However, 2012 is not always good news, the once intimate HTC, with the sudden rise in the mobile phone industry, more and more confident Mr. Wang, for Liu Ruoyi's side relying on the strategic development direction of PCCW is more and more out of tune, and finally broke up in the middle of the year, Liu Ruoyi invested in HTC shares, although the negotiation was taken over by the island's consortium funds.

Although this time is no longer HTC's peak market value of more than $30 billion, the HTC investment group, which is eager to get back more than 40% of Liu Ruoyi's shares, paid nearly $15 billion to get Liu Ruoyi's HTC shares through part of the premium.

The HTC G series, which is popular in the market, has abruptly ended its close partnership with Pccw's high-end custom mobile phones, and Pcycw is no longer a priority customer on HTC's side.

Although it has brought a certain passivity to Liu Ruoyi, it is no longer in urgent need of customized machines to expand its territory at this time, and it has only delayed the expansion of high-end users in Southeast Asia a little.

The more important blow came from across the ocean.

End of 2012.

Xiangjiang Yongxiang Building. This is the headquarters base where Liu Ruoyi often sits.

"Sister Annie, the regulators in the United States have rejected PCCW's acquisition of Sprint, arguing that it is not in the interests of the United States. Fu Yunhui hurriedly walked into Liu Ruoyi's office with a printout of a briefing.

Liu Ruoyi took it, looked at it carefully, and smiled bitterly.

I didn't expect that people are not as good as heaven, and the acquisition of Xiangjiang Telecom operators has become so sensitive, and it seems that their wishful thinking is bad this time.

Now everything is ready, only the east wind is owed, but the east wind is not destined to come!

The financing of 5 billion dollars has been put in place, and even the loan funds have been arranged, and now it is good, everything is starting from scratch!

"Tomorrow, PCCW will be suspended, make an announcement, due to regulatory reasons, give up the merger and acquisition of Sprint!" Liu Ruoyi reluctantly instructed Fu Yunhui.

"Okay, the public relations department has started to prepare, Mr. Ma, the secretary of the board of directors, has already known about this matter, and everything is operated in accordance with the steps in our plan that cannot pass regulatory approval. After Fu Yunhui finished reporting, she hurriedly went out to do things.

Now this is a first-class event, tomorrow before the stock market opens, we must first ensure that the market is stopped, and then the news is released before reopening, now the time is already after eight o'clock in the evening, there are still many links that need to be coordinated, Fu Yunhui must implement the failure of the plan to close the plan.

When Fu Yunhui went out, Liu Ruoyi fell on the chair, her eyes looking at the ceiling, how long had she not suffered such a setback?

Liu Ruoyi asked herself.

It seems to be a previous life.

This life has been smooth sailing, and everything is the best arrangement.

Whether it is the stormy waves of the financial crisis or the bargaining in mergers and acquisitions, as long as it is in the commercial field, it has a great initiative.

It's not just malls these days.

Telecom is a very sensitive industry, involving the so-called information security, although PCCW is a telecom operator in Hong Kong, it is also theoretically an independent third-party company.

But after all, people look at it differently.

Thinking of this, Liu Ruoyi couldn't help but feel a sense of vigilance again. She suddenly remembered the two embargoed companies in the previous plane.

If I'm not mistaken, it doesn't seem like 2013 is too long.

This may seem like a century ago, but in fact it is likely to happen tomorrow, especially in the three sensitive areas of processors, memory and semiconductor foundry.

Thinking of this, Liu Ruoyi's heart moved, and she grabbed the phone and called Zhang Rujin.

"Uncle Jin, how much capacity do we have now that can be upgraded to the main key equipment for processing 16nm process technology?"

"We have encountered the key equipment that will arrive next year, and we can upgrade to the future 16nm process technology, which should be able to support the maximum production capacity of 600,000 pieces, right? What's the matter? Now it's too early to say that the 16nm process technology is still early, and we will even have a while to break through the 22nm process technology, and it may be difficult to tape out next year." ”

Zhang Rujin asked strangely.

"I think we should determine the pace of the upgrade in advance, and now continue to book the latest model of key main equipment in large quantities in two years, and we will get the first batch, with no less than 15 sets. Liu Ruoyi knows that the supply period of main equipment like ASML is very long, and the order today may not be available until the end of 2014.

Now take advantage of the fact that there is no restraint and hurry up to make future reserves.

"But, Annie, the latest equipment is often not perfect, and it is a bit risky for us to book in large quantities. Zhang Rujin reminded.

"It doesn't matter, don't they provide upgrade services? I guess in the future there will be a focus of competition in the main equipment of advanced process technology, and we want to make a good reserve, anyway, this money will have to be spent sooner or later." If I look at ASML's future product roadmap, the next batch of main equipment will be suitable for the development of 16nm to 7nm process technology, right?" explained Liu.

"We strive to surpass our competitors from 16nm, and form a large number of advanced process production capacity first, the future smartphone market will be a billion level of demand, both high processors and high-end memory demand is much larger than now, this market opportunity we must firmly grasp the opportunity. Liu Ruoyi said with a reason.

Of course, this reason is also very real, and the market for smart phones, which is only more than 400 million units, will really increase to one billion in a few years.

Compared with the development of the network, the improvement of technology, the cost of smart phones in the process of rapid decline, and in a few years, the performance of real thousand-yuan smart machines is very good.

"Okay, I'll take care of it. Zhang Rujin has always admired Liu Ruoyi in this kind of advanced prediction.

What's more, these main equipment really have to be purchased sooner or later, although the early purchase price is more expensive, and there are certain problems with the quality of the product, but as Liu Ruoyi said, these expensive equipment manufacturers have upgrade service support.

Moreover, the supply cycle of this kind of equipment is really a bit long, and if you don't start in advance, maybe the production capacity will become a competitor.

This kind of scarce commodity sometimes makes customers wait for 4 or 5 years longer.

Zhongxin International has always had the assets of Yongxiang Bank and Liu Ruoyi Cornerstone Investment in the two large systems of funds in terms of funds, and the loan is looking for Yongxiang, and the financing is looking at the cornerstone, which is basically Zhang Rujin's routine.

What's more, the cash flow of Zhongxin International Xiangjianglong Factory is not bad, with a profit of more than 2 billion US dollars last year, and the first three quarters of this year have reached the level of last year, and the fourth quarter has not yet ended, and it is predicted that there should be a profit of seven or eight billion US dollars.

Therefore, more than 15 sets of main equipment are still affordable for more than one billion dollars. And instead of paying in full now, you only need to pay a certain amount of deposit.

However, the main equipment is not only ASML, but also other manufacturers, so Zhang Rujin was busy for a while, and spent more than 2 billion US dollars to lock in this batch of supporting key main equipment.

As for some other equipment that can continue to be reused from the old production line, Zhang Rujin is not in a hurry to buy a new one, it is really not possible to upgrade from the old product line when the time comes, most of the equipment in the 22nm process can be used in the 16nm and 14nm process technology, and similarly, many equipment in the 14nm process can also continue to use the 7nm process.

Liu Ruoyi's early consumption will affect the whole body.

After the news came out, SS Company was another meal, they didn't understand Liu Ruoyi's worries at all, but judged that Zhongxin International and AMS were continuing to increase high-end production capacity.

In other words, Zhongxin International and AMS continue to provoke an "arms race" in the field of memory.

As soon as this conclusion was reached, SS immediately reached an agreement with SK, the new controlling shareholder of Hynix, and the two sides compromised to carry out a share exchange merger at a consideration of 30% of Hynix's premium!

Although this result is not very satisfactory on both sides, and shareholders are also talking about it, at present, Lee Tae-hee believes that it is the best solution, he must get out of the competition in the field of ordinary memory production capacity, and use Hynix's production capacity to overwhelm the ordinary production capacity of AMS+ Zhongxin International, and expand in high-end production capacity.

So ASML was very surprised to see two super large orders from the East. Zhongxin International has booked 15 sets of the latest model of equipment, and SS Company has not been outdone by booking 18 sets of equipment of the same type!

These two orders have almost used up ASML's production capacity two years later!

These crazy people of the East!

The president of ASML scolded in his mouth, and was very pleased to begin to arrange the production capacity plan for the next two years, which tens of thousands of spare parts come from all over the world, and it will take more than half a year to order these spare parts, so don't blame the long supply period, this job is really a rare customer's customized products, a lot of them still need to be polished by hand, and they can't be fast.

TMS was a little slower to respond to the news, and when the reaction came, SS Company placed an order and locked it.

Now TMS is a bit passive, the president is in a hurry, almost half of the production capacity in 2014 was booked, and the remaining supply is very small, and the bulk booking can only be postponed for another year to 2015.

Isn't it about to be a year behind the competition? The TMS president almost turned green when he thought that the high-end process was a year behind the competition.

He didn't expect that competitors would be so vicious and directly monopolize the supply of key equipment upstream.

Liu Ruoyi didn't expect that her whim would cause such an unpredictable effect.

Inadvertently, competitors have been put in a dilemma.

...

At the end of 2012, Chandler completed an analysis of the Brazilian telecom operator market and provided PCCW with an M&A proposal report.

"Oi Telecom is a good target for an acquisition, because two years ago they misplaced an acquisition of an object that should not be acquired, resulting in a huge amount of debt, which is now about 30 billion Brazilian reais (about 7.9 billion US dollars). ”

"Oi Telecom, with a share of 18.7 percent in the Brazilian telecommunications market, has 47,737,000 subscribers and is very well built, with wireless systems with a capacity of 46 million mobile subscribers, as well as 14 million fixed telephone lines and 5 million broadband network lines. ”

"The current controlling shareholder holds about 22 percent of the shares, which is now worth 20 billion Brazilian reais (about $5.3 billion) at current prices, and the big creditor holds 25 billion Brazilian reais (about $6.6 billion) in outstanding bonds. ”

"Overall, it is possible to develop a plan that includes debt acquisitions, based on the present value of Oi of $23.6 billion, which is only about $15.7 billion since the present value of debt is removed. We can design the acquisition of BRL 20 billion shares in the hands of the controlling shareholder and the BRL 25 billion outstanding bonds in the hands of the large creditors, and then convert the debt into shares of Oi, which is about 75% of the restructured shares of Oi, which is equivalent to spending BRL 45 billion (about $11.9 billion) to obtain an absolute controlling stake in Oi Telecom. ”

Chandler clearly has a deep understanding of Oi. The acquisition plan is designed to take into account the interests of all parties.

"For Oi, now riddled with debt, if the debt of 30 billion Brazilian reals is allowed to develop, there is definitely only one way to go bankrupt, and now their revenue is only more than 14 billion US dollars a year, and the gross profit is not more than 1 billion US dollars, if it is burdened with 30 billion Brazilian reals of debt, it is basically difficult to turn over. ”

After the new merger and acquisition, Oi's debt was reduced to 5 billion Brazilian reals, but it was only 1.3 billion US dollars, which can make Oi lightly on the road, the original shareholders have a nominal market value of 15 billion US dollars, in fact, they are already insolvent, and the big creditors are asking for 95% of the shares to be converted into equity, in contrast, this plan only requires to take away 75% of the shares, and the original shareholders have made great concessions. ”

"The most important thing is that the original worthless shares in the hands of shareholders have now become valuable, as long as the profitability level is restored, the share price of Oi Telecom will definitely have a surge, at least compared to the original nominal market value, in fact, it cannot be sold much better. ”

It is a good thing for the controlling shareholders that 22% of the shares can be directly escaped from the fire at the market price, and the creditors are also thankful that they can recover their investment at the original value. This debt was converted into about 53 percent equity, which is naturally much more generous than the original 95 percent of the creditors.

For the acquirer, PCCW, it is equivalent to spending $11.9 billion to acquire about 48 million users, which is much lower than Sprint in North America.

Of course, the APRU value of a single user cannot be compared with the North American market.

It can only be regarded as a comparison, with the economic value of the acquisition.

After reading this report, Liu Ruoyi directly gave Chandler a good evaluation of his work, and if nothing else, the president of Lehman Brothers will change hands in the second half of next year.

In contrast, PCCW's acquisition of the Brazilian telecom operator went much more smoothly, and Chandler had figured out the bottom line that was acceptable to all parties, so the negotiations went very smoothly.

In addition, this operator is the fourth in the local market, and has nothing to do with monopoly and other matters, after the regulator reached an agreement on all aspects of the company, there was no moth, and it directly passed the acquisition of PCCW.

After all, in addition to one operator in its own country, the other local operators are all operated by international capital or international operators, and PCCW is not the first or last international operator in this market.

Liu Ruoyi asked PCCW experts to conduct a thorough investigation and reformulate the network development plan, and decided to expand the capacity of 20 million wireless 3G access users in 2013.

At the same time, a new round of South American Telecom's promotion plan was launched, considering that theONE has no influence in South America, it is still promoted under the Oi brand.

Although HTC is no longer a close comrade-in-arms, Liu Ruoyi still has high-dimensional mobile communications in his hands to support the low-end, after winning Oi Telecom, he has started to customize a batch of low-end 3G mobile phones and 2.5G MTK mobile phones suitable for the Brazilian market.

Everything is in full swing, and after half a year at most, PCCW's South American expansion has begun.

...