After a night of hysteria, Han Ting said goodbye to Gu Biao early the next morning, and only returned to the Special Administrative Region alone.

Although she really wanted to grasp the last few days of Gu Biao's stay in the country, she would eat enough to last a month and not be hungry.

But she also knows that "expanding the production capacity of Hanle Electronics by a level in May" is a more important thing than physical instinct. She needs to turn into a series of jobs such as running loans, looking for consulting cases from various parties, and purchasing and expanding land for grants.

There can be several beats in life.

Gu Biao clearly told her that whether to occupy this window period will have a very important impact on whether China's electronics industry can win the absolute first hand in the game console industry.

Han Ting's three views do not allow herself to drop the chain on this issue.

On her first day back in the SAR, she approached the relevant departments of the SAR in the morning to seek new industrial land and other planning green lights.

In 1983, several square kilometers of land in Shajiao Industrial Zone were actually filled with Hanle Electronics, Foxconn, and even some electronics-related enterprises that provided them with upstream and downstream support.

At most, there is a large local TV factory in the Special Economic Zone "Skyworth Electronics" - an aside, last year Gu Biao told Han Ting and Guo Taiming that he wanted to "introduce living water and prepare for the establishment of third-party independent process design companies and OEM customers", Skyworth Electronics, a local TV factory in the Special Economic Zone, became their test field.

Guo Taiming will also seek to do some upstream OEM for Skyworth, proving that the price he offered to Han Ting is not a "ripe price".

Lu Yunda's process design company will also practice with Skyworth, promote its own process line adjustment plan, prove the efficiency of its plan, and will not be lazy to pit Han Ting.

Therefore, it is not easy to expand the land in the Sha Kok Industrial Zone.

Fortunately, it is Han Ting's important land, and her company has excellent performance evidence, so that the management committee of the development zone is very happy to move out some easy-to-talk supporting facilities, and slightly change the existing plant to Han Ting. In addition, a temporary document will be issued to ensure that the tax incentives enjoyed by the enterprises that move out will remain unchanged.

In the end, it even reached the extent of expanding the area of Shajiao Industrial Zone.

In short, a green light all the way.

There was no blind person in the middle who jumped out and let Han Ting pretend to slap her face, there is no need to repeat it.

In addition to factories, land and policies, the second big issue is funding.

In the afternoon of the same day, Han Ting went to the Industrial and Commercial Bank of China and the China Construction Bank in the Special Economic Zone, and these banks were very enthusiastic about providing RMB funds.

With such good high-quality assets as collateral, everyone is willing to put money.

In addition to the two major banks, there are also some local policy credit institutions in the Special Administrative Region, which are willing to provide financing for part of the land and factory price required for the expansion of Hanle Electronics and Foxconn.

In other words, as long as Han Ting mortgages a little bit of equipment, and mainly relies on the ownership of the factory and the land use right that she is about to eat as collateral, she can get those factories and land use rights, and the mortgage of the equipment occupied is lower than the down payment ratio of buying a house in later generations.

However, this is also a relatively common social phenomenon in 83 years, because the money for buying land should be financed, and local policy financing institutions are very willing to provide financing for high-quality business owners to invest special funds in local houses/land.

In 1987, the "Special Economic Zone Development Bank" was jointly established by the government on the basis of 21 policy credit cooperatives in the Special Administrative Region.

It's just that now those who have business relations with Han Ting and become Han Ting's creditors are only 4 of the 21 rudders of the later generations of Shenzhen Development, all of which are located in Luohu District and Shajiao Development Zone.

The financing of land, plant and infrastructure funds is easy to say, but when it comes to the equipment procurement budget, Han Ting has found industry and commerce and China Construction Bank, but there is still no way.

Because in 83 years, if you want to purchase advanced SMT equipment, it is not necessary to have a RMB loan, you have to have foreign exchange. If you don't have the dollar, the yen will do the same – because the most advanced SMT providers are based on their own companies.

The ICBC branch of the Special Administrative Region has a casual attitude towards Han Ting, as long as there is a high-quality asset collateral.

But if you want to borrow dollars, no matter how high-quality it is, it is useless, because ICBC itself does not have that much dollar quota.

After Han Ting finally thought about it, she could only go to CITIC Trust again and finance another foreign exchange trust bond - this is not difficult to think, because when Hanle Electronics started, it was operated as a model project for the financing of Japanese yen bonds of CITIC Trust.

Later, it was Han Ting who slowly came back with the support of Gu Biao.

Now, it is just another issuance, but not in the form of equity financing, but in the form of pure debt financing - that is, not only is the relationship between CITIC and the foreign consortium a high-interest corporate bond, but also the relationship between CITIC and Hanle Electronics is also a corporate bond. (In 80 years, it was only a corporate bond relationship between CITIC and Japanese capital, but a shareholding relationship between CITIC and Hanle)

Han Ting found Minister Yang, who had cooperated with Gu Biao three years ago, and consulted the conditions. The other party is still willing to do it again.

It's just that I heard that I don't want to cooperate with equity, but the "debt-to-equity" model (that is, using equity as collateral, and only allowing the debt to be converted into equity when it can't be repaid), this condition makes CITIC's imagination much smaller, and correspondingly, the mortgage ratio and bond interest will be raised a lot.

The price that Han Ting inquired about was a three-year convertible bond with an annual interest rate of 15 percent, and a two-year convertible bond with an annual interest rate of 13.5 percent -- in the 80s, the interest rate was already very high, and the interest on domestic deposits could be more than 10 percent. Although the interest rate on foreign currency deposits and loans in foreign countries is low, it is necessary to increase the level of enterprise bonds, especially convertible bonds.

A 15% interest rate, if it's a venture capital in the high-growth, asset-light technology sector, that's fine. If you are engaged in industry, it is still a bit dangerous if you can't eat enough orders.

After Han Ting inquired clearly, she lost her backbone, and asked Gu Biao on a remote phone call.

When Gu Biao heard that Han Ting planned to issue foreign-funded corporate bonds through CITIC, his heart moved, and he warned very firmly:

"You can talk about the interest yourself, I don't think it's a big problem, I will give you a steady stream of orders to ensure the healthy operation of the capital chain. As long as you pay attention, you must insist that CITIC issue US dollar bonds, not yen bonds. If you really don't have enough money, I'll help you turn over next year, as long as you survive this year-

I'm actually not bad for money, but I have too much money in Vancouver this year, and after I get out of the way next year, I can help you redeem it in advance. ”

Han Ting was very surprised when she heard this: "Why do you have to have dollar bonds? For other purposes, the US dollar may be more convenient than the yen, but the high-tech production equipment in the electronics industry is all sold by me, and the yen and US dollars are the same, and the other conditions for issuing yen bonds are still a little bit preferential." ”

Of course, Gu Biao knew why, but he couldn't explain it - because in less than two years, he said that he was going to win the move of the Plaza Accord of the Americans, and then the yen would appreciate sharply, and even skyrocketed by 30% in the first year.

If you issue yen trust bonds, you will be settled in yen now, and you will have to settle in yen when you repay them in the future, and a 30% increase in yen is equivalent to paying 30% more out of thin air?

This is only a year, if you don't pay it all at once, if you delay it for another three or four years, the yen will directly double!

In the past two years, the yen has fluctuated between 240~280 to 1 dollar, and after 88 years, it is 120 yen to 1 dollar, and it has never fallen again.

However, this kind of god stick is not easy to say, so Gu Biao can only pretend to analyze it by himself, or have other channels.

"Teacher Han, don't you still believe me? My mentor is Kissinger, and I have a little bit of a rumor about the diplomatic games and economic and trade negotiations between the Americans and myself. In the past two years, Ben has had such a big trade surplus with the United States that even President Reagan said this issue when he proposed the 'Star Wars Program' and drew up the plan for the revival of the United States a while ago.

They will certainly seek to exert pressure from the sidelines to force the yen to appreciate. I don't know how strong it will be or when it will happen, but the general trend can't be wrong. So, borrow dollars to stabilize a little. Not only do we have to borrow US dollars ourselves, but when we have spare money in the future, we can consider using our funds to redeem some Japanese yen bonds issued by other CITIC trust projects in advance, or convert them into US dollar bonds. Forget it, these are all later words, and when you are busy with the expansion in the first half of the year, we will talk slowly. ”

was reminded by Han Ting, Gu Biao on the other end of the phone thought of the trust bonds of more than 30 billion yen that CITIC Trust had financed for Yizheng Chemical Fiber Phase I and Baosteel Phase I. With the return speed of Yizheng Chemical Fiber and Baosteel, these trust debts will definitely not be repaid in five or six years, and it will be good if they can be paid off in ten or eight years.

Moreover, now that Yizheng Chemical Fiber, Baosteel and other projects have started the second phase of the project, they have to borrow yen bonds to buy this equipment.

Gu Biao calculated in his heart that the few large projects that he had used as a demonstration of "model projects" that used CITIC Trust's yen bonds would still be more than 100 billion yen if they still owed 85 years later.

This is not counting CITIC's other Japanese bond projects that have not entered his sight, as well as other trust companies other than CITIC (although 85 years ago, there were no big foreign exchange trust companies in China except CITIC, and others were all small dishes compared to CITIC)

More than 100 billion yen, which is worth about $500 million today, has doubled to $1 billion in 88 years after the Plaza Accord.

Gu Biao is not a person who likes financial speculation to make quick money, but he can't watch the yen debt borrowed by his friends and colleagues double out of thin air.

If he has spare money to turn around at that time, instead of letting the chaebol earn this difference, it is better for him to earn the big head himself, and the remaining small head is considered the part of CITIC that loses less.

As for the specific mode of operation, it is nothing more than Gu Biao first bought more than 100 billion yen, and repaid these trust bonds "prepaid" to himself, and when the yen rose, Gu Biao asked CITIC to collect more than 100 billion yen (considering that the background of CITIC is so hard, it is estimated that it will not be returned to Gu Biao at the real price after the real yen rises, but it is still appropriate to let Gu Biao earn half.) ）

Han Ting heard Gu Biao say so well, and also brought out his source in the United States, of course, she did not suspect him, so she turned her head and contacted the people from CITIC, saying that this time only the US dollar was converted into equity bonds, and the yen was not touched.

"Minister Yang, I made it very clear, either I will find a way to help me borrow US dollars, or I will not look for you, and I will never borrow Japanese yen!" Han Ting's wording was very tough.