Chapter 646 Foreign Takeover?

It's not that financial capital can't be touched, but that's usually when financing is in the early stage of a business. A company as mature as microelectronics would not normally do this.

What is financial capital? That's about eating meat.

Industrial capital can tolerate low rates of return and long investment periods, but financial capital cannot.

At that time, the microelectronic equipment was backed by the Huijia system, and it was a thriving scene. Director You had to play a big game, and sought hundreds of billions of subsidies with Peak Capital, and even did not hesitate to turn his face with Huijia.

It's good now, the mutton is still in trouble if I don't eat it.

At this time, it is too late to talk to others about mergers and reorganizations! It is almost the same to talk about acquisitions, and they are being acquired by others.

Even, in the current situation, people may not even be willing to buy. If Li Qi is Populus euphratica, he will sit and wait for the bankruptcy of microelectronics. If there is a day, microelectronic devices can still sell cabbage at a price?

Li Qi was annoyed, and he simply didn't talk nonsense with Director You here, he had something to do, so he left with a shake of his hand.

Director You stayed alone in the conference room, but he was not angry with Li Qi. He just feels that the future is bleak, the three major shareholders of a company have their own plans, and I am afraid that this hurdle will not be passed!

In the following days, Li Qi was too busy to touch the ground, but the task of reconstructing the supply chain was a long way to go.

If nothing else, optical lenses, which are a key part of the objective lens, are difficult to find alternatives.

Previously, the objective lenses for microelectronic devices were purchased in a complete set from Zeiss Semiconductor, and although the most advanced objective lenses were only supplied to ASML, the objective lenses that are currently available do not affect production.

Recently, news broke out from North America that ASML is in talks with Zeiss Semiconductor to take a stake in the company.

ZEISS Semiconductor and ASML have a close cooperation with each other, and in order to maintain this partnership, ZEISS Semiconductor has strict restrictions on the export of domestic objective lenses.

In the future, if the suppression of microelectronic devices in North America escalates, it is still unknown whether Zeiss Semiconductor will be able to supply normally.

There is a high probability that microelectronics will not solve this problem.

Then there is the alignment system, which requires near-perfect precision mechanical processes to manufacture high-precision alignment systems. However, the special patented technology in this area is almost controlled by German and North American companies, and it is difficult to find a replacement.

For example, ASML's alignment system with fully pneumatic bearing design technology can effectively avoid process errors caused by bearing vibration. And this system is the technology patent of the North American company.

Bolong Optics will soon face the same problem.

"Mr. Hu, we can still find a way to solve the objective. At present, although the objective lens produced by ourselves is slightly inferior in accuracy, it can definitely be used. However, aligning the system is troublesome, after all, we have never done it ourselves. ”

Hu Yang now also puts a large part of his energy on the side of Bolong Optics, and he and Zhang Xiao, Dai Xiangjun and others basically meet two or three times a week.

Today happened to be the weekend, and Dai Xiangjun and Zhang Xiao came to the International Building again.

After hearing Dai Xiangjun's words, Hu Yang also scratched his head.

After all, Bolong Optics has integrated the technical strength of several major domestic optical and mechanical institutes, and still has a very strong capital in the field of optics.

But when it comes to mechanical issues, he doesn't say that his eyes are black, but there is nothing too good to do.

"Mr. Hu, this kind of thing is probably still to find the top scientific research institutes in China, in addition, there are many small and medium-sized machinery enterprises in China, and they are also very good, but we have not cooperated with others before. ”

What Zhang Xiao said is a kind of thinking, and it is difficult to say whether it can be effective, but after all, there is a direction for efforts.

"That's okay, the objective lens will be handed over to Mr. Dai to be responsible, don't be afraid to invest in research and development, you write a report as soon as possible and submit it to the board of directors.

Mr. Zhang, to open up the supply chain of high-end lithography machines, I will trouble you to go into battle in person. My requirements are not high, and I am very satisfied with the results within half a year. ”

Hu Yang thought about it and assigned tasks to the two of them.

The acquisition of microelectronic equipment is not a one-time thing, and the other party has not reached the point of exhaustion. But in any case, Populus euphratica will never give up.

Don't look at the huge difficulties that microelectronic devices are encountering nowadays, it seems that anyone can jam his neck. In fact, this company also has its own advantages.

For example, with the exception of ASML, only microelectronics in the world have this technology.

Double workbench can greatly improve work efficiency.

This technological breakthrough is a major step forward for the industry. This allows the lithography machine to expose wafers on one bench and pre-align on the other bench at the same time, and get feedback on the results at the first time.

The result is an increase in productivity of approximately 35% and an increase in accuracy of more than 10%.

This is just one of the many advantages of microelectronics, which also require a long period of technical accumulation.

Therefore, for microelectronic devices, Populus euphratica is a must-have.

Zhang Xiao and Dai Xiangjun left Hu Yang's office after finishing today's routine report.

Yu Hongbo saw the stitches, knocked on the door and walked in.

"Mr. Hu, during this period of time, microelectronic equipment has plummeted continuously, and its stock price has approached the 40 yuan mark. I took a look just now, and the price at that time was 41.28 yuan. ”

The microelectronic device unsurprisingly fell below the issue price and became a diving star in the stock market during this time.

At the same time, the market is not doing very well and is rushing towards 3,000 points.

Hu Yang nodded, indicating that he knew. He didn't have much to worry about the collapse of microelectronics.

Market capitalization is not a very important thing for him.

Hu Yang's shareholding in microelectronic equipment is more than 19% but less than 20%, and he does not need to mortgage his shares to take out loans, nor does he need to maintain the stock price for follow-up financing arrangements, so his mentality is relatively stable.

But for some people, such as Yang Hu and Wu Zunyou of Summit Capital, this is very sad news.

At the beginning, the bank promised them that they could borrow 6 billion yuan by mortgaging the equity of microelectronic equipment held by Summit Capital. But at that time, they felt that it was less, so they went back and forth.

I didn't expect it to be delayed like this, and the situation changed abruptly. Now when I go to the bank, people are hesitant to even take out a loan of 2 billion yuan.

Yang Hu and Wu Zunyou are about to vomit blood, and the 10 billion yuan they invested at the beginning will be wasted if they don't do well.

On this day, Wu Zunyoushen mysteriously asked Yang Hu out alone, and said that he wanted to have a good talk with him.

"Mr. Wu, is it necessary for us to be so formal?"

Yang Hu came to a private club at the invitation and met Wu Zunyou, who was waiting.

"Mr. Yang, today's events are a little special, there will be guests coming in a while, and it is impossible to say it if it is not formal.

One thing I want to tell you about is that Nikon sent people to contact me. They're interested in equity in microelectronics, what do you mean?"

Wu Zunyou's usual breeze is gone. His heart was also anxious.

The stock price of microelectronic devices is falling day by day, and the market value of their stocks has been shrinking.

Until today, the restrictions in North America have not been officially introduced at all.

Can he not be in a hurry?

"Nikon......? Mr. Wu, I'm afraid this will be a little troublesome, unless the magic capital nods, I think it's very suspenseful. ”

Even if microelectronic equipment is going downhill, it is a company that the city has been focusing on. The introduction of Nikon and the introduction of Summit Capital are completely different things, no wonder Yang Hu is a little worried.

"I'll do the work over there in the magic capital, and the Huijia department needs you to have a good talk with Hu Yang. Nikon tentatively quoted a price, and they were willing to pay 5 billion yuan to acquire our entire equity in microelectronic equipment. ”

When Wu Zunyou said this, his heart trembled.

Really, it's distressing.

If the shares are transferred at this price, it will probably only be able to recover more than 5 billion yuan and less than 6 billion yuan, which means that this investment will not only make no money, but also lose more than 40%.

But if you hold on, maybe you won't even have this price, and who knows if the value of this part of the equity will fall to 1 billion yuan or even lower in the future?

But fortunately, both of them are veterans in the capital market, and they can still see through making money and losing money.

Yang Hu sighed and said, "Then let's talk about it first, it's really not okay, it's only like this." ”

No one dares to guarantee that they will be 100% successful in the matter of investment. No matter how powerful the investment master is, there are times when he goes to the wheat city.

Therefore, investment is about risk control and stop-loss ability. It is about the profitability of the whole rather than the profit and loss of a single case.

Wu Zunyou and Yang Hu unified their understanding, and soon reached an intention with Nikon, and Peak Capital will sell its equity in microelectronic equipment at a price of 5.2 billion yuan.

Of course, there will be some problems with this deal,

First of all, it is necessary to obtain the consent of the largest shareholder, the state-owned assets of Modu, and it is best to get the approval of Huijia Populus euphratica at the same time.

Secondly, there is no objection within the company, and it has to be approved by the relevant domestic departments.

Otherwise, Yang Hu thinks it will be very troublesome to find foreign capital to take over?

"It can't be! Even if I wanted to promise you, the city wouldn't agree. Also, you can't get the approval of the relevant departments. Believe me, it is more appropriate for you to find a domestic company to transfer equity. ”

For this purpose, Microelectronics once again convened an extraordinary board meeting.

Yang Hu, Director You, Hu Yang and others did not fall behind, and they all came to the meeting.

After listening to Yang Hu's narration, Director You immediately expressed his opposition. If you don't object to it, you can't do it, and he doesn't dare to carry some pots.

"Director You, Nikon, as a veteran manufacturer of lithography machines in the world, has a technical strength, needless to say, you also know it in your heart.

Now that the company is facing the risk of supply chain disruption, with Nikon joining, is it more certain to restructure the supply chain?

As for the approval of the customs department, I will figure it out myself. You can all think about it, the company has been going on like this, and it is difficult to escape the fate of going out of business. Now, with the possibility of resurrection, will the relevant departments oppose it?"

Yang Hu is clever and tongue-in-cheek, according to what he said, the introduction of Nikon is equivalent to ushering in a big savior?

Director You hesitated a little again, and could only say that the big cake painted by Yang Hu was really tempting. He couldn't make up his mind, so he turned his head and glanced at Li Qi.

Li Qi, as the chairman of the company, is also the convener of this meeting.

He thought for a while before asking, "Mr. Yang, is it just a simple equity transfer?"

"Ahem, the conditions are still there. But rest assured, the conditions are not harsh at all. Nikon has promised to have them to protect the company's supply chain and provide some technical support.

Correspondingly, Nikon proposed that they also share some technologies for microelectronic devices, such as dual workbenches, and so on.

In addition, in order to avoid the suppression of the company by the North American upgrade, the other party requires that some conditions be set for future product sales. For example, it cannot be used for military purposes......"

Yang Hu feels that Nikon's conditions are generally not excessive, and the technology sharing is also based on the principle of fairness. It's just that the last one is a bit excessive, and I guess everyone won't agree.

However, this article should be a negotiation condition deliberately thrown out by the other party, which is a means of negotiation and can be backed down.

Otherwise, the relevant authorities will never approve the deal.

Li Qi hesitated for a moment and said, "The last one doesn't need to be mentioned again, the others can be discussed." ”

Yang Hu was overjoyed, he knew that now Director You had taken Li Qi as a life-saving straw, as long as Li Qi expressed his attitude, it almost represented Director You's decision.

So, he turned his head, looked at Hu Yang and smiled: "Mr. Hu, what is your opinion?"

Hu Yang glanced at the audience, feeling a little disappointed.

He was not disappointed in Yang Hu and Director You, but a little disappointed in Li Qi. Don't you really see the problem, or do you see that you're pretending to be confused?

"My opinion is to resolutely oppose this deal! I will not say anything else, and I believe that the departments concerned absolutely do not want to see major domestic equipment enterprises being controlled by foreign capital in the end. ”

Nikon what purpose, Populus euphratica's heart is bright.

People are running for the double workbench, but also for the accumulation of microelectronic equipment for several years.

This is actually the same as Hu Yang's idea of buying microelectronic devices.

What is the difference? The difference is that if Hu Yang controls the microelectronic equipment, he will never get stuck in the neck of a domestic enterprise.

But if it is controlled by foreign capital, it is difficult to say.

No one expected that Populus euphratica would be so resolute that there was no room for anything. Several people quarreled in the conference room for a long time, and in the end, Director You was noncommittal, and in the end, there was no result in this matter, so they could only break up unhappily.

Yang Hu walked out of the conference room with an unhappy face, came downstairs and got into the car, Wu Zunyou was waiting for him in the car.

"Doesn't look like it's going well?"

Wu Zunyou seemed to be mentally prepared, and the expression on his face did not change at all.

"What's more, it's not going well? That poplar jumped out and resolutely objected, Director You swayed from side to side, and this matter is likely to be yellow again. ”

Yang Hu didn't quite understand Hu Yang's thoughts, he was ready to admit compensation and get out, what are you still stirring up in it?