Chapter 311 White Wolf with Empty Gloves

"Yes, Zeng Jiayue, the exam is next month."

After Xie Jingxing received Zeng Shixiong's message, he called Song Anli to make arrangements. After all, he showed up in person. If something unexpected happened to the girl during the exam, it would be somewhat embarrassing.

Without any psychological burden, he put aside the shady transactions that were beneficial but cost-effective, and turned his attention to continuing to think about the ISSI acquisition project.

It has been three days since I met Zhu Yiming, and things have finally made progress. Chen Zhibin of Huachuang Chip invited me to meet.

Yu Nian, who was busy with many things, reluctantly took out time to accompany him and brought news from Yizhuang Guotou.

"The ISSI project has not been officially finalized yet. Yizhuang State Investment seems to have major disagreements with investors such as Huachuang Xinyuan, mainly focusing on the future expectations of the project."

She indirectly concluded from a subjective perspective: "Yizhuang is state-owned. They hope to help Beijing Sicheng Semiconductor acquire ISSI and make an agreement on performance growth in the next few years."

"For example, it will indirectly drive job creation, increase the market share of domestically produced chips, and upgrade technology."

Social capital investors such as Huachuang Xinyuan also pay attention to these things, but the essence is to obtain the return rate on subsequent investment exits.

Suppose you spend $8 million to acquire ISSI and then someone offers you $10 billion to take over.

Obviously, they don’t care whether the takeover party moves the production line to Africa or plans to keep the technical patents in their hands and then declare the project bankrupt.

"So the conclusion is that the interests of social investors led by Yizhuang Guotou and Huachuang Xinyuan are not unified, and the possibility of them cooperating to set up a scheme is small?" Xie Jingxing responded and gave his judgment.

Yu Nian frowned slightly. "That's about right, but I still think it's too coincidental. On one hand, ISSI is being privatized and acquired, and on the other hand, Zhaoxin is seeking mergers and acquisitions to develop new businesses."

"Let's talk about it after we meet Chen Zhibin." Xie Jingxing had some vague guesses.

Yu Nian also pointed out directly: "Based on what we have learned recently about the chip circle in Beijing and the closed nature of the so-called Tsinghua School in the chip industry, the probability that Zhu Yiming knows about the ISSI M&A project is much greater than ours. After all, he and Chen Zhibin are considered to be our own people, while we are outsiders."

She paused for a moment and wanted to say something else, but suddenly stopped talking, looked at Xie Jingxing who was walking towards the front hall of the courtyard first, and then looked at Yuan Jin who appeared from the side hall of the back hall.

"How cheap!"

Yu Nian showed no disdain at all and turned away with a cold face, leaving Yuan Jin standing there confused and bewildered, having been scolded.

Zhou Fenglan's due date is almost the same as Yu Tong's. She is now at home, ready to give birth at any time. Therefore, Xie Jingxing has been stranded in Beijing recently, and she has moved to the courtyard alone to accompany him.

Occasionally, when Concubine Pei is free or when Song Anli comes to the capital on business to handle Xiaoma Pentium affairs, she will come to help her share some of the work, but overall it is of no help and most of the time she ends up having to bear the brunt of the burden.

Yuan Jin is now worried every day that her period will not come, and she feels really unfair to be scolded for this.

"Are you mentally twisted?"

On the other side, while driving to meet Chen Zhibin, Yu Nian tried to hold back her anger.

Xie Jingxing was confused: "What do you mean?"

"necklace!"

Yu Nian unconsciously lowered his voice and scolded him softly, then he spat in disgust.

The necklace Xie Jingxing gave her was in the shape of a velvet collar inlaid with gemstones. She originally thought it was trendy and fashionable, but when she saw Yuan Jin wearing a collar of roughly the same style, her feelings changed instantly.

"It may be a little twisted, but it has nothing to do with you."

Xie Jingxing's explanation was pale and powerless. He couldn't tell the truth that not only Yuan Jin, but also Song Anli and Concubine Pei were wearing them now. He had stockpiled more than a dozen necklaces and just picked one as a gift for you to save trouble.

Yu Nian was speechless. He wanted to curse him a few more times but then he thought better of it. Work was more important and he didn't bother wasting his breath on him.

…………

"I'm sorry for not welcoming you. Mr. Xie, can you play two games?"

The episode was revealed blandly, and Xie Jingxing and his companions met Chen Zhibin in a bowling alley of a private club. Chen Zhibin had a gentle temperament and seemed a little mediocre and introverted, lacking in sharpness at first glance.

He is the same age as Yu Nian and is a young talent in the industry. He started out in investment banking and later turned to investing in the chip industry.

Everyone had similar backgrounds and resumes and got along well. Xie Jingxing quickly changed his sneakers and took off his watch, then swung his arms and threw the ball.

"No, I need to rest for a while. I've eaten a lot of fish and drank a lot of alcohol during the New Year. My physical strength has obviously decreased."

After playing two games, Chen Zhibin, with sweat on his forehead, waved his hands and sat down to rest. He then got to the point: "Mr. Xie, Ms. Su He from your Taihe Capital is very good at mergers and acquisitions. I wonder if she has time recently?"

"It depends on the content of the work. The time can be coordinated." Xie Jingxing perked up.

Chen Zhibin thought for a few seconds and nodded: "Let me be frank. I have an M&A project here. You should know about it. ISSI, I would like to ask Taihe to provide M&A consulting services."

Xie Jingxing was speechless. This was very direct, but Yu Nian had never talked to him like this before.

"Of course I can provide M&A advisory services, but for the ISSI project, to be honest, I want to directly participate in the investment and acquisition." He replied tentatively.

"I have talked to Mr. Yu before, and now the situation has changed."

Chen Zhibin pondered and explained: "There are many investors in this project, and Huachuang Xinyuan is just one of them. In addition, the project itself has not been finalized, and everyone's demands have been adjusted."

"I understand." Xie Jingxing sat there waiting for what was to come.

Chen Zhibin slapped his thigh and stood up: "Let's not talk about it for now, Mr. Xie, please continue to rest. I'm not in good condition today and can't beat you. Mr. Yu, let's have a sparring match?"

"No problem, but I have to warn you in advance that you may have chosen the wrong opponent."

Yu Nian is an amateur tennis expert after all, with good athletic ability. She looks quite dashing with her hair tied up. She chatted and laughed with Chen Zhibin while playing tennis.

There was some noise in the stadium. Xie Jingxing sat in the lounge area and couldn't hear what they were talking about. He was not in a hurry and just watched and waited.

Half an hour later, Yu Nian scored a grand slam to win the game, and the staff came to find Chen Zhibin in time.

"You guys play first, I've got a call." He smiled and left for the time being.

Xie Jingxing sent the waiter away and handed over a towel: "What's going on?"

"Guess." Yu Nian took the towel and gently wiped away the sweat to prevent it from smudging her makeup, her eyes shining and her expression contented.

Xie Jing Xing unscrewed the bottle of mineral water and handed it to her, saying like a tongue twister: "Did we guess right?"

"more than!"

Yu Nian smiled and said with the excitement of finding out the truth: "The one who will be cheated is Yizhuang Guotou."

Xie Jingxing was speechless immediately. The chip industry was really awesome. Even the top state-owned funds dared to cheat. Moreover, this was not a special fund like the big funds.

“There have been two changes in this M&A project.”

Yu Nian sipped mineral water to moisten his throat. "Initially, Jingcheng Shansheng was the main body, and together with several venture capitals, Jingcheng Sicheng Semiconductor was established to acquire ISSI. Among them, Yizhuang State Investment was the largest investor, accounting for about 40% of the investment."

"So, although social capital such as Huachuang Xinyuan is not interested in Yizhuang Guotou's performance growth requirements for Jingcheng Sicheng Semiconductor after the completion of the merger, given that Yizhuang is the largest investor and can get domestic chip industry policy support during the merger process, it is understandable that they will talk slowly at the beginning." She deliberately stopped here, and Xie Jingxing resisted the twitch of his mouth and cooperated: "In the end, I am here?"

"It's OK, not too stupid."

Yu Nian relaxed his body with satisfaction and crossed his legs: "You made a brilliant debut with a 100 billion industrial fund. Jingcheng Shansheng and Huachuang Xinyuan wanted to get rid of Yizhuang Guotou and cooperate with you."

“Because we are a special industry fund?”

It is not shameful to bow your head when asking for help from others. Xie Jingxing is a good elementary school student who is modest and proactive.

Yu Nian was not satisfied. If you know everything, why do you need me as your teacher? She added slowly and emphasized: "Not only do you also have policy support, but even if you have requirements for performance growth, it will not affect their subsequent exit and making money."

Also promoting the development of the chip industry, Yizhuang's performance growth requirement for Beijing Silicon Semiconductor Company's acquisition of ISSI is that this piece of meat must rot in the pot, just like Luzhou Xinhai.

But the difference is that Beijing has a chip industry base, while Luzhou does not, so the latter has lower bargaining power in comparison.

Investors such as Huachuang Xinyuan can strive to have Xinhai take over their shares if performance growth does not meet targets, and use this method to guarantee a bottom-line exit and make a profit.

"Before Zhang Wenyi organized the dinner, Chen Zhibin and I discussed this direction."

Yu Nian finally got to the point with a pretentious tone: "But Chen Zhibin hooked up with Zhu Yiming at the dinner party, and he was trying to sell ISSI to Zhu Yiming."

"I found a buyer in advance." Xie Jingxing sighed.

Yu Nian was slightly stunned and blinked at him, then tilted her head to smooth her hair and said nothing more.

It is a bit subtle and awkward to sort out the whole context of the matter now. The cooperation between Yizhuang Guotou and Huachuang Xinyuan + Jingcheng Shansheng was originally quite pleasant.

Luzhou Xinhai suddenly appeared with a fund of hundreds of billions of yuan and acted like a rich man. Therefore, Huachuang Xinyuan and Jingcheng Shansheng decided to abandon Yizhuang Guotou and make friends with the rich man happily when they could make more money.

There was an unexpected surprise in the result. The rich man Xie Jingxing actually had contact with Zhu Yiming, and Zhu Yiming happened to be interested in developing new business through mergers and acquisitions.

Then the ultimate plan to maximize benefits was released - Huachuang Xinyuan + Jingcheng Shansheng maintained the original plan and continued to cooperate with Yizhuang Guotou to acquire ISSI; on the other hand, Xinhai Fund and Zhu Yiming's Zhaoxin Technology simultaneously cooperated to establish a new chip company settled in Luzhou.

After the ISSI acquisition is completed, it will be sold to a new chip company established in Luzhou.

Huachuang Xinyuan + Jingcheng Shansheng are equivalent to middlemen who make a profit without paying anything, while Zhaoxin Technology is equivalent to paying nothing and getting the appreciation of ISSI's high-quality assets for free.

Compared with directly participating in the acquisition of ISSI, Xinhai needs to pay more costs to take over ISSI from Huachuang Xinyuan, and also has to pay additional costs to cooperate with Zhaoxin Technology to establish a new chip company.

The cost of one part becomes two parts, the rich man becomes the sucker, and accordingly obtains the combination of ISSI+Zhaoxin Technology to settle in Luzhou.

Huachuang Xinyuan is too lazy to even cheat Xinhai Fund. Let’s be frank. We just raised the price. Do you agree or not?

Zhang Zhibin himself felt that this operation was too much and was too embarrassed to confront Xie Jingxing directly, so he used the excuse that he had told Yu Nian during the game that she would be the one to pass on the message.

Seeing Xie Jingxing's dull behavior as he drew his sword and looked around in confusion, he suddenly lost interest in watching him make fun of him.

Yu Nian thought it was all a good deed, so he comforted her, "It's very risky for them to operate this way. Yizhuang Guotou is not a lunatic, so it's not that easy to be cheated."

"That's why I asked you to pass on the guarantee and you didn't dare to confront me directly." Xie Jingxing shrugged.

"...What do I owe you?" Yu Nian complained speechlessly.

Yizhuang Guotou invested the most money and effort to buy back ISSI, but Huachuang Xinyuan immediately sold ISSI to Luzhou.

So what is Yizhuang Guotou busy with? Is it just to make some money?

There is no such way to fool a stupid boy, so if Huachuang Xinyuan wants to be a middleman, it must dig a pit. As for how to trick Yizhuang Guotou specifically, they have to worry about it themselves.

But no matter how it is done, Luzhou Xinhai, which will eventually take over, will inevitably offend Yizhuang Guotou. If Xie Jingxing can't bear the pressure, all his work will be in vain.

Chen Zhibin asked Yu Nian to pass on the message, and he had the idea of ​​letting China Merchants Capital intervene and take over if things didn't work out. Anyway, everyone was spreading rumors that Xie Jingxing had married into the family and was living off his wife.

"Mr. Xie, did you have fun today?"

Yu Nianzheng was chattering away without getting bored, when Chen Zhibin appeared in front of him with a smile as bright as spring breeze: "Sorry, I have something urgent to do and have to leave first. How about we meet again another day?"

"Okay, you decide the time." Xie Jingxing nodded heavily.

Chen Zhibin pretended to think for a moment and said, "It's better to do it today than to wait for a day. Let's do it the day after tomorrow. I just happened to have an appointment with Zhu Yimin from Zhaoxin Technology. Let's get together."

"It's a deal." Xie Jingxing had a faint smile on his face.

Yu Nian's eyes moved around and she pursed her lips. What a twisted schizophrenic patient. It turned out that he was flexible and could act according to circumstances, but he was just being stingy with her.

…………

The next day, Zeng Shixiong walked into the courtyard, exhausted. The hem of his woolen coat brought a chill as he walked through the deep stone-paved corridor.

"Any related party can influence the direct investment target - I remember you told me this?"

Xie Jingxing sat at his desk with his hands folded and got straight to the point. The sunlight pouring into the study in the front hall was bright and dazzling, and only his profile could be seen clearly.

"I've read the information."

Zeng Shixiong replied calmly: "There is almost no chance for us to bypass Beijing Silicon to acquire ISSI. All important partners of ISSI have the right to veto the acquisition to a large extent in essence."

"continue."

Xie Jingxing gestured for him to sit down. Yuan Jin quietly walked into the study from the side door carrying a tea tray, served two cups of tea, and then quietly left.

Zeng Shixiong secretly breathed a sigh of relief and sat opposite him: "For example, ISSI's core suppliers, if they think that our acquisition of ISSI will affect their interests, they will threaten to terminate the supply contract with ISSI and oppose our acquisition of ISSI."

“So even if ISSI itself agrees to the merger, the merger will not be possible.”

He explained as simply as possible: "After all, ISSI, which has lost its core supplier, is like a half-broken body that cannot walk independently. What is the point of acquiring it?"

"In the chip industry, such core suppliers and even technology patent licensors are often able to destroy half of a company."

Zeng Shixiong couldn't help but proudly commented: "For advanced manufacturing like chips, it's hard to justify the rogue argument that if you don't do it, there are plenty of people who will do it, as in real estate."

"So the theory you talked about is also valid for ISSI after it was acquired by Jingcheng Silicon?" Xie Jingxing automatically ignored his ghostly eyes.

Zeng Shixiong tapped the celadon teacup with his fingertips: "Yes, that's what I was going to say. Even if Huachuang Yuanxin acquires ISSI and then sells it to us, we still have to look at the completeness of ISSI."

"I found some interesting information in the first edition of the M&A materials. One of ISSI's current core suppliers competes with GigaDevice's main business. In other words, this core supplier is very likely to oppose ISSI's acquisition by GigaDevice."

He relaxed his body and leaned back in the chair, holding a teacup in one hand and taking out his mobile phone in the other, reading the complex supplier relationship chain extracted from the layers of financial information.

In the sunshine, Xie Jingxing's face silently revealed a wanton smile, from the bottom of his heart.

(End of this chapter)