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The global foundry giant Taiwan Foxconn has recently transmitted hundreds of billions of investment plans. In September and October alone, there were three big news reports on the 100 billion-level investment – ​​the investment locations are located in Datong, Jincheng, and Brazil in overseas. Among them, Shanxi Jincheng is the ancestral home of Guo Taiming. All of the above three places are far away from the traditional investment of Foxconn in the coastal areas of mainland China. According to the Shanxi Daily, on September 16, Foxconn GCL Xintong New Energy Industry Group Co., Ltd. unveiled the 300MW (MW) photovoltaic power generation project on the same day. Li Xiaopeng, deputy governor of Shanxi Province, said that Foxconn Group and GCL Group have joined forces to settle in Datong and invest 90 billion yuan to build a vertically integrated photovoltaic power generation project. At the time when the photovoltaic industry’s astronomical figures of 90 billion yuan were shocked, Xinhua News Agency reported on October 15 that on September 22, Jincheng Municipal Government of Shanxi Province and Foxconn Group signed an investment strategy alliance agreement, Foxconn Group It plans to invest 100 billion yuan to build Jincheng into a “global precision manufacturing capital†in the future. After the project is put into production, the annual output value can exceed 150 billion yuan. This is not over yet. In October, Brazilian Minister of Science and Technology Alojzio Mercadante said on the 13th that the Brazilian government and Foxconn have basically reached an agreement on the production of LCD panels in Brazil. Foxconn plans to invest 12 billion US dollars (about 76.5 billion yuan) in Brazil to establish two LCD panel production plants. Pursuing labor price advantage As far as Shanxi is concerned, Foxconn's investment is not without traces. Finding lower factor costs is the driving force behind Foxconn's progress. Since April 2010, Foxconn’s factory in Shenzhen has undergone a series of suicides. After the event, Foxconn announced a 30% salary increase in the Shenzhen factory, which greatly increased the wages of employees. Foxconn is the world's largest electronics OEM manufacturer with 1 million employees in China. About half of the employees work in two large factories in Shenzhen. For a low-margin, labor-intensive OEM, the 30% increase in labor costs is almost unbearable. This move directly brought losses in fiscal 2010. So deep into the mainland, it is logical to go to areas with lower labor costs. Guo Taiming’s special assistant Hu Guohui said in an interview with the Financial Times this year, “Our goal is to eventually transfer all mass production activities to other factories. We will use Shenzhen as an engineering park and only conduct trial production.†Why did Foxconn, which went deep into the mainland and transferred its production base, choose Shanxi Jincheng? Jincheng Mayor Wang Qingxian told the Morning Post reporter yesterday that “Jincheng has geographical advantages.†According to the information, Jincheng is located in the southeast of Shanxi, close to Henan. On the east side of Jincheng, there is the Taijiao Railway running through the whole area from north to south, southeast 207 National Road, Jinjiao Expressway, Jinyang Expressway and Jinzhang Highway. Zhang Jianzhong, director of the Jincheng City Economic and Information Committee, who recruited Foxconn, added to the Morning Post reporter that Guo Taiming favored Jincheng, and because Jincheng’s investment environment is good and its policies are good. Here is still the home of Guo Taiming. "He also has deep feelings for us." According to Xinhua News Agency, Jincheng will build the world's largest precision mold and fixture production base, the world's largest intelligent robot production base, and the world's largest precision tool and equipment. Production base, the world's largest precision optical components and module production base, the world's largest precision optical communication components and module production base and the world's largest precision magnesium alloy parts production base. The Morning Post reporter reviewed the “Reply from the General Office of the People’s Government of Jincheng City on Encouraging Foxconn Technology Group Investment Projects†issued in September 2005, which mentioned that Foxconn can obtain land, tax and other preferential policies in Jincheng. Among them, Foxconn's “receipt of income tax in the first five years is supported by the financial amount of the development zone, and the sixth to the tenth year to reduce the supporting enterpriseâ€. The development zone provides preferential land transfer price (99,600 yuan/mu) to the Foxconn Technology Group investment project, and the land use period is 50 years. Guo Wendong, director of the Economic Development Bureau of Jincheng Development Zone, told the Morning Post reporter that Jincheng will have new policies in attracting Foxconn investment. According to a person familiar with the matter, Jincheng has set up a departmental leadership team since last year to discuss new policies and investment matters with Foxconn, and the relevant details are still being improved. According to a person familiar with the Foreign Investment Promotion Association of Datong, Shanxi Province, similar to Jincheng, Shanxi Datong also gave preferential policies on land, finance and tax in order to attract Foxconn investment. And this has almost become the embarrassment of all over the world to compete for Foxconn. It can stimulate local GDP growth, and the high-tech industry is more in line with China's “transformation and development†requirements. Therefore, Foxconn has naturally become the target of competition from local governments. In an interview with the Wall Street Journal, Guo Taiming said, “I signed a contract in Chengdu in July. They will complete the first part in October, there are eight buildings... three months! We are building a factory in St. Petersburg. You know How long does it take? Two years. It is not finished yet. Who can run a successful factory in Russia? You tell me, I want to know.†Where is the huge amount of money? In comparison, Foxconn's $12 billion investment in Brazil is much more confusing. In an interview with the Wall Street Journal last September, Guo Taiming’s comment on Brazil was: “Brazil workers’ wages are high. But Brazilians will stop working as soon as they hear 'soccer.’ Then they all start dancing. It’s crazy...so For the local market, Brazil (as a manufacturing base) is ok. Brazil has a lot of minerals. There is a great Amazon River, so there is good hydropower. But if you want to ship things to the United States, from Brazil (than from China) Time and financial resources are more." So why did Guo Taiming go to Brazil? In a short statement, Foxconn praised Brazil's potential and its strategic position, vaguely talking about where to further develop investment opportunities. However, compared with Brazil, Foxconn's focus is still in China. According to statistics, in recent years, Foxconn's planned investment in China is close to 40 billion US dollars. In addition to Shanxi's two major investments, in 2009, Xinhua News Agency reported that Foxconn and Hewlett-Packard announced that they will invest about 3 billion US dollars in Chongqing to build a notebook production base. Foxconn also invested 1 billion US dollars in industrial base construction in Chengdu. In 2007, Xinhua News Agency reported that Foxconn decided to invest 1 billion US dollars in Qinhuangdao, Hebei, to build a high-end electronic production base. Xinhua News Agency also reported in 2007 that Foxconn plans to invest $1 billion in Shenyang to build a technology industrial park. In 2007, Foxconn also announced that it will invest 3 billion US dollars in Guangxi Beibu Gulf. The money seems unlikely to be completed by Foxconn's own funds. The China Times of Taiwan said at the end of September that according to a research report by Merrill Lynch in early September, Hon Hai (note: Foxconn’s parent company) had accounts payable more than 169 billion Taiwan dollars (about 35.8 billion yuan) last year. Hits a record high, but Honghai’s half-year capital expenditures amounted to NT$47 billion, not only without reduction, but also twice as much as the same period last year. Therefore, Hon Hai’s cash flow has been negative for three consecutive seasons since the fourth quarter of last year. The pressure on capital turnover is high. A staff member of the Big Four accounting firm also told the Morning Post reporter that in fact, Foxconn’s mid-year report was not bad. Although the sales were reduced, the cost dropped significantly, and the profit and profit margins were rising. The above-mentioned people said that it is difficult to rely on their own funds for large projects that cost tens of billions of dollars, and they generally have to be carried out in stages. The key is to see if you can borrow money. Another staff member of the Big Four accounting firm said that in addition to its own funds, the key way is to invest in long-term loans. The maturity date is 5 to 10 years. The way of debt is maintained, and interest is paid annually as financing costs. If the company is listed, it can also issue shares to issue bonds. "A company like Foxconn is not difficult to borrow money. Because it can solve a lot of employment, it is easy to get the support of local governments," said the source.
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