My Age of Investment

  Chapter 764 Unshakable for Forty Years

  "At present, we and Northern Light Venture Capital have jointly invested in two companies, both of which are companies in the semiconductor field. They are Zhaoyi Innovation, which develops memory chips, and Spreadtrum Communications, which develops mobile phone chips."

  Looking at Xia Jingxing, Fu Jixunhui reported: “The founders of these two companies and Deng Feng have one characteristic in common. They were born in Tsinghua, studied in the United States, worked in Silicon Valley, and returned to China to enter the semiconductor field.

  I thought it was accidental at first, but after careful study, I found that it was inevitable.

  Why do you say that?

  In 1956, China proposed to "scientific march" and listed semiconductor technology as its development focus.

  The following year, the Department of Radio Electronics of Tsinghua University established the Semiconductor Teaching and Research Group.

  In 1980, Tsinghua University established the Institute of Microelectronics on this basis, and in 2004 established the Department of Microelectronics and Nanoelectronics.

  In China, no university has a history and research foundation in semiconductors comparable to Tsinghua University.

  The founders of Spreadtrum Chen Datong and Wu Ping are the first batch of Ph.Ds graduated from the Department of Electronics of Tsinghua University. They are 77 and 79 respectively.

  However, when they graduated with a Ph.D., China's industrial technology was still very backward, without funds and equipment, it was almost impossible to focus on microelectronics.

  In the daze of "learning something but not using it", they all left the country with the big country.

  Chen Datong, who finished his post-doctorate at Stanford, joined Howell Technology in 1995 and became the founder.

  Chen Datong described the team at that time, “80% are Chinese, 80% of the Chinese are international students, and 80% of the international students are Tsinghua graduates.”

  In the entrepreneurial soil of the United States, Howe, a member of the Tsinghua team, became the first company to turn CMOS image sensors into products, and landed on Nasdaq in December 2000.

  In 1999, the state issued the "Policies for Encouraging the Development of the Software Industry and Integrated Circuit Industry", which the industry called "Document No. 18", to vigorously encourage overseas high-tech talents to return to China to start businesses.

  We all know about the following things. Wu Ping, Chen Datong, Zhu Yiming all came back to start their own businesses.

  The major they studied in their own universities, they also work in semiconductor companies in Silicon Valley. After returning to China, there is support from Tsinghua’s alumni circle.

   Therefore, it is not wrong to say that Tsinghua students support China Semiconductor for half a day, because that is the fact. "

  Xia Jingxing smiled and nodded, “Your opinion is correct. Not only semiconductors, but also the Internet in Silicon Valley, many employees are also from Tsinghua.”

  In the past, some scholars said that there are more than 20,000 Tsinghua students in Silicon Valley. The data is not false, because there are so many.

   "Yes, if we want to invest heavily in the semiconductor field, we must first seize talents, secondly improve the employment environment, and thirdly fund.

  Talents, first of all, we must retain, and secondly, we must strive to return, and even dig out some non-Chinese engineers.

  The employment environment must be improved, to make them feel useful, and to provide salaries that are not much worse than those abroad, including housing, transfer of ownership, children's education, and many other issues.

  The summary of all these problems is a question of funds. "

  Fu Jixun stared straight at Xia Jingxing, and said in a cautious tone: “This line has a very high threshold. It is a technology-intensive industry, and the technological gap between decades of foreign countries is even more difficult to bridge;

  Semiconductor companies in Europe, America, Japan and South Korea have also formed alliances with each other, and the relationship between each other is deeply rooted;

  There is also the intervention of state power. Leading technologies and companies cannot be bought with money. "

  Xia Jingxing knew that Fu Jixun was reminding him to think twice. Once he entered semiconductors, he was as deep as the sea. From then on, he was a passer-by for profit, and he might even drag the company down.

  General entrepreneurs entering this field are afraid and startled step by step.

  Unlike him, he has invested in so many potential companies and has strong assets to support in the future. It is not afraid of these risks of failure, and it is a big deal that all losses will be accrued.

  "Semiconductors must be developed, and they must be promoted. This is the basic line that Envision Capital has unshakable for 40 years!"

  Looking at the solemn face of the boss, Fu Jixun was stunned for the first time. After reacting, he said that he was really frightened.

  "Will the layout be forty years from now?"

  Li Ying looked incredible. She really didn't know what Xia Jingxing was thinking.

"Correct!"

  Xia Jingxing nodded. In the absence of cheats, he expects that around 2020, the semiconductor industry will achieve some achievements and gain some benefits.

  But at that time, we could not reach the international leading level. We could not stop and we had to continue to spend money to catch up. We should be able to fully see the effect before 2050, and this huge investment will also be a successful end.

  This is still a relatively ideal result. If there is an accident in the middle, it may fall short.

  "Why are we here to invest in semiconductors, shouldn't the country be the dominant force?"

   Liu Xiaoduo frowned, “I think South Korea used low-price strategies to bring down Japan and steal part of the semiconductor market share. And because there are Americans behind it to support South Korea to check and balance Japan.”

Xia Jingxing didn’t expect that the little secretary would still understand this period of grievances, and gave her a thumbs up, "That’s right! Semiconductors account for a quarter of South Korea’s exports. If you want to take away this market, will all countries come? Fuck us?"

   "That's for sure, you may also face technical blockade, raw material blockade, and equipment blockade."

  Fu Jixun sighed, “If we are only in the low-end market, we are the same as we are, but if we are in the high-end market and seize a large part of the market share, interested countries will not sit idly by.

  We are just a company or an investment company. If we start a business with the idea of ​​confronting one or even several countries, is it too much beyond our own capabilities? "

   "You are right. If we were just an investment company, we might not need to go to the semiconductor industry."

  Xia Jingxing explained: “But my industry is not just an investment company, but also automobiles, home appliances, mobile phones, the Internet of Things and smart wearable devices, etc. These terminal products require consumer semiconductors, and the future number may reach hundreds of billions.

  If we can’t complete the closed-loop business, it’s not easy to be severely slaughtered. What if we are cut off? "

  Xia Jingxing still has something to say. Industrial assets such as automobiles, home appliances, and mobile phones may add up to several trillion yuan, which seems to be incomparable. But if controlled by others, it is easy to be destroyed like a rootless ping.

   Gree has a good advertisement saying that it is necessary to master the core technology.

  Considering the future struggle between China and the United States, he is afraid that he will be able to enjoy a package that is more luxurious than Huawei.

  "No way? The discontinuation of confessions has a great impact on the reputation of the company."

  Fu Jixun thinks whether the boss has delusion of persecution. Now is the era of global industrial division of labor. If a company includes all businesses, it is not a trust?

  "Think about how the United States dealt with Japan. In the 1980s, Japan Semiconductor forced a large number of Silicon Valley companies into bankruptcy, and Intel was almost forced to die.

  Japan is still an ally of the United States. You said that China wants to develop the entire semiconductor industry chain and transform from an importer of semiconductors to an exporter. What will others do with us? "

  Fu Jixun stopped talking. If the boss said something like this, it is not impossible to do it according to the urine nature of the Americans.

  This has nothing to do with morality, it is all about real benefits.

  (End of this chapter)