Rebirth of the investment era

"Is there any result?" Su Yu turned around and saw the look on Liang Bin's face, and he also showed an obviously happy expression.

Liang Bin nodded and said: "After several careful on-site investigations and several communications with Mr. Yu, the chairman of 'Vail Semiconductor', we have initially formulated investment intentions. Based on Mr. Yu's opinions, they decided to increase their investment in cmos." investment, and at the same time deepen product development in mobile electronics, vehicle electronics, security, and network communications, we plan to raise 600 million from our institution to further promote these projects."

With that said, Liang Bin handed the preliminary investment intention document to Su Yu.

Then he continued: "Based on the results of several on-site surveys and the communication between our investment team and Mr. Yu, in the domestic semiconductor field, this 'Vail Semiconductor' still has potential, and judging from Mr. Yu's conversation He said he has great ambitions and is a relatively enterprising entrepreneur."

"From the perspective of the competitive landscape of the domestic semiconductor industry..."

"Currently, Weier Semiconductor has mastered some first-mover technology advantages in some small and subdivided areas. If we can maintain this technology first-mover advantage and expand our product business, it will have a great impact on the company's future development. It can still be clearly anticipated.”

"They are also deeply involved in the chip design business."

"According to Mr. Yu's introduction, they currently have close cooperative relationships with several research institutes in Shanghai and many domestic IC research institutes."

Su Yu nodded slightly, opened the proposed investment agreement in his hand, took a rough look at it, and said: "600 million investment, 15% of the shares, this valuation is 70% more expensive than when Weier Semiconductor's A round of financing. %Ah, this condition...can we discuss it again?"

According to Su Yu's understanding of this company.

The market valuation of nearly 2 billion was slightly beyond his expectations.

Liang Bin pondered for a moment and responded: "According to the operating data of Weir Semiconductor in the past two years, the rapid growth is obvious, and after the A round of financing, Weir Semiconductor has entered the vision of many well-known domestic investment institutions. This time Faced with Mr. Yu’s financing needs, we, Yuhang Investment, are not the only ones who have extended an olive branch to Weir Semiconductor, so in terms of hard conditions, it is probably difficult to negotiate.”

"But on some soft standards, they can still be negotiated."

“For example, investment income commitments in the next few years, necessary and reasonable exit mechanisms, etc.”

"Of course, if Mr. Su feels that this valuation level is indeed significantly higher than our previous expectations, we can also talk to Mr. Yu again and try to obtain better investment conditions."

"Take some time to make an appointment with Mr. Yu." Su Yu thought for a while and said, "Since we have to be sincere, let's talk face to face."

With that said, Su Yu closed the investment letter of intent and handed it back to Liang Bin.

Liang Bin nodded, took the investment letter of intent, and said, "It just so happens that Mr. Yu also wants to make an appointment with Mr. Su. How about...how about this weekend? I'll arrange it."

"Okay, okay!" Su Yu nodded slightly, "Please sort out our intentions again."

"Mr. Su, how can we compress the situation under certain conditions?" Liang Bin paused and asked again.

Su Yu thought for a while and responded: "In terms of the financing amount, if Mr. Yu needs it, it can be relaxed to 300 million, but the proportion of direct shares invested must be at least about 18%. Similarly, after looking at When considering the advantages of Weier Semiconductor, we must also examine and pay attention to some of its investment risk points."

“The ultimate goal of investment is a win-win situation.”

"We need to find the right balance here, which can not only maximize the interests of our company, but also make the other party accept it and be willing to accept our investment funds."

"Okay." Liang Bin responded, "Then I'll have someone change it again."

After finishing speaking, Liang Bin exited the fund trading room and planned to convene the employees of the company's venture capital department before getting off work to hold another short meeting. Based on Su Yu's opinions, he would modify some terms in the investment letter of intent and then consolidate them. The company's legal department prepares the final investment term sheet.

"Is our company... really determined to invest in the 'Vail Semiconductor' project?" Li Meng couldn't help but ask after Liang Bin left.

Su Yu nodded and responded: "If the investment conditions can be brought to the expected level, it will naturally be beneficial to us to win this project. After all, in the 'intelligent electronics era', semiconductors will definitely play an important role in the entire intelligent electronic equipment manufacturing in the future." The industry’s top priority and development potential are still very broad.”

"It is said that the semiconductor industry is a 'winner takes all' industry." Li Meng said, "my country's semiconductor industry actually started quite late. Whether it is compared with Japan, South Korea, or the Western world, the gap is quite obvious, and now In the era of the global economy, the industrial chain is becoming more and more closely connected. Although the prospects of the entire semiconductor industry have become brighter again in the era of "intelligent terminal explosion", in the face of technological suppression and cost advantages, domestic semiconductor companies have basically It is not enough to compete with the major international leaders, and with technological disadvantages, scale disadvantages, and cost disadvantages, even if we continue to burn money to accumulate technology, we will not be able to successfully develop the market!"

"It seems like there is a vast market development space, but actually, internally, it has nothing to do with domestic semiconductor companies at all."

Li Meng paused and continued: "In this industry that pays great attention to technology accumulation and cost advantages, even if it is second in the industry, there is basically no way to survive, let alone these domestic semiconductor companies? If the external market cannot go out, the domestic market will also be difficult. To open up the situation, Weier Semiconductor has been established for many years. In addition to accumulating technology, it has made certain achievements, but it has been in a stage of continuous money burning and has still been unable to achieve profitability, and there is even no hope of profitability!"

"I'm worried that this company will die before its products have matured."

"If we are going for 'storytelling', we can speculate on the increasingly hot semiconductor industry in the domestic investment market, but if we are going for long-term investment and want to make money for business growth, Then I think... we have to be more cautious."

Su Yu heard Li Meng's opinion and said with a smile: "Don't worry about winning, think about losing first. You have always been good at this. What you just said is indeed the risk of investment, but the global economy is integrated ization, the industrial chain is closely connected, and realistic responses such as making is worse than buying, etc., will not necessarily remain unchanged in the future..."

"It is true that the domestic semiconductor industry developed late and has weak technology accumulation."

"The semiconductor industry is another winner-takes-all industry."

"But the weaker it is and the later it develops, the more room there is for growth. The path of 'domestic substitution' will definitely be taken in the future. We will plant one at the right time and it will have no impact on the current development of our company." It’s a big chess piece. I think if the cost of intervention is right, it’s worthwhile to win this project and compare the future investment risks and returns.”

“Technology investment projects are inherently high-risk and high-yield.”

Su Yu smiled softly and continued: "Currently, even if the investment fails for investment projects within 300 million yuan, it will not shake the foundation of our company. Therefore, for such projects, we must conduct careful research, bold investment, and There’s no big problem.”

"Okay!" Li Meng saw that Su Yu insisted and that his risk warning was in place, so he stopped mentioning this topic.

Immediately afterwards, Su Yu looked at the time and saw that it was already time to get off work. He couldn't help but look around the employees in the entire trading room and said: "Today is the day when our company's 'Yuhang No. 3' fund was successfully launched. It is also an important day for our company." Now, after get off work, if everyone is willing and has nothing urgent, let’s have a dinner together, and I’ll treat you to all the expenses tonight.”

After that, everyone was excited and excited.

Su Yu asked the office secretary to inform various departments of the company about the same news, and also asked the administrative department to book a hotel for dinner.

So, at 7 p.m.

Under Su Yu's invitation, nearly 200 people from the entire 'Yuhang Investment' company gathered in the banquet hall of the Crown Hotel, the company's cooperative hotel.

"Mr. Su, congratulations!" During the company dinner, many senior investors including Qian Yuanbao, the owner of the Crown Hotel, also came. During the banquet, everyone toasted to Su Yu and became the first to get closer. , Secondly, I also thank Su Yu from the bottom of my heart for making a lot of money for them, "I hope that the future 'Yuhang No. 3' fund can also become a legendary product in the domestic asset management industry, and everyone can make a lot of money." The bowl is full.”

"With Mr. Su personally operating it, the future domestic asset management legendary fund products will definitely have a place in the 'Yuhang No. 3' product. Need I say this?"

"Mr. Su, I flew from the United States and came back overnight to support you. If Mr. Su releases a new product next time, you must remember me, brother. I won't say too much... I will support 10 million for each product. That’s still no problem.”

"Lao Xu, you want to support 10 million for each product, how can such a good thing happen?"

"That's right, I managed to grab a share of 3 million today with great difficulty."

"Hey, money is always comfortable. It's really enviable to hold a large share of three products and collect money while sitting on the ground!"

"Haha..." Qian Yuanbao, who was praised by everyone, had a bald head and bright clothes, and a fat face that smiled like Maitreya Buddha. He laughed and said, "This is still the credit of Mr. Su, and it has nothing to do with me. , but...Mr. Su..."

Qian Yuanbao looked at Mr. Su seriously, paused, and continued: "Others are eager to attract just one customer. They wish they could drain every investor's wallet dry when they subscribe for products, but Mr. Su, you Why do you need to limit the investment amount? Are you afraid that all the brothers will have no money? Let me tell you...for the next product, you can just relax the subscription limit. I guarantee that the brothers here will be able to purchase the amount for each person. Starting with 100 million.”

"Hey, Mr. Qian, this is what everyone admires and trusts most about Mr. Su."

"Everyone knows that the larger the scale of a fund product, the more difficult it is to grow its performance. Mr. Su should be controlling the scale to ensure performance, right? I would say that setting the upper limit of the subscription scale at 10 million is for everyone's benefit."

"I believe in Mr. Su's ability. Even if it is a 50 billion-level large fund product, I believe Mr. Su will not disappoint everyone."

"I wonder if Mr. Su has the idea of ​​turning into a public fund in the future?"

"Actually, the subscription limit of 10 million is enough for me."

"Haha... Mr. Su, by releasing the 'Yuhang No. 3' product at this time, is he judging that the market will be in the future and a relatively big market will occur?"

"Old Feng, are you here to get some news?"

"What kind of news are you looking for? If you are investing in stocks yourself, how can it be safer to leave your money to Mr. Su? Since Mr. Su is here to help you manage your finances, why should I have to work so hard?"

"That's true. In my heart, Mr. Su is the God of Wealth."

"I'm not bragging. In the domestic financial industry, there are basically only a handful of people who are better than Mr. Su, right?"

"What does it mean to be one of the few? It's simply unique."

"Yes, yes, one of a kind. Mr. Su is simply our country's 'Buffett'. He is known as the stock god, so he naturally deserves to be named."

"I wonder if Mr. Su accepts the entrustment by a single person? I can collect 200 million in funds. I would like to ask Mr. Su to list a separate fund product. I wonder if that is possible? Of course... If Mr. Su is willing to accept the entrustment, after the excess amount I can make concessions on profit distribution, and I have no objection to a 30-70 split."

"Damn it, Old Qiao, you think so beautifully."

"Mr. Su is really willing to accept a single-person commission. I'll chip in 300 million. What the hell...I won't stop the business. I'll follow Mr. Su from now on."

"Everyone..." Su Yu coughed lightly when he saw the company's senior investors who were quite excited, and said, "The company does not accept any single-person entrusted financial management plan. I hope you understand this. In fact, in my case It seems that regardless of business or investment, a win-win strategy must be pursued after all. Although I have brought good benefits to everyone, at the same time, 'Yuhang Investment' has been able to reach this point and have a place in the domestic asset management industry. , this would not be possible without the support of our investors and friends.”

"in my opinion……"

"We are not only partners, but also friends who share weal and woe."

To be honest, he did not expect that Qian Yuanbao would come tonight with so many senior investor friends from the company, let alone that everyone would admire and trust him so much.

Of course, this also shows that the entrepreneurial path he chose has achieved initial results.

The community of interests and interest circles extended by the company's fund products, as well as the personal relationships involved, have also been initially formed.

In the future, we only need to proceed step by step and avoid the risk of extreme fund performance cliffs.

Then, the company's subsequent growth path and the various resources it can utilize will be easier than it is now.

"Haha, Mr. Su is so polite." Qian Yuanbao laughed and said first, "Although we are all friends, Mr. Su is indeed the 'God of Wealth' in everyone's hearts. Anyway, I have been investing in stocks for so many years, and my domestic financial performance has improved." I also know a lot of people in the industry, but I have never seen anyone as powerful as Mr. Su."

After originally investing in the ‘Yuhang No. 1’ fund, I obtained a tenfold excess return.

Qian Yuanbao believed that after Su Yu's fund scale exceeded tens of billions, it would be difficult for Su Yu to perform more than multiple times. However... the facts always exceeded his expectations and imagination, which shocked his heart. At the same time, he truly recognized Su Yu's talent in financial investment and wanted to further deepen his relationship with Su Yu.

After all, it is difficult for his business model to be spread across the country, and it is difficult for it to make breakthrough progress.

However, relying on Su Yu, the 'God of Wealth', to continuously invest funds into the fund products managed by Su Yu, the ceiling of his wealth appreciation is simply out of sight. This makes him full of hope, and at the same time, he is full of hope. In the future, I also have unlimited expectations for Su Yu.