When the market capitalization fell below $30 billion, Yahoo and Zhou Shi could no longer sit idly by and watch the stock price continue to fall, both to reassure shareholders and gain the trust of the public, and also to facilitate borrowing money in the future and improve the company's credibility. For example, although there is market value management in China, it is still not to mention the domestic market, and it is not good to think too much.

"I promise to increase my holdings of Yahoo shares in the next six months, with no less than $300 million and no more than $1.5 billion, which is not less than 1 percent and no more than 5 percent according to Yahoo's current market capitalization. "Zhou Shi

"You have so much money?" Many people are very concerned about Zhou Shi's wealth composition, and after the last time he took a stake in Adobe, he basically had very little cash. This time, the market value of Amazon, Netflix, Adobe, Yahoo and Guoke held by Zhou Shi has dropped a lot, which can be described as a heavy loss. Of course, this huge loss is only on the books.

"I will pledge some of my shares and borrow money from the bank. "Zhou Shi, the interest rate is so low now, why don't you borrow money if you can borrow money? Even after this large-scale stock price drop, he has a net worth of nearly $25 billion, and borrowing $1.5 billion is just a small matter. After borrowing for three or five years, the interest is only about $100 million, and Zhou Shi believes that the increase in Yahoo's stock price will definitely cover the cost, even including the $1.5 billion he borrowed.

Although it promised to increase its holdings, it took time for Yahoo's stock price to fall because the funds did not arrive, so the downward trend of Yahoo's stock price did not stabilize. However, IDC released a report on mobile phone sales last year, and the global smartphone shipment exceeded 500 million units last year. Among them, the top five smartphone brands in the world are Apple, Samsung, Nokia, Guohu, Blackberry, and then Nuts, HTC, and LG. Apple's annual sales were 88 million, Samsung's 83 million, Nokia's 77 million, Nutshell's 69 million, Blackberry's 51 million, and Nuts' 50 million.

The development of the husk obviously limited the development of the apple and did not reach the heights of the previous life. Samsung received a double blow from Fruit Shell and Apple, coupled with patent issues, even if it has a price advantage over Apple and Fruit Shell, it also failed to achieve the level of its previous life. Nuts are subject to poor global sales channels and problems with their own positioning and patents, and their development is relatively slow.

In terms of tablet sales, Guoke was overtaken by Apple, but even so, Guoke's performance is very bright, with an annual operating income of nearly $50 billion (including mobile phones, tablets, drones, and action cameras) (in history, Apple's total IOS device sales this year were $67.5 billion, annual revenue was $108.2 billion, and net profit was $26 billion), that is, because of the decline in profits caused by the acquisition of companies such as Harman International, Spreadtrum Snapdragon and Mobileye, otherwise his market value should be close to $100 billion.

The value of Guoke has not yet been realized, the tablet is the first to be launched, DJI has pioneered the consumer drone market, Mobileye has pioneered the ADAS (Advanced Driver Assistance System) industry, and there is an artificial intelligence voice assistant in development.

Although none of these markets are very large, except for tablets, it is difficult to say what the future market potential will be. The biggest gap between Guoke and Apple is only the system and the App Store, ITunes Store and other software parts, which are in charge of time.

"The husk is seriously undervalued!" said Milbank Securities.

"The husk was wrongly killed by the market, and now it is highly recommended to buy, with a target price" Citibank

AIA took advantage of the trend, and Huatou's alliance to buy Zhou Shi soon crushed the bears in half of their home field.

As the fourth largest company in the smartphone market, and the gap with the top few in the market is not so far away, Guoke is undoubtedly a very high-quality company. It's no surprise that he can be the first to beat the bears. For Zhou Shi, the main battlefield to defeat the bears is still on Wall Street. After consulting with a lawyer, Zhou Shi found that cross-shareholding between Yahoo and Netflix was not a good option. For example, now Yahoo is taking $500 million in Netflix and gets 9% of the shares, and then Netflix is using $500 million to invest in Yahoo and get 1.8% of Yahoo's shares. But in fact, without a penny, the two companies completed the cross-shareholding. Isn't this kind of thing too damaging to character?

However, it was difficult for Yahoo to make major changes in a short period of time, and instead of being surprised by the board, Carl Icahn actually bought nearly 5% of Yahoo's shares and stock options again.

Zhou Shi and Carl Icahn have cooperated and confronted, and Carl is still the majority shareholder of MGM, but MGM is controlled by Miramax. At the same time, as an independent production company, Miramax is Lionsgate's biggest rival, and Carl Icahn is also the majority shareholder of Shimen Films. In the Motorola acquisition case, the two also cooperated, and as for what the cooperation was, you know

"What, you want to overthrow my rule at Yahoo?" Zhou Shi looked at Carl Icahn with a smile, Yahoo is not comparable to those companies with scattered shares. Zhou Shi has enough strength to deal with any challenge, and he has a gold master behind him. Even if Galaxy Capital only cooperates with Sixiang Fund, it is sure to privatize Yahoo. Although it does not have Carl Icahn's connections and brilliant track record, Galaxy Capital will not be able to mobilize less funds than Carl.

"Why, I still want to continue working with you. Cal Icahn said with a smile, an old fox alive.

Zhou Shi has never been a pedantic person, although he doesn't like this old and strong Wall Street wolf, but he continues to cooperate when it is time to cooperate.

"Are you optimistic about Yahoo's development and want to be a long-term investor?"

"That's fine!" said Carl Icahn

"Tell me, what the hell is going on?" Zhou Shi

"I heard you want to spin off Yahoo and let Yelp go public independently?" said Carl Icahn

"You're well-informed, and it seems that my control over the company needs to be strengthened, and it's time to learn Apple's secrecy system. "Zhou Shi

"It's hard for a company like Yahoo to keep it strictly secret in a short period of time, but Yahoo's stock price has fallen so much, I'm afraid you're happy to see it happen. "Cal Icahn

"What nonsense are you talking about, I have done everything I can, the market doesn't believe in our transformation of Yahoo, what can I do?" Zhou Shi will definitely not admit

"I've heard that someone wants to sell their Yahoo shares, and you're ready to take them all, it's pretty fast!" said Carl Icahn

"I don't know the specific transaction, it may be the services of Meibang Securities and Citibank. "Zhou Shi, he took out a loan from Citibank and entrusted Meibang Securities to trade.

"yes, without talking about that, I'm wondering if you still want to split Yahoo and Yelp?"

"Does it matter?" said Zhou Shi

"It's important!" said Karika

"It's your own business—"

(End of chapter)