1. Taiwan announced that ZTE will be listed as an export control target and shipments must first be submitted for review;
According to the micro-network news, the United States has recently announced that it prohibits US companies from selling equipment to two companies, such as ZTE. Taiwan's 'Ministry of Economic Affairs' Bureau of Trade recently sent a letter to related associations to transfer information to the industry. Taiwan’s 'Ministry of Economic Affairs' has already introduced ZTE and other companies. Including strategic export targets for high-tech goods, including ZTE and ZTE Kangxun.
Taiwan’s Ministry of Economic Affairs’ Trade Bureau stated that any Taiwanese manufacturer who exports goods to the second company must obtain a strategic high-tech product export license in advance and then export the goods to Customs. The relevant application case is reviewed, if no nuclear is involved, For the development of military weapons such as biology and chemistry, the issuing authority such as the Trade Bureau will issue the certificate within three to five working days. If there is any doubt, the relevant unit will be invited to review and issue the certificate within ten to 15 working days.
The United States was released on April 15 this year. The two companies such as ZTE did not comply with the previous pleas in negotiating with the U.S. government and properly sanctioned their previous violations of U.S. shipments of goods to Iran and North Korea. From April 15 this year to the As of March 13, 2025, the two companies may not export any goods, software or technology from the United States, nor may any other individuals or organizations export the company; companies in the United States and overseas may also not have any transactions with ZTE Corporation.
The U.S. Department of Commerce last week issued a ban on export control for ZTE for seven years, requiring all US companies not to sell components to ZTE.
At that time, the industry stated that all component manufacturers suspended ZTE’s supply and sent the software and hardware of the product to the government for review. They must not contain technology that is prohibited from export by the United States. The industry has been included in order to avoid reaching the embargo clause. Blacklists are also checked by themselves.
Taking MediaTek as an example, MediaTek’s mobile phone chips have a substitution effect on American Merchants Qualcomm, but MediaTek’s mobile phone core licenses are also partly from American-made ARMs (ARM is a British company, but external authorizations generally go through the United States ARM battle business, set micro-network small Editor's note), may be in the control of the list, also unable to ship on ZTE.
2. T-Mobile will acquire Sprint for US$26 billion: The fastest is announced on Sunday;
Sina Technology News Beijing time early April 28 news, according to informed sources, US telecom operator giant T-Mobile is acquiring another telecom operator Sprint, the acquisition will be Sprint's current stock price, that is, 6.5 US dollars per share Calculated, it is expected that this transaction will involve an amount of 26 billion U.S. dollars.
According to sources, the transaction will be announced at the earliest on Sunday. The two parties have reached an agreement on the exchange ratio, but the exact data is not yet clear.
Holding 85% of Sprint shares Softbank Group will allow Deutsche Telekom to operate the new company. Deutsche Telekom currently holds approximately two-thirds of the T-Mobile shares.
Once the deal is reached, it will end the long-running negotiations between the two companies. The dialogue on this acquisition was started at the end of last year, when Softbank CEO Masayoshi Son decided to continue to control the merger. New company.
However, many things that have happened in the past few months have changed Sun's ideas, including the synergies brought by the lower corporate tax after the merger, and learned that Sprint will spend a lot of money on 5G construction and cable companies. It also joined the highly competitive mobile communications market. Last week, Comcast and Charter, the two largest cable companies in the United States, reached a new agreement to develop new products and services.
However, after the announcement of the purchase transaction, it was not unexpected that the deal would eventually be reached. The merger transactions of T-Mobile and Sprint, which are the third largest and fourth largest mobile operators in the United States, are likely to encounter obstacles from US regulators. The largest and second largest mobile operators are Verizon and AT&T. AT&T tried to acquire T-Mobile in 2011, but the US government blocked the acquisition on the grounds of antitrust. (Xiaobao)
3. Xiaomi's personnel adjustment again, everything is preparing for the listing;
Sina Technology Zhang Jun
After adjusting for high-level personnel in November 2017, six months later, Xiaomi once again ushered in a new round of personnel adjustment on the eve of the IPO.
Among them, CFO Zhou was funded as senior vice president of the company, and co-founders Zhou Guangping and Huang Jiangji resigned from the company. In fact, this adjustment can be regarded as Xiaomi's further rationalization of governance structure on the eve of the IPO.
As a CFO, Zhou Chuangqi joined Xiaomi for more than two years, clarified financial relations for Xiaomi, and played a supportive role in Xiaomi’s technological innovation, ecological chain layout, and internationalization process. On the eve of Xiaomi’s IPO, Zhou was funded by Role and status will be more important.
The resignation of Zhou Guangping and Huang Jiangji is not surprising.
Zhou Guangping was renamed as the chief scientist of Xiaomi as early as May 2016. The team responsible for the development and supply chain of Xiaomi’s mobile phone that he was responsible for will directly report to Lei Jun. Zhou Guangping at the time appeared because of the appearance of Xiaomi in 2015 and 2016. The problem of supply chain, but already in the state of being frozen.
Huang Jiangji has also long been a virtual employee. In November 2017, Xiaomi’s personnel structure adjustment, Sina Technology discovered Huang Jiangji’s embarrassing position. As a co-founder, he was not promoted to senior vice president like other co-founders. In August and September 2017, he was replaced by the vice president of strategy for the Thunder. Huang Jiangji’s original department will report directly to Lei Jun. Lei Jun said that he will assist him in planning the company’s development strategy for the next three to five years. Being in a false position.
CFO Week is funded as senior vice president Millet IPO is in sight
Zhou Zhouzi
Zhou graduated from the Department of Economics, University College London, and holds an MBA degree from Harvard Business School. Zhou Chuang joined DST in 2010 and has been responsible for projects such as Xiaomi, Jingdong, Alibaba, and Didi Chu. Before joining DST, Zhou Zhouzi worked in Goldman Sachs.
On July 1, 2015, Xiaomi announced that Zhou was appointed as the chief financial officer. Lei Jun said at the time that after the week was joined by funds, Xiaomi’s financial management and investment team will be responsible for Xiaomi’s technological innovation, ecological chain layout, and internationalization process. To a greater support role. 'There are also some analysts believe that the week's funding from the investment bank can also help Xiaomi clarify the financial relationship, to prepare for the future listing.
Today's Hong Kong media reported that Xiaomi will submit applications for listing in Hong Kong next Monday, hoping that the valuation after IPO can reach 90 billion to 110 billion US dollars. It will coincide with the Hong Kong Stock Exchange's devaluation of 'shares with different shares' next week, so Xiaomi Or become the first batch of shares with different rights.
This week, Zhou Zi was concurrently a senior vice president. His intention to prepare for the listing of Xiaomi was even more apparent.
Lei Jun commented in an internal e-mail that after Zhou joined the company in July 2015, he made great contributions to the company's development with his outstanding leadership and business management capabilities. The company decided to appoint him as CFO and senior. The vice president, expecting him to play a greater role in finance, investment and HR.
Chief scientist Zhou Guangping has long been frozen due to supply chain problems
Zhou Guangping
Zhou Guangping holds a Ph.D. in electromagnetics and wireless technology from the Georgia Tech University. He used to be a core expert in the core design group of Motorola's mobile phone headquarters, and was the chief engineer and senior director of the Motorola R&D Center in Beijing. From 2009 to 2010, he served as a product developer for Dell's wireless products. vice president.
In 2010, Zhou Guangping accepted the invitation of Lei Jun, and became the co-founder of Xiaomi Technology, serving as the vice president, responsible for the hardware and BSP team. Zhou Guangping was the core figure in mobile phone R&D and supply chain since Xiaomi Technology started its business. However, since 2015, Xiaomi began to experience the biggest crisis since its establishment. During that year, it had not completed the shipment target of 80 million units, and in 2016 it was experiencing a cliff-type decline. According to IDC data, 2015 was the first millet shipment of Chinese smartphones in 2016. Year-on-year decline of 36%, dropped to fifth place.
In May 2016, Lei Junfa internally believed that Xiaoguang Co-founder and Vice President Zhou Guangping will serve as the chief scientist of Xiaomi and will be fully responsible for the frontline research of mobile phone technology. Zhou Guangping’s responsible millet mobile phone R&D and supply chain team will directly Report to Lei Jun.
In fact, Zhou Guangping was already in a state of being frozen.
When Lei Jun later reconstructed the reasons for Xiaomi's trough in 2015 and 2016, one of them was a problem in the supply chain, quality, and delivery. 'Why we cannot meet the growing needs of the people, we are also paralyzed by everyone. Where exactly is it? In fact, the term mobile delivery was only learned in 2016. As a startup company, we really have to respect the laws of the industry.
Lei Jun personally took over the mobile phone R&D and hardware, and began to promote the integration of production, supply and sales. The mobile phone industry is a collaborative system. Research and development, supply chain, production, sales and other links need to be matched. After more than a year, Xiaomi was in September 2017 and 10 Monthly shipments of 10 million units were realized. This is considered by Lei Jun as Xiaomi has basically solved the problem of supply chain and production capacity. Xiaomi also achieved a reversal in 2017.
The development of its business is not much Strategy Huang Jiangji, vice president of strategy has long been a false job
Huang Jiangji
Huang Jiangji graduated from Purdue University. He used to work for Microsoft for 14 years. He was responsible for the high-performance data analysis system and automatic logistics distribution system of Microsoft's business service product Biztalk. He was responsible for Windows Mobile and Windows Phone 7 multimedia players in Microsoft China. Browser and instant messaging section.
In 2010, Huang Jiangji and Lei Jun and other partners founded Xiaomi. At first Huang Jiangji was responsible for the rice chat, Xiaomi cloud service and Xiaomi's router business. In February 2016, Xiaomi officially established an exploration laboratory to study cutting-edge technologies such as VR/AR and robotics. , Miller router general manager Tang Mu and millet co-founder Huang Jiangji are responsible.
The first project of the Xiaomi Discovery Lab was in the VR field. It launched millet VR glasses and VR glasses PLAY series products. However, after the VR industry experienced the first two years of hot, a large number of companies have gone bankrupt, layoffs, etc. The winter state; the rice chat business has been in a tepid state after the rise of WeChat.
In August and September 2017, Lei Jun announced the restructuring of the organization through internal letters. Huang Jiangji was replaced by the vice president of strategy. Huang Jiangji’s original department will report directly to Lei Jun. Lei Jun said that he will assist him in planning the future of the company. Five-year development strategy. Since the internal letter was not publicly announced at the time, Huang Jiangji's post adjustment information did not appear in the media. In fact, Huang Jiangji was already at a time of false status.
The last public appearance of Huang Jiangji was made at the CCF-GAIR 2017 Global Artificial Intelligence and Robotics Summit held in July 2017. On August 22, Huang Jiangji updated the last Weibo post. Before he updated frequently, he would have no more new ones. In addition, on November 5, 2017, at the opening of Xiaomizhijia’s flagship store in Shenzhen, Huang Jiangji did not appear when Lei Jun, Lin Bin and other senior executives attended the event.
In an adjustment of the millet structure in November 2017, Tang Mu’s Intelligent Product Department was merged into the Ecological Chain Department. Tang Mu was also appointed as the Vice President of the Ecological Chain Department and reported to Liu De. The outcome of Huang Jiangji’s It is clear.
4. iPhone X backlog, Apple produced only 8 million units in the second quarter;
Tencent Technology News recently, a large number of Wall Street analysts report and supply chain news show that Apple iPhone X suffered market Waterloo, a significant decline in production and sales, but also lead to poor performance of suppliers Outlook. According to foreign media latest news, due to a serious backlog of products In the second quarter, Apple is only preparing to produce 8 million iPhone X.
According to an insider quoted by the U.S. Express website, in the fourth quarter of last year, Apple commissioned OEM companies to produce too many iPhone X mobile phones. Currently, there are serious product backlogs at dealers and dealers. Dealers are trying every means to digest stocks.
Sources said that in the current second quarter, Apple has commissioned only 8 million iPhone X mobile phones.
Apple's average mobile phone sales volume per quarter is around 50 million units, and the 8 million unit production scale can be called 'dismal'. The current size of the iPhone X by dealers is still unknown.
In the fourth quarter of last year, Apple sold a total of 77.3 million mobile phones, of which Apple CEO Cook publicly stated that every week after the launch of the iPhone X, the mobile phone ranked first in all iPhone sales. Another four quarters of the average Mobile phone sales price is up to about 800 US dollars, which also shows that iPhone X has obtained higher sales.
According to one analyst’s estimate, in the fourth quarter of last year, 35% of Apple’s smartphones sold were iPhone X, which sold around 27 million units.
It is not surprising that the aforementioned iPhone X reduced production to 8 million units. In the past few months, analyst reports from parts supply chain and foundry companies in Taiwan, China, and Wall Street Investment Bank have all indicated that Apple iPhone X mobile phone sales are not ideal, Apple is slashing parts purchase orders and production plans.
It is reported that Apple has reduced the Samsung Display's OLED screen order by more than half, resulting in the company's production line operating rate is only about half, Samsung was forced to look for other Chinese mobile phone manufacturer customers.
The first and second quarters of the year are the off-season sales of Apple's mobile phones. Some consumers who want to purchase iPhone X have already purchased in the fourth quarter of last year. In the first half of the year, consumers are more willing to hold new phones waiting for Apple's autumn release.
Last month, Japan's Nomura Securities analysts forecast that Apple's iPhone X sales in the first quarter of this year will be between 8 million and 12 million.
Citigroup predicts that Apple's iPhone X sales in the second quarter will be 14 million units and will be reduced to 7 million units in the third quarter.
As to why the iPhone X is unmarketable, the industry generally believes there are two main reasons. One is that the price of $1,000 is too high, which is half the price of the traditional 650 US dollars, and it is difficult for consumers to accept. In addition, the fringe screen design of the iPhone X mobile phone, and The use of face recognition to eliminate fingerprinting has triggered dissatisfaction among many consumers.
According to reports from the company’s website, Apple’s sales of the iPhone X were disappointing, and there was a skeptical voice within the company, arguing that it was not wise to launch a US$1,000 smart phone globally.
Recently, Apple suppliers including TSMC, AMS and others have lowered their second- quarter and this year's performance forecasts. The main reason is believed to be the sluggish sales of Apple's mobile phones. These factors have caused Apple's stock price to fall in one round recently and its market value has fallen. More than 600 billion U.S. dollars.
On May 1, Apple will announce its first-quarter earnings. According to the usual practice, Apple will not announce the specific sales of a certain mobile phone. Therefore, the predicted sales volume of iPhone X by the outside world cannot be confirmed, but whether Apple's mobile phone has declined or even declined. Whether it deteriorates or not, it will drop out.
5. ZTE Corporation: Net profit of 1.687 billion for the first quarter was not taken into consideration for the impact of US business refusal;
On the evening of April 27, Sina Technology News reported that ZTE Corporation (000063.SZ) released the first quarterly report of 2018. In the first quarter, ZTE achieved a total operating revenue of RMB28.88 billion, an increase of 12.18% year-on-year. Realization attributable to listed companies Shareholders' net profit was 1.687 billion yuan, an increase of 39.01% year-on-year.
ZTE stated that prior to the BIS activation refusal order, the company prepared the first quarterly report of 2018 in accordance with the principles of enterprise accounting standards and based on truthfulness, accuracy, and completeness; after the BIS activation refusal order, the matter will affect the 2018th The authenticity, accuracy and completeness of the first quarterly report are based on the provisions of the Accounting Standards for Business Enterprises. This is a matter after the balance sheet date. The company is unable to accurately and fully evaluate the impact of this report. Therefore, this report is based on the order of rejection. The company's report on the first quarter of 2018 has no impact on assumptions.
The company prompts that the US Department of Commerce’s Bureau of Industry and Security activates a refusal order and refuses to have a material adverse effect on the company’s normal production and operation. As of the date of this report, the company is unable to complete a comprehensive and accurate assessment and forecast. The company cannot follow the accounting standards of the company. Prepare the first quarter of 2018 financial report.
6. LeTV's huge loss of 13.9 billion picks A shares 'Losing Wang'
21st Century Business Herald Rao Shouchun, Beijing Report
In the previous performance report, several of them had already booked the A-share 'Loss King' of LeTV.com (300104.SZ), and with the disclosure of the 2017 annual report, this title was finally formally adopted.
In the early morning of April 27th, after a delay of 48 hours, LeTV disclosed the annual report of last year and the quarterly report of this year. According to statistics, last year LeTV’s net profit attributable to parent company shareholders was a loss of 13.878 billion yuan, which was a loss of 11.6 billion yuan The data has expanded.
Compared with the huge loss of the performance, it was surprising that the annual report of the LeTV.com was issued with an 'unable to express opinion' audit opinion. This will also allow it to be placed under the 'delisting risk warning' regulatory measures in the near future. The trend is even more uncertain.
However, judging from the April 27th session, neither the performance nor the audit opinion seems to have a negative impact on the stock price of LeTV. After the opening on the 27th, LeTV.com's share price rose rapidly and rose to 4.08% at the close. Yuan/shares. In response to this, in the first quarter of this year, the number of shareholders of LeTV.com surged by 141,000 to 327,000.
Unfunded insolvency
According to the 2017 annual report disclosed by LeTV on April 27th, the company’s revenue for the year was 7.025 billion yuan, a year-on-year decrease of 68%; net profit attributable to shareholders of the parent company was a loss of 13.878 billion yuan, which was a decrease of 2601.63% from the same period last year.
At the same time, LeTV's quarterly report in 2018 showed that in the first three months of the year, the company’s operating income was 437 million yuan, which was 89.41% lower than the same period of last year; net profit attributable to shareholders of listed companies was a loss of 307 million yuan, which was a decrease from the same period of last year. 346.2%.
As disclosed in the previous performance forecast, LeTV has attributed last year's performance loss to the emergence of the crisis of the entire music chain of 'LeTV', and the difficulty in recovering receivables from LeTV Holdings and its related parties. Huge bad debts and asset impairments.
According to the data, LeTV.net reckoned impairment losses on various assets in 2017 of 10.882 billion yuan, which would reduce the net profit of listed company shareholders in 2017 of 8.814 billion yuan.
On April 27th, an executive from a Beijing-based private equity agency interviewed by reporters from the 21st Century Business Herald said that LeTV plans to take into account huge losses of assets, and to a certain extent, there is a consideration of 'finance bathing', which will help its business start from scratch. One-time clear out all packages, so that you can light forward.'
In the short-term, once the asset impairment loss of RMB 10 billion is accrued, a huge loss in performance will have a negative impact on the stock price. However, in the long run, it may be due to a single adjustment. Inverted performance considerations. On the contrary, squeezing toothpaste-style will have a negative impact. 'The above private equity executives said.
However, LeTV's shareholders have different views on the above-mentioned huge assets impairment accruals.
'This asset impairment provision is too fierce. Especially in the film and television copyright section, some of which are accrued to zero, it seems a bit unreasonable. I hope that at the time of the shareholders meeting, the company can explain this. 'April On the 27th, LeTV.com, an institutional shareholder heading from South China, told the 21st Century Business Herald reporter. Regarding this issue, the 21st Century Business Herald tried to contact the responsible person of LeTV. However, it did not get a response.
Although LeTV’s huge loss is a foregone conclusion, the company’s latest announcement gives a negative answer to another focus of the outside world’s focus – whether it will be insolvent.
According to the latest annual report disclosed by LeTV, by the end of 2017, its net assets attributable to shareholders of the company were 663 million yuan. By the end of the first quarter of this year, this figure had dropped again to 404 million yuan.
Risk of delisting surged
The aforementioned LeTV.net investor questioned the rationality of its billions of accruals. One of the reasons was that auditors issued an audit opinion for their annual report that they could not express their opinions.
According to the audit report given by the auditing agency, the reason for the above audit opinion is still based on LeTV's receivables, accounts payable and impairment of intangible assets.
The meaning of being unable to express opinions is not auditing but it is not possible to obtain sufficient audit evidence during the audit process. This may be due to the company, such as obstructing the auditor from obtaining evidence, or it may be caused by objective reasons. In addition, it is also possible that the company’s accounting process is unacceptable to the auditors. 'The registration information system auditor Dr. Takao Koo said in an interview on April 27.
Gao Wei stated that although the severity of 'unable to express opinions' is not as bad as 'negative opinions', both of them are serious cases in the audit opinion. Therefore, LeTV will be issued by the regulators as a 'delisting risk warning' thereafter. 'measures.
At the same time, although LeTV did not have any insolvency situation yet, as its most profitable subsidiary, Le Rongzhixin (formerly LeTV Zhixin, Xinle Lezhi), net assets were negative again in 2017. .
According to the data, Le Rongzhi's new operating revenue in 2017 was 4.117 billion yuan, and its net profit loss was 5.764 billion yuan. At the same time, Lefusion’s new net assets were - 1.818 billion yuan. Earlier LeTV had disclosed that as of 2017, 9 On the 30th of the month, Lefusion’s new assets amounted to approximately RMB 10.942 billion and net assets of RMB 3.163 billion (data not audited).
“Leverage to the new music is a barometer of LeTV's performance. If this year's music to improve new performance, LeTV's performance is also likely to rebound. 'On April 27, the above LeTV network institutional investors said.