254: Chapter 254 Listing on the Hong Kong Stock Exchange?

"Let me take a look at your 22nm production line."

Shen Fei thought for a moment. He had told the other party to feel free to ask for anything, but he hadn't expected them to propose such an outrageous condition.

It wasn't even late yet. As a man in his seventies, he should know what to say and what not to say.

"I'm sorry, Mr. Chang. That is a core secret of Transsion."

A trace of dejection appeared on Morris Chang's face.

"Understood."

He turned around, ready to leave.

When he reached the door, he stopped.

"Mr. Shen, the doors of TSMC are always open to Chuan Yin Group. Whenever you need production capacity, feel free to come to me."

"Thank you."

...

While Morris Chang was visiting, the CEO of Huaxin International, Qiu Ciyun, suddenly made an announcement on Weibo: The domestic 193nm ArF dry DUV Lithography Machine is about to enter mass production.

This type of Lithography Machine is manufactured by Shanghai Micro Electronics, with a single exposure limit of 65nm.

Compared to ASML's advanced Lithography Machines, it is slightly behind, but it is already usable.

Huaxin International is among the first batch of manufacturers, and prices will be significantly reduced by then.

The comment section of Huaxin International was already packed with onlookers.

"Huh? Is this the China Semiconductor Fund that was exposed before?"

"Damn, they actually managed to produce something? I thought they were going to pull off another world-shocking corruption scandal."

"Oh, what a pity, didn't get to see a joke."

"Then I'll tell everyone a joke: China Star International is in the first batch to receive the Lithography Machine—do they deserve it?"

Although the comment section was filled with mockery, the appearance of the domestic DUV Lithography Machine was a signal.

This was a signal to the whole world: The Chinese can not only make chips but also make Lithography Machines.

...

Meanwhile, on his way back, Morris Chang finally received the news.

"Chairman, there is news from Huaxin International: The domestic DUV Lithography Machine is going to mass production."

Morris Chang's grip on the phone tightened.

"Is the news accurate?"

"It is still being verified. But Shanghai Micro Electronics has indeed been developing DUV, and it has been going on for many years. In 2009, the China Semiconductor Fund was also established. It might be true."

Morris Chang's anxiety continued to grow. This... the 28nm breakthrough, putting them ahead of Samsung, was originally a huge piece of good news.

But now... one thing after another, what is this!

"Book me a flight. I'm not going back. Fly to Beijing early tomorrow morning."

"Go to Beijing?"

"Yes. To visit some old friends."

He hung up the phone and sat on the sofa, carefully thinking about the problem.

The Mainland, how could it be so fast?

He had been in the semiconductor industry for 40 years; he knew too well the difficulty of Lithography Machines. With global support, ASML had taken 20 years to reach its current level.

The Mainland had only used a short two years; how could it possibly make a DUV within a few years?

Although it was a backward dry Lithography Machine, it was still a Lithography Machine.

Both 65nm and 45nm after double exposure were absolutely mainstream processes, and the market demand was huge.

As for the advanced 28nm, although the profit was high, the market was actually not that big.

As for the old friends, he had long wanted them to come to China to build factories, but previously he had used various excuses to brush them off.

After all, only things that are hard to get can increase the bargaining chips.

He once thought he was a hunter who could set any price, but now it seemed... could it be that TSMC really had to build a factory in the Mainland?

...

Meanwhile, on the other side, Mr. Adebayo had also flown from Africa to the Guangzhou headquarters.

His face, which had finally managed to get a bit lighter, was now tanned even darker.

Wearing a dark blue suit, with his tie hanging loosely around his neck, he looked like someone who didn't like wearing suits.

"Boss, those people on Wall Street are going too far."

He threw himself onto the sofa and tossed the documents in his hand onto the table.

Shen Fei smiled as he followed him.

Got burned, didn't you?

If it had been easy, how could Huang Tianya have handed this matter to him?

However, at the time, it was Mr. Adebayo who had volunteered. He said he wanted to experience the feeling of ringing the bell for an IPO, and so... now he just wanted to give his past self two slaps in the face.

"Citigroup, JPMorgan, Bank of America, these firms are only offering 8 billion USD." Mr. Adebayo's voice carried a hint of anger. Last year, when they sold shares, the valuation was 10 billion.

Now, after half a year of busy work with Goldman Sachs, Naspers, and other companies, the valuation hadn't risen at all; instead, it had fallen by 2 billion USD.

"AfriLink has already started generating revenue this year. Although it's only 800 million USD, the net profit is 50 million USD. But the number of users has already reached 280 million. 8 billion? Why don't they just go rob someone?"

Shen Fei finished reading the document, closed it, and tossed it aside. He wasn't that angry.

After all, Transsion was now just a "minor shareholder," and since they wanted to do this, they had to listen to the "big shots."

"What reason did they use?"

"They said Africa has high risks, political instability, and currency fluctuations. They also said the user ARPU value is too low and the monetization capability is poor."

Mr. Adebayo also laughed disdainfully. "They are all excuses. The real reason is that they haven't gotten on board yet and want to suppress the price to get in."

"What is the attitude in South Africa? They are the major shareholders, after all."

"Van Dijk is a bit unwilling on the surface, saying that if the valuation is 80 billion, it's better not to list, but in his heart, he wants to prove himself more than anyone else."

Shen Fei nodded. Van Dijk being anxious was normal. After all, he belonged to the group that truly bought in at the peak, and he had invested a lot of resources over the past six months.

If AfriLink didn't list, his reputation for harvesting Tencent would be completely in vain.

"Then let's not list for now."

Mr. Adebayo didn't react immediately: "Boss, what did you say?"

"Let's not list for now." Shen Fei was very confident. Although Huaxin Investment had gone from holding 80% to being a minor shareholder, his words still carried some weight.

"Release the news to the outside world that we are going to the Hong Kong Stock Exchange. Then ask Van Dijk to come to Guangzhou, and we will talk in person."

A day later, Naspers investment head Van Dijk flew to Guangzhou.

After all, their current shareholding had reached 42%, making them the true largest shareholder. Any disturbance would affect them the most.

As soon as he entered the office, he asked anxiously: "Mr. Shen, Mr. Adebayo said you want to list it on the Hong Kong Stock Exchange."

After all, their current shareholding had reached 42%, making them the true largest shareholder. Any disturbance would affect them the most.

Especially letting it list on the Hong Kong Stock Exchange—this was simply too absurd.

Not to mention whether the Hong Kong Stock Exchange could handle this volume, whether the business audit could pass was a problem, not to mention the valuation...