The smoke brought by the Capital Auto Show has not yet dissipated, and Han Hao returned to Huaqing University to participate in the defense of his EMBA thesis.

There is no doubt that the "Empirical Analysis of Cross-border M&A Cases of Chinese Enterprises", which is summarized by his work experience in recent years, has won unanimous praise from the experts and professors of the thesis review team.

The development of Zhonghua Group in Russia, India and Southeast Asia has given Han Hao many other resources and practical cases that many others cannot reach. Detailed data, typical cases, and in-depth conclusions all make this essay one of the best among this year's EMBA students.

Such a paper is enough to become a visiting material for Chinese enterprises to go abroad for mergers and acquisitions, and it will be of great help to everyone to go out in the future.

Not only is it first-class academically, but it is also excellent in practicality, and it is indeed worthy of the work of the representative of the young generation of Chinese entrepreneurs. ”

An economics authority at Huaqing University commented.

During the defense, Han Hao talked eloquently, blurted out a lot of data, and had in-depth discussions with the economics professors on the scene on some issues.

The usual 15-minute defense lasted for an hour, and if it weren't for the repeated reminders of the teachers in the Academic Affairs Office, many professors would still not want to continue to communicate with him.

At first, there were a few people who thought that Han Hao might be looking for a secretary to write a pen, after all, this happened to other EMBA students.

Whether it is his own paper or not, the professor of the fire-eyed Venus can know by asking, looking at the EMBA as a new income-generating program of the school, he turned a blind eye and let the students pass.

But since Han Hao answered the first question, everyone at the scene knew that this young entrepreneur who stirred up thousands of storms in the Chinese business world was not in vain, and there were a lot of good goods in his stomach.

"Mr. Han, at your level, it is more than enough to be a visiting professor at Huaqing University. Just the fact that you solve the problems you actually encounter in your business is enough to make many students useful for life. ”

A professor deliberately said this before Han Hao left.

The biggest problem with Chinese university education is the separation of teaching and practice, and students are somewhat out of touch with what they learn on campus and then re-learn when they get real work.

Like Han Hao, who runs a well-known large enterprise in the country, many of these lessons are valuable assets.

The defense was successfully passed, and the two-year EMBA study at Huaqing University was also marked by a successful mark, and Han Hao got a heavy academic degree and degree certificate. At the beginning, Han Hao chose to apply for the examination because he saw that Zhonghua Qing University could issue academic certificates, and the requirements were higher than those of other schools. In the hot EMBA wave rising across the country, Huaqing University is one of the leaders with strict requirements and high gold content.

Unlike many students who mainly want to expand their connections, he is a serious student. In the study, Han Hao learned a lot of management knowledge, and what is more valuable is that he has broadened his horizons, extended his thinking, and enriched himself with what he has learned.

Today, thanks to Internet technology, the era of information explosion is coming, and the knowledge inheritance since the birth of mankind has been put on the Internet, and people can find any information they need through the Internet. Correspondingly, the speed of knowledge update and elimination is faster, and once people are complacent, it is easy to be out of touch with the times and need to continue to learn.

Since ordinary people feel subversive when facing the tide of the Internet, how will the car change in the Internet era?

This is a question that Han Hao has been thinking about since he studied EMBA.

The most direct effect of the car and the Internet is the introduction of navigation technology, through the navigation system, people no longer need to hold a thick map to consult, but can follow the navigation guidance to drive to the destination.

Han Hao himself travels in the capital, and he also has to rely on the help of AutoNavi Navigation, and the capital is now like a big construction site, and the construction speed is fast. If there is no navigation, Han Hao, an outsider, will basically have a black eye when he arrives in the capital.

When driving by himself, he held the steering wheel with both hands, and sometimes he had to stop and redebug when the navigation was wrong, which Han Hao felt very inconvenient. In the car, he thought that if he could talk to the car, wouldn't it be safer and more convenient to let the car handle it?

The idea, like the car of the future in a sci-fi movie, people only need to move their mouths, and the car's control computer will execute various commands, and even drive itself.

What will the car of the future look like?

In addition to the well-known electric new energy vehicles, Han Hao believes that in the future, cars will be equipped with a smart computer, which will be connected to the network at any time and become an auxiliary partner for people when driving.

Therefore, Han Hao decided to lay the foundation for the "car of the future" in his imagination and began to get involved in the high-tech field.

Originally, I thought that I didn't have much connection with the Internet to build a car, but in the EMBA course, I heard an American professor talk about the Internet subverting traditional industries, which made Han Hao begin to pay attention to the information Internet.

"Internet thinking will determine your success or failure in the next ten years, whether you want it or not, the Internet will intervene strongly in your life!

People who can't keep up with the development of the times, and people whose brains haven't been reloaded, will be ruthlessly eliminated by this era. ”

When the American professor asked how many of the students in the class had been exposed to the Internet and often maintained the habit of using the Internet, all the students raised their hands and solemnly announced.

Zhonghua Group is a traditional manufacturing enterprise and cannot be connected with the Internet, so Han Hao can only target existing domestic enterprises in order to cut into the Internet.

His first goal was the Gaode map.

He felt good to use the Gaode map, and it was updated faster than his other opponent, Kailid.

As the first enterprise in China to use AutoNavi Map on a large scale, Zhonghua Group has become the largest source of income for the other party.

For a start-up company with less than 300 employees, AutoNavi Map, which was established for two years, has been losing money until the intervention of Zhonghua Group to achieve small-scale revenue.

Now, Zhonghua Group has made a takeover offer for AutoNavi Map, intending to wholly acquire the company for 30 million yuan.

This is an excellent cash-out opportunity for the three co-founders of AutoNavi Map. On a whim, they studied the Gaode map made by foreign countries, and their valuation increased by 5 times in an instant.

If it is not sold, Zhonghua Group will terminate the cooperation between the two parties and turn to other map brand companies in the market at the same time.

"Sell it!"

After discussion, the three founders sold AutoNavi Map at a premium of 15 times the original investment, and they chose to settle down.

Because, once the Zhonghua Group blocks AutoNavi Map, they will lose their biggest customer, and at the same time, there will be another strong competitor with the background of the Zhonghua Group in the market, and they will choose to sell the company after all considerations.

When AutoNavi announced that the Zhonghua Group was the owner, the other pioneers in the market, Kailide, panicked, and compared with the wealthy Zhonghua Group, they had almost no power to parry.

As a first-hand experiencer, Han Hao knows the future development trend of the car navigation map, and a person and car will be the standard in the future.

According to the installed capacity of at least 100,000 units per year of Zhonghua Group, the purchase price of AutoNavi Map can earn back the cost in one year.

Grasp the market, and then control the source, Han Hao's move can be described as the power of capital.

The second goal is the pioneer of domestic speech, iFLYTEK.

Located in Anhuai Province, a high-tech enterprise founded by students of the University of Science and Technology of China, iFLYTEK is in a leading position in the domestic voice industry.

But iFLYTEK is like a halo, hungry, and can't find a source of voice profit.

At a time when everyone was using a keyboard to input computers, iFLYTEK invented a handwriting tablet, which claimed to be able to input by voice, but in fact the effect was a mess. pressed tens of millions on the channel, and was later returned one after another, losing a lot of money.

In 2001, Lenovo and Fosun Group invested in iFLYTEK as strategic investors, but in 2004, iFLYTEK began to have a shortage of money again, and it was still not profitable.

Lenovo valued iFLYTEK at 210 million at that time and invested 30 million yuan, but it lost money that year, which became one of the failures of the group's internal investment. Fosun Group belongs to co-investment, and it also fell into the big pit of iFLYTEK with 25 million.

Now, Zhonghua Group has set its sights on this high-tech company, which has become the number one voice company in China.

As the boss of the Federation of Industry and Commerce, Han Hao is familiar with the CEOs of Lenovo and Fosun Group, and after a little inquiry, he knows that they have not seen hope for several years when they have spent money.

Han Hao proposed to develop voice technology in automobiles to realize human-machine dialogue functions in the future, which is more advanced than Lenovo and Fosun.

There was already a shortage of money, but now Zhonghua Group is coming in, and it plans to spend money to develop voice, which gives many early investors of iFLYTEK the opportunity to exit. In order to support high-tech enterprises in the province, the State-owned Assets Supervision and Administration Commission of Anhuai Province arranged for its companies to invest in shares, and invested tens of millions of dollars.

Now there is finally a receiver, and they immediately agreed to transfer their shares to let China Group enter.

Zhonghua Group invested 120 million yuan to acquire 42% of the equity of iFLYTEK and became the largest shareholder of iFLYTEK, while Lenovo and Fosun, as strategic investors, also transferred some shares and retreated to second place, while the company's management maintained an 18% holding ratio.

This time, iFLYTEK increased its valuation to 280 million, which is a bit higher than 3 years ago, which is already very good for a company that continues to lose money.

With more than 100 million real money from Zhonghua Group, iFLYTEK can settle down to develop voice technology and no longer blindly seek market-oriented solutions to cash out.

"My request is very simple, that is, in the near future, the car can understand Chinese and follow people's instructions to achieve simple operations such as turning on and off air conditioning, audio, sunroof, etc." ”

Han Hao's investment in this stake is to solve the first difficulty of human-vehicle interaction.

In the domestic Internet industry, Baidu is undoubtedly the enterprise with the strongest technical strength and the most technological halo.

Compared with the three major portals for news and games, Baidu focuses on the field of search, and many people use Baidu in their daily searches gradually increasing, and Baidu, which has not yet been listed, has become a new technical benchmark for domestic Internet companies.

To solve the problem of integrating human-vehicle interaction, Baidu should be the most likely enterprise in China, so Han Hao aimed the third target at Baidu.

Although Baidu lost money in 2003 and is expected to make a profit in 2004, it is still considered China's Google and enjoys the constant pursuit of capital.

Coincidentally, Baidu opened the third round of financing, and they opened 2.25 million preferred shares and prepared to raise $15 million, accounting for 10% of the shares.

As a sweet spot of capital, Baidu has faced many investors and selected investors who want to bring long-term investment value to the company. For example, Google wanted to take a strategic stake, and in the end, Baidu agreed to the other party's stake in order to shape the concept of Google in China.

When Zhonghua Group was ready to take a stake in Baidu, it was rejected by the other party, because a traditional car company is not a strategic investor with long-term value for Baidu, and it cannot provide too many concepts to tell for the next listing.

Starting the investment journey for the car of the future, Han Hao hit a nail here in Baidu after the two cities of Lianke.

Baidu's CEO couldn't see the bond between the Internet company and the traditional car company, and they rejected the strategic investment from the Zhonghua Group.