Chapter 1393 Money is like flowing water

   End of September.

   The China Securities Regulatory Commission (CSRC) handled special affairs and quickly passed the 12 billion RMB fixed increase plan submitted by BOE.

   At the same time, Liu Hai personally flew to the capital and signed a series of complicated fund investment agreements on behalf of Daxia Capital and Vision Capital.

Daxia Capital plans to invest 5 billion US dollars to jointly initiate the establishment of a liquid crystal panel industry investment fund with Envision Capital. It claims to be a PE investment fund. The internal code is very similar to the domestic integrated circuit industry investment fund, but the serial number is a bit later. , named Frostfall II.

  Shuangjiang No. 2 Fund, in addition to the 5 billion US dollars invested by Daxia Capital, there are also two project companies invested by Envision Capital - Rongcheng BOE's 4.5th generation line and 6th generation line.

   In the entire fund, Daxia Capital plays the role of LP who only pays money and is not responsible for specific management, while Vision Capital plays the role of GP and holds a certain fund share at the same time.

   Since Envision Capital’s domestic investments are basically Xia Jingxing’s own funds, after penetrating layers of complex shareholding structures and vests, 100% of the fund shares are still owned by Xia Jingxing alone.

  Xia Jingxing wanted to bring some people together to share the pressure of fund investment, but the reality was that almost no one wanted to play this money-burning game with him. At the same time, he had to gamble on the rise of the mainland panel industry, and the investment risk was very high.

   Just like the two integrated circuit industry investment funds that have been launched and established one after another, Xia Jingxing alone took care of most or even all of the investment.

   The disadvantage of doing this is that it takes up a lot of money, it is not good to be small, and it is not conducive to leveraging investment leverage;

   At the same time, the benefits are also very obvious. There is no fund duration, there is no pressure to exit, and there is no random pressure from LPs. The panel battle can be fought for as long as you want, and no one has jumped out to oppose it for ten or twenty years.

After the    panel industry investment fund was deployed in place, there were frequent big moves.

   First, it fulfilled its investment commitment to the last panel production line in Rongcheng. BOE invested 9 billion yuan, Shuangjiang No. 2 Fund invested 5 billion yuan, and another bank loan of 14 billion yuan, totaling 28 billion yuan, was used to build the Chengdu Gen 8.5 line.

Then, the Luzhou government, who was unwilling to be left behind, came to the door and proposed to BOE the conditions for attracting investment in Rongcheng. Land and policies were not a problem. At the same time, they also used financial income to play venture capital to help BOE solve part of the construction of factories. Funding source issues.

   Huang Dongsheng did not dare to be a specialist, so he reported the news to Xia Jingxing and asked for the opinion of the big gold lord.

   Xia Jingxing has not yet reached the point where he will return to his hometown and ignore the upper limit of a city's industrial capacity.

   He felt that the conditions offered by Luzhou were good and sincere, and immediately called Huang Dongsheng and agreed to the request to establish BOE's fifth panel production line in Luzhou.

This panel production line in Luzhou is also a planned high-generation line. It is an 8.5-generation line with a total investment of 28.5 billion yuan. Luzhou has promised to solve 10 billion yuan. The remaining 11.5 billion yuan of shortfall funds will be jointly borrowed by the three parties from the syndicate.

   Just signed the investment intention agreement with Luzhou, and the Yuzhou government came to the door again.

The platoons of big cities were immediately reflected. Several local government-run capitals in Yuzhou said that they could collectively invest 11 billion yuan to build an 8.5th generation or even 10th generation of glass substrates with a monthly production capacity of 120,000 pieces of glass substrates. Wire.

   wanted to press Rongcheng, Huang Dongsheng felt that this was a bit of a disgrace to President Xia.

After    tangled, Huang Dongsheng could not resist the temptation after all, and took the initiative to ask Xia Jingxing for instructions.

   Xia Jingxing only replied to him with the word "Jian".

  In this way, the Yuzhou 8.5 generation line with a total investment of 33 billion yuan has been planned.

   In the whole project, Yuzhou local government-run capital contributed 11 billion yuan, Shuangjiang No. 2 Fund contributed 6 billion yuan, BOE itself contributed 3 billion yuan, and the remaining 13 billion yuan was funded by loans.

   The reason why the 8.5th generation line was launched instead of the 10th generation line is because BOE itself has not mastered the relevant technology.

  The world's first 10th generation line was announced by Sharp more than a year ago. It has not been completed so far, and it will not be officially completed until next month.

   Such a leading technology, Sharp is definitely not willing to authorize it.

   However, the 8.5-generation line is enough, and BOE plans to have three 8.5-generation lines. The annual production capacity that bursts out after full production can meet the annual output of TV manufacturers and computer manufacturers with an annual output of 40 million to 50 million large-screen LCD TVs and computer LCD screens.

  …………

  …………

   "I said, big brother, if you continue to spend so much money, Shuangjiang No. 2 will spend $5 billion next month, shall we take it easy?"

  Liu Hai came to Xia Jingxing's office in person, and as soon as he entered the room, he patted the document in his hand on the table and pushed it in front of Xia Jingxing.

  Xia Jingxing picked up the document and glanced at it, then smiled: "Yes, half of the funds have been spent so quickly, and we will continue to work hard."

   bangs: "..."

   When the words reached his lips, Liu Hai swallowed it again, because he felt that his thoughts and Xia Jingxing were not on the same channel.

   "The 4.5th generation line of Rongcheng invested 300 million yuan, the 6th generation line invested 5 billion yuan, and the 8.5th generation line invested 5 billion yuan;

  The 8.5 generation line in Luzhou invested 5 billion, and the 8.5 generation line in Yuzhou invested 6 billion;

   In addition, it also subscribed RMB 5 billion of convertible corporate debt issued by BOE. "

   Speaking of this, Liu Hai paused and his face became serious, "Even excluding the two 4.5-generation and 6-generation lines that have been built in Rongcheng, our fund has spent a total of 21 billion yuan.

When the   5 billion US dollars were remitted to the mainland, the exchange rate was only less than 34.2 billion yuan, which is equivalent to 60% of the funds already spent.

   If we use this money to acquire BOE, we have already bought all this loss-making company. "

  Xia Jingxing shook his head, "If you don't buy them, why buy them.

   If BOE is wholly-owned, do you think it will be so easy to build a lot in various places? "

  Liu Hai frowned, "Isn't that true? China is so short of LCD panels now that most LCD panels still rely on imports. Even if it is a private enterprise, the local government will still support it."

   "There are still differences." Xia Jingxing said concisely.

  Liu Hai saw that Xia Jingxing did not seem to want to discuss this topic in depth, so he stopped debating with Xia Jingxing, and turned to talk about the LCD panel production and operation companies established in various places, such as Rongcheng BOE, Yuzhou BOE, and Luzhou BOE.

Among these companies, the listed company BOE Technology Group Co., Ltd. only holds a small amount of shares through several wholly-owned subsidiaries. It is the smallest shareholder, and the local government is the largest shareholder. the second largest shareholder.

   Speaking of this, Liu Hai gradually came back to his senses. No wonder it was so easy to take out loans. In total, tens of billions of loans have been taken out. Except for real estate companies, I believe that no company has such a loose loan.

   Moreover, the risk of lending to BOE is actually not small compared to lending to real estate companies that make steady profits without losing money.

   Didn't Shanghai Radio and Television NEC become insolvent not long ago and left a mess?

   "In addition to the 5 billion yuan convertible bonds that we subscribed for, how will we exit the equity of these project companies that we have invested in in the future?"

  Liu Hai asked tentatively: "In the future, BOE Technology Co., Ltd. will be absorbed into the listed company system one by one? Become a tradable securities?"

  Xia Jingxing nodded, "Yes, that's the only way, this is what I had agreed with Huang Dongsheng."

  Liu Hai shook his head, "I feel a little disadvantaged. Do you see how much the stock price of BOE has risen once these panel production line projects are announced?"

   "Don't worry too much about these, we don't speculate on BOE's stock, we are doing industrial investment, and Fuxing Industry also needs such a strong partner to accompany us."

   Having said this, Xia Jingxing smiled, "Don't worry, Lao Huang is a kind person, he doesn't cheat anyone except shareholders.

  The two production lines in Rongcheng have already achieved mass production. Do you see him in a hurry to acquire them?

   What he means is that the project operating company will be completely profitable before acquisition and annexation. "

  Liu Hai sneered: "I'm afraid it was specially requested by the local major shareholder, no one is a fool."

  Xia Jingxing spread his hands, "Isn't this bad? Someone is fighting for legitimate investment interests for us, so we can just bury ourselves in doing our own business and maintain a good cooperative relationship with BOE."

   "Okay! It's up to you to decide."

  Liu Hai sighed, "However, Jing Xing, I want to remind you that Daxia Capital's cash and short-term investment funds have dropped to over $20 billion.

  The original figure was US$31.4 billion, because the acquisition of Pengcheng Development Bank injected US$4 billion into Vision Financial Holdings, and now Frostfall No. 2 Fund has invested another US$5 billion. "

  Xia Jingxing scratched his head, "There's only so much money left? Spend it so quickly?"

  Liu Hai looked at the ceiling, he didn't want to see someone pretending to be so, what does it mean that there is only so much money left?

   But this one is first-rate in making money, and he is also first-rate in spending money.

  Xia Jingxing is really not Versailles, but remembered the life of stinging Soso a few years ago.

   If you are not careful, you will return to poverty!

  You will hate less when the money is used up!

   "It seems that we need to continue to earn some extra money."

  Xia Jingxing said in his heart, facing so many capital-intensive and technology-intensive industries, he felt that he had suffered from insufficient firepower PTSD.

   It is estimated that Li Huangtai also has this disease. Normal people who have nothing to do with so much cash in their hands, ordinary people know how to buy Yu’e Bao.

   (end of this chapter)