If we compare the group's assets, ST Group is undoubtedly one of the top conglomerates in the world.

Yes, the size of ST Group today can indeed be called a consortium. This is not only because ST has become a well-deserved No. 2 operating entity in China, but also that the crown of No. 1 operating entity will definitely be given to the SASAC that was released in advance.

It is not only because ST Group can exert limited influence on China Railway Construction Investment and can participate in the operation of CDB. Of course, in the international community, the definition of a consortium is still very important whether or not to master the financial instrument of the bank.

However, China, which has just begun to reform and open up, has its own national conditions.

The reason why international consortia should use banks as a criterion is that in the world of capital, the financial instruments of the banks themselves represent a vast network of social relations. Since the arrival of capital on the world stage, every economic crisis has been preceded by bank bankruptcy.

The bankruptcy of banks was followed by a large number of business entities followed by large-scale bankruptcies, followed by the bankruptcy of a large number of ordinary depositors and the unemployment of workers, which in turn caused violent turmoil in the whole society.

Therefore, the consortium that controls the power of the bank naturally has unlimited power in the world of capital.

But this is not entirely the case in China, where state-owned banks are not necessarily more capable of operating than capital banks. But the state-owned nature of state-owned banks makes their credibility far more recognized by Chinese than capital banks. In the past, banks have also faced the problem of insolvency, and if they go bankrupt, I am afraid that the gains made since China's reform will be ruined.

The operational capacity that contributed to this situation is not to be discussed for a moment, but China's strong control over state-owned banks has averted the worst of extremes. Based on this alone, it cannot but be said that this is an institutional superiority!

However, the freak of Xinke, as China's No. 2 operating entity, is indeed a real bug.

Throughout the 80s, Hu Wenhai tried every means and seized every opportunity to import advanced production technology from abroad to China and invest heavily in upgrading China's industrial system. Tens of billions of dollars of high-quality capital have trickled down into China's industrial system.

Compared with the large amount of waste in the use of foreign exchange by the state capital, which requires a large amount of tuition, the utilization rate of the introduction projects presided over by Hu Wenhai and Xinke is much higher.

During the same period, there were a large number of unsuccessful cases of state capital, including technology and equipment imported from abroad by state-owned enterprises and the government using foreign exchange. For example, those who have spent a lot of money to introduce backward production lines from abroad, those who have introduced advanced technology but are idle because of supporting or market problems, even if they have lost money due to management, or even those who have been "bought out by management" at the expense of public fertilizer and private interests, similar situations can be said to be common.

However, Hu Wenhai's introduction model and management method are completely different from the way the state capital uses foreign exchange.

For example, if the PI project introduced through Motorola and DuPont, if it is introduced under the auspices of Sinopec and other state-owned enterprises, there are too many problems that need to be faced.

First of all, it is very likely that you can't buy it even if you have money, and secondly, even if you buy it, it is likely to only solve the problem of whether you have it, and it will definitely not be the international mainstream in terms of technology. And even if it is finally produced, I am afraid that it will take a while to explore how this thing will be profitable.

But when it came to Hu Wenhai, it was not in such order.

First of all, PI thin film is an important raw material for the production of lithium-ion polymer batteries, and the demand of the world market is increasing by several hundred percent every year. As a lithium battery giant, Xinke has a huge influence on the market, and there is no need to consider market issues to ensure that PI films are produced.

Secondly, the PI project is a lease-to-purchase project, and in the past few years, it needs to accept the supervision and assessment of Xinke and China Railway Construction Investment. China Railway Construction Investment is backed by the Ministry of Railways, and it is not afraid of the prestige of two barrels of oil at all, and Xinke is a private capital enterprise, and the personal relationship of state-owned enterprises cannot be extended. In terms of management and operation, you will be able to lay a good foundation.

As for the advanced technology and the difficulties encountered in the introduction of the project, the lithium battery is produced by Motorola and DuPont in the new technology, whether the introduced project is smooth and advanced, the two major consortia are more concerned than Hu Wenhai himself!

Most of the other introduction projects are similar to this. McDonnell Douglas introduced, that is tens of billions of Chinese aviation backing, mastered McDonnell Douglas's civil aviation passenger aircraft dominance, and then it is easy to talk about Rolls-Royce engines. If various avionics and aircraft equipment suppliers want to maintain their relationship with GMEC, they have to set up a joint venture in China first.

The introduction of gas turbines is the same, as well as MTU's diesel engines, as well as pit mouth supercritical units in coal mines and complete sets of blast furnaces in steel plants, all of which are project-centered and market-changing technology led by one or two powerful enterprises.

These operations have effectively guaranteed the success of the introduction project.

But this mode of operation also brings other by-products.

Many of these core enterprises, which are crucial in the introduction project, have become ST's cooperative enterprises, affiliated enterprises, or even the upstream and downstream of ST's industrial chain.

As a result, although the state is gradually divesting financial instruments from the company, in fact, the company itself has built a huge network of relationships that can shake the Chinese economy.

However, as a private capital, it is impossible for Xinke to enjoy the treatment of national capital. No matter how many people shout about "the last bastion of capitalism", at least under the Chinese system, there is no such thing as the state injecting capital into the executives of private capital investment banks and giving bonuses......

In other words, if ST makes a mistake in its management, it is likely to become an undefensible weakness in China.

But on the other hand, although ST Group has the world's largest wealth, it is a group of young people who control them.

The management team of ST is very, very young, and as an industrial company, the average age of these managers who are arguing in the budget meeting looks more like an Internet company without explanation.

Not to mention its soul Hu Wenhai, he is only twenty-six years old now. Shen Qianzhe, who has become the head of the battery business department, is now only in her early thirties, and Wu Di, the deputy director of the communications business department who fought with her, is 28 years old this year. However, the minister who was silent on the side was older, and he was forty-eight years old after the New Year.

Older than him, there are only the two vice presidents of the New Academy of Sciences, Ni Guangnan and Wu Daguan.

However, in terms of achievements, Ni Guangnan is more like an IT practitioner than these young people here! The first prize of the National Science and Technology Progress Award in 1992 was almost given to Ni Guangnan in recognition of the first Lenovo computer he assembled.

Yes, this computer is still called Lenovo. A certain group is the conscience of American imperialism, but the name Lenovo is glorious. Although some people could drive Ni Guangnan out, they couldn't completely erase his traces in Lenovo, because the name Lenovo was written by Ni Guangnan himself.

Ni Guangnan's greatest contribution to China's computer industry is to enable computers to process Chinese characters and make Chinese characters appear on computer screens. And to support this function, it is the research results he made at the Chinese Academy of Sciences after returning to China, Lenovo Hanka. Later, some people invited Ni Guangnan out of the thatched house, and laid a huge foundation with Lenovo Hanka.

Lenovo Hanka is not named Lenovo Hanka because of a certain enterprise, but because of Lenovo Hanka and a certain enterprise has been achieved.

The conscience of the American imperialists is shameful, but the association is glorious!

After four years, Ni Guangnan once again won the first prize of the National Science and Technology Progress Award. The last time was a Lenovo Hanka in '88, and this time it's a Lenovo computer in 1992.

If you want to talk about assembling a computer, what's so powerful about that? Twenty years later, there will be a lot of people in the computer city who can assemble computers. And even in 1992, those who assembled microcomputers abroad were ordinary workers on the production line.

How to assemble a computer to win the first prize of the National Science and Technology Progress Award, there won't be anything boring in this, right?

Of course...... No!

Because all the parts of this computer are 100% produced by Chinese companies themselves.

The CPU uses an authorized Inter486 processor, and the motherboard, memory, and hard disk are also produced domestically, plus the latest version of the graphics card and the Hanka integrated into the motherboard, as for the other peripherals, it is even more pure.

Such a microcomputer cannot be overemphasized for China's national defense and industrial security. As the head of the Xinke semiconductor system, Ni Guangnan won a progress award because of this, and no one can find fault.

There is no doubt that Ni Guangnan is the banner of technology, but he and everyone in the conference room today actually have a similar problem.

The current management team of Xinke is too young. This youth refers not only to their age, but also to their status as managers, and they are still too inexperienced.

The new technology group, which is only eight years old, will inevitably have impulsive times and make mistakes. If you want to grow into a truly long-established international consortium, this is an inevitable stage for it.

The problem, however, is that today's ST Group has no capital to make mistakes relative to the Chinese economy.

If you make a mistake, you will not only be doomed, but also cause unimaginable disasters in the situation of China's reform and opening up.

For the management team of Xinke, a risky choice was now in front of them. Will we adopt a prudent fiscal strategy, or will we adopt an aggressive fiscal strategy?

This choice is not only about themselves, about Xinke, but also about the fate of tens of millions of enterprise employees, and even all 1.2 billion Chinese.

In the 90s, all aspects of the ST Group's business began to grow explosively.

In the case of the battery division, with the acceleration of the promotion of lithium batteries, more and more electronic devices using lithium battery technology are used. Originally, Xinke Group occupied more than half of the market share in the lithium battery market, but in recent years, due to a large amount of capital entry, it has also begun to be diluted, until today's market share has fallen to 15%.

For Shen Qianzhe, if the investment is not increased, then Xinke, as the pioneer of the lithium battery market, may fall below 10% of the share is just around the corner.

As one of the main businesses of ST Group, this will undoubtedly pose a threat to the Group's business stability.

"We're actually losing bargaining power. ”

Shen Qianzhe pursed her lips, her eyes were not only on Wu Di, but to explain the difficulties encountered in the battery business to everyone.

"Last year, we raised the price of PI film twice, and raw materials such as lithium iron phosphate were limited by the backward equipment and technology in Qinghai and other places, and the domestic supply capacity could not be improved, so we could only rely on imports in large quantities. But from the middle of last year to now, the price of lithium mines has increased by at least 30%!"

"Please note that Argentina, Bolivia and Chile have more than half of the world's lithium reserves in the world, but the highest production capacity is Australia, because Australia has sufficient capital and advanced technology, so that Australia's mining groups have a considerable say in the pricing of international lithium resources. Originally, we could maintain the negotiation advantage with Talison Mining in Australia, but in recent years, the number of producers in the lithium battery market has increased, and it has been difficult for us to get raw materials at preferential prices. Even because the Japanese consortium has a better relationship with European and American capital, Panasonic and Toshiba have an advantage over us in the cost of raw materials. ”

"If we can't maintain our advantage in scale, we will soon be driven out of the lithium battery market by Japanese companies, which is not alarmist!"

"This is exactly the sailing of the sea, if you don't advance, you will retreat. ”

Lu Yinglong, who was seatier than Shen Qianzhe, nodded with deep feelings, and sighed: "We are currently unable to produce semiconductor-grade silicon wafers, and if the Xinke wafer factory cannot maintain its scale in demand, it will soon lose our cost advantage." Although the profitability of the fab is very good at present, the expansion demand is greater, and last year's profit was almost eaten by the new production line and process upgrading. But seeing that Inter is about to go to the 800nm process production line again, we are working very hard to follow!"

As soon as Lu Yinglong spoke, the conference room was suddenly quiet.

If the lithium battery market is the fist product of Xinke, then chip semiconductors are the core business of Xinke. Compared with the investment of the new technology wafer factory, the budget of the lion of the battery division is not even a fraction of that of others.

Even if someone wants to compete with the fab for the budget, then weigh their own catties first. With Hu Wenhai's attention to the wafer factory, the budget has always been fully supplied, and no one can grab Lu Yinglong.

However, if we really want to fully meet the budget of the fab, even if we invest all the capital of ST Group, I am afraid that it will not be able to fill Lu Yinglong's needs.

Such a big Buddha personally ended up on the field, which is undoubtedly a decisive weight.

"We don't have that much urgency for process requirements in power semiconductors. ”

In the midst of the silence, a voice suddenly sounded: "At present, we can be completely satisfied with the domestic power semiconductor market." As for the international market, the Xiangjiang wafer factory is the main force. Instead of investing funds in the expansion of the fab, we hope that the Academy of Sciences can take out the IGBT technology as soon as possible and complete the technical upgrade of IGCT power semiconductors. ”

Lu Yinglong has a unique position within the group, but Shiraishi also has deep qualifications.

He and Xiao Yeqin have been colleagues for many years, and when Hu Wenhai developed the red dot sight, he quit the iron job of the National Research Institute, and followed the old Hu family to fight the world. The laser guidance system that he later developed was of great significance to Hu Wenhai in opening the door to the military industrial system.

A few years after that, Hu Wenhai cooperated with the Ministry of Railways to develop the electric drive system of trains with IGCT technology, and introduced MTU diesel engines to help the Ministry of Railways achieve leapfrog development of technology.

With the promotion of IGCT technology in China, the power system has ushered in a period of rapid development in China, and the demand for power semiconductors has shown a blowout growth.

Unlike digital semiconductors, power semiconductors do not have such high process requirements. From a certain point of view, it is even more advantageous to have a lower line width.

Therefore, in order to meet the domestic demand for power semiconductors, at the end of the eighties, using part of the "backward" equipment of the Xinke wafer factory, Hu Jiefang built a power semiconductor wafer factory in Dagang that specializes in supplying the northern market, and by the way, the chip demand of CNR can be satisfied.

And the position of the new fab manager fell on the head of Shiraishi.

"Competing for capital with large international enterprises is our weakness. Rather than this, it is better to invest limited funds in technology development, which is the traditional strength of our new branch!" Bai Shi didn't look at Lu Yinglong, who was frowning deeply, and said eloquently: "Fight for cost and scale, when is such an investment a head? In the end, the market collapses and is nothing more than pulling everyone to die together." With this resource to invest in the research and development of new technologies, we can really drive our opponents out of our market by using the technology generation gap. ”

"Take our power semiconductor market as an example, IGCT chips can hardly compete with Xiangjiang wafer fab internationally. But as long as the research and development of IGBT is completed, the world's tens of billions of dollars of power semiconductor market will become our bag, a real profit!"

Shiraishi's statement completely ignited the war in the conference room. All parties have different needs for financial strategies, and naturally they want the budget to be tilted in the direction they want. Let me go here, maybe it will involve the whereabouts of hundreds of millions of funds, and no one dares to relax a little, and it will inevitably be fought for on the basis of reason.

"Technological breakthroughs in batteries don't seem to be easy at the moment!"

"No, the breakthrough in communication technology is very fast, I think we can increase R&D investment, and the financial strategy should be based on stability. ”

"Chips need to increase investment, and we must compete with international giants with the greatest determination!"

"If we don't expand the production line, we don't even have the qualifications to compete with others!"

"I think I still have some confidence in scientific researchers, so it is too arbitrary to conclude that there will be no technological breakthroughs?"

......

Everyone here is a business elite, and the so-called elite is naturally different from ordinary people. Over the years, at least one thing has been trained, and that is resilience in the negotiation arena.

Those who can't hold on to the negotiation arena have long been eliminated and won't be in this conference room at all.

So many management got together and argued for a whole morning, but there was no progress at all. This is often the case in business negotiations, and those who can't survive and don't have the ability to flip the table can only accept conditions that are unfavorable to them.

It's just a morning of confrontation, and the effect of opening their voices hasn't even been achieved for them.

Taking advantage of this gap during the lunch break, many people pinched their cheeks and tried professional throat opening techniques.

"I'm a little worried......"

Hu Wenhai was seated at a distance from the crowd on either side of the table, so that he could observe the entire management team of ST with a detached attitude and make decisions from a higher level.

Of course, on the other hand, as the "Taizong" of Xinke, he has absolute authority over any decision made by Xinke. Just sit away from the meeting, and no one will think there's anything wrong with it.

Hu Wenhai looked at the Xinke management team who were full of spirits and came back, tilted his head and was silent for a long time, and then let out a long sigh and whispered to Chen Fa or to himself.

"Have you ever heard of the saying that there are people who betray the class, and there are no classes that betray the class?"

Mr. Hu ...... Asking me?"

Hu Wenhai shook his head, and his eyes swept over the faces of the Xinke management in front of him: "You see that Xinke is just a company that has only been established for eight years, and these people here may not have a long life at all." But from their eyes, I can already feel the desire for capital. It is as if the innate instinct of human beings, when conditions allow, will immediately revive from human nature. ”

"Whether it's new technology or not, whether I want it or not, it's now a banner for private capital in China. And these people have unconsciously adapted themselves to their new class. Chen Fa, what do you think I should do?"

"The market economy is inherently permissible to private enterprise. Chen Fa's doubts about Hu Wenhai were a little inexplicable: "The management is in the interests of Xinke, is there anything wrong with this?" ”

"Of course there is. Hu Wenhai silently looked at the people below who were already gearing up and ready to continue the next round.

"I'm worried that the dragon slayer will eventually become a dragon himself. ”

"I set up a new department to use it to take us further. It's a car, it's a horse, it's a tool. But this tool, it is already giving birth to its own will. ”

Chen Fa hesitated for a moment, not knowing why Hu Wenhai suddenly had such a worrying thought, shook his head and comforted: "With the prestige of President Hu, your will is the will of Xinke." ”

"I'm just a human being. ”

Hu Wenhai shook his head with a gloomy face: "If we continue to develop according to the current trend, sooner or later, Xinke will become a shortcut to power for capital." When the time comes, if I stand in the way of this shortcut, I'm afraid I'll be crushed as well. ”

"If I hadn't been involved in this budget meeting, I wouldn't have known that the new section has completely deviated from my position in it. ”