The Millennium Semiconductor Survival Guide.

Chapter 164 In Shen Hai

Zhou Xin didn't give Li Jingyi time to react at all, and took her on a special plane to Shenhai on the last day of New Year's Day.

The semiconductor industry landing park he agreed with the big shot is Shen Hai's Zhangjiang High-tech Park.

SMIC, which will become the hope of Huaguo chip foundry in the future, is now gaining momentum in Zhangjiang.

Therefore, Zhou Xin's last stop in Huaguo was in Shenhai, which was also the forefront of Huaguo's economic opening up.

"Mr. Zhou, on behalf of the citizens of Shenhai, I welcome you. We welcome entrepreneurs like you who represent advanced productivity to invest and start businesses in Shenhai.

We have been planning to build the entire Zhangjiang area into the Silicon Valley of China.

In the original plan, Zhangjiang also needed to include information industry, semiconductor industry and software industry, etc.

To put it simply, we have what Silicon Valley has, and we want to include what Silicon Valley doesn’t have.

Like the biomedical industry, we also hope to promote these industries to take root in Zhangjiang.

While absorbing the advanced experience of Silicon Valley, we hope to give full play to our advantages and create a real Huaguo Silicon Valley. "

Zhangjiang Hi-Tech Park started planning in 1992, with the goal of Silicon Valley.

Huaguo's desire for high value-added industries did not come only 16 years later. Huaguo has always known how precious high value-added industries are, and has always hoped to build its own high value-added industries.

Zhang Jiang's goals are integrated circuits, information industry, Internet and biomedicine.

Regarding the development status of biomedicine, if you look at this field 20 years ago and look at it 20 years later, you will find that there is no essential difference.

At that time, Chen Zhu (a Ph.D. in the field of hematology), the vice president of the Huaguo Academy of Sciences, said: Our research and development in the field of biomedicine is "begging for food with a golden bowl", and most of the funds are used to track mainstream Western medicines. And the project guide has almost become the product catalog of foreign pharmaceutical companies.

Huaguo protects its own Internet industry for a similar purpose.

Industries with high added value and no monopoly are conducive to class mobility.

It is difficult for Internet migrant workers to buy properties in first-tier cities by themselves, but they can easily achieve this goal by cashing out options after the company goes public.

Zhou Xin said: "Mr. Huang, I also hope to see a technology park similar to Silicon Valley in Huaguo, which will become the engine of Huaguo's high-tech industry.

There are two best parks in this area in the world. One is Silicon Valley. We don’t need to repeat too much about the success of Silicon Valley.

I believe that you should have sufficient investigation and in-depth research on this in the process of project establishment and follow-up investigation in Zhangjiang High-tech Park.

In addition to Silicon Valley, there is another place called Hsinchu, in Wanwan. I don’t know if you know about it.

Because I talked to a lot of scientists, engineers and entrepreneurs from the Bend area during the process of establishing CAAS in American.

Just in the Hsinchu Park alone, there were 50 listed companies last year. The total capital accounted for 8% of the entire industrial capital of Wanwan, and the total annual trade volume accounted for 9% of the total foreign trade of Wanwan.

It can be said that Hsinchu Park, like Silicon Valley, has achieved a good synergy effect of industry, education and research, and has produced advanced technologies and industry leaders that dominate the world, which has a strong traction and radiation effect on the economy of the entire region.

After I came to Shenhai, I went to Zhangjiang first, and I was deeply impressed that there are only land resources and policy resources here, and human resources and financial resources are very scarce.

Whether it is Hsinchu or Silicon Valley, there are clusters of top universities located in it. Universities in Shenhai, Fudan Jiaotong University or Tongji East China are too far away from Zhangjiang.

Such a distance is difficult to promote the formation of industry-university-research.

When team leader Zhou took me for a stroll, he introduced to me that Shen Hai planned a university district with an area of ​​more than [-] mu in Zhangjiang, and moved the entire top colleges and universities of Shen Hai here.It's a good idea, it's just slower than I expected.

Because I heard from Team Leader Zhou that Zhangjiang started planning in 92, that is, the year of Nanxun, and it has been seven years since today, and the university area is still only on paper. "

Team leader Zhou is the deputy leader of the leadership team of Zhangjiang High-tech Park, and Mr. Huang is the number one person in Shenhai.

Zhou Xin is very concerned about Zhang Jiang, because a series of support and even the implementation of specific policies promised by the big man will be placed in Zhang Jiang.

In the future, at least tens of billions of dollars will be invested in this place. It is conceivable how much Zhou Xin cares about Zhang Jiang.

In the living room today, there are only the leaders of Shen Hai and Zhou Xin, so everyone chatted very directly.

"Mr. Zhou, because there are many high-tech parks in China, the state approved the first high-tech park in China in 1988. This high-tech park is located in Yanjing, which is now Zhongguancun.

In 1992, 26 high-tech parks including Zhangjiang and Jiangcheng's East Lake New Technology Development Zone were approved.

In Shenhai alone, Zhangjiang and Caohejing were approved by the state in 92.

In the same year, Shenhai also approved the Science and Technology Park of Shenhai University of Technology, which is the second university science and technology park in the country.

The Science and Technology Park of Shenhai University of Technology was approved by the state as a national high-tech park in 93.

Shenhai University of Technology, Shenhai University of Science and Technology, Shenhai University and Shenhai Higher Technical College have merged into a new Shenhai University in the past few years, and the Science and Technology Park of Shenhai University of Technology has therefore been renamed Shenhai University Science and Technology Park .

That is to say, Shenhai has three high-tech parks in total. It will take time to demonstrate where our resources should be directed.

These three high-tech parks are also striving for support at the national level, and the city government is very embarrassed, with fleshy palms and backs.There are pros and cons to each park.

It was not until last August that we clarified the principle of focusing on Zhangjiang.

From bus lines and subways to various factor trading markets, from various intermediary agencies to various university branches and scientific research institutes, this series of advantageous resources of the city needs to be quickly assembled in Zhangjiang.

The mayor personally leads a team to serve as the team leader of Zhangjiang Hi-Tech Park. All departments are authorized to Zhangjiang, and the affairs of the park can be resolved in the park. Zhangjiang is Shenhai's "not a special zone". "

Twenty years later, it is difficult to understand the urgency for development at that time, almost thinking that everything should be done as soon as possible.

"We plan to focus on Zhangjiang for two years. After two years, we will see the effect. We hope that all indicators can exceed the sum of Zhangjiang's past eight years of opening the park."

"After the goal of focus is achieved, the government should take a step back and give full play to the leading role of the 'invisible hand' of the market in allocating resources and micro-activation, so that enterprises can rely on themselves without restraint and care. Self-improvement.

No matter in the process of focusing on Zhangjiang or after the end of focusing on Zhangjiang, we really need entrepreneurs like Mr. Zhou to support Zhangjiang.

The support here is definitely not only financial support, but also experience, insight and other aspects of support.

As an entrepreneur with rich entrepreneurial experience in Silicon Valley, Mr. Zhou hopes that you will demand us with the standards of Silicon Valley in the process of starting a business in Zhangjiang.

At the same time, any comments and suggestions are welcome. "

In the future, Zhouxin Entrepreneurship will be Xinxin Technology established in Zhangjiang, and will spend most of its time in Shenhai.

He knows Zhang Jiang and even Shen Hai very well.

Was Zhang Jiang successful?From the perspective of Huaguo, it was absolutely successful. Among the batch of high-tech parks established in 92, Zhangjiang was definitely the most successful one.

Today, when I heard Shen Hai and even the country's plan for Zhang Jiang, it failed again.

Zhang Jiang's achievements in the future are not good enough for the country's expectations.

No matter from which point of view, Zhang Jiangli's country hoped that it would fail to meet the expectations of Silicon Valley.

Silicon Valley is a bit far away, and it is more realistic to compare Hsinchu and Zhangjiang.

Twenty years later, the output value of Hsinchu Park is much lower than that of Zhangjiang Science City. Zhangjiang’s annual income is around 20 trillion RMB, while Hsinchu’s is only around 1.2 billion RMB.

However, Zhang Jiang's revenue comes from many sources. The revenue of integrated circuits is only 2000 billion RMB, while Hsinchu's revenue is almost entirely related to integrated circuits.

This is still the fifth year in the localization process of integrated circuits.

However, Zhou Xin didn't have much to say, because in his opinion, Zhang Jiang's high-tech breakthroughs were far from expectations.

This is not caused by policy, it is caused by the material world.

With Silicon Valley and other semiconductor regions in Asia ahead, it is very difficult for Huaguo to develop its own semiconductor industry.

This is a status quo that cannot be changed at the unilateral policy level, and requires the cooperation of the other party.

If it weren't for American's cooperation, Huaguo Semiconductor would never have the opportunity to develop independently under the combined efforts of the two parties' policies.

"I think it's very good. I heard Team Leader Zhou talk about your plans around Zhangjiang Park in detail.

I've covered everything I can think of, but I haven't heard of a funding advantage.

I think Shenhai can set up a similar venture capital pilot institution to carry out venture capital investment in high-tech enterprises in Zhangjiang Park that meet the requirements.

It can even adopt the method of linkage between investment and loan. For example, if this enterprise needs 5000 million funds to maintain the operation of the company, then the bank will lend it 2500 million, and the venture capital institution will invest another 2500 million.

This is equivalent to sharing the risk.

Let me expand on this. Everyone knows that the essence of venture capital is extensive investment. I have invested in [-] companies, and as long as one of them succeeds, my income will be guaranteed.

If the bank only lends to enterprises, once the loan is repaid, it will become a bad debt and eventually become a loss for the bank.

As for the investment-loan linkage, with the cooperation of venture capital institutions and banks, credit risks can be covered through excess returns.

Compared with Silicon Valley, Zhangjiang's only shortfall lies in capital resources. Foreign investors look down on Huaguo's integrated circuit companies, and domestic state-owned enterprises or private enterprises are even more absent in this area.

My emerging investment will invest a lot in Zhangjiang's semiconductor companies, but first of all, tens of billions of dollars will be invested gradually, not all at once.

In addition, even if there are tens of billions of dollars, it is still not enough for the entire industry, far from enough.

I think the Shenhai government has the ability to explore in this area.

The company is located in Zhangjiang, and the Shenhai government is more capable than any other company in the pre-investment investigation and post-investment supervision of venture capital, as well as risk due diligence.

For this piece, you can refer to the Temasek model. "

The specific details will be answered by Team Leader Zhou: "Mr. Zhou, the ideas you put forward are very constructive.

We will study this further in the future.Our plan is to focus on the construction of the park's human resource allocation, incubation environment, intermediary services, and corporate credit system to create a market-oriented environment suitable for industrial development.

The enterprise credit system here is actually for venture capital institutions to invest in enterprises in the park. "

Zhou Xin said: "I feel that what I just said is still unclear.

Foreign capital is unwilling to invest in domestic semiconductor companies, not because they are afraid of risks.

These foreign investment institutions are all dogs. They are not afraid of being beaten, they are only afraid that they will not be able to eat meat.

Entrepreneurs in the domestic Internet industry can get millions and tens of millions of dollars from foreign investment institutions with a few PPTs. Don't foreign investment institutions worry about risks at this time?

Foreign investment institutions only want to pursue ultra-high returns. What they need to do is to invest in promising companies, and then operate and list them.

Huaguo's semiconductor companies will not have such an opportunity, at least not in the short term.

Whether it is Nasdaq or the Hong Kong stock market in the south, it is difficult for Huaguo's semiconductor companies to go public in these places for IPO. What a valuable business.Listing on the domestic capital market is even more difficult.

Therefore, no matter how good Shen Hai is in terms of corporate credit and risk control, overseas capital will still not choose to invest in high-tech enterprises in Zhangjiang.

Even I have my own goals. I hope to cultivate a supply chain that I can control in the process of investing in Huaguo Semiconductor.

Only Huaguo state-owned capital has this ability and this condition to accompany these high-tech enterprises to grow together.

In my opinion, the production, education and research that Huaguo needs to do should also include the school’s experts helping state-owned capital check, and they are responsible for checking whether the company has technical content, and what is the level of the company’s R&D personnel and core R&D experts .

Through performance appraisal, the future of the company is highly tied to the experts who make the review.

For example, company A, with a valuation of 5000 million, hopes to obtain 2500 million investment from state-owned capital and sell 50% of the shares.

So if this enterprise finally brings 10% of the income to the state-owned capital when it is liquidated, how much money can the experts get, and how much can the 20% of the income get.

If the company is finally listed, the state-owned capital will be worth tens of times the income, and how much money the review experts will get, all of which can form a whole set of mechanisms.

If there is a loss, there needs to be a mechanism to limit how the experts will punish.

Even if experts colluded with enterprises and defrauded state-owned capital investment, how should they be punished? "

What Zhou Xin said was a very new thing, none of the bigwigs present had heard of it.

Even the large chip fund with a scale of [-] billion later did not play like this.

This is Zhou Xin's thinking in the process of starting a business. It may not be applicable to the future, but it is very suitable for the present.

Because the current technology gap is not obvious enough, the core R&D team is strong enough and has financial support, so it is possible to achieve technological catch-up.

When the gap is too large, no matter how powerful the team is, they can only touch other people's taillights.

Group leader Zhou nodded after listening and said: "What Mr. Zhou said gave me a lot of inspiration.

I think of the chaos I observed recently when I was investigating domestic high-tech parks.

It can be summed up in eight words: follow the trend blindly and aim too high.This is a common problem in current high-tech parks.

In order to compete for projects and production value, we ignore the national conditions, look for the best entry point in the market, and cultivate core technologies with independent intellectual property rights.

What Mr. Zhou mentioned just now made me think that we can combine it.

The investment and loan linkage allows experienced banks to help us check the first pass for the enterprise. They will start with the real operating conditions of the enterprise to give the loan amount.

Then let the experts pass the second pass, find out the enterprises with real core competitiveness, and make investment.

Finally, through the Zhangjiang Park, based on the location advantages of these enterprises, they will continue to track their development trends after the investment is completed, and provide good services while also doing a good job in supervision, so as to ensure the last hurdle. "

Zhou Xin said: "Yes, I can add one more point, that is the second hurdle of expert review, and it is best to adopt the method of blind review."

Before 1988, local governments had always been the main investment subject of local infrastructure, and no one was required to be responsible for project revenue.

Later, the main body of investment became a platform company, which is commonly known as a city investment company.

After the national level encourages the development of the photovoltaic industry, the local government sees an opportunity. Photovoltaic is both an enterprise and an infrastructure. Therefore, a large number of platform companies under the local government invest in photovoltaic enterprises.

Finally, after the photovoltaic boom receded and the production capacity was far greater than the demand, the local government suffered huge financial losses.

However, this photovoltaic investment has also made local governments gradually begin to generate interest in investing in enterprises.

The most typical representative is Hefei. In 09, one-third of the city's fiscal revenue was allocated to introduce BOE with a loss of over 10 billion points.

Let the founder of BOE lament that He*fei is the most real among all the cities in the country.

The game proposed by Zhou Xin belongs to point-to-point precise investment, and it can only be used in the high-tech field with a high probability.

"Mr. Zhou has given us too much to gain this time, and we have a lot of work to do.

The inspiration you bring to us can help Zhang Jiang to better serve in the subsequent development process. "

Shen Hai gave him a very high courtesy here.

As for whether the investment model he proposed in the future can be implemented, Zhou Xin does not know.

But Zhou Xin hopes to land.

"The set of investment methods summed up by Team Leader Zhou just now, we can also communicate in depth when we come down.

Because Shenhai has adopted such a method of passing the three levels, I feel more at ease when I invest in companies that have passed the level.

Can we take this approach, for example, company A needs 5000 million funds, the bank will lend him 2500 million, and then Xinxing Investment and Shenhai's state-owned venture capital institutions will jointly invest the remaining 2500 million.

We can work synergistically.

Provide financial services for more high-tech enterprises in the entire Shenhai area. "

Zhou Xin hoped that Shen Hai would help check it out, so why not Shen Hai.

They also hope to use Zhou Xin's vision to select truly valuable companies.

Emerging investors are willing to invest, which is equivalent to another insurance.

"We've made a decision like this. We'll study it seriously and keep in touch with Manager Wu." Team Leader Zhou said quickly.

During Zhou Xin's trip to Huaguo, he basically got everything he wanted. The only regret is UnionPay, which is already in preparation.

It is expected to be formally established after the meeting in March.

Zhou Xin really wanted to have a hand in it. If he could have shares in UnionPay, he would be living with the country to a certain extent.

　The number of words is gradually increasing, the crow is about to recover, and the king is back!
　　
　
(End of this chapter)