Regarding Zhang Hongli of Deutsche Bank, no one except Xiong Xiaoge thought there was anything unusual.
Even Xu Kaiwei, a former colleague of his former employer and chief representative of Goldman Sachs in China, only felt that Zhang Hongli was very interested in the "Ice Drink Project". This man had a relatively aggressive style of conduct.
Fang Zhuo's presentation on the project was not over. When the applause in the conference room gradually stopped, he continued to talk about the strategic ideas that he, the would-be founder, had for the project.
During this period of time, Fang Zhuo has been poaching people, calculating and raising money, and negotiating and comparing from various places... He has tried his best to make the various factors that determine the success or failure of the project the best he can.
However, factors such as money, talent, technology, and policies cannot be simply stacked together to achieve success. They can be called project skills, and how to combine them requires a strategic approach.
For investment institutions such as Goldman Sachs and DCM, the investment of hundreds of millions of dollars in semiconductors is not a small figure. It is necessary to comprehensively examine the situation of the project, looking at both technology and technology.
Therefore, Fang Zhuo spoke clearly and logically.
Regarding the development of Japan's semiconductor industry and the United States pulling South Korea into high-end competition, Fang Zhuo had done some research before he had any idea about this industry. He also had a chat with the Japanese Mito Tanaka whom he met on the flight.
.
Recently, he has been thinking more about the industry, and has also extensively investigated the situation facing the domestic industry today.
When it comes to domestic industry catching up, foreign equipment blockades have to be mentioned heavily. Whether it is Huajing, which has been acquired by China Resources, or Huahong, which has just been unhappy with Fang Zhuo, they have all encountered such a dilemma.
The most important thing is the obstruction from the United States.
However, the policy attitudes of the United States are not consistent. The reason why SMIC can purchase the world's first-class equipment is that the Bush administration's restrictive attitude in this regard is relatively ambiguous.
Are there any restrictions under the Wassenaar Arrangement?
exist.
With a little effort and detours, can I buy the advanced equipment needed for a wafer fab?
Can be purchased.
It is against this background that SMIC has world-class equipment. However, it also needs to undergo regular inspections from abroad to ensure that these are not used in the military field.
Moreover, SMIC started purchasing in 2000. In recent years, with the occurrence of events such as September 11, Afghanistan, and Iraq, the resistance to equipment procurement has been smaller than what SMIC faced at that time.
This is obviously a good time for development.
When Fang Zhuo was discussing strategic ideas, he did not shy away from possible risks in equipment procurement. He briefly discussed the situation in this regard, causing everyone present to nod.
Goldman Sachs is from the United States, Deutsche Bank is from Germany, and DCM is from the United States, but capital is profit-seeking. They also did not shy away from the technological blockade of the United States and the European Union, and even discussed the international situation with Fang Zhuo for a while with interest.
Unlike Qiu Ciyun's concise and to the point speech, Fang Zhuo's speech took a long time. When he felt that he had almost finished speaking, he concluded with each goal.
"If nothing unexpected happens, SMIC will be listed by the end of this year or early next year, and it will set a record in the semiconductor industry at this time."
"I hope that our ice core can challenge this record with outstanding companies like SMIC paving the way for us, with the international situation better than three years ago, and with the participation of more powerful investment institutions."
Fang Zhuo said with a smile: "I am quite confident personally."
"Well, I have always been a person who is more willing to practice. I won't say more. It's not that you are ignorant. Our communication today is open and honest. If you have any doubts, you don't need to hide them. I will solve them if I can.
It’s okay if you can’t solve it.”
"As the old saying goes, business cannot be done without kindness; many friends, many paths."
"When I started my business, I had some unpleasant experiences with President Xiong of IDG. Later, we became very good friends, and he is sitting here now."
Fang Zhuo looked at Lao Xiong and proved that what he said was true, and he really became friends with the investors.
Xiong Xiaoge smiled and said nothing. If she really wanted to say... the project that was unhappy at the beginning seemed to have turned around, but it was still far away when it would turn around.
When the president preached, the emphasis that different organizations heard differed based on their positions.
Zhang Hongli from Deutsche Bank was still the first to ask the question, asking about the option pool issue that Fang Zhuo was talking about.
Because the investment in the wafer fab is huge, the valuation of the project in the first round of financing will be quite high, so the 15-20% option pool is an issue that cannot be ignored.
"As I said before, talent and technology are very important. I think SMIC has not done enough in this regard. Otherwise, Mr. Qiu would not come here."
"In order to prevent Mr. Qiu from leaving Bingxin again, and in order to prevent more Mr. Qiu from driving the development of Bingxin, the establishment of an option pool is necessary."
"I am different from Zhang Rujing. This is very clear. I cannot compete in terms of reputation, but I must be favorable in terms of treatment."
Fang Zhuo's attitude was very firm and left no room for negotiation.
The atmosphere in the conference room was slightly silent as everyone silently estimated the value in their hearts.
"The option pool must be set up. I agree with this. The nature of this project requires the emphasis on talents." Zhang Hongli observed the situation on site and proactively put forward relative opinions, "But I think we still have to discuss this amount.
space, Mr. Fang, what do you think?"
Lu Xun: To make the house dark, remove the roof and open the windows.
When DCM China's Connor heard this, he nodded slightly and echoed the opinion of the same trench: "Indeed, this ratio is a bit too high. Mr. Fang, if you take 20%, it will be worth more than 200 million US dollars."
The fundraising target is US$1 billion, accounting for 80% in total. The valuation of the first round of financing is US$1.25 billion, so 20% is US$250 million.
Fang Zhuo glanced at Connor and then at Zhang Hongli. He turned sideways and discussed in a low voice with Qiu Ciyun for a while, and then said: "We can discuss the amount, but I must say that attracting talents is the key to the success or failure of our project.
important factor, don’t lose the big for the small.”
Everyone here nodded, mainly, this little one is really not that little...
Today is the investment meeting of the project. What needs to be determined is mutual intention. If there are further discussions in the future, the details will continue to be negotiated.
In the following time, Fang Zhuo focused on answering questions such as the city's situation, the implementation of the talent team, and the preparation of its own funds.
Everything is in order, and some objections are within a resolvable framework.
The atmosphere of this investment conference was maintained quite well from beginning to end.
Fang Zhuo was very calm, Luzhou SDIC was very excited, but Goldman Sachs and Deutsche Bank remained reserved. They did not make any concrete statements until the end, but their willingness to participate in the next negotiation proved their inner tendency.
After a meeting, the "ice drink plan" seemed to have gained some momentum, and fund raising was on the right track.
Xiong Xiaoge did not leave immediately. He sat in the CEO office of Yike, drank tea for a while, and chatted for a while before suddenly asking: "Is Zhang Hongli yours?"
"What do you call my person? Deutsche Bank, but I did hit it off with Zhang Hongli." Fang Zhuo smiled and said to Xiong Xiaoge, "You can say that we have the same goals. This guy, tsk, he looks very good at first glance.
He's decent and doesn't look like he's doing anything crooked."
Xiong Xiaoge sighed: "You are quite honest. Do you really have a plan to go public in three years?"
Fang Zhuo lied: "I am personally working hard for this goal."
Xiong Xiaoge seemed to be smiling, but the number three years sounded a bit familiar.
He nodded and said sincerely: "Listen to what you have to say..."
Fang Zhuo picked up the tea cup and nodded slightly, "Old Xiong is still okay."
Xiong Xiaoge also picked up the tea cup, took a sip of tea and said the second half of the sentence: "I will work for three more years."
Fang Zhuo's expression froze slightly, but his evaluation of his friend remained unchanged. Well, the old bear is still okay.
