Reborn Entrepreneurial Giant

While Qu Li was concerned about the legacy of Qimonda, a subsidiary of Infineon that had not yet gone bankrupt, Spansion Semiconductor of the United States found prospects for sale through a financial company.

"Spansion's NOR and NAND products target embedded applications such as automotive, industrial and telecom..."

Qu Li did not hesitate when he heard this. This company is a joint venture between Fortis and AMD: an American company that designs, develops and manufactures flash memory, microcontrollers, mixed-signal and analog products, and system-on-chip solutions.

Although Spansion is the largest NOR Flash manufacturer in the world, it has been losing money for three consecutive years. It faces many powerful competitors, such as Hengyi, Toshiba, Samsung, and Wanwan Licheng, a joint venture between Intel and STMicroelectronics. competition.

"Forget about Qimonda, let's do our best to win Spansion Semiconductor." Qu Li urged, NOR and NAND flash memory can be used in mobile phones, computers, and cars, so it is valuable.

Even without Qu Li, some domestic companies are eyeing Qimonda. For example, Shandong Huaxin teamed up with Inspur to acquire Qimonda’s R\u0026D center in Xi’an, and also packaged and purchased a large amount of R\u0026D materials. This became the foundation of Ziguang Guoxin and made Hefei Changxin and Yangtze River Storage.

Qu Li quickly obtained more detailed data from Spansion through Envision: the total amount of the list of assets and projects was 3.8 billion US dollars, of which the total debt was nearly 2.4 billion US dollars, and the interest on due debts was close to 300 million US dollars. In 2006, the revenue was 1.8 billion US dollars, and now even if it encounters the subprime mortgage crisis, it will not be less than 1.5 billion US dollars.

This is both a crisis and an opportunity, and it is not full of difficulties. There is no room for them to intervene. Just like Infineon, it is not about to go bankrupt.

"My idea has not changed. I won it, but I have to find a way to reduce the risk." Although Qu Li doesn't know about Spansion Semiconductor, he knows that his industry has great potential.

Undoubtedly, Yuanjing's colleagues will have to work overtime again, and Spansion Semiconductor will go bankrupt. Whether it is an acquisition or a shareholding, including how to change this company, a decision needs to be made as soon as possible. If Spansion were to go bankrupt and debts restructured, Yuanjing would lose control.

The matter of glory, Yuanjing's investment, fundraising, and personal investment all came together in this cold winter, making people overwhelmed. Let Xiangjiang Investment and Envision Investment jointly attack Feisuo Semiconductor, and Americans who use Lehman in the United States are better than Chinese.

Make CFO Chen Jingqiu full-time in advance, squeeze out Zhou Shaoning's management, take over more affairs of Glory, and sleep as much as possible, what's the problem?

On December 16, the Federal Reserve lowered the US dollar benchmark interest rate to 0-0.25%, exceeding the market expectation of 0.5%. What does it mean? This means that the United States has started quantitative easing, which means that the financing costs of American companies have been greatly reduced, which means that the global currency has been flooded, and that the gap between the rich and the poor will become wider and wider.

The stock price of Citigroup plummeted at the same time, and both AIG and AIG faced the risk of bankruptcy. Wall Street was in turmoil, but Qu Li, who knew the development of the matter, knew that the most dangerous time of the subprime mortgage crisis was about to pass.

"Spansion's board of directors agrees with our change of CEO and weight loss plan..."

The matter is one step closer. Qu Li did not expect that the board of directors of Feisuo would make so many concessions in just a few days. It seems that the matter has really reached a critical moment. What company can act as the main body to acquire Spansion Semiconductor?

"A NOR semiconductor company called GigaDevice is short of money." Deng Feng of Northern Lights

Qu Li soon met Zhu Yiming, the founder of GigaDevice. Their NOR chips are ahead of other companies' products in some aspects, and they are an excellent company.

"Are you interested in acquiring Spansion Semiconductor?" Qu Li said when he saw Zhu Yiming

"Sorry, Zhaoyi doesn't have the strength right now." Zhu Yiming hesitated for a while and said

Spansion Semiconductor's current stock price is less than US$0.5, and its market value is less than US$50 million. Of course, if it were to be acquired as a whole, it would definitely not be carried out at this price. Their shareholders are not so stupid.

"I mean Envision will find a way to acquire Spansion Semiconductor, but this is a US company. I don't know how to turn it into a Chinese company. Can you teach me?" It's not cool, don't you just want to incorporate this team, what's the embarrassment?

Under Zhu Yiming's introduction, Qu Li got to know Jesse, the vice president of Moses Technology Company he met in the United States. Although the zip line is a mess, it is a good opportunity for many people to cross classes.

"After Envision takes over, Spansion Semiconductor will establish three major R\u0026D centers in the United States, Japan, and China, and put its manufacturing base in China. It is equivalent to light assets overseas and heavy assets domestically. Your tasks don't need to be too much. People’s influence on the zipline, to improve domestic research and development capabilities, even if we break up in the future..." After Zhu Yiming agreed to join Envision and helped him acquire the zipline, Qu Li gave him this task.

The team at Andrew's side designed a complex plan, including subscription of old shares, convertible preferred shares, issuance of convertible bonds, and the use of 300-500 million US dollars to complete the acquisition.

The advantage of doing this is that AMD and Fujitsu still have a little bit of thought, and they will not lose their money. It will provide some assistance for Spansion and reduce the resistance to acquisitions. In case Spansion goes bankrupt, convertible bonds and preferred shares have higher repayment levels than common shares, which can reduce losses.

The matter is not over yet. For example, the manufacturing center will be transferred to China, and various packaging factories will have to be re-planned. The need for investment and construction in the country will be increased, and local funds and efforts will be contributed. Just like Hynix in Wuxi, it's the same routine.

Qu Li’s routine is to hold Spansion by Envision Holdings. After becoming a Chinese company, use domestic funds to maintain a leading position in the field of NOR flash memory, and at the same time increase investment in the direction of nand flash memory. Honor may give priority to purchasing Spansion products such as SSD hard disk.

The general direction is determined, and the rest are some details, such as the layoffs of Dongying and Miguo companies. Qu Li does not need to worry about specific matters. The new CEO of Feisuo, Jess, will take the responsibility. I thought I could remotely control everything while sitting in Beijin, but I didn’t expect Facebook’s Chinese CFO, Gideon Yu Fei, to come to Beijin and ask him for financing again.

"It's impossible for me to raise funds at a valuation of 15 billion US dollars, even 10 billion is impossible." Qu Li didn't go around this time, he was really too busy, and was really responsible for the specific practice of Glory. He found that he still had a lot to learn .

"No problem, we can talk about the specific price." Gideon Yu spoke very well

"..." Qu Li didn't know how to reply. Investing in Facebook would definitely make money, but buying his stocks directly was also possible, and it was more free and flexible.

"How much do you need?"

"It's better to have 200 million US dollars." Gideon Yu listened to Zuckerberg very directly

"I want a board seat in Facebook, for Yahoo Executive Vice President Lu Qi, he is the new CEO of Jumei." Qu Li thinks the price is acceptable

"I'm going to discuss it with Zach."

"If he agrees, I only need 2% of the shares for 200 million US dollars, otherwise the price will be negotiated separately, oh, and also, I want to buy the old shares of FB and increase the shareholding ratio to 3%." Qu Li said his own After the request is finished, if you don’t accept his funds, then wait for the Russians to save him. The problem is that Qu Li knows that FB has a choice, but does Zuckerberg know?

"I'll go back and talk to Zach, I don't think it's a big problem, the funds..."

"It's not a big problem with money, it's fine to get it in one go." Qu Li was so poor at this time that only money was left.