Rebirth in a Perfect Era Chapter 1417: The thin dead camel is bigger than the horse
Remember [lnmao.org] in one second, update fast, no pop-up window, free to read!
Sunset and sunrise, for most people, this is just an ordinary day, but for Apple and its investors, this is another cruel trading day.
Like yesterday, the pre-market news completely slackened Apple. From yesterday ’s close to today ’s market, Apple did not issue any announcements, nor did it give investors a statement about the stock price crash. The media seized this and made a big deal The article said that Apple has completely abandoned its resistance today.
In fact, whether Apple responds or not, the result is the same. It does not respond. The media says they have given up resistance. If it responds, the media will say that they are powerless and helpless.
In the pre-market news, a TV Station financial program said that according to rumored news, Jobs had already proposed to leave the board of directors, Apple is now discussing the election of a new CEO, but no one seems interested in this position .
Before opening, some financial experts predict that the share price of Apple will drop at least 5% today, or even higher.
If there is any major bad news today, it is estimated that the share price of Apple will fall by more than 10%.
When US stocks were about to open, Sequoia Capital ’s senior VP Louis Martin got off the plane, hurried through the border, and took a special car sent by the Sequoia China branch to the Muye Science and Technology to meet Li Mu.
Louis Martin although flew all the way, but fortunately it was a private jet, so for him, the ten-hour flight not only did n’t fatigue at all, but gave him an excellent rest and relaxation experience. So he was on his way to Muye Science and Technology at the moment, and the whole person was full of energy.
Originally, Louis Martin was embarrassed to talk to Li Mu after landing in the evening, but Li Mu insisted on letting him meet Muye Science and Technology as soon as possible, so he could only stop nonstop and meet Li Mu in the dark.
Li Mu saw Louis Martin from a long distance from the United States in his office. During the last round of financing in Muye Science and Technology, the two had an intersection, but that was mainly for the financing business of Muye Science and Technology.
Louis Martin is not only a senior VP of Sequoia, but also has rich experience in the industry. He has been working in the securities industry and the IPO field in the early years, so he has a very deep understanding of the US stock market. In general, companies invested by Sequoia In the end, the operation to go public in the United States is led by Louis Martin.
It can be said that Louis Martin is the one in the entire Sequoia system that understands the US stock market best. Li Mu In short and Sequoia sent such trump cards to Yanjing not far away. From this, we can also see that Sequoia attaches importance to Muye Science and Technology degree.
As soon as he saw Li Mu, Louis Martin immediately stepped forward to shake hands with Li Mu and said to Li Mu in fluent Chinese: "Hello Chief Li, we will meet again!"
Li Mu smiled slightly, shook hands with him, and said, "Louis, you have worked hard, and you flew so far, you couldn't rest for a moment."
Louis Martin said with a laugh: "Chief Li, I came here on the private plane of our chairman, to be honest, it is much more comfortable than a five-star hotel."
"That's good." Li Mu nodded, palm to Li Ziwei, said: "This is my personal assistant Li Ziwei, you can leave a contact with each other, and it will be convenient for future information exchange."
Louis Martin hastily shook hands with Li Ziwei and said, "Hello, Miss Li, very happy to meet you."
Li Ziwei and hastily shook hands with him to say hello, then the two exchanged business cards.
Li Mu said to Louis Martin: "Louis, let ’s sit down and talk, what would you like to drink, and let Ziwei tell someone to prepare it for you."
Louis Martin said to Li Ziwei: "Miss Li, just give me a cup of coffee if I have trouble."
"Okay." Li Ziwei nodded and asked Li Mu: "Chief Li, what about you?"
Li Mu said, "Come on a bottle of Coke and add some sugar. I'm so tired these days."
After sitting in the reception area, Li Mu opened the door to Louis Martin and said, "Louis, I have found you so far away. In fact, I mainly want to ask a question. How can I buy most of the equity of Apple? , And then let Apple be delisted from NASDAQ to achieve privatization? "
Louis Martin guessed that Li Mu was looking for himself for this purpose. He hesitated a little and said, "Chief Li, I would like to take the liberty to ask, do you want to buy Apple company wholly?"
Li Mu nodded: "Yes, I want every share in Apple, every product line and related patent ownership, and even include their team."
Louis Martin said: "Chief Li, judging from the current plunge trend of Apple, it is not impossible for the market value to fall below 3 billion USD. By that time, from investors to individual shareholders and controlling capital will be crazy, these investments Even if people only buy one hundred shares of Apple, it is also to make money, but the plunged stock price and market value will make them lose money, and even if they want to stop loss, it is very difficult. In this case, you only need to give Apple issued a written offer document, set a market value for Apple, and then let the management of Apple and the board of directors consider it. "
"It's that simple?"
Louis Martin laughed: "This is the first hurdle, because equity does not represent voting rights. If you want to acquire the majority of shares in Apple, you must first ensure that most of the voting rights of Apple tend to agree to your acquisition if these The person who holds the voting right agrees, then the shareholders behind have no meaning even if they disagree. "
Li Mu asks again: "What about circulating stocks on the market?"
Louis Martin said: "Those who do not have to worry about, on the road to privatization of large enterprises, small shareholders and retail investors do not have the right to speak. As long as the offer is passed by the Apple company management vote, then privatization will be easy. "
Speaking of which, Louis Martin adds another sentence: "However, since it is privatized, basically most of them have to give a certain premium, some are 40-50%, some are higher, with Apple now Situation, how much premium they are given, we ca n’t immediately shoot our heads, we have to go through in-depth investigation and evaluation, on the one hand to understand their business status and the possibility of future recovery, on the one hand, we have to understand them The current psychological state of shareholders;
If most of the shareholders are eager to jump out of this fire pit, privatization acquisition is much easier. As long as they are given a certain premium, they will get rid of Apple shares like hot potato, but if They are still optimistic about the future of Apple when the stock price of Apple plunges, and the privatization acquisition is not so easy. Perhaps even a 100% premium may not be successful. "
Li Mu nodded lightly and said, "It's just that US stocks have opened. Let's see what the opening price of Apple is today."
As soon as Li Mu's voice fell, Li Ziwei walked over with the laptop. After pulling out the US stock trading software, the computer was placed in front of Li Mu.
Louis Martin could not see the computer screen and said: "I read some pre-market news on my way. Overall, today ’s capital market is very pessimistic about the future of Apple. I think that today ’s stock price must be at least Fell more than 8 points. "
Li Mu looked at the data on the screen and said in surprise: "It seems that your estimate is not wrong, Apple fell 7 points at the opening, from 5.47USD, fell to 5.08USD, today fell below 5 yuan should It's a thing of the past. "
Louis Martin nodded and said: "Apple today ’s pre-market news has new bad news. A large number of returned iPods will force Apple to spit out the profits that have been eaten, and there are still A large number of users are protesting, requiring Apple to give a policy of return or subsidy. By then, the iPod ’s return and inventory backlog will cause the entire supply chain of Apple to collapse. Coupled with those who continue to protest, Apple really It ’s hard to bear. "
Li Mu asked Louis Martin: "Do you know much about Apple? Do you know what their current inventory of iPod3 is?"
Louis Martin said: "Normally, competitive electronic products have a stock digest cycle of at least 5-60 days. If a mobile phone brand has annual sales of 10 million units and monthly sales of 830,000 units, then they are normal. In this case, the inventory should be around 1.5-1.6 million units. "
Speaking of this, Louis Martin said: "However, the sales of the AppleiPod before were still very good, so their inventory digestion cycle should be very short. I estimate that it will be at most 30 days, with 5 million units a year. For example, the inventory should be sold for almost a month, about 400,000 units, plus the recent return of users, it is estimated that it can reach 500,000 units. "
Li Mu nodded and said, "If the Apple ’s iPod inventory is 500,000 units, and the current sales volume is greatly reduced, Apple will definitely not continue to maintain the previous output, it is likely to reduce most of the production capacity. , And then consume inventory through promotional price reduction. "
"Almost." Louis Martin shrugged and said: "At present, iPod3 has no other way to go except for a substantial price reduction, but if Apple significantly reduces the price, the iPod business line will have no money to make, so once Apple Preparing to substantially reduce the price and clear the inventory, it basically indicates that the iPod will soon be discontinued because they cannot continue to let the OEM (original equipment manufacturer) supplier manufacturers lose production, and the OEM (original equipment manufacturer) supplier factory also needs enough orders to survive. If the Apple production is reduced or discontinued, the iPod ’s The production line may stop, and by that time, the iPod will be completely dead. "
Li Mu said with a smile: "If the inventory of 500,000 units is significantly reduced and liquidated, Apple may not be able to receive a dime of profits, or even post it to dealers and OEM (original equipment manufacturer) supplier dealers?"
"This is the case." Louis Martin nodded and said: "But Apple was very strong with the dealers and OEM (original equipment manufacturer) supplier dealers. The dealers paid for the goods and then picked up the goods. The OEM (original equipment manufacturer) supplier dealers delivered and then settled on a periodic basis, so If Apple is a rogue, you can first owe the unsettled payment of the dealer, and then clear the inventory through your Apple-Store, exchange the cash back from the cleared inventory and intercept, and continue to owe the OEM (original equipment manufacturer) supplier dealer. It can exchange Apple for cash flow of hundreds of millions of USD. "
After a pause, Louis Martin added: "But this will also bring Apple hundreds of millions of USD debts. If Apple has any way to break the game, you can use this money to help first, but if not, intercept it This money doesn't make much sense to them, it depends on whether there are any secret weapons on Apple. "
Li Mu was a little shocked.
In contrast, I ’m too far away from professionals like Louis Martin, I just want Apple stock price plunge, market value plunge, profit plunge, all businesses are hit hard, but didn't expect, Apple can also use inventory to do From the beginning to the end, although dismantled the walls of dealers and OEM (original equipment manufacturer) supplier dealers to make up for himself, but anyway, he can also dismantle over 100 million USD of cash.
Apple must still have a lot of cash flow right now. After all, it is the stock price and current and future profits that are impacted. Li Mu cannot reduce the cash flow on the Apple account, plus the billions of dollars that may be converted from inventory USD cash, together, is indeed a sum of money. If Apple has so much money, it is anxious to suddenly bring out new gadgets, and if it is done well, it can let it break out of adversity. It ’s really like that, but it ’s too fucking!
Immediately, Li Mu asked Louis Martin: "If I want to acquire Apple as soon as possible, is there any good way?"