Chapter 646 Foreign capital takes over? I object

It's not that you can't touch financial capital, but that's usually when financing is in the early stages of a business. Mature companies like microelectronics equipment wouldn't do this under normal circumstances.

What is financial capital? It requires meat.

Industrial capital can tolerate lower rates of return and long investment times, but financial capital cannot.

At that time, microelectronics equipment was booming with the backing of the Huijia Group. Director You insisted on playing a big game and worked with Peak Capital to seek hundreds of billions of subsidies, even at the expense of falling out with the Huijia Group.

It's great now. I haven't eaten the mutton and I'm still in trouble.

At this time, it is too late to talk to others about mergers and reorganizations! It is almost as good as talking about acquisitions, and they are acquired by others.

In fact, under the current situation, people may not even be willing to acquire it. If Li Qi were Populus euphratica, he would just wait for the bankruptcy of microelectronic equipment. If that day comes, will microelectronic equipment still sell for cabbage prices?

Li Qi was annoyed and simply stopped talking nonsense with Director You. He had too many things to do, so he waved his hand and left.

Director You stayed alone in the conference room, but he was not angry with Li Qi. He just felt that the future was bleak. There were three major shareholders in a company, each with their own plans. He was afraid that he would not be able to overcome this obstacle!

In the days that followed, Li Qi was extremely busy, but the task of reconstructing the supply chain was arduous and there was still a long way to go.

Among other things, as the key part of the objective lens, the optical lens is difficult to find a replacement.

Previously, the objective lenses for microelectronic equipment were purchased in complete sets from Zeiss Semiconductor Company. Although the most advanced objective lenses from this company are only supplied to ASML, the currently available objective lenses do not affect production.

Recently, news suddenly broke out from North America that ASML is negotiating with Zeiss Semiconductor and is preparing to invest in the company.

Zeiss Semiconductor and ASML have already cooperated very closely. In order to maintain this cooperative relationship, Zeiss Semiconductor has strict restrictions on the export of objective lenses to China.

Next, if the suppression of microelectronic equipment in North America escalates, it is still unknown whether Zeiss Semiconductor can supply normally.

There is a high probability that microelectronic equipment cannot solve this problem.

There is also the alignment system. Manufacturing a high-precision alignment system requires nearly perfect precision mechanical technology. The special patented technologies in this area are almost all controlled by German and North American companies, and it is difficult to find replacements.

For example, the alignment system of fully pneumatic bearing design technology adopted by ASML can effectively avoid process errors caused by bearing vibration. This system is the technology patent of the North American company.

Braun Optics will soon face the same problem.

"Mr. Hu, we can still find a way to solve the objective lens. Although the objective lens we produce ourselves is slightly worse in accuracy, it can definitely be used. However, the alignment system is very troublesome. After all, we have never done it ourselves."

Hu Yang now also focuses a lot of his energy on Bolong Optics. He, Zhang Xiao, Dai Xiangjun and others basically meet two to three times a week.

Today happens to be the weekend, and Dai Xiangjun and Zhang Xiao came to the International Building again.

After hearing what Dai Xiangjun said, Populus euphratica also scratched his head.

After all, Bolong Optics has integrated the technical strength of several major domestic optical mechanics institutes, and it still has strong capital in the optical field.

But when it comes to mechanical problems, he doesn't have a blind eye, but he doesn't have any good solutions.

"Mr. Hu, I'm afraid we still need to find the top scientific research institutes in the country for this kind of thing. In addition, there are many small and medium-sized machinery companies in the country, which are also very good, but we have never cooperated with them before."

What Zhang Xiao is talking about is an idea. It’s hard to say whether it will be effective, but at least there is a direction for efforts.

"Okay, leave the objective lens to Mr. Dai. Don't be afraid to invest in research and development. Write a report and submit it to the board of directors as soon as possible.

Mr. Zhang, I will trouble you to do it yourself to open up the supply chain of high-end lithography machines. My requirements are not high, I will be very satisfied if I see the results within half a year."

Hu Yang thought for a while and assigned tasks to the two of them.

Acquiring microelectronic equipment is not something that can be accomplished overnight, and the other party is not at the end of its rope. But no matter what, Populus euphratica will never give up.

Regardless of the huge difficulties that microelectronic equipment is encountering today, it seems that anyone can choke it. In fact, this company also has its own advantages.

For example, like the double workbench, apart from ASML, only microelectronic equipment in the world has this technology.

Double workbench can greatly improve work efficiency.

The breakthrough of this technology is a major progress in the industry. It allows the photolithography machine to expose the wafer on one workbench, while performing pre-alignment work on another workbench, and get the result feedback as soon as possible.

As a result, production efficiency is increased by approximately 35% and accuracy is increased by more than 10%.

This is just one of the many advantages of microelectronic equipment, and these advantages also require a long period of technical accumulation.

Therefore, for microelectronic equipment, Populus euphratica is determined to win.

Zhang Xiao and Dai Xiangjun left Hu Yang's office after finishing their routine reports today.

Yu Hongbo took advantage of the opportunity, knocked on the door and walked in.

"Mr. Hu, microelectronic equipment has been plummeting during this period, and its stock price has approached the 40 yuan mark. I just took a look and the price at that time was 41.28 yuan."

As expected, microelectronic equipment fell below the issue price and became a diving star in the stock market during this period.

At the same time, the market is not doing very well and is heading towards 3,000 points.

Hu Yang nodded, indicating that he understood. He was not too worried about the collapse of microelectronic equipment.

Market value is not a very important thing to him.

Hu Yang's shareholding ratio in microelectronic equipment is more than 19% and less than 20%. He does not need to mortgage his shares to obtain loans, nor does he need to maintain the stock price for subsequent financing arrangements, so his mentality is relatively stable.

But for some people, such as Yang Hu and Wu Zunyou of Peak Capital, this is very sad news.

The bank initially promised them that by pledging the equity of microelectronic equipment held by Summit Capital, they could get a loan of 6 billion yuan. But at the time, they felt it was less, so they argued back and forth.

Unexpectedly, after such a delay, the situation suddenly changed. Now when I go to the bank, they are hesitant to even get a 2 billion yuan loan.

Yang Hu and Wu Zunyou are already vomiting blood. The original investment of 10 billion yuan may be wasted.

On this day, Wu Zunyou mysteriously invited Yang Hu out alone and said seriously that he wanted to have a good talk with him.

"Mr. Wu, is it necessary for us to be so formal?"

Yang Hu accepted an appointment and came to a private club and met Wu Zunyou who was waiting.

"Mr. Yang, today's affairs are a bit special. We have guests coming soon, so it doesn't make sense if it's not formal.

There is something I want to tell you first. Nikon sent people to contact me. They are very interested in equity interests in microelectronic equipment, what do you mean?"

Wu Zunyou's usual calm demeanor was gone now. He was also anxious inside.

The stock prices of microelectronic equipment have been falling day by day, and the market value of their stocks has also been shrinking.

As of today, the restrictive measures in North America have not been officially introduced at all.

Can he not be in a hurry?

"Nikon? Foreign capital...Mr. Wu, I'm afraid this will be a bit troublesome. Unless the state-owned capital of Shanghai nods, I think it's very uncertain."

Even if microelectronic equipment is on the decline, it is still an enterprise that the city has been focusing on. The introduction of Nikon is completely different from the introduction of Peak Capital. No wonder Yang Hu is worried.

"I'm going to do the work over at Modu State-owned Assets. Huijia Department needs you to have a good talk with Hu Yang. Nikon tentatively quoted a price. They are willing to pay 5 billion yuan to transfer our business in microelectronic equipment."

All equity."

When Wu Zunyou said this, his heart was trembling.

Really, very distressed.

If the shares are transferred at this price, it will probably only recover less than 5 billion yuan and less than 6 billion yuan, which means that not only will this investment not make any money, but the loss will be as high as 40% or more.

But if we hold on, maybe even this price will be lost. Who knows whether the value of this part of the equity will drop to 1 billion yuan or even lower in the future?

But fortunately, both of them are veterans in the capital market, and they can see through making money and losing money.

Yang Hu sighed and said, "Let's talk about it first. This is the only way we can do it."

When it comes to investing, no one can guarantee that they will be 100% successful. No matter how great an investment guru is, there will be times when things go wrong.

Therefore, investment is about the ability to control risks and the ability to stop losses. What is important is the overall profitability, not the profit or loss of a certain case.

Wu Zunyou and Yang Hu unified their understanding and soon reached an agreement with Nikon. Summit Capital will sell its equity in microelectronic equipment for 5.2 billion yuan.

Of course, this transaction will still face some problems,

First of all, it is necessary to obtain the consent of the largest shareholder, Modu State-owned Assets, and it is best to also obtain the approval of Huyang Huijia.

Secondly, there is no objection within the company and it still needs to be approved by the relevant domestic departments.

Otherwise, would Yang Hu even think that it would be troublesome to find foreign investors to take over the business?

"This is impossible! Even if I want to promise you, the city will not agree. Also, you can't get the approval from the relevant departments. Believe me, it is better for you to find a domestic company to transfer the equity.

"

For this matter, Microelectronics Equipment once again held an extraordinary board meeting.

Yang Hu, Director You, Hu Yang and others all came to attend the meeting.

After listening to Yang Hu's narration, Director You immediately expressed his opposition. It would be impossible not to object, and he would not dare to bear some of the blame.

"Director You, you don't need me to tell you what Nikon's technical strength is like as a long-established manufacturer of photolithography machines in the world. You also know it in your heart.

Now the company is facing the risk of supply chain rupture. With Nikon joining, will it be more certain to reconstruct the supply chain?

Regarding the approval documents from the relevant departments, I will find a way myself. You all can think about it. If the company continues like this, it will be difficult to escape the fate of bankruptcy. Now, with the possibility of resurrection, will the relevant departments object?"

Yang Hu has a eloquent tongue. According to what he said, introducing Nikon is tantamount to ushering in a great savior?

Director You was a little hesitant again. He could only say that the pie painted by Yang Hu was really tempting. He couldn't make up his mind and turned to look at Li Qi.

Li Qi, as the chairman of the company, is also the convener of this meeting.
To be continued...