Zhou Xin didn't give Li Jingyi time to react, so he took her on a special plane to Shenhai on the last day of New Year's Day.
The semiconductor industry landing park he agreed with the big shot is Shenhai's Zhangjiang High-Tech Park.
SMIC, which will become China's chip foundry hope in the future, is now gaining momentum in Zhangjiang.
Therefore, Zhou Xin's last stop in China was Shenhai, which was also the forefront of China's economic opening.
"Mr. Zhou, on behalf of the citizens of Shenhai, I welcome your arrival. We welcome entrepreneurs like you who represent advanced productivity to invest and start businesses in Shenhai.
We have always planned to build the entire Zhangjiang area into China's Silicon Valley.
In the original plan, Zhangjiang also needed to include the information industry, semiconductor industry, software industry, etc.
Simply put, we want to have what Silicon Valley has, and we also want to include what Silicon Valley doesn’t have.
Like the biomedical industry, we also hope to promote these industries to take root in Zhangjiang.
We hope to absorb the advanced experience of Silicon Valley while giving full play to our advantages to create a truly Chinese Silicon Valley. "
Planning for the Zhangjiang High-Tech Park began in 1992, with the goal of Silicon Valley.
China's desire to covet high value-added industries did not appear only after 16 years. China has always known how precious high value-added industries are and has always hoped to build its own high value-added industries.
Zhang Jiang’s targets are integrated circuits, information industry, Internet and biomedicine.
Regarding the current development status of biomedicine, if you look at the understanding of this field 20 years ago and look at it 20 years later, you will find that there is no essential difference.
At that time, Chen Zhu, the vice president of the Chinese Academy of Sciences (Ph.D. in the field of hematology), said: Our research and development in the field of biomedicine is "holding a golden bowl and begging for food." Most of the funds are used to track mainstream Western medicines and research and development plans. and project guides have almost become product catalogs for foreign pharmaceutical companies.
China protects its own Internet industry for a similar purpose.
Only industries with high added value and no monopoly are conducive to class mobility.
It is difficult for Internet workers to buy property in first-tier cities on their own, but they can easily achieve this goal by realizing options after the company goes public.
Zhou Xin said: "Mr. Huang, I also hope to see a technology park similar to Silicon Valley in China and become the engine of China's high-tech industry.
There are two best parks in the world in this regard. One is Silicon Valley. We don’t need to elaborate too much on the success of Silicon Valley.
I believe that everyone should fully investigate and conduct in-depth research on this during the Zhangjiang High-tech Park project establishment and subsequent investigation.
In addition to Silicon Valley, there is another place called Hsinchu, in Wanwan. I wonder if you know anything about it.
Because during the process of AMERICAN's initiative to establish CAAS, I talked with a large number of scientists, engineers and entrepreneurs from the Wanwan area.
In the Hsinchu Park alone, there were a total of 50 listed companies last year, with total capital accounting for 8% of the entire Wanwan industrial capital, and annual trade volume accounting for 9% of Wanwan's total foreign trade.
It can be said that the Hsinchu Park, like Silicon Valley, has achieved a very good synergy between industry, academia and research, and has given birth to advanced technologies and industry leaders that dominate the world, and has exerted a strong traction and radiation effect on the economy of the entire region.
After I came to Shenhai, I first went around Zhangjiang. What impressed me deeply was that here there are only land resources and policy resources, but human resources and financial resources are very scarce.
Whether it is Hsinchu or Silicon Valley, there are top universities located in them. The universities in Shenhai, Fudan Jiaotong University and Tongji Huadong are too far away from Zhangjiang.
Such a distance makes it difficult to promote industry, academia and research.
When Team Leader Zhou took me shopping, he introduced to me that Shenhai would plan a university area of more than 2,000 acres in Zhangjiang and move all the top universities in Shenhai. It's a good idea, but it's slower than I expected.
Because I heard from Team Leader Zhou that Zhangjiang started planning in 1992, the year of Nanxun. It has been seven years now, and the university district is still only on paper. "
Team leader Zhou is the deputy leader of the leadership team of Zhangjiang High-tech Park, and Mr. Huang is the number one person in Shenhai.
Zhou Xin is very concerned about Zhangjiang, because the big shots promised him that a series of support and even the implementation of specific policies will be placed in Zhangjiang.
At least tens of billions of dollars will be invested in this place in the future. One can imagine how much Zhou Xin cares about Zhang Jiang.
There were only leaders from Shen Hai and Zhou Xin in the living room today, so everyone talked very directly.
"Mr. Zhou, because there are many high-tech parks in China, in 1988 the country approved the first high-tech park in China. This high-tech park was in Yanjing, which is now Zhongguancun.
In 1992, 26 high-tech parks were approved, including the Donghu New Technology Development Zone in Zhangjiang and Jiangcheng.
In Shenhai alone, the parks approved by the state in 1992 include Zhangjiang and Caohejing.
In the same year, Shenhai also approved the Shenhai University of Technology Science and Technology Park, which is the second university science and technology park in the country.
Shenhai University of Technology Science and Technology Park was approved by the state to be listed as a national high-tech park in 1993.
Shenhai University of Technology, Shenhai University of Science and Technology, Shenhai University and Shenhai College of Science and Technology have merged into the new Shenhai University in the past few years. The Shenhai University of Technology Science and Technology Park was therefore renamed Shenhai University Science and Technology Park. .
In other words, Shenhai has a total of three high-tech parks. It will take time to demonstrate where our resources should be allocated.
These three high-tech parks are also seeking support from the national level. The municipal government level is very difficult, and the palms and backs of their hands are full of flesh. Each park has its pros and cons.
It was not until August last year that we clarified the principle of focusing on Zhangjiang.
From bus lines and subways to various factor trading markets, from various intermediary agencies to various university branches and scientific research institutes, this series of city-wide advantageous resources need to be quickly gathered in Zhangjiang.
The mayor personally leads the team as the team leader of Zhangjiang High-tech Park. All departments are authorized to Zhangjiang. Park matters can be solved within the park. Zhangjiang is Shenhai's "special zone, not a special zone". "
Twenty years later it is difficult to understand the urgency for development at that time. Almost everything was done as quickly as possible.
"We plan to focus on Zhangjiang for two years. We will see the results after two years. We hope that various indicators will exceed the total of Zhangjiang's past eight years of operation."
"After the focused goals are achieved, the government should take a step back and give full play to the 'invisible hand' of the market to play a leading role in allocating resources and micro-activation, so that enterprises can become independent without restraint or excessive care. Self-improvement.
Whether during the process of Focusing on Zhangjiang or after Focusing on Zhangjiang is over, we very much need the support of entrepreneurs like Mr. Zhou for Zhangjiang.
The support here is definitely not just financial support, but also support in terms of experience, knowledge, etc.
As an entrepreneur with rich entrepreneurial experience in Silicon Valley, Mr. Zhou hopes that you will hold us to Silicon Valley standards during your entrepreneurial journey in Zhangjiang.
At the same time, any comments and suggestions are welcome. "
In the future, Zhou Xin's venture will be Xinxin Technology established in Zhangjiang, and it will also be in Shenhai most of the time.
He knows Zhang Jiang and even Shen Hai very well.
Is Zhang Jiang successful? From the perspective of China, it is absolutely successful. Among the high-tech parks established in 1992, Zhangjiang is definitely the most successful.
Today, I heard that Shenhai and even the national level's plans for Zhangjiang were unsuccessful.
Zhangjiang's future achievements are not worthy of the country's expectations of it.
No matter from which perspective, Zhang Jiangli failed to meet the country's expectations of benchmarking it against Silicon Valley.
Silicon Valley is a bit far away, so it is more practical to compare Hsinchu with Zhangjiang.
Twenty years later, the output value of Hsinchu Park will be much lower than that of Zhangjiang Science City. Zhangjiang’s annual revenue is about 1.2 trillion RMB, while Hsinchu’s is only about 400 billion RMB.
However, Zhangjiang's revenue comes from many aspects. Integrated circuit revenue is only 200 billion yuan, while Hsinchu is almost entirely integrated circuit-related industries.
This is still the fifth year of the localization process of integrated circuits.
But Zhou Xin didn't have much to say, because in his opinion, Zhangjiang's high-tech breakthroughs were far from expectations.
This is not caused by policy, it is caused by the material world.
With Silicon Valley and other Asian regions leading the way in terms of semiconductors, it is difficult for China to develop its own semiconductor industry.
This is a status quo that cannot be changed at the unilateral policy level, and the other party must cooperate.
If it were not for the cooperation of Amerikan and the combined policies of both parties, Huaguo Semiconductor would not have the opportunity to develop independently.
"I think it's very good. I heard Team Leader Zhou talk in detail about our planning around the Zhangjiang Park.
Everything I can think of has been covered, but I hear no financial advantages.
I think Shenhai can set up a similar venture capital pilot institution to carry out venture capital investment in qualified high-tech enterprises in Zhangjiang Park.
You can even adopt the method of investment and loan linkage. For example, if this company needs 50 million funds to maintain the company's operation, then the bank will lend it 25 million yuan, and the venture capital institution will invest another 25 million yuan.
This is equivalent to sharing the risk.
Let me expand on this. Everyone knows that the essence of venture capital lies in extensive investment. If I invest in 20 companies, as long as one of them succeeds, my income will be guaranteed.
If a bank only provides loans to enterprises, once the loan is repaid, it will become a bad debt and eventually become a loss for the bank.
As for investment-loan linkage, with the cooperation of venture capital institutions and banks, credit risks can be covered through excess returns.
Compared with Silicon Valley, the only difference in Zhangjiang's financial resources is that foreign investors look down on China's integrated circuit companies, and domestic state-owned enterprises and private companies are even more absent in this area.
My emerging investment will invest heavily in semiconductor companies in Zhangjiang, but first, tens of billions of dollars will be invested gradually, not all at once.
In addition, even if tens of billions of dollars are spent, it is still not enough for the entire industry, far from enough.
I think the Shenhai government has the ability to explore in this area.
The company is located in Zhangjiang, and the Shenhai government is more capable than any other company in conducting pre-investment investigation, post-investment supervision, and risk due diligence in venture capital.
Regarding this, you can refer to the Temasek model. "
Team leader Zhou will come forward to answer the specific details: "Mr. Zhou, the ideas you put forward are very constructive.
We will also study this in depth in the future. Our plan is to focus on the park’s human resource allocation, incubation environment, intermediary services, corporate credit system, etc., to create a market-oriented environment suitable for industrial development.
The corporate credit system here actually serves venture capital institutions investing in park enterprises. "
Zhou Xin said: “I feel that what I just said is still unclear.
Foreign capital is unwilling to invest in domestic semiconductor companies not because they are afraid of risks.
These foreign investment institutions are all dogs. They are not afraid of being beaten, they are just afraid of not being able to eat meat.
Entrepreneurs in the domestic Internet industry can get millions and tens of millions of dollars from foreign investment institutions with just a few PPTs. Aren't foreign investment institutions worried about risks at this time?
Foreign investment institutions only want to pursue ultra-high returns. What they need to do is invest in promising companies and then put them on the market.
China's semiconductor companies will not have such an opportunity, at least not in the short term.
Whether it is Nasdaq or the Hong Kong stock market in the south, it is difficult for Chinese semiconductor companies to go public and IPO in these places. There will be no investors to take over, because they simply do not believe that China can do it in the semiconductor field. What valuable business there is. Listing on the domestic capital market is even more difficult.
Therefore, no matter how well Shenhai does in terms of corporate credit and risk control, overseas capital will still not choose to invest in Zhangjiang's high-tech enterprises.
Even for me, I have my own goals. I hope to cultivate a supply chain that I can control in the process of investing in Chinese semiconductor companies.
Only China's state-owned capital has the ability and conditions to accompany these high-tech enterprises to grow together.
In my opinion, the industry, academia and research that China needs to do should also include the school’s experts helping state-owned capital to check. They are responsible for checking whether the company has technical content, and what is the level of the company’s R&D personnel and core R&D experts. .
Through performance appraisal, the future of the company is highly tied to the experts who conduct the review.
For example, Company A, with a valuation of 50 million, hopes to obtain an investment of 25 million from state-owned capital and sell 50% of its shares.
So if this company finally brings 10% of the income to state-owned capital when it is liquidated, how much money can the experts get, and how much can they get from 20% of the income.
If this company is finally listed, the state-owned capital will earn dozens of times the profit, and how much money the review experts will receive will form a complete mechanism.
If there is a loss, there needs to be mechanism restrictions on how the experts will punish them.
Even if experts collude with enterprises to defraud state-owned capital investment, how will they be punished? "
What Zhou Xin is talking about is a very new thing, and none of the big guys here have heard of it.
Even the large chip funds with a scale of 100 billion later did not play this way.
This is Zhou Xin’s thinking during the entrepreneurial process. It may not necessarily apply to the future, but it is very suitable for the present.
Because the current technological gap is not obvious enough, if the core R&D team has sufficient capabilities and financial support, it can achieve technological catch-up.
When the gap is too big, no matter how powerful the team is, they can only touch other people's tail lights.
After listening, Team Leader Zhou nodded and said, “What Mr. Zhou said gave me a lot of inspiration.
I think of the chaos I observed recently when I was investigating domestic high-tech parks.
It can be summed up in eight words: follow the trend blindly and aim too high. This is a common problem in current high-tech parks.
In order to compete for projects and seek output value, they neglect to base themselves on national conditions, find the best entry point in the market, and cultivate core technologies with independent intellectual property rights.
What Mr. Zhou just mentioned made me think that we can combine it.
The investment-loan linkage allows banks with rich experience to help us check the company at the first level. They will start with the company's real operating conditions to provide a loan amount.
Then let the experts handle the second step to identify companies that truly have core competitiveness for investment.
Finally, through the Zhangjiang Park, we will continue to track the development trends of these companies based on their location advantages after the investment is completed, and not only provide good services but also provide good supervision to control the last step. "
Zhou Xin said: "Yes, I can add one more point, that is the second level of expert review, it is best to adopt a blind review method."
Before 1988, local governments had always been the main investment subject in local infrastructure, and no one was required to be responsible for project profits.
Later, the investment entity became a platform company, which is also commonly known as an urban investment company.
It was not until the national level encouraged the development of the photovoltaic industry that local governments saw opportunities. Photovoltaics were both corporate and infrastructure-based, so a large number of platform companies under local governments invested in photovoltaic companies.
Finally, after the photovoltaic boom subsided and production capacity far exceeded demand, local governments suffered huge financial losses.
However, this photovoltaic investment has also caused local governments to gradually become interested in investing in enterprises.
The most typical representative is Hefei. In 2009, it spent one-third of the city's fiscal revenue to introduce BOE, which lost more than 1 billion points.
The founder of BOE felt that Hefei was the most practical among all the cities in the country.
The gameplay proposed by Zhou Xin is a point-to-point precision investment, and it will most likely only be used in the high-tech field.
"Mr. Zhou has given us so much this time, and we have a lot of work to do.
The inspiration you have brought to us can help Zhangjiang serve better in the subsequent development process. "
The courtesy given to him by Shen Hai was very high.
As for whether the investment model he proposed will be implemented in the future, Zhou Xin doesn't know.
But Zhou Xin hopes to make it happen.
“We can also have in-depth communication on the investment method that Team Leader Zhou just summarized.
Because Shenhai adopts this method of passing the three tests, I feel more confident when investing in companies that pass the test.
Can we take this approach? For example, if company A needs 50 million yuan, the bank will lend him 25 million yuan, and then Xinxing Investment and Shenhai's state-owned venture capital institution will jointly invest the remaining 25 million yuan.
We can create synergies.
Provide financial services to more high-tech enterprises throughout the Shenhai region. "
Zhou Xin hoped that Shen Hai would help check the situation, and Shen Hai was not the same.
They also hope to use a fresh perspective to select truly valuable companies.
Being willing to invest in emerging investments is equivalent to another layer of insurance.
"That's it for us. Let's study it carefully and keep in communication with Manager Wu." Team leader Zhou said quickly.
Zhou Xin basically got everything he wanted during his trip to China. His only regret was UnionPay, a UnionPay project that was already under preparation.
It is expected to be formally established after the meeting in March.
Zhou Xin really wanted to have a hand in it. If he could own UnionPay shares, he would be divorced from the country to a certain extent.
The number of words is gradually increasing, the crow is about to recover, and the king is back!
(End of chapter)
