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1, Qualcomm: Acquisition progress will be the next theme;
Editor's note: The author of this article sa Structure of Price, Huasheng College, Sven-compiled, mainly for you to introduce Qualcomm was acquired.
On November 6, the official issue of a takeover offer, which plans to buy Qualcomm at $70 per share in cash and stock, amounted to $130 billion. News of the takeover, Qualcomm jumped 12.7%, until yesterday, close to $64 trillion, the market capitalisation of $ more than 90 billion.
Business Synergy
By 2016, if the acquisition succeeds, it will become the world's third-largest semiconductor company after Intel and Samsung, with a total market capitalisation of $200 billion.
Qualcomm acquired high pass in the business has a certain degree of synergy. Both companies produce wireless communications mobile processors, Qualcomm positioning high-end modem chips, customers include Samsung, Apple, LG and so on. The company focuses on products with lower prices, such as WiFi chips, and if two companies merge, the product line will be more complete. The combination of the two is a larger competitor for Intel, and Intel is the only other high-end modem processor vendor in addition to Qualcomm. Qualcomm's patented assets cover mobile data networks, and the general rules cover Bluetooth and WiFi, with far-reaching synergy.
Time
The timing of the takeover was also good, with the company's $71.62 drop from last October's high of $50 to the end of September, with Apple's patent lawsuit, at odds with the entire semiconductor sector. But the recent recovery in share prices seems to be showing signs of a bottoming out. After the news of the acquisition of the Bo-Tong, directly the share price to nearly 62 U.S. dollars.
Other
At present, Qualcomm has a series of troubles. Qualcomm's $47 billion acquisition of Eun-ji is still awaiting European regulatory approval; The lawsuit against Apple last week was a new case, but the link with Apple is better than Qualcomm's, perhaps the merger is good for the lawsuit against Apple; The company is moving its headquarters from Singapore to the United States, and there should be less risk of approval for acquisitions. Recent public appearances by Hock Tan and Trump president may suggest that Mr. Bo may want to seek political clout.
Barriers to acquisitions
1 The company has about half of its revenue from China, even if it is moving its headquarters to the United States, the hidden dangers of national security remain a matter to be considered, requiring government approval.
2 The value of Qualcomm is much smaller if it is forced to change its patent-mandated profit model. Since the start of the year, Qualcomm earned $2.75 billion in pre-tax earnings from mobile phone chips and demodulator, and $5.17 billion from patent licensing.
3 There are also reports that Apple is considering a change in Qualcomm supply, that Intel has supplied half of Apple's share and that it is a big blow to Qualcomm's revenue stream.
4 Qualcomm is also under pressure to pay for the purchase of the grace, and by October 19 this year only 3.6% of Eun-zhi investors accepted the offer, indicating that the purchase price was not satisfactory.
Summary recent acquisitions will be a big driver of Qualcomm's share price. Two companies are complementary in their products, and share prices may continue to rise as the company's further acquisitions move. Huasheng Securities
2, ' core-sucking master ' reappearance of ferocious color Bo Tong 130 billion U.S. dollars hunt Qualcomm;
Li Nalai Salsa [Chen Fuyang is known as the most ferocious mergers and acquisitions trader in the global semiconductor industry in recent years, in just a few years, he has bought several of his bigger peers and led the company's high revenue and share price to more than five times times. And after the arrival of the Bo-Tong, the high is the ' New Bo Tong ' In the name of the semiconductor industry in qualifying from the year before the 17th position jumped to fifth place]
The former rivals have become a strong ' employer ', and for Qualcomm, the heart is clearly rejected, but under the pressure of capital and markets, no one can say that a takeover offer must be a bad thing for Qualcomm.
November 6, U.S. communications semiconductor chip company Bo Qualcomm formally submitted a takeover offer, the transaction price of more than 130 billion U.S. dollars, if successfully completed, will be the largest semiconductor history of mergers and acquisitions.
At the time of the offer, Chen Fuyang, chief executive of Bo Tong, said in a letter to Qualcomm's board of directors that the offer was attractive to shareholders and investors in two companies, particularly in the stock market, which would yield to Qualcomm shareholders. Boton said the purchase price higher than November 2 54.84 U.S. dollars close to a premium of 28%.
Chen Fuyang is known as the world's most aggressive mergers and acquisitions trader in recent years, and in just a few years he has bought several of his bigger peers and led Avagotechnologies's revenue and share prices to grow by more than five times times. And after the arrival of the high security in the name of the "New Bo Tong" in the semiconductor industry qualifying in the 17th from the year before the jump to fifth place.
' From the past acquisition record of Bo Tong, it is not difficult to see the impact of capital on the chip market, for all listed chip companies, after all, still want to account for shareholders and investors, see not only revenue, but also profit and EPS performance, these are shareholders and investors care. ' The future of capital will continue to accelerate the integration of the chip market, in addition to the focus on the layout of the automotive electronics market, as well as the impact of mergers and acquisitions on the global wafer foundry industry, said analyst Yaojiayang of the Topology Industry Research Institute, a leading financial journalist.
Qualcomm, which has not responded explicitly to the acquisition, wrote in an official statement to the first financial department that ' Qualcomm's board will consult with its financial and legal advisers to assess the proposal to seek action that best meets the interests of Qualcomm shareholders. Qualcomm will no longer comment until the board's assessment is completed. '
' Alternative '
In the Chip Empire, the name of Bo-Tong, although not as high as Qualcomm, Intel and Samsung giants such as loud, but in the past few years, is indeed the industry can not be overlooked a force.
Bo Tong's products are mainly for families, offices and mobile environments, as well as delivering voice, data and multimedia in these environments, including Samsung, Huawei, Cisco, HTC and other businesses. Qualcomm is the world's largest handset chip manufacturer, with many chip patents.
E-Innovation Network CEO Zhang to the first financial reporter said, bo Qualcomm's market is mainly in the enterprise-class network market, such as RF, storage and so do a good job, and focus on technology, belong to the ' muffled sound make big money ' type. Zhang believes that in addition to Bo Tong, it is now difficult to have a company has the power to issue such a ' generous ' takeover offer.
Bo Tong's official website shows that the company intends to buy Qualcomm at $70 per share in cash and issue shares, totaling $130 billion. After the acquisition, the 2017 fiscal year revenue is expected to reach $51 billion, EBITDA about $23 billion, if the acquisition goes well, the volume will become the second only to Intel and Samsung Electronics, the world's third largest chip maker.
Yaojiayang told the first financial journalist that the aim of the Bo-Tong was likely to be to complete the acquisition of the "new Qualcomm" of NXP Semiconductor. Qualcomm itself has a leading position in global wireless communications, and after completing the acquisition of the grace, will become the world's most complete automotive semiconductor solutions suppliers, consider the automotive electronics market will continue to have a certain growth kinetic energy, plus Bo Tong is also a vehicle for the network of the main chip suppliers, acquisition Qualcomm will bring considerable benefits to Bo Tong .
Yaojiayang added that, in addition to NXP in the automotive semiconductor is the largest supplier, another key is the NXP in the communication infrastructure is also a considerable product line, and Bo Qualcomm highly complementary. To observe the past mergers and acquisitions and the proportion of revenue categories, communication infrastructure can be said to be a very important lifeline of Bo Tong, and the top 20 of the ex-chi Pu customers, there are 5 communications infrastructure manufacturers.
Although the amount of the offer has hit a new record in the semiconductor industry, Qualcomm still believes that the sincerity of Bo Tong is not enough.
Under the strong offer of Bo Tong, the attitude of high leading to market release is: ' Low bid '. The foreign media quotes a person close to Qualcomm as saying that Qualcomm believes the offer understates its business and is a bit speculative in timing. Qualcomm's share price has declined in recent months as a result of a potentially serious licensing dispute with Apple, which has tended to reject a proposal that is too low and fraught with risk.
This year, patent lawsuits with Apple are rapidly affecting Qualcomm's profitability. In Qualcomm's four-quarter earnings, Qualcomm's net profit was $200 million, down 89% from $900 million a year earlier.
Zhang told reporters, for Bo Tong, Qualcomm is currently in a downward state, is a better time to buy. It is worth noting that Qualcomm has 1/3 of the revenue from the patent fees, 2/3 from chip sales, but in the opposite margin. In other words, the dispute between Qualcomm and Apple's patents will continue to affect Qualcomm's next performance.
Capital Booster chip Industry integration
According to Gartner's data, in 2016, the semiconductor industry's revenue rankings, Intel sits in the semiconductor manufacturer leader, the market share of 15.7%, Samsung Electronics to maintain runner-up position, the market share of 11.7%. Qualcomm and Bo equals ranked third and fifth place.
Gartner Research Director Jameshines pointed out that in each chip manufacturers rankings, the top 25 manufacturers ranked the biggest change is Bo Tong, its market share ranked 12, into the global top five, 2016 Bo Tong income of $13.22 billion, The $4.543 billion increased by 191.1% in 2015.
To obtain this result, in addition to the company's technical products competitive, Chen Fuyang work can not be.
According to media reports, Chen Fuyang once at the Huamei Semiconductor Association's annual dinner to evaluate themselves, ' I am not a semiconductor person, but I know how to make money and run '. In many people's eyes, Chen Fuyang's way of doing business is to buy a debt that is bigger than its rivals, restructure immediately after the deal is complete, decisively sell non-core and lay off jobs, and focus on boosting the company's profitability.
A resigned employee of the Bo-Tong said to reporters, ' the acquisition ultimately only needs to be explained in five words, that is, for shareholders, the stock price rally after the issuance of the offer to confirm the viability of this commercial operation. He told reporters that two years ago, in the high-Chinese swallow after Bo Tong, the original public relations, such as ' not making money ' departments are all cut, and in the management of Chen Fuyang, ' do not make money cut off ' is a iron law.
The supplier who once serviced the Bo Tong confirmed the above statement, after the high-tech merger and acquisition, they ended the order for the Bo Tong brand service, in addition to technical industry communication, ' new Bo Tong ' has rarely appeared in the public view. ' Old Bo Tong was also replaced by many senior executives in Greater China, including some business units. The supplier's staff told reporters.
In fact, in addition to the "Iron Fist" style of profit, Chen Fuyang is also known as the "Wick Master", is the most ferocious mergers and acquisitions operators, but also the capital operation and reorganization of the master. More importantly, in his several mergers and acquisitions, there is always a group of financial forces around him.
In an offer to Qualcomm, Bo said it had received a ' high confidence letter ' from BofA Merrill Lynch, Citibank, Deutsche Bank, JPMorgan Chase and Morgan Stanley, which are confident of providing the necessary debt financing for the deal.
In addition, the private equity investment company Silver Lake (Silverlakepartners) also provides Qualcomm with a $5 billion convertible bond financing commitment. Silver Lake is the existing shareholder of Bo Tong.
The power of capital has also played a key role in several large mergers and acquisitions in the Andes.
In 2013, for example, Anhua announced $6.6 billion, a premium of 41% cash to buy storage chip maker Lsicorp (LSI), $1 billion in capital for the acquisition, $1 billion from Silver Lake capital, and 4.6 billion dollars in loans from several banks. The capital injection of Silver Lake was carried out in the form of a 7-year convertible bond. In the case of the Bo-Tong takeover, the Bank of China used cash and assets to raise $9 billion.
Mobile Phone China alliance Secretary General Wang that the ' dual-pass acquisition ' is a copy of the high-level acquisition of the Bo-Tong, the high, although small, but the profitability is far stronger than Bo Tong, the acquisition seems unreasonable, snake swallow the elephant is actually very normal. He believes that, from the capital market, the success of the double-pass case is still very large, after all, the acquisition represents the majority of shareholders or the will of capital.
John Wien, managing director of Keybanccapitalmarkets, a U.S. capital markets investment company, said in a report that the Qualcomm acquisition program was tantamount to an ' impressive financial engineering masterpiece '.
In fact, the semiconductor industry has been performing rapid mergers and acquisitions for two years. According to Dealogic, a financial data provider, the global semiconductor industry completed a deal of $240 billion in 2015 and 2016. Of these, 6 deals were in excess of $10 billion and 3 over $30 billion.
Wang told reporters, in the face of mobile internet and things online wave, believe that the merger of the European and American integrated circuit industry giants will come more ferocious, the trend of oligarch competition will become more obvious.
' Mergers and acquisitions are also challenged. Yaojiayang told reporters Bo Tong on the release of the attitude is a potential, should have a sufficient amount of silver bullets at hand to meet the high demand for the response, but for Bo Tong, governments such as China and the European Union on the merger of the antitrust review will be a need to think about the subject. The way to do this is to split up the acquired Qualcomm and Eun-ji, properly dividing some of the products, such as selling to companies in China or Europe, or making them independent of new companies to ensure that the company does not encounter antitrust-related legal issues. First Financial
3, the merger of Bo Tong and Qualcomm will face challenges in China;
The proposed merger between the semiconductor maker Bo Tong (Broadcom) and the rival Qualcomm (QUALCOMM) is expected to be subject to special regulatory scrutiny in China as the Chinese authorities want to protect their companies in this important sector.
' Given China's ambitions in chip and mobile telecoms, I don't see how the Chinese authorities want the merger of the Bo-Tong and Qualcomm. The merged Bo and Qualcomm may become the largest and strongest company in the mobile chip market, ' said a Hong Kong technology industry lawyer, who has been asked to be anonymous because of the sensitivity of the topic.
In Monday, the company unveiled its $130 billion unsolicited offer to Qualcomm, which will be the largest technology acquisition in history and will create a $200 billion semiconductor manufacturing giant that is critical to everything from smartphones to computers.
But lawyers say the deal is likely to face the biggest challenge in China, where policymakers are planning to train their own chip leaders, such as SMIC (SMIC) and Tsinghua Violet (Tsinghua Unigroup), and reduce their reliance on overseas companies. They say there is a development opportunity for China to use its antitrust censorship system to change international deals or to increase business conditions to suit its own industrial policy.
The US Foreign Investment Commission (Basel on Foreign Investment) has blocked a number of Chinese companies ' acquisitions of American technology companies--US President Donald Trump (Donald When Trump arrived in China in Wednesday, it was possible to mention this issue. Qualcomm CEO Steve Mollenkov Mollenkopf is one of 29 American business leaders accompanying Trump's trip.
Although it has just come out soon, China's antitrust approval process has become an important consideration for global mergers and acquisitions traders. Since 2008, China's Ministry of Commerce has asked participants to aggregate global turnover of more than 10 billion yuan (US $1.5 billion), or all deals in China that total more than 2 billion yuan ($ 300 million) in turnover – a surprisingly low threshold – to apply for Chinese mergers and acquisitions.
While the number of deals the Chinese government intervenes is lower than in Europe's antitrust institutions, antitrust lawyers say China is becoming more assertive about delaying or changing deals.
' There is a suspicion-but only suspicion-that, at least at some point, China is using the censorship process to generate other concerns about a deal that may not be strictly antitrust, ' said a beijing-based acquisition lawyer who declined to be named because of a client relationship.
China's commerce ministry in 2014 introduced a 30-day expedited review process for simpler deals. However, such a major deal, such as Boton and Qualcomm, would almost certainly have to go through a 180-day comprehensive approval process.
' If a deal doesn't help China's economic growth, it's probably not going to pass. (mofcom) must see a deal that will help China's domestic industrial sector, policy and global competitiveness. ' Beijing Changjiang Business School (Cheung Kong graduate School of Business), professor of finance, said Chunsheng.
China is often more inclined to ratify rather than to block outright, for example by requiring counterparties to withdraw their investments in China or to commit to certain market conditions for a certain period of time.
' I don't expect the Chinese Commerce Department to stop the deal, but I expect them to ask for some concessions and deals from the Chinese companies, ' said the Hong Kong technology industry lawyer.
Both Bo and Qualcomm had previously been censored by Chinese regulators.
In August this year, China's Ministry of Commerce conditionally approved the 5.9 billion-dollar takeover of Brocade, a telecoms company that has been postponed by the U.S. Foreign Investment Commission. In order to win the approval of the Chinese side, Bo Tong must maintain certain products in China for up to 10 years.
In 2015, China's Ministry of Commerce determined that Qualcomm had allowed Chinese customers to pay their product costs plus patent licensing fees, and then Qualcomm was forced to hand over a record fine of $975 million. Translator/He Li ft Chinese network
4, Qualcomm's bad fortune questioned the acquisition is to advantage;
Bo Tong (Broadcom) 6th formally to Qualcomm (QUALCOMM) proposed acquisition, the price of up to more than $1,000 billion, although the semiconductor industry has set a high price, Qualcomm believes that the bid is too low, it seems to want to advantage, is now consulting expert opinion, Ready to let the uninvited buyer shrink. According to the FT, 1 years ago Qualcomm announced the acquisition of rival NXP (NXP Semiconductors), the largest acquisition and trade in the semiconductor industry, the end of the mainland antitrust investigation, the local mobile phone licensing deal waves influx, Qualcomm's momentum at the time, CEO Steve Mollenkopf has issued a boasted, indicating that Qualcomm is about to become the world's largest chip factory. Unexpectedly, one of Qualcomm's biggest customers, Apple (AAPL), filed in January to accuse Qualcomm of improperly charging a licensing fee, and then the regulator's investigation of a high pass patent fee was rolling as snowball. By this effect, Qualcomm's share price tumbled, falling to a few years low in September, with a market capitalisation of 4 per 1. The recent turn of events has revived hopes that Qualcomm's promotion to the global chip leader has flared up again, but this time not by Qualcomm itself, but by rival Bo Tong (Broadcom) proposing a $130 billion takeover plan. Qualcomm and Bo-Tong merger will create a semiconductor giant beast, the smart phone advanced wireless chip a full range of supply plants. However, Qualcomm faced with the former partner defections, share prices straight plummeting dilemma, at this time, the timing and price of the acquisition plan for Qualcomm, quite the meaning of the swoop. Qualcomm's board is preparing to evaluate the acquisition, but people familiar with the situation say the $70 price per share is far below the acceptable level of Qualcomm. In addition, Qualcomm's approach to the acquisition plan is also quite unsatisfactory, it is learnt that Qualcomm board and senior executives on the afternoon of 3rd through the media to hear the news. As a result, Qualcomm has hired consultants such as Goldman Sachs, Evercore and Sard Verbinnen to discuss how to fend off the Bo-Tong takeover plan. But Hock Tan may not be able to retreat easily, after all, he has completed 5 large-scale deals over the past 5 years, including a $37 billion takeover of Avago, a 2015-year-old technology leader. For Qualcomm to question the price of the Bo-Tong is too cheap, tan did not disclose whether the intention to raise the bid, only to emphasize reasonable prices, past transactions confirmed that Bo Tong is a disciplined acquirer. In fact, even if Qualcomm rejects the takeover plan, it can still bypass other ways to achieve its goals, such as initiating a proxy scramble. It is worth noting that not only the Qualcomm resistance, the acquisition plan in the future may also be subject to strict scrutiny by the regulatory unit. According to a document recently submitted to regulators by Mr. Bo, the company's cable infrastructure revenue is half as high as Qualcomm, and NXP (NXP) overlaps, with 30% of the wireless communications partially overlapping. Regardless of whether the deal is still going well, most analysts think the merger of the two companies is more beneficial than the downside, and the potential for synergies can also help bring additional financial benefits. Among them, Cowen's Karl Ackeman believes that Qualcomm and Bo Tong work together, compared to the high-pass single fight can bring about subversive changes. Ackeman pointed out that 5G will be the key technology for the future automatic driving of automotive and industrial networking (Iiot), Qualcomm is now in the layout of this technology, the product mix with sensors, analogies and NFC chips, material will help further enhance the ability to set up the Qualcomm 5G standard. In addition, Qualcomm and Apple lawsuits have not been solved so far, Bo Tong and Apple have a strong relationship, may be able to ease the tension between Qualcomm and Apple. Hock Tan says Qualcomm's business model does have room to improve and improve, and the firm will take a very pragmatic stance on its intellectual property rights and is likely to readjust its business model. But there are also analysts questioning the fact that two companies have merged into almost all of the key wireless communication chip technologies, including Bluetooth, Wi-Fi and data machines, and have also improved their bargaining power with customers such as Apple and Samsung Electronics (Samsung Electronics). Hock Tan said the practice would not work, even a $200 billion semiconductor company is a small business for Apple (about $1 trillion), and Apple is the dominant one, meaning that the new company, with its combination, is unlikely to adjust its prices arbitrarily. Digitimes
5, Bo Qualcomm to buy another wave of Qualcomm Semiconductor integration and tide worthy of attention;
Broadcom formally issued a takeover offer for Qualcomm (QUALCOMM), hoping the two sides could sit down and negotiate a consensus on the deal. Regardless of whether the case can be finalized in the future, has triggered the market for the next wave of semiconductor industry and tide of concern. Boton proposed to buy Qualcomm $70 a share, the total amount of $130 billion, including Qualcomm's current acquisition of $110 a share of NXP's deal, regardless of whether the latter is passed or not, and that the Qualcomm takeover offer will not change. Boton's $70 per share offer, $60 in cash and $10 for Bo shares, amounted to a 28% premium on the November 2 closing price of Qualcomm, the last day of the takeover. Hock Tan, chief executive of Bo Tong, said in particular that the company had done five major acquisitions since 2013 and that the integration had been quite good, and that it was also quite confident that the merger could be vetted through government audits. Boton the advantages of the merger include: first, integration can become the world's largest communications semiconductor company; Second, the expansion of the size of the merger will help to provide more advanced semiconductor solutions to customers; Third, after the integration, estimated 2017 revenue can be washed up 51 billion U.S. dollars; EBITDA (pre-tax depreciation amortization surplus) $23 billion. Boton said the proposal had been unanimously agreed by the Board of directors, while Silver Lake Partners, which had previously cooperated many times, also pledged to raise $5 billion of convertible bonds; It is expected that the entire acquisition will be completed within the fastest 12 months if the two sides agree to a contract. Hock Tan, the chief executive, said in a public purchase letter that this was the case as early as last August, and that over the past year, it has successfully merged with Avago to improve Avago's camp harvest and share prices up 55%. In particular, he noted that the merger would not be made without full confidence that global clients would support the case. While the company is confident in the takeover, it involves many new acquisitions, and the complexity has also made many foreign-media alerts. Bo Tong Just last year to complete the acquisition of 37 billion U.S. dollars Avago, Bo Tong also want to buy $5.9 billion brocade Communications (not yet clearance), and brocade itself just to buy 1 billion dollars Ruckus wireless soon. In addition, Qualcomm itself to buy the NXP for $ more than 40 billion has not yet passed, and NXP just in 2015 to buy Freescale for $17 billion. It all sounds a little dizzy, and these are just a few of the big purchases that have been announced in recent years, and they don't include unpublished or smaller amounts. Overall, the semiconductor industry has been buying up to $400 billion since 2011, and the Avago have been very aggressive buyers. In an analysis, Bloomberg specifically noted that analysts were generally confident in hock Tan and his ability to buy, and everyone in private said that Tan had a shot and everyone was relieved. It's just that Bo Tong has to integrate 6 companies at a great risk. Of course, the whole of the semiconductor industry, or the scale of the problem, because the semiconductor industry is generally faced with the process more and more complex, more expensive, but customers have been shrinking the dilemma. After the purchase of Qualcomm and NXP, Bo Tong can become the world's third largest chip industry, the smartphone 0 components market is expected to eat a large market. Just by size or by its limits, Qualcomm, for example, is an out-of-the-box case, Qualcomm almost dominates the entire smartphone technology, but the battle between Qualcomm and Apple stems from the divergence between the two sides on the way the grant was received, leading to Apple's consideration of abandoning the high-pass data machine chips for next year's iphone and ipad, Use the other 0 component sources instead. In addition, the high pass acquisition NXP variable is actually quite large, since NXP investors are hoping to pull up the offer and are now agreeing to let Qualcomm buy only 5% of the $110 a share, the company did not specify whether it would accept a full charge if Qualcomm NXP the purchase price. Or what will happen if the case is delayed. Qualcomm has yet to respond to the case, but the market has several points to watch out for: first, whether Qualcomm will pull up the NXP acquisition price, trying to complete the NXP takeover case, in order to prevent the acquisition of Bo-Tong? From the terms of the deal, the whole amount amounted to $130 billion, of which $115 billion was required for cash. With a good record of past acquisitions, perhaps the bank has a fairly high level of support, but the current market value of Bo Tong is only $112 billion trillion, debt more than $12 billion trillion, if the increase of $115 billion trillion debt, can stand? But assuming the NXP does not buy, perhaps the entire deal looks more feasible, which is why Bo Tong only promised to have a high pass conditions to buy NXP, because in case of the break, Bo Tong is an advantage. Therefore, if Qualcomm completes the NXP acquisition as soon as possible, there may be some chips for blocking the Bo-tong attack. Second, will Intel's mobile chip industry face more competition? Apple has been using Intel's data-machine chips in some iphone 7 machines since last year, and has continued to use the iphone 8 and X this year, and has recently even been rumored to have given up on the Qualcomm chip next year. Apple is also Bo Qualcomm's major customers, the main supply of RF chips, if Bo Tong has a way to deal with Apple in the authorization to reconcile, then Apple will again rely on Qualcomm data machine chip, after all, Qualcomm's higher-order 4G data machine performance is better than other opponents. Furthermore, what careers may be abandoned after the purchase of Bo Tong? In the past, the company has tended to take away some of its less attractive businesses, such as the Brocade takeover, one of the conditions for selling Brocade's non-storage network business. If Bo Tong really buy Qualcomm, then Qualcomm's WI-FI/BLUETOOTH/GPS connection chip business is likely to be sold, mainly with the Bo Qualcomm's own business overlap too big, also not easy through the government audit. Assuming NXP is also acquired, the NXP Smart card and payment card Micro processor business is the probability of unwinding, because these businesses do not nxp their own vehicles, mobile and IoT chip business to attract people. Finally, may intel or other chip makers offer to buy Skyworks or Qorvo? The Bo-Tong RF Chip opponent is Skyworks with Qorvo, now rumored to be a possible takeover by Intel, whether buying Skyworks or Qorvo has helped Intel in the mobile and IoT business, can provide a more complete product line to the smartphone OEM industry. Texas Instruments and analog devices also have the full effect of acquisitions, but Skyworks currently has a market capitalisation of $21 billion, and may be less likely to be able to afford prices. Digitimes