The Millennium Semiconductor Survival Guide.

Chapter 329 Listing
Among the later HMOVs, only Xiaomi has gone on the market, and the other three mobile phone manufacturers have not.

For some companies, listing is the end point. The founders and shareholders are eager to cash out and leave as soon as possible. This is not the case for some companies.

Especially as the mobile Internet war has just begun. Smartphones will be one of the important tracks in the business world in the next ten years. It is absolutely impossible for Xiaomi to go public so easily.

Even Zhou Xin does not plan to list Xiaomi at all. Listing means that many operations can only be done on the surface.

For example, if Huawei goes public, they must answer questions from shareholder representatives head-on, and they must answer questions about who is the manufacturer of Kirin chips.

Xiaomi will be the final stop of the domestic supply chain in the future. Parts and components from different Chinese companies will be finally assembled into consumer goods through Xiaomi and provided to consumers from all over the world.

This important mission alone determined that Zhou Xin did not want Xiaomi to go public.

It doesn’t matter whether Xinxin lithography machine is used. Xinxin cannot acquire Cymer or Zeiss. For the time being, it can only rely on the global industrial chain to seize the market in the DUV field.

Even if the relationship between China and Amerikan deteriorates and is blocked in various ways in the future, the new core lithography machine will simply face a global supply shortage of parts.

Faced with such a situation, Xinxin lithography machines must rely on China's capital market to obtain a steady stream of bullets. Every supply cutoff is an opportunity for public financing and an opportunity to support China's domestic suppliers.

As for Xiaomi, Xiaomi has used domestic equipment as much as possible from the beginning.

If you can choose BOE and TCL for the screen, you won’t choose Samsung or LG, even though Samsung and LG have better screens and are more cost-effective.

"This is an industry regulation. Not only CICC charges are so expensive, but other securities companies are also expensive." Zhang Peng explained.

Chen Bo was very envious after hearing this. The IPO fee ratio was actually so high. With 100 billion raised, they could make 7 million from it?

To know how many tests a company has to go through from establishment to listing, accumulation, timing, macro environment, and market are all indispensable.

The brokerage can easily draw seven points from it.

Zhang Peng read the envy in his old classmate's eyes, and he quickly explained: "Don't just see thieves eating meat, but not seeing thieves being beaten.

IPO is not that easy to do. In the off-season, there may not be an IPO project for you for a year, or even for several years in a row.

There are times when you can only survive on dead wages. "

Chen Bo asked back: "It's been almost a year since you joined CICC. How many IPOs have you participated in?"

Zhang Peng said: "Two."

Chen Bo said enviously: "Isn't that great? As a newcomer, you get one in half a year on average. If Xinxin's lithography machine is received by you, then it will be three in a year.

Isn’t the bonus huge?

Finance is still exciting, no wonder so many people are trying their best to squeeze into the financial industry. "

Zhang Peng explained: “This is because the market environment is relatively good, but it is not always such a good environment.

Last year's shareholding reform coupled with the overall global economic boom led to a boom in the capital market.

This is a small probability event.How to put it, any industry will face fluctuations, with peaks and troughs, but the characteristics of the financial industry amplify this polarization. "

After Zhang Peng finished speaking, he found a new angle: "Even when the market is not good, because of CICC's name and resources, it always has no shortage of IPO projects.

This is why large companies are more stable than small and medium-sized enterprises, and their scale advantage can withstand fluctuations.

Even in the era of semiconductor downturn, Xinxin was able to buck the trend and expand in the chip field, using leverage to gain actual control over a large number of wafer factories.

This kind of expansion against the trend is also the unique secret of the giants.As for small and medium-sized enterprises, they are thinking more about how to survive the cold winter. "

What Zhang Peng said later refers to the fact that from 2001 to the first half of 2004, during the semiconductor downturn caused by the bursting of the Nasdaq bubble, New Core obtained actual control of the wafer factory through a shareholding structure with different rights for the same shares. .

This case has been praised by many business schools as a classic case in the semiconductor industry after the semiconductor industry has regained its prosperity in the past two years.

Before Xinxin, the examples of semiconductor industry's expansion against the trend were Neon Enterprise and Korea Enterprise. Neon Enterprise's expansion against the trend in the field of memory chips brought down Americen's memory chip manufacturers. Later, Samsung even pushed this system Toward the peak.

The price of memory chips has been reduced, and Neon manufacturers have followed suit by reducing it by 30.00% to [-]%. This has forced American companies to either face huge losses due to the price reduction, or they can also suffer huge losses if they cannot sell, driving out Intel, Texas Instruments, IBM and other companies one after another. Memory chip field.

Samsung is even more exaggerated. They cut prices even more severely, starting from 50.00%. They not only cut prices but also expanded production, leaving Neon companies unable to see when the cold winter will end.

With this move, Samsung is about to push Elpida to a dead end.Elpida is Neon's last memory chip manufacturer, formed by the merger of the memory chip departments of Hitachi, Toshiba and NEC.

The money used for Samsung's expansion comes from the Bank of Korea. This is the will of the Korean government and the national strategy of Korea. There are advantages and disadvantages to this. The disadvantage is that if your opponent's blood is thicker than yours, you will be unable to resist it. A pure loss.

Later generations of Samsung faced this problem when they used this trick on Yangtze Memory. In 23, Samsung and Hynix's chip business combined to lose 800 billion yuan, which can be called the worst loss ever.

Xinxin's acquisition strategy allows large companies to quickly acquire small shrimps in the market at the lowest cost during the semiconductor downturn.

The original construction cost of a wafer factory was as high as US$10 billion. Now it only costs US$2 million to gain control and create economies of scale. There is no need to expand production or invest in manpower.

This is the application of different rights for the same shares in the Internet field to the semiconductor industry.

"The new president must be very good at this. He has run so many tens of billions of projects at Amerikan," Chen Bo said.

To Xinxin's employees, Zhou Xin is like an omnipotent superman.

Most of the employees are from science and engineering backgrounds, and the most important thing is to be result-oriented. Just looking at Zhou Xin's resume is enough to convince everyone.

In addition, employees have almost no opportunity to directly report or interact with Zhou Xin. This distance will give Zhou Xin's image a golden light.

"That's for sure. From its establishment to now, the investment banking department of CICC has only raised a total of 900 billion US dollars in funds. Boss Zhou can do it if he wants to raise this amount of funds.

Our boss’s exact words are that he can take a project to Wall Street and raise billions of dollars without even using his name.

This is fame. "This is fame, Mr. Zhou. With a market value of 1000 billion RMB, the frozen funds exceed 2 trillion. With such a high price, there are so many investors supporting you with real money."

We also hope that the listing of Xinxin will bring a good start to the A-share market this year. "

The launch of a new core lithography machine is not a big deal in itself. The lithography machine is very important, but the launch is not important.

However, his company was listed on the mainland capital market for the first time, which had a strong symbolic meaning. Therefore, the first batch of senior executives of Xinxin gathered together, and Zhou Xin himself also attended the bell-ringing ceremony in person.

"Director, you're welcome, this should be my third time attending the bell-ringing ceremony.

The first time was when Riot Games was listed on Nasdaq, and the second time was when Baidu was listed. As Baidu's largest individual shareholder, my shareholding at that time was even larger than Robin's.

To be honest, I don’t have much experience. I am very happy to be welcomed by my fellow villagers this time. "

The director of the securities market supervision department personally went to the Shanghai Stock Exchange to ring the bell to support the event, and Shenhai also sent leaders.

To be honest, the two sides have been arguing for a long time whether Xinxin lithography machine should be listed on the Shenzhen Stock Exchange or the Shanghai Stock Exchange.

The Shenzhen Stock Exchange believes that Xinxin lithography machines should be listed on the GEM. High-tech enterprises of this level are at odds with the Shanghai Stock Exchange.

Shenhai is naturally unwilling. What would it be like for Shenhai Enterprises to go to Pengcheng to go public?

In addition, Pengcheng has been eyeing Xinxin and hopes to poach Xinxin. In order to have Xinxin lithography machine listed on the Shanghai Stock Exchange, Shenhai has made a lot of efforts.

Shenhai directly issued a statement saying: "As a leading company in the global semiconductor segment, Xinxin Lithography Machine is more suitable to be listed on the main board of the Shenhai Stock Exchange. This will help to reach more diverse investors and also have a positive impact on the market." The long-term value of the company is favorable.”

It's an open fight.

This was not the first time that the director had dealt with Zhou Xin. They had dealt with each other before at Shen Hai's financial summit. At that time, he was surprised by Zhou Xin's maturity.

Logically speaking, after becoming famous at a young age and achieving such great achievements, his personality can hardly hide his youthful spirit, and his words will more or less show a sharp side.

The result is that the opponent is impeccable on the surface and is also a master of Tai Chi.

Zhou Xin only showed his edge during the previous Hanxin incident.

With an initial market value of RMB 1000 billion and a raised capital of RMB 200 billion, this is already the largest amount of funds raised by a private enterprise in the history of Big A.

This is nothing to all big A listed companies, because there are still two giants to be listed this year, Huaguo Petroleum and Huaguo Shenhua. The former needs to raise 668 billion and the latter 665.82 billion.

The prospectus of Xinxin Lithography Machine makes it clear that the funds raised from the listing will be invested in research and development. In order to smoke bombs, Xinxin Lithography Machine claims that it will also provide EUV, dry lithography machines and X-ray lithography. Invest in several routes.

“What do you think of the listing of Xinxin Lithography Machine on the Shanghai Stock Exchange?”

"Thank you for the invitation. I have already applied. I hope I can win the lottery. This one in [-] chance of winning really makes me a little heartbroken.

To be honest, the pricing is not cheap, and it does not meet Xiaomi's ultimate cost-effectiveness positioning in other sectors of Xinxin. The price is 1000 billion yuan, the revenue is 60 billion yuan, and the net profit is only tens of millions. This PE is going to the sky.

The good thing is that the company's latest immersion lithography machine has amazing potential. Intel has already ordered 5 units at a price of 10 million yuan, and Xinxin Group has also ordered 10 units. The revenue here alone is 100 billion yuan.

Therefore, this valuation is not expensive. According to the news I have received, Xinxin lithography machine does have a leading edge in technology, and the products are easy to sell. Whether it is Nikon or ASML, it will take time to catch up.

Xinxin is also very sincere in its prospectus. Due to insufficient production capacity, it is expected that the output of immersion lithography machines this year will not exceed 30 units, which means that the revenue will be around 150 billion yuan.

Buying it depends on its high growth. At the same time, there are few domestic companies that have made breakthroughs in cutting-edge technology. What they buy is high growth and scarcity.

I estimate that if you win the lottery, you can get three daily limits. Considering the aura of the new president, everyone believes that he can maintain his advantage. I will give two more, and five daily limits cannot be more.

Once Nikon and ASML catch up in the field of immersion lithography machines, Xinxin's valuation logic will be completely different.

Of course, if I win the lottery, I will keep getting it as a family heirloom for my son to see if Xinjiang is really so awesome and can have the myth of being undefeated in the semiconductor field. "

Zhou Xin's undefeated myth in the Internet field is generally recognized, not to mention the public opinion field in China, even in the public opinion field of America.

But in the semiconductor field, this time Xinxin achieved overtaking in the field of lithography machines, which made many Chinese netizens think that Zhou Xin is also so good in this field.

Superimposed on the fact that the new core lithography machine is now going to be listed on the A-share market, capital is more willing to promote it behind the scenes and promote the so-called myth of Zhou Xin's invincibility, which will help them drive the stock price even higher.

"Thank you for the invitation. I think this issue should be looked at from two aspects.

First of all, the listing of Xinxin lithography machine itself is a good thing. I think it is a good thing. The domestic capital market originally lacks true technology companies, and Xinxin can be regarded as exploring the way for one of the few technology companies in China.

If Xinxin cannot obtain corresponding recognition from the capital market, then the brothers will continue to wait and see.

Secondly, the Xinxin IPO prospectus clearly states that the funds will be invested in research and development, rather than buying solid financial products or acquiring companies that don’t know where they came from. This will allow big A technology companies to see clearly.

The funds raised must be invested in research and development. Otherwise, it is better to go to the bank to borrow money to raise funds. Are investors easy to bully?
Finally, as a subsidiary of Zhou Xin, it was listed on the A-share market, which can be regarded as a landmark event for Xinzong to further integrate with the Chinese economy, which is conducive to the continued activeness of the Chinese economy.

Then let’s talk about price. I think Xinxin’s price of 1000 billion yuan has been criticized a lot on suspicion. People think that this price is too high and it is to cut leeks.

I think from two points of view, the price is indeed not cheap, but the plate will be relatively large, so big that it cannot be easily speculated.

Hot money from all walks of life in Big A has long been eyeing the new core lithography machine, believing it to be the number one subject of speculation this year.

If the price is not high enough, such as 200 billion or even 500 billion, then it will be easily manipulated by hot money, and all kinds of hype will take investors on a roller coaster ride.

The bigger the dish, the harder it is to fry.

In addition, such a high price also clearly tells everyone that those who are willing to buy it must be prepared to grow with the new core lithography machine.

Don't think that if you buy it, it will reach the daily limit, and don't buy it with a speculative mentality. "

(End of this chapter)