Chapter 100 The calculation of State-owned Investment Capital
"Zhizhong, I have to go to Guangjia Aerospace more recently to understand their needs. When will the next round of financing start? During the next round of financing, we The investment ratio must be increased.”
When Duan Zhizhong was informed that the big boss wanted to talk to him, he was a little confused.
The person who just spoke to him was Wang Kuang, the general manager of Huizhou SDIC. He was just an investment manager of the emerging industry development fund affiliated to Huizhou SDIC.
The status difference between the two is more than one level. Usually, their leaders rarely have the opportunity to directly report their work to the general manager of the Provincial State Investment Corporation, let alone him.
Duan Zhizhong made special preparations when he received the notice. He guessed that it was related to the light armor aerospace, because it was the most highlighted project he worked on last year.
In addition, Guangjia Aerospace has recently made a lot of noise in the photovoltaic field. From Lujiazui to Wall Street, and then to London’s Financial Street, the entire global capital market is shaking because of Guangjia Aerospace’s technological breakthroughs.
Duan Zhizhong nodded: "The Emerging Industry Development Fund invested RMB 500 million in Guangjia Aerospace in the first round of financing, and the entire state-owned capital in Hefei invested a total of RMB 2.5 billion.
Shenzhen State Investment has invested 5 billion, which is double ours. The rest is invested by institutions such as Shenhai State Investment and Bank of Communications Capital.
Currently, the paid-in capital of the Emerging Industry Development Fund is only 15. billion, it will be difficult to increase the proportion in the next round. They will raise US$5 billion in the next round.
Our family is far from enough.
During this period, we have been running once a month. We will increase this frequency in the future. We have established a good relationship with the person in charge of their marketing department.
Including November now, and next month in December, we will organize an external audit agency to come in to conduct this year’s annual financial status audit. During the audit process, we will also learn more about the various situations of Guangjia Aerospace. ”
Duan Zhizhong talked about what he learned and the work at hand related to Guangjia Aerospace.
“There is no news yet on when the next round of financing will start. ”
Wang Kuang was actually quite helpless. He didn't even know that his company had invested in Light Armor Aerospace. He only found out about it when the provincial leaders asked him.
The underlying meaning of the provincial leaders is why Guangjia Aerospace was not brought to Hefei, and why this round of new solar cell factory construction was not moved to Hefei. Hefei is obviously the second largest company of Guangjia Aerospace. Big investors.
Wang Kuang was stunned by the question. After he came back, he quickly went to Duan Zhizhong to learn more about the situation. Then he wanted to carefully formulate the next special work plan and report to the provincial leaders with the special work plan.
While waiting for Duan Zhizhong to arrive, Wang Kuang had a general understanding of Light Armor Aerospace based on the information found by his secretary.
In Wang Kuang’s view, this is a company that can unleash extraordinary energy and leverage trillions of capital. No wonder the province is so concerned about it.
"The frequency of once a month is less, and the level of the department head is not enough.
I don't expect you to be able to contact Chen Yuanguang. Their vice president can always contact you, right?
You guys We need to raise the level of communication, instead of making a routine trip to Shenhai every month to listen to a work report, not even a work report, just a casual chat
This way. Communication, this kind of customer relationship management is meaningless and worthless. It is a waste of opportunities. It is also a waste of your time.
My idea is this, improve the level of communication and deeply understand the pain points in their development process. .”
Wang Kuang was dissatisfied with Duan Zhizhong's work. He was chased from the province and couldn't answer any questions. His grievances finally found a place to vent.
Duan Zhizhong could only listen and take notes while listening. He could not show off his expression and could only nod his head to show that what the leader said was correct.
I feel depressed inside. Byd has done this project. It only earns fame but has no practical benefits.
Their performance pay is based on income. For a company like Guangjia Aerospace that does not pay dividends and is not listed, the income is zero. It cost the company 500 million to invest, and then there is no income. Duan Zhizhong is in this project The bonus is close to zero.
The reason why these state-owned assets invested in Guangjia Aerospace at that time was because there had been no good projects in the past few years. Chinese companies went to NASDAQ to list, and then the way to cash out was blocked. , now that the mainstream biopharmaceutical industry has ended with the end of the virus epidemic, everyone’s investment enthusiasm has plummeted.
With Chen Yuanguang's Guangjia Aerospace, everyone feels that it has a head start. It is a rare good project. Even if it loses money, when reporting to the superiors, it can be said that it is an investment in the transformation of Chinese enterprises, investment in advanced technology, and it is in line with the national call. If you lose everything, you will lose half of your responsibility.
The result is indeed good, and there is no loss at all. In the past few days, various financial news have frequently reported on the breakthrough of light armor aerospace technology, promoting it as a national glory and a typical case of China's industrial transformation.
Duan Zhizhong is naturally very concerned. According to the information he has received, the annual profit from patent licensing is at least 10 billion RMB.
So he specifically called the contact person of Guangjia Aerospace and got more specific data from the other party. It is estimated that the profit from patent licensing will reach 20 billion RMB next year, and then asked about the dividend situation. No dividend will be paid. , all invested in research and development. Moreover, they are not listed yet, they only raise funds but do not go public. With an annual interest income of 20 billion RMB, the valuation starts at least 400 billion RMB. With its monopoly nature, it is a pure unicorn.
Duan Zhi thought: If you say you won’t pay dividends, you really won’t pay dividends. Now he has no passion anymore. No matter how well Guangjia Aerospace does, he can't get performance bonuses.
“First of all, we need to serve enterprises with a problem-solving attitude. For example, as a R&D-oriented enterprise, they must have a huge talent gap.
Then students from the University of Science and Technology of China also need internships. As an intermediary, we can take the lead in organizing students from the University of Science and Technology of China to go to Guangjia Aerospace for internships, and organize Guangjia Aerospace to hold a special job fair in Hefei.
This is something that is beneficial to both parties.
We can do a lot and give full play to Hefei's advantages
What I just mentioned are educational advantages, as well as industrial advantages and cluster advantages. If your level is not high enough, come to me and I will help you coordinate.
The other thing is to figure out why the R&D center of Guangjia Aerospace is in Pengcheng instead of Hefei. If it is because the investment is not enough, then we can definitely increase the investment.
If you don’t have enough money in the fund, the Provincial State Investment Corporation will inject more capital into you. You can also borrow money from shareholders, or you can increase capital and expand shares.
Or joint investment from several Hefei funds will do. Hefei is not short of money.
If this is just a project and Guangjia Aerospace is still in Shenhai, Pengcheng, but not Hefei, then this investment is a failure.
From the perspective of the development of the province, this project has no economic benefits for the time being. Secondly, it has not played a publicity role. Few people know that Hefei has invested in Guangjia Aerospace. Thirdly, it has not had an industrial driving effect.
Zhizhong, go back and come up with a plan for me on how to attract Light Armor Aerospace to Hefei. "
Duan Zhi had only one thought in his heart: "Me? "
On the surface, he nodded: "Okay, leader. ”
The SDIC in several other places is similar, and they all hope to deepen cooperation with Guangjia Aerospace.
Many people who can get money and chips are gearing up and waiting to negotiate terms for the next round of financing.
"Mr. Lin, is your company willing to participate in this round of fundraising from JinkoSolar?
We plan to raise 10 billion in funds to build perovskite cells in Shanxi Province. With the integrated production base of HJT components, the weighted return on net assets of the convertible bonds raised in this round is estimated to be more than 7%, which is much safer than placing it in a bank for financial management.
If your company is willing, we will do it. I can transfer up to 20% of my share to your company.” Qian Jing, JinkoSolar’s vice president in charge of capital operations, is a strong woman with a similar temperament to Lin Jia.
The funds raised by many A-share companies in recent years have been used to purchase structured deposits in banks. The annualized rate of return of such deposits is pitifully low, only about 1 to 2 points.
For example, why Huahong was criticized for its IPO? It was because they raised 21.2 billion yuan from the listing and used 21 billion yuan to purchase structured deposits, which made a group of investors who were looking forward to the development of Huahong Semiconductor feel disheartened. .
Leading companies do not engage in R&D or expand production. Doesn’t this tell everyone that the semiconductor industry is not in the right place.
As the secretary of the board of directors of a listed company, Lin Jia is very aware of these matters. He also knows that convertible bonds with a yield of 7 points are not stable and are considered a big deal in the bond market.
"I think it's okay, but I have something to ask. Should we buy it in the name of Guangjia Aerospace, or can we buy it in the name of Guangjia Technology?" Lin Jia said.
Qian Jing thought to himself, the reason why we sold such a high share is to win over Chen Yuanguang, not any specific company.
The actual controller of these two companies is Chen Yuanguang. No matter who participates in this round of investment, there seems to be no difference: "Anyone is fine, preferably Guangjia Aerospace.
Because we are issuing convertible bonds, To raise funds from a specific target, you need to get approval from the China Securities Regulatory Commission first. Guangjia Aerospace is more relevant and has a higher probability of approval.
Of course, Guangjia Technology should be fine, you are in the eyes of the regulators. It’s delicious, but the process may be slower.”
The market value of Guangjia Technology is almost 500 billion RMB, twice that of JinkoSolar. From the perspective of market value, the capital market has no interest in Guangjia Technology. recognition is much higher.
There have been too few updates recently. I feel ashamed. I’d better update more
(End of this chapter)