, Goldman Sachs is not willing to participate in this financing." Goldman Sachs Yasen Export, who was on the sidelines, eased Denton's situation and expressed his attitude.

Fang Zhuo cast his eyes on Goldman Sachs, frowned and said, "Goldman Sachs doesn't want to see Bingxin go public?"

Yasen said in amazement: "No, these are two different things."

Fang Zhuo said affirmatively, "It's the same thing."

Xiong Xiaoge felt a familiar feeling, Mr. Fang said one thing, it was another thing, Mr. Fang confuses it, it is just the same thing.