Chapter 1269: Bottom Support

Icecore's road to listing is not easy.

Since the confirmation of the listing, all major institutional shareholders are excited, and both domestic and foreign countries have sent sincere wishes, and are grateful for the success of China's mainland semiconductor business.

It is natural to make a little money by the way when you have a successful business.

This time, Goldman Sachs and Credit Suisse formed a joint sponsor for Icecore's listing. Various tasks started at the beginning of the year. Because Icecore's situation is relatively complicated, it is necessary to systematically sort out information and consider the review of the SEC. It was not until the middle of the year that all tasks were prepared.

According to the progress, Goldman Sachs and Credit Suisse will submit S1 and other application materials to the SEC, respond to the SEC's review opinions, and then start the roadshow.

In general, although Icecore faces many public opinions and regulatory issues in the United States, Goldman Sachs and Credit Suisse are still confident in its successful listing. As for Icecore's valuation...

Taking the industry leader Taiji as a benchmark, its market value this year is 73.9 billion US dollars. Therefore, considering all factors, Goldman Sachs believes that Icecore's valuation of 21-24 billion US dollars is a suitable range.

It is worth mentioning that when Fang Zhuo faced the dissatisfaction of major shareholders with the overvaluation during the last round of financing of Bingxin, he once said that it was not that Bingxin was overvalued, but that Taiji was underestimated.

At that time, Taiji's market value was 45 billion US dollars. In less than two years, this figure has risen to 72.4 billion.

Today's situation has more or less confirmed Fang Zhuo's argument.

However, compared with the 18 billion US dollars in the last round of valuation of Bingxin, Goldman Sachs's 21 billion US dollars is not too high. It is more about using the development over the past year as the support basis for the high valuation at the time.

As a semiconductor company in mainland China, it is not easy in all aspects.

As a semiconductor company led by Mr. Fang, it is even more difficult.

On June 3, Thiel, the vice president of Goldman Sachs responsible for this listing business, arrived in Washington at the invitation of Mr. Fang.

This invitation is said to be a private and informal meeting.

Thiel didn't feel particularly surprised. Customers have many strange requests. What can happen in just one meeting? It just happened to talk to Mr. Fang about the upcoming SEC review.

However, when Tyler, holding the documents, walked into the suite and saw that there was another person besides Mr. Fang...

His expression was inevitably a little stiff, and an ominous premonition quickly enveloped his heart. Mr. Fang's tricks seemed to rush at him in an instant, drilling into his eyes, nose, mouth and ears.

"Hi, Tyler, this is Austin, you should know him." Fang Zhuo introduced him calmly.

Tyler knew Austin. Although he had not dealt with him much, he knew where he came from.

He kept smiling and shook hands.

"Bingxin can't be listed now, wait a while." Fang Zhuo waited until the greetings were over and directly announced the theme of today's meeting.

Tyler had just sat down and reached for the coffee cup with an unfinished smile on his face, and a basin of cold water was poured directly on him.

He looked at the man in front of him with a slightly frown, Mr. Fang, are you going to die...

Just like this, there was no foreplay, and he came up with a knife!

Fang Zhuo pointed at Austin: "The latest news is that Bingxin may face equipment purchase restrictions, and it is not ruled out that it will face further restrictions."

Tyle grasped the key point: "Maybe?"

Fang Zhuo saw that he was not giving up, and repeated: "The latest news is that Bingxin will face equipment purchase restrictions, and it is not ruled out that it will face further restrictions."

Tyle: "..."

He was silent for two seconds and questioned: "The latest news? Where did it come from?"

Fang Zhuo looked at Austin.

"The restrictions proposed by the Ministry of Commerce will restrict Bingxin from purchasing NXE:3100 and subsequent upgraded lithography machines from the Netherlands." Austin gave a description.

Tyle had to repeat: "NXE:3100?"

"You can understand it as a core equipment that plays a very important role in subsequent advanced processes." Fang Zhuo explained.

Thiel asked, "Subsequent advanced processes? How advanced are they?"

Fang Zhuo pondered for a few seconds: "Probably below 5nm. If there is no EUV before it, multiple exposures may be used, but there will definitely be problems with the competitiveness of mass production."

Thiel said excitedly: "5nm? Isn't that a long time away? We can continue to go public!"

"Further restrictions are not ruled out." Fang Zhuo pointed out the current situation.

Thiel looked at Austin: "Will there be further restrictions?"

"It may appear, but..." Austin hesitated for two seconds, "It's not certain yet, only the problem of 3100 is certain."

"According to the current process progress, 5nm will be at least five or six years later!" Thiel said excitedly, "It will have a certain impact on our listing, but it is still controllable!"

"This is a signal that symbolizes uncontrollability." Fang Zhuo said.

Thiel argued: "Yes, that's why we should open up the road to listing!"

The more uncontrollable it is, the more we should rush to run!

You can still cut the meat if you run up, but if you don't even get up, the meat is not easy to cut!

Fang Zhuo said directly: "Tyr, I am telling you the situation and informing you of the decision. Bingxin will withdraw the materials and suspend the listing. It will be listed again when the situation improves."

Tyr was completely excited and stood up directly: "Mr. Fang, I don't agree!"

Austin had a subtle sense of déjà vu. It seemed that this was also the case when Mr. Fang disagreed before.

"It's useless if you disagree." Fang Zhuo said calmly, "I have already made up my mind. There is no need to force it under this situation."

"Mr. Fang, how much work and effort have we put in!" Taier said angrily, "We even picked an auspicious day to submit the application materials in order to conform to Chinese culture!"

"Let's ask the master to calculate it again. Obviously, we didn't pick it right this time." Fang Zhuo said helplessly, "Do you think I don't want to go public? Do you think I want Bingxin to be restricted? It's true that I want to go public, and it's also true that I can't go public under the current circumstances."

Tail gritted his teeth and said, "Mr. Fang, if we don't go public now, if we are restricted, If the situation gets worse, it will be even more impossible to go public!"

"The situation will not get worse, there will be a turnaround, don't worry." Fang Zhuo glanced at Austin, indicating that the appearance of this source was a signal, "You have to believe me."

Tyle took a breath and suddenly asked: "Mr. Fang, do you really want to list Bingxin?"

Fang Zhuo frowned: "You even asked such a question. Even if you don't believe me, you have to believe Austin."

Tyle thought of Mr. Fang's unpredictable nature, and it was hard not to be anxious: "Who should I believe?"

"Believe me when you should believe me, and believe him when you should believe him." Fang Zhuo replied.

Tyle looked at Mr. Fang: "I'm afraid that I will believe you when I should believe him, and believe him again when I should believe you. If the situation gets worse, what should I do? Will I miss the opportunity now!"

Fang Zhuo did not avoid looking at him, his eyes were firm: "Don't worry, Tyle, we still have Da A."

Tyle: "..."

Oh yes, it seems that a possibility has been overlooked. Da A can support the bottom, it should... be able to.