Reinventing the Millennium

Reports in the spring were published online, and Duji once again felt what long-term competition is.

The mobile advertising strategy was revealed in this way...

Even after the "China Securities Journal" published the report, Sina also published a specific study, exploring mobile terminal permissions, placement, watching people order dishes, etc....

Hey, this is the horizontal and vertical transformation, refined algorithm research, business linkage, and technology investment proposed by our genius vice president. How come it has been so concrete?

However, compared to the widespread public opinion that aroused before, the response this time is acceptable, which proves in disguise that the genius vice president's goal has at least been partially achieved - this can reduce the backlash of public opinion.

However, long-term competition is not only about public opinion, but also brings more pressure on the data level.

According to CTR (click-through rate) data, as of February, Duji’s PC market has declined, from 68.5% at the end of last year to 63.6% today. This number is still significantly ahead of its competitors, but the PC side relies on 360 Due to the rapid development of browsers, it already has a market share of 19.2%.

On the mobile side, Duji's market share has not changed much, falling slightly to 40.5%, while Sogou has increased to 28.7%. However, this situation is due to Duji's heavy investment in mobile terminals last year.

In other words, without the money spent last year, Duji’s decline on the mobile side would have been very ugly.

In a nutshell, Duji can no longer successfully copy its advantages on the PC side to the mobile side. The overall search market still maintains a large lead, but the PC side faces the challenge of 360, and the mobile side has faced the strong threat of Sogou. .

In response to this situation, finance and economics from different standpoints have different views. Some believe that throwing money is also a kind of ability, and it will be useful. Anyway, Duji can make money back. After the public opinion storm, Duji will continue to maintain its advantages and transformation. Some people think that this stalemate will be broken for a while, but Du Ji is already unable to reverse the situation of the war.

Because, in addition to this search war situation, Yike will definitely become more "Nokia-like" in the domestic smartphone market this year, and will launch a stronger attack from the more basic hardware side.

In the battle for the core business of search, Duji can only keep playing various tricks on this track. However, a group of competitors have been united by Yike and besieged them from different directions. The competition is really... difficult to handle.

Nasdaq's Duji stocks have maintained a downward trend amid shocks. They evaporated a little today and a little tomorrow. From the beginning of the year to the end of the year, Li Yanhong gradually felt like he was getting used to it.

In view of the current competitive situation, he has become more and more clear about a strategy. Do your best first, and don’t pay too much attention to what competitors are doing. The company’s advantages are still great. Duji must make the mobile strategy the best within its capabilities. , instead of looking at how the other side engages in their mobility.

However, even so, news about Fang Zhuo, Yike, and Bingxin still comes into view from time to time.

When March came, Li Yanhong was also intrigued by the news that Bingxin was about to go on the market. Mainly because everyone thought that Bingxin would go public this time.

On March 3, Bingxin’s road show ended and IPO began.

Bingxin plans to sell 70 million shares globally this time, including 7 million shares in Xiangjiang and 63 million shares in the international sale. There is also a 15% over-allotment option, with the maximum price per share not exceeding HK$103.

As soon as the announcement from Bingxin came out, many financial institutions and media were shocked. The market value of Bingxin, which has already made a breakthrough in 28nm, is only US$16 billion, even lower than the previously predicted US$18 billion. .

You know, in the middle of last year, Nasdaq’s pre-IPO estimate was US$22 billion!

A difference of US$6 billion...

——"It has caught up with the sharp decline before Duji."

Li Yanhong saw the shameless ridicule of the unscrupulous media, and his cheerful mood suddenly became unhappy. But, having said that, how could there be such a big gap in the ice core?

He doesn't know much about semiconductors, but he has read the reports recently and knows that 28nm is already the world's leading advanced process. It stands to reason that this good news is enough to offset some of the negative effects.

Emotions are emotions, and Li Yanhong still wants to know what happened to his friend.

After a meeting, he chatted about Bingxin’s listing in Hong Kong.

"This shows that the previous restrictions on ice cores have a far-reaching impact than the outside world imagined." Vice President Xiang Hailong gave the answer, "On the other hand, if there is no 28nm, the price may be even lower. ,just like……"

He wanted to use his company's efforts on the mobile terminal as an example, but he stopped talking instantly, as if he couldn't find a suitable example for a while.

"Isn't it just a photolithography machine? How big of an impact can it have? Moreover, it seems to be a model that has not yet been released." Li Yanhong just read the report in general and knew this.

"It is a signal. On the one hand, it shows that the ice core has been restricted and paid attention to. On the other hand, even though it is just a photolithography machine, it can fundamentally change the path forward. I heard that without EUV, Many process nodes in the future cannot be deepened, and the technical route is different." Xiang Hailong paid more attention.

Li Yanhong said "hmm" and then said "tsk": "No one is at peace."

Xiang Hailong nodded, "It's not all smooth sailing for everyone. It's definitely not that easy for Yi Ke to kill us."

He is now considering whether he can have in-depth cooperation with Penguin, another heavy opponent of Yi Ke, in order to improve his competitiveness, but... it is not that simple to merge. The traffic of search engines and communication software is not easy to jointly operate, and The company Yike...

Yike's advantage in the basic hardware side is hard to shake. In essence, both Duji and Penguin have gradually become the only rivals of Yike's YMS business group.

Xiang Hailong couldn't help but sigh in his heart when he thought of this, hoping to see the ice core launch in a few days.

As long as everyone bleeds, the mood will be acceptable.

…

On March 12, Fang Zhuo, who had already flown to Hong Kong in advance, arrived at the Hong Kong Stock Exchange to participate in Bingxin’s listing bell-ringing event. Accompanying him was Bingxin CEO Qiu Ciyun.

This is not the first time that Fang Zhuo has participated in such an event in Hong Kong. The last time can be traced back to the listing of Morningstar Semiconductor. Coincidentally, it was also in the same industry.

The issue price has been set, which is HK$103.

From the end of February to the beginning of this month, the shareholder institutions still struggled a little, trying to raise the price, but in the end the price was maintained at Fang Zhuo's insistence.

As far as he is concerned, it is neither too low to cause losses to shareholders who hold shares, nor too high to cause pain to shadow shareholders. This is enough.

Co-CEO Liang Mengsong didn't come, nor did CTO Hu Zhengming. Qiu Ciyun was very emotional when he rang the bell with Mr. Fang this time.

"When I first added the ice core, I really didn't expect that this day would come."

Shao Zongming from Goldman Sachs next to him said quickly: "Hey, Mr. Qiu, I have read the information, and you didn't say that before."

Qiu Ciyun ignored him. Who could remember the past clearly?

Fang Zhuo also expressed some emotion: "To be honest, Ice Core may not be listed on the market, but really, the pockets of our own employees are a major driving force for me to go public."

Shao Zongming of Goldman Sachs had to speak up again: "Mr. Fang... these things can wait for you to talk in private, okay? I don't think anything is right when I listen to it. Mr. Fang, that's not what you said in the information. "

Fang Zhuo ignored him. The executives of the institutions that participated in the investment in Bingxin in 2003 all changed companies one after another, and some even joined. It's a pity that I can't come today. This guy surnamed Shao can only read information. Is that interesting?

He pulled Qiu Ciyun aside. Seeing that Shao Zongming wanted to follow him, he directed: "Mr. Shao, go and talk to the media first to warm up the atmosphere. We will go there later."

Shao Zongming felt a little resentful, knowing that he avoided the really important things.

"How's it going in the laboratory?" Fang Zhuo asked about the evolutionary cooperation between Bingxin and Intel on immersive lithography technology. Now not only Liang Mengsong has returned to Luzhou, but Hu Zhengming is also on the return flight.

"Successful." Qiu Ciyun said the latest news, "This road will still be accessible in the next few years, but the cost is still a problem. We have further proved the feasibility of dual-version technology, and Intel has implemented a five-fold mask The die technology is expected to be extended to smaller nodes than imagined by the end of the year. They named it Intel 4. According to Intel’s naming, this is their 10nm node, but..."

Qiu Ciyun paused to think for a few seconds and said: "However, because the standards for transistor density are different, it may actually be better than 10nm. Mr. Fang, do you understand what I mean?"

Fang Zhuo nodded. Intel's 10nm is actually on the same level as Taiwanese and Samsung's 7nm, and the latter sounds better.

He pondered for a moment and said: "It will take a long time to implement it from the laboratory to the process."

"Intel 4 is expected to be proven by the end of the year, but it may not be until next year. It will be more difficult to truly realize it. As for whether there is a way forward." Qiu Ciyun was silent for a while and said optimistically, "Then If we look at it then, maybe I will have retired by then."

He glanced at Mr. Fang with a smile.

Fang Zhuo understood the meaning of this look. He would definitely not retire by then, right?

"It's beyond my expectation that such a possibility exists." He patted Mr. Qiu on the shoulder, "I have been here for so many years, so just keep taking it one step at a time."

Qiu Ciyun smiled slightly. Mr. Fang was not helpless, but quite calm.

The listing of Ice Core may have been stimulated by the news of the 28nm process, or the price was so low that everyone could see it. Its stock price did not break as some people predicted, but instead rose all the way to HK$108.15, with a market value of nearly US$17 billion.

As the chairman of Bingxin, and as a somewhat strange but in fact atypical leader in mainland semiconductors, Fang Zhuo accepted joint interviews with many media and expressed his views on the company's listing.

"I am very happy that Ice Core is on the market. Especially, there is no break today, which proves that everyone has seen our strong and sustainable R\u0026D capabilities."

"I told Mr. Qiu just now that employees' shareholding is a major driving force for me to list the company. This is what I really mean."

"Bingxin's success is inseparable from the efforts of collective employees. Back then, in order to attract talents, Bingxin established a 10% option pool, hoping to combine individual employees with company development."

"It's never too late to have a good meal. Today, this is a step worthy of us stopping to celebrate."

“Everyone has always paid a lot of attention to Bingxin and put a lot of good names on me for its success, but in fact, our CEO Qiu Ciyun, our co-CEO Liang Mengsong, and our CTO Hu Zhengming, they are more It should have these good names.”

"Bingxin is a company that requires a lot of investment, but I have reaped rewards, not only from the shares I hold, but also from the success of Yike's connections."

Fang Zhuo paused for a few seconds before saying with a smile: "I think of many people who have helped Ice Core along the way, including Dr. Jiang Shangzhou from SMIC. He helped us with our technical cooperation. Zhang Rujing, Mr. Zhang from Xinxin, he is now making wafers, but unfortunately, he has not yet supplied products to our Luzhou factory. I don’t know if he has scolded me in private.”

"The development of Bingxin today has presented both opportunities and challenges. How to proceed next is a question that all Bingxin employees and even more people must consider."

"I'm personally very interested in challenges."

"I am confident. Of course, my confidence comes from the hard work of Ice Core. It should be said that we are confident to continue to push Ice Core to a new height. The listing is not the end, but just another beginning."

Fang Zhuo ended his long speech and heard a loud and pointed question among the intensive questions.

"Mr. Fang, there is news claiming that a European institution in the ice core is secretly held by your own funds. Can you respond positively?"

Fang Zhuo pretended not to hear, and casually clicked on another reporter who asked about his mood. The Hong Kong Stock Exchange didn't object. What kind of slanderous gossip are you talking about? Why didn't you say that American BOSS still holds shares? It's not worth refuting. .

Well, overall, I'm in a good mood.

On March 12, 2013, Bingxin went public, with an increase of 7.4%, and its market value exceeded US$17 billion.

On this day, a Taiwanese media released a report - "Bingxin International was listed in Hong Kong, and the market value of Fangzhuo's companies only increased by US$17 billion."

However, Ice Core International, which "only grew by US$17 billion", triggered a large-scale discussion among Taiwanese media. The last company listed in Hong Kong was SMIC. SMIC once caught up to a position very close to Taiwanese reporters. This time, Ice Core, It is approaching Taiwan Note.

Taiwan Records has always been the pride of Baodao's semiconductor industry, and this speed of catching up is really disturbing.

That night, Taiwanese reporters released a clear signal that they are confident that they will provide Qualcomm with a mature 20nm process technology by the end of the year, which is one quarter earlier than the time node mentioned by Zhang Zhongmo in the previous interview. (End of chapter)