In a market economy, the price of commodities is determined by the structure of supply and demand, and this is what has been written in textbooks.

Of course, the shareholders behind the Xiangjiang wafer factory want to rig the bid, anyway, the profits have already been earned, and the ending of everyone sitting in line is not unacceptable.

According to the relationship between supply and demand, there is only one seller, so the price is determined by the seller. If there is only one buyer, then the price is determined only by the buyer.

What if there is only one buyer and seller?

Then turn one of them into more than one!

The plan thrown by Xinke is actually a new thing that does not exist under the sun - two peaches kill three soldiers.

Bidding with assets such as real estate, stocks, and securities is created behind the shareholders of Heung Kong Wafer Fab, rather than using funds to buy them, but bidding for them.

Some shareholders have large shares and large funds in the Heung Kong wafer fab, but their local connections in Heung Kong are weak. Some have more money and less shares, and have more or less relationships, and some have less money and fewer shares, but have many relationships......

It is really necessary to distinguish that every shareholder behind the Heung Kong Wafer Fab has its own unique advantages.

If the bidder is only one Xiangjiang wafer factory, of course, it will not think otherwise. But the plan thrown out by Xinke doesn't look at the funds to look at the financial securities and real estate of Xiangjiang, who can't be careful?

And the key point is that these shareholders of Heung Kong Wafer Fab are basically members of the IGCT patent alliance - that is, the patent barrier that can be called a killer for ST and the outside world is ineffective for them internally.

If any shareholder really puts together an undoubted Heung Kong asset to bid and succeeds, then the future IGCT market of tens of billions of dollars will basically be pocketed by this one.

This dynamic model is based on two criteria: one is the asset explosion theory and the other is the chain of suspicion of business actions.

That is, if one shareholder chooses to bid, it will be easy to grasp a large amount of local resources in Xiangjiang without obstacles, and obtain IGCT patents and markets with little investment, so as to achieve an asset explosion.

The chain of suspicion is that in a region where there is no absolute market regulation, neither party can judge whether the actions of enemies and allies will comply with their commitments in sufficient benefits.

From this it can be deduced that ......

Of course, there is no and no need for scientists to summarize the current situation. They were all players rolling in the mall, and after Xinke's plan was thrown out, almost immediately someone realized Hu Wenhai's purpose.

And even if you don't realize it on the spot, there will naturally be a think tank to point out the future direction of things. Just after the meeting, at the board meeting of the Heung Kong Wafer Fab, all shareholders swore that they would not make peace with Xinke alone.

But in fact, a large amount of international hot money immediately began to look for various channels to enter Hong Kong.

As Hong Kong implements a linked exchange rate system, it means that only the issuing bank can deposit US$1 with the HKMA before it can issue HK$7.8 in the market. When a large amount of international travel capital enters the market, it also means that the Hong Kong dollar in the market will increase rapidly.

However, a serious problem is that the actual capital that Xiangjiang itself can absorb is very small, and after all, it is only a small island of more than 1,000 square kilometers! The basic size of the Hong Kong dollar in 1993 was less than 90 billion yuan, or about 11.5 billion US dollars.

So let's look back at the value of IGCT patents, a single IGCT chip has a net income of more than one billion per year. But this is not all the profits of the Heung Kong Wafer Factory, don't forget that the shareholders of the Heung Kong Wafer Fab still have a large number of peripheral patents in their hands, and the Heung Kong Wafer Fab itself does not only produce IGCT chips, but has hundreds of products that apply IGCT chips. Uncontrollable, semi-controlled, fully controlled, current driven, voltage driven, from 1200V, 1700V to 3000V and above 6000V, frequency conversion, inverter, power devices, modular, special models, consumer products......

This is a huge market with an annual profit of tens of billions, and IGCT patents not only mean profits, but also mean the right to speak, influence and market position as a core technology. Who knows how much such a patented technology is worth? Even if PwC calculates it, I am afraid it will not be able to come up with an accurate price.

Therefore, for consortiums that are interested in mastering the power semiconductor market, there is no clear upper limit on the chips in their hands, and the more the better.

"What ST wants to acquire is Heungjiang's real estate and financial securities, which is actually beneficial to us. ”

As one of the Big Four, KPMG Xiangjiang has never been so busy. Of course, accountants are already very busy in their usual work, and 996 or something is normal - but people get a high salary!

But even one of the Big Four, who has become accustomed to high-intensity work, KPMG's accountants have been a little overwhelmed.

The scale of hot money that has never been seen in the history of Xiangjiang is entering this small pond everywhere. If you want to make a reasonable investment allocation for these hot money that can scare people to death, it is definitely a job that can make people vomit blood.

Today, the chief partner of KPMG's consulting firm Heung Kong is standing in front of the stage with two dark circles under his eyes, explaining his plan to the managers of funds, banks and investment companies below.

"The particularity of the financial industry and the real estate industry can easily amplify the funds in hand. With leverage, we were able to acquire a large amount of leverage with only one-tenth of the capital, and after the successful bidding, as long as the IGCT patent was pledged to the bank, many banks would agree to provide loans to make up the difference. Even if the bid fails, these assets are very healthy given the current economic development of Hong Kong. In recent years, the Hong Kong government has been vigorously developing the real estate and financial industries, hoping to build Hong Kong into an international financial centre. Even if you hold this asset for a longer period of time, there is no problem at all. ”

"Below, we will introduce the real estate projects and financial assets that are worth buying in Xiangjiang at present. ”

……

At the same time as a meeting was being held in the CBD building of Xiangjiang, the big screen of the Hong Kong stock trading center had already been "spring duck prophet".

"Green! green!"

"Oh, it's really green!"

The whole Hong Kong stock market is really like spring has arrived, and there is a green scene everywhere. The main stocks of the Hang Seng Index first turned green, then the blue chips and ordinary stocks turned green in a large area, and finally even ST flickered into the green.

As far as the eye can see, there is not even a single trace of red on the entire market.

This wave of market came unexpectedly, Hong Kong stocks began to rise without warning, and the Hang Seng Index rose rapidly like a rocket.

Not long after its release, the Splendid Group performed the most brilliantly, and the offer price of three yuan more than tripled within a week, rising to the position of ten yuan and eight. When this wave of market comes, it will reach a jaw-dropping 20 yuan in one morning, and it seems that the situation is still easy.

Ordinary retail investors and small funds may not have rich news channels, but they at least understand the most basic operating logic - chasing the rise and killing the fall.

Where does this large amount of money come from? What are the technical indicators? What K-line, fundamentals, who cares about these at this time? The old man waved his hand and bought it!

The capital frenzy caused by IGCT patents is faster than anyone imagined. Just like a flood that bursts its banks, it will not only move along the river, but also turn people's eyes into a vast ocean.

The young couple who just took out a loan to buy a wedding house last week, and when they came back from their honeymoon, they met the agent who sold them the house at the airport - can they sell the house to me again for twice the original price?

The futures market is even hardest hit by leverage, and Hong Kong dollar interest rate futures and Hang Seng Index futures have already risen to the sky.

The owner of a bankrupt company, when dealing with the lease of an office building, inexplicably found that he sublet his office to someone else, not only making up for the shortfall but also making a lot of money......

After the bad debts of the bank's car installment loan were packed, they were disposed of at the original price and handed over to the next family; the grandmother who sold freshly squeezed coconut water in the alley came to the door with a bank clerk in a suit and leather shoes, and sold her the new high-return fund with tea and water; in the open space in the community that was about to be repaired in the square park, suddenly there was a group of owners holding signs, thinking that there was a problem with the procedures of the project;

Everyone ignores one thing, consciously or unconsciously, that money is like flowing water, which cannot be restrained in a small pond.

When a lot of hot money enters the Hong Kong financial market, where does the money go? The answer is that the money will always find its way out, and they will flock to wherever they can.

The young couple who took the money from the sale of the house had a big meal and generously gave the waiter a large tip. The boss, who was on the verge of bankruptcy, regained his confidence and recruited a few more college students, ready to fight again. Although Grandma didn't buy the fund, she made money from three glasses of coconut water from a bank clerk, and she raised the unit price by half when she turned around.

What? What do you say KPMG's amazing investment plan?

Out of the conference room, the investor was thrown into the wastebasket, at this time there is a fart plan, of course, it is fast and slow, what can be caught is what it is!

Perhaps the value of IGCT patents is only so much, but because of mutual distrust, foreign capital is pouring in several times as much. What is particularly frightening is that after these influxes of foreign capital have gone around from the HKMA, they have become real M1 money, and after the transformation of M2 to M3 and finally entered the financial market, the scale of funds has been magnified by at least three to five times.

In 1993, Hong Kong's GDP totaled only US$120 billion, and after ST announced its bid, the influx of hot money was at least one-third of GDP. If M2 had been converted, Hong Kong's GDP might have doubled in 1993 in a month or two.

It has to be said that this is a brutal feast of pleasure that belongs to capital.