Reborn in 2011, 985 missing from two copies

Chapter 223 Pay license, the capital of down jackets

After the investment was negotiated, Shopkeeper Wang felt refreshed and then asked cautiously:

"Director Wang, could you please inquire whether you intend to hold BYD's shares in the long term or in the short term..."

this point is very important.

Targeted holdings generally have a lock-in period, such as three months, half a year, or one year.

However, the lock-up period regulations for Hong Kong stocks only restrict controlling shareholders and cornerstone investors.

The controlling shareholder naturally accounts for more than 50% of the shares.

The BYD shares invested by Wang Yi accounted for 10% of the total shares, and they were divided into two accounts.

The first HK$20 billion is Xingyi Technology's investment, and the next HK$15 billion is Wang Yi's personal investment.

It's far from 50% holding.

Cornerstone investors are first-class institutional investors, large corporate groups, and well-known wealthy people or their affiliated companies.

For example, Buffett is a typical cornerstone investor.

Hearing this, Shopkeeper Wang's eyes lit up: "Dr. Wang, thank you, thank you so much!"

The investment community and stock investors will not panic.

But the current Wang Yi is far worse than Buffett, and can't be counted at all.

Coupled with the good news in February and the fact that Wang Yi has not reduced his BYD shares at all, he is optimistic about BYD.

If that were the case, that would be fine. On May 6 next year, an E electric car was rear-ended at high speed and caught fire, resulting in the death of many people...

When Buffett was diagnosed with cancer in April and the subsequent May 5.26 incident, BYD's shares fell to the bottom, Wang Yi entered the market strongly and continued to increase his position in BYD, which could actually boost the market and increase BYD's share price.

Therefore, Wang Yi decided to reduce his holdings of some BYD shares held by Xingyi Technology at a high level during the good times next February and disclose them to the outside world for the business expansion of Xingyi Technology...

There is no need to reduce holdings in February before taking advantage of the good times, knowing that the stock price will fall in April.

BYD would also be very grateful if it strongly increased its position when the stock price avalanched and provided help in times of need.

As soon as the Dinghai Divine Needle moved, the sky collapsed and the earth shattered.

"Understood, absolutely understood!" Shopkeeper Wang breathed a sigh of relief.

The automobile industry is sluggish and official subsidies have been cancelled. BYD's current profits have dropped by about 90% compared to the same period last year, and will continue to plummet within a year.

I just remember that in February next year, BYD’s share price rose to HK$2.

Being able to spend 35 billion to invest in BYD is a big help to BYD.

The home appliance and computer businesses that BYD focuses on will all be defeated next year, with only investment and no output.

When the future is good, it is normal for Wang Yi to reduce part of his holdings. After all, the development of Xingyi Technology will also cost money.

The success of one small business cannot save the loss of two big businesses!

In addition, in April next year, when the news of Buffett's cancer came out, BYD's Dinghai Shenzhen was shaken, and the industry was panicked!

Both institutions and retail investors will be bearish and sell off on a large scale.

As long as Wang Yi doesn't reduce his holdings and hit the market when it's bad, that's fine.

Moreover, when times are good, some of the holdings are reduced and some are taken over, so there is no need to worry about the stock price plummeting.

So much heavy-weight negative information, Wang Yi's investment in the company, and the minus-10-degree antifreeze battery business cannot save BYD.

When the time comes, we will sign a big order with BYD to stabilize the stock price.

Wang Yi is not Buffett, and he is not extremely rich.

Faced with Shopkeeper Wang's concerns, Wang Yi waved his hand:

"Don't worry, I am optimistic about BYD in the long term, but the 35 billion cannot be kept there all the time. However, I can guarantee that I will only reduce my holdings when BYD is doing well. I will not reduce my holdings when BYD is doing bad! At the moment, Xingyi Technology We are just starting out and there are many places where we need money, so I hope you understand.”

E6 sales dropped sharply, causing BYD's stock price to plummet again.

To buy components from international giants such as Qualcomm and Sony, Wang Yida had to pay in advance and make reservations.

This incident caused the public to question the quality and safety of E6.

According to internal assessment, profits in the first quarter of next year will fall by about 90% year-on-year.

Coupled with the confusion among BYD's internal executives, who resigned and cashed out, the situation was even worse.

Neither Wang Yi nor shopkeeper Wang are optimistic about BYD's future expectations.

But for domestic suppliers like BYD, it doesn't matter.

Moreover, the general lock-up period for cornerstone investors is only three months, which does not affect Wang Yi’s partial reduction of holdings after three months.

Wang Yi continued: "In addition, if Xingyi Technology makes money next year and BYD is negative, I will consider continuing to increase my position and bring back the stock price! I am optimistic about BYD in the long term!"

This is the power of Buffett!

As for the issue of battery order payment, that's even easier to say.

Now with Wang Yi’s investment and large battery order, it may soar to HK$30.

Even if Wang Yi's 1500 million battery orders and anti-freeze batteries can increase some revenue, BYD's financial report for the first quarter of next year will not be much better.

Wang Yi buys stocks just to make money, not to become a saint.

When the stock price was booming, some of its holdings were reduced, and the impact on BYD was limited.

As for what the good news was in February, Wang Yi couldn’t remember.

This small-scale reduction will not have much impact.

After all, if you want to sell more antifreeze batteries, you have to increase production capacity, add production lines, invest in building new factories...all of which cost money!

After deducting these investments and then deducting R&D costs, within one year, the profits of the antifreeze battery business will not be higher.

However, with the news of Buffett's cancer in April and the continued serious decline in performance, BYD's stock price will plummet again.

If you pay after the goods arrive, or even pay quarterly, you are a quality customer!

There are more monks than meat in China, and the mobile phone brand owner is Party A’s father.

In addition, Wang Yi is BYD's major shareholder. If BYD is not short of money, Wang Yi can pay it half a year.

But now that BYD is short of money, it is better to pay the goods the same month after the goods arrive.

In the afternoon, Wang Yi followed Shopkeeper Wang to visit BYD's battery factory and automobile factory.

Although compared with the electric vehicle giants of later generations, the current BYD is still a little behind.

But the future is promising.

In addition to its automotive, battery and photovoltaic businesses, mobile phone foundry is also one of BYD's main businesses.

BYD Electronics has mobile phone OEMs in Shenzhen, Tianjin, Huishi, Asan, Hungary, Romania and other countries.

Currently, many brands of mobile phones are OEMed by BYD.

For example, the Shenzhen factory has an annual production capacity of 2000 million units!

If the follow-up Xingyi mobile phone is a hit, BYD can also be considered as an OEM.

As for the factory promised by Director Qin, Wang Yi didn't know how much production capacity it had.

When I return to the imperial capital, I have to pay a visit to Director Qin and ask for some benefits!

After all, Wang Yi has poached so many semiconductor experts and elites from the empire and Taiwan, and is preparing to vigorously develop semiconductors. Should he be given some rewards?

As for what kind of reward he wants, Wang Yi has also thought about it clearly.

There is no shortage of money.

There is no shortage of factories either.

I need a license plate!

Pay for the license!

In May 2011, the central bank approved the first batch of payment licenses.

Wang Yi remembered that in the previous life until 2015, the central bank approved a total of 270 payment licenses in eight times, and then no longer approved them.

In addition to the cancellation of the payment licenses of three companies, there will be only 267 licensed third-party payment companies on the market in the future.

As a result, the price of paying for a license has skyrocketed.

For example, in order to pay for the license and launch Meituan Pay, Meituan had to spend huge sums of money to acquire the entire Qiandaibao company!

There is nothing we can do about this.

If Wang Yi doesn't take action in advance and grab one of these 270 payment licenses, he will have to spend a considerable amount of money to acquire a licensed company like Meituan!

Today's Meiyou Mall has become internationalized. It has to develop its own chips and spend huge sums of money to introduce semiconductor talents. Wang Yi wants a payment license and can open his mouth.

In this matter, Wang Yi alone would definitely not be able to apply.

But with the Imperial City Management Committee coming forward, there will be a chance.

Wang Yi’s portion is not enough, but Imperial Capital’s portion is enough.

Who doesn’t want to support local businesses?

This is why Wang Yi placed the headquarters of his parent company Xingyi Technology in the Imperial Capital!

If you just want the management committee to come forward, you have to show enough strength.

Unfortunately, the Xingyi mobile phone has not yet been launched, so Wang Yi can only place a one-time order for 3000 million chips.

It also acquired VMware baseband, poached Texas Instruments R&D experts, and laid out semiconductors...

They are all showing their own strength.

Only in this way can the Imperial Capital Management Committee come forward to apply for a payment license on behalf of Wang Yi.

Of course, it's not enough yet.

We have to wait until BYD announces that Xingyi Technology will invest HK$35 billion in BYD!

In this way, Wang Yi's weight will be even greater.

To put it bluntly, private companies play the way of private companies, state-owned enterprises play the way of state-owned enterprises, and management committees play the way of management committees.

Wang Yi figured out and tested all the details here.

For example, the skyscrapers in Jeju are expensive, but without this project, Wang Yi would not be able to buy the land in the three large surrounding communities at a low price, let alone hoard it to the peak and make a huge profit of 600 billion.

To put it bluntly, it was Wang Yi’s proposal to build a skyscraper in Jeju that made Jeju give Wang Yi real estate qualifications and so much low-priced residential land!

Don't say that skyscrapers are useless, places need skyscrapers to show their strength.

Similarly, in order to pay for the license, Wang Yi has to work harder.

In the evening, Wang Yi and Shopkeeper Wang had a meal together and talked about BYD's business:

"Director Wang, BYD is currently developing in a diversified way. Automobiles, battery energy storage, and photovoltaics are still the three core businesses. In addition, mobile phone OEM, notebook OEM, home appliances, and its own brand of tablets and notebooks are also BYD's key business development!"

Seeing shopkeeper Wang's boastful and high-spirited expression, Wang Yi sighed.

Sure enough, after so much effort, it would be surprising to see it succeed.

OEM for laptops and mobile phones is easy, purely profitable, and basically no loss.

Even if you invest in factories and production lines, as long as the orders are in place, you can quickly recover your investment.

But the private-brand tablet and computer business is difficult.

R&D and brand operations alone are a big problem.

There is also the sales behind it, which are all expenses. Whether the cost can be recovered is a question.

For example, in order to do computer research and development, BYD absorbed many teams formed by Amoi's IT division.

But in the end, BYD Computer was not launched for a long time.

There are also BYD tablets, BYD home appliances... they are all in vain!

No wonder the current debt exceeds 30 billion, and no wonder profits have dropped by 90% compared to the same period last year.

Seeing Wang Yi sighing, Shopkeeper Wang's expression changed slightly and he couldn't help but said: "Director Wang, are you not optimistic about BYD's diversified development?"

Wang Yi smiled slightly: "Do you want to hear the truth?"

"Yes, please give me some advice from Director Wang!"

Seeing that shopkeeper Wang wanted to listen sincerely, Wang Yi spoke slowly:

"I appreciate BYD's ambition. But in diversified development, any company will fail. Your mobile phone OEM and computer OEM are doing well, but you have to mix in your own brand of tablets and computers. Some are seeking death.”

"This..." Shopkeeper Wang was a little unconvinced: "Dr. Wang, our BYD Electronics, in addition to ODM (Original Manufacturing), can also produce many things. Such as screens, lenses, batteries, etc., so we launch our own brand of computers and tablets , it can have a cost advantage over our competitors!”

"Yes, BYD has a cost advantage. But once it launches BYD computers and BYD tablets, it will conflict with the business of your OEM customers such as Lenovo and TCL. Do you think they will let BYD continue to OEM?"

"This..." Shopkeeper Wang was silent for a long time before saying:

"In terms of OEM, it will indeed be affected. But with the free production capacity, we can produce BYD computers and BYD tablets! In the future, these two markets will grow rapidly, and BYD should end!"

Wang Yi laughed dumbly and stopped trying to persuade him.

Shopkeeper Wang's ideals are full, but the reality is very skinny.

How can a computer brand be so easy to build?

If BYD Computer is built, it will be successful. Even if there is no OEM order from Lenovo, the idle production capacity can be used to produce BYD Computer.

But what if Lenovo's OEM orders are gone, and BYD Computer's production here fails, and both sides are short-changed, then it's really over.

For foundries, if there are no orders, it will be a net loss!

Wang Yi sighed: "As I said, I will not participate in BYD's decision-making this time. You can just follow your own path. I am not optimistic about the current diversification. As for the future, let's let time tell everything."

This meal was a little tasteless.

But Wang Yi was too lazy to persuade him.

Shopkeeper Wang wants to make BYD computers, BYD tablets, BYD home appliances, and even BYD mobile phones in the future, it is possible!

His goal is to become a combination of Mercedes-Benz + Apple + Lenovo + Haier.

Wang Yi could not persuade him. It wasn't until everything suffered miserably and all his money was lost that he could see the reality clearly.

Only by clearly understanding BYD's future core business and development direction can we listen to Wang Yi's words.

If BYD fails miserably, shopkeeper Wang won't be able to handle it.

This is true for any enterprise. Once the technology tree is wrong, it will be over.

For example, in terms of new energy, Xiaguo, Europe and the United States are currently developing electric vehicles, but Neonguo is striving for hydrogen energy.

Even if he succeeds, Xia Guo and Ou Mei will not let him succeed!

The reason is simple. Most of the upper-level patents on hydrogen energy are controlled by Neon State.

The most basic and difficult underlying technological breakthrough for the popularization of hydrogen energy is left to Xia Guo and Europe and the United States.

Once these most difficult and basic technologies are broken through by Xia Guo and Europe and the United States, and hydrogen energy vehicles become popular on a large scale, Neon Enterprises will be able to rely on the large number of hydrogen energy upper-level technology patents in their hands to become Qualcomm in the hydrogen energy vehicle industry, getting stuck everywhere. Collect royalties and make a lot of money.

How could Xia Guo and Ou Mei agree? How could he be taken advantage of?

So, without any surprise, Xia State, Europe and the United States all gave up hydrogen cars and directly developed electric cars, leaving Neon State to play with hydrogen energy on its own!

Then wait!

When all the hydrogen energy patents held by Neon Country expire, Xia State, Europe and the United States will begin to develop hydrogen energy vehicles.

By then, Neon Country will not be able to earn a penny from the hydrogen energy patent in its hands.

All these years of investment will most likely be lost.

If you choose the wrong technology tree, the consequences will be so serious.

Of course, what made Neon Guo wrong was not just that they lit up hydrogen energy, but also that they were too independent and only wanted to make a profit.

Similarly, BYD's technology tree, focusing on the development of new energy and batteries, is enough.

If we continue to be distracted by making BYD computers, tablets, and home appliances, we will be taking a detour and will end our own OEM path.

Just like Qualcomm, in order to sell chips, it directly announced that it would never make mobile phones.

So everyone buys his chips.

Samsung also makes chips and mobile phones. As a result, apart from Samsung, only Meizu uses Samsung chips.

But Wang Yi knows these truths, but shopkeeper Wang still doesn't understand them yet.

You can only listen to it after a disastrous defeat.

The current shopkeeper Wang Yi couldn't persuade him.

Later, shopkeeper Wang arranged for a driver to take Wang Yi to the hotel.

After washing up, Wang Yi received a call from Chen Chuanqing:

"Boss, I have almost inspected the down jacket factory you told me about, and the purchase price of the factory has also been negotiated."

Once November enters, pure desire style summer clothes are unsaleable across the country, and autumn clothes are unsaleable in the north.

By December, autumn clothes in the South are all unsaleable.

The revenue of Meiyou and Zhenyou will be greatly reduced, or even less than 1 out of 10.

At that time, we can only rely on foreign markets in tropical countries.

The only solution is to take the opportunity to launch Meiyou down jackets and cotton-padded jackets, and Zhenyou down jackets and cotton-padded jackets to replace the slow-selling pure lust style summer clothes and autumn clothes.

So, in early October, Wang Yi asked Chen Chuanqing to inspect the down jacket market.

Now, there is finally a result.

"What's the result?" Wang Yi asked.

"Boss, I have looked at both Shuchang City and Pinghu. Both sides are very large. The difference is that Shuchang City has been driven by Bosideng to form a high-quality industrial cluster with very good quality. Pinghu, on the other hand, does not have a prominent leading brand. Most of them are OEM, but the cost is lower. A down jacket that costs more than RMB 2,000 in a shopping mall is enough in Pinghu for RMB 200. However, the quality is a bit worse than that in Shuchang City.”

Wang Yi understood: "In other words, in terms of cost performance, Pinghu is better. In terms of quality, Shu Changshi is better."

The reason is simple. As the domestic leader in down jackets, Bosideng did not have the absolute dominance it would have ten years later in 2011, but it is still the industry leader and its quality is first-rate.

Because of the existence of Bosideng, a high-end down jacket industry cluster has been formed throughout Shuchang City.

But Pinghu mainly specializes in OEM. To put it bluntly, most manufacturers do not have their own brands and all are OEMs.

The OEM industry does not pursue first-class quality, but pays more attention to processing profits. The main focus is small profits but quick turnover!

In later generations, most of the low-priced down jackets on PDD were produced in Pinghu.

Chen Chuanqing agreed very much: "Yes, boss, Shu Chang City is like a regular army. Pinghu is full of stars everywhere. They each make their own OEM. The cost is really low! I found ten companies on both sides. In the end, three factories were selected each, and the prices were almost negotiated. It all depends on the boss’s decision. The specific information will be sent to your email.”

"Okay, I'll take a look first and get back to you later."

Wang Yi opened his notebook and looked at it carefully.

There are six foundries with good production capacity.

Wang Yi looked carefully and finally chose the largest factory in Shuchang City.

Then we chose a factory with the best quality in Pinghu.

The factory in Shuchang City, with more exquisite workmanship, produces Zhenyou down jackets, focusing on high-end products.

The factory in Pinghu is of good quality and more cost-effective. It produces Meiyou down jackets.

If the workmanship of the two brands is not much different, it is actually not good.

Wang Yi dialed Chen Chuanqing's phone: "Old Chen, go and discuss the price of that factory in Pinghu and purchase it. If you are familiar with Chang City, I will go! Then arrange production as soon as possible. As for the style and design, I will send you an email later."

"Okay, boss."

Early on the morning of October 10, Wang Yi went straight to the airport.

There is no airport in Shuchang City, so Wang Yi can only fly directly from Shenzhen City to Xishi City. After landing, he can take a bus to Shuchang City.

To Wang Yi's surprise, when they landed in Xishi, the factory in Shuchang City had already arranged to pick them up.

"Hello, Director Wang, I am Qi Hui, the manager of Bingyun Down Jackets. The boss arranged for me to pick you up!"

A woman in her thirties, elegantly dressed, was waiting at the exit.

"Thank you for your hard work." Wang Yi looked at the other person and nodded.

This capable posture makes you look like a strong woman in the workplace.

"You're welcome, this is all my responsibility." Qi Hui smiled gently: "Dr. Wang, please."

After getting in the car, the group went straight to Shuchang City.

On the way, Wang Yi and Qi Hui started chatting: "Bingyun Garment Factory has a good scale, why do you want to sell it?"

Qi Hui sighed: "There is still a problem with strategic positioning. Our boss wanted to build his own brand, so he created the Bingyun down jacket."

“Our Bingyun’s design, workmanship, and quality are all on par with Bosideng, and the price/performance ratio is higher than that of Bosideng.”

"But it's a pity, it's useless! In Shuchang City, and even across the country, everyone only recognizes Bosideng, not Bingyun."

"The result is that if we don't lower the price, we can't sell it. We can only sell it at a lower price. But with this price reduction, the brand will be ruined and it will become a no-name brand!"

"Even if our workmanship and materials are much better than those of OEM down jackets, we are still useless. In the eyes of consumers, we are just a no-name brand."

Wang Yi smiled: "The result is that you use the quality, materials, workmanship, and cost of Bosideng as the benchmark, but in the end you sell it at a price similar to that of other OEM brands!"

"Yes, Director Wang, that's it!" Qi Hui was helpless:

"In the down jacket capital of Shuchang, off-brand down jackets are sold cheaply, and there is not much profit. They all rely on small profits but quick turnover. Our Bingyun down jackets have high costs, and we sell them at low prices. As a result, we cannot make ends meet and suffer heavy losses. The boss I have no choice but to give up.”

"That's it." Wang Yi understood.

Just like Pinghu, there are so many down jacket OEMs, but none of them want to build their own brand and become the second Bosideng?

Have!

Of course there are, and lots of them!

But unfortunately, without exception, these brands all failed.

In the end, not only did it fail to become Bosideng, it actually bankrupted itself.

For example, once the price of the Bingyun down jacket is reduced, it will be directly classified as a no-name brand...

When it comes to clothing, brand is the most important thing!

Antarctic people in their early 00s had very strong brands, and a set of thermal underwear cost two to three hundred.

But the current Anji people are selling licenses everywhere, OEM for other small manufacturers, and have ruined their own brand. Nowadays, a set can only sell for a few dozen yuan...

Brand is something that is easy to destroy but difficult to make.

However, Bingyun's situation is exactly what Wang Yi likes.

Currently, Wang Yi has dual brands of Meiyou and Zhenyou, but it lacks a factory with Bingyun’s quality and workmanship that can compete with Bosideng!

An hour later, we arrived in Shuchang City and the car parked in front of a hotel.

"Dr. Wang, it's time for dinner. Our boss has booked a banquet. Please don't dislike it."

"Good work."

When we arrived at the store, a middle-aged man with dark skin was already waiting at the door.

Seeing Wang Yi coming, he quickly strode forward and held Wang Yi's hand:

"Hello, Director Wang, I am Gu Zhaoxi, the owner of Bingyun Down Jackets."

"Hello, Boss Gu."

"Quick, please come inside!"

"Thank you."

But when Wang Yi walked into the room, he was dumbfounded. He saw that Gu Zhaoxi had arranged for three wine companions and prepared a full box of Maotai.

Wang Yi laughed dumbly: "Boss Gu, are you trying to force me down?"

Gu Zhaoxi waved his hands quickly: "No, I... I just heard that you guys have a lot of alcohol consumption, so..."

Wang Yi was speechless, it was all the banquet culture that harmed people!

If it were any other old director from Lu Province, this business would never have been successful without two months of negotiation and ten heavy drinks.

But if it were Wang Yi, he really wouldn't be that interested.

The wine table culture is played by people born in the 1960s and 1970s. Many people born in the 1990s really don’t like this culture.

Of course, in the future, many people born in the 1980s and 1990s will enter the workplace and start doing this.

After all, in the current workplace, those born in the 1960s and 1970s are still in power, and they still have to play their way!

But when those born in the 1990s take power, and everyone drinks milk tea and Coke when talking about business, it won’t be a big problem.

Wang Yi waved his hand: "Let them withdraw. Let's have some food, chat, and then go to the factory to see it. That's all."

"This..." Gu Zhaoxi was stunned.

It's not that he has never dealt with customers from Shandong province, but he has never seen anyone so cheerful, even so cheerful that it's a bit casual!

Wang Yi always arranges for people to conduct strict investigations before negotiating.

Chen Chuanqing led people to investigate factories like these in Changshu for more than ten days.

Even the internal information was mastered, and after comprehensive judgment, the three factories were reported to Wang Yi.

Wang Yi then selected the best and then selected Bingyun Garment Factory.

Pay more attention to the previous inspection. Once the inspection is completed, you can simply negotiate the price. There is no need to drag it out for two months and have ten heavy drinks before negotiating.

If this is the case, I'm afraid winter is over.

"Remove it, there's no need to go through such trouble." Wang Yi said with a smile.

"Okay, Director Wang, I will listen to you!"

Gu Zhaoxi waved his hand, and all the wine drinkers withdrew.

Wang Yi only drank some tea and ate some food at noon, and chatted with Gu Zhaoxi about the market conditions of Changchun City and the information about Bosideng.

Inspection of the factory in the afternoon is a big deal, but we can't let it get in the way because of drinking.

After dinner, Wang Yi followed Gu Zhaoxi to Bingyun Down Jacket Factory.

At this time, Bingyun Down Jacket Factory was producing down jackets.

Although we can't make ends meet, winter is coming soon, so we can't stop work, otherwise the losses will be even greater.

It’s better to produce a little bit and decide how much you can sell.

After all, when a factory is sold, it won't be easy to find a suitable buyer.

Wang Yi stopped and walked, carefully looking at every detail of the assembly line.

From time to time, I pick up a few products that have just come off the production line and inspect them carefully.

I have to say that the quality of Bingyun's down jacket is really top-notch, not much worse than Bosideng and Big Goose.

It's just that the brand is small, and if it's too expensive, it can't be sold. If the price is reduced, it becomes a no-name brand.

As for hiring a spokesperson...a small factory like this has limited funds and can't afford one.

But in the current market, traffic is king and hype is king. It is no longer an era when you can get out of the industry by relying on solid quality!

Wang Yi looked at it for a long time and made a calculation in his mind: This factory can be acquired!

(End of this chapter)