"Newman, Goldman Sachs has always been your strongest supporter, whether it is the acquisition of Quora or the listing of Riot Games, Goldman Sachs has been involved in almost every major capital operation of you.

I think there's a lot of trust between us, and you know what Goldman Sachs can do for you, and Goldman Sachs understands what a great partner you are, and I think our past experience is enough to prove to both sides how important and reliable each other is. ”

Goldman Sachs was keen to work with Zhou Xin, and in order to show his sincerity, Goldman Sachs President Henry Paulson personally chatted with Zhou Xin, who left Washington to take office as America's 74th Treasury Secretary for three years.

Zhou Xin nodded frequently when he heard this, in the top institutions such as Morgan, Goldman Sachs, Citigroup, and Merrill Lynch, everyone offered similar chips, and there is indeed a basis for cooperation with Goldman Sachs, and the foundation for cooperation is very important.

"I've been here for a long time, and I've been dealing with Wall Street people for work, and I've always heard about the close relationship between Goldman Sachs and Washington.

I heard that many officials in Washington were born in Goldman Sachs, and many officials also left their jobs to work at Goldman Sachs, and the two sides formed a close cooperative relationship, which is why I chose Goldman Sachs when NewPay received external financing.

Because Goldman Sachs can bring first-hand news from Washington to NewPay in the first place, from the Treasury Department to the Federal Reserve to the Federal Trade Commission, having Goldman Sachs' participation can always help us avoid the wrong choice. Zhou Xin said.

The more you go up, the more you can appreciate how wide the scope of Goldman Sachs' influence is, and Bill Gates's advice to Zhou Xin is also to give priority to Goldman Sachs.

"Compared with Goldman Sachs, both JPMorgan Chase and Morgan Stanley are too biased towards the Elephant Party, and it is difficult for their scope of influence to break through the limits between the two parties.

But Goldman Sachs is different, and whoever controls Washington has to rely on Goldman Sachs. These are the exact words of Bill Gates when he explained.

Paulson laughed: "That's right, from Sidney Weinberg to Henry Fowler to Robert Rubin, there are many Goldman Sachs people who have served as Washington's Treasury secretary. ”

Henry Fowler worked at Goldman Sachs for more than 30 years, and after leaving Goldman Sachs, he single-handedly led the establishment of the Bretton Woods system during his tenure as Ameriken's Treasury Secretary.

"The planets revolve around the sun, and the currencies revolve around the dollar."

Paulson continued, "Newman, the biggest advantage of choosing Goldman Sachs is that Goldman Sachs has a wide network in Washington, D.C., not only in the treasury, business and trade departments, but also in other areas.

Goldman Sachs can help you do what you want to do, think of things you didn't think of, and help you do what you didn't think of but you need.

For example, they have been lobbying in Washington that NewPay has a monopoly on the offline electronic payment market with QR codes, and they have lobbied a large number of lawmakers in the hope of forcing NewPay to open QR code patents.

Goldman Sachs easily got the deal out of the way. ”

This series of complex clauses may be confused if they are replaced by others, but Zhou Xin still accurately captures the meaning of his words.

Goldman Sachs refuted the statement through two points, namely, electronic payment does not have a monopoly and occupies a large market; Offline payment is not only through QR codes, but also through NFC technology.

In fact, Zhou Xin wanted to ask if Goldman Sachs could help him open the restrictions of the Wassenaar Agreement, which did not require too much, only the restrictions related to integrated circuits in the Wassenaar Agreement.

Zhou Xin is still wondering if this request will be too sensitive.

"I'm well aware of Goldman Sachs' strength, and I'd like to hear about Goldman Sachs' valuation of Matrix." Zhou Xin's topic changed.

"We expect Matrix to have annual revenue of around $7 billion and profits of around $2 billion, which is $40 billion at 20x PE," Paulson said.

We think this valuation is relatively reasonable.

Considering that the smartphone market is in a period of rapid growth, and Matrix does occupy a certain advantage in the smartphone field, we can also float appropriately.

$50 billion, which is the psychological price of Goldman Sachs. ”

$50 billion, this valuation is already twice that of Apple, Apple has survived the crisis of broken capital flow, relying on iPod to become the world's top consumer electronics company, with a market value of only $20 billion.

Zhou Xin has been in Silicon Valley for many years, and he knows that this price is more reasonable, after all, no one knows that smartphones can develop so fast, and 25 times the PE is already counted in the name of Newman.

When Microsoft went public, the PE was about 17, and Microsoft's position in the operating system at that time was similar to Matrix's current position in the smartphone field, both of which were up-and-coming, but there were still a bunch of competitors.

Zhou Xin said: "There is no problem with the price, I plan to take 20% of the shares out of financing this time, and there is no problem for Goldman Sachs to participate, but I will choose a few more financial institutions."

I have a question if Goldman Sachs can help me remove some of the restrictions on integrated circuits under the Wassenaar Agreement. ”

Zhou Xin still didn't hold back, and said his request to lift the restrictions in the chip field.

The Wassenaar Accord is an agreement led by Ameriken with the participation of a large number of developed countries, of course, there are also underdeveloped countries such as the northern powers.

The leader of this is naturally Ameriken, and the specific jurisdiction falls on the head of the Ministry of Commerce of Ameriken.

Goldman Sachs has extensive connections and deep interests in all financial and business-related departments in Washington, and Zhou Xin believes that even if Goldman Sachs can't do it, he knows who to find to do it.

In order to avoid misunderstandings, Zhou Xin continued: "Mphone2 needs to use the most advanced chip production process, and Huaguo's most advanced chip production process is also two generations behind the process used by Mphone2.

We can only put chip manufacturers in the Lion City, Wanwan, Goryeo and even Ameriken, which greatly increases the cost of Mphone2.

If we could produce the chips needed for Mphone2 directly in China, Mphone's profit margin would not be 20%, but 35%. ”

The reason for wanting to find a high-sounding is very simple, Zhou Xin felt that this was not enough, and continued: "Intel, Motorola, Texas Instruments and other traditional chip companies have built factories locally, but they are all subject to the Wassenaar Agreement and cannot maximize their advantages. ”

Paulson was noncommittal about Zhou's remarks.

"Newman, I totally understand what you mean, but there's a problem, and that's that Goldman Sachs can convince the Commerce Department, but not the other parties involved in the Wassenaar agreement.

At least for Goryeo and Neon, they are unacceptable.

Goldman Sachs can try it, but it can't give any guarantees, you know, it's not a good job, no one but Goldman Sachs can do it. ”

Zhou Xin didn't expect Goldman Sachs to agree, originally this was just an addition, it would be best to agree, and it didn't matter if he didn't agree.

Following the launch of Mphone2, Matrix secured financing agreements with three top-tier financial institutions, Goldman Sachs, Morgan Stanley and Merrill Lynch, by the second quarter.

So far, Matrix and the old money of Ameriken have carried out a deep bundle of interests, and in this form ushered in the first Mphone developer conference after the release of Mphone2.

Since the first Mphone developer conference, every developer conference has been a grand event for small and medium-sized enterprises in Silicon Valley, and everyone wants to learn about the latest developments of Mphone and the entire industry from Mphone's developer conference.

Mphone2 has achieved the results of Mphone1 for a whole year in three months, and the global sales exceeded 5 million units, which shocked everyone.

You must know that the price of Matrix is $749, not $349, and 500,000 smartphones priced under $500 by other mobile phone manufacturers cannot be sold.

Mphone2 can sell 5 million units a quarter.

"Selling more than 5 million smartphones is a terrifying achievement.

Although the global mobile phone market basically sells more than 40 million units every month, the stock market and the incremental market are two different things.

Matrix is a pioneer and leader in the field of smartphones, and it seems that we don't see a rival for the time being.

In just one quarter, sales exceeded 5 million units, still with such a high price.

This achievement also fully proves the necessity of smartphones, which not only have entertainment attributes, but also give smartphones corresponding attributes so to speak.

Just as the personal PC was born and the functionality of the personal PC depended on the software, the functionality of the smartphone also depended on the application.

The future of Mphone2 and smartphones will depend on every developer here. ”

Zhou Xin presided over the developer conference, and in addition to many companies in Silicon Valley, there were media reporters.

"Mphone1 is the only smartphone in the world that has sold more than 10 million units, and now it seems that Mphone2 is the second one.

I think it's technology, the application of a lot of cutting-edge technology, which brings an extraordinary experience.

Matrix integrates technology to maximize the experience of using Mphone2.

This is a victory for the product, but also a victory for the technology. ”

The short boast was followed by a pie painting, which was to increase the enthusiasm of Internet companies and let them contribute to the improvement of the MOS ecosystem.

At the same time, I would like to report a few data to you, and the current background shows that more than 2,000 companies around the world have developed applications for Mphone.

If you include individual developers, then the number is 10,000, and there are more than 10,000 enterprises or individuals who have registered MOS developer accounts to help Mphone develop applications.

Half of these companies have joined the Mphone family in the past six months.

There are more than 1,000 companies that have made profits and withdrawn from our back-end system, more than 500 companies with a cash withdrawal amount of more than $100,000, more than 100 companies with a cash withdrawal amount of more than $1 million, and 17 companies with a cash withdrawal amount of more than $10 million.

Among them, the most astonishing growth rate is Flamingo Games, relying on the legendary performance of "Legend of Heroes", the revenue exceeded $50 million in three months after it was launched.

This is a staggering number, and the purpose of I say these numbers is to tell you that the potential of Mphone is limitless, and the benefits that you can get through the Mphone platform are unlimited.

In the past, we would think that games could only be made as stand-alone games and make money by buying out, and the number of users determined the upper limit of revenue.

For example, if my game is priced at $5 and Mphone only has 15 million users, then the maximum number of users who are willing to pay is only 5 million, so my upper limit is $25 million.

The emergence of "Legend of Heroes" tells everyone that the game does not only have a buyout model, but also a built-in payment method that can break the upper limit of what you think.

Similarly, in addition to games, other service software can also take a similar approach, if you are confident enough in your application, you can set up a monthly billing model without setting a buyout.

As you all know, I created Quora and launched the monthly subscription model of Quora Gold, so why can't apps on Mphone adopt this model?

In the past, the experience of using Quora on Mphone1 on the half of the screen was not good, except for the explosive growth in the number of background downloads when Quora first entered the Mphone platform, and the subsequent growth has been slow.

However, after entering Mphone2, the number of users of the mobile version of Quora is obviously increasing rapidly, and the number and amount of people who pay for Quora through the Mphone platform are also rising rapidly.

The number of people subscribing to Quora through Mphone is also increasing rapidly.

For developers, it's important to think about whether it's better to pay on a continuous basis or a one-time buyout.

In my opinion, even if it is a one-time buyout, the upper limit of the fee can be increased through the opening of different permissions.

Just after entering Mphone2, the profit ceiling in the MOS ecosystem has made a qualitative leap, and developers will have more potential users and greater possibilities. ”

Because the Flamingo game is not listed, the outside world does not know the turnover of "Legend of Heroes", and it can only be glimpsed through the fact that it has been at the top of the paid list of the Mphone app store.

This time, Zhou Xin took it as a typical case at the developer conference, which satisfies everyone's curiosity, everyone knows that "Legend of Heroes" makes money, but how profitable it is, 50 million a quarter, and 200 million US dollars a year.

All the developers were impressed, and the benefits were too high.

Take Blizzard's Warcraft 3 as an example, the price of the release on Riot Games is $79.9, and the first week of sales is 5 million units, which is $400 million in revenue, and this number will continue to decline in the future, and the final estimate is around $800 million.

But the problem is that compared with Warcraft 3, "Legend of Heroes" is much less difficult to develop, and the payment model of "Legend of Heroes" is sustainable, and the revenue of $200 million in the first year and subsequent annual revenue will not fall off a cliff like buyout games.

Zhou Xin said: "The commercial content is almost over, and the next thing is the technical level, Mphone2 and Mphone1 also have many differences. ”

(End of chapter)