Reborn multinational giant

Regardless of whether Director Liu is cool or not, happy or not, Jingdong is finally listed.

On the day of listing, no matter how President Liu murmured and prayed, Jingdong's share price increased by more than 15%, it was unable to continue to rise, but in the afternoon, the share price began to fall.

Until half an hour before the closure, JD's share price had hovered less than 5 percentage points above the issue price. If not for the tray of the issuer and underwriter, it is feared that JD's share price could fall below the issue price.

At the time of the final closure, JD's share price fell to USD 19.57 billion, with a market value of USD 26.78 billion.

Although President Liu regretted that Jingdong's valuation did not exceed 30 billion yuan, the fact is right in front of him. Besides, he had no other way to do it. Besides, more than 26 billion yuan can be ranked in the top five of the currently listed domestic Internet companies, which gives President Liu a little comfort.

Afterwards, when President Liu gave Bloomberg an interview and television transmission back to China, it triggered the domestic e-commerce industry, the Internet industry and many internet friends who were concerned about the matter, a group of ridicule.

“A good business model, like Amazon, President Liu can really put gold on his face. ”

“Jingdong is a role model and model for Chinese e-commerce companies going to the United States in the future.... I wonder if Alima always listens to this and wants to hit people?"

“E-commerce first share... I feel that Love Mei Net founded by my sister-in-law is the first share of domestic E-commerce. Before we graduated from high school, we were ugly and a female classmate, and only two years after graduation, we became very good-looking. Two days ago, a group of male classmates who did not take a look at her before, farting around people's enthusiasm, now in our female classmates, nine out of ten use Love Mei Net. ”

“Aimei Iron Powder reported that if I had learned to take care of my skin and remove acne from my face, I guess I wouldn't even be able to find a girlfriend right now!"

“Aimei Internet is a vertical e-commerce, there is no way to compare with JD Tmall, but I like the future of Aimei Internet, people are spending more and more money on makeup. ”

“It seems that the paid thigh is still quite thick. I remember that a month ago, the market valuation of Jingdong was less than 20 billion dollars, and now it can actually exceed 25 billion dollars. ”

“$26.7 billion, I calculate... well, about 20 times less than the crowd... One gathering, top 20 Jingdong!"

Regardless of what industry and internet friends say about Jingdong and President Liu, the listing of Jingdong has been settled. Next, the entire Internet industry and e-commerce circle, the only thing to expect is the listing of President Ma and his Alibaba Empire!

At a time of hustle and bustle in the market, Fang Zhe flew quietly to Jianghai City on a private plane.

After more than a month of investigation, communication and contact, we finally have this meeting between Fang Zhe and Zhang Ru, the founder and former CEO of Zhongcore International.

On a private plane flying to Jianghai, Fang Zhe recalled the current situation of the domestic chip industry and the international chip industry that he had studied for more than a month. He found that the situation was more serious than he thought.

The global semiconductor industry is a huge market with an annual market size of hundreds of billions of dollars. Its associated industry scale is trillions of dollars. From Silicon Valley is famous for the rise of semiconductors to today, the semiconductor industry has become one of the highest end in the world and one of the most core global industrial chains. From our daily mobile phones, computers to razors and other electronic devices, semiconductors and chips have been everywhere.

A semiconductor is a material and a chip is a product of semiconductor production.

Today, after many years of development, the global semiconductor industry has formed a global industrial chain that is globally technology-based, large-scale and highly specialized, and most of the core key areas are in the hands of enterprise giants in Taiwan, Japan, South Korea, Europe and the United States or developed countries.

To make a mobile chip, for example, you need at least three parts: design, manufacture, packaging and testing.

It just sounds like three simple links, but each one has a lot to learn.

For example, the chip design, Fang Zhe went to Europe the other day to meet Lin Tiantian old John, their ARM company designed almost 90% of the global movement core and core architecture.

After that, Qualcomm, Samsung, Apple, Huawei Hayes and other companies made second designs on this basis. In the core architecture of chip design, there is no company in China that can play. Even the EDA software used in chip design is monopolized by overseas giants such as Cadence and Synopsys.

Speaking of chip manufacturing, this link is the most core and critical link in the whole chip manufacturing process. There are two very prominent features, one is very very burning money, and the other is the technology is very complicated and high-end.

Simply put, a chip is an element formed by countless tiny transistors (a simple circuit switch) integrated on a circuit board. The more transistors integrated on the chip, the stronger the chip's computing power and performance.

The process of the chip, which we often hear about, is 28 nm, 14 nm, 7 nm, etc., which determines the number of transistors on the core, so it is also generally an important indicator of the performance of the chip.

The chip process, from the earliest millimeter and micrometer age to the present nm age, followed the development of Moore's law, almost every two years or so, the chip process updates the generation, that is, doubling the number of transistors loaded on the chip.

By today's date in 2014, the world's most advanced chip process has gone below 20 nm, with billions or even billions of transistors loaded on each nail cap size chip!

Billions!

Think of the billions of electronic components engraved on a person's nail cap, a technology that has almost represented the most sophisticated field of technology that humankind has ever seen.

Yes, the chip production process is very complicated and high-end, from the simplest raw material silicon to make wafers, to photolithography, etching, ion injection and other more than a dozen processing processes, almost every process behind it requires extremely advanced professional equipment.

For example, photolithography requires the use of photolithography machines. Globally, including ASML in Holland, Lam in the United States, Nikon in Japan, Canon, Shanghai Microelectronics in China, etc., all have the ability to manufacture photolithography machines, but these are photolithography machines that involve the latest generation of chip production processes. Only companies such as ASML in Holland and Lam in the United States have the manufacturing capacity.

The newest generation of photolithography machines that process chips under 20 nm has the manufacturing capability of only the Dutch ASML, and the average price per newest generation of photolithography machines is over $100 million!

In the high-end photoengraving market, ASML accounts for more than 80% of the global market share.

In contrast, the latest generation of photolithography machines manufactured by Shanghai Microelectronics in China also supports chip manufacture up to a 90nm process, which is at least 3 to 5 generations different from ASML, 10 to 15 years from the technology gap!