Chapter 1409 All aboard

   Two days later, Mansour, the chief of Abu Dhabi and the brother of the UAE chief, director of the Abu Dhabi Investment Authority and vice chairman of the board of Mubadala Investment Company, took a private jet and led the investment negotiation team to Singapore.

  Mansur was very eager to take a stake in Xinxin Group. As soon as he got off the plane and his **** was still hot, he could not wait to start the negotiation work.

  Huo Jing participated in the entire negotiation process on behalf of Temasek, and then she saw an unforgettable scene in her life.

There was no cloth on his head, and only wearing a well-cut suit, Mansour still couldn't hide his golden aura. As soon as he got to the conference table, he stared at Xia Jingxing who was sitting opposite him, and said, "Dai Lun, have you thought about it? As long as you nod your head, $20 billion can be credited to Xinxin Group immediately."

   Hearing these words, Xia Jingxing couldn't help but want to laugh and said, "Mansur, do you mean to stop talking and just sign the agreement?"

  Mansur acted very freely, spread his hands, and said, "Of course, we Arabs will give 100% trust to a trustworthy friend."

   "Haha, let's just walk through the process briefly, mainly discuss some large cooperation frameworks, and then ask for opinions from various parties."

   "Yes, let's get started!"

  Xia Jingxing smiled and nodded, then gave Fu Jixun who was sitting beside him a look.

Fu Jixun immediately picked up the document on the table and read: "Article 1, Mubadala Investment Co., Ltd. will inject 55.6% of the shares of GlobalFoundries into Xinxin Group at a price of US$1.4 billion, and at the same time, Xinxin Group will be Received $1.2 billion in debt against equity.

   The main assets of GlobalFoundries are two chip manufacturing plants located in Dresden, Germany and related intellectual property rights.

   Currently AMD still holds 44.4% stake in GlobalFoundries, but AMD has promised to sell all of its stake to Mubadala within the next few years.

  If Mubadala and Xinxin Group reach a deal, will AMD subsequently transfer the stake in GlobalFoundries to Xinxin Group? "

  Mansur did not speak, he followed Xia Jingxing and gave a young man beside him a look.

   The young man replied for the boss: "Don't worry about this question, if the transaction is successfully concluded, we will sign a supplementary agreement with AMD to transfer all relevant rights to Xinxin Group.

   In fact, the reason why we do not buy out all the shares of GlobalFoundries held by AMD at one time is because we have reached a years-long foundry agreement with AMD.

   Even though GlobalFoundries has now been spun off from the AMD system, AMD’s chips will still be foundry by GlobalFoundries in the next few years.

   In addition, Mubadala also holds a 19.3% stake in AMD and holds a seat on the board of directors of the chip company, which can ensure that GlobalFoundries has priority to obtain the right to renew the cooperation before the end of the foundry agreement.

   In addition, GlobalFoundries also inherited the chip foundry cooperation agreement that AMD originally signed with IBM. "

Xia Jingxing took a few glances at the young and handsome young Arab man who spoke for Mansour. The young man looked very young, at most thirty years old, but he was already the chairman of the Manchester City board of directors, and he was a small fan in the world. famous.

   This person is called Karduun al-Mubarak, he is a close associate of Mansour and is highly valued by Mansour.

Fu Jixun continued: "Okay, let's discuss the second item, Mubadala promises to invest up to 6 billion US dollars in GlobalFoundries in the next five years, and acquire 55.6% of Mubadala from Xinxin Group. GLOBALFOUNDRIES, or even go a step further, after the wholly-owned acquisition of GlobalFoundries, can the $6 billion investment be passed on to Xinxin Group?"

  Kaldoon replied: "Yes, at the same time, we will also increase the investment limit of Xinxin Group to 20 billion US dollars."

Fu Jixun nodded and said again: "Article 3, Daxia Capital will then inject 80% of Xinxin Group's equity into a new company Xinxin Holdings, and promises that within the next five years, at most Xinxin will be transferred to Xinxin Holding made an additional investment of US$10 billion.

   At the same time, Xinxin Holdings will also be the only company to receive additional investment from Mubadala. "

   "Mubadala has no objection to this!"

  …

  Huo Jing was stunned from the side, almost what Fu Jixun said was what Mansur raised his hands in approval.

   Involving a huge investment of 20 billion US dollars, it is too outrageous to go smoothly.

   She guessed that Xia Jingxing and Mansur had reached a series of ulterior motives behind the scenes.

   But that's a matter between Envision Capital and Mubadala. It has nothing to do with Temasek, and she doesn't ask much about it, as long as Mubadala and Daxia Capital keep throwing money at Xinxin Group.

   More than an hour has passed, and Fu Jixun and Carl Duen have checked dozens of key clauses.

   Seeing that the two of them seemed to need to check more carefully, Mansur immediately stopped.

   "Okay, you don't need to check it any more. It's fine if there are no objections to these key terms, and the other details will be handled by the legal team."

   After saying that, Mansur turned his head to look at Xia Jingxing and said with a smile, "Daren, what do you think?"

  Xia Jingxing nodded, "Okay, just do as you said."

   Xia Jingxing has a heartfelt affection for the oil-rich friends who are frank and forthright.

   Of course, Mansur is not a fool, on the contrary, he is shrewd. In the past two days, he and Xia Jingxing have had several phone calls, and the two have basically finalized a package agreement on the phone.

   Mubadala's cooperation with Xinxin Group and Daxia Capital is only one of them, and the cooperation with Vision Capital is the top priority.

   Just in front of Huo Jing, there is no need to talk about the cooperation between Mubadala and Vision Capital.

  Huo Jing also knew this and left in a hurry after the negotiation ended on the pretext that something was wrong.

  …

  …

night.

   On a luxury yacht not far from the Singapore port, Xia Jingxing and Mansour are having a cup of tea.

   "Happy cooperation!"

   The two smiled and clinked glasses.

   After taking a sip of red wine, Mansour put the glass lightly on the table and said, "Daren, I heard you want to buy Liverpool?"

   "Who said that?"

  Xia Jingxing looked at Mansur with a half-smile.

   "It seems to be true?"

   "There is indeed such a plan, but it depends on the final result."

  Xia Jingxing admitted it calmly, the acquisition of a football team was nothing but a big secret, and it was nothing to admit it in front of Mansour, anyway, the dust was almost settled.

   "After you successfully join Liverpool, you can play a few friendly matches with Manchester City."

  Xia Jingxing would like to ask if this friendly match is serious? But after thinking about it, everyone has different cultures and different attitudes towards football. It's better not to make such jokes.

   After the two briefly talked about football, the topic returned to semiconductors.

   "We invested 20 billion US dollars and Daxia Capital invested 20 billion US dollars. Can Xinxin Group be able to do it? Do we need more investment in the future?"

  Xia Jingxing squinted at Mansur, his eyes seemed to express a meaning: Are you doubting me?

   Seeing Xia Jingxing's expression, Mansour quickly waved his hand and explained, "Daren, you misunderstood, it's not that I don't believe in your investment vision and business ability.

   But the semiconductor industry is more sensitive and involves many uncontrollable factors. "

  Xia Jingxing smiled lightly, "Anyway, what I have signed is only an investment intention agreement. If you regret it, you can overturn these agreements at any time. I will respect each other's choices."

  Mansur sighed, turned his head to look at the dark sea in the distance, and said, "If I really questioned you, I would not agree to invest in Xinxin Holdings! I will directly ask to invest in Xinxin Group!"

  Xia Jingxing was silent for a moment and said, "Thank you! Mansur, thank you for your trust in me."

  Although there is an element of interest exchange, Xia Jingxing's thank you is also sincere.

  Because Mansour invested 20 billion US dollars, but still can only be a minority shareholder with little say.

  Xia Jingxing designed and built a shareholding platform like Xinxin Holdings, which can be seen by anyone with a discerning eye, in order not to lose control over Xinxin Group.

   In the next few years, Xinxin Holdings will first accept the 80% equity of Xinxin Group injected by Xia Jingxing, and Xia Jingxing will continue to inject 10 billion US dollars in cash.

   And Mubadala will inject 20 billion US dollars of real money into Xinxin Holdings in multiple phases.

  Statistically, the value of the two is equal, both are 20 billion US dollars.

   However, there is a high probability that the 80% stake in Xinxin Group will continue to increase in value, and the $20 billion injected by Mansour is not a one-time event.

   This will produce a result, Daxia Capital's shareholding in Xinxin Holdings will be higher than 50%, which is higher than Mubadala's shareholding.

   Mubadala cannot control Xinxin Holding Company, so naturally he cannot control Xinxin Group.

   Reflected in the shareholding structure of the Xinxin Group, Xinxin Holdings holds 80% and Temasek holds 20%.

Of course, when the assets of GlobalFoundries are injected, the shareholding ratio of Xinxin Holdings and Temasek in Xinxin Group will be diluted, but the short-term value will not change, which is still US$10 billion and US$2.5 billion, respectively. In the future, these two parts of equity have a lot of room for appreciation.

   is equivalent to saying that Mubadala spent 20 billion US dollars, and also took more than half of GlobalFoundries. As a result, the influence and discourse power of Xinxin Group may not be comparable to that of Temasek, and he has completely become a financial investor.

   But Mansour doesn't care about these, what he really cares about is whether it can bring investment income to Abu Dhabi.

  If Xinxin Group’s investment here is unfavorable, Abu Dhabi’s investment in Envision Capital can also make a profit. The east is not bright and the west is bright.

  Xia Jingxing carefully took stock of the gains and losses of all parties in his heart.

   If you don’t consider the US$10 billion invested in Xinxin Group, just discuss the US$10 billion that Daxia Capital will invest in Xinxin Holdings in multiple batches in the next few years.

This investment has leveraged Abu Dhabi’s US$20 billion. If Temasek does not want its equity to be diluted, it has to invest US$7.5 billion. Counting the US$2.5 billion previously invested by Temasek, Temasek’s investment will reach 10 billion. Dollar.

  The three-party shareholders have invested a total of 50 billion US dollars, plus more than half of GlobalFoundries.

   AMD’s remaining 44.4% stake in GlobalFoundries can be acquired for it using financial leverage in the future.

   There are also Qimonda and Elpida, which will also use financial leveraged buyouts.

   Coupled with the debt borne by Chartered Semiconductor, the debt of Xinxin Group will soon reach the level of 10 billion US dollars.

   This debt is nothing, and the leverage is very low compared to the net capital of more than 50 billion US dollars.

   But this is just the beginning. If the principal of 50 billion US dollars is poured into the semiconductor industry, it has to make a movement of hundreds of billions of dollars.

  If Samsung and Bay Power take over and launch a fierce counterattack, the three-way shareholders of Xinxin Group can only bite the bullet and carry it to the end, because the sunk cost is too high, and 50 billion US dollars cannot be spent.

  Singapore and Abu Dhabi, fighting Yizhou and Bangzi, this picture is not too beautiful.

   Of course, Xia Jingxing did not run away, he dug such a deep hole and buried himself in it.

   It’s better to have two more helpers than to challenge Yizhou and Bangzi by yourself.

  The mainland can only be a spectator at this time, because you can't get involved casually. Once you get involved, there will definitely be forces that will jump out and intervene.

   However, once the situation becomes chaotic, Fuxing Industry still has the opportunity to fish in the troubled waters behind.

  For example, when several fronts of semiconductors, panels, and mobile phones are launched at the same time, even if Samsung grows and thickens the health bar, it will weaken it.

  Xia Jingxing glanced at Mansur who was looking at him expectantly, and said to himself: Brother, this time I can only say sorry to you, get on my boat, don’t even think about jumping off again.

   Let me pit it, it’s better than being pitted by Sun Zhengyi.

   The biggest LPs of the Vision Fund with hundreds of billions of dollars in the previous life were the Saudi Sovereign Wealth Fund and the Mubadala Fund. The oil tycoons of the two countries all threw money into the Vision Fund in units of tens of billions of dollars.

   Although Xia Jingxing could not ensure that Xinxin Group would succeed in the future, Mubadala’s hedge fund investing in Vision Capital would definitely not lose money.

   Even if the investment in Xinxin Holdings is wiped out, as long as the rate of return of Vision Capital is higher, it can still be balanced.

   Hmm... If it's just a balance, the time cost is wasted.

  Thinking of this, Xia Jingxing tentatively asked out of the psychology of compensation: "Mansur, I feel that the subscription of the $20 billion hedge fund seems to be a little less, why don't you invest more?

  You see, earning 100% of the income is equivalent to your entire investment in Xinxin Holdings.

   And this does not take into account management fees, excess revenue sharing and other links, the rate of return after deduction is only a few tens of percent. "

  Mansour looked a little tangled. It was not enough to have invested more than 40 billion US dollars. How much appetite should he have?

   If it wasn't for Xia Jingxing's reputation, he would have thought he had run into a liar.

   "I'll think about it again!"

  Mansur did not directly refuse, but he had already made up his mind not to invest until the report card for this investment was issued.

  Although his family has trillions of dollars in assets, it is always right to be careful.

  Xia Jingxing was a little annoyed when he saw that Mansur had rejected him politely. Did he act a little too anxious? Looking like the bad guy?

  …

  …

   After signing the investment intention agreement, Mansour left Singapore on a private jet the next day, leaving a team responsible for connecting with Xinxin Holdings, Envision Capital, Daxia Capital and other institutions.

  Xia Jingxing also followed suit. He simply acted as a hands-off shopkeeper and went to inspect the properties in Singapore.

  Envision Capital has set up an office in Singapore and has multiple departments under its jurisdiction, such as venture capital and secondary market, but the scale of asset management is not too large.

   After a brief look, Xia Jingxing lost interest in the Singapore office.

  Especially in the venture capital field, the Singapore office has almost never invested in any valuable companies.

This is largely due to the fact that the overall economy of Southeast Asia is still relatively backward at this time. Singapore is the only developed country. Most of the other countries have not even done a good job in infrastructure. For example, there are entrepreneurs who set up an e-commerce website and do not know how long it will take to deliver goods. .

   These problems have greatly restricted the development and upper limit of the Internet industry.

   As for other technology industries other than the Internet, Southeast Asia is even more pitiful, and Singapore has a support scene for the semiconductor industry.

These situations will not change until the advent of the mobile Internet era. At that time, there will be countless Chinese entrepreneurs going overseas to Southeast Asia, and Southeast Asia is also desperately copying the Chinese Internet model. Value depression.

  At the moment, Southeast Asia is not without unicorns, but very few, very few, and the most valuable ones have already been captured.

  Xia Jingxing did not forget the first company he cast in Southeast Asia, the first nail he planted.

After    contacted Li Xiaodong, Xia Jingxing went directly to his company for inspection.

   Two-in-one, make up for the more normal update that was owed before.

  

  

   (end of this chapter)