After Zhou Xin arrived in 1998, he only stayed in China for less than two months before going to San Francisco.
Regarding China in this era, Zhou Xin had various emotions in his heart, including strangeness, fear, expectation, etc.
Different emotions were intertwined, which made him finally know what it was like to be shy near home when he boarded the plane from San Francisco to Yanjing.
There is actually not much architectural and personal difference between American 20 years ago and 20 years later. Although judging from the publicity on the Chinese Internet, American has begun its own decline process.
However, this decline process is compared with its own former glory. Compared with other countries, Amerikan is still clearly ahead in every aspect. This lead is even more obvious in this era. Zhou Xin came from China in the 1990s to America in the 1990s. He did not have the feeling that this was America in the 1990s.
There are very few differences, except that you can tell from the way people are wearing it and the old-fashioned feature phones they are holding that this is not 2020.
In China in the 1990s, Zhou Xin could clearly feel that this was China 20 years ago, when the economy had just opened up, had not yet joined the WTO, and was full of waste.
The core question that Zhou Xin thought about after arriving in this era was what he could do.
In later generations, arguments such as the government is the property but not the owner have emerged one after another. A large number of gods on Blue Bird used this as the main argument to express their hatred of the Chinese. Zhou Xin, as a person who has completed a doctorate in America and has many opportunities to immigrate to America, Not that crazy.
Zhou Xin doesn't think so. Huaguo is a ship. There are people living in luxury cabins and people living on the deck. However, if the ship collapses, the first to be unlucky will be those living on the deck.
Those staying in deluxe cabins have lifeboats that allow them to run to another ship.
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 China 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 at all.
This idea reached its peak when Zhou Xin sold Quora to Time Warner.
He left one billion U.S. dollars after the Quora transaction as a family trust, and most of the material needs of himself and his possible descendants could be met.
Simply put, they are descendants of Fuyin.
So Zhou Xin became more clear about what he wanted to do.
I won’t go into too much detail about the pick-up process after Zhou Xin landed in Yanjing. To put it simply, two departments were responsible for picking up the plane, the Ministry of Commerce and the Ministry of Commerce.
Since Zhou Xin is going to hold an Internet conference in Yanjing this time, the Ministry of Information Industry is also involved.
"Shi Qiang, long time no see. I have carefully read the research reports you sent during your time in Yanjing. You did a good job.
Your understanding of the industry and the industry will be much stronger than at the beginning. "
As the person in charge of emerging investments in China, Wu Shiqiang 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, I was mainly in the Los Angeles Bay Area before. Your words and deeds by your side have greatly improved my understanding of investment.
In fact, I still have many shortcomings. "
Zhou Xin waved his hand: "I'm not teaching you about investing. What I'm teaching you is how to judge the quality of Internet companies.
I don’t know much about investing, nor am I good at it. I don’t even know how much money I have in my bank card or NewPay account, let alone investing.
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 negotiations, how to maintain a balance with the entrepreneur? The other party is willing to let us share the dividends brought by the growth of the company, so that the other party does not feel that if we invest one million, we will take away his 100 million and suffer a loss.
How to ensure that after investing, entrepreneurs can be effectively restrained from spending their money wisely, etc. I don’t quite understand the specifics of these investments.
You need to work more on these and study more. "
Zhou Xin came into contact with many investors when he was working in Xinxin Technology. He could clearly feel the good investors and the bad investors during the communication process.
Although both of them give you money, a good investor can make you feel that you are taking advantage of him by taking money. At the same time, in the future, your company will conduct subsequent financing and you will still thank him after his investment doubles and exits.
Just in the early stage of communication, a good investor’s commanding speech can save you a lot of detours in the subsequent process.
Bad investors will often be confused after investing. If the company fails, the founder will be held accountable. If the company succeeds, the founder will try his best to drive away the investors.
How to master the balance of investment is indeed an art.
Even Zhou Xin himself doesn’t know how to do this art.
Wu Shiqiang nodded: "Okay, boss, because you are behind me, overseas investment institutions with offices in China are willing 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, or even no interest at all. "
This is the norm. Not to mention that overseas capital has no interest in China's semiconductor industry, domestic capital also had no interest in China's semiconductor industry before 2018.
Zhou Xin continued: "Well, the other thing is investment. We will start investing later. The Nasdaq index is getting higher and higher. I have a feeling that the bubble is about to burst.
The important reason why I have been slow to inject 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 the price offered by Time Warner to 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 China'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 in a wait-and-see mode.
Since the second half of this year, not only have we not invested, but other foreign investment institutions have not invested more than 10 million RMB. "
Zhou Xin recalled the explanation of the Nasdaq bubble at the turn of the century that he had read before, and then said: “When I was chatting with people at Amerikan, I heard their opinions on this matter.
To put it simply, the Asian financial crisis that began in 1997 caused the Federal Reserve to cut 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 increase in the market value of Internet companies. "
Wu Shiqiang: “When I communicated with some economics scholars at Yanda, I also heard similar statements.
The other party believes that there is no problem for Internet companies to enjoy higher valuations than traditional industries, and there is no problem for funds to flow back from emerging market markets to the American stock market.
It's just that the degree between this is difficult to grasp. The current degree belongs to the excessive hype carried out by capital in pursuit of excess profits. "
Before the Nasdaq bubble burst, many economists and financial practitioners thought it was a bubble, excessive speculation in the market, and that there were a lot of risks.
It’s not that after the bubble bursts, some hindsight came out and said it was a bubble.
Zhou Xin said: "Yes, I saw Robert Shiller on Quora. In answering a question about whether there is a bubble in the Nasdaq market now, he clearly said that it is a bubble now."
Robert Shiller, economist, Nobel Prize winner in economics.
Zhou Xin continued: "But we don't need to worry. I have a huge amount of money now. I am just waiting for the bubble to burst, 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 will go back to the hotel to rest. 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. "
There should be some tonight. If not, I'll make it up tomorrow.
(End of chapter)
