Chapter 1155 Hynix
South Korea, Seoul International Airport.
When Xu Liang got off the private plane, his eyes were quickly attracted by the sisters waiting quietly not far away.
Sun Mingzhen's hair is tied high, and she looks noble and mysterious in a black Chanel sleeveless dress.
A finger-thick red belt tied up her soft and slender waist.
Wearing black stockings on her straight and round legs, and a pair of Prada lace-up diamond-encrusted pointed-toe high-heeled sandals on her feet.
The round toes are painted with cardamom vermilion, and the deep red color seeps out through the thin stockings. It is charming and alluring, and one can't help but want to tear it into pieces to see what's going on.
The beautiful and fragrant face was painted with light makeup, and the slightly serious pretty face showed the heroism and majesty of having been in a high position all year round. Xu Liang felt warm when he saw it.
I just want to hold this beauty that others can only watch from a distance and not play with, hold her in my arms and love her tenderly and lovingly.
If the elder sister Son Myung-jin is a noble black rose, the younger sister Son Ye-jin next to her is a white peony.
The long black hair is spread orderly on the back of the head and shoulders.
The milky white lace long-sleeved T-shirt creates an exciting curve on the chest.
Although she has given birth to two children, her waist is still as slender as the willows blowing in the spring breeze.
The white floral dress loosely covers her thighs and half of her calves.
The bare feet without stockings are white and delicate. Under the sunlight, they are like jade, emitting a faint light.
Underfoot is a pair of ordinary white travel shoes.
Overall, she looks like a girl next door, gentle and elegant, and she seems to feel the bright spring light in her eyes.
"Dad!"
The five children all ran over with a 'hoorah'.
The Sun sisters were the first women to give birth to their own children.
Sun Mingzhen gave birth to her eldest son, and Sun Yizhen gave birth to her second son.
The two brothers were both born in June 2003. They are now four years old and in kindergarten.
The remaining three little ones were all born in April 2005. They are now over two years old and can run and jump.
Hug this, kiss that.
After playing around for a while, they distributed the gifts they carefully selected before sending these little smarties to another car.
Taking the two sisters on the car home, the three of them cuddled together.
Embroidered with a light bun fragrance.
Xu Liang said gently.
"Miss me?"
Sun Mingzhen said angrily: "I miss you but you are not around."
Son Yejin just smiled and pursed her lips. Although she did not speak, she hugged the man's jade hand and unconsciously added a little more strength.
Xu Liang was not embarrassed, "I'm here right now."
His hands began to roam around the two women's bodies.
Hot heat spreads from the palm of the hand and penetrates through the thin clothes into the woman's heart.
Invisible electric current spread throughout the body.
Breathing becomes rapid.
"Feed you well tonight."
Sun Mingzhen's charming eyes were as silky as silk, and her pretty face showed provocation.
Son Ye-jin's cheeks are flying, and she is smiling.
A man and woman whom I haven’t seen for more than two months,
When I got home, I rushed into the bedroom.
……
The next day, Xu Liang got up step by step to practice martial arts and eat breakfast.
The sisters didn't get up until noon.
The staggering steps showed that he had been severely injured last night.
But her cheeks are rosy, her beautiful eyes are like water, and she looks forward to them.
It was obviously greatly nourished.
"My mouth was so tough last night. I thought my fighting ability had improved, but I didn't expect that I'm still so good." Xu Liang said with a smile.
After Sun Mingzhen sat down carefully, she quickly folded her legs.
After heaving a sigh of relief, he glared at the gloating man opposite him.
After giving birth to three children, she feels that she is no longer the same person as she was a few years ago, both in terms of experience and means.
But as she became stronger, the man also made great progress.
Apart from being excited, there was also a bit of despair.
If she can't satisfy him, she will continue to find women for her.
But she didn't want to get another messy woman between her two sisters.
"Okay, let's eat quickly. I specially cooked black-bone chicken soup for you, with red dates and angelica in it. It can beautify the skin and balance the vitality."
He said and served a bowl to the two of them himself.
Sun Mingzhen, who had been hungry for a long time and had her chest pressed against her back, didn't think much about it and just picked up the bowl and drank.
Son Yejin gave her man a gentle look of 'thank you' before taking a sip.
After lunch, the three of them spent some time with the children.
Sun Mingzhen followed Xu Liang to the study.
Son Ye-jin is not interested in company management. She devotes herself wholeheartedly to being a housewife and taking care of the household affairs for her sister and her husband.
He didn't follow him.
After sitting down on the sofa, Xu Liang waved, and Sun Mingzhen sat in his arms obediently.
The ice silk pajamas clung to her plump upper body. Because she was not wearing underwear, the soft fabric outlined an alluring curve.
Xu Liang opened the hem of his pajamas and stretched them in.
Although the sensitive area was attacked, Sun Mingzhen, who was already full, could still bear it.
"Have you read the two-quarter operating information and financial report of Hynix sent to you?" Sun Mingzhen asked.
Of course Xu Liang has seen it.
“It’s not optimistic.”
Hynix's current mainstream products are memory and flash memory.
Memory aspect.
At the beginning of the year, the price of 512MB memory was still around 400 yuan, and the price of 1GB memory was between 700-900 yuan.
From March to April, the price of 512MB memory suddenly began to drop significantly, and the price of 1GB memory also began to drop. Although the price of 2GB memory is higher, it has begun to be supplied.
By the middle of the year, the price of 512MB memory dropped further to about 150 yuan. 1GB memory became the mainstream in the market, and the price dropped by half.
However, after entering the second half of the year, not only did prices not rise as originally expected, but they fell even more sharply.
The price of 1GB DDR2667 memory dropped from 770-800 yuan to about 550 yuan in three months.
The Chinese market is so bad, and the international market is even worse.
The price of 512MbDDRII memory particles could reach US$6 at the beginning of the year.
As a result, by the middle of the year, the price had dropped to $2.4, a drop of almost 60%.
The key is that the downward trend has not changed, but continues to decline.
The long-term downturn in memory prices in 2007 caused the entire industry chain to feel the impact of the unprecedented Great Recession.
From upstream wafer chip manufacturers, to midstream particle and module assembly plants, channel dealers, to downstream regional agents and terminal retailers, they have all been more or less affected by this industry recession that has not happened since 2001. Dragged into the whirlpool of chaos.
Memory is not good, and flash memory has also entered a downward channel.
With the emergence of MP3 and the popularity of flash memory, this market has developed rapidly for nearly four years.
In 2006, the size of the entire flash memory market reached US$36.95 billion, second only to the record of US$40.8 billion in 1995.
As the world's second largest flash memory manufacturer, Hynix has enjoyed a lot of success in the past few years, with its revenue increasing significantly.
Especially with the commissioning of the Wuxi factory in China, the proportion of flash memory in Hynix's revenue once exceeded 60%.
Unfortunately, as time came to 2007, everything changed.
At the beginning of the year, Netac, the world's leading mobile storage manufacturer, took the lead in launching a price reduction storm called "Operation Spring Thunder".
With the help of its strong brand, sound channels and professional services, its flash drive products have been significantly reduced in price.
Major flash memory manufacturers including Samsung, Hynix, and Toshiba have also joined the ranks of price cuts.
1GB flash memory chips once fell below $6.
However, compared to selling one memory at a loss of one and a half, although flash memory has fallen, it is still profitable.
Moreover, the so-called "Operation Spring Thunder" is essentially just that flash memory manufacturers jointly clear their inventory and sell 1G and 2G memory particles to facilitate the launch of larger-capacity 4G, 8G, and even higher-capacity flash memory particles.
But if it falls, it will fall. The global flash memory market this year will definitely be worse than last year.
The general environment is not good, and Hynix's total revenue has also been affected.
In the second quarter of 2007, the total revenue was US$5.37 billion, down 17.4% year-on-year; the net profit of the main industry was US$1.53 billion, down 21.9% year-on-year.
In fact, Hynix is pretty good.
Although flash memory has fallen for half a year, it is still profitable.
Those factories that focus on memory suffered even worse losses.
"You shut down Hynix's memory production line?"
Xu Liang asked.
"It's not a shutdown, it's a production reduction. The price of memory is too low now, and you lose one and a half yuan per unit of production. It's better to stop temporarily.
Wait until prices recover before resuming production. "Sun Mingzhen said.
"Are there going to be layoffs?"
"Some older ones will be laid off."
Xu Liang nodded.
This year is a bear market, and next year will only be worse.
Cutting production is indeed a wise choice.
"Which factory are you going to close?"
"This year we will shut down M1 and M7 first. We will see the market development next year and then consider whether to further close the factory and reduce production." Sun Mingzhen said.
Hynix now has four major production bases and 10 factories around the world.
Icheon Factory and Cheongju Factory in South Korea.
Lichuan M1 factory, 8 inches, 150,000/month production capacity.
M3 factory, 8 inches, 90,000/month production capacity.
M5 factory, 12 inches, 85,000/month production capacity.
Cheongju M2 factory, 8 inches, 12/month production capacity.
M6 factory, 12 inches, 100,000/month production capacity.
M8 factory, 12 inches, 55,000/month production capacity.
Huaxia Wuxi M9 factory, 8 inches, 50,000/month output.
M10 factory, 12 inches, 45,000/month production capacity.
Factory in Tyler, Texas, USA
M4 factory, 8 inches, 100,000 monthly/capacity.
The M7 factory is a packaging factory.
The six factories in Icheon and Cheongju have flash memory and memory products.
But the Huaxia Wuxi factory only produces flash memory.
Throughout 2006, the total annual revenue of a Wuxi factory exceeded US$4 billion, which was almost 67% of the total revenue of the Lichuan and Qingzhou factories.
This directly reduced Hynix's total debt by US$2.4 billion.
"Hynix's operations will be extremely difficult this year and next, so you have to be mentally prepared." Xu Liang said.
Sun Mingzhen nodded. Xu Liang had also communicated with him about the U.S. real estate crisis.
"One more thing. Make a plan now. Construction will officially start after the 2008 New Year to double the production capacity of Wuxi M9 and M10 factories."
"Expanding production? The market is getting worse and worse. We are already reducing production, how can we build a new factory..."
Sun Mingzhen suddenly realized, “Counter-cyclical expansion!”
Xu Liang smiled and nodded.
"We are having a hard time, as are other memory manufacturers around the world.
But we are supplemented by investment income from the financial market, which other memory manufacturers do not have.
So the next two years will be the time when the bayonet sees red.
We need to expand production, take the initiative to intensify competition, squeeze out competitors, and occupy the market they have vacated. "Then do we still need to reduce production?" ”
"Yes. The crisis has just begun.
If we do not reduce production, our losses will be even greater, and we may not be able to hold on before the decisive battle.
Cutting production now is to accumulate strength for the future.
Wait until everyone is relatively weak before taking the initiative to exert force.
Mingzhen, 2008 is a very critical year. If you grasp it well, it is not impossible to surpass Samsung and become the world's number one manufacturer in the field of memory and flash memory. ”
"In this case, I'm afraid I have to withdraw all the money in the financial account." Sun Mingzhen said.
Hynix's financial account funds have been maintained at US$4 billion, and it has earned a total of US$10.9 billion over the years.
Some of it will also be sold to pay off debts.
There is now $7.4 billion left in the account.
Check out the 16-9 book bar and see the correct version!
In addition, Hynix also received US$5 billion in CDS bonds transferred by Xu Liang.
Hynix's overall debt has dropped from US$16 billion at its peak to US$8.7 billion now.
reduced by nearly half.
In addition to the US$1.3 billion on Hynix's books, the US$5 billion in CDS is not included.
Hynix also has nearly 10 billion US dollars in funds at its disposal.
If CDs bonds are included, Hynix has at least more than $12 billion in funds available.
This money can build two 12-inch, 100,000/month, 45nm process standard large-scale wafer fabs.
Xu Liang smiled and patted her sweetheart gently, causing the beauty's eyebrows to frown slightly and her eyes to show anger.
"Don't always think about solving it yourself. The Hynix of today is no longer the Hynix of four years ago."
After he reminded her, Sun Mingzhen suddenly understood.
A bitter look appeared on her pretty face.
"In the past few years, I have been burdened by Hynix's debt of US$16 billion. I can't eat well or sleep well.
As soon as I opened my eyes, I was thinking about how to fill the hole.
What I fear most is receiving debt collection calls from banks and investment companies.
I want to solve everything by myself.
I almost forgot, the Hynix of today is no longer the Hynix of the past. ”
At the end, there was more pride in his tone.
Xu Liang saw it and smiled on his face.
A wafer production line costs billions of dollars, and no company, including Samsung, will pay for all the investments themselves.
Basically, you invest part of it yourself, get a bank loan to finance part of it, and then issue a corporate bond.
Of course, if there are interested investors, you can also attract an investment.
The premise is that investors only invest and cannot interfere with management.
Hynix's production line construction used to be the same: part of it was solved by itself, and the rest was solved through loans and bond issuance.
But after it fell into a debt crisis, bank credit and corporate ratings were directly raised to 3B, and bank loans and bond issuance were out of the question.
The Wuxi factory can only take the money itself.
Although the current debt scale is still huge, the proportion of net liabilities in total assets has been less than 50%, returning to within the safety line.
Plus funds from the financial account.
The company's bank credit and corporate rating have reached A level.
It will be much easier to build a new factory.
"Thank you for your hard work these past few years." Xu Liang said softly.
Sun Mingzhen leaned in his arms, smelling the familiar scent of the man. A strong sense of security lingered in her heart, and her whole body felt warm. She wished that time could stop at this moment.
"As long as I have you, my son and my daughter, I won't feel hard no matter how tired I am."
Sun Mingzhen performs judo.
After the two were warm for a while.
"There is something I want to discuss with you." Xu Liang said.
"What happened?"
"Do you know about Hanhua's establishment of the 'Phoenix Fund'?"
Sun Mingzhen nodded.
Hanhua is the only shareholder of Hynix, and Xu Liang made a big deal in the United States by establishing the Phoenix Fund.
Although ordinary people don't know much about it, when they reach her position, they know it very well.
"I plan to transfer 15% of the equity from the trust in your name and your children's name to the 'Phoenix Fund'.
The money replaced is used for investment.
After all, the Xu family cannot have only Hynix in South Korea. The risk is too high.
Investments in family trusts should be diversified. ”
Sun Mingzhen: "I also agree with the diversification of family trust investments, but the market in South Korea is occupied by several large families, so it is difficult to find space."
Xu Liang couldn't help but glance at her.
"Your ambition is not small."
His plan is to build Xu Trust into a family office similar to that in the United States.
But Son Mingzhen obviously wants to create a chaebol like Samsung, SK, and LG.
"There is a good opportunity now." Sun Mingzhen suddenly said.
"Huh?"
The beauty didn't explain much. She stood up from his arms, went to the bookshelf behind the desk and took down a piece of information and handed it over.
"Korea Exchange Bank?"
Xu Liang was really surprised.
“The Exchange Bank is the sixth largest bank in South Korea, accounting for 8.8% of South Korea’s banking market share.
It specializes in foreign exchange business, accounting for 46% of the market share of South Korea's foreign exchange business. It has more than 5.4 million deposit customers, more than 350 branches, and branches in 18 countries.
The American Lone Star Private Equity Fund acquired 51.02% of the shares of the Exchange Bank in October 2003.
Now, this acquisition has been prosecuted by South Korean prosecutors for violating relevant regulations and procedures and "acquiring KEB at a price below the market price."
Originally, there were many interested acquirers in the high-quality asset of the Foreign Exchange Bank, both domestically and abroad.
However, most acquirers have been deterred by legal battles. ”
Xu Liang briefly flipped through the information and put it down.
“Isn’t HSBC looking to buy the Korea Exchange Bank?”
After the Asian financial crisis, two major national banks in South Korea were acquired by foreign investors.
First, the First Bank of South Korea.
Second, the Exchange Bank of South Korea.
The former ranks seventh in South Korea's financial industry, and the Exchange Bank ranks sixth.
In 2005, Standard Chartered acquired 51% of South Korea's Exchange Bank for US$3.3 billion.
This year it was officially changed to Standard Chartered Bank South Korea Branch.
As the most powerful competitor in Asia’s financial sector, especially in the banking sector.
Every move of HSBC is followed by Standard Chartered.
The other party's acquisition of the 'Korea Exchange Bank' is naturally no exception.
"HSBC is indeed acquiring the Exchange Bank, and has also proposed preferential conditions for acquiring 51% of the shares of the Exchange Bank at 380 won per share for a total price of US$6.415 billion.
But although HSBC's conditions are excellent, it will definitely fail in the end. ”
"Why?"
"Public opinion won't allow it." Sun Mingzhen said with ridicule, "South Koreans are proud and arrogant on the surface; but the history of being a country for thousands of years and being repeatedly violated in modern times has made us sensitive and inferior on the inside.
After the Asian financial crisis, the country's top large companies were repeatedly acquired by foreign capital, and the reality that the country's destiny was being manipulated made countless people angry and helpless.
Now South Korea has emerged from the Asian financial crisis.
The economy is developing rapidly.
I have straightened my back a lot, so I dare to grab the Foreign Exchange Bank, manipulate public opinion, beat the Lone Star Fund, make a fuss, and lose my temper.
To put it bluntly, Lone Star Fund is still not strong enough. If Citibank and Goldman Sachs had acquired Exchange Bank, this would not be the case.
As for HSBC, although it has many shareholders, in the final analysis it is just a British company.
Those congressmen who appeared to be righteous were not willing to compromise with the British. ”
Xu Liang glanced at her.
Sure enough, South Koreans know South Koreans best.
HSBC did fail to acquire Exchange Bank, and the company was eventually merged with Hana Bank.
The newly established ‘KEB Hana Bank’ became South Korea’s largest commercial bank in one fell swoop.
When he started his business, he contacted this bank for a loan.
It's a pity that it didn't work out in the end.
"Are you planning to acquire the Exchange Bank?"
Sun Mingzhen nodded, "Now the U.S. real estate crisis is gradually deepening, and real estate is an industry that is highly tied to finance. Once it explodes, the U.S.'s position in the global financial industry and economic field will definitely cause a global impact.
Although South Korea is not deeply involved in subprime debt, the Exchange Bank, which has already gone bankrupt once, will be discounted even if it does not collapse due to the bad general environment.
And there won’t be many big institutions interested in it anymore.
As long as we come up with a combined price and cooperate with Xu's and Hynix's connections in South Korea over the years, it will not be difficult to win it. ”
At the end, the words couldn't help but get excited.
The delicate and beautiful face is full of upward ambition.
Xu Liang looked at the woman in front of him with great interest, realizing that she had never changed since the beginning.
Success, ambition, dreams, hard work, these illustrious words seem to be engraved in each other's bones.
Of all the women around him, the only ones who could compare with her in this regard were Helen and Christina.
Qiao Yuhui and Jiang Xiaoyang were both far behind.
Although Fan Xiaopang and Yang Mi are equally ambitious, they are a little more immature.
The index finger of his right hand raised the beauty's delicate chin and smiled.
"If you really have this intention, of course I support it."
What he likes most is ambitious women.
Conquering such beauties brings a greater sense of accomplishment.
Sun Mingzhen sat astride Xu Liang's lap, feeling her round and plump buttocks particularly clearly through the thin pajamas.
The bright eyes are like two spring waters.
"You are my man, you must help me with the acquisition of the Foreign Exchange Bank."
"I can help you, how can I thank you?"
Examining the woman's delicate face, Xu Liang asked with interest.
"Oppa, I have already given birth to three children for you."
The woman said coquettishly.
"Then give birth to a few more."
"No, there are more and more things in the company. If it weren't for Yizhen, the three children wouldn't be able to take care of it.
Otherwise, you didn't have enough fun last night. I'll help you find some more beauties in a few days so that you can relax and unwind. ”
"How many? Aren't you afraid that they will be jealous of you?"
"Oppa, give them ten courages, and they won't dare to be arrogant in front of me."
Speak domineering words in the calmest tone.
But she does have the qualifications.
Now that she is familiar with Hynix's operating model, she is no longer just the chief financial officer, but the group's chief operating officer. She is a well-known strong woman in the South Korean business community.
In the entire South Korean business world, there are not many people who can be equal to her.
"Forget it, I have no intention of chasing women now. As for the Foreign Exchange Bank, as long as you manage Hynix well and let me see the results, I will support you."
"A deal?"
"It's a deal!"
(End of chapter)