The six-month-long stock lock-up period of SOHU Company has ended, and it is not surprising that it has attracted a wave of cash-outs, and the sudden appearance of more than a billion selling orders has unexpectedly suppressed the stock price.

A month ago, there was a market capitalization of $16 billion, which has fallen to less than $7 billion; To add insult to injury, yesterday, it plunged in a straight line almost a day, falling to only 4.91 billion, and it is still falling sharply, which not only makes those shareholders and SOHU employees who hold stocks want to cry without tears, but also makes Li Jiaming's book wealth shrink sharply.

As expected, Li Jiaming was not in a hurry to get angry, anyway, it was useless to be in a hurry. It's him with Owen. Jacob's first meeting, which took less than an hour and a half from a very happy conversation to an unhappy parting, made him very annoyed.

However, this is just an unhappy parting, both of them know very well in their hearts that in the current situation, if they want to go upstream from the downstream of the industry, they must find a partner who is in trouble, and those chip manufacturers who are in the ascendant will not bird them; On the other hand, Nasdaq and Silicon Valley are full of corpses, and timid capital will cover their money bags, and it will be difficult for Qualcomm to obtain a new round of financing.

The confrontation between the two sides is just a test to test the psychological bottom line of both sides, and this is a negotiation that is destined to be negotiated in a short period of time, because what they lack most is time. Qualcomm doesn't have much cash flow, they need cash for R&D, and Li Jiaming needs to get ahead of the vultures. At the very least, we should also talk about the patent of the QC6522 chip, so that the iPod 2 can beat all competitors. A digital music player is not a mobile phone, it doesn't matter what the standard is, as long as the CPU is strong enough and the power consumption is low enough, it can create a truly epoch-making iPod 2 that will make those competitors want to cry in despair.

As soon as he heard that Qualcomm was willing to transfer the patent of the QC6522 chip, Kyle, who was originally opposed, immediately changed his face, and almost regarded Li Jiaming as God. Hearing the other party's offer, Kyle, who was overjoyed just now, was still overjoyed and persuaded: "Ming, let's acquire this patent!" ”

Yes, if the patent is acquired, the price of the chip can drop from $21.5 per piece to a maximum of $4 per piece. On the basis of QC6522 for research and development, it is not difficult to determine the leading position of HH technology in this field, which is equivalent to pinching the neck of all digital music player manufacturers.

Chip design is a complex system engineering, not any genius can succeed with a pat on the brain, the performance of QC6521 is one generation ahead of similar products, and QC6522 is definitely one generation ahead. Despite the fact that it was purchased for $600 million, it was negotiable, and it was two to three years in royalties compared to monopolizing a huge market that sold nearly 20 million digital music players a year. In other words, even if the follow-up research and development is not successful, it is enough to ensure that HH does not lose money in this acquisition.

If you want to follow up on research and development, the safest way is not to entrust the original creator Qualcomm?

Old spicy!

It is worthy of being able to found Qualcomm's Irving. Jacobs!

But the spicy Owen is unlucky for a brute like Li Jiaming, anyway, he would rather hit his head than compromise with his head.

"No, we buy 12% of Qualcomm, otherwise I'd rather buy their chips at a high price, and as long as Texas Instruments' 22 is too different, I'd rather buy Texas Instruments' chips."

This is a battle for industry standards, even with the addition of HH company, can it still fight more than 2/3 of the telecom operators, plus almost all the mainstream mobile phone manufacturers?

"Ming, you're irrational!"

Maybe, but Li Jiaming decided that Qualcomm would create miracles, and he was willing to gamble on it; Moreover, he sees this as the blackmail and anti-blackmail of Qualcomm and HH, anyway, as long as the cash is in his hands, he can be invincible.

This bastard is a bastard and a paranoid!

Kyle, who has no control over funds, was so angry that Li Jiaming didn't give an inch, reminding: "Kyle, we used to have a division of labor, and it is my right for you to manage the company's operations, strategies and decisions!" ”

"But yours is wrong!"

"Until the end, why do you think it's wrong? If we acquire a patent, we will be completely tied to Qualcomm's chariot, just to save tens of millions of dollars in patent fees every year? ”

"What if the other party doesn't agree?"

"Forced takeover! I can sell 40% of HH's shares, but can't I raise enough money? ”

The angry Kyle realized that she didn't see the Japanese yellow-skinned monkey who guarded Li Jiaming's office every day.

God, they've already started the operation, madman!

Of course you have to be crazy, if you don't become crazy, you can't live, and Kyle also underestimated Li Jiaming, since you want to do it, you have to do it. Li Jiaming, who had already decided to gamble, pointed to the two computer screens on the table with his fingers trembling slightly, the miserable sohu on the left, and the Qualcomm stock interface on the right.

Sell Order!

There were hundreds of sell orders totaling up to $347 million, and there was not even a single order, which smashed Qualcomm and plummeted by 1.18%, which is as green as the sohu on the left! No, there are sporadic buying orders, Qualcomm has them, but they are all small buy orders of one hand, two hands, and more than a dozen hands.

This is quietly sucking chips and then selling them intensively, Kyle glanced at it and knew what Li Jiaming was doing, and hurriedly said: "Bastard!" Are you crazy? ”

"Am I that stupid?"

Li Jiaming in front of the computer seemed indifferent, but his hand trembling to light a cigarette, since he decided to gamble, he would either win or lose! Now that you're on the table, you'll either kill each other or kill yourself!

The current situation is very good, and before I made a move, some investment banks are not optimistic about Qualcomm. When he returns to China to attend the graduation ceremony and smashes all the funds he can collect, he doesn't believe that Owen's old guy won't give in!

Nakamura, who was recruiting troops in New York, was also nervous, so he changed his usual shrewdness and directly rented a small securities company as a site.

This is a big gamble, betting that those capital predators have no confidence in Qualcomm and dare not accept a sell that may end up in billions of dollars or more. Nakamura believes in his boss's judgment that Qualcomm is unlikely to have capital favor in a short period of time when GSM standards are popular.

His job is very simple, use $200 million to enter the market, quietly acquire enough chips, and wait for the boss to raise money; After the boss raised enough funds, he went all out to short Qualcomm's stock. The job is also challenging, and if these funds become prey in the eyes of the predators, Nakamura will lose a job with an annual salary of 200,000 yuan and lose a chance to enter the upper class.

This world is very realistic, and no boss will keep a waste by his side.

$200 million is not a lot of buying, but it is precious in a bear market where there are only selling orders and not buying orders. Nakamura commanded more than 20 traders, quietly entered the market, and quietly acquired, which actually drove Qualcomm's stock price up 0.8%. But after the stock price stabilized, the 200 million selling orders were thrown again, which immediately caused Qualcomm's stock price to plummet by 1.8%, and attracted a wave of selling.

"Stop!"

Investors also have some confidence in Qualcomm, and their own funds are not enough, not enough to break the other party's stock price in one fell swoop. The experienced John hurriedly persuaded Nakamura that it was not the best time and that he had to wait. If you use leverage to go all out to short, the risk is too great, Qualcomm is a behemoth after all, and if the amount of funds is not enough, it is easy to become the prey of predators.

"Okay, let's go ahead and take our time."

What should I do if the stock price, which has already started to be stable, suddenly fluctuates violently? For Qualcomm, whose stock price has plummeted, there are really not many ways to deal with it.

As Chairman and CEO, Owen . Jacobs, he didn't have anything to do about it, and even regretted that he shouldn't have been too tough on that Chinese kid a few days ago.

"George, is there a way?"

Sitting across the desk from George. Davis shook his head with a wry smile, the company's financial situation is so bad that if Owen doesn't propose to continue to enter the field of telecom operations, he may be able to lobby the shareholders. Now, it's not just a question of finance, it's also a matter of resistance from telecom operators.

But in the face of the tyrant of the old time, he didn't dare to deny it directly, so he could only euphemistically: "Jacobs, why do you reject HH's friendship?" The company is not short of cash, and the future is bright. ”

"The most important thing is that we are harming the interests of telecom operators, right?"

It's hard to be the CFO of a declining company, George. Davis nodded helplessly. If Owen can agree to withdraw from the field of telecom operations, he will not be sad about hundreds of millions of dollars, and the former CEO is only to blame for being too mentally retarded. If you want to go to the troubled waters of telecom operation, you can only do it quietly, and you can't make a big show and make the city stormy.

If, if, if Qualcomm guards the territory of CDMA and slowly expands into the field of telecom operations, the development speed may be a little slower, but it will definitely not be as defeated as it is today. In the greater Los Angeles area and Washington, D.C., isn't the CDMA on par with the GSM?

Telecom operators are not stupid, CDMA has advantages in terms of speed, coverage, and call quality, and it takes time to get them to change the standard, rather than rushing into other people's turf.

"No, Derek is not wrong in his decision, we want to replace GSM, we must make a breakthrough in telecom operations! You can't wait, CDMA is developing, and GSM is also improving. We were just a little unlucky, we lacked an epoch-making product to send all the GSM analog phones to the garbage heap! ”

In the face of the strong Irving, George, as the chief financial officer, was speechless and could only protest silently, and VP Bruce remained silent. When the company is bigger, it can no longer be as aggressive as when it was started, and it has to be steady, and maybe Owen's re-emergence will be a bigger disaster.

When Owen signaled that the two could leave, the old subordinate Bruce hesitated: "Owen, can we continue to keep in touch with HH?" ”

"Of course, it's inconvenient for me to come forward, you go."

"OK, can our QC series chips be sold to HH at the right time? Owen, it's very likely that the industry standard for digital music players will be led by HH, and it would be a big benefit for us if we could get them to adopt our CDMA chips. ”

Bruce's suggestion is very constructive, iPod sales in the first half of the year have exceeded 4 million units, completely overwhelming the Imperial League, Sony, Samsung, plus the monopoly of digital music online sales channels, the new industry standard is bound to be set by HH. If HH can be persuaded to fully use Qualcomm's chips, the sales of a single item will reach more than 15 million pieces.

Owen groaned for a moment, and said confidently: "No, we must reach a comprehensive cooperation agreement. Don't worry, that Chinese kid has the same philosophy as us, and he also believes that technology drives everything, and he will choose to work with us. ”

Alas, Bruce sighed secretly and gave up on continuing to persuade. The company's share price fluctuated so wildly that it simply couldn't find new cash flow. If you don't take advantage of the fact that the Chinese kid is still in the United States to discuss cooperation matters, first take the three billion dollars in cash to stabilize the stock price, if the stock price drops by more than a dozen points, it will be too late to regret it.

What's worse is that the current Owen is too stubborn to think that GSM can't overcome its own shortcomings, and CDMA represents the future. But how can things in the world be completely absolute, if the technology is the bottom, combined with its own characteristics, can it overcome its own defects? How can we be so arbitrarily assumed that GSM must be insurmountable without experimentation?