Chapter 1164

When Li Zaizhu left the hotel where Park Zhenchang, President of Hanxing bank, stayed, he was a little disappointed. Some words were not made clear, but park Zhenchang's attitude was quite obvious. Hanxing bank will not pay for the overall interests of the so-called Hg electronic industry. Unless Samsung Electronics or any other enterprise kills halfway and grabs the front of Jinhu to acquire the liquid crystal business of modern semiconductor. However, the core assets of the liquid crystal business of modern semiconductor are the third generation TFT thin film liquid crystal production line that Samsung Electronics plans to shrink its production capacity in the near future. It has little value for Samsung Electronics and even has to bear a burden. Samsung Electronics cannot pay $400 million or more for attacking Jinhu. Moreover, even if Samsung Electronics chooses to do so, it cannot completely block Jinhu's entry into the liquid crystal electronics industry.

A total of 18 electronic enterprises in the world have TFT thin-film liquid crystal technology. Because TFT thin-film liquid crystal is a high investment, technology and capital intensive industry, and because the TFT thin-film liquid crystal market has not been really opened, so far few enterprises have achieved stable scale profits. Sanxing's business in this area has also suffered losses for seven consecutive years, and it only improved slightly last year.

On the other hand, in the flat-panel TV market, plasma still has certain technical advantages compared with liquid crystal. It is too early to make a final decision on the winner of the two display electronic technologies in the future.

Even if it is certain that TFT thin-film liquid crystal will be the king of the future display electronics market, in the face of such intensive high capital investment, the competition between technology and capital is so fierce. Finally, there are only five or six liquid crystal manufacturers that can really achieve scale profits, and there are indeed a few more than eighteen.

In this case, as long as Jinhu can come up with high enough chips, there will certainly be other electronic enterprises willing to give up the LCD business.

Li Zaizhu sat in the car and squeezed his eyebrows with a headache. He thought to himself: what to do at this time is to delay Jinhu's entry into the thin-film liquid crystal industry as much as possible, so that Jinhu can pay more for entering the thin-film liquid crystal industry and reduce Jinhu's competitive potential.

Although Samsung Electronics has lost money on thin-film liquid crystal for seven consecutive years, with the advantage of the sharp depreciation of the Korean won in the 1997 Asian financial crisis, which is conducive to exports, Samsung Electronics has risen to the first place in the global liquid crystal market, and successfully achieved a profit last year.

In the disc player, digital mobile phone and portable music player market, Samsung Electronics has fully appreciated the magnificent competitive potential of Jinhu once it breaks out. In Li Zaizhu's view, Jinhu should be careful every time it strides into a new field, especially in the field of competition with Samsung.

Jin nanyong sat in the co pilot's seat. His mobile phone rang at this time. He took it up and looked at it. He turned around and said to Li zaixu, "Hongxin Yan Wenjie's call..." he sat in the co pilot's seat and answered the phone. After a while, he covered the microphone and turned back to Li zaixu and said, "Yan Wenjie is also in Beijing. Ask if it's convenient to meet."

Li Zaizhu shook his head slightly, and Jin nanyong said to his mobile phone: "I'm sorry, Li Zaizhu Jun's schedule in Beijing is full, but I'll find a chance to meet again after returning to Jianye..."

Watching Jin nanyong hang up, Li Zaizhu explained to him why he didn't meet Yan Wenjie and others: "Even if Hongxin can succeed in Haisu technology, it is not qualified to compete with Jinhu at all - although it had no extravagant expectations for Hongxin before, it thought that Hongxin could at least contain Jinhu in China. Who would have thought that they would be so retarded? Since it already has such a large-scale industry, it is still difficult to find the priority between industrial investment and securities speculation It's disappointing that such a partner is not measured... "

"Even so, the project of Samsung Hongxin still needs to go on, and Hongxin needs to be perfunctory," Jin nanyong said.

"That's only perfunctory," Li zaixu said indifferently. "However, we should firmly grasp the control of Samsung Hongxin project and don't drag down stupid partners..."

Jin nanyong nodded and sat straight over.

Li Zaizhu leaned against the soft back of his chair and silently recalled the rise of Jinhu in recent years. There was a strong man's regret that Samsung had the opportunity to strangle Jinhu in the cradle.

Samsung, as one of the world's earliest disc player manufacturers, launched VCD in China as early as the end of 1994 and quickly replaced Wanyan, which almost monopolized the disc player market at that time. At that time, Samsung's Chinese company was too eager, perhaps too despised the market potential of VCD as a transitional product, and did not invest too much technical force at that time, so that Samsung's disc player products were sold in the ninth five year plan In, there were frequent quality problems. In order to maintain Samsung's brand reputation, it was forced to withdraw from the VCD Market. However, Jinhu timely adopted the latest VCD decoding technology at that time to fill the gap left by Samsung's withdrawal and become the overlord of the VCD Market.

VCD disc player is a transitional technology before the launch of DVD disc player, and the technical threshold for entry is very low. There is the problem of excessive competition. Even if Jinhu becomes the overlord of VCD disc player market, it has little influence in the global electronic industry.

Who would have thought that Jinhu would work with Deyi and scober to upgrade the VCD drive technology and develop a new generation of SVCD drive technology? Although the SVCD drive is still inferior to DVD in technology, Jinhu carried out various industrial layout of SVCD in 1997, making use of various advantageous channels such as the production and marketing of VCD drives and even the industrial chain of pirated optical discs. At the time of the late arrival of DVD drives, it was too fast Li Jae soo does not see the possibility of SVCD being replaced in the disc player market until more advanced technologies are popularized. Except for SVCD players in emerging countries and regions

At present, the annual global sales volume of SVCD has reached 28 million units, and the sales volume has reached 40 billion. Aida electronics, a listed company of Jinhu, directly controls 26% of the disc player market share. In addition, Li Zaizhu knows that Jinhu also controls 80% of the supply of SVCD decoding chips in the name of overseas companies, and the joint venture plant between IDA electronics and Deyi also controls 60% of the movement control of SVCD. In addition to SVCD, Jinhu is also involved in the DVD player market and has become one of the eight major DVD manufacturers in the world.

Some of the layout of Jinhu in the disc player industry is carried out directly in the name of Aida electronics, and some are carried out in the name of other joint ventures and wholly-owned companies. However, in the eyes of the public, Aida electronics still concentrates the main resources of Jinhu in the disc player industry.

Although the competition in the disc player market is quite fierce, the net profit of Aida electronics last year still reached as much as HK $1.2 billion.

When Aida Electronics was backdoor listed in May 1997, its market value once exceeded HK $10 billion. Affected by the Asian financial crisis, its market value once fell below HK $5 billion. However, due to the stimulus of the new economic wave in the past two years, the market value of Aida electronics, as a new technology, once exceeded HK $38 billion.

Of course, even if the market value of Aida electronics exceeded HK $38 billion, the P / E ratio was less than 32 times, which was far lower than the average p / E ratio of 46 times for the new technology sector of the United Securities Market at that time. This is mainly because Jinhu abides by the responsibilities of the controlling shareholder and actively suppresses the excessive rise of the stock price, which is disliked by speculators. Although this will also be doomed to be affected by the Internet bubble crisis, it is believed that the market value of IDA Electronics will not go down too deeply, thanks to the steady profitability of IDA electronics, the advantages and cost advantages in the industrial layout, and the low price earnings ratio itself.

In this regard, Jinhu shows a very different attitude and ethics from Hongxin. Jinhu always resists the ups and downs of the share prices of its listed companies as much as possible, and has never thought of manipulating the share prices of its listed companies to make profits. Of course, Lee Jae soo believes that this has a lot to do with the strict supervision of the United Securities Exchange Market in Hong Kong. However, Jinhu also disdains the low-level means of profiteering by manipulating stock prices. The most direct example is that Jinhu has never made efforts to publicly list its enterprises on China's securities market.

Li Zaizhu has deeply realized that Jinhu is a group with different temperament from other Chinese enterprises, which exceeds the general understanding of Chinese enterprises before. Especially so, we should pay more attention to it, not to mention that this enterprise is much stronger than ordinary people think.

Jinhu launched Dyer portable music player technology in 1998, which directly launched an assault on the MD Player camp of Japanese electronics enterprises. After only two years of extensive technical licensing, Dyer has made great achievements. In North America, Europe and even Japan, Dyer's sales have successively exceeded that of yer, and its storage capacity has reached 1g. The low-end Dyer, which is easy to store, even has a strong impact on cassette portable music players. This spring, Jinhu launched a low-end iPlayer product in the Chinese market at a price of about US $120, and began to compete for the high-end market of portable music players in China from Sony Walkman.

Between dyer and MD technology, Samsung Electronics also chose to fall to the Dyer camp for a long time. Its global sales ranked fourth only after Jinhu, Toshiba and scober, but its market share was less than one-third of that of Jinhu. The share of Jinhu iPlayer in the global portable music market even exceeds that of Toshiba. Even if Dyer technology originated from Jinhu, no one expected it at the beginning.

After careful study, the global music online, which aims to build an online music store, and the infringement official commander Jinhu with the American record industry association in 1999, which lasted for half a year, soared in the portable music player market.

At the beginning of the year, it was predicted that the trend was quite obvious at this time. Jinhu's cumulative total sales volume of iPlayer this year is likely to exceed 5 million pieces. It is expected that Jinhu's global net profit on iPlayer products will exceed US $400 million, and it is more likely to exceed US $600 million next year.

As the two core member companies of Jinhu, Aida group and Jinhu commercial are private companies, there is no need to publish financial data. In addition, Jinhu uses the numerous and complex companies in its system to undertake the business between different links. If the three-star internal production organization model is not similar to many of Jinhu, but also attaches importance to the iPlayer market, Otherwise, it is impossible to estimate the profit scale of Jinhu in iPlayer products.

Jinhu also obtained the complete authorization of the nonvolatile flash memory patent from Toshiba in the form of technology exchange, thus sharing the world with Samsung and Toshiba in the nonvolatile flash memory market. Before the advent of iPlayer, although the application scope of flash memory was wide, the demand was extremely limited. The best-selling of iPlayer products directly promoted the development of the nonvolatile flash memory market. It is expected that the total market demand this year will be close to US $3 billion.

Jinhu, Samsung and Toshiba will share 90% of the $3 billion market. Of course, Li Zaizhu can clearly realize how amazing Jinhu's profit margin on nonvolatile flash memory is, at least not lower than Samsung's 40% profit margin.

Perhaps the total profit made by Jinhu on iPlayer is not necessarily lower than that of mobile phone business, but what attracts public attention is Jinhu's mobile phone business in China. Last year, IDA mobile phone ranked sixth in the Chinese market with a 17% market share, second only to Motorola and Nokia, and Samsung ranked sixth in the Chinese market with a shameful 6% market share. In the past six months, that is, in the first half of 2000, Jinhu has sold 4 million mobile phones in the Chinese market, increasing China's market share by 3 points, while Samsung has worked hard for half a year to increase its market share by 1 point. It seems that no matter what field, without popular core products, it is always difficult to improve its performance. In addition to China's domestic market, Jinhu ranks fifth in Southeast Asia's mobile phone market and Samsung ranks fourth; It is difficult for external mobile phone enterprises to enter the Japanese market, and Jinhu and Samsung are no exception; However, both Jinhu and Samsung have made quite good achievements in developing the markets of developed countries in Europe and the United States. In particular, Jinhu's mobile phone sales in North America have gradually improved since last year.

Because the electronic industry of Jinhu is an industry with high profit margin, and Jinhu distributes its electronic industry among several member enterprises, the annual profit of Jinhu in the electronic industry is relatively amazing, but the sales are still some distance from the standard of the global top 500. Of course, if all the businesses of Jinhu were included, it should have been ranked among the top 500 in the world.

Such Jinhu eyes are aimed at the LCD industry. How can people not worry?

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