My Age of Investment

Two days later, Mansour, the brother of the Ruler of Abu Dhabi and the Commander-in-Chief of the United Arab Emirates, Director of the Abu Dhabi Investment Authority and Vice Chairman of the Board of Directors of Mubadala Investment Company, took a private plane and led an investment negotiation team to Singapore.

Mansour was very eager to buy a stake in Xinxin Group. He couldn't wait to start negotiations as soon as he got off the plane and before his butt was even hot.

Huo Jing participated in the entire negotiation process on behalf of Temasek, and then she saw an unforgettable scene in her life.

Mansour, who had no cloth on his head and was only wearing a well-tailored suit, could not hide the glittering aura of gold all over his body. As soon as he got on the conference table, he stared straight at Xia Jingxing, who was sitting opposite him, and said, "Dai Lun, have you thought about it? As long as you nod, 20 billion US dollars can be transferred to New Chip Group's account immediately."

Hearing these words, Xia Jingxing couldn't help but laugh and said, "Mansour, do you mean to stop talking and sign the agreement directly?"

Mansour acted very free and easy, spreading his hands and said: "Of course, we Arabs will give 100% trust to our trustworthy friends."

"Haha, let's go through the process simply. We will mainly discuss some large cooperation frameworks, and then solicit opinions from many parties."

"Okay, let's get started!"

Xia Jingxing smiled and nodded, then glanced at Fu Jixun who was sitting next to him.

Fu Jixun immediately picked up the document on the table and read: "First, Mubadala Investment Company will inject 55.6% of GlobalFoundries' equity held by Mubadala Investment Company into New Core Group at a price of US$1.4 billion. At the same time, New Core Group will Received $1.2 billion in debt corresponding to the equity.

GlobalFoundries' main assets are two chip manufacturing plants in Dresden, Germany, and related intellectual property rights.

AMD still holds 44.4% of GlobalFoundries' shares, but AMD has promised to sell all its shares to Mubadala within the next few years.

If Mubadala reaches a deal with New Core Group, will AMD transfer its stake in GlobalFoundries to New Core Group in the future? "

Mansour said nothing. He imitated Xia Jingxing and gave a look to the young man next to him.

The young man replied on behalf of the boss: "Don't worry about this issue. If the deal is successfully concluded, we will sign a supplementary agreement with AMD and transfer all relevant rights and interests to New Core Group.

In fact, the reason why we did not buy out all the shares of GlobalFoundries held by AMD at one time is because we have reached a multi-year foundry agreement with AMD.

Even though GlobalFoundries has now been separated from the AMD system, AMD's chips will still be manufactured by GlobalFoundries in the next few years.

In addition, Mubadala also holds a 19.3% stake in AMD and has a board seat in this chip company, which can ensure that GlobalFoundries has priority in obtaining the right to renew the cooperation before the foundry agreement ends.

In addition, GlobalFoundries also inherited the chip foundry cooperation agreement originally signed between AMD and IBM. "

Xia Jingxing took a look at the handsome young Arab man who spoke for Mansour. The young man looked very young, thirty years old at most, but he was already the chairman of Manchester City's board of directors and was a relatively small figure in the world's fan circles. Have a reputation.

This man's name is Kaldoun Al Mubarak, a close confidant of Mansour, and he is very respected by Mansour.

Fu Jixun continued: "Okay, let's discuss the second item. Mubadala promises to invest up to US$6 billion in GlobalFoundries within the next five years, and acquire 55.6% of Mubadala's shares from Xinxin Group. GF’s equity, or even going one step further, after fully acquiring GlobalFoundries, can this US$6 billion investment be passed on to New Core Group?”

Kalduin replied: "Yes, and we will also increase the investment limit in Xinxin Group to US$20 billion."

Fu Jixun nodded and said: "Third, Daxia Capital will inject 80% of the equity of Xinxin Group into a new company, Xinxin Holdings, and promise to invest up to 80% of Xinxin Holdings in the next five years. Holdings will invest an additional US$10 billion.

At the same time, Xinxin Holdings will also become the only company to receive additional investment from Mubadala. "

"Mubadala has no objection to this!"

…

Huo Jing looked on blankly at the side, almost doing whatever Fu Jixun said, and Mansour on the other hand raised his hands in approval.

It involves a huge investment of 20 billion U.S. dollars. It is too ridiculous to go smoothly.

She guessed that Xia Jingxing and Mansour had reached a series of ulterior agreements behind the scenes.

But that was a matter between Vision Capital and Mubadala. It had nothing to do with Temasek, and it was not easy for her to inquire. As long as Mubadala and Daxia Capital kept throwing money at Xinxin Group, that would be enough.

More than an hour passed, and Fu Jixun and Kalduun had checked dozens of key terms.

Seeing that the two seemed to want to check more carefully, Mansour stopped immediately.

"Okay, there is no need to check any more. As long as there are no objections to these key terms, leave the other details to the legal team."

After saying that, Mansour turned to look at Xia Jingxing and said with a smile, "Dylan, what do you think?"

Xia Jingxing nodded, "Okay, I'll do as you say."

Xia Jingxing had a good impression of his oil tycoon friends who acted boldly and boldly.

Of course, Mansour is not a fool. On the contrary, he is shrewd. He and Xia Jingxing have had many phone calls in the past two days, and the two of them basically finalized a package agreement on the phone.

Mubadala's cooperation with Xinxin Group and Daxia Capital is only one of them, and the cooperation with Vision Capital is the top priority.

But in front of Huo Jing, there is no need to talk about the cooperation between Mubadala and Vision Capital.

Huo Jing also knew this, so after the negotiation, he excused himself to something and left in a hurry.

…………

…………

night.

On a luxury yacht not far from the Singapore port, Xia Jingxing and Mansour were drinking and drinking.

“Happy to work with!”

The two of them laughed and clinked their glasses.

After taking a sip of red wine, Mansour placed the glass gently on the table and said, "Darren, I heard you want to buy Liverpool?"

"Who said that?"

Xia Jingxing looked at Mansour with a half-smile.

"It seems true?"

"We do have this plan, but we still have to see the final result."

Xia Jingxing admitted it calmly. It was just the acquisition of a football team. It was not a big secret. It didn't matter if he admitted it openly in front of Mansour. The dust had almost settled anyway.

"After you successfully take over at Liverpool, you can make an appointment with Manchester City to play a few friendly matches."

Xia Jingxing wanted to ask if this friendly match was serious? But after thinking about it, we all have different cultures and different attitudes towards football, so it’s better not to make such a joke.

After the two briefly chatted about football, the topic returned to semiconductors.

"If we invest 20 billion U.S. dollars and Daxia Capital invests 20 billion U.S. dollars, will Xinxin Group be able to do it? Will more investment be needed in the future?"

Xia Jingxing glanced sideways at Mansour, his eyes seeming to express one meaning: Are you doubting me?

Seeing Xia Jingxing's expression, Mansour quickly waved his hand and explained: "Darren, you misunderstood, it's not that I don't believe in your investment vision and management ability.

But the semiconductor industry is relatively sensitive and involves many uncontrollable factors. "

Xia Jingxing smiled lightly, "Anyway, what we have signed so far is only an investment intention agreement. If you regret it, you can overturn these agreements at any time. I will respect each other's choices."

Mansour sighed, turned to look at the dark sea in the distance, and said: "If I really doubted you, I would not agree to invest in Xinxin Holdings! I would directly ask to invest in Xinxin Group!"

Xia Jingxing was silent for a moment and said, "Thank you! Mansour, thank you for your trust in me."

Although there was an element of exchange of interests, Xia Jingxing's thank you was also sincere.

Because Mansour invested US$20 billion, but he can still only be a small shareholder without much say.

Xia Jingxing designed and built a shareholding platform like Xinxin Holdings. Anyone with a discerning eye can see that this was to prevent him from losing control of Xinxin Group.

In the next few years, Xinxin Holdings will first accept 80% of Xinxin Group's equity injected by Xia Jingxing, and Xia Jingxing will also inject US$10 billion in cash in the future.

Mubadala will inject $20 billion in real money into Xinxin Holdings in multiple phases.

From a static point of view, the two values ​​are equal, both are 20 billion US dollars.

But the next 80% of Xinxin Group's equity will most likely continue to increase in value, and the US$20 billion injected by Mansour is not a one-time investment.

This will have a result: Daxia Capital's shareholding ratio in Xinxin Holdings will be higher than 50%, which is higher than Mubadala's shareholding.

Mubadala cannot control Xinxin Holdings Company, and naturally it cannot control Xinxin Group.

The shareholding structure reflected in the New Core Group is that New Core Holdings holds 80% of the shares and Temasek holds 20%.

Of course, when GlobalFoundries' assets are injected in, the shareholding ratios of New Core Holdings and Temasek in New Core Group will be diluted, but the short-term value will not change and will still be US$10 billion and US$2.5 billion respectively. Both parts of the equity have great room for appreciation in the future.

In other words, Mubadala spent 20 billion US dollars and also tied up with most of GlobalFoundries. As a result, its influence and voice over New Core Group may not be as good as Temasek's, and it has completely reduced itself to a financial investor.

But Mansour doesn't care about these. What he really cares about is whether he can bring investment income to Abu Dhabi.

If Xinxin Group's investment here is unfavorable, Abu Dhabi can make back its investment in Vision Capital. If the east is not bright, the west will be bright.

Xia Jingxing carefully took stock of the gains and losses of all parties in his mind.

If we do not consider the US$10 billion previously invested in New Core Group, we will only discuss the US$10 billion that Daxia Capital will inject into New Core Holdings in multiple batches in the next few years.

This investment will leverage Abu Dhabi's US$20 billion. If Temasek does not want its equity to be diluted, it will have to invest US$7.5 billion. Counting Temasek's previous investment of US$2.5 billion, Temasek's investment will reach 10 billion. Dollar.

The three shareholders have invested a total of US$50 billion, plus more than half of GlobalFoundries.

AMD can acquire the remaining 44.4% of GlobalFoundries' equity using financial leverage.

Qimonda and Elpida will also use financial leveraged acquisitions.

Coupled with the debt borne by Chartered Semiconductor, the debt of New Core Group will soon reach tens of billions of dollars.

This debt is actually nothing. Compared with the net capital of more than 50 billion US dollars, the leverage ratio is very low.

But this is just the beginning. With US$50 billion invested in the semiconductor industry, there will be hundreds of billions of dollars in investment.

If Samsung and Gulf Power take over and launch a fierce counterattack, the three parties of Xinxin Group will have no choice but to bear it to the end, because the sunk costs are too high, and it is impossible for US$50 billion to be wasted.

Singapore and Abu Dhabi are fighting against Yizhou and Bangzi. This picture is simply not too beautiful.

Of course, Xia Jingxing didn't run away either. He dug such a deep hole and buried himself in it as well.

It's better to have two more helpers than to challenge Yizhou and Bangzi alone.

The mainland can only be a bystander at this time, because it cannot get involved casually. Once involved, there will definitely be forces jumping out to intervene.

However, once the situation becomes chaotic, Fuxing Industrial will still have the opportunity to fish in troubled waters later.

For example, if semiconductors, panels, and mobile phones are all fighting at the same time, no matter how long or thick Samsung's health bar is, it will still be weakened.

Xia Jingxing glanced at Mansour, who was looking at him expectantly, and thought to himself: Brother, I can only say sorry to you this time. Once you get on my boat, don't even think about jumping off again.

It's better to let me cheat you than to be cheated by Son Zhengyi.

In the previous life, the largest LPs of the $100 billion Vision Fund were the Saudi Sovereign Wealth Fund and the Mubadala Fund. The oil tycoons of the two countries all threw money into the Vision Fund in units of tens of billions of dollars.

Although Xia Jingxing cannot guarantee that New Core Group will succeed in the future, Mubadala will certainly not lose money by investing in Vision Capital's hedge fund.

Even if all investments in Xinxin Holdings are wiped out, as long as the rate of return on Vision Capital's side is higher, the account can still be settled.

Well...just to settle the accounts, the time cost is wasted.

Thinking of this, Xia Jingxing asked tentatively out of compensation: "Mansour, I feel that the subscription of 20 billion US dollars in hedge funds seems to be a little less. How about you invest more?

You see, earning double the income is equivalent to your entire investment in Xinxin Holdings.

And this does not take into account management fees, excess income sharing and other aspects. After deduction of fees, the return rate is only a few dozen percent. "

Mansour looked a little confused. He had invested more than 40 billion U.S. dollars and it still wasn't enough. How big should his appetite be?

If it weren't for Xia Jingxing's reputation, he would have thought he had met a liar.

"I'll think about it again!"

Mansour did not refuse directly, but he had already made up his mind not to invest until the results of this investment came out.

Although his family has trillions of dollars in assets, it is always right to be careful.

Xia Jingxing felt a little annoyed when he saw that Mansour actually rejected him tactfully. Was he a little too anxious? Look like a bad guy?

…………

…………

After signing the investment agreement, Mansour left Singapore on a private plane the next day, leaving behind a team responsible for connecting with several institutions such as New Core Holdings, Vision Capital, and Daxia Capital.

Xia Jingxing also followed suit and simply became a hands-off shopkeeper and went to inspect properties in Singapore.

Envision Capital has an office in Singapore, which oversees multiple departments such as venture capital and secondary markets, but its asset management scale is not too large.

After a brief look, Xia Jingxing lost interest in the Singapore office.

Especially in the field of venture capital, the Singapore office has hardly invested in any valuable companies.

This is largely due to the fact that the overall economy of Southeast Asia is still relatively backward at this time. Singapore is the only developed country, and most other countries do not even have good infrastructure. For example, if an entrepreneur builds an e-commerce website, it is not known how long it will take to deliver the goods. .

These problems have greatly restricted the development and ceiling of the Internet industry.

As for other technology industries other than the Internet, there are even fewer in Southeast Asia. Only Singapore has a semiconductor industry to support the scene.

These situations will not change until the advent of the mobile Internet era. By then, countless Chinese entrepreneurs will go overseas to Southeast Asia. Southeast Asia is also desperately copying the Chinese Internet model. The venture capital ecology will be further improved, and there will gradually be hot spots for entrepreneurship. Known as a value depression.

Right now, it’s not that there are no unicorns emerging in Southeast Asia, but there are very few, very few, and the most valuable ones have already been captured.

Xia Jingxing has not forgotten the first company he invested in Southeast Asia and the first nail he planted.

After contacting Li Xiaodong, Xia Jingxing went directly to his company for inspection.

－－－－－－Digression－－－－－

Two-in-one, it makes up for the normal update that was owed before.

7017k