My 1999

"Which company can do a good job in online marketing will succeed in the Internet era.

Conversely, which company ignores the revolutionary changes brought by the Internet will also be doomed to fail.

So the underlying logic of the business 3.0 era is 'value-added services, differentiation'.

So is the Internet strategy to find an Internet company to advertise, open an online store on Amazon and No. 1 Store, and that's it?

No.

This is just the foundation of the foundation.

The core is the 'value-added services and differentiation' we mentioned before.

Why do you say that?

It's very simple.

With the large surplus of products and oversupply, people's consumption awareness has begun to upgrade.

Products produced by traditional production methods can no longer meet people's growing needs.

Factories that still adhere to extensive production methods are bound to be eliminated.

So if you want to succeed in the Internet era, you must be focused and focused.

Continuously refine the industry and the consumer group.

In popular terms, it is more and more professional, customized, tailored to consumers, and personalized and differentiated. Products are no longer uniform and one-size-fits-all, and their characteristics are highlighted.

The changes in these two directions have prompted the market Differentiation.

It marks the end of the era of market unification, and also means that it will be difficult for future products to have a unified standard, because different consumer groups like completely different products.

So product diversification has become the biggest feature of the Internet era.

In this era, whoever can keenly perceive the segmented population will master the future.

Put it in the company of Master Kong.

Now we have only six or seven products in one category, or more than a dozen different categories of products.

But with the diversification and personalization of people's consumer needs, we need to develop dozens or even hundreds of different types of goods.

Before, we developed a new product in a year or even several years.

But in the Internet era, we may need several months or even weeks to develop a new product.

The Internet is an amplifier of individual needs and the beginning of a new era.

We, Master Kong, must walk ahead of consumers and make institutional and strategic changes in advance to adapt to this era and seize this era.

Only in this way can we gradually surpass those giants who are still immersed in brand premiums and enjoy the fruits of their labor.

..."

This meeting of Master Kong's future analysis and strategic development planning lasted for a whole morning.

In the afternoon, the top management of each business unit and Master Kong headquarters were gathered for a meeting.

This meeting lasted for three days in total.

The development strategy of Master Kong for the next five years was set within three days.

To sum up, there are two points.

First, develop all Internet sales channels.

Second, segment consumer groups and differentiate products.

Xu Liang only attended the first day of the meeting, and did not go on the second and third days.

He is now the chairman of the board of directors of Master Kong, and the position of CEO has been given to Qiao Yuhui, who is the real operator of Master Kong.

He does not intend to take over, and he does not have the energy.

…

33 Barker Road, the global headquarters of Hongyan Fund.

"Mr. Xu, is it too early to sell all the equity and debt of Unocal Petroleum now?" Xia Changsheng asked.

Xu Liang understood what he meant.

After Huahai Oil joined the bidding for Unocal, the latter's agreed price soared.

It directly rose from US$24.5 billion to US$26.4 billion.

And the media has been saying that Chevron intends to increase its offer to US$27 billion.

It seems a bit inappropriate to withdraw at this time.

"The main reason why Unocal's acquisition offer has been continuously increased is the background of rising oil prices, but oil prices cannot continue to rise." Xu Liang said.

The rise in oil prices is a general trend in the next six or seven years.

But in these six or seven years, oil prices are not an upward curve, but a spiral wave line that combines rises and falls.

When will it rise and fall specifically?

Except for landmark events such as the Iraq War and the subprime mortgage crisis, Xu Liang is not clear about other opportunities.

In this case, we must stop while we are ahead and not make the last dollar.

"Do you think oil prices will fall in the short term?"

Xu Liang shook his head, "I don't know, but I know a very simple truth.

When the pigs are fat enough, they should be harvested."

Xia Changsheng's face changed slightly.

As the chief operating officer of Hongyan Fund, he holds a high position. His eyes are not limited to China or Asia, but he follows Xu Liang's financial actions again and again, paying attention to the global financial landscape, especially the trends of Wall Street.

Over the years, he has gradually understood.

More than 70% of the world's economic fluctuations are related to Americans, especially Wall Street.

They rely on the pricing power of global energy and currency to continuously reap wealth.

"I will arrange the transaction immediately."

Xu Liang nodded, "Has the Federal Reserve raised the federal funds rate?"

"It has been raised three times in a row this year, a total of 150 basis points, and the current federal funds rate has increased from 1.05% to 2.55%."

"The cost of financing has increased." Xu Liang sighed.

In order to curb the overheating of the real estate market, the Americans began to consciously raise the federal funds rate.

As soon as it rises, the cost for major U.S. banks to obtain hot money increases.

Banks also need to make money.

So he will lend out the money borrowed from the Federal Reserve at higher interest rates, which in disguise increases financing costs.

"Mr. Xu, based on the information we have collected, the Federal Reserve has entered a new round of interest rate hike cycles, and the federal funds rate will rise further.

So, should some of our debts be paid off in advance? "

"You mean shares in Apple, Amazon, and Standard Chartered?"

Xia Changsheng nodded.

When Hongyan initially invested in these companies, Hongyan did not have enough liquidity, so leverage was used.

Apple and Amazon were triple that, with Standard Chartered lending $672 million.

The three companies combined added $2.6 billion in liabilities to Hongyan.

In the Federal Reserve's low interest rate environment, the interest rates on these three commercial loans are around 3% to 4%.

If the Fed funds rates rise, they will certainly rise as well.

If the Fed rises to 4%, Hongyan's commercial loan interest rate will exceed 7%.

Too high.

“Don’t worry for now, the Fed’s interest rate hike will take a while.

In addition, as a large loan borrower, we can negotiate a relatively favorable interest rate with the bank. "

Xu Liang himself is not inclined to pay back the money.

Only with sufficient liquidity can we cope with the more volatile market environment.

"clear."

"How many credit default swap positions does the company hold now?"

"$7.3 billion."

Xu Liang nodded.

Although it was quite a lot, it was still far from meeting his requirements.

But he also knew that this kind of thing should be done slowly.

Insurance companies are not fools. If you hold a $10 billion bond, even if it is all rated AAA, they will hesitate, investigate, or even reject you.

Therefore, diversifying your investments and buying them one by one is the best choice.

But it takes time.

Fortunately, he still has enough time to operate.

After chatting for a while, Xia Changsheng left.

Xu Liang looked at the latest Hongyan Fund balance sheet on the table, feeling filled with a strong sense of satisfaction.

In April last year, after the soybean crisis ended.

Red Rock Fund has total assets of approximately US$55 billion, including approximately US$16 billion in equity assets, approximately US$15 billion in fixed assets, and US$24.742 billion in liquidity.

Total liabilities are approximately US$10.15 billion.

There are five wholly-owned subsidiaries under its name.

Jiulongyu Tourism Company, Taihua Real Estate Group, Sanwei Mining Company, Hengyuan Trust and Harvest Agriculture.

The largest investor is Taihua Real Estate Group, with an investment of US$5.6 billion, liabilities of US$6 billion, and total assets of about US$14 billion.

More than a year has passed now.

Hanhua's assets have undergone tremendous changes again.

Seven important expenditures were incurred in 2004.

1. Acquisition of 20% shares of Procter \u0026 Gamble for HK$13.9 billion

2. Acquired 48.7% of the equity of the Hong Kong Stock Exchange for HKD 6.7 billion

Third, the acquisition of Hynix’s CPU business for US$1 billion was later converted into SMIC’s convertible bonds for US$1.3 billion.

4. Alibaba raised US$50 million in financing

5. Spend US$1 billion on the acquisition of Aihui Music and Bandai shares.

6. Pay US$2.5 billion to acquire Universal Studios from Hongmeng.

7. The acquisition of 10.3% of Google’s shares cost US$1.7 billion.

There are four major expenditures that have been incurred in 2005.

The acquisition of Delong Industrial assets increased China’s debt by 23 billion yuan.

Acquired 34% stake in Brazilian company Amaggi for US$2.5 billion.

The investment in BYAT cost US$250 million.

Injected US$2 billion into Taihua Group.

As for the 75 billion Huaxia Coin transferred to China, it has only changed from a U.S. dollar asset to a Huaxia Coin asset.

It doesn't count as an expense.

In terms of income.

In 2005, U.S. subprime debt income was US$5.49 billion.

This is real cash gain.

The portion of equity appreciation and valuation growth brought about by company development is not calculated.

Calculate it this way.

As of May 10, 2005, Hongyan Fund has been in the past more than a year.

Revenues were $5.49 billion, expenses were $13.66 billion, and debt increased by $2.6 billion.

Coupled with some of Xu Liang's personal expenditures, such as supporting the development funds of companies such as Heytea and Hutaoli.

Although it's not much, the total sum of them amounts to four to five billion Chinese coins.

After calculation, the total liabilities of Hongyan Fund are now US$12.58 billion. This liability includes more than a dozen companies in which it controls more than 50%, such as Global Travel, Denong Group, and Sanwei Fertilizer.

The one with the highest debt is still Taihua Group.

After five consecutive years, with direct investment of US$8.6 billion, liabilities of about US$7.1 billion, and cash flow of about US$760 million, Taihua's total assets (calculating brand and goodwill) are nearly US$20 billion.

After deducting US$5.49 billion in revenue, Hongyan’s net expenses over the past year were US$8.17 billion.

At the same time, Hongyan’s cash flow was reduced to US$16.572 billion.

In terms of total assets.

Among China Assets, the one with the most assets is Taihua.

Followed by Denong, Sanwei Fertilizer and Harvest Agriculture. After acquiring the Brazilian company Amaggi, the entire Hongyan Agriculture sector is worth nearly US$9 billion.

The second largest company is Universal Travel, which has assets of about US$5 billion after joining Universal Studios.