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Chapter 1303 The absolute value of the tens of billions spent on China¡¯s take-off

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    As two chip manufacturing plants that Tengfei Group participated in the establishment of in the early years, whzb and whnb have invested huge amounts in recent years, especially in the research and development of important chip production equipment such as photolithography machines and etching machines. The investment can almost be described as astronomical.  .

    That¡¯s all. The key is that the audience for these devices is very small. Only a few chip manufacturing companies at home and abroad can use them. They belong to a niche within a niche.

    Because of this, these chip manufacturers usually choose equipment produced by the equipment manufacturer they are most familiar with, have the most mature technology and are also the most well-known in the industry, so as to ensure the quality and quality of their own products.

    In contrast, the price of the equipment is a secondary option.

    Domestic companies are not very prominent in this field to begin with. If they rush into this field, they will not be generally recognized by the market. If not, it would be impossible for domestic photolithography machines and etching machines that were relatively good in the early years to be replaced by imports. It is really difficult.  The inherent logic of the laws of market economy makes it difficult for domestic chip manufacturing equipment to survive.

    Therefore, the prospects of the chip manufacturing equipment developed by whzb with huge investment can be imagined. Except for whzb¡¯s own use, it is impossible to have any export sales records.

    In other words, whzb¡¯s chip manufacturing equipment import substitution plan is not only a losing business, but also a losing business.

    There is no way, the entire R&D investment base is just there!

    Based on this, many domestic economists and well-known scholars in the industry are criticizing the actions of whzb founder Luan Heping, believing that this tycoon in the electronics industry who grew up from a small home appliance foundry is a reckless man who does not understand economics.  It is obvious that more cost-saving market economic laws can be used to optimize the allocation of resources, thereby gaining larger profit margins.

    But Luan Heping is like a cowhide band that keeps breaking and cannot be broken. He insists on destroying key chip manufacturing equipment. As a result, five or six years after the establishment of the company, he only made a profit of 670,000 yuan in one year, and the rest of the time was  Huge loss.

    It¡¯s not that no one is optimistic about whzb and whnb, two of the country¡¯s few full-industry chain chip manufacturers that master high-end chip manufacturing technology below 200 nanometers, and are willing to invest money.

    For example, Lenovo Group, which is very influential in the domestic technology circle, is planning to use equity swap to mortgage its stocks worth 8.6 billion yuan to banks in exchange for a loan of 7.2 billion yuan, and switch to whzb chip manufacturing factory.  in exchange for 15% equity.

    The two sides negotiated the investment quite smoothly, but when it came to investment in technology research and development, the two sides had serious differences. Luan Heping insisted on investing no less than 1.8 billion yuan in technology research and development every year, including key manufacturing equipment for chips.  The investment should be no less than half of the total R&D expenses.

    The RMB 1.8 billion in the mid-to-late 1990s was not a small sum. As a result, Luan Heping was like a prodigal, pouring money into the bottomless pit of R&D, which Lenovo could not bear.

    You must know that after saving RMB 1.8 billion in R&D expenses, the annual net profit of whzb and whnb in their financial reports is at least RMB 1.2 billion, which will definitely blind the titanium alloy eyes of many investors.

    If done properly, this profit can leverage dozens of times in the capital market, which is no different from running a money printing press.

    In the face of such huge interests, Lenovo Group naturally disagreed. Not to mention the investment of 1.8 billion yuan, Lenovo did not invest even a penny in research and development.

    So they asked Luan Heping to cancel all R&D expenses and terminate all research projects. If they need to wait for the capital market to make money, they can just take the money and buy it around the world.

    However, this proposal was rejected by Luan Heping. The differences between the two parties were too great, and the talks collapsed after a back and forth. Not only did Lenovo Group withdraw its investment, but it also made a harsh statement: As long as Luan Heping is around, whzb and whnb will not be able to even think about it.  Get a penny from the capital markets.

    The influence of Lenovo Group at that time was huge. This sentence cannot be said to have blocked Luan Heping's financing path through the capital market, but the real resistance was not small.

    Coupled with the fact that several other investment institutions failed due to Luan Heping¡¯s insistence on high R&D investment, the reputation of Luan Heping and the whzb and whnb he founded completely collapsed in the domestic capital market in an instant.

    There is no way. Who makes the capital market the same as the entertainment industry? They have to play with concepts and copy characters. Here, profits are miraculous and stories are king. In this way, companies can add buffs layer by layer.  , and then cut leeks one after another in the capital market.

    whzb and whnb need to have prospects and stories. As long as they can be operated well, they can cut the leeks at will. As a result, Luan Heping, a stubborn Luan Heping, was stunned and messed up the good plans of many capital bosses. As time passed,  Naturally, no one will pay attention to it.

    ??If it were another company, such aThe capital bosses in the circle have been offended. Even if they don't step down, the forces, overt or covert, will continue to torment them. After all, there are too many dramas in the capital market where people are replaced without changing their ideas.

    But Luan Heping was like a nail under his butt. Not only was his position still stable, but his annual R&D investment was not reduced, but steadily increased year by year. It seemed that the huge losses on the books of whzb and whnb were not losses at all, but far exceeded expectations.  The profit is the same, but the money is spent without feeling bad.

    The reason why Luan Heping dares to have such confidence to continue to increase investment in the research and development of key chip equipment is mainly because he has the support of China Tengfei behind him.

    Since the days of Ascendas Group, the largest investment targets of Ascendas Group so far are the two chip production plants founded by Luan Heping. There have been five rounds in total, with a total investment of up to 48 billion yuan.

    That¡¯s not all. After Ascendas Group was upgraded to China Ascendas, its investment company not only injected another 10 billion yuan in capital, but also provided loans of 6.6 billion and 4.8 billion to Luan Heping respectively through its holding China Merchants Bank and Minsheng Bank.

    Luan Heping is indeed what Lenovo Group said. Without him, he really cannot get a penny from the capital market. However, the key question is, why does Luan Heping go so hard to make money in the capital market?

    Behind China Takeoff is the absolute boss in the domestic capital circle.

    Lenovo Group feels that it can make waves in the domestic capital circle, but if they want to conduct private placements in Hong Kong stocks and IPOs of their subsidiaries, they have to go through Tengfei Investment. Even the stock mortgage loans that they plan to inject into Luan Heping have to be handled through China Merchants Bank.

    It is precisely because of such a giant that Lenovo Group dares to complain and does not dare to take any real action against Luan Heping. The same is true for other big names in the capital industry.

    It's just that they don't understand the reason why China Ascendas spares no effort to continue investing huge sums of money even though it is aware of huge losses. Could it be that China Ascendas feels that having two bank shares in its hands and being able to dominate the Hong Kong capital circle is a bit lonely and boring, and it is ready to play  Any new tricks that others don¡¯t understand?

    The question is, tens of billions or tens of billions are all real money. Even if you play new tricks, can you change the target?  Guaranteed various poses and tricks, you can pose however you want!

    However, China Tengfei did not even look at other investment targets, and only focused on Luan Heping's chip manufacturing plant. As for the reason, the outside world certainly does not understand, but look at the Electronic Technology  You can tell by his crazy look that the tens of billions spent by China to take off are absolutely worth it!

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