Chapter 152 Investing in a chip company
Although chip manufacturing companies have basically integrated the industrial chain to achieve completely independent intellectual property rights and production, the lithography machine is limited to a few things that can restrain him.
"If it's a lithography machine, I can think about it, but old man Warren, I have two questions. The first is why you want to invest in the chip company, and the second is why you can give me the lithography machine regardless of your country's officials. ”
Don't look at Si Mingyu's chip manufacturing company, there are already 30 production lines under construction, but this is limited by only 30 lithography machines, otherwise 60 and 90 production lines can be built.
It is no exaggeration to say that now that Si Mingyu is out and shouts, the people who want to take the money and buy shares can be sent out three miles away, and who doesn't want to make a sure profit.
"There are some things that may involve your company's secrets, and I have to say sorry to you first." Old man Warren said very calmly.
"It's okay, you don't have to care."
It is very necessary to fully understand the investment object before doing business investment, and it is normal to use some means to do this. People tell you that you are an equal partner, otherwise since you can't find out, isn't this equivalent to nothing? So Si Mingyu didn't say anything, so he could only take stricter precautions after going back.
"As far as I know, East Asia Mingyu Integrated Circuit Manufacturing Co., Ltd. has basically mastered the chip manufacturing technology, and all the upstream industries have been opened up, realizing your country's self-production."
Si Mingyu just listened quietly and did not deny Old Man Warren's words.
"The technology of lithography is difficult but not impossible, and it is only a matter of time before you develop your own five-nanometer lithography machine. The 30 production lines under construction can meet at least one-third of the country's demand for high-end chips, and one-third of the entire Huaxia high-end chip market is also completely unsold. ”
"I understand." Si Mingyu nodded in understanding.
Old man Warren's words are right, Huaxia's annual chip import cost is close to 2.8 trillion Chinese dollars, putting aside the low-end chips, even if there are only high-end chips, there is nearly 300 billion Chinese dollars in revenue after eating one-third of it, which is converted into American knives and multiplied by 9% of the shares is about 3.8 billion US dollars, and finally there should be more than 2 billion US dollars in hand.
Then the entire chip company has invested a total of 200 billion Chinese dollars, and 9% of the shares are equivalent to 2.5 billion US dollars, which is not an exaggeration to say that the return on investment in three years is not an exaggeration.
This is also the reason why Si Mingyu wanted to pull a group of Internet bigwigs to participate in it, the cake is too big, and it will make people blush when he eats it himself.
The reason why we did not go to manufacturing entities to invest in shares is because these enterprises participate in the cake of China Youwei, and there will be a third cake in the future.
But Old Man Warren didn't even want to take out the 2.5 billion, which brought him to the second question he raised, using a lithography machine to buy shares.
"Although only 10 of the 30 production lines are EUV lithography machines, counting your other domestic production lines, it can probably meet most of the demand. When the number reaches a certain level, it is not bad to increase it a little more. Old man Warren said.
"So what's your solution? You know we only lack EUV lithography machines. "The DUV lithography machine can still be bought if you think of a way, and if the old man takes this to buy shares, then there is no need.
"Of course, five EUV lithography machines account for nine percent of the shares, how about it?"
The price of five EUV lithography machines will not exceed one billion dollars and the acquisition of shares worth two billion dollars is two and half billion dollars, which is blood gain. But then again, now Si Mingyu can't buy a lithography machine no matter how much he pays, so it seems that Old Man Warren's knife is not ruthless.
"Old man Warren, your bid is too tempting. Allow me to think about it, how about getting back to you in three days? "Such a major matter, Si Mingyu can't decide on the spot.
"Of course, three days is nothing." The old man didn't care, such a big business could have a result in three days is very fast.
And Si Mingyu had no doubt about the authenticity of what Old Man Warren said. The fact that he can say it in front of Gates shows that there is an agreement between the two, and if these two people want to do something, then this thing can definitely be done.
After bidding farewell to the three bigwigs, Si Mingyu has been busy with this matter for the next time, first calling Jiang Xueyi and Pei Songqiang of the "company" to confirm whether the shares can be sold, then calling Gu Shuanghui to discuss how to maximize benefits, and then telling several shareholders to listen to their opinions.
In addition, Si Mingyu also has to negotiate with Old Man Warren and Old Man Munger to get the best conditions.
Zhang Ningxi and Lin Shirui were responsible for taking care of his diet and daily life.
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Three days later.
"Old man Warren, old man Munger, happy cooperation."
"It's a pleasure to work with."
The two sides exchanged signed agreements, and Berkshire Hathaway was officially a shareholder of Yamingyu Integrated Circuit Manufacturing Co., Ltd.
Of course, Si Mingyu's negotiation work was not done in vain, and the other party's shareholding ratio was reduced to 8%. Old man Warren also knew that he was playing a bit hard with this discount, so he agreed to it in line with the principle of making money first.
The agreement stipulates that Berkshire Hathaway only has the right to dividends, and if it wants to sell shares, Si Mingyu has the right of first refusal. The agreement signed with the other shareholders also had these two items, so Mr. Warren did not have any objections.
If the chip company is not listed, the one billion he invests can bring him at least two billion net profits every year after three years, and if the chip company is listed, he will earn more.
But don't expect a merchant to trade without exploiting a loophole in the contract.
The five EUV lithography promised by Mr. Warren are TSMC's second-hand goods, after all, he has TSMC shares, and with the launch of Asmail's two-nanometer lithography machine, TSMC is also ready to update. This is also the reason why he was able to get a lithography machine, and it was much easier to dismantle the old one.
Although it is second-hand, it does not affect the use, for which Mr. Warren only needs to pay less than 800 million US dollars.
So there are five additional lithography machines, the production capacity of the chip manufacturing company has increased, and the profits will definitely increase, will the dividends of the old man Warren increase?
Of course not. Before Si Mingyu signed the agreement with the old man, he sent the original five EUV lithography to Zhonghua Youwei Group in the form of equipment shares, so this part of the profit has nothing to do with the old man.
Ren Lao, who got the lithography machine, immediately began to build a chip production line, because Guoxing Group has integrated the upstream industrial chain, so Zhonghua Youwei Group only needs to copy a copy, which can be replaced by its own technology with its own technology, and can be replaced by its own cooperative company.
The aim is to have at least two or more domestic companies in the same field as suppliers.
Except for Si Mingyu, who accounts for 15% of the shares, the other shareholders of Ren Lao's chip manufacturers are all physical manufacturing enterprises.
If the two chip manufacturing companies are put into production, they can solve the problem of nearly half of the domestic high-end chip supply.