Rekindle 2003

Chapter 690 You have to give me an accurate answer now
The last topic is Huaxin International.

This is also the core topic of Jiang Shangzhou’s interview with him this time.

"Huaxin International... was going to be listed soon..."

Jiang Shangzhou's sigh made Emperor Yun smile helplessly, "There is nothing we can do, others have solid evidence."

In fact, he was really stupid for wanting to scold him!

Huaxin International actually sent emails to internal staff to deliver such important leaked information...

It’s true that one dares to ask and the other dares to post!
Even Mr. Bean wouldn't dare act like this.

It’s really not as good as Cheng Jin, that top old guy!

If he hadn't known that this was indeed a grass-roots drama, Qing Yun would have thought that this was simply because the Italian vice president of Huaxin International was a traitor to Yijidian.

Ok……

Jiang Shangzhou exhaled the turbid air in his chest, and then nodded gloomily, "I understand, they want us to let go of the church's management. In 2001, the state approved a new group of churches."

He didn’t want to complain about sending confidential technical information via email, but after the person who sent the email was caught by Yijie Electronics with all the stolen goods, a group of management at Huaxin International actually felt that this matter had no impact on the company’s operations...

After all, Huaxin International was founded by Jiang Shangzhou when he was at his weakest stage just after surgery, holding on to his sick body and gritting his teeth.

How big is this heart?
Therefore, it is not unreasonable to say that the national army failed.

He raised his finger and shook it, "I don't deny that the five major churches helped us when Huaxin International was first established, but you should be very clear about their intentions."

The state launched an emergency investigation, and the results were found out within an hour.

It's not surprising that he does stupid things to benefit people.

Under such circumstances, Mr. Chang, who could hold on for four years despite carrying ten marshals, ten generals, and thousands of generals with one man, was indeed qualified to laugh at MacArthur.

Qing Yun touched his chin helplessly as the craving for cigarettes set in, "In fact, there are two reasons why they ignored Huaxin International's introduction of technology and equipment in the past two years.

There is no need to even investigate, the email correspondence is clear.

At the end of last year, Huaxin International found an obstacle when America introduced the dual electron beam system and froze the product export license. If Sweden had not been blocked by public relations, this system would not have been obtained at all.

Huaxin's miraculous factory construction speed was also achieved by him competing with God for time at that time.

and……"

Jiang Shangzhou also shook his head, "That's fine, we can go bankrupt and liquidate, and let go of our historical responsibilities."

First, the collapse of the Internet bubble caused a devastating blow to the entire semiconductor industry.

What’s more, I still used Weiruan’s email address.

Qing Yun shrugged his shoulders. It was time for this absurd farce to end.

"Mr. Jiang, Huaxin International, in fact, the current equity structure has completed its historical mission in this special period, and there will no longer be an opportunity to take advantage.

Qing Yun smiled playfully, "Mr. Jiang, under the original multi-party equity structure, America turned a blind eye to Huaxin International. Do you really think it was the work of the five major churches?"

However, he still comforted the old man with words.

After receiving the information and plan from Qing Yun, he was frightened and broke into a cold sweat.

In this case, it is an inevitable choice for them to clear out some equipment and not very advanced technology to make money.

Second... Mr. Jiang, frankly speaking, they know that Huaxin International can't do much.

Without funds in capital-intensive industries, the road ahead will be too difficult.

Therefore, you old man, please don’t feel any pity or regret. In my opinion, this is the best time to deal with the equity structure issue of Huaxin International. "

It is much better than delaying it for more than ten years.

Jiang Shangzhou also smiled bitterly when he heard this, "I understand the truth, I just feel... alas..."

After sighing, he changed the topic,
"Mr. Zhang Rujing is currently lobbying the five major public relations churches to agree to the bankruptcy liquidation of Huaxin International. There should be no big problem in this regard."

Hearing this, Qing Yun asked, "I believe this, but Mr. Jiang, you have to come up with a charter for how to proceed."

After all, the subjects involved are not local companies in America, but companies in Yizhou Island and inland China.

From the perspective of the Americans, this is a dog-eat-dog problem on Yizhou Island. They are too lazy to care about matters involving litigation or not. They only care about whether Huaxin International pays full taxes on America's business.

And how can a normally operating company suddenly go bankrupt and liquidate?
In this regard, Qing Yun, who has been beaten for many years by the fake A lessons from later generations, has many solutions.

Moreover, Huaxin International's own operating conditions also gave him room to take action.

The shareholders of Huaxin include Huating Local, Yizhou Island Private, America Fund, investment bank Gao Sheng, as well as state-owned assets such as SI, Yanda Jade Bird, Zhangjiang Group, and Yanda Microelectronics. It is a dispersed equity with multiple shareholders without actual controllers. architecture.

Since Huaxin International was founded in 2000, it has received a total of US$14 billion in capital and US$4.5 million in loans from China Bank.

This amount of funds cannot be said to be poor, but in the semiconductor industry, it is barely sufficient.

Zhang Rujing, who is well versed in counter-cyclical factory building strategies, is also a factory building maniac. He believes that when the industry is in recession, it is the best time to build factories.

When Huaxin International built its factory, it coincided with the historical chip downturn after the Internet bubble burst. Huaxin International took the opportunity to purchase a large amount of low-priced equipment, including second-hand equipment released by Singapore's Chartered Semiconductor Company, and exchanged it for shares at a low price. Bought the Jinmen Motorcycle Chip Factory.

In three years, Zhang Rujing built three factories in Huating and built four 4-inch wafer production lines and China's first 8-inch wafer production line.

The speed of building factories that swept the world amazed the world, but it also brought about a crisis.

Short of money.

The multi-owner equity structure without actual controllers allows Huaxin International to avoid the Wassenaar Agreement in the international market in a short period of time, and obtain a large amount of transferred technology from Sakura Country, Singapore, and Europe.

0.21 micron memory process, 0.18 micron logic process, 0.13 micron logic technology... these are the benefits brought by this equity structure.

However, the multi-ownership structure is not without its drawbacks.

In terms of financing, especially when it comes to the issue of additional investment from all shareholders to the company at the same time, it will become a situation where all parties are passing the buck.

As long as one shareholder is unwilling to invest, other shareholders will not be able to invest. They all think, 'Why?'
Even if other shareholders decide to invest, the shareholder who is unwilling to invest will have his equity diluted, so he will still vote veto on this issue.

At this time, when it comes to changes in the shareholding ratio, the minority does not obey the majority, but must vote unanimously.

Especially when it involves different parties from various countries, it is too difficult to coordinate the interests.

Therefore, Huaxin International has no choice but to increase its capital.

The road to borrowing is also full of thorns. The semiconductor industry's investment amount is too large and the investment time is too long, so overseas banks are very cautious in lending to it without policy guidance.

And domestic banks...

However, when Huaxin International was first established, in order to circumvent the restrictions of the Wassenaar Agreement, it was registered overseas, and its capital was US dollars.

In order to avoid the risk of investigation and the loss of evidence, Huaxin International does not dare to ask for more money from domestic banks, otherwise America will have to make trouble about what kind of company Huaxin International is.

So it's no wonder that Zhang Rujing was forced to apply for listing at the worst possible time.

However, Huaxin International's operating pain points do provide a reasonable operating space.

There is a kind of futures called semiconductor raw material futures, including silicon wafers, silicon wafers, photoresist, various chemicals used in semiconductors, metals, etc.

In order to achieve the stability of raw material prices, semiconductor companies usually conduct hedging business in the futures market.

For example, when seeing the soybean market experiencing historic prices, Huaxin International, which was deeply troubled with funds, took a desperate risk and participated in soybean futures trading. This was perfectly normal for Huaxin International, which had a futures license. things.

Whether it is the board of directors or the management, there is no doubt about this operation. After all, it is a unilateral listing, especially the investment bank Gao Sheng, which has a major say in the investment field, is also pushing for this, making everything very special. Silky smooth.

It is the consensus of Wall Street and the tacit understanding of international traders to follow the four major grain merchants ABCD and drink some soup. Everyone tied their napkins, picked up their knives and forks, and waited only for ABCD to call the table.

However, things changed drastically within a few days.

The well-prepared Chinese companies, driven by a mysterious force, launched a collective attack and swept the entire spot market in a short period of time.

Supply is less than demand, which will undoubtedly push prices up.

With such a huge force sweeping away goods in the market, prices will inevitably rise sharply.

However, there are exceptions to everything.

In the mature agricultural product market, the hedging operations of various participants have caused a lag in price increases.

If you keep a close eye on futures prices, the spot price will not rise much in just a few dozen hours.

When the seller saw that the futures price started to be outrageous and wanted to cancel the order and let the transport ship come back, at this time, the Hopu Group's saucy operation came.

When the seller contacted the ship owner, he discovered that Hopu Group had purchased the ship and the beans directly.

Whichever ship is available, Hopu Group will directly buy that ship and sail directly to China without looking back.

Originally, the four major grain merchants ABCD wanted to trick the Hua Kingdom, but in the end they were tricked by the Hua Kingdom.

When people took inventory, they discovered that China's current operation had already accumulated enough spot stocks equivalent to two years of soybean imports.

At this time, the four major grain traders were in a desperate situation. In order to drive up the price of soybeans, they were short selling and accumulating energy. They also hoarded a large amount of spot goods, just waiting to be sold.

But now, the situation has become that they have to guard against the Chinese forces represented by Hopu Group and short-selling in the futures market.

ABCD has always been in the same spirit, helping each other, just like the five sword sects.

But only when they join forces to deceive others.

When the real crisis comes, they run faster than the other. Wall Street never believes in tears, only in the cash in hand.

When there is an avalanche, it depends on who can run faster.

ABCD naturally needs people to stand guard, and those international speculators who follow them to earn a living are naturally the best targets.

While continuing to push up soybean prices, ABCD quietly completed shipments.

It is only natural that people like Huaxin International, who followed the big brother, ended up standing guard at the highest point of soybean prices.

Under the extreme black swan stampede market conditions, futures margins were useless, there was no chance to liquidate positions, and the entire soybean futures price was completely penetrated.

Huaxin International, which spent 6 million US dollars to play, immediately liquidated its position and suffered heavy losses. Not only did it lose all its capital, but it also owed more than 20 billion US dollars to the market maker due to the leverage effect.

In just a few hours, Huaxin International's capital chain collapsed. Not only was it unable to repay the market maker's supplementary funds, it was also unable to repay the upcoming expiration of the Huaguo Bank loan.

Due to the inconsistent interests of various shareholders, they were unable to reach a relief agreement, and Huaxin International could only apply for bankruptcy liquidation.

Only through bankruptcy and liquidation can the back-up funds owed to market makers be lost, which is what shareholders want to see.

After rejecting the market maker's repayment of funds, it is nothing more than repaying the US$6 million debt of Bank of China after paying employee salaries according to the order of bankruptcy and liquidation. After liquidation, everyone will still have some leftover.

And if you don't go through bankruptcy liquidation and default on your debts, although you won't have to find money to make up for the part where the net assets are not enough to repay the debt, in the end you won't get back a penny of your investment.

Therefore, this time, multiple shareholders have reached a rare agreement and will not provide relief to Huaxin International.

Qing Yun said calmly, "In bankruptcy and liquidation, according to the order, Huaguo Bank has obtained the right to dispose of assets, and will then divest the non-performing assets to the asset management company for disposal in accordance with regulations.

So, who will buy it then? Mr. Jiang, you have to give me an accurate answer now. "

……

(End of this chapter)