The Millennium Semiconductor Survival Guide

After Zhou Xin arrived in 1998, he only stayed in China for less than two months before going to San Francisco.

For Huaguo in this era, Zhou Xin has various emotions in his heart, such as strangeness, fear, expectation and so on.

Different emotions were intertwined, which made him finally know what it was like to be close to home when he boarded the plane from San Francisco to Yanjing.

The architectural and personal differences between American 20 years ago and 20 years later are actually not that big, although judging from the propaganda on the Chinese Internet, American has begun its own decline process.

But this decline process is compared with his own past glory. Compared with other countries, American still has a clear lead in any aspect. This kind of lead is more obvious in this era. Zhou Xin came from Huaguo in the 1990s to American in the 1990s. He did not have the feeling that this is American in the 1990s.

Other than the fact that this isn't 2020 can be seen from the way people dress and the old feature phones they hold in their hands, there are very few differences.

In the Huaguo in the 1990s, Zhou Xin could clearly feel that this was the Huaguo that had just opened up its economy 20 years ago, hadn't joined the WTO, and was waiting to be revived.

The core question that Zhou Xin thinks about after reaching this age is what he can do.

Arguments such as that the government is the property and not the owner emerge in endlessly in later generations. A large number of gods and gods on the bluebird use this as the main argument to express their hatred for the Chinese people. Zhou Xin, as a person who has finished his Ph.D. Not so dazed.

Zhou Xin doesn't think so, Huaguo is a ship, the reality exists that some people live in luxury cabins and some people live on the deck, but when the ship collapses, the first unlucky people must be those who live on the deck.

People who live in luxury cabins have lifeboats to go to another boat.

Therefore, Zhou Xin hopes that he can do something for this ship, not only for the people in the luxury cabin, but also for the people on the deck. If Huaguo can achieve a breakthrough in the industrial chain, everyone will benefit.

The only difference is the size of the cake, which is better than no cake.

This idea came to a head when Zhou Xin sold Quora to Time Warner.

He left one billion dollars of the money after the quora transaction as a family trust, and most of the material needs of himself and his possible descendants can be met.

Simply put, the descendants of Fuyin.

So Zhou Xin made it clearer what he was going to do.

I won't go into too much detail about Zhou Xin's pick-up process after landing in Yanjing. Simply put, two departments are responsible for pick-up, the Ministry of Public Security and the Ministry of Commerce.

Since Zhou Xin was going to hold an Internet conference in Yanjing this time, the Ministry of Information Industry also participated in it.

"Shiqiang, long time no see, I have carefully read all the research reports you sent during your stay in Yanjing, you did a good job.

Your understanding of the industry and the industry is much stronger than when you first started. "

Wu Shiqiang, as the person in charge of Xinxing Investment in China, was responsible for the entire reception of Zhou Xin when he returned to China.

He was half-sitting in the back seat of the Mercedes-Benz, "Boss, mainly in the Los Angeles Bay Area, you brought me by your side and taught me by example, which greatly improved my understanding of investment.

Actually I still have a lot of deficiencies. "

Zhou Xin waved his hand: "I didn't teach you about investing, what I taught you was how to judge the pros and cons of Internet companies.

I don't know much about investment, and I'm not good at it. I don't even know how much money I have in my bank card or NewPay account, let alone invest.

But I understand the top-level logic of this matter, which is nothing more than choosing a good industry and choosing a good company in a good industry.

As for the specific negotiation, how to maintain a balance with the entrepreneur, the other party is willing to let us share the dividends brought about by the growth of the enterprise, so that the other party does not feel that we have invested one million to take away one hundred million and suffer a loss.

How to ensure that after the investment can effectively restrain entrepreneurs from spending money wisely, etc., I don't understand the specifics of these investments.

You need to spend more time on these and learn more. "

Zhou Xin met many investors when he was doing Xinxin Technology, and he can clearly feel the good investors and the bad ones during the communication process.

Although both of them give you money, a good investor can make you feel that taking money is taking advantage of him. At the same time, after your company conducts follow-up financing and his investment doubles and exits, you will still thank him.

Just in the early stage of communication, a good investor’s high-level speech can save you a lot of detours in the follow-up process.

Bad investors, after the investment, they often have chicken hairs all over the place. If the company fails, the founder will be held accountable. If the company succeeds, the founder will try every means to drive the investor away.

How to master the balance of investment is indeed an art.

Zhou Xin himself does not know this art.

Wu Shiqiang nodded: "Okay, boss, because you are behind me, overseas investment institutions with offices in Huaguo are happy to communicate with me.

It's just that their eyes are only focused on the Internet field, and their interest in the semiconductor field is very low, and it can even be said that they have no interest. "

This is normal, not to mention that overseas capital has no interest in China's semiconductor industry, and domestic capital has no interest in China's semiconductor industry before 2018.

Zhou Xin continued: "Okay, the other thing is investment, we will start investing in the future, the Nasdaq index is getting higher and higher, I have a feeling that the bubble is about to burst.

The main reason why I have not injected capital into emerging investments is that the current price is too high, and the price and value of any Internet company are seriously inconsistent. "

The main reason is that Time Warner's price for Zhou Xin exceeded his expectations, and he will not be short of money in the short term.

At this stage, Zhou Xin does not need to rely on the wool of American investors to support Huaguo's semiconductor industry chain.

Wu Shiqiang: "Yes, when I chatted with executives of foreign financial companies in China, everyone agreed that the Nasdaq index was too high, but the bubble was getting bigger and bigger, and everyone was on the sidelines.

Since the second half of this year, not only have we not invested, but other foreign investment institutions have not sold more than 10 million RMB. "

Zhou Xin remembered the explanation of the Nasdaq bubble at the turn of the century that he had seen before, and then said: "When I chatted with people in American, I heard their views on this matter.

To put it simply, the Asian financial crisis that began in 1997 led to the Fed cutting interest rates. In a low-interest rate environment, a large amount of funds flowed back from Asia to the American market.

The most advanced Internet has naturally attracted the attention of capital, which has continuously promoted the market value of Internet companies. "

Wu Shiqiang: "When I communicated with some economists at Yanda University, I also heard similar statements.

The other party believes that Internet companies enjoy this higher valuation than traditional industries. There is no problem with the return of funds from emerging markets to the American stock market.

It's just that the speed between these is difficult to grasp. The current speed belongs to the excessive hype carried out by capital in pursuit of excess profits. "

Before the Nasdaq bubble burst, many economists and financial practitioners believed that it was a bubble, that it was an overhyped market and that there were a lot of risks.

It's not that after the bubble bursts, there is an afterthought that it's a bubble.

Zhou Xin said: "Yes, I saw Robert Shiller on Quora, and in answering a question about whether there is a bubble in the Nasdaq market, he clearly stated that it is a bubble now."

Robert Shiller, economist, Nobel Laureate in Economics.

Zhou Xin continued: "But we don't have to worry. I have a huge amount of money in my hand now, and I'm just waiting for the bubble to burst, to screen out real diamonds, and buy them at the price of glass."

After a brief chat with Wu Shiqiang, Wu Shiqiang handed over a brochure: "Boss, this is the arrangement for this period of time.

Today you go back to the hotel to rest first, and tomorrow morning you will go to Yenching University to hold a lecture. You will be the first speaker after the completion of the Centennial Lecture Hall of Yenching University. "

It should be there tonight, if not, make it up tomorrow