In the blink of an eye, halfway through 2007, Tony Tsai and his friends began to sleep hard every day in the face of more than $30 billion in CDS bonds and more than $20 billion in short CDO bonds in West Coast's funds.

Although Tony Tsai is not optimistic about the real estate market, but shorting so many real estate subordinated bonds, Tony Tsai still thinks that Liu Ruoyi's command is a bit too risky.

Fortunately, the guarantee of these bonds is not high, and the total cost is only a few hundred million dollars, so this kind of bond is okay, even if you look wrong, you will lose less than 10% at most, and if you look right, you will have tens of billions of dollars in your pocket.

So Tony Tsai and his friends worked hard to collect CDS and short CDO bonds in the first half of the year, and now there should be no other company in the market that holds more CDS longs and CDO shorts than them.

But then, Liu Ruo asked to design short the option certificates of various investment banks, which is a bit worrying.

Regarding Liu Ruoyi's large-scale short-selling of the bank, Tony Cai can guess Liu's thinking logic, that is, the mortgage crisis will affect the banking system, but more than 50 billion US dollars of short-selling option certificates will be released according to the instructions.

The risk is greater.

However, this is not the end, according to Liu Ruoyi's instructions, there are nearly 10 billion US dollars of investment banking targets for shorting various securities borrowing and lending, and more than 50 billion short positions of the world's major financial market indexes.

Even if Tony Tsai has seen the world, he can't help but be a little frightened.

If the situation does not develop as Liu Ruoyi expected, and the world is still peaceful and developing, then the West Coast capital will be doomed.

Shorting option certificates, that is, if you look at a dollar wrong, you will pay a dollar, and like a short position in the index, every percentage point brings a loss, and in the face of hundreds of billions of dollars, you will lose $1 billion!

This kind of gamble did not have the written authorization of Liu Ruoyi, and Tony Tsai did not dare to carry it out.

Because most of the funds of West Coast Capital are now provided by Liu Ruoyi, Liu Ruoyi can make a decision about this big gamble!

In this process, Tony Tsai's biggest credit is that he slowly sucked in chips in a patient enough way, barely attracting the attention of the market.

CDS bonds and CDOs short selling are non-centralized transactions, and the transactions are very private fund-to-fund and investment bank-to-fund transactions. Although no one knows now that West Coast Capital has attracted so much.

Short options are short betting certificates designed by West Coast itself, and they know how much they sell, and no one else knows.

The short positions of the bearish index, which are distributed in major financial markets, are also inconspicuous from the current point of view.

Only Tony Tsai and a handful of core traders know how much a one-point rise and fall can be for West Coast capital.

The Dow Jones index, which has the heaviest short position in the index, continues to rise at the moment, with a cumulative floating loss of more than $2 billion.

If the Dow continues to rise to 14,000 points, the loss will exceed $3 billion!

And that's just a short position on one of the indices!

Even if Liu Ruoyi's funds are extremely abundant, and the loss of tens of billions of dollars does not affect the safety of the position at all, but such a loss, as an investor, it is like a knife cut.

But Tony Tsai's latest order is to continue short selling!

What Tony Tsai didn't know was that in Xiangjiang, Cornerstone Investments shorted nearly $100 billion of the world's major financial indexes.

Through Yongxiang Securities' current global trading network, Cornerstone Investments has not hesitated to short sell options on major indices such as Dow Jones, NASDAQ, Nikkei, Frankfurt, and Paris Times since May.

This is a great opportunity for Liu Ruoyi to lick the blood from the knife, looking dangerous, in fact, the ending is already doomed.

The original heavy positions in oil futures and other resource positions have been closed and left with profits, and then they began to short on the backhand.

There are no eggs under the nest, and for this storm that is about to blow, Liu Ruoyi is sitting firm, waiting to harvest a wave of big leeks.

For today's bureau, Liu Ruoyi has worked hard for three years.

Now she has invested at least $50 billion in it, just to prevent accidental capsizing.

In every short-selling account, there are reserve funds waiting to fill the gap in the margin, and at this juncture, Liu Ruoyi does not dare to be careless.

This time, through the Yongxiang Securities network and through the United States West Coast Capital, the strategic short-selling task was finally quietly completed.

With a good foundation in place, all that's left is to think about how to quietly exit the battlefield after harvesting.

In comparison, this one is even more rare.

But for now, let's focus on the harvest.

In a trance, Liu Ruoyi clearly saw that on the top of Wall Street, there was a feeling that the mountain rain was about to come and the wind was full of buildings.

Xiangjiang, the beginning of the Zhongxin International (Xiangjiang) factory, has completed the construction of the plant, the ordered equipment began to arrive in Hong Kong one by one, the four families rarely have the ambition to do one thing together, although the real money investment is not much, but the escort is quite in place.

The green light was given in all respects, and the construction of the factory went unexpectedly smoothly, even better than Zhang Rujin expected.

According to this progress, it is possible that the factory will be ready to enter trial production by the fall of 2008 at most, of course, this is a new advanced process production line, and the yield rate of trial production should not be expected to be high.

Although the 45nm process is half a generation behind its competitors after it is completed, for the target customer Qualcomm, this time difference is nothing, and its mainstream chips can be produced using this process.

Now Zhang Rujin has gone to the United States to directly communicate with Qualcomm and Broadcom, two leading mobile chip manufacturers, for the foundry plan.

Whether or not he can leverage the customers in the hands of this competitor who are not too high in the rankings depends on Zhang Rujin's negotiation ability.

Price, process, production capacity, yield are all important factors restricting the negotiation between the two sides, and it may be too early to go.

But Zhang Rujin also has his own hole cards.

Behind the 45nm process, Zhang Rujin's plan is to skip the 40nm process and go directly to the 32nm process, and the technical risk of jumping from 45nm to 32nm is relatively small.

With the financial support guaranteed by Liu Ruoyi, Zhang Rujin does not need to wait for the 45nm process to fully mature before starting to improve to 32nm, but is in the research and development process according to the now clear technology roadmap.

In other words, if the 45nm process is mass-produced next year, Zhang Rujin is very sure that the trial production of the 32nm process will be realized in 2009.

Unlike competitors who skip the 32nm plan and go directly to 28nm, Zhang Rujin feels that his plan has a greater grasp of the technology, the process will mature faster, and the capacity ramp-up and yield improvement may be realized in 2010.

With the catch-up of 45nm and 32nm processes, if Qualcomm and Broadcom can be won, Zhang Rujin believes that the next 28nm and 22nm process processes are the real decisive game.

With the experience of joint research and development of 45nm and 32nm processes, Zhang Rujin is confident that the technical route will also start to be increasingly clear 28nm and 22nm processes simultaneously, and the research and development of the two processes will be completed in only one year.

That is, the 28nm process was introduced in 2011 and the 22nm process was introduced in 2012! According to the technical route evolution plan announced by the competitors, Zhang Rujin's plan is basically synchronized with the main competitors.

The next five years will be a decisive battle of life and death for Zhongxin International (Xiangjiang) Company!

With abundant funds, it will take five years to catch up with competitors, that is, Zhang Rujin is now qualified to say this.

And in the past five years, obviously don't expect to realize the dream of making money, high-intensity capital investment, maybe you really want to burn the $30 billion promised by Liu Ruoyi!

If that's the case, it's definitely the most expensive tech chase in the last decade!

So Zhang Rujin always felt that he didn't have enough time.

Now his energy is mainly focused on this cause.

When the other party finds out that he has switched battlefields, his old opponent will probably be a little crying and laughing and can't hit the wrong target.

When he found out that Jinhai Zhongxin International had not yet been defeated, and Xiangjiang jumped out of a more powerful Zhongxin International, this thing would be fun.

With an excellent PPT plan, Zhang Rujin has been highly received in Qualcomm and Broadcom, in fact, Liu Ruoyi can see very clearly that the treatment of mobile chip designers from competitors at this moment is not the best.

At least they don't think it's enough.

For new potential foundries, whether it is Qualcomm or Broadcom, they are obviously happy to see it, and it is too bad to monopolize OEM or something.

Now they don't have much choice, except for TMSC is Samsung, if someone is willing to enter the pit to form a Three Kingdoms War, it would be great for them.

You can become a monopoly supplier, but if you meet a monopoly supplier, it will not be beautiful.

With the promise of introducing the other party's design as soon as possible, Zhang Rujin returned to Xiangjiang satisfied, deploying the strongest manpower and releasing more bait to recruit outstanding talents according to the construction plan.

Most of the equipment purchased this time is 45nm and 32nm processes that can be used in a unified manner, but they may require different processing in the process.

Therefore, Zhang Rujin, who has deep pockets, directly purchased according to the two production lines this time, so that the 45nm and 32nm R&D teams can not only cooperate to study common problems, but also conduct their own unique process testing and verification.

In this R&D mode, when the 45nm process is more mature, most of the technical difficulties of the 32nm process are estimated to be solved.

Because of this, Zhang Rujin dared to say that he could come up with the 32nm process after a one-year delay.

There is no impermeable wall in the world, let alone a place like Xiangjiang where people come and go.

When Zhongxin International (Xiangjiang) was established, competitors were still laughing at Zhang Rujin and learning to brag. It is impossible for such a factory to really appear in Xiangjiang.

But when the factory is really built, the competitors still want to divert their attention from a turtle shell, which is really a dream!

It wasn't until the equipment began to enter the factory that a large number of high-level engineers flocked to the factory, so that the masters of the Heung Kong Wafer Fab (nicknamed the Dragon Factory) gathered, and the competitors were a little panicked this time.

The equipment information cannot be kept secret at all, it is all purchased by the West, either the United States or Europe, so the competitors even have the list in hand.

It's just that I didn't get my hands on it, and when I saw this equipment list, I suddenly felt like a bolt from the blue.

The opponent is going straight to the mainstream process, these processes they have just introduced into trial production, far from the stage of mature mass production, so that the original maintenance of at least two generations of technology generation difference was instantly shortened to half a generation!

How can this work?!

They are all old rivals, this time there is capital to directly engage in the mainstream process, and the competitors are looking for the financier behind Zhang Rujin like crazy, and it would be perfect to dig out the secret financial evidence from the mainland.

If you have this ironclad evidence of mainland financial support, you can apply for a technical embargo, so that Zhang Rujin's remaining ordered equipment will not arrive smoothly within three or five years!

It's a pity that they miscalculated this time.

This time, the mainland has nothing but a brand and intellectual property rights.

Considering that Zhongxin International itself has a lot of American capital in it, and the mainland is almost taking advantage of the shares, American capital must be happy to see it, and it is not easy for competitors to find a fulcrum if they want to start this time.

The only option, it seems, is to continue to make a fuss about intellectual property.

It's a pity that Zhang Rujin has experience this time, and the talents who were reserved half a year in advance have already avoided the non-compete restrictions and other regulations through various excuses, and entered the dragon factory of Zhongxin International after being laundered through various channels.

In addition, there is no operation here at all, and the big trick of intellectual property infringement cannot be issued.

I can only watch the equipment be debugged and put into operation day by day.

Every set of equipment entering the factory is a heartbeat memory for competitors.

Through the bribery of some marginal personnel, the factory was debugged overnight, and the bad news that the equipment was constantly running began to shroud the heads of competitors like a mountain rain about to blow over the building.

This time, it was not Jin Hai Zhongxin who was tossed to death with a casual knock, but in the face of this Xiangjiang Zhongxin, who was not bad for money, the competitors began to become silent and cautious.

Even those key customers, there are more customer care, the front can not attack, break the root, firmly control the customer in their own hands, then this battle may not be won without a fight.

This kind of combination boxing routine is familiar to everyone, and it is nothing more than a move.

Zhang Rujin now agrees to communicate with customers on the progress of the milestone plan on a regular basis, and spends the rest of his time on the Xiangjiang Dragon factory.

This is the best battlefield for him to hope for a shame, even if he stays in it and doesn't say a word, Zhang Rujin will feel more comfortable staying here, especially when he hears the beautiful sound of the motors running smoothly.

A storm is coming!