The National Court's Mi Guofa Think Tank reviewed the proposal submitted by Gu Cheng overnight, and naturally asked some professional questions.

These questions are mainly limited to the focus of "the current software and Internet industry has a large number of 'overlord clause user agreements', why Microsoft can do Apple but can't".

The so-called "overlord clause user agreement in the software industry" should be familiar to the masses who eat melons: even if it is genuine paid software, after buying, before installing and using it, you have to pull a dozens of pages long, full of unintelligible professional terms, French and French agreements to the end, and then click "I agree" to continue the installation.

And this pile of clauses is full of content such as "no tampering, interception, XXXX computer software code", "no use of unauthorized third-party software to XXX" and so on.

Translated in human words, it is "no modifiers are allowed to play this game, and no plug-ins are allowed, otherwise you can be blocked."

In the eyes of those old bricks, Apple doesn't seem to be more ruthless than Microsoft or other online game companies, right? "No jailbreak" is not the same as other people's "no tampering, interception, and third party"?

Faced with this problem, Fei Wen, the think tank brought by Gu Cheng, cleared her mouth and explained this matter clearly to the old brick family of the National Academy:

"It's not the same, Microsoft and other game companies, what they sell is software. When software is sold, it is the right to use it. Property rights in civil law can be roughly divided into property rights, creditor's rights, intellectual property rights, and so on. There is no 'real right' in intangible assets such as intellectual property, so when only the right to use is sold, the user only has the right to 'use', and the seller is naturally entitled to restrict the user's exercise of rights other than 'use'.

Apple sells mobile phones, and mobile phones have 'real rights', and complete real rights naturally have the right to 'possess, use, earn, and dispose of'. The destruction of the mobile phone system belongs to the user's 'right of disposition', and Apple interferes with this, that is, it violates the basic human rights of free will and destroys the sanctity of private property. ”

Once these points have been refuted one by one, there will be no legal problem.

Moreover, it is said that in this matter, Gu Cheng's interests and national interests are the same, and it should be happy to let the report add a few paragraphs to scold the enemy government for a while.

However, the matter waited for almost a week and there was no response.

Finally, Gu Cheng's CFO Liu Qian took the initiative to find the boss for this matter and pointed out his rashness.

……

On this day, Gu Cheng was invited to the Xiangshan Villa of the Liu family in the capital.

When he arrived at Liufu, Gu Cheng had to say a few polite words to Mr. Liu, the founder of Lenovo Group, before sitting down to talk about business.

Liu Qian, who has been with Gu Cheng for five years and has been a CFO for five years, complained about the boss when she met:

"Ah Cheng, you have done this recklessly. Although you are legally right, you are also 'wholeheartedly contributing to the country'. But how will people think of this matter? Others still don't think that our Chinese government, like the people of the United States, is controlled by big capitalists and big conglomerates, and is open to the interests of people in the business circles!

If ordinary users regard you as the Zhao family, and YY Electronics as a decadent and inefficient enterprise of the Zhao family, and think that this brand is not cool at all, they will still buy your mobile phone?"

Liu Qian is 30 years old this year, the ugliest female executive around Gu Cheng, and she is also old, so she was married the year before last, but the CFO's job is still untouchable.

In her words just now, the theory of brand value she said is good: all the words "state-owned assets/state-owned enterprises" are counterproductive DEBUFFs in the high-end and cool consumer goods industry, and the louder the brand, the greater the blow to sales.

The reason why Lenovo's LE-PHONE hit the street has a little to do with its Lenovo signboard, not to mention ZTE Datang.

Later, Haier Group wanted to make laptops, but they didn't have a foundation, so they approached Jingdong to discuss. The people in Jingdong asked them what brand of notebook they wanted to make. Haier's people replied without hesitation: Of course, they are Haier cards!

Then the people in Jingdong decided to break up the meeting and pick a child: this business doesn't need to be discussed, it's already on the street!

Haier's people are not convinced: our brand has been evaluated by professional institutions, and these two words are worth 60 billion intangible assets!

However, does the 60 billion have appeal for young people who want to play games?

The final result is that Haier's people are still from the admonition, and before entering the game market, they threw away the word Haier lightly.

WITH THE WORD "COUNTRY", IT IS DEFINITELY A DEBUFF FOR COOL CONSUMER GOODS, AND THAT IS NOT SELLING ARMS, HEAVY INDUSTRIAL MACHINERY OR WHITE GOODS. People want to be cool, not rigorous.

"The country is afraid that people will think that I have been used as a gun, and the impact will not be good? But since I have been found through you, there must be a solution. Gu Cheng knew very well that if Liu Qian hadn't received a request from a related household, he would not have come to report bad news to him in vain.

Liu Qian was seen through and was a little embarrassed to speak: "Actually...... Nor is anyone willing to take advantage of you. I also think you're too concerned about dealing with Apple. Why rush for a while? Let me tell you the truth, the above is a little dissatisfied with the fact that the proportion of private shares of YY Electronics is so high, but it intends to use state weapons for personal gain. Besides, after all, the microelectronics industry is different from the software industry, it is still relatively industrial, and the technology content is also high...... In addition, there are many people who have ideas on it.

Ah Cheng, let me say something inappropriate, if you engage in this business, sooner or later, you will either go public or diversify your equity. But now YY electronics is in a period of rapid rise, the valuation is the same every year, you might as well stay up for another two years, stabilize this rapid rise period, increase the valuation several times, and then accept outsiders to enter the market. When the time comes, won't the state propaganda resources be taken and demanded?"

This is why someone wants to take a stake in YY Electronics.

For the pressure on Liu Qian, Gu Cheng didn't feel abrupt and strange at all.

In China, the state capital still has a relatively tight grasp of "high technology with military value." Because it's not like the Internet.

Internet companies, to put it mildly, are more about users and data barriers than real technology. If one day the country says that QQ is prohibited and disseminates prohibited information, and QQ is to be banned, then the 1 billion users will also be banned. Weibo or some V-LOG video sites, that is also said to kill, you can find a substitute to fill the blank market at any time. Therefore, even if state-owned assets have no equity, they are not afraid of the growth of pure Internet enterprises.

The situation is slightly different in the electronics industry, where some of the core technologies are mastered.

More importantly, the electronics industry is industrial, and the company's market value mainly depends on market data and actual assets (including intellectual property rights and brand intangible assets), rather than relying on "false estimates of future expectations" like Internet companies, so it is very suitable for listing on the domestic A-share market and then collecting the money of retail investors.

It is impossible for the Zhao family not to stare at it.

And Liu Qian's meaning is also very clear: at present, with Gu Cheng's energy, he has never mixed up with officialdom, and if he wants to let the Information Office of the State Academy be used by you, I am afraid it is impossible. Unless more allies are contacted - in the form of equity swaps.

And the valuation of YY Electronics must be the same every year, so forget about these two years.

It's a pity that Gu Cheng's reaction greatly surprised Liu Qian's expectations.

"I don't have many shares in YY Electronics, if I was greedy for equity, I wouldn't have let Lei Jun take so many founder's team shares - I didn't want to do YY Electronics, that's not my business, I just wasted some energy to do this business in order to kill Jobs and do the right thing for heaven. Sister Liu, don't give up your roots. ”

Liu Qian really didn't know enough about Gu Cheng, and after hearing this, she was shocked and speechless for a long time: "You...... Are you saying that in order to completely kill Jobs, you would rather dilute a part of YY Electronics' equity?"

Gu Cheng admitted without hesitation: "Of course, but I have two programs: first, since I know that the valuation of YY Electronics is rising rapidly, if you use the current results to evaluate and buy shares, you don't need to talk about it, and there is no sincerity at all."

Secondly, if you want to enter the market, you must also have the ability, the Zhao family, who only has money and no resources, let them roll as far as they want. I only accept high-tech companies such as Beidou Navigation and iFLYTEK to negotiate equity exchange with YY Electronics, or at most accept cash investment from companies with complementary technologies in the industry. Forget about the big dog with only money. ”

Liu Qian breathed a sigh of relief, but the shock in her heart still couldn't fade.

It turns out that the difference of billions of dollars is not a problem in Gu Cheng's eyes.

"Don't worry, since you have this idea, I will definitely not let you suffer. Otherwise, I, the CFO, would have no face to be the same.

Before the launch of the Aimi mobile phone, YY Electronics obtained a valuation of $8 billion in the industry just by relying on the two main businesses of YY-mini and Kindle, and even the market expectation of Aimi. Combined, you and Mr. Pan accounted for 42% of the equity in YY Electronics - at that time, this ratio was already the lowest among the companies under your name.

At that time, the industry's annual shipment estimate of Aimi mobile phones was less than 5 million units. It has only been four months, and more than 15 million have been sold, and the total annual sales in Asia are estimated to be 35 million, which is at least seven or eight times the original estimate of a third-party organization. So now that we value YY Electronics, I think that 200~30 billion US dollars will definitely not be able to run away. ”

Liu Qian analyzed it for a while, then paused after saliva, and continued to calculate while sorting out her thoughts, while observing Gu Cheng's reaction to see if he accepted this algorithm.

Even if the valuation of consumer goods companies is based on the "price-earnings ratio" as the main indicator, it is impossible to say that "the doubling of sales volume will also double the market value of the company".

This depends on the market's estimation of stamina, the quality of new customers when sales double, and whether profits are reduced.

Although Gu Cheng's Aimi mobile phone distribution speed is many times higher than the industry's previous estimates, a considerable part of it relies on the advertising effect of the accidental event of the "big earthquake", which cannot be replicated. And there are a large number of mobile phones that are sold at a price in line with "humanitarian discounts", although it does not hurt the brand positioning and force, but after all, the profits are shrinking rapidly, and they almost make no money.

These factors should be taken into account in the valuation.

Therefore, Liu Qian said, "At this point in time, YY Electronics is worth at least two or three billion US dollars", which is quite pertinent, and Gu Cheng also accepts it.

From 8 billion US dollars in March to 20 billion or 30 billion now, it has more than tripled, and Gu Cheng is already satisfied.

However, both he and Liu Qian knew that they were not short of money.

If someone wants to enter the market at this point, they will have to at least increase the price. According to "predict how much the valuation of YY Electronics will rise in the next year or even two years", and then buy shares at that price.

Otherwise, Gu Cheng can completely not accept the shares.

There's a lot of room for imagination here.