The Millennium Semiconductor Survival Guide

“As mentioned above, I think the entrepreneurs who participated in the Chinese Operator Program should have said similar things more or less.

Finally, there is the exclusive secret of Xinxin and all my entrepreneurship. "

Zhou Xin successfully whetted everyone's appetite, and everyone at the recording site couldn't wait to hear the answer from China's most famous entrepreneur.

Maybe this secret can also help them make a fortune. Even if they learn one ten thousandth of it, they will have enough food and clothing for the rest of their lives.

Zhou Xin said: "That's vision, vision is so important.

Take Xinxin Ventures as an example. When I founded Xinxin, I predicted the future explosion of the mobile Internet, so we formulated smartphone chips as our core product from the very beginning.

Including Bluetooth chips, Bluetooth was a new thing in a sense when Xinxin was founded in 1999. This technology is not new, but it is a new product for consumers.

We realized that Bluetooth would be an important segment in the future, and then invested a lot of resources in the research and development of Bluetooth chips. Now Bluetooth chips are also the main source of profit for Xinxin.

We can maximize the benefits of Bluetooth technology through technology licensing, direct sales of Bluetooth chips, and formulation of Bluetooth technology standards.

After Xinxin entered the Bluetooth chip market, its shipments increased from 20 million in 2001 to 2 billion this year, a hundredfold increase in six years.

Including photolithography machines, when Xinxin entered this field, it was preceded by Nikon, Canon and ASML. We had to buy the initial technology from Nikon. Nikon would not sell the latest technology, but only the technology of the next generation.

But we believe that this field has great potential. Nikon, Canon and ASML are not technologically advanced and we can catch up, so we entered this field.

At the end of last year, it also successfully achieved technological transcendence.

So I think the most important thing is vision. Vision allows us to avoid some of the pitfalls of other companies. When the company leadership uses vision to make correct strategic plans, it will naturally achieve twice the result with half the effort.

Even if you put in a little effort, you will get a lot of results. "

After Zhou Xin finished speaking, everyone thought md, there is no way to learn this.

Vision is the hardest thing to learn, because it tests your talent so much. Even if you form an extremely perfect system, which has been tested and correct a hundred times before, just one mistake can be extremely serious. loss.

Take Zhu Xiaohu as an example. As a veteran investor, he has invested in many companies and has a large number of successful cases. He should have formed his own investment system and has been fully verified by the market.

In the end, he still missed ByteDance. The reason for missing it was that he felt that Internet founders must be wild, and Zhang Yiming was too gentle and gentle, so that if he missed it, his potential losses would exceed all his past gains.

Therefore, the vision is too vague and vague, and it is impossible to learn at all.

"I believe that Mr. Xin's vision is obvious to the audience in front of the TV and even to the people across the country. Almost all of the well-known domestic Internet companies, Mr. Xin, have invested in it," the host said.

Zhou Xin nodded: "Domestic Internet investment is a matter of emerging investment, and I don't interfere much.

The most I can say is that this latest business model is very interesting, and then let Wu Shiqiang take a look.

We have enough bullets. For example, if ten companies emerge in the field I am interested in, then we will invest in all ten companies. There will always be companies that eventually emerge.

When I hold internal meetings on emerging investments, I often say that we are shotguns, not sniper rifles. "

The host thought that being rich is good, and investing is so wealthy, and what investment companies say is no different from buying vegetables at the wet market.

Not to mention that the concept of venture capital is not that popular yet, and most people are not aware of this investment model.

"President Xin, I'm curious whether this investment model can really make money?"

Zhou Xin said: “Actually, the probability is still relatively high.

Because as long as the business model runs out of a company, the benefits it can bring to you can be hundreds of times.

For example, in e-commerce, we invested in Alibaba at a valuation of 20 million and bought 40% of Alibaba's shares. Later, when Alibaba went public, its market value on that day was 20 billion U.S. dollars.

It has increased by a thousand times. Of course, with subsequent rounds of financing, our shares have been diluted, but even after several rounds of dilution, our investment has still increased by hundreds of times.

Speaking of this, it’s quite interesting. It was a coincidence that I invested in Alibaba. It was just before the Nasdaq bubble burst, and sensitive investment institutions took a whiff of it.

So our 40% stake was actually taken over from Goldman Sachs. Because of this, Henry Paulson and I complained more than once, saying that the investment managers at Goldman Sachs had a far different vision than me. "

Henry Paulson had successfully become Secretary of the Treasury at this time. The host lamented that he had so many connections in Amerikan, covering Silicon Valley, Wall Street and Washington.

Such tz value is also the reason why Zhou Xin has a high status in China. You must know that Amerikan has not yet fallen into a geopolitical dilemma.

Because Alibaba focuses on B2B trade, it is completely different from later generations. With the blessing of NewPay and the success of its overseas strategy, Alibaba has developed rapidly in the early part of the millennium. Last year, Alibaba was successfully listed on Nasdaq, with a market capitalization of 18.9 billion. The US dollar surged 36% that day, exceeding US$20 billion.

“It seems that I don’t have enough vision. I didn’t expect investing to be so profitable.

The primary market is indeed more profitable than the secondary market, but being able to select a company like Alibaba is also a skill.

At the turn of the century, I remember the Nasdaq index plummeted for several days. At that time, few people had the courage to invest in Internet companies.

I still remember that the first World Internet Conference was held in Yanjing. President Xi Jinping returned to China to attend the conference, and then announced during the conference that he would invest US$1 billion in China's Internet industry to help China's Internet industry survive the cold winter.

At that time, I still remember the title of Shenhai Economic Daily very clearly: "Zhou Xin returns to China frequently and makes big moves, and real money is optimistic about the development of China's Internet industry."

What I regret most now is that the Internet companies that Mr. Xin invested in at that time were widely reported by the media, and I should have followed suit. "

Even on China's stock forums, such companies are uniformly classified as companies that Zhou Xin has invested in.

Any emerging companies that have invested in them and list them on Nasdaq or Hong Kong stocks will be looked upon highly by local investors, and more people will come to participate in road shows.

If Zhou Xin had expressed his optimism in person in public or on Weibo, there would have been no need for a roadshow, and the company's shares would have been sold out.

“Let me make it clear here that emerging investments are not run by me, and there are also a large number of investment failure cases.

It has nothing to do with me if your investment fails. "

The host said: "This is just a joke, I am very aware of the risks of investment.

Back to business management, Mr. Xin, the points you just mentioned can be achieved by other entrepreneurs, but the last point of vision is indeed beyond the reach of everyone.

I think the reason why so many people are following the launch of new core lithography machines is, in a sense, because everyone trusts your vision.

We all know that there are many technical routes for the future development of lithography machines. Everyone believes that you can create miracles and choose the right route, which is why they are so enthusiastic. "

Zhou Xin was noncommittal: "Maybe, but this is a low-probability event after all. There is no need to risk one's wealth for such a low-probability event."

The host said: "It is precisely because of your aura that everyone emotionally feels that this is a high probability event.

However, our program has fully warned everyone of the risks, and we hope that viewers in front of the TV will invest cautiously. "

The program sparked heated discussions after it aired because it was Zhou Xin's first domestic TV interview program, and it was also live broadcast.

Although it is a live broadcast with a ten-minute delay, it is still a live broadcast.

In addition, it discusses a lot of topics that everyone is interested in, such as new core lithography machines, emerging investments, why to return to China, future development, etc.

A series of hot topics made this program quickly out of the circle, and related topics quickly dominated the list of hot searches on Oasis.

"It's good if you don't need money. You don't care about the stock price of your own companies. Instead, you have to take the initiative to pop the bubble."

"I just said that Xinxin lithography machines are overvalued. Boss Zhou even came out personally and said that the market value of Xinxin lithography machines is too high. A bunch of financial experts are making random claims!"

"Zhou Xin is a company owner, he knows a lot!"

There are many comments like this, especially for investors who just bought Xinxin Lithography Machine stocks that day. The A shares are T+1 and cannot be sold on the day of purchase.

What if the content of the TV interview on Monday night causes the stock price to plummet tomorrow? Wouldn’t he be buried in it?

So much so that Zhou Xin didn't understand that Big A was being made fun of by netizens.

"Zhou Xin is just a chip guy. He knows nothing about photolithography machines!"

"Zhou Xin is an Internet company guy. He knows nothing about market value!"

Similar remarks emerge one after another, and the remarks are so outrageous that everyone deconstructs them into entertainment.

In the future, when everything can become a joke, some can be deconstructed through entertainment.

But there are also programs like Max Meets Confucius, which are so unfaithful that they are unanimously cast aside by social software with different political preferences, and are not even worthy of being teased.

“There are so many highlights in this episode of interviews, and Zhou Xin’s vision is still the best. When he was in Silicon Valley, Zhou Xin was hailed as the best product manager, and later he was hailed as the King of the Internet.

It can be seen from his talk about the founding process of Xinxin that he has thought about how Xinxin will develop, what its key products will be, and what its research and development points will be from the beginning.

No wonder when Zhou Xin was starting a business in Silicon Valley, I watched him participate in Charlie Rose’s interview show and repeatedly talk about the importance of the Internet business model.

Even in the chip field, Zhou Xin still considered the business model and monetization issues when he started his business.

This kind of business sense and vision is really worth learning from all entrepreneurs. "