Top of the big era

At the investment conference, a big leader was present.

Zhou Buqi had an in-depth conversation with him for 20 minutes on the topic of investment, focusing on investment in the technology field.

All domestic media must report to the Information Administration, except for Caixin media. Therefore, when it comes to regulating speech, all media across the country must have a unified voice. Only Caixin can make some different voices and maintain a certain space for speech in the economic field. It is this leader who is supporting.

Investment in the domestic technology industry is really too weak.

Especially in hard-core technology, there are almost none.

As long as Zhou Buqi convinces the leader in charge of finance, the policy can be changed.

Because Ziweixing and Asda are involved in the development of some chip fields, Zhou Buqi has a deeper understanding of this industry.

Don't worry about high-end chips, low-end chips... A large part of low-end chips with a relatively high domestic production rate are purchased from foreign wafers, and then they come back to cut themselves, install a casing and test them, and then they are finished products and have independent intellectual property rights. .

Some truly 100% domestic chips are actually large copycat versions. I took a foreign low-end chip from two or three years ago, took it apart and took pictures under a microscope, and then made the same layout design for the circuit.

But even if they are copied, there is still a huge gap in performance and craftsmanship, and they can only rely on price wars to capture the market. Several low-end chip companies related to smartphones that Ziweixing has invested in, such as Goodix Technology, which develops fingerprint unlocking chips, can try to make slight changes to the circuit after taking the photo, which is already awesome.

The root cause of this situation is actually lack of money.

The annual salary of Goodix's first-class chip designers is only several hundred thousand, which is really too low. But let this company with almost no profits pay engineers higher salaries, and they simply can't survive.

The Internet industry can develop rapidly, largely because the Internet industry can pay high salaries to talents. Even if the salary is insufficient, you can use the future promise model of options to make up for the income.

If you want to do research and development, the most important thing is to spend money and invest.

However, state-owned enterprises do not dare to invest and will bear responsibility if the investment fails. Private enterprises are all owned by their bosses. There is no such worry about stepping down if the investment fails. However, if the investment fails, there is a risk of bankruptcy.

What should I do if the company doesn’t give me money?

The world's hard-core technology research and development has never been dominated by enterprises. Instead, the state has spent money to cultivate industries and cultivate markets. After the industry is established, companies will naturally enter the market when they see that it is profitable.

Europe, the United States, South Korea and Japan have all developed their industries in this way.

But domestic state investment, funds basically flow into the field of large-scale infrastructure construction, building bridges, roads, houses, high-speed railways and base stations... One beautiful big project after another has been made, but the hard technology field can only achieve very limited development. Funds have all been invested in some fake projects, and private enterprises that are truly capable and need funds cannot get the money at all.

There are many reasons for this current situation, and a very important one is financial regulation.

Private private equity funds are not open.

IDG was able to get started in the early years because Boss Xiong and this leader were good friends and had special approval. Several investment institutions that emerged later had either foreign capital backgrounds, such as SoftBank SAIF, or state-owned enterprise backgrounds, such as Lenovo Hony, which all had certain privileges, but private capital did not.

Capital is synonymous with capital society and cannot be let go easily.

This leads to the question of what results can be achieved by investing such a small amount of money in so many institutions? We are lucky to be able to invest in the Internet industry, and we still rely on the money invested by foreign capital.

With just such a small amount of money, it is impossible to build a hard-core technology industry. Massive capital investment is necessary.

It must be like a flood.

100 billion was invested, 99.9 billion was wasted, and if 100 million of the investment paid off, it was a great success.

In the early stages of the industry, huge losses are bound to be suffered.

If state-owned enterprises are unwilling to bear this loss and private enterprises cannot afford it, who will bear it? If no one takes responsibility, how can the technology industry make substantial progress?

To achieve this, more investment institutions must participate, especially by opening up the private market and allowing more private investors with professional capabilities and investment vision to raise funds from various markets at home and abroad. Enter. At the same time, the state has established large investment funds in the strategic field of science and technology and poured money into the industry.

Under the flood, there must be many scammers who fish in troubled waters. This is normal and is the same all over the world. While strengthening the supervision of investment funds, we must focus on a number of key development projects and develop them regardless of the cost.

Zhou Buqi suggested that the country could send an inspection team to Singapore to inspect Temasek Investment Company.

This is a state-owned enterprise in Singapore. In its early years, it also encountered various problems, such as low efficiency, internal and external collusion to defraud money, investments from related parties, etc. However, after overcoming various difficulties, Temasek is now the most successful company in the world. One of the investment companies, especially in the field of technology, it is also ranked among the top five in the world.

Zhou Buqi's words are full of sincerity, which is also his feeling after listening to the reports of Cheng Binghao, Liu Qing and Nie Caijun in the capital.

Ziweixing is certainly not short of money, and Ziweixing has even cooperated with Giant to launch an investment fund to invest in the smartphone supply chain industry.

However, the foundation of the industry is too poor. It is impossible to develop this industry solely relying on the strength of these two private enterprises. The state must take action.

The country does not need to go into battle personally and can imitate Temasek’s model. For example, in this domestic 4 trillion plan, 500 billion was allocated to lead the establishment of 3-5 large investment funds. How could it invest in a dozen relatively powerful domestic low-end chip companies instead of foreign ones? Once the chip industry is in crisis, the country will be embarrassed.

There are many low-end chips in China that claim to have achieved independent property rights, such as MOS tube chips for electric vehicles. However, after the financial crisis in 2008, the international chip market also encountered a crisis, with chip production greatly reduced and prices soaring. For example, the price of MOS tube chips has increased from 2 yuan to 8 yuan.

It stands to reason that when the foreign chip industry encounters a crisis, it is the domestic opportunity. Domestic MOS tube chips can dominate the market with their price advantages!

The results of it?

Prices have risen abroad, and they have also risen sharply domestically. Not only did it fail to capture the market, its market share actually shrank.

The reason is that low-end chips such as domestic MOS tube chips are also wafers bought by domestic manufacturers from abroad, and the packaging and testing become domestic. Now that foreign manufacturers don’t have enough for themselves, how can they sell it to China?

If the country can spend 500 billion to enter the market and poach some of the mid- to low-end chip talents that have been lost abroad, it will be easier to poach mid- and low-end talents while senior talents cannot be poached. This will allow the domestic low-end chip market to achieve true localization. Once the foundation is laid, we can then develop into mid-to-high-end areas.

Zhou Buqi's words were serious and thoughtful.

The chip industry is closely related to the country and is the backbone of the entire electronics industry. While foreign countries are doing nanotechnology, China can at least do micron-level things well.

The leader also spoke with sincerity, saying that the country's financial resources are also limited, and the first priority is to solve the problem of food and clothing, so that people in some areas can have enough food and clothing, and to solve people's livelihood problems such as medical treatment and living security for low-income people. Investment in the technology industry still hopes that companies can assume more social responsibilities.

At the same time, he also said that the financial market will gradually liberalize, relax the review standards for private investment institutions, allow more capital institutions to enter the market, and revitalize the leveraged economy. He also said that he would hold a meeting later to study the plan of the national major fund.

Time was limited, so the two chatted in a general direction and agreed to talk later.

The two are very familiar with each other and have had many interactions in the capital in the past, especially when Shengshi Cycling was supporting the Olympic Games. Zhou Buqi was still a fledgling college student at that time.

Li Guoqing also said that when he was at Peking University, his book publishing business failed. He didn't sell any books. He went into the system with hundreds of thousands of debts and worked under this leader.

In the 1980s, a college graduate with so much debt would be basically out of luck for the rest of his life. However, the leader appreciated Li Guoqing's talent very much and felt that it was a pity that such an outstanding young man should be wasted from now on. He suggested that he go abroad as soon as possible.

Li Guoqing was unwilling to give up and insisted on staying. Later, relying on the relationship of this leader, he sold all the unsold books through the system. Not only did the debts be paid off, but he also had a balance of hundreds of thousands, which gave him the first pot of gold for his future business venture.

…

Two days later, Huayi was listed on the GEM.

After the listing, Jieyu Media holds 12.8% of the shares, making it the second largest shareholder after Wang Xiaojun. Zhou Buqi personally holds 11.2 million shares, accounting for 9.3%, less than Wang Xiaolei, and is the fourth largest shareholder.

The rest are just a bunch of movie stars.

For example, Director Feng holds 2% of the shares, Zhang Jizhong holds 1.6% of the shares, and there are all kinds of celebrities, all of whom purchased stocks internally. There are also a group of artists such as Zhou Xun who clearly received internal quotas, but they were worried that the investment would fail and did not claim it.

Simply bizarre.

Zhou Buqi was not polite and gave the remaining 1.03 million shares to the internal quota. Although the price of claiming has increased from 1 yuan per share in the first issue to 3 yuan per share, it is still a good deal.

In March, he bought the stock with his own money, divided it into three equal parts, and gave it to three girls, Yang Mi, Li Xinwan and Jiang Bingjie.

The lock-up period for such insider shares is 3 years.

Although each of them only has 340,000 shares, after three years of nurturing, they are enough to feel the love of their father.

On October 30, Huayi's stock officially landed on the GEM with an issue price of 28.58 yuan. At 10:10 a.m., the stock price shot up to 75.2 yuan!

An increase of up to 163%!

The era without daily limit was really crazy.

Zhou Buqi personally holds 11.204 million shares, with a book value of 840 million yuan.

At the close of trading in the morning, the stock price had soared to 91.8 yuan, and Zhou Buqi's shareholding value had reached 1.02 billion yuan. The value of the shares held by Jieyu Media exceeds 1.3 billion yuan.

Fortunately, both Zhou Buqi and Xu Baihui had seen strong winds and waves.

1.3 billion, which is less than 200 million US dollars!

Nothing.

But the same could not be said for the artists and celebrities. They all screamed and danced with excitement. Including the Wang brothers, their faces were all red, as if they were drunk, and their faces were dazed and happy.

While having lunch, Zhou Buqi received a call from Yang Mi and cheered excitedly: "Dad! Dad! Dad, the funder! The stock price is more than 90 yuan! The stock you gave me as a gift is worth more than 30 million yuan! You are indeed the sponsor’s father!”

Zhou Buqi snorted coldly and lectured: "You're worthless!"