The death of Steve Jobs also brought about a change in Apple's board of directors, and Robert Iger joined Apple's board of directors, while Peter Thiel, the leader of the PayPal gang, joined the board of directors of Fruit Shell as its independent director. Zhou Shi finally chose Peter Thiel between Zhang Ruiming of Haier and Reed Hastings of Netflix in China, because Yahoo's acquisition of LinkedIn has made them more and more connected.

At the same time, Guoke is also planning to acquire their second company after going public, and Mobileye from Israel has become a target. The company is a camera vision system-based advanced driver assistance system (ADAS), bileye is a pioneer in the ADAS market, which is now not none, but very limited, in 2013 they raised $400 million at a valuation of only $1.5 billion, at this time the acquisition cost less than a billion dollars. But the two unconnected acquisitions angered investors in Hong Kong, who thought Carly Fiorina was starting to sell her shares again, and the market value fell below $60 billion.

"The focus of Guoke now and in the future is on smart phones, but Guoke is not a mobile phone company, we are a high-tech enterprise. These acquisitions are all for the future to make technical reserves, such as Harman International, we can not only use their technology to improve the sound quality of our headphones, bileye is a very good start-up, their technology is our exploration and attempt for the future, is an investment in the future, now or even a few years later may not see the effect, but we will not pin all our hopes on the smartphone as an advantageous industry. History tells us that it is difficult for any industry to maintain a long-term advantage, and our aim is to explore a new direction of development before the dividends of smartphones are exhausted......" explained Carly Fiorina, before adding, "Our decision was not blind, it was approved by the board of directors, and many shareholders, including Simon, agreed and supported." ”

Carly's words dispelled the doubts of the outside world a little, and someone interviewed Zhou Shi about it.

"That's right, the acquisition of Harman and Mobileye are my support, Harman's technology is undoubted, Mobileye is for the sake of car safety efforts, I believe that the safest car is definitely not the car that protects the driver best after a car collision, bileye's ADAS is such a device, he can alert the driver before the danger occurs, which can greatly reduce the probability of car accidents. "Zhou Shi

"So Guoke is going to enter the auto parts industry?" the reporter continued

"You can understand that, but the husk may have to do more!" Zhou Shi

Listed companies are troublesome, and it is not easy to strike a balance between short-term and long-term interests. There are also investors who are overly concerned about the company and want to be on the company's board of directors or even replace the original shareholders in the future. Although there are better access to financing and risk resistance, it is a very risky behavior for shareholders who want to hold for a long time. However, for the society, a private enterprise that is not listed and its finances are not open is always a very unstable factor.

After many explanations, the stock price of Guoke finally returned to stability. Zhou Shi began the final arrangements for Yahoo's acquisition of LinkedIn. Well, it's not an arrangement, it's mainly a lack of money. Not counting yelp, Yahoo's revenue in a quarter is 1.5 billion, the profit is 2~300 million US dollars, and the profit in a year is less than 1 billion, in fact, the profit in 2010 is only 700 million US dollars, but the merger of Yahoo and Yelp used more than 1 billion US dollars in cash. Although Yahoo's free cash flow, including marketable securities and cash equivalents, is still one or two billion dollars, it is still not strong enough to acquire LinkedIn.

If you don't have money, you will either take out loans or issue bonds, and these things have been almost done so far, and the interest rate in the US bond market is very low this year, and it is really uncomfortable not to borrow money for development. Google's geniuses, with tens of billions of dollars in cash reserves, are still issuing debt in the market. Yahoo, short of money, has stabilized the situation and regained the trust of the market. The size of the bond issuance is $2.5 billion. Moody's barely gave Baa1 and Standard & Poor's A- and was able to successfully issue three-, five- and 10-year bonds with yields of 0.75%, 1.35% and 2.78% (see Amazon's 2012 bonds). However, Yahoo is increasingly short of money, and it doesn't know how to get through the current difficulties.

Alibaba's fundraising for the privatization of Hong Kong-listed companies has been completed, and the delisting operation should be completed early next year, but it may take more than a year to go public as a whole. If you transfer Ali's shares at this time, I am afraid that you will not get the right price.

"After we acquired LinkedIn, I am afraid that the pressure on the company's books will still exist for a long time, and our future business strategy should be more conservative!" Morse looked at Zhou Shi worriedly.

"I don't know how to be conservative, I just know what works best for the company. Zhou Shi smacked Morse, "I'm serious, you should see that either Yahoo falls out of the first echelon of the Internet, or you have to take risks, with my current ability, I really can't think of a way to get the best of both worlds." "Zhou Shi

"......" Morse was speechless, what Zhou Shi said made sense, how can you let him refute it? Now is obviously not a good time to spin off the YELP group buying business.

"But our company needs money everywhere now, but its profitability has stagnated, and if we can't find more money in a short period of time, we are likely to collapse. Morse said worriedly, at this time, Yahoo is relying on the huge traffic brought by the portal and mailbox plus the cash income brought by search advertising, in the PC advertising market, Google and F&F have given it a lot of pressure, but the mobile advertising market has not yet been developed, LinkedIn's revenue is more than 100 million US dollars, yelp's revenue is very considerable, but the profit is negative. Airbnb, including Airbnb, is still in the stage of large-scale investment, and nothing can be done without money. It is impossible to rely on Zhou Shi's direct subsidy, this is a listed company, not a personal asset, and it is not controlled by the three parties of Xinghe Sixiang and Zhou Shi like time, and the financial aspect is ambiguous, as long as there is no tax evasion, there is no matter.

"You have to work hard, we can also transfer part of Ali's shares to raise funds. "Zhou Shi, although I don't know Ali's current valuation level, it is obviously not less than 30 billion US dollars, nor higher than 50 billion US dollars, one percent is only 3~500 million US dollars, and it is really a loss to sell equity now.

"Let me think of a way again, Ali's potential is very huge, if it is not a choice, it is better not to sell Ali's shares. "Morse

"Of course!" Zhou Shi, anyone can see the value of Ali.

(End of chapter)