The Millennium Semiconductor Survival Guide.

Chapter 323 Listing
Transforming research results from laboratory products to commercial products requires a long process and is extremely difficult.

It does not mean that a technology can be commercialized on a large scale immediately after completing theoretical verification and manufacturing laboratory samples.

Theoretical verification and the production of laboratory samples can at best be regarded as the preparatory steps for the commercialization of the entire research results, accounting for 30.00% to about [-]% of the entire work.

Taking the Institute of Optoelectronics as an example, their research on lithography machines is stuck at the i-line stage, which is the 365nm wavelength light source. Even if they obtain a stable light source of 13.5nm, they still cannot reach EUV lithography machines in other key steps. required requirements.

This requires accumulation. In addition, because of the super high salary offered by Xinxin, the slightly younger R&D personnel in the field of lithography machines at the Institute of Optoelectronics have been poached.

This is 2006, not 2026. Words like structure, organization, and stability are not that attractive to people yet. Xinxin has developed to this point, and it can be regarded as a top offer for everyone.

Xinxin's attractiveness as an employer in China is even greater than that of foreign companies such as Microsoft and Intel, making it the first choice for graduates.

“This technology cannot be bought.

Neon wants to establish its own EUVA technology research and development alliance. They have no hope of buying EUV lithography machine technology from Americen.

Not to mention us. Compared with Neon, our relationship with Amerikan is even further distant. "

Today, everyone knows what the semiconductor industry means. The economic benefits of the semiconductor industry alone are a key point that cannot be ignored, let alone its benefits in other fields.

"Semiconductors are a big cake, and advanced manufacturing processes must be the most attractive part of the cake. It has the most lucrative benefits and will also have huge positive effects in the economy and politics.

Amerikan could even snatch the cake he gave Neon from Neon's mouth, let alone us. "

After Zhou Xin finished speaking, he also mentioned Xinxin’s intention to join EUV LLC: “I mentioned it to Intel that Xinxin hopes to join the EUV R&D alliance led by Amerikan, which is EUV LLC.

We were willing to agree to more stringent conditions than ASML, and they couldn't even give me an approval letter. "

After finishing speaking, Zhou Xin explained what conditions Amerikan offered ASML.

I take the initiative to mention this to minimize misunderstandings, because it is somewhat sensitive. Xinxin Lithography Machine was previously a 100% Chinese enterprise, and later you will have to sell a large number of shares to overseas shareholders.

One side is talking about launching an EUV technology alliance in China, and the other side is joining Americen's EUV R&D alliance. This is somewhat double-dealing.

After listening, the boss asked: "I can understand your thinking.

Domestic technology accumulation in the field of EUV is almost blank. You want to join the EUV LLC led by American to maintain the competitiveness of Xinxin in the field of lithography machines.

There is no doubt about this.

But if I agree to form an EUV technology R&D alliance and Xinxin joins EUV LLC, then companies that have direct contact with you or even indirect contact with you will not be able to join the EUV technology R&D alliance led by China. Come.

Because there is a high risk of leaking secrets, if Xinxin joins the EUV technology research and development alliance of China and Americen at the same time, American will [-]% think that you are leaking secrets.

If Xinxin does not join China’s EUV technology research and development alliance, who will take the lead in China?Who has the ability to lead the research and development of this key technology? "

Zhou Xin was at a loss for words. Americen’s EUV LLC was also dominated by Intel in the early days.

Except for Xinxin, no domestic company has the determination and courage to invest in research and development for five to ten years.

Not to mention that with the rise of Xinxin, a number of companies that are doing well in the semiconductor field have emerged in China. However, almost all of these companies are small and medium-sized enterprises. They have barely gained a foothold in the past few years and let them become a five-year-old enterprise. A blood transfusion program by ten years is unrealistic.

As for China's state-owned enterprises or financial funds to use blood transfusions, there is no problem. However, if Xinxin is not involved at all, China-led EUV first lacks a leader with sufficient appeal and influence. More importantly, it does not have a leader. Scenarios of market-oriented mass production.

The lithography machines developed by the Institute of Optoelectronics and Shenhai Microelectronics have never entered the production process at all. It is impossible for them to make an EUV lithography machine that can enter the production environment in one step, even if EUV technology achieves a breakthrough.

Zhou Xin began to sweat. He always felt that this somewhat made him choose sides. He could only choose one side between the Chinese Technology Alliance and the Amerikan Technology Alliance.

The other party did not express this clearly, but this kind of words does not need to be said explicitly.

Xinxin went to join Americen's EUV LLC, and then you asked me to start an EUV technology research and development alliance. Who will take the lead?Who has the ability to lead?
Without new chips, this matter will be half the result with twice the effort for China.

EUV may indeed be one of the technical directions for future breakthroughs in lithography machines, but without seeing the future, this is just one of the development technology routes.

China has too many places to spend money and too many places to catch up. If Xinxin does not lead this research and development, why do they invest resources in the EUV technology route so early?
According to China's tendency to cross the river by feeling the stones, they can wait until EUV is successfully developed and becomes a recognized lithography machine technology route before catching up.

As for now, just do some preliminary research on the theoretical level and train some talents with relevant foundations. There is no need to end it personally so early.

Zhou Xin first admitted his mistake: "What you said makes sense, my previous consideration was too one-sided.

Unexpectedly, if China's EUV technology research and development alliance is not led by Xinxin, it will lack a bridge from the academic end to the industrial production end.

The Institute of Optoelectronics of the Chinese Academy of Sciences and Shenhai's Microelectronics Group both have photolithography machine businesses and also produce some photolithography machines. However, the photolithography machines they make are more laboratory products and are equipment provided to scientific research institutions.

The requirements of these equipment are completely different from those of large-scale commercial equipment. "

The boss waved his hand: "I don't mean to blame you when I say this, because I have already quit, and I quit all of them last year.

So I'm very happy that you come to me for advice on your work, but in the end you still have to ask the people on stage now.

We have dealt with you many times, and I know that you are not familiar with domestic rules. You are completely problem-oriented and have a business personality, so I want to remind you.

You have to figure out whether Xinxin wants to join Americen's EUV R&D alliance or lead China's EUV technology research and development.

These are two paths, and you can’t have both. "

This person has retired, and there is now another big shot on the stage.

But it doesn't affect Zhou Xin's visit to Beijing first and then to the person on the stage. This is polite and respectful, and no one can find fault with him.

To be honest, Zhou Xin has also dealt with the person on the stage now. He knows Zhou Xin and his domestic business map very well, and is very supportive of Xinxin's work.

There is still a difference between the current person and the previous person in their support for Xinxin. The current person pays more attention to the economic benefits brought by Xinxin and the technological breakthroughs and technological innovations brought by Xinxin.

Now this person visited Korea in 98 and visited Samsung's Jiheung Semiconductor Factory. He also came to the conclusion that China wanted to engage in semiconductors.

But for him, there is no difference between semiconductor and biomedical technology. Chinese companies must engage in innovation and research and development in all fields.

Supporting semiconductors is based on economic benefits, scientific research breakthroughs, corporate innovation and other fields.

As for the person in front, the one Zhou Xin is looking for this time, because he is from the mechanical and electrical department, he single-handedly led the establishment of Huajing and Huahong, and has a broader perspective on semiconductors.This is a difference caused by experience and background.

Zhou Xin nodded: "What you said makes sense.

If China wants to establish an EUV technology alliance, then Xinxin will do its part and we will participate in China's technology research and development. "

The boss nodded: "Okay, with your words, I will help you promote this matter.

I can even leave the distribution of money to Xinxin.

You just mentioned the difficulty of research and development of EUV technology. You mentioned that both Neon and Amerikan have invested in research and development expenses in the EUV field since the 80s.

If we want to do this, we should take five years as a time period and don’t rush to achieve results in the early stage. I don’t think we can achieve any good results in five years if others have spent more than 20 years failing to accomplish it.

As long as the money isn't spent on things it shouldn't be, I don't think it's a problem.

What I want is to let the Natural Science Foundation come up with the money, and they will do the supervision and auditing, and then Xinxin will do the project control and fund allocation, and you decide which research groups and which professors the special research and development expenses will be given to.

As a leader in the industry, Xinxin believes that you have this ability. At the same time, I also believe in your academic ethics and integrity. "

Zhou Xin's decision was actually very simple. It was very satisfying to join Americen's EUV Technology Alliance. After joining, it was equivalent to directly enjoying the results of others.

Americen and other research institutions are almost done, and the laboratory product ASML has been produced. After Xinxin joined, it will just follow the path of ASML.

Zhou Xin relied on his clear understanding of the technological evolution route and key nodes of EUV lithography machines, made some optimizations on this basis, and then took advantage of Xinxin's industrial scale advantage to capture at least half of the world in EUV lithography machines.

This is a complete peach-picking approach.

But the problem is that Xinxin has developed an EUV lithography machine, which also relies heavily on external components.

When the outside world wants to mess with you, Xinxin will instantly lose its EUV manufacturing capabilities.

Of course, it only loses future manufacturing capabilities, but Xinxin’s previous EUV lithography machines can still be used.

Then because we have the foundation, it will be less difficult to go through the research and development of EUV again.

But by that time, it will also be necessary to lead Chinese companies to research EUV technology and make local substitutions.

If we start to do it now, we are doing it. It is nothing more than that after ASML achieves EUV technology breakthrough, Xinxin will temporarily lose the advanced process market for a period of time.

This is an acceptable loss for Zhou Xin, and Xinxin can also accept it.

Zhou Xin said: “I think it’s okay.

When I was talking to Intel before, I mentioned that 49% of the shares of Xinxin Lithography Machine could be transferred to them.

Xinxin now leads this industry alliance in China.

What I want is to list Xinxin’s lithography machine segment on the A-share market. Firstly, the funds raised will be fully invested in the research and development of EUV lithography machines. Secondly, it will also allow Chinese shareholders to participate in technology-based enterprises. of development.

Previously, the companies under my name were either listed on Nasdaq or the Hong Kong stock market, but had never been listed on the Big A.

This time is also an opportunity to experience the capital market with Chinese characteristics. "

“Whether you want to raise funds from A-shares or how to raise funds depends on you.

For such high-quality assets as Xinxin, there is no shortage of capital for your investment at home and abroad.

Of course, I welcome A-share listings. China’s capital market has always lacked truly innovative companies.

Xinxin can be listed on the A-share market, which is also a shot in the arm for the A-share market. It means that you are optimistic about the domestic capital market, which is not bad. "

Zhou Xin went to Yanjing and talked with all the big guys he wanted to talk to. Almost everyone agreed that Xinxin wanted to dominate the domestic EUV technology research and development alliance.

No matter how much money China invests in this technology route, New Core will invest the same amount. If the Natural Science Foundation Committee invests 10 billion, New Core will invest 10 billion.

The news that Xinxin was going to be listed in Big A also spread quickly in the financial circle.

"Have you heard? Xinxin plans to be listed in Big A."

"Really or not? I haven't heard that if a company of Xinxin's size goes public in Big A, I'm afraid it will drain Big A's liquidity instantly.

With so many business sectors, revenue of US$200 billion, and profits of US$50 billion, the market value cannot be as high as the sky.

Can A-shares handle such a large-scale IPO project?
Why not go public on NASDAQ? "

Xinxin's biggest source of profit is the A-series chips, followed by Bluetooth chips, and the third is mobile phone integrated chips. These are the three main sources of profits.

In the chip foundry business, Xinxin does very little and almost only does OEM work for Intel.

As for the consumer electronics business, it is not profitable at all. Even taking into account the cost of capital, this business is losing money.

Xinxin involves too many businesses, because doing chip design and chip manufacturing at the same time is equivalent to taking over the work of TSMC and Qualcomm.

Although the revenue of 200 billion U.S. dollars, the profit of 50 billion U.S. dollars is not high. For example, TSMC's revenue of 300 billion U.S. dollars can reach 150 billion U.S. dollars in profits.

But considering that most companies in China do not make money, take TCL as an example. It is the largest manufacturing company in Big A. In 05, it had a revenue of more than 500 billion and a net loss of 2.3 million.

Therefore, Xinxin is a rare high-quality asset for Big A.

"Of course not, how could the entire new core be listed in Big A.

Just one of Xinxin's businesses, the lithography machine business, plans to be listed in Big A.

It is the lithography machine that achieved a technological breakthrough at the Tokyo Semiconductor Show this time. It is a semiconductor upstream equipment.

Xinxin plans to separate this piece separately and get it listed in Big A. "

(End of this chapter)