Chapter 614 Large, Countercyclical Investment

If you can't even cope with a new round of price war, Charm Semiconductor will really be defeated by others.

Now I'm going to talk about my second idea, which is countercyclical investing. ”

Countercyclical investing is no stranger to anyone here. The most typical is the S star, relying on his own wealth, while using the means of price war to force the opponent into a corner, he is quietly expanding the scale of production.

When the dust settles in this round of price wars, the price of memory chips has also fallen to the floor. Just when the next round of business cycle arrives, S Star can release its production capacity to its fullest, but other opponents can only sigh.

Why can't others make countercyclical investments?

On the one hand, this is the reason for technical strength, if you don't have leading technology, you don't have leading products. If you can't guide the consumption trend, what do you want to do with such a large production capacity?

Another aspect is that countercyclical investment needs to be guaranteed by sufficient funds. But most of the manufacturers that have been baptized by the price war are not bad if they don't go bankrupt, where do they get the huge amount of money to invest in building factories? This is the difference between thinking and doing.

"Mr. Hu, I am confident in technology, especially in flash memory, we can definitely achieve the world's leading. However, if this plan is carried out, our financial pressure will be too great. ”

Yan Hanzhang is well aware of the strength of the Charm Research Institute, and under the leadership of Yang Chenglin and Takuya Sakamoto, both in terms of mobile device memory and flash memory, they have embarked on a very distinctive research and development path.

At this point, Yan Hanzhang is not worried, he is worried about the problem of funds.

Charm Semiconductor is now being suppressed by North America, and its shipments have dropped significantly, and it is already facing survival pressure. If you want to make countercyclical investment, the funds required are in tens of billions, which is very huge.

"Yes, Mr. Hu, even if Charm Semiconductor carries out a new round of capital increase and share expansion, the funds that we can take out will not meet the requirements.

We all know that you are Mr. Hu's wealth, and it is not a problem to take out tens of billions. But if you really want to pay for it alone, isn't it difficult to calculate this equity?"

Chen Hao immediately picked up the conversation, not because he was stingy, but because it involved changes in the company's equity, no one would be insensitive.

Yes, at present, Charm Semiconductor is experiencing great difficulties, but the difficulties will always pass one day. If you weren't optimistic about the company at that time, everyone wouldn't have invested. Now that the investment has been made, under normal circumstances, everyone does not want the company's equity to change too much.

Because the amount of financing this time must be large, large enough to change the status quo.

Gao Mingkang didn't speak, but he also hoped that Hu Yang could give an explanation.

"Who said I was going to invest by myself? No, Manager Liang is still here, so I'm thinking about letting Hi-Tech Venture Capital come forward."

At the beginning, I initiated the establishment of this fund to support the development of the domestic semiconductor industry. Nowadays, Charm Semiconductor is in urgent need of funds, and Hi-Tech Venture Capital will naturally not sit idly by.

As for the way of financing, it is more prudent to issue corporate bonds. Other financing methods are either dilutive or difficult to approve. ”

Hu Yang will not cause internal discord at this time, and he has no idea about the current equity situation, so he will not consider the way to increase capital and shares.

He has a better way.

When Liang Yu heard this, his mouth moved, but he still didn't speak.

"Manager Liang, you also heard Mr. Hu's suggestion, do you have any problems there?"

Chen Hao noticed Liang Yu's expression and asked.

Liang Yu thought for a while and said:

"Mr. Hu, the current funds of the fund are quite abundant. However, I've recently received quite a few applications from up-and-comers in the semiconductor industry, some of whom have already passed the assessment. ”

This is a very euphemistic remark, but the meaning is very clear, that is, if all the funds are given to the Huijia system, then Liang Yu will not have the energy to support some other companies with potential.

"Mr. Hu, it seems that the funds of high-tech venture capital are not very abundant, which is a bit difficult to do. In addition, even if the funds can be taken out, if the debt ratio is too high, it may be difficult for the company to bear it. ”

Gao Mingkang thought of other aspects, that is, the problem of corporate debt ratio.

Doing business must consider the cost, needless to say the benefits of debt management, but the disadvantage is also obvious, that is, the cost is very high.

If Charisma Semiconductor is now very profitable, it is not a big problem. However, in the face of the suppression in North America, the decline in corporate efficiency and the excessive cost increase are indeed unaffordable.

"Haha, you guys say it one by one, it's like a machine gun, I can't hear it clearly. ”

Hu Yang laughed and made a joke.

"Let's come one thing at a time, first let's talk about the problem of funds. Manager Liang, you don't have to worry about funds, I decided to invest another 20 billion yuan in the name of Huijia International Investment. ”

At present, the funds on the books of Huijia International Investment are divided into two parts, one of which is in Hong Kong, with 3 billion Hong Kong dollars. The other part is in the mainland, and after paying 100 million yuan to Shenhai Jinko, there is still 64.184 billion yuan left.

If Hu Yang invests another 20 billion yuan in the high-tech venture capital fund, there will still be 44.184 billion yuan and 3 billion Hong Kong dollars left in the account of Huijia International Investment, and the funds are still abundant.

"Mr. Hu, don't you think about this? After all, the rate of return you invest in high-tech venture capital funds will not be very high, which is a bit cost-effective. ”

Everyone is getting along well, Chen Hao hurriedly opened his mouth to remind.

"It doesn't matter, it's better than keeping it in my account all the time. ”

Hu Yang nodded at Chen Hao, and then said nonchalantly.

For him, money is only valuable when it flows, and there is no point in lying on the account.

The matter of funds has been solved, and a stone in everyone's hearts has fallen to the ground.

However, the cost of financing is still under pressure.

"Now, I'll talk about the cost of financing. At present, the share price of Charm Semiconductor must be clear to everyone, as of the last trading day, the stock price has fallen to near the issue price, closing at 3.99 yuan. ”

When Charm Semiconductor was listed, the issue price was 3.80 yuan, and now this price is about to fall below the issue price?

Even if a few people don't usually care much about the company's stock price, their faces are not very good-looking after listening to it at this time.

Unexpectedly, Hu Yang paused slightly, and then continued: "I estimate that it will soon fall below the issue price in the next two days, and even the integer mark of 3 yuan will be broken sooner or later." ”

In other words, is it possible that the stock price of Charm Semiconductor will fall to 2 yuan or lower?

"Then our losses will be great! Mr. Hu, do you think we should turn around and trust the market?"

Chen Hao calculated carefully, and if it fell again, the company's market value would be ugly.

"I was about to talk about the problem, but this time it was due to a fundamental change in the company's fundamentals, so the stock price has gone completely bearish. I estimate that the company's stock price will gradually stabilize after falling below 2 yuan.

Ladies and gentlemen, if the company's share price falls below $2, I would like to make a share buyback. I am confident that the company's share price will re-enter an upward channel as the company's fundamentals improve. If we repurchase shares at a very low position, it is equivalent to locking in the premium part of the next financing in advance. ”

Buying back shares and then canceling them will naturally increase the gold content of each share.

This is not the point, the point is that in the future, as the company's fundamentals improve, the financing premium will also increase.

Without affecting the rights and interests of major shareholders, the surplus obtained is sufficient to offset the financial expenses for the next three years.

This is Populus euphratica's calculation!

"Hiss...... It's a bold idea, but it could work. ”

Yan Hanzhang and the others are not engaged in finance, but after spending a few minutes, they can still understand the meaning of Hu Yang.

To put it bluntly, it is to reduce the shares when the stock price is very low, and then issue additional shares at a premium when the stock price rises.

After the reduction and expansion, the shares held by the majority shareholders are basically unchanged.

"Figured it out, if it's okay, just do it. Manager Liang, after you go back, take out a charter, and then go to discuss with Mr. Yan. What I mean is that the amount of financing provided to Charm Semiconductor this time is 30 billion yuan.

Gao Kechuang Capital can buy 20 billion yuan of bonds from Charm Semiconductor, and there are 10 billion yuan, and Mr. Yan will find a way to borrow from the bank. The loan was agreed to by the province and the city, so it should not be a big problem. ”

Even he has contributed 20 billion yuan, and the support promises promised by the province and the city should also be fulfilled.

With Hu Yang's understanding of Qi Xiangmin, there really won't be any variables in this matter.

"Okay, Mr. Hu, I remember, I will give the highest priority to the financing of Charm Semiconductor. ”

Liang Yu didn't say much, Hu Yang paid out of his own pocket to enrich the fund, he just had to do it.

Yan Hanzhang also says:

"Mr. Hu, I will implement the issue of corporate bonds and loans as soon as possible. In addition, I will come up with a plan for strengthening R&D and building a new factory within a week. ”

With a huge amount of money, it is not for the purpose of putting it on the bank account to eat interest, this money has to be spent, and good steel must be used on the blade.

Hu Yang nodded, everyone added some details, and today's meeting ended.

Speaking of which, whether it is Gao Mingkang or Chen Hao, they have cooperated with Hu Yang for so long, and they already have a tacit understanding. Otherwise, how could a bill involving tens of billions of dollars be passed so quickly?

"Mr. Hu, Mr. Gao, let's have a meal together, you see, it's getting dark. ”

Yan Hanzhang and Liang Yu had to work overtime at night, and as soon as the meeting ended, they ran faster than rabbits.

Hu Yang and Gao Mingkang walked unhurriedly at the end, and as soon as they arrived downstairs, they saw Chen Hao standing there and hadn't left.

"Eat, okay, then let Chen Dong break the bank. ”

Hu Yang hesitated, if there was no need, he really wanted to go home and stay with the little guy more.

But Chen Hao's face has to be given, who made him Chen Jialin's father.

Gao Mingkang did not refuse, so the group of three came to a seafood restaurant.

"Mr. Hu, I don't think the fruit company should keep an eye on it too closely. I know your primary target right now is Wesley, and fighting on two fronts is a taboo. ”

The wine and food were all together, and the three of them chatted while eating and drinking.

Chen Hao was gossiping when such a sentence suddenly popped up.

"Chen Dong, it's not that we are staring at it, but that the fruit company is staring at the charm electronics. Nowadays, it is also difficult for Mermatic Electronics' products to enter North America, unless they give up their cooperation with Merky Semiconductor.

In this case, the domestic market is the most important, and Charm Electronics must squeeze the market share of its competitors. As for the European market, the competition is very fierce, and we have to cheer up 120,000 points if there is a fruit company or not. ”

Although he didn't know the intention of Chen Hao's previous sentence, Hu Yang still patiently explained.

"The truth is true, but if the fruit company is squeezed too hard in the domestic market, the suppression faced by the entire Huijia system may continue to escalate. ”

Chen Hao's eyes showed a little helplessness, this problem is not solved.

"Chairman Chen, please relax. We must not be afraid of North American suppression, so we will not dare to compete with them, right? Besides, even if I am willing to make concessions, is it useful? I am afraid that if we are a little weak, we will usher in a storm-like blow. ”

Hu Yang didn't say much, and now there are some problems that Chen Hao can't see clearly, and he doesn't blame him.

But as a "person who has come over", his memory will not deceive, he knows better than most people at the moment that some countries do not allow others to surpass it in the high-end industrial chain.

It is precisely because Huijia is qualified to threaten the North American semiconductor industry that it will be suppressed wave after wave.

"Chen Dong, I also think that Mr. Hu is right. Let's not think about those useless things, just bravely meet the challenge, I can't kill a way out if I don't believe it. ”

Gao Mingkang can see it more clearly, so he has never had any illusions.

Chen Hao didn't continue to argue, just silently drank a glass of wine.

"Mr. Hu, I have already received news that the provincial department intends to hand over that woman to Xiangjiang. So far, I don't have anything to say, when Jialin comes back from Europe, you can persuade him. Well, I still have some things, go first, you and Mr. Gao will sit for a while. ”

After Chen Hao finished speaking, he drank another glass of wine, then stood up and walked out of the private room.

"What's the matter with Dong Chen? Didn't he take the initiative to invite us out for dinner today? Why did he leave first?"

Gao Mingkang was very puzzled, if he argued with his own people, he would not turn his face.

Hu Yang was silent, he finally understood why Chen Hao wanted to mention the matter of the fruit company.

Although Chen Hao is not interested in Liu Jia, he must feel sorry for his granddaughter. If Liu Jia is handed over to Xiangjiang, won't her granddaughter become a motherless child?

It is estimated that after Li Kailong and others discussed, they felt that it was difficult to keep Wesley, so they thought of using this matter to coerce Chen Hao and ask him to come out and say a few words for the fruit company.

But it's a pity that it is difficult for Chen Hao to thwart Populus Hu's plan with a clear conscience. His words before going out were tantamount to confessing to Populus euphratica.