Zhang Ke was also very embarrassed. Chen feirong stepped on something and slipped on her raincoat - littering is really not a good habit. He retracted into the bathroom, lay back in the warm water and considered whether to go to the United States in person. It was not only the cancellation of the lawsuit by the American recording industry Association, but also the 0.25/0.18 micron wafer process technology caused by Deyi, It also needs appropriate promotion.
Zhang Ke dressed and came downstairs. Tang Jing and Chen feirong sat in the restaurant for breakfast. He sat down, grabbed a fried dough stick and ate it with the soybean milk in Tang Jing''s cup. While munching the fried dough sticks, he said to Tang Jing and Chen feirong: "Don''t eat soybean milk and fried dough sticks all day. I used to hear that rich people gargle with shark fin in the morning. When do you think we can improve our living quality?"
"Rush..." Chen feirong slipped on her condom and felt embarrassed to see Zhang Ke. She watched Zhang Ke come downstairs and drank soybean milk. Listening to his jokes, she couldn''t help laughing. The soybean milk in her mouth sprayed on the table, and some directly sprayed into the glass. She choked and coughed for a long time. She hurried to take out the napkin to wipe out the milk stains on the table, and glared at Zhang Ke angrily and funny, Just now the tumbling hip flap still hurt faintly, and the soybean milk in the glass could not be drunk. He changed a glass, poured the soybean milk originally left to Zhang Ke into the glass, and said, "gargle your shark''s fin, this kind of soybean milk that ordinary people drink looks like anyway..." he took a sip of it and stirred it in the soybean milk with fried dough sticks.
Zhang Ke doesn''t care. Anyway, he drinks Tang Jing''s soybean milk. Tang Jing goes to share some more soybean milk from Chen feirong''s cup. The three people can eat breakfast together.
When Zhang Ke talked about his plan to go to the United States, Tang Jing said in embarrassment: "I have to go to Jinshan to accompany my mother for a few days. Anyway, I''ll go to play with Fei Rong. I don''t care if you''re free - you can find someone to accompany you to the United States."
Zhang Ketan was speechless. It was really desolate. It can''t be said that Xu Si was not free. Although Tang Jing now suspected Zhai Danqing, Zhai Danqing was far away in Perth. When he came back from the United States, he wanted to go to Australia again, but he couldn''t take her to accompany him to the United States. The evening sun had not been exposed.
Without company, this trip to the United States has become a pure business trip, boring and boring.
In Jiujin mountain, Meng le and Xi Ruolin also went to Canada. They were not in the United States. Zhang Ke stayed in San Francisco for two days to participate in the signing ceremony of the settlement agreement with the American Recording Industry Association (RIAA).
According to the settlement agreement, Jinhu will upgrade the anti-theft encryption software of iPlayer sold in North America to meet the requirements of RIAA, while RIAA will waive the requirements of continuing prosecution and compensation in North America.
Last month, RIAA won the lawsuit against the largest free MP3 music resource website in North America. Although the website claimed to be non-profit, the court ruled that the website lost the lawsuit and paid huge punitive damages in addition to closing the website.
In North America, not to mention the profit-making and non-profit pirated music websites, the living space has been extremely narrow, thus providing greater commercial space for online music stores such as global music online, and the market potential has surged.
As the largest online music store with the largest user base, global music online has been licensed by major traditional audio-visual and audio copyright owners.
For global music online, Jinhu holds 70% of the shares, and Toshiba and scober hold the remaining 30% of the shares. The three enterprises have invested nearly 90 million US dollars in this regard, which is also an important embodiment of Jinhu''s emphasis on the copyright interests of traditional audio-visual and audio manufacturers.
RIAA may have realized that the entanglement of this lawsuit will only make Jinhu obtain greater commercial benefits. At the beginning, they just held a threatening attitude. Unexpectedly, as an emerging enterprise rising in China for a short time, Jinhu will be so tenacious to adapt to the legal environment of the United States and entangle with them for half a year.
After signing the settlement agreement, the senior executives of Jinhu came forward in turn to give warm hugs to the representatives of RIAA. The representatives of RIAA were extremely embarrassed. They felt that they had played hard with their opponents in the past six months. Many American media also published pictures of the warm hugs of the representatives of both sides in prominent positions in newspapers and magazines.
For Jinhu, the settlement agreement should be regarded as the perfect outcome of the lawsuit. Due to RIAA''s fierce pursuit of Internet pirated music websites, the industry is extremely optimistic about the prospect of the Internet paid music market, accounting for 90% of the current online paid music market and more than $10 million in operating revenue in the first half of 1999 In August 2009, the market value was naturally extremely high.
Goldman Sachs, an American investment bank that successfully pushed Kunteng online shares to the Nasdaq market, will not lose sight of the value of global music online.
When Zhang Ke and Chen Xinsheng arrived in San Francisco, Zeng Zihui, vice president of Goldman Sachs Asia, came to San Francisco from Hong Kong in the hope that Jinhu would return the listing operation of global music online to Goldman Sachs.
Zeng Zihui also appeared after Jinhu signed a settlement agreement with RIAA and completely solved the legal problems - Goldman Sachs could not stand up to support Jinhu in advance.
In the banquet hall of the agennott hotel in the center of the fisherman''s Wharf, the scarlet carpet and the scarlet liquor sway in the crystal clear glass. Zhang Keshi can''t imagine how few business secretaries recruited by North American companies are attractive, or that his aesthetic standards for Western women are above Sophie Marceau and Zeta Jones.
"In addition to the traditional Internet website revenue model, global music online has a very good offline hardware platform. With the promotion of iPlayer hardware, the website''s music sales business model will be more and more mature and the scale will be more and more considerable. American commercial institutions have a high evaluation of global music online. At this time, the preparation for listing will win greater profits for Jinhu than Kunteng online Interests... "Zeng Zihui encouraged Zhang Ke, Chen Xinsheng and others with unremitting efforts. The share price of Kunteng online has risen to $14 per share, which is nearly five times higher than the issue price. Compared with the share price held by venture capital of Goldman Sachs, the increase is even more frightening. Of course, Goldman Sachs''s acquisition is far less than that of Oak Park venture capital fund, the initial investor of Kunteng online. Jinhu is the giant behind Oak Park venture capital fund. Zeng Zihui has made it clear.
At this time, the preparation for listing and the successful listing should be after next spring. Coupled with the ban period of at least six months, it will be next autumn and winter. Zhang Kecai does not believe that the new technology bubble in the global capital market will persist until tomorrow. The bubble burst, at least three to four years of recovery, since unable to profit from this wave of new technology, Zhang Ke is not very interested in listing. Besides, global music online early from Toshiba and schube received $sixty million in capital injection, and less capital.
Jinhu commercial is short of funds. Although it controls global music online, it cannot transfer the funds under the name of global music online to Jinhu commercial. Looking at Zeng Zihui''s enthusiasm, Zhang Ke scratched his head and said: "The website doesn''t lack funds. It doesn''t seem to make much sense to inject capital into the market... Even if the stocks we hold can be cashed out in the stock market, it will have to wait until next autumn. I''m more anxious and utilitarian and don''t have much interest in the matter that far water can''t save near fire."
At first glance, Zhang Ke''s remark sounds like rejecting his listing lobbying. Zeng Zihui is inevitably disappointed. In recent years, he has not heard that any company will refuse Goldman Sachs''s listing invitation unless it is poached by competitors such as Morgan. Does it mean that Jinhu has found a better listing partner outside Goldman Sachs?
In the middle of the dinner, Zeng Zihui left the agennott Hotel and prepared to fly to Goldman Sachs''s headquarters on Wall Street in New York by night plane. When he got on the plane, he suddenly thought that Zhang Ke didn''t mean to refuse completely——
Far water can''t save near fire. What he said is that Jinhu is still short of funds? If a venture capital fund is willing to take over part of the equity directly from Jinhu instead of directly injecting capital into global music online, this scheme may work?
Zeng Zihui shook his head and smiled bitterly. He spent his childhood in Hong Kong, and then his family immigrated to the United States. He has long adapted to the business environment and thinking in Europe and America. Unexpectedly, there is still a bend in Zhang Ke''s seemingly refusal. Although he is not sure whether the real situation is the same as his guess, it is not a pity that he should miss this flight Square.
Zeng Zihui hurried off the plane again and returned to agennott hotel from the airport. The banquet in the hotel was not over yet. Seeing Zhang Ke, Chen Xinsheng and others were not particularly surprised at their return, Zeng Zihui knew that the guess was true, just smiled, and everyone gathered in another room to discuss some feasible details.
It is impossible for Jinhu to maintain its absolute control over global music online for a long time. In addition to external pressure, Toshiba, which holds a 20% stake in global music online, has always hoped that Jinhu can give up its absolute control, so that Toshiba''s iPlayer hardware sales can get a fairer opportunity.
Considering the close relationship between scober and Jinhu, Jinhu can stably control global music online as long as it maintains 40% equity, that is, up to 30% equity can be transferred.
At the beginning of the year, Toshiba and scober paid a total of US $60 million in cash to obtain 30% equity of global music online. Zhang Ke made such a gesture at this time: Jinhu can directly transfer 30% equity at most. The key depends on what price Goldman Sachs or the venture capital brokered by Goldman Sachs is willing to offer.
Zeng Zihui still flew to New York that night. Wall Street is where VCs get together.
Zeng Zihui''s efficiency is not so high as Goldman Sachs''s amazing influence on Wall Street and the United States. On Zhang Ke''s third day in San Francisco, Zeng Zihui sent back the news that Amazon is very interested in the equity transfer of global music online, and even hopes to fully accept 70% of the shares held by Jinhu and make a tentative offer of $200 million.
In the wave of new technology, Amazon is probably one of the new technology companies that benefit the most. Compared with Amazon''s business miracle, Jinhu at this time is at least a little inferior on the surface.
In mid July 1995, Bezos built an online bookstore called Amazon based on the $300000 his parents lent him. It went public in 1997. Today, four years later, Amazon has grown into the largest Internet retailer in the United States. It provides more than 11 million users with books, audio-visual products, software, toys and gifts on the Internet More than $10 billion. One year after its listing, Amazon began large-scale mergers and acquisitions of other e-commerce websites in order to maintain its position as an online retailer in North America.
As an important branch of e-commerce, online paid music download sales are increasingly recognized by the market. In addition, the market potential of the business model of the combination of Internet resources and hardware platform created by Jinhu can not be underestimated, and the model is difficult to imitate. Amazon wants to maintain its position as the largest online retailer in North America, It''s normal to covet global music online.
Zhang Ke and Chen Xinsheng heard Amazon''s acquisition intention relayed by Zeng Zihui. They didn''t consider it, so they directly refused to make further contact with Amazon.
Although the profits that global music online can create in the next decade are extremely limited, its great role in promoting the sales of iPlayer hardware in Europe, America, Japan and South Korea with strict copyright protection can not be ignored. Jinhu will never give up substantive control - if Jinhu is willing to give up control, Toshiba will never be stingy with the $200 million.
In addition to Amazon, the Walden venture capital fund, which first entered Kunteng online and had a huge book profit at this time, also had a strong interest in the equity of global music online. These venture capitalists purely wanted to speculate and make profits and would not seek control. In order to control risks, they would not even hold too many shares, nor did they pass through Zeng Zihui. After the news came from Goldman Sachs, They directly sent representatives to San Francisco to contact here. They acted quickly and offered a condition of $40 million for 10% equity. Moving so fast, it shows that they have been staring at global music online.
Compared with the share price of Toshiba and Scottrade years ago, the offer price of venture capital of Walden has fully doubled: however, compared with last year, the NASDAQ index has fully doubled in less than a year. The share price of e-commerce websites such as Amazon has far more than doubled - Kunteng has been listed and traded online for less than three months, The market value is more than $1 billion.
The venture capital of Goldman Sachs can calm down this time. Even if Zeng Zihui is behind the bridge, the venture capital of Goldman Sachs is not in a hurry.
Zhang Ke has no confidence that the wave of new technology will last until next autumn. However, he is confident that he can persist until next year. There is still plenty of time to negotiate the equity transfer and entrust relevant affairs to North American companies. He flew to Dallas with Chen Xinsheng and Liu Zhicheng to negotiate the final stage of technology transfer of 0.25/0.18 micron wafer process with Deyi.
Deyi''s old friend del FASI came forward to receive her. Zhou Changqing, President of Deyi China, naturally wants to fly back to Dallas from Beijing to participate in the final stage of negotiations.
The weather in Dallas in late August was much warmer than that in Jianye, but the business trip was a little boring.
Delfasi is really an old friend of Jinhu. When Chen Xinsheng worked in Deyi, he has been a capable man of delfasi for a long time, and he has a deep personal friendship. Unfortunately, no matter how deep his personal relationship is, delfasi can''t "sacrifice" Deyi''s interests. It''s really a pity.
To say who else is watching the miraculous rise of Jinhu outside Jinhu, delfasi should be one. When Jinhu first started its DVD player business, Deyi was the most important partner. Over the years, Jinhu and Deyi have had close cooperation in many fields, such as joint ventures and joint research institutions, Even Deyi holds a 10% stake in the microchip, especially in the cooperation between the DVD player decoding chip and the iPlayer hardware architecture, which makes both companies reap huge benefits.
Due to the weakness of the global electronic market, Deyi''s annual profit fell to less than $800 million in 1998, of which more than $200 million was generated from Jinhu related businesses.
In the first half of 1999, although the new technology economy was extremely fanatical, it was mostly a matter of the capital market. The global electronic component market was still weak. However, with the rapid growth of China''s consumer electronics market and the increasing sales of iPlayer in the world, Deyi predicted that the net profit from the business industry associated with Jinhu would exceed US $300 million in 1999.
As a strategic partner, Jinhu cannot be ignored by Deyi executives.
The American media and the public do not know much about the inside story. In the first half of this year, the lawsuit between Jinhu and the American recording industry association, which lasted more than half a year, made Jinhu''s reputation soar in North America, and a small group of American media and the public questioned that behind the rapid improvement of Jinhu''s electronic technology is Deyi''s technology transmission, Some media even proposed to re-examine the transaction between Deyi and Jinhu, which put a lot of pressure on Deyi.
Pressure. In the face of huge commercial interests, this pressure can''t be ignored - at this time, no one can ignore China''s rapidly growing consumer electronics market, and no one can ignore Jinhu''s position in China''s consumer electronics market.
On the night Zhang Ke, Chen Xinsheng, Liu Zhicheng and others arrived in Dallas, Angela Bo, CEO of Deyi, specially welcomed Zhang Ke to a private banquet in his private house.
While guests and friends enjoy themselves, anjiber and delfasi should also feel the speed of the development of Jinhu.
Although Zhongjing microchip received the capital injection from Deyi in the middle of last year, in fact, it did not get the support of Deyi in process technology. However, the yield of Zhongjing microchip has increased from less than 30% at the beginning of completion and operation to 80% now, and its performance is even better than that of other wafer factories with mature process technology. After nearly a year of running in, the actual production capacity of Zhongjing micro core Xinpu factory has been increased to 60000 pieces per month.
In the first half of 1999, the domestic output of SVCD disc players reached 10 million, and the global output of SVCD disc players was about 12 million. More than 90% of the market shares of SVCD decoding chips and more than 50% of the control chips were controlled by the joint ventures of Aida, Deyi and scober. After the process conditions of Xinpu factory were met, Nearly half of the orders of the joint venture were transferred to Zhongjing microchip.
Domestic manufacturers of digital mobile phones and other electronic components, which have grown up by relying on the Association for the promotion of digital mobile phone technology, account for almost half of the chip OEM business market formed by these electronic manufacturers. In addition, almost all orders for medium and low-end chips owned by Jinhu with * * intellectual property rights are handed over to Xinpu factory, Including the most profitable flash chip business.
At a time when the global electronics industry is relatively low, the Zhongjing microchip Xinpu factory relies on these businesses and makes profits less than a year after the factory is completed, which has been regarded as an excellent achievement - of course, the success of the Zhongjing microchip Xinpu factory mainly depends on the vertical production system of Jinhu, The orders obtained by Xinpu factory at this time are directly or indirectly related to Jinhu.
The production scale of Jinhu is constantly expanding. In particular, the digital mobile phone industry cluster based on the digital mobile phone technology promotion association has gradually taken root. Coupled with the relatively low domestic manufacturing cost, Zhongjing microchip will also have a seat in the international chip business market. The Xinpu factory has been completed less than a year, We must consider capacity expansion and technology upgrading.
For Deyi, the 0.25 micron wafer process technology pursued by SMIC is being eliminated. Some chip products produced by Deyi using 0.18 micron process technology are also OEM by TSMC, Hg Annan and other wafer factories, and the transfer of 0.25/0.18 micron wafer process technology has little impact on Deyi''s natural wafer production business.
On the one hand, due to the high production and management costs, Deyi needs to withdraw from the medium and low-end wafer production. On the other hand, as more and more electronic companies gradually master the medium and low-end chip design technology, once Deyi withdraws from the medium and low-end wafer production, it will be completely unable to share the profits of the medium and low-end chip market.
Although the profit margin of the middle and low-end chip market is low, the market capacity is huge, and the total profit scale is still considerable.
Holding shares in medium and low-end wafer factories and sharing the profits of the medium and low-end chip market undoubtedly become the best choice for Deyi, which is also an important basis for Deyi''s strategic decision to inject capital into Zhongjing microchip a year ago - at this time, Deyi transferred the eliminated 0.25 micron wafer manufacturing process to Zhongjing microchip. Deyi''s internal understanding is consistent as an additional condition for technology transfer, Deyi will also continue to increase its investment in Zhongjing microchip; However, the 0.18 micron wafer manufacturing process is the current mainstream technology. Although it can be transferred to Zhongjing microchip against the edge of national supervision, Deyi has to bear the great public pressure of the American media and the public, which makes people hesitate.
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