RINAPE :: Volume #15

#1419: The foreign exchange is the biggest key

LNMTL needs user funding to survive Read More

This trading day, the Apple stock price is still falling. 这个交易日,苹果的股价还在下跌。 Opening price 5.47 USD, opened for one hour to fall below 5 USD critical junctions, but afternoon of US (America) local time, technical media disclosed officially Jobs resigned from the Apple eo position, this news once were announced that caused the panic market once again, the stock price slides in a short time suddenly, in the plate the stock price lowered terrifying 4.23 USD lowly. 开盘价5.47美元,开盘一个小时就跌破了五美元大关,而美国当地时间的下午,一家科技媒体正式爆料乔布斯辞去苹果eo职位,这个消息一经公布,再度引起市场恐慌,股价短时间内急剧下滑,盘中股价最低下挫到了恐怖的4.23美元。 Apple to turn the tide in favor, the urgent issue announced that announced that appoints Tim Cook who Apple Corporation was responsible for the sales management to take over Jobs's position, becomes Apple Corporation new eo, and said that 43-year-old Tim Cook holds public office for many years in i Boss m and Compaq, joins the Apple five years, the personal ability is strong, quality is hard, moreover is familiar with Apple, will lead Apple to go out of the haze. 苹果为了挽回颓势,紧急发布公告,公告中任命了苹果公司负责销售管理的蒂姆库克接任乔布斯的职位,成为苹果公司新eo,并称43岁的蒂姆库克在ibm、康柏供职多年,加入苹果五年,个人能力强、素质硬,而且对苹果了如指掌,将带领苹果走出阴霾。 Jobs approves to Tim Cook, five years ago Tim Cook allies Apple, is Jobs invites on own initiative, for these years Jobs has also regarded the successor to train Tim Cook in the future, at this time Apple let save the scene, the familiar Apple people did not feel surprised. 乔布斯对蒂姆库克非常认可,五年前蒂姆库克加盟苹果,就是乔布斯主动邀请的,这几年乔布斯也一直将蒂姆库克当成未来接班人那么培养,这时候苹果让出来救场,熟悉苹果的人都不觉得惊奇。 However, the consumer has not reported the ether big expectation to Tim Cook, the Apple stock price rose slightly little, finally at 4.53 USD closing. 但是,消费者并没有对蒂姆库克报以太大的期望,苹果的股价只是稍稍上扬了一点点,最终以4.53美元收盘。 Also is one day that may be called slaughters. 又是堪称屠戮的一天。 The stock price and market value shrink 17% in one day, making the person back send coolly. 股价和市值在一天之内缩水17%,让人后背发凉。 After this trading day ended, the Apple market value only has only 40 hundred million USD, although all actual advantage spatial news already completely, but Apple, if could not find in the call circuit can save the declining tendency truly the means that as the investor confidence loses unceasingly, the Apple stock price will also continue to fall in the future. 在这个交易日结束之后,苹果的市值只剩下区区40亿美元,虽然所有的实际利空消息都已经出尽,但苹果如果在业务线上迟迟找不到真正能挽救颓势的办法,随着投资者信心不断丧失,苹果的股价还会在未来的一段时间内持续下跌。 This falling, looks like the blunt knife to shear the meat, inevitably is a long-time and pain and nightmare without limits. 这种下跌,就像是钝刀割肉,必然是一场长久而无止境的痛苦与噩梦。 ...... …… Louise Martin arrives at the first matter after hotel, was conducts the teleconference with the Sequoia headquarters immediately, Sequoia extremely pays attention to Li Mu in each action of this time, particularly they felt that Li Mu possibly had to plan to start a commercial purchase of several billions USD ranks, therefore was more urgent wants to know how Li Mu actually thought. 路易斯马丁到酒店之后的第一件事,就是立刻与红杉总部进行电话会议,红杉非常关注李牧在这个时候的每一个举动,尤其是他们感觉李牧可能有计划启动一项数十亿美元级别的商业收购,所以就更迫切想知道李牧到底是怎么想的。 Louise Martin reports to give the Sequoia board of directors of telephone that head today with the entire process that Li Mu met in detail, finally, he summarized: „although I do not understand that Apple has what value to Muye Science and Technology, but Li Mu wants to eat up the determination of Apple to be really intense, when he speaking of must privatize Apple, I can feel his being ready to make trouble excitement.” 路易斯马丁把今天跟李牧见面的全过程都详细汇报给了电话那头的红杉董事会,最后,他总结道:“虽然我不明白苹果对牧野科技来说有什么价值,但李牧想吃下苹果的决心真的非常强烈,每当他说到要私有化苹果时,我能够感受得到他那种蠢蠢欲动的兴奋。” The Sequoia high level said to a big shot surprise that the capital operation was skilled in: „ What did Li Mu have a liking for Apple? Product line that Apple makes money truly already by his instant kill, now Apple is a mess, takes to make to compare with Muye Science and Technology its all call circuits only, you will discover, Muye Science and Technology does not need Apple ; 红杉高层对资本操作最精通的一位大佬诧异的说:“李牧看上苹果什么了？苹果真正赚钱的产品线都已经被他秒杀了,现在苹果就是个烂摊子,把它所有的业务线单拿出来与牧野科技做个比较,你们就会发现,牧野科技根本不需要苹果; These call circuits that Apple is in sole possession, cannot bring any help to the Muye Science and Technology existing industry, moreover oneself profitability is very weak, the research cost is also continually high ; But Apple and Muye Science and Technology overlapped part, in the future to Muye Science and Technology absolutely is the burden, even if Apple fixes a price now 50 hundred million USD privatization purchases, in this also at least ten hundreds of millions dollars estimate values calculate that on iPod and iTunes these two supply chain, what significance Li Mu buys to have these two supply chain? ” 苹果独有的那些业务线,对牧野科技现有的产业带不来任何帮助,而且自身盈利能力很弱,持续研发成本又非常高;而苹果和牧野科技重叠的部分,将来对牧野科技来说绝对是累赘,哪怕现在苹果作价50亿美元私有化收购,这里面也至少有十几亿美金的估值是算在ipod和itunes这两条产业链上的,李牧把这两条产业链买回去有什么意义呢？” All Sequoia high levels fell into silent. 所有红杉高层都陷入了沉默。 No one can want to understand this issue. 没人能想明白这个问题。 Why can Li Mu buy Apple? 李牧为什么要买苹果？ Is astute by Li Mu's, is impossible unable to see this inside pit, purchases Apple, is purchases one huge, does not have the mess of profitability, Li Mu to buy Apple, is impossible to retain iTunes and iPod, otherwise that is fights against oneself, but iTunes and iPod have nothing , can only be buys to put aside, this that he digests is completely waste money. 以李牧的精明,不可能看不出这里面的坑,收购苹果,就是收购回去一个庞大的、没有盈利能力的烂摊子,李牧买回去苹果,不可能保留itunes和ipod,否则那就是自己跟自己打架,可是itunes和ipod也没什么可供他消化的了,只能是买回去就搁置,这完全就是浪费钱。 As for other Apple call circuits, is truly not meaningful. 至于苹果其他的业务线,也确确实实没什么意义。 The Sequoia chairman is puzzling, suddenly opens the mouth to ask: „Li Mu purchases Apple, can be for some strategic layout? Clears away the barrier for the Muye Science and Technology future? We cannot remain at our levels weigh Li Mu, far of very this fellow general layout arrange/cloth, possibly purchases Apple to have no use at present to him, however will play in the future uses greatly.” 红杉的董事长百思不得其解的时候,忽然开口问道:“李牧收购苹果,有没有可能是为了某种战略布局？或者是为了牧野科技的将来扫清障碍？我们不能停留在我们的层面上去衡量李牧,这家伙一般布局都布的很远,可能眼下收购苹果对他来说没什么用处,但是在将来会起到大用。” „Is also unlikely.” Louise Martin opens the mouth saying: „I have carefully studied the Apple current call circuit, besides iPod and iTunes, remaining was the ma computer business, the ima-g 4 sales volume was not very good, the market share also low pity of macOS Operating System, Microsoft hits a person when he is down now, the ma business definitely must come under a more tremendous impact in the future, even if Apple turned over to Li Mu, Li Mu was still very difficult to make ma this call circuit.” “也不太可能。”路易斯马丁开口道:“我已经仔细研究过苹果目前的业务线,除了ipod和itunes之外,剩下的就是ma电脑业务了,ima-g4销量本来就不是非常好,maos操作系统的市场占有率也低的可怜,现在微软又来落井下石,ma业务将来必然还要受到更大的影响,就算苹果归了李牧,李牧也很难把ma这条业务线做起来。” Then, Louise Martin also said: „Reminded, Li Mu has actually invested in a computer complete machine producer named Hasee in China, and promoted the government to introduce a internet proficient benefit for the people policy, this policy aiming at accelerating to promote the China netizen population, as well as connected the internet terminal quantity, was equivalent to Li Mu to help the China consumer overdraw the home-use computer budget ahead of time, even if at this time he attained macOS, was still very difficult to promote macOS to the China market.” 说完,路易斯马丁又道:“提醒一下,李牧其实在华夏已经投资了一家名叫神舟的电脑整机生产商,并且推动政府出台了一项互联网到家的利民政策,这个政策意在加速提升华夏的网民数,以及接入互联网的终端数量,相当于李牧一直在帮助华夏消费者提前透支家用电脑预算,这时候他就算拿到maos,也很难把maos推广到华夏市场了。” Li Mu takes the Apple wish to be extremely intense, let alone Sequoia, even if Apple know the words, why cannot guess Li Mu aiming. 李牧拿下苹果的意愿极其强烈,别说红杉,就算是苹果自己知道了的话,都猜不出来李牧意在为何。 It looks like in Li Mu, present Apple is an atomic energy also not discovered uranium mine, what people see is only his land for building value, but cannot see the wealth of his underground implication, therefore gives his estimate value also to weigh by the price of land for building, but, once some move of one day atomic energies were discovered, the price of this land for building, will break through the horizon. 在李牧看来,现在的苹果就是一座原子能还没被发现的铀矿,人们看到的只是他的地皮价值,而看不到他地下蕴含的财富,所以给他的估值也是以地皮的价格来衡量,可是,一旦有招一日原子能被发现,这块地皮的价格,将突破天际。 Li Mu anticipates „atomic energy”, one is to move internet, one is the smartphone, moving internet is the general trend, the smartphone, is Apple completes the key link of transformation. 李牧所期待的“原子能”,一个是移动互联网,一个是智能手机,移动互联网是大势所趋,智能手机,是苹果完成蜕变的关键环节。 Before the Li Mu rebirth, China also has no company to be capable of researching and developing one set truly to have Operating System of use value, computer or cell phone, but, Apple has this technical foundation and strength, it even ready-made has one set of macOS system, this thing is the iOS mother, but she today is a Chrysanthemum eldest daughter. 一直到李牧重生之前,华夏还没有哪个公司有能力研发出一套真正有使用价值的操作系统,无论是电脑还是手机,但是,苹果是有这个技术底蕴的,它甚至现成就有一套maos系统,这东西就是ios的妈,只不过她今天还是一个黄花大闺女。 Li Mu believes so long as oneself before moving the internet time arrive, takes Apple, macOS system also became own it's in the bag naturally, remaining overall raises in salary to the Apple engineer, lets them on macOS system, develops iOS system. 李牧坚信自己只要在移动互联网时代到来之前,把苹果拿到手,maos系统也就自然而然成了自己的囊中之物,剩下的就是给苹果的工程师整体加薪,让他们在maos系统上,开发出ios系统。 By that time, perhaps Muye Science and Technology purchases the Apple business dealing, will become in the human enterprise history the most successful purchase, does not have one. 到那个时候,恐怕牧野科技收购苹果的商业行为,将成为人类企业历史上最成功的一次收购,没有之一。 Thinks the investments of billions USD, can the future be able to support hundreds of billions USD market values, this absolutely is unprecedented, the operation of latter no future. 想一想几十亿美元的投入,能未来能支撑起几千亿美元的市值,这绝对是前无古人、后无来者的操作。 Chairman Sequoia cannot comprehend the Li Mu's idea, he smacks the lips, said: „Why we first do not study Li Mu to purchase Apple temporarily, now what I care, how Li Mu prepares to purchase Apple, in his hand does not have so many governable cash, the unmet need is very big, does he have the plan that finances again?” 红杉董事长搞不懂李牧的想法,他咂咂嘴,道:“我们暂时先不去研究李牧为什么要收购苹果,我现在更关心的是,李牧准备怎么收购苹果,他手里没那么多可支配的现金,资金缺口还很大,他有没有再融资的计划？” „No.” Louise Martin threw basin cold water to the chairman, said: „Li Mu has made clear, before ipo, did not prepare to finance again, at this time financed, is equal to withstanding the huge loss in disguised form.” “没有。”路易斯马丁给董事长泼了一盆冷水,道:“李牧已经明确表态,ipo之前不准备再融资了,这时候融资,等于承受巨大的变相亏损。” Chairman Sequoia ridicules saying: „Does not finance importantly, does the key purchase Apple unable with the mouth to receive?” 红杉董事长讪笑道:“不融资不要紧,关键收购苹果不能拿嘴收吧？” Then, he supplements one: „Li Mu wants to get so far as billions USD cash now basically is not possible, Muye Science and Technology has not gone on the market, most estimate values are the virtual assets, the net assets proportion is too low, is not enough to support the loans of billions USD, moreover in situation that the company has not gone on the market, the stock does not have the means to pawn, who will give him so much money? The redundant fund of Taobao net converted into many hundreds of millions USD is also extraordinary. Moreover China has the foreign exchange control, how he changes into USD this sum of money, attains the US (America) market again? If Li Mu wants to collect tens of billions RMB internally, changes into USD them again, that almost daydreams! Li Mu thinks that does not finance on purchase Apple, money is not the basic issue, the foreign exchange is the biggest key!” 说罢,他又补充一句:“李牧现在想弄到几十亿美元现金基本上是不可能的,牧野科技没有上市,大部分估值都是虚拟资产,净资产占比太低,根本不足以支持几十亿美元的贷款,而且公司没上市的情况下,就连股份都没办法质押,谁会给他那么多的钱？淘宝网的冗余资金折合下来也就最多几亿美元了不起了。而且华夏有外汇管制,他怎么把这笔钱换成美元,再拿到美国市场来？如果李牧想在国内募集几百亿人民币,再把他们换成美元,那几乎是白日做梦！李牧想不融资就收购苹果,钱不是根本问题,外汇才是最大的关键！” Louise Martin said: „This I also wonder, the Li Mu present meaning is, first makes me help assist his team to make the purchase preparation, then goes to negotiate with Apple, after concrete successful negotiation, how to pay, he has not told me.” 路易斯马丁说:“这个我也纳闷,李牧现在的意思是,先让我帮忙协助他的团队做收购准备,然后去跟苹果谈判,具体谈判成功后怎么支付,他没有告诉我。” Chairman Sequoia said: „This, you have no fear of great distances to help are not the white society, tomorrow you after Li Mu will meet, gives him a cooperation plan, Sequoia wants loan 36 hundred million USD without interest in Muye Science and Technology, after this sum of money can and other Muye Science and Technology success ipo , if in the Li Mu short-term will not think ipo, the time can extend a time limit to three years, but the condition will be Muye Science and Technology must at 800 hundred million USD estimate values, will dilute three points stocks to give us again, in this case, he only needed to sacrifice three points, can attain 60 hundred million USD cash to purchase Apple.” 红杉董事长说:“这样吧,你不远万里去帮忙也不是白帮的,明天你跟李牧见面之后,给他一个合作方案,红杉愿意无息借款36亿美元给牧野科技,这笔钱可以等牧野科技成功ipo之后再还,如果李牧短期内不想ipo,时间可以宽限到三年,但条件是牧野科技要以800亿美元的估值,再稀释三个点的股份给我们,这样的话,他只需要牺牲三个点,就可以拿到60亿美元现金去收购苹果。” It looks like in the Sequoia chairman, Li Mu is not willing to melt a round capital again, the reason nothing but does not want to dilute the stock again, if Li Mu wants to melt 60 hundred million USD now, at present the Muye Science and Technology shareholder at least needs to dilute 7-8 points collectively, if made Li Mu dilute so many stocks at this time, whom changing was Li Mu is not necessarily able to comply, as long as the matter may discuss, since 7-8 selected you to dislike much, I little must, you dilute three point stocks to give me, I gave you 24 hundred million USD, then borrowed you 36 hundred million USD you to use slowly, this is always very really kind.? 在红杉的董事长看来,李牧之所以不愿意再融一轮资,原因无非就是不想再稀释股份,如果现在李牧想融60亿美元,目前牧野科技的股东至少要集体稀释7-8个点,如果让李牧在这个时候稀释这么多股份,换谁是李牧都未必能够答应,但凡事都可商量,既然7-8个点你嫌多,那我就少要一点,你稀释三个点股份给我,我给你24亿美元,然后再借你36亿美元你慢慢用,这总是很够意思了吧？ In Sequoia has a large amount of hot money to seek for various investment plans, these money majorities are the private equities, so long as Sequoia pledged a returns ratio, can take these money to make the venture capitalists in the world, top established capital like Sequoia, because the capital operation ability was intrepid, the hand eye direct access to the highest authorities, therefore the back money many to wanting many had many, said today that prepared to lend Li Mu 36 hundred million USD, in the evening had countless people to take 360 hundred million USD to deliver. 红杉手里有大量的热钱一直在寻找各种投资项目,这些钱大部分是私募基金,只要红杉承诺一个收益率,就可以拿着这些钱在全球做创投,像红杉这样的顶尖老牌资本,因为资本操作能力强悍,手眼通天,所以背后的钱多到想要多少就有多少,今天说准备借给李牧36亿美元,晚上就有无数人拿着360亿美元送上门来。 Sequoia must pay the interest rate with 36 hundred million USD, but is willing without interest in lend Muye Science and Technology, mainly in order to uses 24 hundred million USD to buy stock in the Muye Science and Technology three points stocks again, the Muye Science and Technology three points stocks, after waiting for ipo, even dilutes part, at least can still value 4-5 ten hundred million USD, if long-line has, the potential benefit is bigger, is much greater than 36 hundred million USD to lend the interest that a Muye Science and Technology several years of institute needs to pay. 红杉拿36亿美元也是要支付利率的,但之所以愿意无息借给牧野科技,主要还是为了能用24亿美元再入股牧野科技三个点的股份,牧野科技三个点的股份,等ipo之后就算是稀释一部分,起码也能值个四五十亿美元,如果长线持有,潜在利益更大,远大于36亿美元借给牧野科技几年所需要支付的利息。 Louise Martin naturally understands the intention of chairman, since cannot nip a bulk meat, that bites one small to give other advantage again, such general headquarters? 路易斯马丁自然明白董事长的意图,既然咬不下来一大块肉,那咬一小口再给点其他的好处,这样总行了吧？ Therefore he guarantees to say immediately: „Relax the chairman, I goes to Muye Science and Technology to speak in detail with Li Mu early tomorrow morning!” 于是他立刻保证道:“放心吧董事长,我明天一早就去牧野科技跟李牧详谈！”
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