In the later generations of HMOV, only Xiaomi was listed, and the other three mobile phone manufacturers were not listed.

For some companies, listing is the end, and founders and shareholders are eager to cash out and leave early, but some companies are not.

Especially in the mobile Internet war has just begun, in the next ten years, smartphones will be one of the important tracks in the business world, Xiaomi is absolutely impossible to go on the market so easily.

Even Zhou Xin doesn't plan to let Xiaomi go public at all, and listing means that many operations can only be put on the bright side.

For example, if Huawei goes public, then they must answer the questions from the shareholder representatives head-on, and they must answer who the manufacturer of Kirin chips is.

In the future, Xiaomi will be the final stop in the domestic supply chain, and parts from different Chinese companies will be finally assembled into consumer products through Xiaomi and provided to consumers from all over the world.

This major mission alone has determined that Zhou Xin does not want Xiaomi to go public so much.

Xinxin lithography machine does not matter, Xinxin cannot acquire Cymer, nor can it acquire Zeiss, it can only rely on the global industrial chain to seize the market in the field of DUV for the time being.

Even if the relationship between Huaguo and Ameriken deteriorates and is stuck in various positions in the future, the new chip lithography machine is nothing more than facing the global supply of parts.

In the face of such a situation, the new chip lithography machine has to use the capital market of China to obtain a steady stream of bullets, and every supply interruption is an opportunity for public financing and an opportunity to support China's domestic suppliers.

As for Xiaomi, Xiaomi has been using Chinese domestic equipment as much as possible from the very beginning.

The screen can choose BOE and TCL did not choose Samsung and LG, even if Samsung and LG have better screens and stronger cost performance.

"This is an industry regulation, not only is CICC's fees so expensive, but other brokerages are also expensive." Zhang Peng explained.

Chen Bo was very envious after hearing this, the proportion of IPO fees is so high, raising 10 billion, can they make 700 million from it?

To know how many tests an enterprise has to go through from establishment to listing, accumulation, timing, macro environment, and market are all indispensable.

Brokers can casually take seven pips from it.

Zhang Peng read the meaning of envy from the eyes of his old classmates, and he quickly explained: "Don't just see thieves eating meat, but don't see thieves being beaten."

How can an IPO be so easy to do, there may not be an IPO project for you in the off-season, or even no project for several years.

It's not uncommon to have to live on a dead wage. ”

Chen Bo asked rhetorically: "Then you have been joining CICC for almost a year, how many IPOs have you participated in?" ”

Zhang Peng said: "Two." ”

Chen Bo said enviously: "Isn't this enough, as a newcomer, you will enter an average of one every six months, if the lithography machine of Xinxin is received by you, then it will be three a year."

Isn't the bonus too much?

It's still financially cool, no wonder so many people are trying to squeeze into the financial industry. ”

Zhang Peng explained: "This is because the market environment is relatively good, but not always such a good environment.

Last year's share reform coupled with the overall global economic boom led to a boom in the capital market.

This is a small probability event. How to put it, any industry will face volatility, there will be peaks and troughs, but the characteristics of the financial industry allow it to amplify this polarization. ”

After Zhang Peng finished speaking, he found a new angle: "Even when the market is bad, because of CICC's name and resources, it has never lacked IPO projects."

That's why large companies are more stable than SMEs, and their scale is resilient to volatility.

Even in the era of semiconductor recession, Xinxin was able to expand against the trend in the chip field and use leverage to obtain actual control of a large number of wafer factories.

This kind of contrarian expansion is also the unique secret of the giants. For small and medium-sized enterprises, they think more about how to survive the cold winter. ”

Zhang Peng's later words refer to the fact that from 2001 to the first half of 2004, during the semiconductor downturn caused by the bursting of the NASDAQ bubble, Xinxin obtained actual control of the wafer factory through the shareholding structure of the same share with different rights.

After the resurgence of the semiconductor industry in the past two years, this case has been praised by many business schools as a classic case in the semiconductor industry.

Before Xinxin, the model of contrarian expansion of the semiconductor industry was neon enterprises and Gaoli enterprises, neon enterprises in the field of memory chips against the trend of expansion dragged down America's memory chip manufacturers, and later Samsung pushed this set to the peak.

The price of memory chips has been reduced by 30 to 40 percent, so that American companies will either face huge losses with the price reduction, or they will not be able to sell it, which will also cause huge losses, and Intel, Texas Instruments, IBM and other companies have been driven out of the field of memory chips.

Samsung is even more exaggerated, they cut prices even more ruthlessly, starting from 50 percent, they not only cut prices but also expand production, so that neon companies can not see when the cold winter will end.

With this trick, Samsung is about to push Elpida to a dead end. Elpida is Neon's last memory chip manufacturer, which was formed by the merger of the memory chip divisions of Hitachi, Toshiba and NEC.

The money used for Samsung's expansion comes from the Korea Bank, which is the will of the Goryeo government and the national strategy of Goryeo, and there are pros and cons to doing so, but the disadvantage is that if the opponent's blood is thicker than yours, if you fail to resist, it will be a pure loss.

In the future, Samsung faced this problem when it used Yangtze River Storage, and in 23 years, Samsung and Hynix's chip business combined lost 80 billion yuan, which can be called the most ruthless loss.

The acquisition strategy of Xinxin can allow large enterprises to quickly acquire small shrimp in the market at the lowest cost during the semiconductor downturn.

The original construction cost of the wafer factory was as high as 1 billion US dollars, but now it only needs to spend 200 million US dollars to take control and form a scale effect, and there is no need to expand production by itself or invest in manpower.

This is the application of weighted voting rights in the Internet field to the semiconductor industry.

"Mr. Xin must be very good at this, and his tens of billions of projects on Ameriken's side have operated so many for him." Chen Bo said.

For the employees of Xinxin, Zhou Xin is simply like an omnipotent superman.

Most of the employees are from science and engineering, and the most important thing is result-oriented, just looking at Zhou Xin's resume is enough to convince everyone.

In addition, the employees have almost no opportunity to report or deal with Zhou Xin directly, and this distance will make Zhou Xin's image even more golden.

"That is certain, since the establishment of CICC, the investment banking department has only raised a total of 90 billion US dollars, and Boss Zhou can do it if he wants to raise this amount of funds alone.

Our boss's exact words, he is now taking a project to Wall Street, without even using a name, and can raise billions of dollars casually.

That's fame. ”

"This is fame, Mr. Zhou, the pricing of 100 billion RMB market capitalization, the frozen funds are more than 2 trillion, such a high price, there are so many investors who support you with real money.

We also hope that the listing of Xinxin can bring a good start to this year's A-shares. ”

The listing of the new core lithography machine is not a big deal in itself, the lithography machine is very important, but the listing is not important.

However, his company was listed on the mainland capital market for the first time, which has a strong symbolic meaning, so the first batch of veterans of Xinxin gathered together, and Zhou Xin himself also attended the bell ringing ceremony.

"Director, you're welcome, this is the third time I've participated in the bell ringing ceremony.

One time was when Riot Games went public, on the NASDAQ, and the second time when it went public on Baidu, and as the largest individual shareholder of Baidu, I had even more shares than Robin at that time.

To be honest, I don't have much experience, but I'm glad to be welcomed by my fellow villagers this time. ”

The director of the securities market supervision department personally went to the Shanghai Stock Exchange to ring the bell to cheer on the scene, and Shenhai also sent leaders.

To be honest, whether the new chip lithography machine is listed on the Shenzhen Stock Exchange or the Shanghai Stock Exchange has been fighting for a long time.

The Shenzhen Stock Exchange believes that the new core lithography machine should be listed on the GEM, and this level of high-tech enterprises and the Shanghai Stock Exchange are not in harmony at all.

Shenhai is naturally unwilling, what does it look like for Shenhai enterprises to go public in Pengcheng?

In addition, Pengcheng has been eyeing the new chip, hoping to dig the new chip over, in order to make the new chip lithography machine listed on the Shanghai Stock Exchange, Shenhai has made a lot of efforts.

Shenhai directly said: "As a leading enterprise in the global semiconductor segment, Xinxin lithography machine is more suitable for listing on the main board of the Shenhai Stock Exchange, which will help to reach more diverse investors and is also beneficial to the company's long-term value." ”

It belongs to the open side of the tear.

It was not the first time that the director had dealt with Zhou Xin, they had dealt with each other at the Shenhai financial summit before, and he was surprised by Zhou Xin's maturity at that time.

It stands to reason that when he became famous at a young age and achieved so much success, it is somewhat difficult to hide his youthful spirit in his personality, and his speech will more or less show a sharp side.

The result is that the other party does not leak on the surface, and he is also a master of tai chi.

Zhou Xin only showed his edge in the previous Hanxin incident.

With an initial market value of 100 billion RMB, and 20 billion yuan of funds raised, this is already the largest private enterprise in the history of Big A.

This is nothing for all the listed companies of Big A, because there are still two giants to be listed this year, Huaguo Petroleum and Huaguo Shenhua, the former will raise 66.8 billion yuan, and the latter will raise 66.582 billion yuan.

In order to fight smoke bombs, Xinxin lithography machine claims to invest in EUV, dry lithography machine and X-ray lithography machine at the same time.

"How do you view the listing of Xinxin lithography machine on the Shanghai Stock Exchange?"

"Thank you for the invitation, I have subscribed, I hope to win the lottery, this 1 in 10,000 winning rate really breaks my heart.

To be honest, the pricing is not cheap, it does not meet the positioning of Xiaomi's extreme cost performance in the other sector of Xinxin, with a price of 100 billion, a revenue of 6 billion yuan, and a net profit of only tens of millions, this PE will go to the sky.

The advantage is that the company's latest immersion lithography machine has amazing potential, with a price of 500 million yuan Intel has set 10 units, and Xinxin Group has also set 10 units, which alone is 10 billion RMB's revenue.

So this valuation is not expensive, according to the news I got, the new chip lithography machine does have a leading edge in technology, the product is not worried about selling, Nikon, ASML, it takes time to catch up.

Xinxin is also very honest in the prospectus, because of insufficient production capacity, it is expected that the output of immersion lithography machines will not exceed 30 units this year, that is to say, the revenue will be about 15 billion yuan.

Buying it is counting on its high growth, and at the same time, there are few domestic companies that have made breakthroughs in cutting-edge technology, and they are buying high growth and scarcity.

I estimate that the winning lottery can eat three up-limit boards, considering the aura of the new total, everyone believes that he can always maintain an advantage, I will give two more, and five more.

Once Nikon and ASML catch up in the field of immersion lithography machines, the valuation logic of Xinxin will be very different.

Of course, if I win the lottery, I will always get it to my son as an heirloom, to see if the new is always so good, and there can be an undefeated myth in the semiconductor field. ”

The myth of Zhou Xin's invincibility in the Internet field is recognized, not to mention the public opinion field of China, even in the public opinion field of Ameriken, it is also recognized.

However, in the field of semiconductors, this time Xinxin achieved corner overtaking in the field of lithography machines, which made many Chinese netizens think that Zhou Xin is also so powerful in this field.

Now that the new chip lithography machine is going to be listed on the A-share market, the capital is more willing to publicize it behind the scenes, promoting the so-called myth of Zhou Xin's undefeated, which helps them to speculate the stock price higher.

"Thank you, I think there are two ways to look at this issue.

First of all, the listing of the new chip lithography machine itself, I think it is a good thing, the domestic capital market has a lack of real science and technology enterprises, and the new chip is also one of the few science and technology enterprises in China to explore the way.

If Xinxin can't get the corresponding recognition from the capital market, then the brothers will still wait and see.

Secondly, it is very clear in the new chip prospectus that the funds will be invested in research and development, rather than buying stable financial products and acquiring companies that don't know where they came from, which can make big A's technology companies see clearly.

Fundraising should be invested in research and development, otherwise it is better to borrow money from the bank to see how easy it is for shareholders to bully?

Finally, as Zhouxin's company, the A-share listing can be regarded as a landmark event for the further integration of the new general manager and the Chinese economy, which is conducive to the continued vitality of the Chinese economy.

Then let's talk about the price, I think the pricing of 100 billion yuan of Xinxin has been criticized a lot by everyone in terms of suspicion, thinking that this price is too high, in order to cut leeks.

I think that the price is indeed not cheap in terms of scoring two points, but the relative plate will be very large, so big that it is not so easy to stir-fry.

Big A's various tour capitals have long been eyeing the new core lithography machine, thinking that it is the first topic of hype this year.

If the pricing is not high enough, such as 20 billion or even 50 billion, then it will be casually manipulated by the tourists, all kinds of speculation, and take the shareholders to play a roller coaster.

The bigger the plate, the harder it is to fry.

In addition, such a high price also makes it clear to everyone that those who are willing to buy must be prepared to grow together with the new core lithography machine.

Don't think that you can buy the limit, don't buy it with a speculative mentality. ”

(End of chapter)