The Millennium Semiconductor Survival Guide

Since Zhou Xin returned to China, he has a large number of high-quality assets that have not been listed on the market, such as Xinxin, Tencent, and NewPay, which are almost all top-quality assets.

Therefore, when Zhou Xin first returned to China, people in China's financial circles had been persuading Zhou Xin to list some assets on China's capital market.

The theme of Shenhai's financial summit in the first year after Zhou Xin returned to China was "Financial Innovation and High-Growth Enterprise Development under Macroeconomic Control." Technocrats from China's capital market took turns to give the overseas investors who attended the summit a hard time. blow.

Our various macroeconomic control policies will be gradually implemented and structural problems will be solved one by one. If we want to help Chinese enterprises achieve rapid growth, we need to open up new financing channels and methods. We welcome foreign investment to participate in the growth of Chinese enterprises.

At that time, relevant people from the China Securities Regulatory Commission also chatted with Zhou Xin. It was nothing new for Zhou Xin's companies to be listed on the US stock market. They could try to list on the A-share market to show their confidence in China's capital market.

“Didn’t Zhou Xin always look down on China’s securities market?

Why is it suddenly going to be listed on the A-share market this time? What happened? "

After that summit, everyone in the financial circle basically knew that technocrats were looking for Zhou Xin. Zhou Xin did not sell this face, but said verbally that he would study and judge the matter and would promote the matter in the future.

In fact, there is no action. Doesn’t this mean that there is no face given?

The real reason can only be guessed by the outside world. Many people joked in private that Zhou Xin looked down on the Chinese securities market. Over time, this statement became the mainstream view.

"I don't know. I heard that I came to Yanjing to talk to the big guys, and then decided to list Xinxin's lithography machine segment on the A-share market.

I wonder who can eat this cake. "

"Who else could it be? There is a high probability that it will be CICC, but there is a small probability that it will be other securities companies."

"Is it possible that it's Goldman Sachs? Isn't Zhou Xin's girlfriend at Goldman Sachs?"

"Impossible, Goldman Sachs does not have the qualifications to sponsor A-shares. Only Goldman Sachs Gaohua, a joint venture between them and Gaohua Securities, has the qualifications to be a sponsor institution.

Goldman Sachs doesn't have many shares in Goldman Sachs Gaohua, so they don't need to use their connections for the IPO of Xinxin Lithography Machine. NewPay's listing will be the big deal later.

Everyone is waiting to see when NewPay will be launched. "

After China's "Interim Measures for the Sponsorship System for Securities Issuance and Listing" was released in 2004, the registration of Goldman Sachs Gaohua, established by Goldman Sachs and Gao Hua, was approved and became the 76th institution in China with sponsor qualifications.

In fact, in the company Goldman Sachs Gaohua, although Goldman Sachs' name is at the front, the shareholding ratio is only 33%. Gaohua Securities has absolute controlling rights.

At present, there is no such thing as "three middles and one China" in the capital market. Currently, except for CICC, which is far ahead due to its aristocratic pedigree, the other three securities firms have not widened the gap with other securities firms.

There is no essential difference between China Merchants Securities, Everbright Securities and BOCI and these three securities firms in terms of scale and actual operations.

“It’s a good thing that Xinxin’s lithography machine business has gone public. Employees with options can monetize their equity incentives. The profits of the lithography machine business itself are limited, and everyone basically doesn’t expect dividends from the lithography machine business.

Colleagues in the lithography machine business still have to rely on the annual dividends from the entire Xinxin pie to be distributed to specific people. "

Xinxin’s internal salary system is not entirely based on revenue and profit.

Take the photolithography machine sector as an example. Photolithography machines are basically produced and sold by themselves, with very few external sales and limited annual profits. If dividends are paid purely based on business revenue and profits, then employees in the lithography machine business can only rely on dead wages and options that don't know when they will be realized.

In fact, Xinxin's overall business will have a total profit. This total profit will be given to employees in different business sectors according to an algorithm. For example, there are a total of 2,000 R\u0026D personnel for lithography machines. At the end of the year, they will be allocated a 200 million yuan General contract, and then you will divide this general contract among yourself as a year-end bonus.

Segments with good performance will be allocated more general contractors, but this may be limited. It is not that the profit of chip foundry is 2 billion, and the profit of lithography machine is 10 million. The general contractor of chip foundry is the lithography machine. 200 times.

There will be a gap between everyone's year-end bonuses, and this gap is limited.

After the news came out that Xinxin's lithography machine business was going to be listed, people in the Yanjing financial circle first knew about it, and then gradually, Xinxin's internal employees learned some news.

Slowly, internal discussions arose about this matter.

Executives are discussing that if the new core lithography machine is launched independently, many things will have to change.

"But it can't be just good without bad. Employees in the lithography machine business sector can enjoy listing dividends. Likewise, their salary system and performance system need to be designed separately.

It is impossible that after the lithography machine business is listed separately, the parent company will use an extra amount of money to give him a year-end bonus. This is unrealistic. "Guan Jianying said.

Guan Jianying is responsible for the chip design sector. As the president of the early Xinxin Group, he can be said to have single-handedly built Xinxin’s system, including human resources and performance systems.

He has a keen sense for this.

“I agree with Lao Guan’s point of view. Since the lithography machine is to be spun off and listed on the market, it needs to be operated as a company in the future.

The synergy between our different sectors still needs to be maintained, but finance, human resources, and management do need to be independent. " Lin Benjian said.

He will be the first chairman of Xinxin Lithography Machine to go public. For him, going public means achieving freedom of wealth.

These are trivial matters that can be decided by internal communication. Who will lead this listing is critical.

Zhou Xin said: "Uncle Guan, you are relatively experienced. To be honest, none of us are familiar with China's securities market. This time you will be responsible for operating it.

Specifically related to listing pricing, total amount of funds raised, and setting the ratio of non-tradable shares to tradable shares, we will discuss it on a weekly basis. "

"Mr. Guan, the new president is really awesome. He stepped on the trend at almost every step. The time you chose to go public was awesome.

Since the landmark share-trading reform in 2005, China's capital market has ushered in an unprecedented bull market.

The total market value of these listed companies on the Shenzhen Stock Exchange and the Shanghai Stock Exchange has increased ninefold from 2004 to today.

In 2004, when President Xin just returned to China, if a behemoth like Xinxin were to be listed on the A-share market, the liquidity of the entire A-share market would be drained almost instantly.

At that time, the market value of the entire A-share market was only 3 trillion. Today, the number is 27 trillion. "

The first choice for the listing of Xinxin is definitely CICC. CICC sent Shan Junbao, executive CEO of the investment banking department and a top resource person.

"CICC and Xinxin are absolutely a match made in heaven. Xinxin is the best semiconductor company in China, and CICC is also the best financial institution in China.

Last year, the world's first IPO project in history, ICBC, was listed on both A-shares and Hong Kong stocks. The listing raised US$21.9 billion. This was done by the team I led. "

The ICBC project was too big to be won by a single team. CICC only participated, but Shan Junbao said it was them.

“A series of very large IPO projects including Air China, Daqin Railway, China Merchants Bank, China Merchants Oil Tankers, Huaguo Communications, and Huaguo Coal are all done by us.

Since CICC was founded in 1995, we have completed a total of US$90 billion in IPO fundraising. CICC has been involved in almost all IPO projects of large domestic companies. "

Guan Jianying asked: "CICC is very good, we naturally know it.

If CICC comes to do this project, how much do you think Xinxin’s lithography machine business is worth? "