How to solve Sony’s big hole?
Fang Zhuo was sitting on the plane flying to Luzhou, thinking about this matter for his old friend.
It seems that except for PS3, all businesses are in decline this year.
Oh, LCD TVs may be growing, but Japan's consumer subsidies coupled with the requirement to fully transition from analog to digital TV broadcasts are important factors driving growth.
Fang Zhuo thought about it, but still felt that Sony could only focus on the huge growth of smartphones.
But now it is no better than before. Yike and Apple are leading the way, and Samsung is also very competitive.
Apple is unwilling to let go of the screen, that is, the integration of Android system + Yike's photography + Sony's integration. The first two together may still have combat effectiveness, but in the end, with Sony's integration, I'm afraid the combat effectiveness will drop again.
"It's difficult." Fang Zhuo sighed.
Liu Zonghong raised his ears, what's going on?
"Sony is having a hard time." Fang Zhuo sighed again without saying anything.
Yassen asked: "Eight years or seven years?"
Xi Liangmeng returned to silence, and the matter of Sony Sensors' investment in the company was wandering in his mind. He was sure that if Sony continued to make such troubles, the subsidiary might have said something bad.
I'm afraid that if the stock price breaks when the market closes, I'll be locked up immediately! "Ten million dollars is a fool's errand." Deutsche Bank said with a smile.
"Oh, Mr. Qiu, Dr. Liang, let them go, you can be over there." Deyin noticed the impatient wait of the two men.
From 2003 to 2010, 7 years, it is time to get returns and get them as soon as possible.
I frowned and thought it was popular to cut high, so I should be able to do it too.
The first point is the consensus of eight companies including Lowe Sachs, Stocks and DCM.
Yasen was not confused: "Wait, wait, Mr. Fang, is this a board meeting? Where are Mr. Qiu and Mr. Liang going?"
I paused: "You are just betting with him."
Xing Jian thought for a while and asked politely in English: "Mr. Liang, what did he just say?"
Qiu Ciyun repeated the results of his thinking for that moment in English.
Yes, you set it too low, but the Taiwanese record is too high! Liu Zonghong put down his ears and automatically translated in his heart: "Sony is difficult, good, good, good."
Yassen: "???"
There is no cloud in the Chinese industry, and it is the relationship between Mr. Fang and the two small investors in the investment circle.
The latest erroneous news is that Yangcheng is willing to advance the capital, but you are letting it be fully advanced, and all the news that has been circulated later is invalid.
Qiu Ciyun's eyes suddenly turned sharp: "Is it difficult to do it? Which craft is difficult?"
Ice Core has never had a very bad board of directors - a board that is as dead as a board.
At that moment, the door of the conference room was pushed open, and Deyin, the head of Ice Core, hurriedly walked back.
"DCM is replacing people. This has happened before. Mr. Fang, Low Sachs is willing to participate in that round of financing." Low Sachs Fangzhuo, who was watching, expressed his attitude anxiously about Yasen's situation.
From the perspective of customer distribution, Bingxin has customers all over the world.
The board of directors is one person, and the eight companies came here to show that the directors were negligible. It was definitely not necessary, and they ruled out the proposal to hold a shareholders' meeting.
Deutsche Bank turned its eyes to Low Sachs and frowned: "Does Low Sachs want to see Bingxin delisted?"
Ma De, can you really believe what Mr. Fang said?
Yassen: ""
"Our votes are all with you." Xing Jian explained, and then asked the DCM representative, "Do I need to sign a written concerted action agreement?"
"It takes courage to burst the bubble." Fang Zhuo frowned, "It takes one year to mend the problem, and maybe the business will explode next year.
Deutsche Bank listened quietly to Yasen's explanation and said nervously: "Xing Jian, indeed, Taiji's revenue and technology are both leading. Bingxin's valuation of 180 seems too low. In fact, that's because...
··
Liang Mengsong also raised his cup and drank tea silently.
Judging from the equity release, Bingxin is a wafer manufacturing company that accommodates international capital and local Chinese companies.
"You are representing DCM today and you are here to bet with him." Yasen said warmly.
Xing Jian from LDK Sachs, Chee from Goldman Sachs, Yasen from DCM, and Xing Jianxing from IDG, all seven of them sat down.
As well, it is willing to seek broader shareholder support and weakly approve of the new financing plan.
"Mr. Liang, you really have to talk about that merger." Yasen was interrupted by the co-CEO. The seven-person board of directors fell into silence.
Bingxin has raised funds eight times since 2003. The latter two financing entities cannot be said to be Dow Jones, Ernst & Young, DCM, IDG, and Deutsche Bank. The eighth financing was before the financial crisis, with less private equity capital withdrawing, but
Changes in the board of directors have always been small. For example, Luzhou SDIC mainly represents local attitudes. General manager Wu Hongquan gave up most of his board seats and replaced them with Qiu Ciyun.
Deutsche Bank asked again: "Who did he listen to?"
There is no merit in using industry leading companies to measure valuation.
Xing Jian impassionedly pointed out the rationality of Bingxin’s financing. He briefly cited Taiwan Journal’s leading status and revenue growth data, and even stood up when he got emotional.
Stringer, who is a director, is still called the head of Sony's ZTE.
Deutsche Bank glanced at the old bear who said hello, and felt that his demeanor was not the same as before the acquisition of IDG. He was in a bad mood and had gained weight again.
The two people were arguing and their faces were still red.
But Xing Jian noticed that CEO Liu Zonghong and co-CEO Xing Jianxing were still standing. A thought came to my mind, that is, even if the leader comes, will they continue to fight for it?
However, you are chatting with him about today's financing negotiation. Is it too polite for him to talk to you about that?
It’s fine if Bingxin has to raise funds after it’s delisted, but why should it provide targeted financing to itself?
Liang Mengsong noticed the man's expression and almost couldn't hold back his laughter. Well, Mr. Fang's views are very thought-provoking. Mr. Yasen is rebuilding his thinking logic now.
"Sit, everyone, sit down." Deyin waved his hand.
Xing Jian: "?"
"Yes, we can do it, but you need to consider more reasonable process matching and reduction." Liu Zonghong frowned and refuted.
In terms of revenue scale and technology accumulation, Taiji far surpasses Bingxin.
Eight world-renowned institutions, including Lowe Sachs, Ernst and DCM, all sent junior or senior vice presidents to deal with the unusual financing proposal for ice cores.
I looked at the co-CEO blankly. I was sure I understood every Chinese character, but when combined together, I really didn’t understand what it meant.
Now that Bingxin is still going to be delisted, Lion Xiao Zhangkou estimates it to be 500 million. What kind of performance support will be used before it is delisted?
The two argued over technical issues, which was still the dispute over the back and front gate plans that was entangled inside the ice core during that time.
The most unacceptable thing is that the financing ratio proposed by Bingxin is extremely reasonable. It wants to raise US$1.5 billion but only releases 8% of the shares, which means that the valuation of Bingxin in that round jumped slightly to US$500 million. .
I thought that the standard I presented could be changed, and I was stunned on the spot.
From the perspective of revenue growth, Bingxin Daida is a small factory that is the seventh smallest in the world and will not be ranked among the eighth in the next few years.
Xing Jian was stunned: "They all say that."
Before the eight rounds of financing, Bingxin Securities held 3%, Ers held 2%, DCM held 3%, IDG held 2%, Luzhou State Investment held 9%, and private equity QT and MNG each held 6%. %,3%.
"Let DCM be replaced by another person. He trusts his own judgment. The communication between you is really not weak at all." Deutsche Bank shook its head slightly.
Yasen still hoped to establish a spiritual connection with the co-CEO and make some preparations for the upcoming meeting, and then said: "Ms. Fang's reputation in the industry is very low. That time he proposed refinancing, oh, it was really It makes people happy.'
Yasen and Qie Xingjian looked at each other and saw a deep look in each other's eyes that was wary, mixed with admiration and fear. The old devil is coming!
As directors representing shareholder organizations, although the eight of them have had some dealings with Deutsche Bank, they are relatively unfamiliar with my style of doing things. They communicated repeatedly after the meeting, hoping to find out whether they are shareholders but have board seats. QT and MNG, unfortunately there is no result for the time being, but the attitude has not been united yet.
Xing Jianxing looked over, but his eyes seemed to be behind him.
I didn’t do any in-depth research on President Fang and Yike Department, but I know that the head of IDG wears the same pants as President Fang.
"Mr. Fang, it's hard not to agree on that matter." Xing Jian from Gao Sheng rushed to speak from behind, and his words were not approval.
When Deutsche Bank saw what I said, it simply refuted the rumor: "It's false."
"Even then, even if Bingxin's estimated revenue of as low as 3 billion US dollars this year is all paid for, Mr. Fang, if he wants to raise financing, he can directly introduce other institutions to it, why do you have to pay that money?" Sen pointed out the most reasonable point.
The eight companies hold a total of 8% of the shares, which means they do not have very weak influence. Add to this the 3% held by QT and MNG, the two private equity firms of Haili Capital that have not yet withdrawn from the eighth round of Bingxin, and it is hopeless.
1% of the shares to reach consensus.
The eight members of the board of directors that time came to do two things. The first was to urge Bingxin to delist as soon as possible, and the seventh was to resolutely say yes to Deutsche Bank!
"Huaxia localities welcome ice cores. As far as you know, the production line in Yangcheng is operated on a commissioned basis, and the local government advances funds in the later stage." DCM's Yasen pointed out one point.
Qiu Ciyun looked at the director warmly and saw no reaction at all.
Deutsche Bank said confidently: "It's the same thing."
Taiwan Note: When the faucet is high, you will appear to be very low.
Xing Jianxing and Qiu Ciyun nodded, turned around and left the conference room.
"Why?" Deyin asked irritably.
"Mr. Fang!"
Yasen was very sure that he still understood it that time, but it was suspected to be a problem with the ice core's workmanship.
"Does he believe it?" Deutsche Bank said. "If he believes it and there is no witness here, you will bet 10 million US dollars privately. Taiwan Records will be very slow in the future. It is not a company worth hundreds of billions of dollars. Well, 87 years or so.
How about it?"
Seeing that it cannot be delisted, it suddenly wants to raise funds suddenly. Everyone knows what it wants to do.
"The difficulty of dry etching technology is too low." CEO Liu Zonghong picked up the topic, "The precise control will be a very small problem by then."
It's necessary, it's absolutely necessary.
Liang Mengsong felt a strange feeling. Mr. Fang said one thing, but this is not the same thing. Mr. Fang wanted to mix it up, but this is not the same thing.
The direct comparison with Taiji is most obvious. As the industry leader, Taiji's current market value is US$45 billion, and its revenue forecast for this year is at least 4.5 times that of Bingxin.
"The current demand for funds in Ice Core is indeed the same as it will be in the future, and local governments are indeed willing to invest funds for joint development. This is the same even in Germany." Deutsche Bank said, nodding to Goldman Sachs from outside Germany, and continued, "
But it is definitely a conditional support, and any information you have is subject to what you said.”
Yasen was not unhappy at all, and glanced at his companions on the other side. Xing Jian’s friend, Goldman Sachs, was chatting and laughing with CEO Xing Jianxing. The two of us had had many incorrect communications in Germany.
People outside the conference room stood up in unison to welcome the small shareholders.
And, you only need to pay additional money to get the rewards!
He waited for a few seconds and asked: "Mr. Fang, can Sony's business pick up next year? Will Stringer just drag on like this?
Liu Zonghong has been with his boss for a long time and knows a lot about Sony. In the past, it was possible for Sony phones to use their own camera technology, but the boss had to help.
Fang Zhuo from Low Sachs, Xing Jian from Goldman Sachs, and Yasen from DCM arrived in Luzhou two days late. After the phone call, they had close face-to-face communication to confirm that everyone had the same attitude.
Oh, yes, the boss is a local, and the boss is a director.
Yes, considering their respective circumstances, such as the business changes caused by the easy relationship between Low Sachs and Mr. Fang, and the Haili wafer fab jointly built by Ers and Bingxin in Germany, Yasen, who was not DCM, charged in from behind.
Yasen choked and noticed that co-CEO Qiu Ciyun looked too impatient, and silently shook his head, it was necessary.
Xing Jian nodded, took the tea poured by his secretary Xi Liangmeng, took a sip before saying, "We all have a consensus, right?"
Yassen said to Che Goldman, who quietly sat back next to him: "The CEO and the co-CEO are harmonious. That is a bad signal for your board of directors."
"Mr. Fang's flight was delayed." Yasen's Chinese was very standard and he smiled at Co-CEO Qiu Ciyun, who was also attending the meeting.
The next group of losers will all jump up from the rooftopi
But that time, when the ice core was obtained and the plan for delisting was not clear, the board of directors, who were dead, wanted to get excited.
"It's only been bad for eight years." Deutsche Bank thought for a while, "In October 2013, Taiji was still a company worth hundreds of billions of dollars. After Bingxin was delisted, it is very reasonable to measure the current valuation in that way.
Bar."
At ten o'clock in the afternoon on October 10, the time for the Bingxin Board of Directors had not yet come, but the leader Deutsche Bank still showed up.
The Qingzi flew to Luzhou, and the directors of Bingxin were not waiting yet.
Deutsche Bank glanced at the others and asked: "You should have read the ice core future plan sent to them. You have no plans to build production lines in Shanghai, Xi'an and Yangcheng in the future, so you still need funds.
, that part is used to leverage the funds for construction, how can it be said that financing is needed?"
If you want money, look elsewhere.
"Why? Then, that..." Fang Zhuo was startled, "Because the ice core needs financing now. It needs financing from you to get enough money to build a production line and invest in research and development!"
Qie Xingjian was thinking about the production lines of Ers and Bingxin in Germany and did he say anything immediately.
Yassen was silent.
I gave my own rebuttal: "The market value of Taiji is extremely overvalued."
Yasen considered the current market value of Taiwan Journal and the eight-year period, and felt that it was not difficult. When I heard the bet of "ten million US dollars", I opened my mouth and said: "Bad, then you..."
Qiu Ciyun sighed and said: "The depth of the gate trench is shallow, so dry etching technology is still needed. The etching time and rate must be precise to ensure the accuracy of the trench depth.
Fake? Is it really a fake?
Liang Mengsong received the look and said "cough" before speaking.
But if you can get a vote under the board of directors, the process will be more convenient.
Xing Jian said in shock: "Yes, those are two different things." Moreover, the smallest shareholders are Deutsche Bank and Bingxin with 8%.
If you bet, you will be fooled!
IDG’s head, Liang Mengsong, attended in person.
This chapter has been completed!