Chapter 626

Whether Liu Shuang or unhappy, happy or unhappy, Jingdong is finally listed.

On the day of listing, no matter how Mr. Liu whispered and prayed silently, Jingdong's share price was unable to continue to rise after rising by more than 15%. On the contrary, in the afternoon, the share price began to fall.

Until half an hour before the closing, JD's share price had hovered less than 5 percentage points above the issue price. If it were not for the tray of the issuer and underwriter, I'm afraid JD's share price might fall below the issue price.

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

Although Mr. Liu regretted that JD's valuation failed to reach $30 billion, the fact was right in front of him. He had no choice but to say that more than $26 billion could also rank in the top five among domestic listed Internet companies, which gave Mr. Liu a little comfort.

Afterwards, when Mr. Liu accepted the interview video of Bloomberg and sent it back to China, it triggered a burst of ridicule from the domestic e-commerce industry, the Internet industry and many netizens who paid attention to the matter.

"What a business model, like Amazon, President Liu can really put gold on his face."

"JD is an example and model for Chinese e-commerce enterprises listed in the United States in the future... I don't know if Arima wants to beat people after hearing this?"

"The first share of e-commerce... I feel that aimei.com founded by my sister-in-law is the first share of domestic e-commerce. A female student in our high school class used to be very ugly. She became very good-looking two years after graduation. At the classmate party two days ago, a group of male students who didn't take a look at her before were all courteous around others. Now, nine out of ten of our female students use aimei.com."

"Aimei iron powder reported that if I hadn't learned to protect skin and get rid of acne on my face, I wouldn't be able to find a girlfriend until now!"

"Aimei.com is a vertical e-commerce and can't compare with Jingdong tmall. However, I'm optimistic about the future of aimei.com. Now people spend more and more money on makeup."

"It seems that the thigh of Alipay is still very thick. I remember that a month ago, Jingdong's market valuation was less than $20 billion, and now it can exceed $25 billion."

"26.7 billion dollars, I calculate... Well, about 20 times less than Huizhong... One Huizhong, top 20 JD!"

No matter what the industry and netizens' comments on Jingdong and President Liu are, Jingdong's listing has been finalized. Next, the only expectation for the entire Internet industry and e-commerce circle is that Mr. Ma and his Alibaba empire will be listed!

Just when the market was noisy, Fang zhe flew to Jianghai city in a private plane.

After more than a month of investigation, communication and contact, Fang zhe finally met with Zhang Rujin, founder and former CEO of SMIC.

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

The global semiconductor industry is a huge market with an annual market scale of hundreds of billions of dollars, and the scale of its related industries is as high as trillions of dollars. From Silicon Valley famous for the rise of semiconductors to today, the semiconductor industry has become one of the most high-end and core global industrial chains in the world, from our daily mobile phones, computers to razors and other electronic equipment, Semiconductors and chips are everywhere.

Semiconductors are materials and chips are products produced by semiconductors.

Nowadays, after years of development, the global semiconductor industry has formed a global industrial chain with technology, scale and high specialization all over the world. Moreover, most of the core key fields are in the hands of enterprise giants in Taiwan, Japan, South Korea, Europe, America and other regions or developed countries.

Take the mobile phone chip for example. If you want to make a mobile phone chip, you need at least three links: design, manufacturing, packaging and testing.

It sounds like only three simple links, but each of them is very learned.

For example, in chip design, John, Lin Tiantian's husband, whom Fang zhe met in Europe a few days ago, their arm company has designed almost more than 90% of the world's mobile phone chip cores and core architectures.

Later, Qualcomm, Samsung, apple, Huawei, Hisilicon and other companies carried out secondary design on this basis. In the core architecture field of chip design, there is no domestic company that can play. Even the EDA software used in chip design is monopolized by overseas giants such as cadence and Synopsys.

When it comes to chip manufacturing, this link is the core and key link in the whole chip manufacturing process. It has two very significant characteristics: one is very, very expensive, and the other is very, very complex and high-end technology.

In short, a chip is an element formed by integrating countless tiny transistors (a simple circuit switch) on a circuit board. The more transistors integrated on the chip, the stronger the computing power and performance of the chip.

The chip manufacturing process, that is, 28nm, 14nm and 7Nm, which we often hear, determines the number of transistors on the chip. Therefore, it is generally used as an important indicator of chip performance.

From the earliest millimeter and micron era to the present nm era, the chip manufacturing process follows the development of Moore's law. Almost every two years or so, the chip manufacturing process will be updated, that is, the number of transistors loaded on the chip will double.

Today in 2014, the world's most advanced chip manufacturing process has reached below 20nm. Each chip the size of a fingernail carries more than a billion or even billions of transistors!

Billions!

Think about engraving billions of electronic components on a person's fingernail. This technology almost represents the most cutting-edge scientific and technological field of mankind.

Therefore, the chip manufacturing process is very complex and high-end. From the simplest raw material silicon to round crystal, to more than ten processing processes such as lithography, etching and ion implantation, almost behind each process, extremely advanced professional equipment is required.

For example, the lithography process requires the use of lithography machines, including ASML in the Netherlands, Lam in the United States, Nikon in Japan, Canon, microelectronics in Shanghai, China, etc. all over the world have the ability to manufacture lithography machines, but only companies such as ASML in the Netherlands and lam in the United States have the ability to manufacture lithography machines involving the latest generation or two of chip processing.

At present, the latest generation of lithography machines processing chips below 20nm can only be manufactured by ASML in the Netherlands, and the average price of each latest generation lithography machine is more than US $100 million!

In the high-end lithography market, ASML occupies more than 80% of the global market share.

In contrast, the latest generation of lithography machines manufactured by Shanghai microelectronics also support chip manufacturing in the 90nm process at most. Compared with ASML, it is at least 3-5 generations, and there is a technical gap of 10-15 years!