Since he started to acquire ASML shares, Su Yehao has discovered it.
The United States attaches far less importance to it than imagined. The only bottom line is that the photolithography machine market cannot be completely taken away by Japan in order to achieve a technical balance and avoid the emergence of the US semiconductor industry.
question.
The Dutch company ASML merged with the only photolithography machine manufacturer in the United States last year.
This is an American company called SVG (Silicon Valley Lithography Group). ASML originally wanted to use SVG's relationship to break into Intel's supply chain, but unfortunately it did not succeed in the end.
Today's ASML is just a "three-no" company with no technological advantage, no market advantage, and no price advantage. The money it earns is not enough for research and development, and it relies on tax exemptions and official subsidies from the Netherlands to support it.
If many semiconductor companies had not given some of the cake to ASML in order to maintain a balance and avoid being choked by Japan's Nikon and Canon, its market share would probably be even lower, and it is hard to say whether it can survive until now.
The United States needs it to support the show, but does not provide other support.
This resulted in ASML being half-dead on the Nasdaq market. Even during the stock market bubble, the stock price did not rise much, and it was regarded as a type of enterprise with no investment value.
If ASML does not master EUV (extreme ultraviolet lithography) technology, it does not have much investment value. The reason why Su Yehao invested in it this time is just to avoid being manipulated by Canon's scientific research team. By the way, he also wanted to try it out.
Take control of this company and join the official U.S. "Extreme Ultraviolet Alliance" via backdoor.
Extreme Ultraviolet Alliance, the abbreviation is EUV LLC.
This is a scientific research organization led by Intel and the government. It has been committed to the research and development of extreme ultraviolet lithography machines since 1997. Many European and American companies and institutions have joined it, trying to achieve technological monopoly in the next twenty or thirty years.
Market control.
Just like Su Yehao's more than 100 million US dollars in R&D funds wasted, the research progress of the Extreme Ultraviolet Alliance has also shown no improvement, but compared to Dr. Lin Baojian's team, their strength is deeper.
Gradually, Su Yehao figured it out.
The cooperation between Canon's lithography machine R&D team and him is already shaky and may break down at any time.
Canon and Nikon use fluorine excimer lasers as light sources to emit vacuum ultraviolet light with a wavelength near 157nm. They see hope of breaking through the 193nm bottleneck and are trying to develop prototypes.
Therefore, Canon no longer needs to cooperate with Su Yehao, and its attitude has become increasingly negative, and it has allocated manpower to develop 157-nanometer lithography machines.
It is unrealistic to completely build your own EUV lithography machine. Without a large top-level scientific research team and a mature supply chain, no matter how much money you have, it will be in vain.
Even if a new technology is developed, how to produce it will still be a problem, so cooperation is still necessary.
As long as the investment scale is large enough, we can take the initiative in the Extreme Ultraviolet Alliance in the future and have the right to speak on core technology patents, the remaining troubles can be solved in a roundabout way.
For example, relying on their own advantages, they invest in Lao Ao and Lao Pu in advance.
If we can build a good relationship and not easily fall out and come to torment ourselves, at worst in Europe, we can leave a way out in Hong Kong City so that we can advance and retreat freely when the time comes. This will also allow companies such as Qianxin International and Hong Kong City Microelectronics Group to grow smoothly.
Together, the benefits amount to at least hundreds of billions of dollars.
After reaching a certain level of strength and discovering that the thinking and methods to solve problems do not have to be limited to the business world, Su Yehao's thinking suddenly became clear...
Still in the hot springs with Cantor Willis.
Su Yehao told:
"I never lack opportunities to cooperate with you. Whether it's agreeing to come to the United States to open a factory or establish an R&D center, as long as you can help me gain enough say in ASML. Of course, the Netherlands provides so much scientific research
Funds and their attitude must also be taken into consideration. I did not sway the management of this company, but I was able to help them bring enough orders."
Cantor understood what he meant, which meant that this project was successfully completed and he would be able to receive other projects in the future.
Even if he was only considering his own bonus, Cantor had no reason to refuse. He nodded and said with a smile:
"ASML has too many circulating shares, and its former parent company Philips has been reducing its holdings, resulting in a flood of circulating shares in the market. Nasdaq is in a period of decline, and it is not troublesome to acquire it from the circulating market. The problem lies in its equity comparison
It takes time to diversify. Just like investing in Amazon, wait until you have raised enough chips and then talk to the ASML board of directors about issuing new shares. Not only will the stocks you hold increase in value, but you will also become the largest shareholder immediately. This kind of money-hungry company
Enterprises are the easiest to deal with, so you are waiting for my good news."
Su Yehao is not reassured by Cantor, but recognizes the strength of Goldman Sachs Group.
These senior partners, with the help of Goldman Sachs' platform and resources, can make all the difference in the international market and get twice the result with half the effort. They are particularly good at completing corporate-level services such as financing and acquisitions.
For example, financing Amazon.
Cantor Willis first cooperated with him, and after accepting the commission, he turned to Amazon and offered to help them complete the additional equity financing, and both parties would receive commissions.
Su Yehao knew about this but had no intention of stopping it, so he got a discount on commission and saved millions of dollars.
If you want to successfully develop EUV lithography machines, you may not have any hope in the next five years. It doesn't matter if you slowly annex ASML. That's why Su Yehao decided to use the remaining US$1 billion in pledged loans to build a 12-inch wafer fab.
, continue to seize market share.
I feel like my skin is about to peel off after soaking in it, and the white ladies in the pool are a bit irritating to my eyes.
Su Yehao stood up and walked ashore. The cold wind blew through his heart, and the bodyguard hurriedly brought him a bath towel.
As he wiped himself, he continued to say to Cantor: "Don't be too enthusiastic. This time we plan to hold about 20% of the shares. After achieving this goal, we will pause for a while. ASML's current photolithography machines are not as good as Japan's Nikon and Canon."
The product lacks the foundation to push up the stock price, and I don’t want to attract the attention of other semiconductor companies.”
"Understood, I will obey your arrangements."
Cantor also walked ashore. He was fifty-fifty tall and had a hairy belly. He was probably of British descent and his whole body was red.
The reason why they are said to have British ancestry is because British people's skin tends to turn red as long as the sun is strong, so there is also a saying of "lobster red", which means that they, like lobsters, change color when exposed to heat.
After carefully investigating ASML, Cantor certainly knew its situation and joked:
"Although they are unwilling to provide ASML with too much help, they do not want it to fall into the hands of others. The best situation is to maintain the status quo. These semiconductor companies just want ASML to use its own profits to develop the next generation of optical
Engraving machine products, the R&D funds it provides in extreme ultraviolet light exceed 70% of this organization’s R&D funds.”
"This is very good for me, isn't it? If they attach great importance to it, how can I acquire ASML?"
Su Yehao hurriedly put on his down jacket and added: "And their negative attitude also provided me with the basis for a good relationship with ASML. Others just want to sit back and enjoy the benefits..."