bullyxtreme Chapter 290 Ministry of Commerce Press Conference! Reciprocal Countermeasures
Chapter 290 Ministry of Commerce Press Conference! Reciprocal Countermeasures
"45 billion, not a penny less."
"38 billion, that's the bottom line."
However, Shen Fei shook his head slightly. At worst, he wouldn't sell Motorola; he wouldn't give up a single cent.
After all, if the sucker gets away, it won't be easy to find the next one.
After more than half an hour of futile arguing, Boss Liu nodded at Yang Yuanqing.
"Mr. Shen, you win. 44 billion it is. Motorola's factory in America is also ours."
"certainly."
Shen Fei agreed very readily. Motorola still had a production base in the United States, but after Transsion acquired it, that factory had effectively come to a standstill...
While some Motorola employees still work in the headquarters building in America, the building has been sold and is now being leased.
……
The signing ceremony was held in the lobby of Transsion's headquarters, and every media outlet was scrambling to squeeze in... to film this simple signing ceremony.
Shen Fei and Boss Liu sat at the long table, signed the contract, exchanged documents, and then shook hands.
The reporters couldn't believe it.
Transsion actually sold Motorola at this time, but why didn't Boss Liu look happy?
Of course, this was a signing ceremony, so he didn't put on a sour face. Instead, he cooperated fully for the photos, sporting a stiff smile.
"Mr. Shen, does Transsion's sale of Motorola mean it's abandoning the global market?"
"Transsion has never given up on globalization. We sold Motorola because Lenovo needed it more. Transsion has its own brand, and due to current issues, our business has undergone some changes..."
Hearing Shen Fei say that, Boss Liu felt much better.
This kid is quite capable to have built such a large business. But it feels really good to force someone to do what they want. It would be even better if the price were cheaper.
"Lenovo and Transsion are a model of cooperation among Chinese enterprises."
We will do a good job with Motorola and live up to Transsion's trust...
#Transsion sold Motorola for 44 billion yuan#
#The biggest bargain in history#
Some tech bloggers are praising LX's visionary approach while criticizing Transsion's short-sightedness.
After all, Motorola was a golden goose, bringing huge profits to Transsion every year, yet it was sold for only 40 billion.
Most importantly, Transsion spent over 100 billion yuan to acquire it, and in just over a year... everything went to zero, resulting in a direct loss of 60 billion yuan.
Just as Chinese netizens were expressing their opinions, everyone at the U.S. Department of Commerce breathed a sigh of relief.
Commerce Secretary Bryson saw the news in his office and was finally relieved of his worries.
Their plan was partially successful!
"Transsion sold Motorola, and the company it sold to Lenovo."
Although it's a company affiliated with the Chinese government, Mr. Liu is a shrewd businessman who understands the big picture. Motorola falling into his hands is good news.
"Should we impose further sanctions?"
Bryson lightly rubbed his lower lip with his fingertip, his smile deepening. No one knew whether he was being obnoxious or just being polite.
But he was indeed very anxious, after all, the president had ordered him to stop the operation and rescind the order as soon as possible, otherwise it would have unimaginable consequences.
His faction, however, ordered him to further intensify sanctions and freeze all of Huaxin's assets in the United States as soon as possible, including its invested shares...
Although he listened to what the people behind his back said, he wasn't stupid.
He knew that once he gave that order, those people on Wall Street would make him suffer the same fate as an ancient Chinese figure, and he would experience that fate alive.
[Shang Yang: Are you being polite?]
"Not for now. We've already conceded on the business deal, and we need to save face for China to avoid further escalation."
What he didn't know was that Shen Fei said something to Huang Tianya after the signing ceremony.
"With Motorola sold, Transsion can move forward with a lighter burden. Now it's time to show America what real countermeasures are."
All we need to do is prepare to watch the show.
On September 15th, three days after Motorola signed the contract, the Ministry of Commerce of China held an emergency press conference.
The timing of the press conference, scheduled for 3 p.m. on Friday, before the US stock market opens, was carefully calculated.
When Shen Danyang, spokesperson for the Ministry of Commerce, stepped onto the stage, his expression was not as serious as usual at press conferences; instead, he had a beaming smile on his face.
But the Chinese reporters in the audience felt a chill, for something unusual was definitely going on!
Especially that smile in this situation! Oh no, are those conservatives going to launch another attack?
"Dear media, the Ministry of Commerce has released two investigation announcements today."
The announcement title appeared on the big screen:
The first point is to launch an antitrust investigation into semiconductor products originating from the United States.
Specific companies include Qualcomm, Intel, AMD, etc. Please see the appendix for a detailed list.
The reporters in the audience typed furiously on their keyboards, but before they could finish, the second message was even more frightening.
Second, an anti-dumping investigation was initiated against agricultural products originating from the United States. These products include soybeans, corn, wheat, etc.
The spokesperson offered no explanation, stating bluntly: "Relevant U.S. departments are abusing the Entity List to undermine global fairness rules."
Relevant Chinese departments have both the right and the responsibility to safeguard the legitimate interests of Chinese enterprises.
The announcement was that simple, but it contained a lot of information.
After the presentation, the Q&A session began immediately, and the reporters became excited, especially those who had been given advance notice of their questions.
"Spokesperson Shen, are these two investigations related to the rumors of US sanctions?"
"All of China's trade policies are based on international rules and Chinese law."
Not targeting any specific company or event. Okay, next one.
The reporter wanted to speak again, but the right to ask questions was gone.
……
The news reached the United States at 3 a.m., but the stock and futures markets had already begun to react.
Dow Jones futures fell 2%, and Nasdaq futures fell 4%.
Qualcomm plunged 7% pre-market, Intel fell 5%, AMD fell 6%, and Apple, which was on the additional list, also plummeted 3.56%.
The most severely affected was American soybean futures, which plummeted to their daily limit.
After all, China consumes 27% of the world's soybean production, of which about 81% needs to be imported...
Most American farmers rely on the Chinese market to survive.
The U.S. Commerce Secretary was woken up by a phone call at 4 a.m.
"Minister...no...Minister, something terrible has happened!"
The voice on the other end of the phone was stuttering, and Bryson couldn't hear it at all, but he had a bad feeling about it!
The consequences of that incident were unbelievable, but his last shred of hope was quickly shattered.
"What exactly does 'clear your tongue before you speak' mean?"
The voice on the other end of the phone changed again. This voice sounded a little clearer, but it was still very panicked.
"Minister, something terrible has happened. China has announced investigations into semiconductors and agricultural products. The stock market is already experiencing a chain reaction."