Chapter 1303

As two chip manufacturers founded by Tengfei group in the early years, whzb and whnb have invested a lot in recent years, especially in the research and development of important chip production equipment such as lithography machine and etcher.

That's all. The key is that the audience of these devices is very small. Only a few chip manufacturers at home and abroad can use them. They belong to the minority of the minority.

Because of this, these chip manufacturers usually choose the equipment produced by the most familiar and mature equipment manufacturer in the industry, so as to ensure the quality and quality of their products.

In contrast, the price of equipment is a secondary option.

China is not very prominent in this field. If we rush into this field, we will not get the general recognition of the market. Otherwise, the photoresists and etchers that were good in China in the early years could not be replaced by imports. It is the inherent logic of the market economy that makes it difficult for domestic chip manufacturing equipment to survive.

Therefore, the prospect of the chip manufacturing equipment that whzb has invested heavily in research and development can be imagined. Except for whzb's own use, there is no export record at all.

In other words, whzb's chip manufacturing equipment import substitution program is not only a loss business, but also a loss business.

No way, the whole R & D investment base is there!

Based on this, many domestic economists and well-known scholars in the industry are criticizing the practice of Luan Heping, the founder of whzb. He thinks that this Xiaoxiong in the field of electronic industry, which has been developed all the way from a small home appliance factory, is a reckless man who does not understand economy. He clearly can optimize the allocation of resources with a more cost-effective market economy law, so as to make more profits.

But Luan Heping is just like a cow's rubber band whose head has grown and can't be bent. He has to smash the key equipment of chip manufacturing, so that after five or six years of establishment, the enterprise has only made 670000 yuan a year, and the rest of the time is a huge loss.

It's not that no one is optimistic about whzb and whnb, two rare domestic chip manufacturers with high-end chip manufacturing technology below 200 nm, who are willing to invest with money.

For example, Lenovo Group, which is very influential in the domestic science and technology circle, is prepared to mortgage its shares worth 8.6 billion yuan to the bank in exchange for a loan of 7.2 billion yuan by way of equity replacement, and then transfer to whzb chip manufacturing plant in exchange for a 15% equity.

Luan Heping insisted that no less than 1.8 billion yuan should be invested in technology research and development every year, and the investment in key manufacturing equipment of chips should not be less than half of the total R & D expenses.

In the mid and late 1990s, 1.8 billion yuan was not a small number. As a result, Luan Heping, like a black sheep, smashed into the bottomless hole of R & D, which made Lenovo unable to bear.

We need to know that the 1.8 billion yuan of R & D cost has been saved, and the annual net profit of whzb and whnb is at least 1.2 billion yuan, which can definitely blind a lot of investors.

If operated properly, this profit can leverage dozens of times in the capital market, which is no different from the operation of a banknote printing machine.

In the face of such huge interests, Lenovo naturally disagreed. Let alone the investment of 1.8 billion yuan, Lenovo would not throw any money at R & D.

So they asked Luan Heping to cancel all R & D expenses, terminate all research projects, and if it is necessary to wait for the capital market to get money, take the ticket to buy it all over the world.

However, this proposal was rejected by Luan Heping. The differences between the two sides were so big that the talks broke down. Lenovo Group not only withdrew its capital, but also put down a cruel remark: as long as Luan Heping was in one day, whzb and whnb would not get a cent from the capital market.

At that time, the influence of Lenovo Group was so big that it could not be said to block Luan Heping's way of financing through the capital market, but the real resistance was not small.

In addition, several other investment institutions failed under Luan Heping's insistence on high R & D investment, and Luan Heping's reputation as well as whzb and whnb, which were founded by Luan Heping, collapsed completely in the domestic capital market.

There's no way. Who wants the capital market to be the same as the entertainment industry? It's about playing with concepts and copying people's designs. Profits are miracles here, and stories are kingly. Only in this way can enterprises add buffs layer by layer, and then cut leeks one after another in the capital market.

Whzb and whnb want to have a bright future and a story. As long as they can operate well, they can cut leeks at will. As a result, Luan Heping, a brainless man in Tianjiang, is confused by the good calculations of many capital tycoons. As time goes on, no one will take care of them.

If other enterprises offend such a circle of capital tycoons, even if they don't step down, they will be tossed down by both overt and covert forces. After all, there are so many tricks in the capital market to change people without changing ideas.

But Luan Heping is just like a nail under his buttock. His position is still stable, and the annual R & D investment is not reduced, but steadily increased year by year. It seems that the huge loss of whzb and whnb is not a loss at all, but a profit far exceeding the expectation. The money spent is not distressed.

Luan Heping has the courage to continue to increase the R & D investment of key chip equipment mainly because he has the support of China's take-off behind him.

Since the era of Tengfei group, the biggest investment targets of Tengfei group are the two chip production plants founded by Luan Heping, with a total investment of 48 billion yuan in five rounds.

Not to mention that, after Tengfei group was upgraded to China's take-off, its investment companies injected another 10 billion yuan, and provided Luan Heping with 6.6 billion yuan and 4.8 billion yuan of loans through China Merchants Bank and Minsheng Bank.

Luan Heping is indeed like what Lenovo Group said, he really can't get a cent from the capital market. However, the key problem is that Luan Heping spent so much effort in the capital market?

Behind the Chinese take-off is the absolute big man in the domestic capital circle.

Lenovo Group is aware that it can play a decisive role in the domestic capital circle. However, if they want to make private placement in Hong Kong stocks and IPO of their subsidiaries, they have to operate through take-off investment. Even if they are preparing to inject capital into Luan Heping's stock mortgage, it is also handled through China Merchants Bank.

It is such a giant in the Lenovo Group also dare to sour a complaint, dare not to Luan Heping really do what action, other capital sector tycoons the same.

It's just that they don't understand the reason why China Tengfei knows that it has to spare no effort to continuously invest huge amounts of money even though it has huge losses. Is it difficult for China Tengfei to feel that it has two bank shares in hand and is able to call the wind and rain in the capital circle of Hong Kong Island? It's a bit lonely and boring, ready to play some new tricks that others don't understand?

The problem is that tens of billions and tens of billions are all real money. Even if you play with new tricks, can you change the target? Ensure that all kinds of postures, all kinds of patterns, how you want to put on how to put!

However, China's take-off does not even look at other investment targets, but only leads Luan Heping's chip manufacturing plant. As for the reasons, the outside world certainly does not understand. Just look at the jubilant appearance of X Research Institute of electronic technology because of the full support of whzb and whnb, you can see the absolute value of China's take-off's tens of billions of dollars!