Take Off My Aviation Era

As two chip manufacturing plants that Ascendas Group participated in the creation of the two early years, WHZB and WHNB have invested massively in the past few years, especially in the research and development of important chip production equipment such as lithography machines and etching machines, which can almost be described by astronomical figures. .

　　 That's all, the key is that the audience of these devices is very small, only a few chip manufacturing companies at home and abroad can use them, belonging to the niche among the niche.

　　Because of this, these chip manufacturers usually choose the equipment they are most familiar with, the most mature technology and the most well-known equipment manufacturer in the industry, so as to ensure the quality and quality of their products.

　　 In contrast, the price of the equipment is a secondary option.

The domestic market is not very prominent in this field. If it weren’t for this, the lithography and etching machines that were fairly good in the country in the early years would not be replaced by imports. It’s true. The inherent logic of the laws of market economy makes it difficult for domestic chip manufacturing equipment to have a living soil.

　　 Therefore, the prospect of the chip manufacturing equipment developed by WHZB with huge investment can be imagined. Except for WHZB's own use, it is impossible to have any export records.

　　 In other words, WHZB's chip manufacturing equipment import substitution plan is not only a loss-making business, but also a large-profit business.

　　 There is no way, the entire R&D investment base is there!

Based on this, many domestic economists and well-known scholars in the industry are criticizing the practice of WHZB founder Luan Heping, thinking that this hero in the electronics industry that has developed from a small home appliance foundry all the way is a reckless man who does not understand economics. Obviously, more cost-saving market economy laws can be used to optimize the allocation of resources, so as to gain more profit.

But Luan Heping just like his head grows and twists and breaks, he has to smash key chip manufacturing equipment so much that he has only made a profit of 670,000 yuan a year after the company was established for five or six years. The rest of the time is Huge loss.

　　 It's not that no one is optimistic about WHZB and WHNB, two of the few domestic chip manufacturers in the whole industry chain that master the high-end chip process technology below 200 nanometers, and they are also willing to invest with money.

For example, Lenovo Group, which is very influential in the domestic technology circle, is preparing to mortgage its 8.6 billion yuan worth of stocks to the bank in exchange for a loan of 7.2 billion yuan in exchange for equity swap, and then switch to WHZB chip manufacturing plant. In exchange for 15% equity.

The two parties talked about this investment quite smoothly, but when it came to the investment in technology research and development, the two sides had serious differences. Luan Heping insisted on investing no less than 1.8 billion yuan in technology research and development every year, including the key manufacturing equipment for chips. The investment is not less than half of the total R&D expenses.

　　 The 1.8 billion RMB in the mid-to-late 1990s is not a decimal. As a result, Luan Heping, like a prodigal son, smashed into the bottomless pit of research and development, which makes Lenovo how to bear it.

　　 We must know that the 1.8 billion RMB R&D expenses have been saved, and the annual net profit in the financial report of WHZB and WHNB is at least 1.2 billion RMB, which can definitely brighten the eyes of many investors.

　　 If operated properly, this profit can leverage dozens of times of leverage in the capital market, which is no different from opening a money printing machine.

　　 In the face of such huge benefits, Lenovo Group naturally disagrees. Not to mention the 1.8 billion yuan investment, Lenovo will not throw a penny into research and development.

　　 So they asked Luan Heping to cancel all research and development expenses and terminate all research projects. If you need to wait for the capital market to get the money, you can buy it all over the world with the ticket.

However, this proposal was rejected by Luan Heping. The differences between the two parties were too great, and the negotiations fell apart. Lenovo Group not only withdrew from the capital, but also made a ruthless remark: As long as Luan Heping is in one day, WHZB and WHNB will not think about it. Get a penny from the capital market.

　　 The influence of the Lenovo Group at that time was called a big one. This sentence cannot be said to block Luan Heping’s way of financing through the capital market, but the real resistance is not small.

　　 In addition, several other investment institutions passed by Luan Heping's insistence on high R&D investment requirements. The reputation of Luan Heping and the WHZB and WHNB founded by Luan Heping instantly collapsed in the domestic capital market.

There is no way, who makes the capital market the same as the entertainment industry? It is to play with the concept, copy the place of the people, where the profit is a miracle, the story is the kingly way, so that enterprises can add Buff layer by layer. , And then cut leeks one by one in the capital market.

WHZB and WHNB want prospects to have prospects, stories to have stories, as long as they can operate well, cut the leeks at will, and the result is a dead-headed Luan Heping, stupefied to mess up the good calculations of many capital bosses. Naturally, no one will take care of it.

If you change to another company and offend such a circle of capital bosses, even if you don’t step down, you will continue to toss them over and over, after all, if you don’t change your mind in the capital market, you will just change people. It's just too much.

But Luan Heping is just like the nails under his ass. Not only is his position still stable, but the annual R&D investment has not been reduced, but has been steadily increasing year by year. It seems that the huge book losses of WHZB and WHNB are not losses at all, but far exceeding expectations. The profit is the same, but the money spent is not distressed.

　　 Luan Heping dare to have such confidence to continue to increase investment in research and development of key chip equipment is mainly because he has the support of China Ascendas.

　　Since the era of Ascendas Group, the biggest investment target of Ascendas has so far been the two chip manufacturing plants founded by Luan Heping. There are five rounds in total, with a total investment of up to 48 billion yuan.

　　 That’s not even counted. After the Ascendas Group was upgraded to take off in China, its investment company injected another 10 billion yuan in capital. It also provided 6.6 billion and 4.8 billion loans to Luan Heping through the controlling shares of China Merchants Bank and Minsheng Bank.

Luan Heping is indeed as Lenovo Group said, he is indeed unable to get a penny from the capital market, but the key problem is ~www.readwn.com~ Luan Heping uses so hard to plan in the capital market. Shier?

　　 Behind China's take-off is the absolute tycoon in the domestic capital circle.

　　 Lenovo Group consciously can make trouble in the domestic capital circle, but if they want private placement in Hong Kong stocks and subsidiary IPOs, they have to operate through Ascendas Investment. Even if they are preparing to inject capital into Luan Heping’s stock mortgage loan, they are also handled through China Merchants Bank.

　　 It is with such a giant, Lenovo Group dare to complain, and dare not really do anything to Luan Heping. The same is true for other capitalists.

It’s just that they don’t understand why China Ascendas knows its huge losses and has to spare no effort to continue to invest huge amounts of money. It is impossible for China Ascendas to feel that it has two bank shares in its hands, and it is a little boring and boring in the capital circle of Hong Kong Island, ready to play. Some new tricks that others don't understand?

　　 The problem is that tens of billions, tens of billions of dollars are all real money, even if you play a new trick, can you change the target? Guarantee all kinds of postures, all kinds of tricks, pose as you want!

However, China Ascendas does not even look at other investment targets. It is only focused on the chip manufacturer of Heping. As for the reason, the outside world certainly does not understand. You can look at the Electronic Technology X Research Institute because of the great support of WHZB and WHNB. If you look mad, you know the absolute value of the tens of billions of flowers that China takes off!

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