Chapter 690 You have to give me an accurate answer now

The last topic is Huaxin International.

This is also the core topic of Jiang Shangzhou’s interview.

"Huaxin International was going to be listed soon"

Jiang Shangzhou's sigh made Emperor Yun smile helplessly, "There is nothing we can do, others have solid evidence."< /p>

Actually, he is really stupid for wanting to scold him

Huaxin International actually sent an email to internal staff to deliver such important leaked information by email

Mr. Bean even dare not act like this.

It’s really not as good as Cheng Jin, the top old 6

If he hadn’t known that this was indeed a grass-stage drama, Qing Yun would have thought that this was purely the intention of Huaxin International. Vice President Daili is Yijidian's traitor.

Okay

And”

At the end of last year, Huaxin International found an obstacle when America introduced the dual electron beam system and froze product exports The system would not have been able to obtain the permission if it had not been suppressed by public relations in Sweden.

Jiang Shangzhou also shook his head, "That's fine, let's go bankrupt and let go of historical responsibilities. "

Jiang Shangzhou exhaled the turbid air in his chest, and then nodded depressedly, "Understand, they want us to let go of the management of the church. In 2001, the state approved a new group of churches.

Qing Yun smiled playfully, "Mr. Jiang, under the original multi-party equity structure, America turned a blind eye to Huaxin International. Do you really think it was from the five major churches?" "Credit"

How big is this heart

So it is not unreasonable to say that the national army failed.

First, the Internet bubble The collapse has caused a devastating blow to the entire semiconductor industry.

"Mr. Jiang, Huaxin International, the current equity structure has actually completed its historical mission in this special period, and will never do so again. No chance to take advantage.

After receiving the information and plans from Qing Yun, he was also frightened into a cold sweat.

He raised his finger and shook it, "I do not deny that the five major churches helped us when Huaxin International was first established, but you should be very clear about their intentions."

After all, Huaxin International was founded by Jiang Shangzhou when he was at his weakest stage just after surgery, holding on to his sick body and gritting his teeth.

You don’t even need to investigate anything, the email exchanges are clear.

Under such circumstances, Mr. Chang, who could hold on for four years despite carrying ten marshals, ten generals, and thousands of generals with one man, was indeed qualified to laugh at MacArthur.

It’s not surprising that he would do anything ridiculous if he wants to benefit others.

The country launched an emergency investigation, and the results were found out within an hour.

The miraculous speed of Huaxin's factory construction was also achieved by him competing with God for time.

Qing Yun touched her chin helplessly as the craving for cigarettes set in. "In fact, there are two reasons why they ignored Huaxin International's introduction of technology and equipment in the past two years.

However, he still comforted the old man with words.

He still used Weiruan’s email address.

He didn’t want to complain about the confidential technical information via email. However, after the person who sent the email was caught by Yiji Electronics with all the stolen money, the management of Huaxin International actually felt that this matter had no impact on the company's operations

Qing Yun shrugged his shoulders, It’s time for this absurd farce to end.

In this case, it is an inevitable choice for them to clear out some equipment and not very advanced technology to regain blood.

Without funds, the road is too difficult.

So, Don’t have any feelings of pity or regret. In my opinion, it is the best time to deal with the ownership structure issue of Huaxin International."

It is much better than delaying it for more than ten years.

Jiang Shangzhou also smiled bitterly when he heard this, "I understand the truth, but I just feel sad."

After sighing, he changed the subject,

" Mr. Zhang Rujing is currently lobbying the five major public relations churches to agree to the bankruptcy liquidation of Huaxin International. There should be no big problem in this regard." Upon hearing this, Qing Yun asked, "I believe this, but Mr. Jiang. , you have to get a charter for what to do next.”

After all, the entities involved are not local companies in America, but companies in Yizhou Island and mainland China.

From the perspective of the Americans, this is a dog-eat-dog problem on Yizhou Island. They are too lazy to care about matters involving litigation or not. They only care about whether Huaxin International is adequate in America’s business. Amount of tax.

As for how to make a normally operating company suddenly go bankrupt and liquidate

Qing Yun, who has been beaten for many years by the false lessons of later generations, has many ways.

Moreover, Huaxin International's own operating conditions also gave him room to take action.

Huaxin’s shareholders include Huating Local Government, Yizhou Island Private, America Fund, investment bank Gao Sheng, as well as state-owned assets such as SI, Yanda Jade Bird, Zhangjiang Group, Yanda Microelectronics, etc., and it is a multi-shareholder enterprise. A decentralized shareholding structure without actual controllers.

Since Huaxin International was founded in 2000, it has received a total of US$1.4 billion in capital and US$4.5 billion in loans from China Bank.

This amount of funds cannot be said to be poor, but in the semiconductor industry, it is barely sufficient.

Zhang Rujing, who is well versed in counter-cyclical factory building strategies, is also a factory building maniac. He believes that when the industry is in recession, it is the best time to build factories.

When Huaxin International built its factory, it coincided with the low period of historical chips after the Internet bubble burst. Huaxin International took the opportunity to purchase a large number of chips.Low-priced equipment, including second-hand equipment released by Singapore's Chartered Semiconductor, bought the Jinmen Motorola chip factory in exchange for shares at a low price.

In three years, Zhang Rujing built three factories in Huating, and built four 8-inch wafer production lines and China's first 12-inch wafer production line.

The speed of factory construction that swept the world amazed the world, but it also brought about a crisis.

Lack of money.

The multi-owner equity structure without actual controllers allows Huaxin International to move around in the international market in a short period of time, avoid the Wassenaar Agreement, and obtain a large number of transfers from Sakura Country, Singapore, and Europe. technology.

021 micron memory process, 018 micron logic process, 013 micron logic technology

These are the benefits brought by this equity structure.

However, the multi-ownership structure is not without its drawbacks.

In terms of financing, especially when it comes to the issue of additional investment by all shareholders into the company at the same time, it will become a situation where all parties are passing the buck.

As long as one shareholder is unwilling to invest, other shareholders will not be able to invest, and they all wonder why.

Even if other shareholders decide to invest, the shareholder who is unwilling to invest will not be able to invest. His equity will be diluted, so he will still vote veto on this issue.

At this time, when it comes to changes in the shareholding ratio, this does not mean that the minority obeys the majority, but must vote unanimously.

Especially when it involves different parties from various countries, it is too difficult to coordinate the interests.

Therefore, Huaxin International has no choice but to increase its capital.

The road to borrowing is also full of thorns. The semiconductor industry's investment amount is too large and the investment time is too long, so overseas banks are very cautious in lending to it without policy guidance.

As for domestic banks

Huaxin International was registered overseas in order to circumvent the restrictions of the Wassenaar Agreement when it was first established, and its capital was US dollars.

In order to avoid the risk of investigation and the loss of evidence, Huaxin International does not dare to ask for more money from domestic banks, otherwise America will have to make trouble about what kind of company Huaxin International is.

So it’s no wonder that Zhang Rujing was forced to apply for listing at the worst possible time.

However, Huaxin International’s operating pain points do provide a reasonable operating space.

There is a kind of futures called semiconductor raw material futures, including silicon wafers, silicon wafers, photoresist, various chemicals used in semiconductors, metals, etc.

In order to achieve the stability of raw material prices, semiconductor companies usually conduct hedging business in the futures market.

For example, when seeing the soybean market experiencing historic trends, Huaxin International, which was deeply troubled with funds, took the risk and participated in soybean futures trading. Internationally, it is a normal thing.

Whether it is the board of directors orThe management has no doubts about this operation. After all, it is a unilateral listing, especially the investment bank Gao Sheng, who has a major say in the investment field, is also pushing for this, making everything very smooth.

It is the consensus of Wall Street and the tacit understanding of international traders to follow abcd and drink some soup behind the four major grain merchants. Everyone tied up their napkins, picked up their knives and forks, and waited only for abcd to call the table. .

However, things changed suddenly within a few days.

The well-prepared Chinese companies, driven by a mysterious force, launched a collective attack and swept the entire spot market in a short period of time.

Supply is less than demand, which will undoubtedly drive up prices.

With such a huge force sweeping away goods in the market, prices will inevitably rise sharply.

However, there are exceptions to everything.

In the mature agricultural product market, the hedging operations of various participants have caused a lag in price increases.

If you keep an eye on the spot futures prices, they will not rise much in just a few dozen hours.

When the seller saw that the futures price started to be outrageous and wanted to cancel the order and let the transport ship come back, at this time, the Hopu Group's saucy operation came.

When the seller contacted the ship owner, he discovered that Hopu Group had purchased the ship and the beans directly.

Whichever ship is available, Hopu Group will directly buy that ship and sail directly to China without looking back.

Originally, the four major abcd grain merchants deliberately and unintentionally tried to trick the Hua Kingdom. Unexpectedly, they were tricked by the Hua Kingdom in the end.

When people took inventory, they discovered that China's current operation had already accumulated enough spot stocks equivalent to two years of soybean imports.

At this time, the four major grain merchants were in a difficult position. In order to inflate the price of soybeans, they were short selling and accumulating energy. They also hoarded a large amount of spot goods, just waiting to be smashed.

Now, the situation has become that they have to guard against the Chinese forces represented by Hopu Group and short-selling in the futures market.

ABCD has always been like a team, helping each other, just like the five sword sects.

But only when working together to deceive others.

When the real crisis comes, they run faster than the other. Wall Street never believes in tears, only in the cash in hand.

When there is an avalanche, it depends on who can run faster.

Abcd naturally needs people to stand guard, and those international speculators who follow them to earn a living are naturally the best targets.

While continuing to push up soybean prices, abcd quietly completed shipments.

It is only natural that people like Huaxin International, who followed their elder brother, managed to get a position at the highest point of soybean prices.

Under the extreme black swan stampede market, the futures margin is useless, and there is no chance to close the position. The entire soybean futures priceAll grids were penetrated.

Huaxin International, which spent 600 million U.S. dollars to play, immediately liquidated its position and suffered heavy losses. Not only did it lose all its capital, but it also owed more than 2 billion U.S. dollars to the market maker due to the leverage effect.

In just a few hours, Huaxin International's capital chain collapsed. Not only was it unable to repay the market maker's supplementary funds, it was also unable to repay the upcoming expiration of the Huaguo Bank loan.

Due to the inconsistent interests of various shareholders, they were unable to reach a relief agreement, and Huaxin International could only apply for bankruptcy liquidation.

Only through bankruptcy and liquidation can the back-up funds owed to market makers be lost, which is what shareholders want to see.

After rejecting the market maker’s repayment of funds, it is nothing more than paying employee salaries and repaying the US$600 million debt of Bank of China according to the order of bankruptcy and liquidation. After the liquidation, everyone will still have some leftover. .

If you don't go through bankruptcy liquidation and default on your debts, although you won't have to find money to make up for the part where the net assets are insufficient to repay the debts, in the end you won't get back a penny of all your investments.

Therefore, this time multiple shareholders have reached a rare agreement and will not provide relief to Huaxin International.

Qing Yun said calmly, "In bankruptcy and liquidation, according to the order, Huaguo Bank has obtained the right to dispose of assets, and will then divest the non-performing assets to the asset management company for disposal in accordance with regulations.

Then, when the time comes, who will buy Jiang Lao, you have to give me an accurate answer now.”

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