The last topic is Huaxin International.

It is also the core topic of Jiang Shangzhou's interview with him this time.

"Huaxin International...... It was supposed to be on the market soon......"

Jiang Shangzhou's sigh made Emperor Yun smile helplessly, "There's no way, other people's evidence is conclusive." ”

In fact, he wants to scold what stupid he is!

With such an important leaked information, Huaxin International actually sent an email to let insiders pass it by email......

It's really a dare to ask, a dare to send!

Mr. Bean didn't dare to act like that.

It's really not as good as Cheng Jin's top old 6!

If he hadn't known that this was indeed a grass drama, Qingyun would have thought that this was purely because the vice president of Huaxin International was a traitor of Yi Semiconductor Company.

All right......

It's not surprising that people are stupid and do anything ridiculous.

He didn't want to complain when he contacted the trade secret technical information by email, and after the person who sent the email was caught by Yi Semiconductor Manufacturing Co., Ltd., the management of Huaxin International actually felt that this matter had no impact on the company's operation......

How big is this heart?

Therefore, it is really not unreasonable to say that the national army failed that year.

Under such circumstances, Mr. Chang, who could hold out for four years with ten marshals, ten generals, and thousands of generals, was indeed qualified to laugh at MacArthur.

Jiang Shangzhou also shook his head, "It's okay, bankruptcy and liquidation, and unload historical responsibility." ”

After getting the information and plan passed on by Qingyun, he was also scared out of a cold sweat at the beginning.

The state urgently launched an investigation, and the results were found out in less than an hour.

You don't even have to investigate anything, and the email exchange is clear.

The special one is still Wei Soft's mailbox.

Qingyun shrugged his shoulders, this absurd farce is also time to end.

Still, he comforted the old man.

After all, Huaxin International was also ground by Jiang Shangzhou who gritted his teeth at the weakest stage of his body just after surgery.

Huaxin's miraculous factory construction speed was also grabbed by him and God at that time.

"Jiang Lao, Huaxin International, in fact, the current equity structure has also completed its historical mission in a special period, and there will be no chance to take advantage of it in the future.

At the end of last year, Huaxin International found an obstacle when America introduced the dual electron beam system and froze the export license of the product.

And ......"

Qingyun smiled playfully, "Elder Jiang, under the original multi-party equity structure, America turned a blind eye to Huaxin International, do you really think it is the credit of the five major churches?" ”

He raised his finger and shook it, "I don't deny that the five major churches helped us at the beginning of the establishment of Huaxin International, but you should be very clear about their intentions. ”

Jiang Shangzhou exhaled a breath of turbidity in his chest, and then nodded depressedly, "I understand, they want us to let go of the management of churches, and in 2001, the state approved a new batch of churches." ”

Qingyun touched his chin helplessly, "In fact, there are two reasons why they ignored Huaxin International's technology and equipment introduction in the past two years.

First, the collapse of the Internet bubble led to a devastating blow to the entire semiconductor industry.

In this case, it is an inevitable choice for them to clear some equipment and not very advanced technology to return blood.

Second...... Jiang Lao, frankly speaking, they know that Huaxin International is not big.

There is no capital in capital-intensive industries, and the road is too difficult to walk.

Therefore, your old man does not have any pity and regret. In my opinion, it is the best time to deal with the equity structure of Huaxin International at this moment. ”

It's better than putting it off for a decade.

Jiang Shangzhou also smiled bitterly when he heard this, "I understand the truth, I just think it...... Alas......"

After sighing, he digressed from the topic,

"Mr. Zhang Rujing is currently lobbying the five major churches in public relations to agree to Huaxin International's bankruptcy liquidation, and there should be no big problem in this regard."

When Qingyun heard this, he asked, "I believe this, but, Jiang Lao, how to go next, you have to come out with a charter." ”

After all, the main body involved is not the local enterprises of America, but the enterprises of Yizhou Island and mainland China.

In the eyes of the American people, this is a dog-eat-dog problem on Yizhou Island, and they are too lazy to care about whether Huaxin International pays full taxes in America's business.

And how to make a normally operating company suddenly go to the road of bankruptcy and liquidation?

This point, Qingyun, who has been beaten by the fake A lesson of later generations for many years, has a way.

Moreover, Huaxin International's own operation also gave him room to make a move.

Huaxin's shareholders include Huating local, Yizhou Island Min, American Fund, investment bank Gao Sheng, as well as state-owned assets such as SIIC, Yanda Jade Bird, Zhangjiang Group, and Yanda Microelectronics, which belong to a decentralized equity structure with no actual controller under multiple shareholders.

Since its launch in 2000, Huaxin International has received a total of 1.4 billion US dollars in capital and 450 million US dollars in loans from Huaguo Bank.

This amount of capital cannot be said to be poor, but in the semiconductor industry, it is barely enough to say that it is enough.

Zhang Rujing, who is well versed in the counter-cyclical factory construction strategy, is also a factory construction maniac, and he believes that the best time to build a factory is when the industry is in a recession.

Huaxin International took the opportunity to purchase a large number of low-cost equipment, including second-hand equipment released by Singapore's chartered semiconductor company, and bought the Jinmen Motorcycle Mule Chip Factory at a low price for shares.

In three years, Zhang Rujing built three factories in Huating, built four 8-inch wafer production lines and the first 12-inch wafer production line in Huaguo.

The speed of building factories that swept the world amazed the world, but it also brought a crisis.

Lack of money.

The multi-ownership structure without actual controllers allows Huaxin International to avoid the Wassenaar Agreement in the international market in a short period of time, and obtain a large number of transferred technologies from Sakura Country, Singapore and Europe.

0.21 micron memory process, 0.18 micron logic process, 0.13 micron logic technology......

These are all benefits of this equity structure.

However, the long-only equity structure is not without its drawbacks.

In terms of financing, especially when it comes to the issue of all shareholders making additional investments in the company at the same time, it will become a situation of prevarication between all parties.

As long as one shareholder is unwilling to contribute, the other shareholders will not be able to contribute, and they all think 'why'?

Even if the other shareholders decide to contribute, the shareholder who is unwilling to contribute will be diluted, so he will still vote no on this issue.

At this time, when it comes to the change of the equity ratio, it is not that the minority obeys the majority, but that the vote must be unanimous.

Especially when it comes to different parties in various countries, it is too difficult to coordinate interests.

Therefore, Huaxin International has no way out to increase its capital.

The borrowing road is also full of thorns, and the investment amount and investment time of the semiconductor industry are too large, so that the overseas banking industry is also very cautious about lending to it without policy guidance.

And the domestic banks ......

At the beginning of its establishment, in order to circumvent the restrictions of the Wassenaar Agreement, Huaxin International was registered overseas, and its capital was US dollars.

In order to avoid the risk of investigation and the truth of the truth, Huaxin International did not dare to ask for more money from domestic banks, otherwise América would have to talk about what kind of company Huaxin International is.

So it's no wonder that Zhang Rujing was forced to apply for listing at the worst possible time.

However, Huaxin International's business pain points also give a reasonable operating space.

There is a kind of futures, called semiconductor raw material futures, including silicon wafers, silicon wafers, photoresists, chemicals used in various semiconductors, metals, etc.

In order to achieve the stability of raw material prices, semiconductor companies usually do hedging business in the futures market.

For example, when the soybean market appeared at a historic level, Huaxin International, which was mired in financial difficulties, took risks and participated in soybean futures trading, which is a normal thing in Huaxin International, which has a futures license.

Whether it is the board of directors or the management, there is no doubt about this operation, after all, Gao Sheng, an investment bank that has a major voice in the investment field, is also pushing this matter, making everything very silky.

Follow ABCD's four major grain merchants to drink some soup, this is the consensus of Wall Street, and it is also the tacit understanding of international traders, everyone tied their napkins, picked up knives and forks, and waited for ABCD to call the table.

However, things changed abruptly within a few days.

Prepared Chinese enterprises, driven by a mysterious force, collectively attacked, and swept the spot of the entire market in a short period of time.

Supply is undersupply, which will undoubtedly push prices higher.

With such a huge force sweeping the market, there will inevitably be a sharp rise in prices.

However, there are exceptions to everything.

In mature agricultural markets, the hedging operations of various participants have caused a lag in the rise in prices.

Keep an eye on the spot of futures prices, and in just a few dozen hours, it will not rise anywhere.

And when the seller saw that the futures price began to be outrageous and wanted to destroy the order to let the transport ship come back, at this time, the operation of Hopu Group came.

When the seller contacted the shipowner, it was discovered that Hopu Group bought it directly with the beans.

Whichever ship is on the spot, Hopu Group will directly buy the ship, and drive directly to China without looking back.

Originally, the four major grain merchants of ABCD had a calculating and unintentional desire to yin Huaguo, but they didn't expect to be given a handful by Huaguo in the end.

When people took stock of the inventory, they found that Huaguo's wave of operations had hoarded enough spot stocks equivalent to two years of soybean imports.

At this time, the four major grain merchants were difficult to ride the tiger, and in order to speculate on the price of soybeans for short-term energy storage, they also hoarded a large amount of spot in their hands, just waiting to smash the market.

And now, the situation has become, and they still have to prevent the Chinese power represented by the Hopu Group from smashing the market and shorting in the futures market.

ABCD has always been a one-of-a-kind, watching and helping each other, just like the five great sword factions.

But only when they join forces to pit others.

When the real crisis came, they ran faster than one by one, and Wall Street never believed in tears, only in the cash in their hands.

When there is an avalanche, it's up to you who can run fast.

And ABCD naturally needs people to stand guard, and those international speculators who follow them to eat are naturally the best targets.

While continuing to pull up soybean prices, ABCD quietly completed shipments.

And like Huaxin International, who plays with his big brother, in the end he steals chickens and stands guard at the highest point of soybean prices, which is a logical thing.

Under the extreme stampede market like a black swan, the futures margin is virtually empty, and there is no chance to close the position, and the entire soybean futures price has been broken down.

Huaxin International, which took out $600 million to play, directly liquidated its position and suffered heavy losses, not only losing all its capital, but also owing more than $2 billion to market makers because of the leverage effect.

In just a few hours, Huaxin International's capital chain collapsed directly, not only unable to repay the market maker's supplementary funds, but also unable to repay the Huaguo Bank loan that was about to expire.

Due to the inconsistency of the interests of the shareholders, they could not reach a relief agreement, and Huaxin International could only apply for bankruptcy liquidation.

Only bankruptcy liquidation can rely on the supplementary funds owed to market makers, which is also what shareholders want to see.

After relying on the market maker's supplementary funds, it is nothing more than repaying the $600 million debt of Huaguo Bank after paying employee salaries according to the order of bankruptcy liquidation.

And if you don't go bankrupt and liquidate to repay your debts, although you won't have to find money to make up for the part of your net assets that are not enough to repay your debts, but in the end, you won't get back a penny of all your investments.

Therefore, this time, multiple shareholders rarely reached an agreement and would not provide relief to Huaxin International.

Qingyun said lightly, "Bankruptcy liquidation, according to the order, Huaguo Bank has obtained the right to dispose of assets, and then in accordance with the regulations, the non-performing assets will be stripped to the asset management company for disposal."

So, when the time comes, who will buy it? Elder Jiang, you have to give me a word now. ”

……

(End of chapter)