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Zhang Ke was also quite embarrassed, Chen Feirong stepped on something bad, she slipped on the "raincoat" - littering is really not a good habit, he retracted into the bathroom, lay back in the warm water, and considered whether to go to the United States in person, not only the matter of the withdrawal of the lawsuit by the Recording Industry Association of America, but also the matter of 0.25/0.18 micron wafer process technology caused by Deyi, which also needs to be properly promoted. Pen × fun × Pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ

Zhang Ke got dressed and went downstairs, Tang Jing and Chen Feirong sat in the restaurant for breakfast, he sat down, grabbed a fritter and ate the soy milk in Tang Jing's cup, while chewing the fritters, and said to Tang Jing and Chen Feirong: "Don't be soy milk and fritters all day long, I used to hear others say that rich people get up in the morning and rinse their mouths with shark fin, when do you say that our quality of life can be improved?" ”

"Pounce on the ......" Chen Feirong stepped on the condom and slipped down, and was a little embarrassed to look at Zhang Ke, watching Zhang Ke come downstairs, drinking soy milk with his head bored, listening to his interjection, she couldn't hold back her laughter, the soy milk in her mouth was sprayed on the table, and some were sprayed directly into the glass, choking and coughing fiercely for a while, she quickly took out a napkin to wipe the slurry stains on the table, and glared at Zhang Ke angrily and funny. poured the soy milk originally left for Zhang Ke into a cup, and said: "You take your shark fin and rinse your mouth, this kind of soy milk that ordinary people drink looks ...... anyway" Meimei took a sip, and stirred the fried dough sticks in the soy milk.

Zhang Ke didn't care, he drank Tang Jing's soy milk anyway, and Tang Jing went to share some more soy milk from Chen Feirong's cup, and the three of them could eat breakfast together.

Zhang Ke talked about the plan to go to the United States, Tang Jing said embarrassedly: "I have to go to Jinshan to accompany my mother for a few days, anyway, I will take Concubine Rong to play together, I don't care if you are free or not - you can find someone to accompany you to the United States." ”

Zhang Ke spread his hands, he was really speechless, it was really desolate, and he couldn't say that Xu Si was not available, although Tang Jing had already suspected Zhai Danqing, but Zhai Danqing was far away in Perth, and when she came back from the United States, she was going to Australia for a turn, but she couldn't pull her to accompany her to the United States for a turn, and Wanqing had not been exposed.

With no one to accompany them, the trip to the United States became a purely business trip, boring and boring.

In San Francisco, Meng Le and Xi Ruolin also went to Canada instead of the United States, and Zhang Ke stayed in San Francisco for two days to attend the signing ceremony of the settlement agreement with the Recording Industry Association of America (RIAA).

Under the terms of the settlement, Kumho will upgrade the anti-piracy encryption software to iPlayers sold in North America to meet the requirements of the RIAA, and the RIAA waives its claim for continued prosecution and compensation in North America.

Last month, the RIAA won a lawsuit against one of North America's largest free MP3 music resource sites, and despite the site's claims to be a non-profit, the court ruled against the site and paid a huge punitive damages in addition to shutting down the site.

In North America, not to mention the survival space of for-profit, non-profit pirated music websites has been extremely narrow, thus providing a larger commercial space for online music stores such as Global Music Online, and the market potential has surged.

As the largest online music store in terms of user base, Global Music Online has obtained the authorization of major traditional audio-visual and audio copyright developers.

Kumho holds 70% of the shares in Global Music Online, and Toshiba and Scober hold the remaining 30% of the shares, and the three companies have invested nearly US$90 million in this regard, which in itself is an important manifestation of Kumho's emphasis on the copyright interests of traditional audio-visual audio manufacturers.

The riaa may have realized that the entanglement of this lawsuit would only allow Kumho to obtain greater business benefits, and they only held a threatening attitude at first, but they did not expect that Kumho, as a new company that has risen in China for a short time, would be so tenacious to adapt to the legal environment in the United States and entangle with them, and they have been entangled for half a year.

After the signing of the settlement agreement, Kumho's high-level executives took turns to give the representatives of the RIAA a warm hug, and the representatives of the RIAA were extremely embarrassed, feeling that in the past six months, they had played a cruel game on the opponent, and many media in the United States also published pictures of the representatives of the two sides embracing each other in a prominent position in newspapers and magazines.

The settlement agreement should be regarded as the perfect ending of the lawsuit for Kumho, because the RIAA's pursuit of Internet pirated music websites has made the industry extremely optimistic about the prospects of the Internet paid music market, accounting for 90% of the current online paid music market, and the global music online operating income of more than 10 million US dollars in the first half of 999 August 99, when the new technology wave is surging, the market value is naturally extremely high.

Goldman Sachs, an American investment bank that successfully put Quantum's online stock on the NASDAQ market in the United States, naturally cannot fail to see the value of Global Music Online.

When Zhang Ke and Chen Xinsheng arrived in San Francisco, Zeng Zihui, vice president of Goldman Sachs Asia, chased him from Hong Kong to San Francisco, hoping that Kumho would hand over the listing of Global Music Online to Goldman Sachs.

Tsang also showed up just after Kumho signed a settlement agreement with the RIA and settled the legal issue once and for all - Goldman Sachs could not have stood up in advance to support Kumho.

In the banquet hall of the Agenort Hotel in the center of Fisherman's Wharf, the crimson carpet and crimson wine swayed in the crystal clear glass, Zhang Ke really couldn't understand why there were few business secretaries recruited by North American companies, or that his aesthetic standards for Western women were above Sophie Marceau and Zeta Jones.

"In addition to the traditional Internet website revenue model, Global Music Online has a very good offline hardware platform, with the promotion of iplayer hardware, the website's music sales business model will become more and more mature, and the scale will become more and more considerable, and the American commercial organizations have a very high evaluation of Global Music Online, and at this time preparing for listing, it will win greater benefits for Kumho than Quantum Online......" Zeng Zihui unremittingly encouraged in front of Zhang Ke, Chen Xinsheng and others, Quantum's share price on the online has risen to $14 per share, an increase of nearly five times compared to the issue price, compared with the venture capital holdings of Goldman Sachs, the increase is even more terrifying, of course, Goldman Sachs' acquisition is far less than the original investor of Quantum Online, Oak Park Venture Capital Fund, Kumho is the giant behind Oak Park Venture Capital Fund, Zeng Zihui has been clear.

At this time, to prepare for the listing, the successful listing should be after the spring of next year, plus the ban period of at least six months, then it will be the autumn and winter of next year. Zhang Kecai does not believe that the new technology bubble in the global capital market will persist until tomorrow autumn. The bubble burst, it will take at least three to four years to recover, since it is not possible to profit from this wave of new technology, Zhang Ke is very uninterested in going public, and the 60 million US dollars injected by Global Music Online from Toshiba and Scooper at the beginning of the year is not enough money.

Looking at Zeng Zihui's enthusiasm, Zhang Ke scratched his head and said: "There is no shortage of funds for the website, and it seems that it is of little significance to inject capital into the market...... Even if our stock holdings can be cashed out in the stock market, it will not be until after next fall, and I am more eager to make utilitarian profits, and I am not very interested in the fact that the distant water cannot save the near fire. ”

Zhang Ke's words sounded like a rejection of his listing lobby at first glance, Zeng Zihui was inevitably a little disappointed, he had never heard of any company that would refuse Goldman Sachs' listing invitation over the years, unless it was poached by Morgan and other competitors, could it be said that Kumho had found a better listing partner outside of Goldman Sachs?

In the middle of the dinner, Zeng Zihui said goodbye and left the Argentnot Hotel, preparing to take the evening plane to the headquarters of Goldman Sachs on Wall Street in New York.

Far water can't save the near fire, what does he mean in his words that Kumho is still short of funds? If a venture capital fund is willing to take over a part of Kumho's equity directly, rather than directly investing in Global Music Online, maybe this plan will work?

Zeng Zihui shook his head and smiled bitterly, his childhood was spent in Hong Kong, and then his family immigrated to the United States, and he had long adapted to the business environment and thinking in Europe and the United States.

Zeng Zihui hurriedly got off the plane again, and returned to the Agennot Hotel from the airport, the banquet in the hotel was not over, seeing that Zhang Ke, Chen Xinsheng and others were not particularly surprised by their own going and returning, Zeng Zihui knew that the guess was true, just smiled slightly, and everyone gathered in another room to discuss some feasible details.

In addition to external pressure, Toshiba, which holds a 20% stake in Global Music Online, has also been hoping that Kumho will give up its absolute controlling stake so that Toshiba's iPlayer hardware sales can get a fairer opportunity.

Considering the close relationship between Scooper and Kumho, Kumho can actually control Global Music Online relatively stably as long as it maintains a 40% stake, which means that a maximum of 30% of the stake can be transferred.

At the beginning of the year, Toshiba and Scooper paid a total of $60 million in cash to obtain a 30% stake in Global Music Online, and Zhang Ke put on such a posture at this time: Kumho can directly transfer up to 30% of the equity, and the key depends on what kind of price the venture capital under the name of Goldman Sachs or Goldman Sachs is willing to offer.

Zeng Zihui still flew to New York that night, and Wall Street is where venture capital gathers.

On the third day of Zhang Ke's stay in San Francisco, Zeng Zihui sent back the news that Amazon was very interested in the equity transfer of Global Music Online, and even hoped to accept 70% of Kumho's shares in its entirety and make a tentative offer of $200 million.

In the new technology wave, Amazon is probably one of the new technology companies that have benefited the most, and compared to Amazon's business miracle, Kumho at this time is at least on the surface.

In mid-July '95, Bezos used the $300,000 lent to him by his parents to set up an online bookstore called Amazon in a rented residence in the suburbs of Seattle, which went public in '97, and four years later, Amazon has grown into the largest Internet retailer in the United States, providing books, audio-visual, software, toys and gifts and other goods to more than 11 million users on the Internet, with a market value of more than $10 billion. A year after going public, Amazon began a large-scale merger and acquisition of other e-commerce sites in order to maintain its position as an online retailer in North America.

As an important branch of e-commerce, online paid music download sales are increasingly recognized by the market, and the market potential of the business model created by Kumho that combines Internet resources and hardware platforms cannot be underestimated, and the model is difficult to imitate.

Zhang Ke and Chen Xinsheng heard Amazon's acquisition intention relayed by Zeng Zihui, but they didn't consider it, so they directly rejected it, and had no intention of further contact with Amazon.

Although the profits that Global Music Online can generate on its own in the next decade are extremely limited, its huge role in promoting the sales of iPlayer hardware in Europe, the United States, Japan and South Korea, where copyright protection is strict, cannot be ignored, and Kumho will never give up substantial control - if Kumho is willing to give up control, Toshiba will definitely not be stingy with these two billion dollars.

In addition to Amazon, the Walden venture capital fund, which was the first to enter Quantum Online and had huge book profits at this time, also had a strong interest in the equity of Global Music Online, these venture capitalists purely wanted to speculate and make profits, and would not seek a controlling stake, in order to control risks, they would not even hold too many shares, and they did not pass through Zeng Zihui, and after the news of Goldman Sachs, they directly sent representatives to San Francisco to contact this side, and they moved quickly, and also offered 40 million US dollars for 10% of the equity. The fact that the action is so fast shows that they have been eyeing the global music online all along.

Walden's venture capital has doubled compared to Toshiba and Scober's capital injections a year ago: but compared to last year, the Nasdaq index has doubled in less than a year, and e-commerce sites like Amazon have more than doubled their share prices — Quantum has been listed online for less than three months and has a market capitalization of more than $1 billion.

Goldman Sachs' venture capital was able to calm down this time, even if Zeng Zihui was behind the scenes, Goldman Sachs' venture capital did not rush forward.

Zhang Ke has no confidence that the new technology wave can continue tomorrow and autumn, but he is confident that he can persist until next year, and there is still plenty of time to negotiate the equity transfer, and entrust the relevant affairs to the North American company, and he and Chen Xinsheng, Liu Zhicheng and others flew to Dallas to negotiate the final stage of the 0.25/0.18 micron wafer process technology transfer with Deyi.

Deyi's old friend Delfasi came to receive him, and Zhou Changqing, president of Deyi China, naturally had to fly back to Dallas from Beijing to participate in the final stage of negotiations.

Dallas in late August is much warmer than Jianye, but business trips are a little more boring.

When Chen Xinsheng was working in Deyi, he had been Del Fasi's right-hand man for a long time, and his personal friendship was quite strong, but it was a pity that no matter how deep his personal relationship was, he could not let Del Fasi "sacrifice" the interests of Deyi, which was really regrettable.

Over the years, Kumho and Deyi have worked closely together in many fields, joint ventures, joint research institutes, and even Deyi holds a 10% stake in Zhongjing Microchip - especially in the cooperation between the DVD decoding chip and the iPlayer hardware architecture, which has made both companies reap rich benefits.

Due to the weakness of the global electronics market, Deyi's full-year profit fell to less than US$800 million, of which more than US$200 million was generated from Kumho-related businesses.

In the first half of '99, although the new technology economy is frenzied, but that is mostly a matter of the capital market, the global electronic components market is still weak, but with the rapid growth of China's consumer electronics market and the global sales of iplayer, Deyi expects that in '99 will be from Kumho-related business industry to more than 300 million US dollars in net profit.

Kumho, a strategic partner, is increasingly not to be ignored by senior people in Deyi.

In the first half of this year, the lawsuit between Kumho and the Recording Industry Association of America spanned half a year, which made Kumho's reputation in North America soar, and also made a small number of American media and the public question that behind the rapid improvement of Kumho's electronic technology is Deyi's technology delivery, and some media even proposed to re-examine the transaction between Deyi and Kumho, which made Deyi bear a lot of pressure.

Pressure, pressure, in the face of huge business interests, this kind of pressure can not be counted - at this time, no one can ignore China's rapidly growing consumer electronics market, no one can ignore Kumho's position in China's consumer electronics market.

On the night when Zhang Ke, Chen Xinsheng, Liu Zhicheng and others arrived in Dallas, Deyi CEO An Jibo still held a private banquet for Zhang Ke in his private residence to welcome him.

In addition to enjoying the guests, Anjibo and Delfasi should also appreciate the speed of Kumho's development.

Although Sinochip Microchip received the capital injection from Deyi in the middle of last year, in fact, it did not receive the support of Deyi in process technology, but the yield rate of Sinochip Microchip has increased from less than 30% at the beginning of construction and production to 80% now, and its performance is even better than that of other wafer factories with mature process technology. After nearly a year of running-in, the actual production capacity of Zhongjing Microchip's Xinpu factory has increased to 60,000 pieces per month.

In the first half of 99 years, the domestic output of SVCD disk players reached 10 million units, the global output of SVCD disk players was about 12 million units, 90% of SVCD decoding chips, more than 50% of the market share of control chips were controlled by the joint venture company of Aida, Deyi and Scober, and after the process conditions of the Xinpu factory met the conditions, almost half of the orders of the joint venture company were transferred to Zhongjing Microchip.

Relying on the digital mobile phone technology promotion association and the growth of domestic digital mobile phone and other electronic components manufacturers, in the chip foundry business market formed by these electronic manufacturers, Zhongjing Microchip accounts for almost half of the share, in addition, Kumho has the most intellectual property rights of the low-end chip orders are almost handed over to the Xinpu factory foundry, including the most profitable flash memory chip business.

At a time when the global electronics industry is relatively sluggish, the Xinpu factory relied on these businesses to achieve profitability in less than a year after the completion of the factory, which is already quite an outstanding achievement - of course, the success of the Xinpu factory mainly depends on Kumho's vertical production system, and the orders obtained by the Xinpu factory at this time are directly or indirectly related to Kumho.

Kumho's production scale is constantly expanding, especially the digital mobile phone industry cluster based on the Digital Mobile Phone Technology Promotion Association has gradually taken root, coupled with the relatively low manufacturing cost in China, Zhongjing Microchip will also have a place in the international chip business market, the Xinpu factory has been completed for less than a year, we must consider capacity expansion and technology upgrading.

For Deyi, the 0.25 micron wafer process technology that Zhongjing Microchip is striving for is the technology it is eliminating, and some of the chip products produced by Deyi using 0.18 micron process technology are also handed over to TSMC, HG Annan and other wafer factories to transfer 0.25/0.18 micron wafer process technology, which has little impact on Deyi's natural wafer production business.

On the one hand, due to the high production and management costs, Deyi needs to withdraw from the production of low-end wafers, and on the other hand, as more and more electronics companies gradually master the low-end chip design technology, once Deyi withdraws from the production of low-end wafers, it will not be able to share the profits of the low-end chip market.

Although the profit margin of the low-end chip market is low, the market capacity is huge, and the total profit scale is still considerable.

Holding shares in low-end wafer factories and sharing the profits of the low-end chip market has undoubtedly become the best choice for Deyi, which is also an important basis for Deyi to make a strategic decision to inject capital into Zhongjing Microchip a year ago. At this time, the 0.25 micron wafer process technology that is being eliminated is transferred to Zhongjing Microchip, and the internal understanding of Deyi is the same, as an additional condition for the transfer of technology, Deyi will continue to increase the investment in Zhongjing Microchip, but the 0.18 micron wafer process technology is the current mainstream technology, although it can be transferred to Zhongjing Microchip on the edge of national supervision, Deyi has to bear the huge pressure of public opinion from the American media and the public, which can not help but make people hesitate.