On December 20, 1993, Xinchuang Semiconductor Co., Ltd. successfully landed on the Shanghai Stock Exchange. Since the Chinese abbreviation of A-shares cannot exceed four characters, the abbreviation of the newly founded semiconductor company submitted after listing is "Xinchuang Xin". In terms of abbreviation, it is obviously much better than the abbreviation of the new venture communication company.

2.5 billion new shares were issued, raising RMB 5 billion. After deducting the underwriting fees for listing and issuance through exchanges, securities firms and other channels, in fact, 4.67 billion yuan of funds were remitted to the bank accounts of listed companies.

The three brokerages shared 330 million yuan in underwriting fees. Theoretically, the stock can't be sold, and the brokerage buys it. But in the history of large A shares, are there any stocks that can't be issued?

Never!

Therefore, the underwriting fee earned by the A-share brokerage is actually equivalent to making money with their eyes closed, and they do not need to bear the slightest risk at all.

It's just that the listing process must have a securities company as an underwriting issue, so this money is equivalent to a sky-high handling fee given to the brokerage for nothing.

Of course, the commission cost of 330 million yuan is actually very cost-effective to get the qualification for listing.

You must know that the A-share market in later generations is only a listing qualification, which is very scarce and rare. Many companies are even willing to spend 1 billion yuan or more of capital to acquire a shell company, without any assets of the shell company, just to buy the listing qualification of the shell company, they are willing to buy this ticket at a sky-high price. After having the listing qualification, the follow-up is to choose a better time to issue new shares through the second issuance of shares to obtain more financing.

The reason why a lot of capital is even willing to go public is backdoor. More because the financing ability of A-shares is getting stronger and stronger, as long as the listing qualification is obtained, there is an opportunity to earn back through capital operation through additional issuance.

Relatively speaking, Lin Qi's disdain to go to backdoor listings, most of the backdoor listings are problematic. No problem, high-quality assets that meet the standards are rushed by the exchange to persuade them to be listed, so why buy a junk shell resource company, and then inject your own company as assets to achieve a backdoor listing?

Backdoor listings basically feel that A-share leeks are rising well, and they can be cut in a few years, so they directly start to obtain the qualification to grow leeks. In the name of a listed company, there will be countless more tricks for cutting leeks than the so-called dealers.

Lin Qi is not the kind of short-term thinking, rushing to cut leeks to package the subsidiaries one by one to the market. Considering the problem more from the perspective of the industry, the listing financing is basically the same as why Intel wants to go public.

Companies such as Intel and AMD seized every opportunity to finance development during the fierce competition in the semiconductor industry. Listing is a jump, an opportunity to open up the gap with opponents, maybe, listing can only make the development two or three years in advance, but two or three years of speed, in the semiconductor industry is basically a leading generation!

For a newly start-up semiconductor company, the money obtained from listing and financing is equivalent to a net profit for 2 years. However, if you take two years of net profit in advance, you can lay out some production lines and some projects in advance with less two years of accumulation. So

The profit of 2.5 billion yuan corresponds to a market value of 25 billion yuan, which is only 10 times the price-earnings ratio. This kind of pricing is not too high, and it can even be said that it is very cheap compared to the world.

Although Lin Qi has taken good care of domestic investors, the current domestic investors are basically blind retail investors.

The new chip was too high because the plate was too high, although it opened 2.17 yuan higher on the day of listing. However, it has been falling into a gloomy decline since then, and in the next few trading days, it has fallen below the issue price of 2 yuan.

Then the stock price fluctuated between 1.98~2 yuan, rising and falling by about 1 cent per day. Basically, you can't see much fluctuation, and the daily transaction price is like a loom weaving a lot.

This makes some speculators who like stock prices fluctuate violently and carry out disconnected speculation very unpleasantly.

What's more, the global market was a bit overheated in 93, and the same was true for A-shares. At the end of the year, the new innovation chip in the market was listed, and it coincidentally encountered a high plummet.

After that, a bunch of retail investors began to scold Lin Qi and the whole family of the new chip management.

"Lin Qi, a capitalist, has never been a good thing! On the Japanese side, it is listed first, and then delisted after the bear market!"

"Rotten and smelly stocks, come to make money again, every time the rotten and stinky are listed, it will drive the market to plummet!"

"A-shares are retail and big capital is not welcome. ”

……

"Mr. Lin, these retail investors really don't know what to do......," Xiao Lei said indignantly for Mr. Lin, "I don't know who is good to them and who will let them share the long-term returns." ”

It is rare for Xinchuangxin to write the medium-term and long-term returns for investors into the company's articles of association. Even, including the repurchase of shares after the stock price falls below the net assets, in order to increase the net assets per share, these are written into the articles of association.

In addition, the annual profit dividend is not less than 30%, which is mandatory to pay dividends every year, which is already relatively advanced. In later generations, the dividend ratio of not less than 30% of profits was written into the articles of association, which was also the continuous supervision of the China Securities Regulatory Commission, and only a few companies were willing to do so.

What's more, the projects of financing and investment are very reliable and can bring returns quickly. Moreover, it is also the company's main business, this kind of reliable and conscientious company, and a listed company with clear development goals, is actually very rare.

In fact, many companies that focus on it are easy to achieve great success, for example, Moutai focuses on the production of Moutai, so it is almost lying down to make money. Gree focuses on air conditioning, because the main business is specialized, and it has grown more than 1,000 times in 20 years.

Xinchuangxin is also very focused, only doing semiconductors and chip-related businesses, and will not do other non-main tasks. In the future, you only need to do a good job in this area, and you will not lose to the opponents in the market, so there is no problem with the growth space.

At the very least, the market demand for semiconductors is much greater than that of industries such as wine and air conditioning.

Lin Qi said in a good mood: "The mutual achievement of a good company and a good investor." For example, investors in Warren Buffett's Berkshire are basically very rational and basically do not look at stock market fluctuations. At most, read a letter from Warren Buffett a year to learn about Berkshire Hathaway, stocks and China's economy are growing rapidly, everyone is too young, and there is no need to ask them rationally with decades of investment experience. What we need to do is to do our own things well, and develop in a down-to-earth and sustainable way, and time will be a good friend of the company. And we, the companies that go public, should strive to be that kind of good company. ”

Even if it is a company like Gree and Moutai, how many people are really optimistic about it in the early days of listing? After a few days of falling and changing the three views, they all think that these companies are garbage, sunset industries, and do not have investment value and growth. Even if someone invests, it is difficult to hold on to it and get a thousand-fold return.

The growth plan of Xinchuang Semiconductor Co., Ltd., Lin Qi is planned according to the future market value scale of Samsung, Intel-level chip giants. Intel's future market value is equivalent to more than 1.5 trillion yuan. Therefore, if the current new start-up semiconductor companies can grow no less than Intel, they should be technology giants with a market value of trillions in the future.

The future of China's A-share market is not bad for trillion-dollar giants such as finance and oil, and even Da Moutai was later speculated by fanatical investors to a market value of nearly one trillion.

But...... The giants of the technology industry, let alone trillions, even the scale of 100 billion is rare. Like the BOE of later generations, it can break the scale of 100 billion, which is already very rare among listed technology companies.

Other Internet companies, Alibaba and Tencent, are not only trillions, but even the market value of the two companies exceeds that of the oil and financial industries. In later generations, a large number of domestic companies that claim to be science and technology are more Internet companies, focusing on network services. But in fact, few companies can do a good job in lower-level businesses such as chips.

Relatively speaking, Lin Qi is more willing to incubate a few hard-core technology companies, for example, companies like "Xinchuang Xin", which have developed to the level of Intel and Samsung, which is of strategic significance, and is even more important than having more Tencent and Alibaba.

It's not that Tencent and Ali are not important, but with companies like Intel, Qualcomm, Samsung, and Nvidia, there will be companies like Amazon, Google, Alibaba, and Tencent.

In a short period of time, most of the Internet giants will disappear, and they will soon be filled by other similar companies, and there is no irreplaceable small.

However, hardware-related technologies are really irreplaceable in the short term.