At the end of December 1992, Pangu's computer division moved to Yuen Long one after another.

The main reason is that Yuen Long is close to Shenzhen, whether you take a ferry from the sea or drive directly by land, you can quickly reach the factory in Shenzhen.

The employees of the New Venture Electronics Group have a special channel to travel back and forth between Shenzhen and Hong Kong, which can be reviewed faster than ordinary visas, and even the license plate number of the New Venture Electronics Group and the company's documents and information are more effective than the round-trip visa. After all, not only more than 90% of Shenzhen's economy is driven by new entrepreneurship, but also Hong Kong's GDP, employment opportunities and tax revenue.

In order to consider factors such as financing, listing, and publicity in the international market, and even the psychology of employees, the company is still cautious and keeps its headquarters in Hong Kong, rather than moving directly to Shenzhen, where the production base is located.

However, there is no doubt that after moving to Yuen Long, Pangu Computer Division will have closer ties with the OEM production plant in Shenzhen in the future.

After the main personnel of the Pangu Computer Division moved to the new headquarters, Pangu Computer Co., Ltd. was also officially established.

As an asset-light high-tech company, Pangu Computer Co., Ltd. has outsourced all the projects that can be outsourced.

Basically, the Pangu team actually designs the motherboard and coordinates with other hardware manufacturers. The specific computer assembly production is almost the same as that of other compatible machine manufacturers, which are to place orders from hardware manufacturers to purchase hardware, and then assemble them in the assembly plant.

Slightly different from other compatible machine manufacturers, Pangu Computer Co., Ltd. is the new son of Xinye Electronics Group. At present, the core components of Pangu Computer are all produced by companies under the new entrepreneurship department, or upstream and downstream companies with close connections.

Pangu Computer Co., Ltd., the assets divested are about 130 billion Hong Kong dollars, deducting liabilities, the net assets are only more than 30 billion Hong Kong dollars, and the cash assets are only less than 15 billion yuan. This is not because the Pangu Computer Division has made such a small fortune over the years, but because most of the profits earned over the years have stayed in the new venture electronics group.

Pangu Computer Co., Ltd., when it was spun off, only had such a small amount of property, in consideration of not affecting its normal operation, as far as possible to make the initial valuation as low, so that after the divestment, the equity incentive of the employees of Pangu Computer Division can obtain a higher endorsement return.

According to the current profit of Pangu Computer Co., Ltd., the net profit of 30 billion Hong Kong dollars a year is less. Even if it is valued at 10 times P/E, it is not less than HK$300 billion. However, if the equity incentive is carried out at a valuation of HK$300 billion, the temptation for employees is average.

However, if the initial valuation was only 30 billion Hong Kong dollars, for the employees of Pangu Computer Co., Ltd., this is almost a windfall profit!

I didn't catch up with the rapid growth of the initial stage of the new venture electronics group, and now I am on the car Pangu Computer Co., Ltd., and the company is listed, and the return is dozens or even hundreds of times, which should not be a dream.

After the establishment of Pangu Computer Co., Ltd., Lin Qi went to the new company to send his blessings: "Everyone, colleagues who have paid a lot of sweat and youth for Pangu Computer and Xinchuang Electronics Group.

Today, I came to the newly established Pangu Computer Co., Ltd. to congratulate you!

Although the newly established Pangu Computer Co., Ltd. operates independently, 90% of the company's equity is still controlled by the parent company Xinchuang Electronics Group, and the remaining 10% of the equity is held as an employee equity incentive fund. After the employee pays wages or bonuses, he can choose to exchange the salary and bonuses for stocks.

In the future, Pangu Computer Co., Ltd. will be listed, and at that time, the valuation will be in accordance with the market valuation system.

However, at present, our internal equity incentive valuation system only recognizes one standard, the company is net assets! At present, the company's net assets are 30 billion yuan, although you know that it is undervalued and profitable! Because the company's annual net profit is more than 30 billion yuan! However, if you pay your salary next month and exchange it for stocks according to this valuation, you can use this valuation!

Suppose that next year, the company will make a profit of 30 billion and its net assets will be 60 billion. Is it worth it for you to buy shares at a price that is twice as expensive as this year? It should be worth it, with a valuation of 60 billion yuan, where to find it in the market to buy excellent assets with an annual profit of more than 30 billion yuan?

This is still a static valuation, in fact, I believe that the Pangu team is possible to continue to innovate and grow! Now a profit of 30 billion a year is definitely not the end, I am optimistic that you can achieve an annual profit of 100 billion or even more in the future...... In such a fast-growing company, the biggest incentive is to buy stocks at a cheap price in the early stage and share the growth dividends...... Now is not the time for you to relax, but to cheer up and work harder to create value!

At the very least, we have to set a small goal and strive to go public! Too cheap to go public may not meet the requirements of maximizing the benefits of our equity incentives. Therefore, we set a small goal and do it until it has a market value of 1 trillion before going public......"

In an instant, Lin Qi's speech sparked thunderous applause......

If the market value of trillions is listed, it means that the equity incentive of the initial company should have a rate of return of twenty or thirty times. Moreover, is the goal of a trillion market value difficult?

It is difficult for ordinary small companies, but a giant with a high start, Pangu Computer, now has an annual profit of more than 30 billion, and only needs to increase the profit scale to 100 billion. When the time comes, if the 10 times P/E ratio is listed, you can also get a market value of trillions.

If you think about it this way, this is really a small goal, and it may only take a few years of struggle to achieve a goal that can be achieved with a slight increase in the scale of profits.

After the end of the motivation with the team of Pangu Computer Co., Ltd., Lin Qi and the leadership team of Pangu Computer Co., Ltd. held a strategic development meeting.

Lin Qi pointed to the PPT and said: "At present, the annual shipment of personal computers in the world has exceeded 200 million units. Basically, it's our Pangu camp and the PC camp that split the market equally. Other computer ...... Since the market share is less than 1%, it is basically not statistical. In the 70s, companies such as Apple were merely pioneers in the personal computer market, proving that this market has a future. After that, it was the PCs made by our Pangu computer and IBM that became the real winners. Basically, the 80s was the fastest growing period of PC shipments, and there may be room for growth now, but if you fantasize about PCs, they will continue to grow at a high rate, which is unrealistic. Later...... The personal computer market, I estimate that there are four or five billion units sold a year, and it should peak. The reason why it continues to grow is that semiconductor hardware performance is still evolving, and many applications are barely being used, rather than enjoyable. When the semiconductor industry's hardware performance gains slower, the speed at which users can change will be slow. At the same time, in the future, computers may be invincible in the office field, but in many other application scenarios, they should be cut away by other portable terminals. It is expected that after more than ten years, the computer will gradually become overpowered, and then ...... The performance of other more portable smart terminals may gradually begin to enter the stage where they are very easy to use and can be used smoothly......"

"In a sense, it may not be the PC or other computer that has similar functions to us. It's about the innovation of the future. At this stage, it may be unrealistic for us to completely abandon the profitable industry of Pangu Computer and blindly burn money to enter the field of innovation. On the contrary, we are maintaining the continuous innovation of Pangu Computer, constantly obtaining profits, and making the profits of the current business grow, and constantly investing it into the possibilities of the future! As a large company, we should know that the competition in the traditional market will not let us die completely, but what can make us die will only be the ...... of cars replacing horse-drawn carriages and ships and sailing ships."