My 1999

South Korea, Seoul International Airport.

When Xu Liang stepped off the private plane, he was quickly attracted by the sisters who were quietly waiting not far away.

Sun Mingzhen's hair was tied up high, and she looked noble and mysterious in a black Chanel sleeveless dress.

A red belt as thick as a finger tied up her soft and slender waist.

Her straight and round legs were wearing black stockings, and her feet were wearing a pair of Prada lace-up diamond-studded pointed high-heeled sandals.

Her round toes were painted with cardamom vermilion, and the deep red color seeped through the thin stockings, which was charming and seductive, making people want to tear them apart and take a peek.

Her beautiful face was painted with light makeup, and her slightly serious face showed the heroic spirit and majesty of being in a high position for many years. Xu Liang felt warm in his heart when he saw it.

He just wanted to hold this beauty who could only be admired from a distance and not played with in the eyes of others in his arms and love her tenderly.

If elder sister Sun Mingzhen is a noble black rose, then younger sister Sun Yezhen next to her is a white peony.

Her long black hair is orderly scattered behind her head and shoulders.

The milky white long-sleeved T-shirt with lace edges supports a heart-warming arc on her chest.

Although she has given birth to two children, her waist is still slender, like a spring breeze blowing on a willow.

The white floral long skirt loosely covers her thighs and half of her calves.

Her ankles without stockings are white and delicate, like jade, emitting a faint light under the sunlight.

She is wearing a pair of ordinary white sneakers.

Overall, she looks like a girl next door, gentle and elegant, and it seems as if you can feel the bright spring light in your eyes.

"Dad!"

The five children all ran over at once.

The Sun sisters were the first women to give birth to their own children.

Sun Mingzhen gave birth to his eldest son, and Sun Yezhen gave birth to his second son.

Both brothers were born in June 2003, and are now four years old and in kindergarten.

The remaining three were basically born in April 2005, and are now more than two years old and can run and jump.

Hug this one, kiss that one.

After playing for a while, he distributed the gifts he carefully selected, and then sent these clever little ghosts to another car.

He took the two sisters to the car to go home, and the three of them snuggled together.

Embroidered with a faint fragrance of the bun.

Xu Liang said gently.

"Do you miss me?"

Sun Mingzhen said unhappily: "I miss you and you are not around."

Sun Yezhen just smiled and pursed her lips. Although she did not speak, she unconsciously added a few strengths to the jade hand holding the man.

Xu Liang was not embarrassed, "I am here now."

His hands wandered over the two women.

The hot heat spread from the palms, penetrating into the women's hearts through the thin clothes.

Invisible electric current spread throughout the body.

Breathing became rapid.

"I'll feed you well tonight."

Sun Mingzhen's eyes were as charming as silk, and her pretty face was full of provocation.

Sun Yezhen's cheeks were flushed and she smiled lightly.

The man and woman who hadn't seen each other for more than two months,

went into the bedroom as soon as they got home.

...

The next day, Xu Liang got up and practiced martial arts and had breakfast as usual.

The two sisters didn't get up until noon.

The staggering steps showed that they had been hit hard last night.

But her cheeks were rosy, her eyes were like water, and her eyes were bright.

It was obviously greatly nourished.

"You were so tough last night, I thought your fighting ability had improved, but I didn't expect you to be so weak." Xu Liang smiled.

Sun Mingzhen sat down carefully and quickly folded her legs.

After breathing a sigh of relief, she glared at the man opposite who was gloating.

She believed that she was no longer the same as she was a few years ago after giving birth to three children. She was more experienced and more capable.

But while she became stronger, this man also made great progress.

Excited, but also a little depressed.

If he can't satisfy her, she will have to find another woman for her.

But she doesn't want to insert other messy women between her two sisters.

"Okay, let's eat. I specially cooked black chicken soup for you, with red dates and angelica in it, which is beautifying and nourishing."

Then he personally served a bowl to the two of them.

Sun Mingzhen, who was already starving, didn't think much and picked up the bowl to drink.

After giving her man a gentle "thank you" look, she drank it in small sips.

After lunch, the three of them spent some time with the children.

Sun Mingzhen went to the study with Xu Liang.

Sun Yizhen was not interested in company management. She was a housewife wholeheartedly, taking care of the rear for her sister and her man.

So she didn't follow.

After sitting down on the sofa, Xu Liang waved his hand, and Sun Mingzhen sat in his arms obediently.

The ice silk pajamas fit tightly against her plump upper body. Because she was not wearing underwear, the soft fabric outlined an attractive curve.

Xu Liang lifted the hem of the pajamas and reached in.

Although her sensitive parts were attacked, Sun Mingzhen, who was already full, could still bear it.

"Have you read the two-quarter operating data and financial report of Hynix sent to you?" Sun Mingzhen asked.

Xu Liang certainly read it.

"It's not optimistic."

Hynix's mainstream products now are memory and flash memory.

Memory.

At the beginning of the year, the price of 512MB memory was still around 400 yuan, and the price of 1GB memory was between 700-900 yuan.

In March and April, the price of 512MB memory suddenly began to drop sharply, and 1GB memory also began to drop in price. Although the price of 2GB memory was higher, it was already available.

By the middle of the year, the price of 512MB memory further dropped to about 150 yuan, and 1GB memory became the mainstream of the market, and the price also dropped by half.

However, after entering the second half of the year, the price not only did not rise as expected, but fell even more sharply.

The price of 1GB DDR2 667 memory dropped from 770-800 yuan to about 550 yuan in three months.

The Chinese market is in such a mess, and the international market is even worse.

The price of 512MbDDRII memory particles could reach 6 US dollars at the beginning of the year.

As a result, by the middle of the year, the price had fallen to 2.4 US dollars, almost 60% lower.

The key is that the downward trend has not changed, but is still continuing to fall.

The long-term slump in memory prices in 2007 has caused the entire industry chain to feel the impact of the unprecedented Great Depression.

From upstream wafer chip manufacturers, to midstream particle and module assembly plants, channel dealers, to downstream regional agents and terminal retailers, all have been dragged into a vortex of chaos by this industry recession that has never happened since 2001.

Memory is not good, and flash memory has also entered a downward channel.

With the emergence of MP3, flash memory has gradually become popular, and this market has developed rapidly for nearly four years.

In 2006, the scale of the entire flash memory market reached 36.95 billion US dollars, second only to the record of 40.8 billion US dollars in 1995.

As the world's second largest flash memory manufacturer, Hynix has made a lot of money in recent years, with a significant increase in revenue.

Especially with the start of production of Huaxia Wuxi Plant, flash memory once accounted for more than 60% of Hynix's revenue.

Unfortunately, as time came to 2007, everything changed.

At the beginning of the year, the world's leading mobile storage manufacturer, 'Lanco', took the lead in launching a price reduction storm called 'Spring Thunder Operation'.

With its strong brand, sound channels and professional services, its flash drive products have been significantly reduced in price.

Even major flash memory manufacturers including Samsung, Hynix and Toshiba have joined the price cut ranks.

The price of 1GB flash memory particles once fell below 6 US dollars.

However, compared with the memory that loses one and a half per piece, although the flash memory has fallen, it is still profitable.

Moreover, the so-called "Spring Thunder Operation" is essentially just a joint clearance of inventory by flash memory manufacturers, selling 1G and 2G memory particles to facilitate the listing of larger 4G, 8G, and even higher capacity flash memory particles.

But a fall is a fall, and this year's global flash memory market is definitely worse than last year.

The overall environment is not good, and Hynix's total revenue has also been affected.

In the second quarter of 2007, the total revenue was 5.37 billion US dollars, a year-on-year decrease of 17.4%; the net profit of the main industry was 1.53 billion US dollars, a year-on-year decrease of 21.9%.

In fact, Hynix is ​​still doing well.

Although the flash memory has fallen for half a year, it is still profitable.

Those factories that focus on memory have suffered even more losses.

"Have you closed Hynix's memory production line?"

Xu Liang asked.

"It's not a closure, it's a reduction in production. The price of memory is too low now. We lose one and a half dollars for every piece we produce. It's better to stop temporarily.

Wait until the price recovers before resuming production." Sun Mingzhen said.

"Are you going to lay off employees?"

"We will lay off some older people."

Xu Liang nodded.

This year is a bear market, and it will only be worse next year.

Reducing production is indeed a wise choice.

"Which factory do you plan to close?"

"This year, we will close M1 and M7 first, and then consider whether to further close factories and reduce production next year." Sun Mingzhen said.

Hynix now has four major production bases and 10 factories in the world.

Icheon Factory and Cheongju Factory in South Korea.

Icheon M1 Factory, 8 inches, 150,000/month production capacity.

M3 Factory, 8 inches, 90,000/month production capacity.

M5 Factory, 12 inches, 85,000/month production capacity.

Cheongju M2 Factory, 8 inches, 12/month production capacity.

M6 Factory, 12 inches, 100,000/month production capacity.

M8 factory, 12 inches, 55,000/month production capacity.

Huaxia Wuxi M9 factory, 8 inches, 50,000/month output.

M10 factory, 12 inches, 45,000/month production capacity.

Tyler, Texas, USA factory

M4 factory, 8 inches, 100,000/month production capacity.

M7 factory is a packaging factory.

The six factories in Lichuan and Qingzhou have flash memory and memory products.

But Huaxia Wuxi factory only produces flash memory.

In 2006, the total annual revenue of a Wuxi factory exceeded 4 billion US dollars, which is almost 67% of the total revenue of Lichuan and Qingzhou factories.

It directly reduced the total debt of Hynix by 2.4 billion US dollars.

"Hynix's operations will be particularly difficult in the next two years. You must be mentally prepared." Xu Liang said.

Sun Mingzhen nodded. Xu Liang also talked to him about the US real estate crisis.

"There is one more thing. You should make a plan now. We will start construction after the Chinese New Year in 2008 and double the production capacity of Wuxi M9 and M10 factories."

"Expand production? The market is getting worse and worse. We are already reducing production. How can we build new factories..."

Sun Mingzhen suddenly realized, "Counter-cyclical expansion!"

Xu Liang smiled and nodded.

"We are having a hard time, and so are other memory manufacturers around the world.

But we have investment income from the financial market as a supplement, which other memory manufacturers do not have.

So the next two years will be a time of bloodshed.

We will actively intensify competition by expanding production, squeeze out competitors, and occupy the market they have given up."

"Then do we still need to reduce production?"

"Yes. The crisis has just begun.

If we don't reduce production, our losses will be greater, and I'm afraid we won't be able to hold on before the decisive battle.

Reducing production now is to accumulate strength for the future.

Wait until everyone is weak before taking the initiative to exert strength.

Mingzhen, 2008 is a very critical year. If you grasp it well, it is not impossible to surpass Samsung in the field of memory and flash memory and become the world's number one manufacturer."

"In this case, I'm afraid I have to withdraw all the money in the financial account." Sun Mingzhen said.

Hynix's financial account funds have always been maintained at 4 billion US dollars, and it has earned a total of 10.9 billion US dollars over the years.

In the middle, some will be sold to repay debts.

Now there is 7.4 billion US dollars left in the account.

Check the correct version in 16191 book and 1 forum!

In addition, Hynix also received the $5 billion CDS bonds transferred by Xu Liang.

Hynix's overall debt has dropped from $16 billion at its peak to $8.7 billion now.

It has been reduced by nearly half.

Add to that the $1.3 billion on Hynix's books, excluding the $5 billion CDS.

Hynix can mobilize nearly $10 billion.

If CDs bonds are included, Hynix can mobilize at least $12 billion.

This money can build two 12-inch, 100,000/month, 45nm process standard large wafer fabs.

Xu Liang smiled and patted her heart lightly, causing the beauty to frown slightly and look angry.

"Don't always think about solving it yourself. Hynix today is no longer the Hynix of four years ago."

After his reminder, Sun Mingzhen suddenly realized.

A bitter look appeared on her pretty face.

"In the past few years, I have been burdened by Hynix's $16 billion debt. I can't eat well and sleep well.

As soon as I open my eyes, I think about how to fill the hole.

What I fear most is receiving debt collection calls from banks and investment companies.

I want to solve everything by myself.

I almost forgot that the current Hynix is ​​no longer the Hynix of the past."

At the end, there was a hint of pride in his tone.

Xu Liang saw it and smiled.

A wafer production line costs billions of dollars. No company, including Samsung, will pay for all the investments by itself.

Basically, they invest part of the money themselves, borrow part from the bank, and then issue corporate bonds.

Of course, if there are interested investors, they can also attract investment.

The premise is that investors only invest and cannot interfere with management.

The construction of Hynix's production line used to be the same: they solve part of the money by themselves, and solve the rest through loans and bonds.

But after it fell into a debt crisis, bank credit and corporate ratings were directly pulled down to 3B, and bank loans and bonds were out of the question.

The Wuxi plant can only get the money by itself.

Although the current debt scale is still huge, the proportion of net debt in total assets is less than 50%, which is back to the safety line.

Add the funds in the financial account.

The company's bank credit and corporate rating have reached A level.

It will be much easier to build a new factory.

"Thank you for your hard work in the past few years." Xu Liang said gently.

Sun Mingzhen leaned in his arms, smelling the familiar scent of the man, a strong sense of security lingered in her heart, and she felt warm all over. She wished that time would stop at this moment.

"As long as I have you, my son and my daughter, I will not feel tired no matter how tired I am."

Sun Mingzhen said softly.

After the two of them were warm for a while.

"There is something I want to discuss with you." Xu Liang said.

"What is it?"

"Do you know about Hanhua's establishment of the 'Phoenix Fund'?"

Sun Mingzhen nodded.

Hanhua is the only shareholder of Hynix, and Xu Liang has made a big deal about the establishment of the 'Phoenix Fund' in the United States.

Although ordinary people don't know much, she is very clear when she reaches her position.

"I plan to transfer 15% of the equity from the trust under your and the children's names to the Phoenix Fund.

The exchanged money will be used for investment.

After all, the Xu family cannot have only Hynix in South Korea, the risk is too high.

The investment of family trusts must be diversified."

Sun Mingzhen: "I also agree that family trusts should be diversified, but the market in South Korea is occupied by several major families, so it may be difficult to have room."

Xu Liang couldn't help but glance at her.

"Your ambition is not small."

His plan is to build Xu's Trust into a family office similar to that in the United States.

But Sun Mingzhen obviously wants to build a chaebol like Samsung, SK, and LG.

"Now there is a good opportunity." Sun Mingzhen suddenly said.

"Hmm?"

The beauty stood up from his arms without much explanation, and took a document from the bookshelf behind the desk and handed it over.

"Korea Exchange Bank?"

Xu Liang was really a little surprised.

"Korea Exchange Bank is the sixth largest bank in South Korea, accounting for 8.8% of the market share of South Korean banking business.

It is known for its foreign exchange business, accounting for 46% of the market share of South Korea's foreign exchange business. It currently has more than 5.4 million deposit customers, more than 350 branches, and branches in 18 countries.

Lone Star Private Equity Fund of the United States acquired 51.02% of the shares of the Korea Exchange Bank in October 2003.

Now, this acquisition has been prosecuted by the South Korean inspection agency for violating relevant laws and procedures and "acquiring KEB at a price lower than the market price."

Originally, there were many interested acquirers of the high-quality asset of the Korea Exchange Bank, both domestically and abroad.

But with the legal lawsuit involved, most acquirers were deterred. "

After Xu Liang flipped through it briefly, he put down the information.

"Isn't HSBC looking to buy the Korea Exchange Bank? ”

After the Asian financial crisis, two national banks in South Korea were acquired by foreign capital.

The first is the First Bank of Korea.

The second is the Korea Exchange Bank.

The former ranks seventh in the South Korean financial industry, and the Korea Exchange Bank ranks sixth.

In 2005, Standard Chartered acquired 51% of the shares of Korea Exchange Bank for US$3.3 billion.

This year, it was officially changed to Standard Chartered Bank South Korea Branch.

As the strongest competitor in the Asian financial sector, especially in the banking sector.

HSBC's every move is watched by Standard Chartered.

The other party's acquisition of the Korea Exchange Bank is no exception.

"HSBC is indeed acquiring the Korea Exchange Bank, and it has also proposed preferential conditions of 380 won per share and a total price of US$6.415 billion to acquire 51% of the shares of the Korea Exchange Bank.

But although HSBC's conditions are excellent, it will definitely fail in the end. ”

"Why?"

"Public opinion does not allow it." Sun Mingzhen's words were full of sarcasm, "South Koreans are proud and conceited on the surface; but as a vassal state for thousands of years, and repeatedly invaded in modern times, we are sensitive and inferior inside.

After the Asian financial crisis, the country's top companies were repeatedly acquired by foreign capital. The reality of the country's destiny being controlled made countless people angry and helpless.

Now South Korea has emerged from the predicament of the Asian financial crisis.

The economy is developing rapidly.

The back is also straightened a lot, so they dare to grab the "KEB", drag in public opinion, hit the Lone Star Fund, make a fuss, and lose their temper.

To put it bluntly, the Lone Star Fund is not strong enough. If it was Citibank or Goldman Sachs that acquired the KEB, this would not have happened.

As for HSBC, although it has many shareholders, it is ultimately just a British company.

Those seemingly righteous parliamentarians are not willing to compromise with the British. "

Xu Liang glanced at her.

Sure enough, South Koreans know South Koreans best.

HSBC did not acquire the KEB, and the company was eventually merged with Hana Bank.

The newly established 'KEB Hana Bank' became the largest commercial bank in South Korea.

When he started his business, he also contacted this bank for a loan.

It's a pity that it didn't work out in the end.

"Are you going to acquire the KEB?"

Sun Mingzhen nodded, "Now the US real estate crisis is gradually deepening, and real estate is an industry that is highly tied to finance. Once it explodes, given the US's position in the global financial industry and economic field, it will definitely cause a global impact.

Although South Korea is not deeply involved in subprime debt, in the context of a bad environment, the KEB, which has gone bankrupt once, will be discounted even if it does not go bankrupt.

And there won't be many large institutions interested in it.

As long as we come up with a combined price, and with the connections that Xu and Hynix have built in South Korea over the years, it will not be difficult to take it over. "

At the end, he couldn't help but get excited.

The delicate and beautiful face was full of ambition.

Xu Liang looked at the woman in front of him with interest. She had never changed since he first met her.

Success, ambition, dream, hard work, these glorious words seemed to be engraved in each other's bones.

Of all the women around him, the only ones who could compare with her in this respect were Helen and Christina.

Qiao Yuhui and Jiang Xiaoyang were not as good as her.

Although Fan Xiaopang and Yang Mi were equally ambitious, they were still a little immature.

He raised the delicate chin of the beauty with his right index finger and smiled.

"If you really want to do this, I will certainly support you. "

What he likes most is ambitious women.

Conquering such a beauty can bring more sense of accomplishment.

Sun Mingzhen sat on Xu Liang's thighs, and the round and plump buttocks were particularly clear through the thin pajamas.

The bright eyes were like two pools of spring water.

"You are my man, you must help me with the acquisition of the Foreign Exchange Bank."

"It's no problem to help you, how do you thank me?"

Looking at the woman's beautiful face, Xu Liang asked with interest.

"Oppa, I have given birth to three children for you."

The woman said coquettishly.

"Then give birth to a few more."

"No, there are more and more things in the company. If it weren't for Yizhen, three children would be too much to manage.

How about this, didn't you have enough fun last night? In a few days, I will help you find a few more beauties so that you can relax. "

"How many? Aren't you afraid that they will be jealous of you?"

"Oppa, give them ten courages, and they dare not be arrogant in front of me. "

She said these domineering words in the calmest tone.

But she is indeed qualified.

Now that she is familiar with the operation mode of Hynix, she is no longer just the CFO, but the COO of the group, and a well-known strong woman in the South Korean business world.

There are not many people in the entire South Korean business world who can be on par with her.

"Forget it, I don't have the heart to hunt for beauties now. As for the matter of the foreign exchange bank, as long as you manage Hynix well in the future and let me see the results, I will support you."

"Is it a deal?"

"It's a deal!"