In April 89, Lin Qi received bad news that the CD-ROM and VCD products of Xinfei Electronic Technology Co., Ltd., the largest listed company under the New Venture Electronics Group, were subject to a U.S. antitrust investigation.

You must know that the patents of CR-ROM and VCD and other products are the first in the new entrepreneurship department. It is also by virtue of the patent advantage that Xinfei Electronic Technology Co., Ltd. can obtain nearly 17 billion US dollars in the world every year, with an annual net profit of more than 2 billion US dollars after tax.

Although such a company was listed on the unpopular Tokyo Stock Exchange, because the Japanese capital market in the 80s was the best in the world's mainstream capital market, Xinfei Electronic Technology Co., Ltd. can be regarded as the most successful case of Japan attracting foreign countries to list in its territory.

Other large multinationals usually issue a small number of shares on the Tokyo Stock Exchange after they have been listed on the U.S. or domestic stock market.

However, at present, more than 40% of the liquid shares of Xinfei Electronic Technology Co., Ltd. are listed on the Tokyo Stock Exchange, and the remaining ones that have not been sold are mainly Xinchuang Electronic Technology Co., Ltd. and Philips Corporation, the two original shareholders of Xinfei Electronic Technology.

Of course, the only one that has not been sold is the new venture electronics group, because there is no need to sell. After all, CD-ROM and VCD businesses are almost monopolies. Every year, half of the net profit will be used for dividends, compared with the beginning, when the company was founded, only 100 million US dollars in capital, the rate of return has been hundreds of times. It is the money taken from dividends every year, which is several times or even ten times the total amount of investment at the beginning.

Such a tech giant whose performance has been growing is equivalent to a Japanese-listed company, and the valuation is not too expensive. You must know that in recent years, the price-earnings ratio of 50 times that of listed companies in Japan is cheap, and a large number of large companies have been speculated to more than 100 times the price-earnings ratio.

It stands to reason that even if the bubble in Japan's capital market bursts, it is not known that such undervalued stocks will plummet first. But unfortunately, the global capital market is looking at the eyes of the United States, and an anti-monopoly investigation immediately worries the capital market about the thickness of the patent moat of Xinfei Electronic Technology Company!

In the past, patents were regarded as moats, but now there are a large number of patents, but because of monopoly, they are targeted by the United States.

In just one week, the stock price of Xinfei Electronic Technology Company fell sharply, from a peak market value of $50 billion to $38 billion, evaporating $12 billion in a short period of time, and it has not stopped at all, and it is still falling.

For a while, everyone panicked, the stock market caused a big shock, and shareholders began to throw out the stocks in their hands one after another, from the previous hot to hot potato.

Whether it is Xinfei Electronic Technology Co., Ltd., Philips Co., Ltd., Xinchuang Electronics Group and other stakeholders, they have contacted Lin Qi by phone, and even the Securities Regulatory Commission and the stock exchange in Japan have also sent letters to inquire about the anti-monopoly investigation.

"Mr. Lin, this is troublesome, and the U.S. government is involved. ”

I haven't slept well for two days, my eyes are black, and I follow Lin Qi with some frustration.

Once the government intervenes, especially the US government, it is simply not too difficult, and it can be said that it is the world's number one political hooligan.

Of course, the U.S. government can't embarrass a company for no reason, and more importantly, the interests are targeted by many people!

The VCD business has gradually surpassed the traditional video recorder. It has become a home entertainment device with annual sales of more than 60 million units. The related patents are more concentrated in the hands of Xinfei Electronic Technology, which naturally encounters the dissatisfaction of many film and television companies and consumer electronics companies.

As for the CD-ROM at first, it was not taken seriously, but now, it has become a general trend. Basically, even PCs have to be compatible with the CD-ROM standard of Xinfei Technology, and regard it as the mainstream technical standard for optical drives and optical disc storage.

"This is a hooligan!"

Lin Qi's face was ugly, he knew in his heart that it was difficult to win a simple lawsuit, and people wanted to embarrass you, even if the anti-monopoly investigation won the lawsuit, there must be a continuous variety of investigations to find fault.

In essence, it is not a question of one's own mistakes, but the interests of the people!

When the cost of traditional commercial competition and technological competition is too expensive, commercial interest groups, naturally speaking, will use political means to interfere.

U.S. interest groups use the power of the government to suppress competitors and industries in various countries, which is the usual weapon of the United States. From the beginning to the end, the interest groups of the United States have only followed the rules that are favorable to themselves, and the rules that are unfavorable to themselves, even if the rules are set by the United States in the past and are respected by the whole world as the truth, the United States will still tear up such rules that are regarded as general beliefs.

If superstition respects all the rules, defeat the one who wins the rules within the rules. Then, you must be psychologically prepared, the rules formulated by others cannot restrict you, and the competition within the rules cannot be for you, then, the person who formulates the rules, considers the size of the interests, if the interests are too great, directly tear up the agreement and rules, and the group owner himself withdraws from the group, so that the other members are dumbfounded.

"Lin, I'm sorry, but now Xinfei Electronic Technology Co., Ltd. is under anti-monopoly investigation, although we are also trying to find a way, but our political influence in Europe is not effective in the United States. If the situation deteriorates further, we will even speed up the sale of Xinfei Electronics' shares and settle down!"

"When it's time to make money, you're there. If you want to cooperate and help each other in the same boat, but you have to abandon the ship, is that what you think?"

"It's a pity, but we really can't help it!"

"Okay, it's going to rain, my mother is going to get married, whatever you want. ”

Lin Qi directly put down the phone, without grace, the contact person on Philips' side had already made it very clear that they were ready to abandon the ship and run away.

In the face of the rapidly declining stock price, the new start-up electronic technology company, although announced that it will not reduce its share.

However, Philips, the second shareholder of Xinfei Electronic Technology Co., Ltd., started a continuous reduction in arbitrage mode, basically, selling hundreds of millions every day. Arguably, the biggest bears during this period are Philips, which has been selling continuously.

When Lin Qi was bored, he went to Bushnell to ask if he had some friends in the field of American politics and industry who could resolve the microcomputer of this anti-monopoly investigation as soon as possible.

"Lin, although I generally know that there are some people behind the scenes, I don't have that much energy to help you solve the problem. Moreover, the original intention of the anti-monopoly law is good, in order to avoid the technology monopoly and market monopoly of giants, and to protect consumers and fair competition in the market. Even IBM, which was at the beginning, was caught in an anti-monopoly investigation for a long time, and in the end, it took more than ten years to solve the problem, but its vitality was greatly damaged. Later, even if you make a PC, you have to deliberately cultivate opponents to avoid being targeted by the anti-monopoly law. ”

Bushnell expressed regret, he knows, Xinfei Electronic Technology is not in trouble this time, even if it is solved, in the future, it is estimated that it will not be able to monopolize the market of optical discs, optical drives, VCDs, and so on.

"By the way, Lin, the best way is actually to cultivate competitors and avoid dominance. It's like Intel owns the intellectual property rights of X86 architecture chips, but it licenses AMD and a number of competitors to produce X86 architecture technology and use some of Intel's patents. Bushnell thought for a while and said, "If some of the CD-ROM technologies are also widely licensed, it will affect the market share of Xinfei Electronic Technology." But it's much better than an anti-monopoly investigation, and basically, the sooner the anti-monopoly law is ended, the more beneficial it is!"