After the business cycle, the price of the panel has fallen all the way, and the weak cycle tests the fundamental strength of every enterprise.Countercyclical investment used to be the magic weapon of S Star to win, but now it has become a routine operation of Times Optoelectronics.This time, Xiao Bai proposed to build two more 6th generation (flexible) LTPS\\AMOLED production lines, one of which was led by Times Optoelectronics Co., Ltd., and the other was funded by Times Optoelectronics (Group) Company."
Dong Xiao, are you preparing for a decisive battle with South Korean companies such as S-star?
I have no opinion on supporting your bill. ”Xu Changqing seems very relaxed, the competition in the panel industry will eventually compete between domestic companies represented by Times Optoelectronics and Dongfang Technology, as well as South Korean companies represented by S Star, and other companies will either die out or be marginalized.This industry is characterized by being capital-intensive, technology-intensive, and often winner-takes-all.When a company has sufficient production capacity and cutting-edge technology, it means that there is little room for development for latecomers.Therefore, there will be no objection to a new round of countercyclical investment.Other committee members have expressed their attitudes, and the proposal to build two new 6th generation (flexible) LTPS\\AMOED production lines has been successfully passed.The rest is for the holding company and the listed company to find a way to raise funds, and Xiao Bai handed over the task to Shang Liancheng and others, and then made adjustments according to their information feedback.If there is a gap in funds, Xiao Bai will give the necessary support.Xiao Bai's current development idea is to focus on the development of Times Optoelectronics and continue to expand the company's dominant position in the panel industry.In terms of integrated circuit manufacturing, Xiao Bai is more about supporting Times IC Manufacturing Co., Ltd., and resisting future risk changes together with various powerful major shareholders.The subtleties of this are difficult for outsiders to understand, and the effect is often reflected in 5 or even 10 years later.However, Xiao Bai left a hand on this issue, including Times IC Manufacturing (Group) Company and Times IC Manufacturing (Beijing) Company.Neither company has gone public, and there are no plans to do so.These two companies are the focus of Xiao Bai, not the pursuit of the most advanced process technology, but in the mature process technology and characteristic technology, one day these two companies will become the mainstay of the entire industrial chain of the times.For example, the home appliance companies, automobile companies, etc., which are under the Times Department, need to use a lot of IC products, but these ICs do not require the most advanced process technology, and mature process technology and characteristic technology can solve all problems.Advanced process technology is required, including smartphone products and some products of Times Communications.The manufacturing of this part of the IC can only rely on Wei Jianjun's side.One day, when the United States launches a scientific and technological war, the most affected should be Times IC Manufacturing Co., Ltd., the Beijing company will be very little affected, and the group company will hardly be affected.This is the firewall that Xiao Bai has built internally.On the one hand, the enterprises under the Times Department should work hard to reduce their dependence on foreign technology, especially the United States, and on the other hand, they should reduce the pressure in this way."
Chairman Xiao, after our efforts during this period, the holding company has raised almost 30 billion yuan, and the listed company has also raised 24 billion yuan."
When Xiao Bai saw Shang Liancheng again, the other party not only made a project construction plan, but also implemented the financial matter.In other words, there is still a gap between the two projects?
Mr.
Shang, the listed company can talk to the local government and ask them to help solve some problems.When the conditions are ripe, the listed company can raise funds again. ”Xiao Bai first talked about the funding problem of listed companies, and he preferred to let the government of the construction site allocate funds to jointly do a good job in this project.As for the financing of the secondary market when the conditions are ripe, he did not say explicitly.However, according to the current time node, I am afraid that it will not be implemented until the end of the weak cycle.At the end of the weak cycle, the stock price of listed companies will definitely fall to the bottom, and at that time, when refinancing, Shang Liancheng naturally knows very well what Xiao Bai's idea is again.There is a high probability that Xiao Bai will participate in the additional issuance of listed companies.In addition, there is a funding gap of more than 10 billion yuan on the holding company's side, and Xiao Bai did not specifically mention this matter."
Okay, the new project of the listed company is ready to land in Jinyang.I have sent people to the local area to investigate, and the local basic conditions are good, especially the local government is very supportive of this project, and it is estimated that the other party can contribute some funds. ”Shang Liancheng nodded, and the Jinyang project of the listed company was basically determined."
Well, the holding company should be in contact with Rongcheng, right?
This project does not need to be funded by the local government, they can give enough preferential policies, and I will fill the funding gap. ”Xiao Bai expressed his attitude very calmly and finalized another project again.This Rongcheng is not Birong City, the geographical location is in Hujian, and it is the provincial capital city of Hujian.When the Times Department first started, it once rented a production line in Hujian, and the semiconductor industry base there was still good."
Good!
I will now go to Mr.
You and ask him to send negotiation experts to form a team with us to formally negotiate with Rongcheng and Jinyang. ”Shang Liancheng left the project construction plan, then got up and left Xiao Bai's office to find Juwenson.In the negotiation of major projects, Juvinson will usually be involved, which is also the job responsibility of the other party.After Shang Liancheng left, Xiao Bai continued to be busy with the work at hand.Now, Times Optoelectronics' position in the industry is becoming more and more stable, and the company's management represented by Shang Liancheng and Chen Yisheng has been able to control various complex situations.Many times, Xiao Bai only needs to support silently behind the scenes, and does not need to rush to the front.Half a month later.Times Optoelectronics (Holdings) Company first reached an agreement with Rongcheng, and Shang Liancheng went to Rongcheng in person and signed an investment agreement with the local government.Rongcheng 6th generation LTPS\\AMOLED production line project, with a total investment of 46 billion yuan.Among them, Times Optoelectronics (Holdings) Co., Ltd. invested 30 billion yuan, accounting for 79.2% of the shares.Times Technology Group invested 16 billion yuan, accounting for 21.8% of the shares.The local government did not allocate funds, but gave many preferential conditions in terms of taxes and bank loans.The project has been declared in advance, and after the signing ceremony, it has been approved by the relevant departments, and the preliminary work of the project has been carried out immediately."
Xiao Dong, the negotiation of the Jinyang project is not very smooth, and the differences between the two sides are mainly reflected in the local allocation."
That morning, Juvinson came to Xiao Bai.He is ready to leave for Jinyang to negotiate with the local government again on the 6th generation (flexible) LTPS\\AMOLED production line project.Juvinson told Xiao Bai that due to the large funding gap for the Jinyang project, the two sides have not yet negotiated the amount of local allocation."
Mr.
You, the most urgent thing now is to promote the implementation of the project as soon as possible, and some conditions can be moderately relaxed.The listed company's own funds have 24 billion yuan, and as long as the other party is willing to contribute part of the funds, the remaining gap will not be borrowed from the bank. ”Xiao Bai thought about it for a moment and made a suggestion to Juvinson.The negotiation of this matter was completely handed over to Shang Liancheng and Juwenson, and he would not interfere under normal circumstances.So it's just a suggestion from him, it's up to them to listen to it or not.But there is one thing, the project itself cannot be delayed for a long time."
Okay, Dong Xiao, I will fully consider the opinions of all parties."
Juvinson didn't promise Xiao Bai anything, but he knew very well that going to Jinyang this time was the last round of negotiations, and success or failure was here."
Well, go ahead, I'll wait here for your good news."
Xiao Bai nodded and watched Juvinson leave.After Juvenson arrived in Jinyang, a new round of tense negotiations began.This time, he was resolute that if an agreement could not be reached, the production line would be re-selected.Of course, in the specific negotiation process, Juvinson still made a little concession.In the end, Jinyang agreed to allocate 16 billion yuan to participate in the construction of the project.Times Optoelectronics Co., Ltd. currently has 24 billion yuan of funds, plus Jinyang's local investment of 16 billion yuan, a total of 40 billion yuan, and the gap of project funds is 6 billion yuan.He called Xiao Bai to ask for his opinion, and Xiao Bai said that there was a way to solve the remaining funds, so the last round of negotiations ended.Shang Liancheng and Juvinson attended the signing ceremony together, and the Jinyang project was launched.The project construction team soon arrived in Jinyang, and the project leader was Chen Yisheng, and Shang Liancheng returned to Shencheng with Juvinson."
Mr.
Mu, come to me."
After Shang Liancheng returned, he began to contact various banks for loans.Xiao Bai did not say that he would provide financial support on his side, but if there were difficulties in taking out loans, he would still make a move.Therefore, Xiao Bai called Mu Ziyuan to his office and asked about the current company's financial situation."
Dong Xiao, we currently have 116 billion yuan in cash on our accounts."
Mu Ziyuan told Xiao Bai that Times Technology Group had 50 billion yuan in its accounts before, and later a number of after-tax profits returned to the company, totaling more than 80 billion yuan.In addition to the investment of 16 billion yuan just paid for the 6th generation (flexible) LTPS\\AMOLED production line project in Rongcheng, and 1.123 billion yuan allocated to the daily payment account, there are still 116 billion yuan of funds left in the account of Times Technology Group."
Well, the company has a lot of money.In this way, you wait for Mr.
Shang's side, if the loan from his side does not go well, you will lend him 6 billion yuan.If the loan from his side can be put in place, you will be in charge. ”Xiao Bai knew that this year's monetary policy was tight, and Shang Liancheng might not be able to get a loan from the bank soon, so he arranged it in advance."
Okay, Xiao Dong, I remember."
Mu Ziyuan saw that Xiao Bai had no other instructions, and immediately left the office.Shang Liancheng recently asked the chief financial officer of a listed company to handle a loan, and the chief financial officer went to several banks, but did not get a clear answer.Fortunately, 40 billion yuan of project funds have been put in place, and the funding gap of billions of yuan does not affect the facilities of the project.But this gap must be filled in the future, otherwise the capital chain will have to be broken in the later stage of the project.Shang Liancheng held a meeting with the management of the listed company to study the issue."
Mr.
Shang, the funding gap of 6 billion yuan is actually not a big deal, and when this part of the funds needs to be used, the project is almost at the end.When the time comes, the company will find a way to solve it from its own funds. ”The chief financial officer is also repeatedly calculating these days, and at that point in time, the company's capital should be more abundant, and how can 6 billion yuan of funds still be squeezed out.In this way, it can also save a financial cost."
It may not be as you wish, now that the industry cycle is changing, the downward pressure on corporate performance is increasing, and what may happen in a year or so."
The CFO's proposal was quite attractive, but Shang Liancheng thought about it and rejected the other party's proposal.Just like a business and a war, you must consider the problem from the worst point of view."
Mr.
Shang, it makes sense for you to think so, then there is another way, how about you go to Xiao Dong and ask Xiao Dong to give him a reason?"
The CFO smiled, not minding that Shang Liancheng had rejected his opinion, but made another suggestion."
You guys, you know the big boss!
But this is also a way, I will go to Xiao Dong and ask for his opinion. ”Shang Liancheng smiled and pointed to the financial director, and then adopted the other party's suggestion.Before getting off work in the afternoon, Shang Liancheng rushed to Xiao Bai's office."
Mr.
Shang, are you saying that the funding gap will be left alone for now, and then we will find a way when the time comes?
Tsk, you also have to worry about saving financial expenses!
Okay, I know your little ninety-nine very well, so I'll give you a foundation. ”In order to support the development of Times Optoelectronics, Xiao Bai no longer knows how much money has been invested, which is really not bad for billions of yuan.Therefore, he didn't bother to care about the small calculations of Shang Liancheng and others."
Dong Xiao, I just want to add an insurance.According to my thoughts, even if it is a weak cycle superimposed on the price war, the company will never lose money, and it will take nearly a year for most of the year, and 6 billion funds will be earned. ”Shang Liancheng explained with a smile.Xiao Bai still believes in his words, no matter what, not to mention 6 billion in a year, even two 6 billion will not have any problems.Times Optoelectronics (holding company plus listed company) currently accounts for 37% of the entire market share, ranking first in the world.The company's high investment in technology research and development has also brought high returns, and the continuous rise in yield and production capacity means that the production cost is constantly decreasing.If you simply fight the cost, S Star is not an opponent."
Let's go, don't grind your teeth here, I'll take you out to dinner.Say, what do you want to eat at night?
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I'm in for a treat. ”Xiao Bai immediately pulled Shang Liancheng out of the headquarters park.During the meal, the two talked about the refinancing of listed companies.However, this time the refinancing needs to wait for the opportunity, and the matter is relatively complicated.