It was time for Galaxy Capital to officially develop with the help of external funds, and Tianhe Group also started to act according to Zhou Shi's vision, and he also returned to specific industrial development.

Zhou Shi's current industry has five major parts: the most important is the financial holding company with Galaxy Capital as the core, which has Qinglong (venture capital), Baihu (mergers and acquisitions), Zhuque (hedging), Xuanwu (stock bonds) four major funds and holding Baidu, Alibaba, and Time Friends stock holding companies, which also have various complex operations, joining trusts, charitable funds and various operation models, making the equity structure of Galaxy Capital extremely complex. In addition, there is Sixiang Fund, which is responsible for domestic investment, which has invested in domestic Spreadtrum Communications (100%), SMIC (23%), SAIC (15%), Evergrande Real Estate (5%), DSI Transmission, ATL New Energy (not yet over).

Then there's Amazon, where Zhou Shi holds 12 percent of the shares, but this part of the asset will definitely be diluted. The development of Amazon and YouTube requires large sums of money, whether it is debt or equity financing, and Bezos will not be idle. For example, in August, Amazon issued a batch of bonds. As an investor, Bezos also saw the crisis of subprime mortgages, not to mention that even if he couldn't see it, Zhou Shi would remind him. Amazon has grown to the current scale, and Zhou Shi does not have the ability to provide him with enough funds for development, and it is not worth doing so. If it affects Bezos' controlling position and causes civil unrest in the company, it will be more than worth the loss.

Then there are Internet assets such as Time Friends, after a series of operations, Zhou Shi doesn't know how many shares he directly holds, anyway, Galaxy Capital's controlling position will not be shaken. Its friend network is divided into several parts, Zhou Shi and Galaxy Capital control the equity is roughly as follows: the mainland (90.1%), Japan and South Korea (80%, in early 2008 another financing of 100 million US dollars), Europe and the United States (97.5%, Australia, India, South America and other places are divided into European and American companies), Russia (50), Hong Kong, Macao, Taiwan and Southeast Asia The friends network has shares (30% in Europe and the United States, 30% in Japan and South Korea, 40% in the mainland), the Middle East and Africa (30% in Europe and the United States, 30% in Russia, and 40% in the mainland) ）。 Among them, the valuation of European and American friends is 10 billion US dollars, and the Japanese and Korean friends network has a monopoly position in the two places due to its first-mover advantage, and Facebook has not caused an impact on them, with a value of about 1 billion US dollars. The mainland's friend network is worth about $5 billion because of the assets it contains everywhere and its own advantages in China.

Time Holdings includes assets such as Time Lab, Time Game, Time Browser, Time Music, Time Network, etc., as well as some Guoke shares. Time Android system is independent, but due to the insistence on the policy of non-fragmentation, the cooperation between Android system companies and Samsung is still blown. Zhou Shi did not give in, adhered to the path of differentiated development, only hardware configuration that meets certain standards can use the Android system, the Android system is free to authorize, but its upgrading belongs to the Android system company, and the user needs to pay a certain service fee. In order to ensure the user experience, all the revenue generated by the Android system on the brand's mobile phone will be shared equally with the brand's mobile phone manufacturer. For example, the revenue generated by the Android app store will be divided equally with the mobile phone manufacturer. Moreover, now Time Games has super profitability at home and abroad, compared with domestic game companies, in total, the value of Time Holdings exceeds 5 billion US dollars.

In terms of hardware, it is located in Shenzhen Guoke Group, which has three brands: Guohu, Nut and Tomato, covering three grades of mobile phones. The equity distribution belongs to Time Holdings, Galaxy Capital and Sixiang Fund. In the early days, the Shell mobile phone was equivalent to most of the Apple mobile phones, but unfortunately, with the improvement of Apple's IOS system, the Fruit Shell mobile phones equipped with the Android system have gradually opened up the gap with Apple. However, due to the support of three big cows, there has been no financing so far, and the specific valuation is difficult to calculate. At least a billion dollars! However, Guoke Group has a stake in Android System, holding 9.9 percent of the shares, which is also the largest share of Android System Company awarded to cooperative brands. Wait until next year, Nortel Network goes bankrupt, IDCC is acquired, and Guoke Group will also acquire some patents from it, in fact, Guoke will now begin to entrust professional institutions to acquire relevant patents in the international market in accordance with the direction specified by Zhou Shi.

Then there's the semiconductor industry, which is fully controlled by Spreadtrum Communications, which at this time has acquired four or five small companies, as well as the handheld device division from AMD, and more specifically, the GPU processor division of Qualcomm in the future. Qualcomm was caught off guard by the early acquisition of this asset by Spreadtrum, knowing that they still have a lot of cooperation with this department. Zhou Shi has invested more than 600 million US dollars in it, but now it has not produced results, and its value has not increased. There is also SMIC, as a major shareholder, investing a lot of technical and financial strength in technological improvements to improve the yield of the company's products, especially Zhang Yujing of Toucheng has begun to search for talents and patents in Silicon Valley, Japan, South Korea, Taiwan and other places, or some small companies with leading technology. For example, Germany's memory giant Qimonda, which is about to go bankrupt, is one of his targets. The company's market capitalization is more than $1.5 billion, and Zhou Shi intends to acquire 25 percent of the shares, but the value will not exceed $500 million. As for Singapore's licensed semiconductors, there is no need to say much about the fact that negotiations have not even begun. Based on the results of the ATIC acquisition in previous lives, the total value was $3.91 billion, of which $1.75 billion was acquired and $2.16 billion was debt and convertible preferred stock. However, now that the spin-off of AMD's wafer manufacturing division (the new company is called GLOBALFOUNDRIES Semiconductor) is almost over, Galaxy Capital's $300 million bond will be converted into equity, which will only be sold to Abu Dhabi Advanced Technology Investment Company (ATIC) in the United Arab Emirates after Galaxy Capital acquires Singapore-based chartered semiconductors. As for the remaining $1.2 billion in bonds, they still need to be held. If the Zhou Shi takeover fails, the $200 million worth of bonds can continue to be converted into shares of GLOBALFOUNDRIES. In addition to some hidden expenses, the apparent payment is the $1.5 billion AMD debt. When Galaxy Capital bought it from Lehman, it paid less than $1.2 billion, and it also earned about 10 percent a year.

In addition, there are Nortel Networks' patents and IDCC, a patent troll giant that leads Qualcomm in the number of 3G.4G core patents, two companies that have not yet arrived, but have a high probability of success, worth more than $2 billion.

Starlight Film and Television Culture Group, this kind of company is really not worth it, but according to the previous life, the market value of Huayi Brothers' GEM is about one billion US dollars, and the Starlight Film and Television Culture Group, which has overseas resources and can export and operate variety show copyrights, is also about 1 billion US dollars!

In the end, Zhou Shi privately owned 4.2% of Baidu, 10% of Ali Taobao (not disclosed, and the equity was transferred to Galaxy Capital), 10% of European and American friends (not disclosed), and Tesla fell into a financial crisis again, and Zhou Shi had 8% of the shares after two financings. That's about $1.8 billion. Of course, no one knows Zhou Shi's shares in Time Holdings. There are still 1.4 billion euros of cash on the side of Huatou that have not arrived, and Zhou Shi's stock options worth 300 million euros have not been traded, but it is also soon, the expiration date of these options is October 10, and Huatou will send 1.4 billion euros of funds to Zhou Shi before that, and he will definitely choose to deal this option.

After a pen, the industries directly controlled by Zhou Shi and Galaxy Capital are mainly 20 billion US dollars in the network field, 1 billion US dollars in Guoke Group, 1 billion US dollars in semiconductor groups, 2 billion US dollars in patent companies, and 1 billion US dollars in film and television companies. That is to say, in addition to Galaxy Capital, the value of assets directly controlled by Sixiang Fund is $25 billion. Of course, if you count the assets of Baidu, Alibaba, Amazon and other assets that cannot be directly controlled, it will be too much!

(End of chapter)