Foreword
In the winter of 2004, in a conference room in central guan village, beijing, a group of senior executives sat in front of the projector, and the number on the screen was like a bowl of cold water pouring at everyone — only 2 per cent of the global pc market and less than 3 per cent of income abroad。
At the same time, the chinese market, though the leader, was still a small player in the international arena。
At the same time, the ibm on the other side of the ocean is being the focus of a year-long loss of pc operations under the flag。
However, no one thought that these two seemingly unrelated enterprises were about to rewrite the global history of technology...
Dilemma: $1. 75 billion
On 1 may 2005, the united states of america was shocked by news of the acquisition of $1. 75 billion in ibm personal computer operations, which had been dubbed a “sniffing elephant” by the outside world and even predicted that “the union would be dragged down by ibm”。
At that time, there was only hk$3. 1 billion in cash on the inter-bank account, and in order to make up for the purchase, yang's leg was almost broken: $350 million from the united states consortium, $600 million from 20 banks, and finally $500 million in debt transferred from ibm。
Later, one of the seniors involved in the negotiations recalled that my hand was shaking when the agreement was signed. It's not a takeover. It's a total bond。
Underlying the risks are smart calculations, not only the 5. 4 per cent global market share of ibm, but also, and more importantly, thinkpad, a pyramid, a distribution network covering 170 countries, and a technical team left behind by ibm。
In the words of the willow script, "we bought the ladder." and the later facts show that this ladder has caused the union to miss a turn of at least 10 years. – only two months after the acquisition, the combined quarterly net profits increased by 6 per cent and global pc sales by 234 per cent。
Illustrated as a dragon: a textbook attack
The swallowing of the elephant is only the beginning, and digestion is the real test, and in 2005 the united states market, consumers were sceptical about the name lenovo. I'm trying to do three things:
The original ibm was retained, not even the coffee machine of the office; the identification of thinkpad as a “business god”, the keyboard feeling became even the faith of the engineer; and the introduction of the pro-people ideapad, which used a value-for-money to drive ordinary consumers。
These strategies seem to be simple, but they are based on the wisdom of the east — both respect for market rules and the concealment of cultural tenderness。
The effect was immediately felt, and by 2013, the global share of pc had skyrocketed to 16. 7 per cent, surpassing the hp top for the first time. The latest financial report in 2024 was even more impressive: 51. 28 billion yuan, 20 times more than before the acquisition; net profit of 7,683 million yuan, a surge of 1119 per cent
With a market share of 17. 2 per cent, equivalent to the sum of dale and apple sales, the $1. 75 billion investment in that year has now yielded nearly five “ibm acquisitions” each year。
Why can't wah learn for mi
Also out of the sea, china and mi mi's experiences in the united states stand in stark contrast。
In 2018, chinese mobile phones accounted for less than 0. 5 per cent of the united states city, and millet could not even knock on the operator's door, ostensibly geopolitical, with deeper business logic。
The art of “invisibility” associated with the political risks of the early years: board of directors introduced us capital, management re-utilized local talent and even deliberately diluted the chinese context. This “semi-american” strategy has allowed the union to successfully avoid “national security” guns。
In contrast to the mobile phone industry, with a high inflow of 5g technology, millimetres use a direct price to hit the apple's belly, which in turn touches the sensitive nerves of the united states。
More critically, the four-to-five-year cycle of renewal of the pc as a durable has left enough buffer period to absorb cultural differences; and mobile phones as fast-forwards have lost user loyalty。
When yang yuanqing tried to copy the pc myths with the purchase of motorola, he fell into this cognitive blind zone. He forgets that he can't live with it. Nokia fans will go to iphone。
There's no safe haven
Looking back today 20 years later, the success of the alliance is bound to happen, betting on the wave of expansion of the pc to consumer markets, eating through the technical dividends of ibm, and finding a delicate balance between east and west cultures。
However, the crisis has persisted: the annual growth rate of the global pc market has fallen by 3 per cent, and the ai revolution is reshaping the entire hardware ecology, thanks to the hongmong system, which has been strutting in the field of notebooks。
The tinkpad, who wanted to make a contribution to the united nations, was now viewed by young users as an “antiquities” product; it gradually faded in the age of the electrician, thanks to the advantages of the acquisitions。
What matters more than anything else is that when the strategy of “buy-buying” reaches the ceiling, we wonder if we can digest this rapidly changing era of intelligence, as we did with ibm
Perhaps the true wealth of thinking is never the figures on the statements, but it is proof that in a global market full of prejudices and barriers, chinese firms’ wisdom can be as good as four or two kilos. The next 20 years, the story has just begun。
Concluding remarks
The experience of the association, both then and now, can bring inspiration and wake-up to more businesses, and the courage to go further must prevail。
It also reminds us of the acquisition of german kuka by the united states, and the acquisition of volvo by wang longfei
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