The concept of a partner is actually very simple, in the vernacular, it means 'together as a gang', and after forming a group, they share responsibilities and share results, which sounds like a gang or a club, but its essence is roughly the same.

Since its establishment in '85, in just 15 years, Qualcomm has grown from scratch to the peak market value of more than $20 billion.

Over the past 15 years, Qualcomm has made countless technical backbones become minority shareholders of the company through the futures stock system, and has absorbed countless outstanding talents to work hard for the company, which is the fundamental reason for its rapid development for more than ten years. In addition, when Qualcomm went public, it chose different rights of the same shares, which also created considerable barriers to hostile mergers and acquisitions. This is also the main reason why Robert and they cannot rely on their capital and strength advantages to initiate a forced acquisition, and they can only divide and disintegrate from within.

Hope that there is nothing in the so-called is just the sigh of the literati in desperation, but it is a life-saving thing for Qualcomm. With no hope of reviving the company, and the acquirer is a technology-focused giant like Intel, no matter how high Irving's prestige is, it will not be able to save the defeat.

But once many people see the hope of the company's revival, even if the hope is slim, there will be a large number of small shareholders who want to take a risk. Staying in the company and continuing to struggle and being acquired are two concepts, the company can revive their shares are worth money, and the company is acquired and their shares are worth almost nothing, this multiple-choice question is easy to do. No matter how powerful Robert is, he will only trade with key people, and it is impossible to trade with most people to ensure that the interests of most people are not damaged.

This gives Owen. The opportunity for Jacobs to turn around, Qualcomm is worth patents, but compared to patents, what is more valuable is this team, those experienced engineer teams. The design and development of chips is a complex system engineering, far from being something that a genius can succeed with a pat on his head, without these excellent engineers with years or more than ten years of work experience, Qualcomm's patents will fall behind after 18 to 24 months.

That evening, after Li Jiaming resigned, Owen published his letter to all minority shareholders on the company's intranet.

Whether Intel is an acquirer is still a secret, and Owen can't name them until Robert and they admit it, but he can list all possible acquirers and point out their respective drawbacks.

The vendors of the GSM alliance are the worst results, because the other party has made a breakthrough and will only continue along the path of GSM until they reach a dead end, and then it is possible to come back and pick up the CDMA. If it is an acquisition initiated by a manufacturer of the GSM Alliance, it is killing Qualcomm. This result is unacceptable to the vast majority of people, and Qualcomm's success has only made a very small number of people become millionaires, billionaires, and their wealth is all stocks.

However, the acquirer is also the least likely to be the GSM Alliance, they are in a state of scuffle, which vendor is likely to buy Qualcomm?

Then there are only Intel and AMD, the two chip manufacturers in the PC and server fields, AMD is impossible, its strength is too weak, and it can only continue to struggle with Intel in the field of PCs and server CPUs.

intel？

Yes, it can only be Intel, but Intel's disadvantages are even greater.

It was a design, production, and sales company, and they had achieved a monopoly position in the field of PCs and servers, so of course there was no problem in doing so, and they could get the most benefits. But if they want to replicate their successful model after entering the field of mobile phone chips, this is tantamount to a disaster, and even if Qualcomm can revive again, it will sink again.

The competition in the field of mobile phone chips is too fierce, R&D and production are bundled together, and the pace of R&D will seriously drag down production. Because Intel is impossible to give up the huge investment in production lines and factories just for technology; And in the high-tech field, one step behind, is to fall behind step by step, until it is eliminated by the market

So, the question is, will Intel do that?

The answer is yes, the model that has been successful will only be copied by the successful until it fails.

What to do?

New investors have emerged, bringing Qualcomm $2.4 billion in cash that could bring the company's debt ratio below 30%. Why sell a financially sound company? In the end, Owen also admitted his mistake of activism, pledging that if the company can get back on track, it will work more closely with existing CDMA operators, rather than forcing the company into telecom operations.

The article is persuasive and convincing to a large number of minority shareholders, but the key is the wavering board members.

After a two-hour car, Yang Zhiyuan, who had just arrived at Li Jiaming's residence, also saw this article, and it was just brought by Nakamura from Bruce.

“surprise！”

Compared with the optimism of Yang Zhiyuan and David, Li Jiaming and Son are more realistic, power is in the hands of a few, and if Owen can't convince those directors, executives, and co-founders who have voting rights, it will be doom after all. The key to solving the problem may be the last part of the article, which is to abandon the entry into the field of telecom operations in exchange for the support of those veterans.

"No, there's another way, but it's more risky."

Worthy of being Korean-Japanese, Li Jiaming looked strangely at the small man who was less than his shoulders tall, and reminded: "Oen was born in 1933 and had a stroke just four months ago. ”

"Yes, the only thing that worries me is health."

"Ming, what do you mean?"

What do you mean?

In case of failure, taking advantage of the bidding between the two parties, the other party wants to win and is afraid of losing, and is even more afraid of the opportunity for their own side to raise the price at any cost, and the patent of the baseband chip will be granted to a new company, and everyone will start anew. Old Owen's letter to all shareholders is well written, if the company is really sold, I don't know how many technical backbones who have suffered heavy losses will pour their anger on the betrayer and turn around and follow him.

"Yes, I just asked my advisor, OEN has 14 CDMA patents, and all of them are basic patents for baseband chips. If he wants, we can set up a new company to continue developing CDMA technology. ”

It's a little interesting, Li Jiaming began to think about this little man, this old boy only focuses on the Internet, how can he be interested in industry? After pondering for a moment, Li Jiaming said suspiciously: "HY?"

"Ming, if you give me the opportunity to invest in Datang Technology, we at SoftBank will stand in the same camp as you!"

“no”。

Lee's neat reply made Son resign himself to the next best thing, asking for an opportunity to invest in the Liberian Network.

“no”

"Jiaming?"

The Japanese who are looking for meat on the mosquito legs, Li Jiaming explained in Chinese with a dark smile: "Zhiyuan, don't think that he has any good intentions, this guy is very ghostly." Lao Ma has achieved a scale of 120 million QQ users and achieved a break-even, that is a mountain of gold, he wants to replicate the success of investing in Yahoo. ”

"But it's a mountain of gold, and you have to cash out, and you're short of cash!"

The company is not short of money, what do you want to cash? The old horse was still stumbling around like a headless fly, but Li Jiaming could open his eyes and tell nonsense.

"Cut, the profit model has been found a long time ago, and Lao Ma has not let go, because he is afraid that competitors will follow suit and resurrect."

What the? Would you rather bear it hard than survive your opponent? Yang Zhiyuan looked at his friend in disbelief, and suddenly said, "You are all ruthless!" ”

"Hey, you're a Sven, don't learn us to swear!"

After teasing a friend, Li Jiaming returned to the topic and explained: "Lifang will usher in a period of rapid growth after eliminating competitors, and it is unfair for me to allow you to invest."

If you're willing to join us, I can give SoftBank priority before the company goes public. ”

$400 million in cash, just buy an investment opportunity?

Yang Zhiyuan and David were speechless, this style of acting is too out of line.

, don't do this, and make this Japanese cheap? If it weren't for the fact that the Japanese had the cash he desperately needed, he wouldn't even have given him soup.

"Ming, have you found a profit model? Why? ”

"The dead opponent is the best opponent!"

Ruthless enough!

With a user scale of 120 million, as long as a profit model can be found, it is a real gold mountain, and it is normal for the market value to increase dozens or hundreds of times after listing. Son's face changed, and he finally decided to give it a go, betting on whether the profit side could become the second sohu.

On the hook, Li Jiaming took the initiative to reach over and said with a smile: "Congratulations, Lifang will not become the second sohu, it will only become the second yahoo." ”

"I wish us success!"

I have to congratulate you, but success may not belong to you, Li Jiaming is not a good person, and it depends on the situation when the company will be listed. If he doesn't tap the potential of Lifang, he will easily go public?