Chapter 1153 Charitable Fund
Time with family is always relaxing and enjoyable.
Jiang Xiaoyang, who got off work early, cooked with Xu Liang and made Xu Meng some of her favorite home-cooked dishes.
It was quite enjoyable to chat while eating in the evening.
The next day, after breakfast, Xu Meng handed a thick stack of information to Brother Stinky.
"This is the investment list and donation list of this year's charitable funds."
Xu Liang took it.
The Xu Yongpei Charitable Foundation has received a total of one donation since its establishment in 2006.
Hanhua Group donated all the US$51.7 billion it earned in the U.S. capital market in 2006 and was subject to short-term capital gains tax to this fund.
According to U.S. laws on charitable funds, 5% of the total amount of charitable funds needs to be donated every year.
In other words, the Xu Yongpei Charitable Foundation needs to donate US$2.085 billion in 2007.
Anyway, charitable funds do not limit donor countries.
Both China and the United States can donate.
He didn't care.
No matter how much you donate, it will be much more economical than paying the 40% short-term capital gains tax directly.
Moreover, charitable funds can maintain and increase their value through investment.
With Xu Liang's ability, he can earn more money from the capital market than he donates.
However, the most fundamental role of the "Xu Yongpei Charity Foundation" is the great shift of the world.
The second is to maintain and increase value and expand contacts.
Therefore, the charity fund’s first investment after its establishment was to spend US$4.5 billion to acquire 71.5% of BOE’s equity held by Hanhua.
The second transaction was to acquire 60% of SMIC's equity for US$3.2 billion.
Then it began to acquire the equity interests of Fuhua Real Estate and Kelong Supermarket, two listed companies under Taihua.
As well as Xu's New Dream Education Group, Kanghua Food Group, Standard Chartered Bank, Unocal Resources, Veolia, Bandai, etc., excluding the equity of all listed companies except Hongmeng.
The reason why Hongmeng was removed.
This is because the Hong Kong stock market has only liberalized the power of different rights for the same shares to high-tech companies, including the Internet, and bioengineering companies.
Traditional companies still have equal shares and equal rights.
Therefore, no matter how much equity Hongmeng sells, it does not worry about losing control of the company.
But traditional companies such as Taihua, Kanghua and Standard Chartered are different.
Therefore, these equity shares must be held by ‘own people’.
Xu Liang's plan is very clear, which is to use the opportunity of the subprime mortgage crisis to sell as much equity as possible and then make a huge profit by bargain hunting. At the same time, he can also take the opportunity to transfer back the money in the charity fund reasonably and legally.
In addition to shares, the "Xu Yongpei Charitable Fund" is also purchasing a total of US$20 billion in convertible bonds issued by BOE and SMIC through Hanhua.
Although the qualifications of the two companies are good and they are later involved with the super-rich Xu Liang, there are still few candidates for such a huge debt in the capital market.
Nearly 70% of convertible bonds were purchased by charitable funds.
After this round of troubles, more than half of the US$51.7 billion in funds has been spent in half a year.
Fortunately, the second phase of the donation from Hanhua has also arrived.
$33.9 billion.
Although the first tranche of US$51.7 billion was received in 2006, the real bulk was the CDO bonds in early 2005.
Xu Liang took advantage of the loopholes of rating agencies including Standard & Poor's, Moody's and Fitch, and directly converted CDO bonds with a 3B rating into a 3A rating through packaging and assembly.
Combined with JP Morgan, Goldman Sachs and the Montes family, they made hundreds of billions of dollars.
Although 20% was divided by three parties.
The remaining 80% is still a staggering sum of more than 80 billion US dollars.
Because the fund had not yet been unblocked, the money rolled around in the stock market for another two years.
Riding on the popularity of the US stock market in 2005 and 2006, the average annual growth once exceeded 20% even though it did not use much leverage.
After the fund was unblocked, fund investors received half of the proceeds.
The remaining portion is still as high as $51.7 billion.
The second tranche of US$33.9 billion was also obtained in 2005.
He faced off against speculators led by Soros in the global gold market.
The fight between the two sides was earth-shattering.
In the end, due to Hurricane Katrina, Soros, who had all the pressure, suffered a huge defeat.
Xu Liang also made a lot of money again.
But this time it’s different from CDO bonds.
The latter is mainly in the United States. Although gold speculation is mainly in the United States, it is also involved in markets with gold futures trading such as the United Kingdom, Singapore, Tokyo, and Europe.
Therefore, although this time plus the subsequent gains in the secondary market, the total is no less than the first time.
But the amount of money donated to charitable funds has dropped significantly.
But it doesn’t matter.
The total funding of US$85.6 billion is huge enough.
In order to minimize the over-interpretation caused by a single charitable fund being too large.
He also registered more than a dozen charitable funds in the names of his mother, Xu Meng, and family elders.
If divided evenly among multiple parties, one would be worth several billion dollars.
Instantly it became less noticeable.
Of course, this method can only be hidden from ordinary people, and the big guys must know it.
But Xu Liang's purpose is just to hide it from ordinary people.
After all, he still wanted to face it.
"Next, I will let Harvest Agriculture, Taihua, Kanghua, Universal, and Unocal each issue a convertible bond of about US$5 billion to US$8 billion through Hanhua.
If you can't sell it, you buy it through charity funds. ”
Xu Liang explained.
"I got it, brother stinky."
"Stop being so playful and listen carefully."
Xu Liang scolded.
But the effect is obviously limited.
Although Xu Meng's pretty face tightened, the weirdness in his eyes did not disappear at all.
Seeing it in his eyes, he couldn't bear to reprimand him anymore.
"In addition to our own company, we allocate 10% of our funds to US stocks.
Apple, Amazon, eBay, Google, Berkshire Hathaway, Toyota, BMW, Mercedes-Benz..."
Xu Liang randomly reported more than twenty names.
He knew that his sister had an excellent memory, so he was not worried that she would not be able to remember.
"Brother, what you said is so light. The shares of Apple, Google and Berkshire Hathaway in the US stock market are all in short supply right now, and you may not be able to buy them if you have money."
"Then buy as much as you can. If you can't buy it, buy other companies. In a word, the investment of charitable funds should be as diversified as possible.
Even on the surface. ”
"I know."
Put down the information.
"By the way, my parents asked me to ask you a personal question..."
"Oops, my stomach hurts. I have to go to the toilet."
Looking at Xu Meng running away, Xu Liang couldn't help but shook his head.
"Every time I ask this question, I either feel pissed off or have a stomachache, and I don't change my mind."
Although he thought so, he was not prepared to criticize Xu Meng harshly.
She is only 24 years old and still has enough time to enjoy life.
File the information brought by Xu Meng.
After looking at the time, he turned around and left the room, called Li Jinling and Huo Gang, and drove to the BOE headquarters. Since accepting Xu Liang’s investment, BOE’s headquarters has been moved to the Future Science City.
"Mr. Xu, welcome, welcome."
Huang Dongsheng and the company's senior executives greeted him enthusiastically.
"Old Huang, I haven't seen you for a while. You are full of youth now. You look several years younger."
Holding Xu Liang's right hand tightly, Huang Dongsheng laughed.
"Haha, I have to say thank you to Mr. Xu. If you hadn't solved BOE's funding gap and relieved my heartache, I would have been worried for a long time, let alone how many years younger I am."
After chatting and laughing for a while, Huang Dongsheng led him into the building.
Knowing that Xu Liang likes to drink tea, he prepared the top-notch Southern Yunnan Pu'er in advance.
"Old Huang, the tea is good."
"It was a gift from a friend, but I couldn't bear to drink it myself. You, the distinguished guest, happened to be here today, so I borrowed flowers to offer to Buddha."
Check out the 16-9 book bar and see the correct version!
With that said, he poured another cup for Xu Liang.
"How is the construction of the Qingzhou factory going?"
"The acceptance inspection has just been completed and trial production will begin this month."
After he completed his investment in BOE, he identified four factories.
B2 Qingzhou factory, TFT-LCD 7th generation line, with a total investment of 18 billion Chinese dollars.
B3 Luohe Factory and B4 Xuzhou Factory are also building LCD 7.5 generation lines with a total investment of 37 billion Chinese dollars.
B4 Pengcheng factory is building an LCD 8th generation line with a total investment of 28 billion Chinese dollars.
In addition to the B5 Wuxi factory and LCD8.5 generation line scheduled for this year, the total value is 33 billion Huaxia coins
As of June 2009, within four years, a total investment of 120 billion Chinese yuan, nearly US$20 billion, had been made to build five new factories, increasing BOE's production capacity from 60,000 panels per month to 560,000 panels per month.
Become the world's top panel manufacturer that can compete with Samsung and LG.
Huang Dongsheng continued: "The Luohe factory will have to wait until the end of this year, the Xuzhou factory will have to wait until the middle of 2008, the Wuxi factory will have to wait until the end of 2008, and the Pengcheng factory will have to wait until 2009."
There was a pause.
"Mr. Xu, I have something I hope you can agree with."
"Speak."
"We are increasing the research and development of AMOLED technology. With the continuous investment of funds, the progress is relatively fast and it is expected to be officially put into use in 2008.
Therefore, I plan to change the production plan of the Pengcheng factory.
Abandoned the LCD8.5 generation line and changed to the AMOLED5.5 generation line. ”
Xu Liang knows very well that with the popularity of smartphones, AMOLED represents the future. In his memory, Samsung has made a lot of money in the panel field with its world-leading OLED technology.
"Old Huang, are you sure you can conquer rigid AMOLED technology in 2008?" Xu Liang said with interest.
"OK."
"Very good. As long as you can come up with technology, money is not a problem."
Huang Dongsheng did not relax, "According to our budget, it will cost 44 billion Huaxia coins to build an AMOLED 5.5 generation line with a monthly output of 100,000 glass panels."
Xu Liang raised his eyebrows.
44 billion Huaxia coins, according to the current US dollar exchange rate, is 6 billion US dollars, which is indeed not a small amount.
Smile calmly.
"Old Huang, I still say the same thing. You only need to lead the company, develop technology, and formulate reasonable strategic development plans. As for the money, I will take care of it."
"I feel relieved when you say that. But Mr. Xu, this money will not fall entirely on you. We, BOE, can also solve part of it ourselves."
Huang Dongsheng said quickly.
The big boss has paid for most of the costs of building the factory. With BOE's own revenue, it can still solve a small part.
Xu Liang didn't answer and asked instead:
“How is the market now?”
“It’s still not very prosperous. Due to the decline in sales of TVs and computers, global LCD sales this year fell by 8.6% year-on-year.
Fortunately, we have the support of Kunlun Industrial, which is also the major shareholder of TPV Technology, otherwise life would be even more difficult. ”
With that said, Huang Dongsheng handed over BOE's operating information and financial statements for the two quarters of this year.
Xu Liang flipped through it briefly and found that BOE's revenue had not changed much from the past, and its profits had decreased, but it was still okay.
The only thing that changed drastically was the company's total assets.
The commissioning of the Qingzhou factory directly pushed BOE's total assets to exceed 30 billion Chinese dollars.
Of course, the total assets are not constant. The Qingzhou factory is a new factory and will enter a five-year depreciation period, with annual depreciation of about 15%, which will be included in the group's net assets after five years.
"The Qingzhou plant will be put into operation soon, and the Luohe plant will also be put into operation by the end of the year. Can Kunlun and TPV Technology absorb such a large production capacity?"
"Yes. TPV Technology is the world's second largest computer monitor OEM.
CRT monitors lead the world with production and sales of 29 million units.
LCD monitors rank second in the world with production and sales of 8.2 million units.
Skyworth TV, a subsidiary of Kunlun Industry, is the second largest TV manufacturer in the country, with annual sales exceeding 6 million units.
Kunlun's total annual sales volume of computers and notebooks is 44 million units.
Even if all six of our factories are put into production, it will only be able to meet their current production capacity. However, TPV Technology and Kunlun are developing very fast.
Especially Kunlun, not to mention computers, Kunlun mobile phones are definitely epoch-making products. ”
With that said, Huang Dongsheng took out a Kunlun K1 mobile phone from his pocket.
There was admiration in his eyes.
"Mr. Xu, I believe smartphones will have great potential.
If the performance is further improved, it can definitely replace all current feature phones. ”
Functional phones are still a concept that Xu Liang asked Sina, Bing and other online mouthpieces to expose in order to enhance the quality of smartphones and stimulate the purchasing desire of the younger generation.
Xu Liang smiled slightly, picked up the teacup on the table and took a sip.
“The performance improvement of smartphones is certain. After all, smartphones are also essentially handheld computers.
Computers obey the ‘Moore’s Law’ that has been proven to be effective.
In other words, in three or four years at most, you will see an era in which smartphones completely replace feature phones.
By then, global smartphone sales will exceed 200 million, 300 million, or even higher.
And all mobile phones need an AMOLED screen.
You can do the math on what a huge market this is. ”
Huang Dongsheng's eyes became hot.
My throat swallowed unconsciously.
“Winning this market, even if it is only one-third, is enough to make BOE become a technology giant with a market value of over 100 billion US dollars.
So, Lao Huang, you have to hurry up.
Not just rigid AMOLED, but also flexible AMOLED that requires higher technology. ”
"Mr. Xu, don't worry.
From the day BOE was restructured and established, research and development has always been the core of the company. From the beginning to the end, we have never neglected it.
Now with your financial support, we continue to increase investment in research and development.
In the first half of this year alone, we have invested 1.4 billion in this area.
In the future, as BOE’s revenue grows, R&D investment will be even higher.
We will never waste our time, nor will we give up on our goal of becoming the world's No. 1 panel company. ”
Huang Dongsheng made an impassioned speech, with excitement in his eyes, and he almost slapped his chest and swore.
"Old Huang, don't be excited, don't be excited.
I am willing to invest in BOE and spend nearly 20 billion US dollars, so I naturally believe in you.
What I just said is just a reminder to you. ”
After finishing his words, Xu Liang stood up.
"Okay, I've said all that needs to be said. Take me to the factory for a tour."
"Please."
(End of chapter)