549 Chapter 538

In 1994, January.

The European Economic Area was established.All Ukrainian nuclear weapons have been destroyed.

The dual exchange rate system was abolished, and the official RMB exchange rate was merged with the market exchange rate.

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meeting room.

"The above is a summary of the operating conditions of the group companies during this period."

As soon as New Year's Day passed, several giants of optoelectronics gathered together.

The past 1993 was a year of harvest and victory.All companies have achieved good development.

The biggest incident of the Optoelectronics Department in 1993 was the full-color financing.

With the continuous mass production of the new generation production line, the output value and profit of Full Color are also increasing, and the company's profit is close to 1 billion US dollars.Completed sales revenue of 2.5 billion US dollars, equivalent to RMB 22 billion.

With the continuous rapid development of full color, its impact on the world has become greater and greater.

Bingcheng's GDP exceeded 60 billion in 1993, surpassing Tianjin and ranking fifth in the country, but 13 of them were contributed by a full-color company.

Under the continuous favorable conditions, the financing price of Full Color has grown to 8 US dollars from 2.5 US dollars in the previous round.The additional issuance of 200 million shares has brought the company $1.6 billion in cash flow.

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As the full-color listing date approached, more and more capital poured in.In addition to the company's own financing, a large number of equity transfers also occur between shareholders.

One of the largest share transfers was the 100 million shares held by Bingcheng Mansion.

The departure of the city government has reasons to cash in in time and lock in profits.The value-added of several billions has exceeded the city's fiscal revenue. The sum of several years, you know, only one year has passed.The second reason is that it is not suitable for any official to appear on the list of shareholders when listed in the United States.

Of course, the city will definitely not get the price of 8 dollars.The stocks that must be sold have definitely created huge opportunities for buyers.

Driven by the city government, other major shareholders have also begun to reduce their holdings one after another.

The University of Technology sold 20 million shares, and the shareholders of the two faculties each sold 2 million to 3 million shares.

Whether it is Bingcheng or the University of Technology, cash is abundant, and various construction projects have been launched.

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Colorful Technology has achieved dazzling results in both LED and power semiconductor fields.

Although it is impossible to relive the monopoly status of the big screen era, the advanced technological level and the increasing technology and patent barriers have gradually made it stand out in the market and occupy most of the high-end market.

In the international market, many international LED companies have not fully expanded their production capacity despite the overall improvement in the LED market, which is tantamount to making room for Duocai.

The reason for this phenomenon is also ridiculous.Many competitors in the LED industry are slowly fading out.For example, Kerui has completely transformed into a financial company.

The 100 million full-color shares acquired by Kerui at a price of 70 million US dollars have now grown to 800 million US dollars!Coupled with the high profits of the agency's LCD distribution, they are not very attractive to the hard work of producing LEDs and earning meager industrial profits.

Ducai is in contact with Kerui to see if it can acquire its LED business in order to achieve the purpose of curve listing.Although Kerui's LED business does not have much merit in terms of sales, technology, and profit, their patent pool and related sales network are very coveted.

Huge Hi-Tech finally climbed out of the pit of yield rate and embarked on the road of expansion. Their second and third 1.5 generation lines will soon be mass-produced.

Several equipment factories under the optoelectronics department are developing well. Among them, the best-developed optoelectronic instruments are already in the CVD field and compete with the United States for materials.

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"There is a more urgent matter, that is, a few American shareholders who strongly demand that the fourth-generation line under construction be moved to the United States."

After the regular introduction, Bai Xuecheng threw a bomb.

"Is there any reason?"

Generally speaking, financial investors will not actively intervene in the company's operations.The winner does not make trouble, everyone has trouble with anything, nor with money.

"According to them, the United States has strong domestic power and wants to conduct anti-dumping investigations against TFT-LCDs from China and Japan, and impose high punitive tariffs."

The full-color rapid iteration strategy made Japan's LCD completely powerless.The LCD industry in other countries is naturally worse.

"Punitive tariffs?"

"Yes."

The news completely exceeded everyone's expectations.This is really people sitting in the house, and disaster comes from the sky.

"What do you think?"

Cheng Yongxing didn't seem too surprised by this.

In the original history, it was in 1994 that the United States imposed sanctions on the Japanese LCD industry.A 100% punitive tariff was issued, but today, the sanctioned target replaced Japan with China.

The full-color valuation has reached an astonishing $8.8 billion.A dinosaur has already set foot on the scale.

You know, at this time, General Electric, the world's most valuable company, has a market value of only 87.2 billion US dollars.

"Of course I don't agree. This will seriously disrupt our plan. There are several problems with building the production line in the United States. The first is the industrial chain, the second is the cost, and the third is the time."

In order to welcome the market, new production capacity plans have been launched, and the most important thing is the fourth-generation production line.

The ex-factory price of a 29-inch LCD panel is as high as $10,000, which is a crazy number.Behind the crazy numbers, there are more crazy profits.

"Temporary modification of the plan will interrupt the launch of the 29-inch LCD. Going to the United States to build factories, recruit workers, etc., will be put into production anyway next year, which will seriously affect the IPO price."

The 29-inch LCD is the best gift the company has prepared for the IPO.Even among American shareholders, there are some differences.

"Can we build a line in each of China and the United States?"

President Lin also participated in this meeting as a shareholder representative.

"The construction cost of the fourth-generation line is as high as $600 million. If we go to the United States to build it, the cost will be even higher. If we build two 4-generation lines in China and the United States at the same time, $1.4 billion will be gone. The total financing is It only reached 1.6 billion US dollars.

In addition, there is another problem. The production capacity of the two fourth-generation lines may not be enough for the market.Increasing production capacity may not necessarily increase corporate profits."

"So..."

The people in the room are a little bit troubled.No one has experience in this area.

The development of Quancai has always been smooth and smooth, which gives everyone the illusion that Quancai can continue to develop like this.

"Well, let's make a compromise. The fourth-generation line will not be put in the United States. The plans that have already started should not be affected. But we can build the world's first generation 5 line, 42-inch LCD production line in the United States."

Cheng Yongxing had already anticipated this problem and was also prepared.

"If it is a 5th generation line, the investment is at least US$1.2 billion. If it is built in the United States, it needs at least US$1.6 billion. The company will not be able to get this money."

Bai Xuecheng didn't quite understand this idea.

"First make the plan and use the funds raised from the IPO to complete the follow-up construction of the 5th generation line."

"Well, I will go to discuss with US investors again to see if we can use a more advanced 5-generation line in exchange for the cancellation of sanctions."

A group of school-born corporate elites have never figured out how the US lobbying system works.So we can only count on the strength of the shareholders.

I hope this spree can satisfy them.

"I don't think the problem is big. You should do what you should do."

The situation facing Full Color is similar to and different from the situation facing the LCD industry in Japan.

The similarities are the dominance of the market.The difference is the source of dominance.

Japan was judged to be the biggest reason for dumping because more than a dozen LCD production lines rushed up, resulting in overcapacity, which in turn caused an avalanche of LCD panel prices.All LCD players in the world are not making money.

In this case, what is not dumping?

Although full-color and other optoelectronic LCD companies have expanded their production capacity, although they are not as fast as Japan in history, the emergence of large-size LCD panels has led to an upward shift in high-end products.

There are 14.15-inch LCD screens, who knows how to use a 10-inch screen.The worst is to get a 12-inch screen to recharge the facade.

A 10-inch screen notebook?Can't afford to lose that person!

In this case, the panel price of about 10 inches has fallen avalanche.And this trend is slowly spreading to 12 inches.

"Really? You think so?"

Everyone was quite convinced by Cheng Yongxing's words.Of course, at this time, anyone who stands up and pats his chest to give two bold words is everyone's favorite.

"If you don't look at it this way, how can you look at it? There is no need to think about things you can't control.

For sanctions, Quancai is not very afraid, after all, it does not have competitors, no matter how taxes are collected, it will not be full.

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"But it's best if you can visit the United States in person and explain to the Department of Justice. After all, you are the company's largest shareholder. They may not believe our promise."

As several major shareholders cashed out and depressed the market, Cheng Yongxing did not join in the excitement.But he still transferred the stock in his hands.Among them, 25 million shares were transferred to the talent fund and 12 million shares were transferred to the basic fund.The timing and price of the sale are determined by the two funds.

Even so, he still maintained the status of a single major shareholder with 160 million shares, not to mention his founder status.

"Whose opinion is this?"

"Several major funds have this consensus. According to them, your story is legendary. If you are willing to come forward, it will be of great help to the company's stock price."

To be listed in the United States, you must learn to tell stories.

"Don't go!"

Cheng Yongxing went, afraid that he would not be able to return.Do whatever you want, find a lawsuit, and then prohibit him from leaving the country.It is normal that a broken lawsuit will drag on for ten or eight years.

"Ok."

"To these people, don't be too polite. They seem to control huge funds and have huge powers. But to put it bluntly, these people are senior wage earners. We are even more nervous about the price of Quancai stocks than we are."

This is the gap between business owners and executives.

For the owner of the enterprise, the loss of part of the business and the market is affordable.

As the saying goes, "I won't earn this money!"

Executives, no one dared to say this.

Adding value to the capital is the only reason for them to get a high salary.Even if there is only one point of hope, they will put in 100% of their efforts.

From a certain point of view, the greater the US share, the safer the full color.

There is no such thing as a free lunch in the world.

Of course, as the US's share of shares increases, some potential dangers also come unknowingly.The requirement to build the fourth-generation line to the United States is one of the manifestations.

Quancai, in a sense, has become a US-funded enterprise.