Since Goldman Sachs dared to come to Huaxin Technology, it naturally had a detailed investigation and research on Huaxin Technology.

Although the financial affairs of Huaxin Technology are not disclosed, the main business can be seen.

The most high-quality graphics card business is naturally, and the Ranger graphics card has shipped more than six million pieces worldwide, with an estimated revenue of about $1.5 billion;

The revenue of Kunpeng professional graphics cards is estimated to be about 300 million US dollars;

HarmonyOS SP system is open source software and is not included in the value for the time being;

Graphics workstation and minicomputer business generated revenues of around $100 million.

The total operating income is $1.9 billion, and according to the revenue profit ratio of most technology companies, the overall profit is about $200 million.

In Goldman Sachs' view, the valuation of Huaxin Technology is 8 billion US dollars, which can be said to be full of sincerity for startups, because although many startups have just begun to gain momentum, with the intensification of market competition, one step of instability is the end of collapse.

Clark said: "Mr. Wang, the $8 billion is Goldman Sachs based on the current operating status of Huaxin Technology, as well as the assessment of the future development prospects of the main business, and the detailed quotation requires Huaxin Technology to provide detailed financial statements and corporate planning for the next few years." ”

As soon as Goldman Sachs' offer came out, Huaxin Technology executives, including Zhang Lei, the administrative director, the financial director Shi Conggu, and the financial commissioner Bi Shenghe, although they had expected the company's valuation, they still trembled in their hearts when they really heard the other party's offer.

For many, they have witnessed the growth of the company, and the value of the company that has been in business for more than a year has been valued at a valuation of up to $8 billion by foreign investment banks, and the shock can be imagined.

Tens of billions of yuan, in this era is completely unimaginable, now Wang can be called the richest man in China, even in the world, should be able to rank in the top ten.

For Wang Anran, 8 billion US dollars is too little, and every business of Huaxin Technology will grow into a 100-billion-level supergiant, besides, Goldman Sachs did not calculate the shares of Jiang Yan and the player country held by Huaxin Technology.

Of course, Wang Anran didn't want to bargain with Goldman Sachs today, at this time, Wang Anran really didn't want to pull Goldman Sachs on board.

The reason is very simple, its own CPU has not yet been launched, the graphics workstation has not yet been launched, the new generation of minicomputers has not yet been released, and the second generation of operating systems that provide paid services has not yet been launched.

Now if Goldman Sachs is pulled on the boat, it is clearly sending money to the other party.

Coupled with the fact that Goldman Sachs now wants to look at the financial statements, is Huaxin Technology's intention to enter the chip processing industry open?

Although in the end, sooner or later it will have to be made public, if it is made public at this time, it will definitely touch many sensitive nerves and bring unpredictable risks to the establishment of the chip processing plant in the future.

And Wang Anran can now confirm that as Huaxin Technology becomes larger and larger, the split is imminent.

If capital is introduced, the subsequent split will not only face many risks, but also suffer unnecessary losses.

On the other hand, Clark has run a number of large mergers and acquisitions on Wall Street and has a wealth of practical experience.

But for him, this is the first time Goldman Sachs has spent billions of dollars on a stake in a Chinese company.

When Clark said eight billion US dollars, his eyes did not leave Wang Anran's face, and his experience is that often when the employer quotes, the other party has a relaxed look on his face, which means that his offer is high, and he needs to find a reason to lower the offer.

And the other party showed a bitter expression, it may be that their own quotation did not meet the other party's psychological expectations, and they need to do a lot of work to exaggerate the other party's competitors, so that the other party feels that there is no such store in this village.

And Clark saw that Wang Anran's face did not fluctuate, which made him wonder if the other party's sincerity should be scared.

After all, Huaxin Technology's fist product, the ripper graphics card, is no longer the only one in the past few months, and ATI is ready to take his place.

Under Clark's attention, Wang Anran spoke.

"Mr. Clark, just now you also listed the basis for Goldman Sachs' valuation of Huaxin Technology, I think you missed two points, Huaxin Technology also owns 40% of Jiangyan's shares.

Also, we have a 55% stake in Republic of Gamers, which doesn't count towards the overall valuation!"

Wang Anran plans to ruffle the valuation and drag it out for a few months!

And Clark, obviously came with sincerity, for the relationship between Huaxin Technology and Jiang Yan and the country of players, Goldman Sachs has investigated, Huaxin Technology and Jiang Yan Company have a common research institute, and it is not surprising that their shares are related.

As for the Republic of Gamers, there are even more traces to follow, and when Huaxin Technology released the Kunpeng professional graphics card, it was specially promoted for the product Counter-Strike of the Republic of Gamers.

And according to the investigation, when the world's first CS Counter-Strike Championship was held in the player country, Huaxin Technology sent high-level executives to the platform.

Goldman Sachs struggled with the lack of access to a specific percentage of shares, so it was not included in the valuation, and of course, Goldman Sachs also has a great interest in these two companies.

But this is not the point, Clarke's words forced Wang Anran into a corner.

"Mr. Wang, we can talk about the valuation again, I think we can definitely find a price that we are both satisfied with, and now, Goldman Sachs is more concerned about how many shares Huaxin can be willing to sell and in what way. ”

Wang Anran really wanted to say, can I not sell it?

For example, if Huaxin Technology is valued at $8 billion, Wang Anran can harvest $4 billion in cash by selling 50% of the shares, and the overall size of the company is still $8 billion, unchanged.

The other is to smash the plate and raise funds, Huaxin Technology is valued at $8 billion, and Goldman Sachs must smash another $8 billion to account for 50% of the shares, but the $8 billion in financing will enter the total share capital of the company, and the original shareholders cannot cash out, but the scale of the company has expanded and become $16 billion.

For Goldman Sachs, of course, it prefers to do it in the first way, for the simple reason that according to their analysts' estimates, Huaxin Technology has entered a mature business model, with sufficient cash flow, and can develop under its own hematopoietic capacity.

And for Wang Anran, it is impossible for him to cash out, and whoever cashes out at this time is a fool.

But you can't drive Goldman Sachs away, Goldman Sachs is the first to come, certainly not the last, Huaxin Technology at least has to show that Wall Street investors are still welcome.

After thinking about it, Wang Anran still kicked the ball to Clark.

"Mr. Clark, we believe in Goldman Sachs' expertise in corporate finance, so I'd like to hear your expertise. ”

After hearing this, Clark was directly confused, speaking of which, don't tell me how many shares you want to sell, what advice can I give you?

"Mr. Wang......"

............

The first meeting did not produce any real results, which was a normal outcome for Clark, and it would not have been possible to deal with a corporate equity deal of this magnitude without a few months of arguing.

There are even mergers and acquisitions that require years of gambling and testing.

And after Clark left, Wang Anran was also thinking, what will be the next step for Huaxin Technology?

The original idea was to introduce financial capital into China's chip manufacturing industry and use foreigners' money to develop technology.

Is this model feasible?

To this end, Wang Anran collected many split cases, and held many departmental meetings, and finally set the tone after repeated discussions.

Huaxin Technology only left the CPU Division, the Graphics Card Division, and the DDR Memory Division.

Huawei Software was established, with operating system division and Java language division, because the operating system and Java language investment are large, and there is no profitability at present, so the shares of the player country held by the original Huaxin Technology are handed over to Huawei Software.

Future Technology Co., Ltd. was established, which consists of the minicomputer server division and the graphics workstation division, and 40% of the shares of Jiangyan Company were handed over to the future company.

A month later, after full demonstration, Huaxin Technology announced a split.

When Clark received the news, he confirmed it with Wang Anran as soon as possible, and after Wang Anran replied affirmatively.

Clark said happily to the people around him: "This is good news for us, now the most valuable departments of the original company are all in Huaxin Technology, we can spend less money and get what we want." ”

CPU is still under research, Huaxin Technology will naturally not be announced, Huaxin Technology is now only on the surface of the graphics chip division and DDR video memory division.

Both of these are intellectual property rights and are high-value products in the industry.

Comparing ATI, we can know that ATI's share is not as good as Huaxin Technology, but its performance in the capital market has been valued at more than $10 billion.

Moreover, Goldman Sachs found professionals to compare the products of Huaxin Technology and ATI in the world, if ATI was not because of more advanced manufacturing processes, its performance would be beaten by Huaxin Technology.

And Goldman Sachs has so much to do in it.

Clark wanted to take the lead first, but the next news made him dumbfounded.

On the eve of China's traditional school season, the spun-off Huaxin Technology announced that it will open a financing window to investment companies around the world, and is expected to raise $2 billion for the development of next-generation display chips, DDR memory, and new businesses.

As for what new business to carry out, Huaxin Technology did not explain.

For a time, not only investors around the world were shaken, but also anxious in the IC industry.

After all, the aftershocks left by the ripper graphics card are still there, especially ATI, which is now busy developing the next generation of display chips, and its target is the ripper 109 graphics card.

ATI hopes that the single-core performance of the next-generation graphics chip can be connected to the performance of the ripper 109 dual-core graphics card.

But will Huaxin Technology be restrained?

With $2 billion, what business does Huaxin Technology want to develop?

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