It would be best if we could become a major shareholder of SMIC, or even control SMIC.
After all, the current market value of SMIC is only about 10 billion.
Still at a low level, the future is promising.
But unfortunately, the competition for equity within SMIC is not as fierce as usual, and there are many tricks!
It is really difficult for Wang Yi to hold a controlling stake.
However, Wang Yi also has his own advantages, not only funds, but also orders!
Big order for 65nm smart chips!
And the CDMA license in hand is also the basis for SMIC to develop telecom chips!
SMIC introduced Datang Investment before. In addition to lack of money, another reason was to use Datang's TD-cdma to make mobile 3G chips.
But the future of TD-cdma mobile 3G is not optimistic and will soon fade away.
The CDMA license in Wang Yi's hands is a basic patent that is indispensable for telecommunications chips now and even in the future. It is much more important than Datang's TD-cdma!
These are all the capital Wang Yi needs to invest in SMIC and join or even control SMIC’s board of directors!
Of course, if things don't go well, the only option is to acquire a wafer fab or even build your own wafer fab.
But unfortunately, this costs too much money and will be difficult in the short term.
Currently, building an 8-inch wafer fab will cost RMB 7 billion.
Building a 12-inch wafer fab starts at 20 billion!
This is the price before 2011. In a few years, the price of 12-inch wafer fabs will rise to more than 40 billion!
Wafer fabs burn money like this.
As for those who acquire a semiconductor company for several billions, that is because the company only designs chips and does not have a wafer factory, so it cannot mass-produce chips.
This kind of chip design company does not have much fixed assets, so it is not valuable.
After all, the value of an 8-inch wafer fab is 7 billion+.
Want to acquire at a low price, unless the shares are exchanged.
For example, when SMIC acquired Motorola's 8-inch wafer fab, it couldn't afford it. It was acquired at a low price by replacing it with SMIC's shares.
There is no way, the fab is too expensive.
Wang Yi also knew that SMIC was in chaos, and even his teammates wanted to directly acquire a wafer fab, but they were so poor that they couldn't come up with 20 billion!
A 12-inch wafer fab starts at RMB 20 billion, which is simply unaffordable.
As for the 8-inch wafer fab, it also costs 7 billion, which is not realistic in the short term.
On the other hand, 6-inch wafer fabs are cheap and only cost a few billion, but it is meaningless.
The 6-inch wafer fab is too backward and it is difficult to mass produce 90nm chips.
The 8-inch wafer fab is also lagging behind. It can only produce 90nm chips at most, but it can't produce the 65nm that Wang Yi needs. Don't even think about it.
To put it bluntly, if Wang Yi wants to use 65nm, 45nm, and 28nm processes, it must be a 12-inch wafer fab!
Most of the wafer fabs that can be acquired now are 6-inch wafer fabs and 8-inch wafer fabs.
It is useless to acquire such a backward wafer factory. Not to mention a lot of money is spent, and the equipment is too backward!
After Wang Yi took over, he still had to spend money to upgrade all the equipment and convert the 8-inch wafer fab into a 12-inch wafer fab...
Then invest huge sums of money in research and development to upgrade the process technology to 90nm, 65nm, 55nm, 45nm... It is completely thankless. It is better to directly acquire a 12-inch wafer factory.
However, there are very few 12-inch wafer fabs, which are the most advanced ones at the moment. They are pawned by major semiconductor giants and will hardly be sold.
Even SMIC’s 12-inch wafer fab was built with its own land investment!
In this way, Wang Yi's only choice at the moment is to invest in SMIC first!
After making money later, we will consider investing 20 billion in building or acquiring a 12-inch wafer fab.
Later, Wang Yi opened his laptop and looked at the market value of SMIC.
11.2 billion Hong Kong dollars, which is about 10 billion yuan.
This market value is very low, very low, and it is not as expensive as a 12-inch wafer fab.
The reason is simple, the real expensive thing about a wafer factory is not the factory building and the land!
But the advanced equipment and production lines inside!
Currently, SMIC only has a few backward 8-inch wafer fabs, with processes ranging from 130nm to 300nm.
Most of the equipment is second-hand equipment that Mr. Zhang bought in the past. The manufacturing process is backward and will be eliminated soon. It is not valuable.
To put it bluntly, the several wafer fabs owned by SMIC are only supported by factory buildings and land, and have little value.
The newly built 12-inch wafer fabs are still under construction. They are bottomless pits and equally worthless...
Hanxin and other 12-inch wafer fabs are only managed by SMIC, not SMIC's own.
In addition, SMIC is heavily in debt and its manufacturing process is stuck at 65nm.
While TSMC, Samsung, and Intel have already achieved 45nm, 40nm, and even 28nm, SMIC is three generations behind, and its valuation is naturally very low.
Wang Yi spent 2 billion and couldn't afford to buy a new 8-inch wafer fab, but he could buy a lot of shares in SMIC.
In May this year, CIC invested US$500 million in SMIC, acquiring 360,589,053 shares at a price of HK$39 per share, accounting for 6% of the shares, becoming the second largest shareholder.
Datang, the largest shareholder, holds 08% of the shares.
TSMC’s 10% stake was diluted to 543%, making it the third largest shareholder.
The current stock price of SMIC is only HK$3, and its market value has also dropped a bit. Wang Yi invested 2 billion and became the second largest shareholder, which is not a problem.
But there's no rush.
First of all, SMIC's current business process is still mainly based on business above 130nm. There are very few 90nm, and even less 65nm, and the yield rate is not high.
Wang Yi’s investment in SMIC may not necessarily have sufficient 65nm production capacity.
After all, SMIC's 12-inch factory is still under construction and its production capacity is limited.
Secondly, SMIC is in chaos right now, its financial report is ugly, and its stock price will plummet.
Wang Yi remembers that in June next year, SMIC’s share price will fall to about HK$5.
The market value has also plummeted from the current HK$11.2 billion to HK$7.5-8 billion.
At that time, it is a good opportunity to buy SMIC at the bottom!
In order not to affect the bargain-hunting of SMIC, Wang Yi decided that the early orders for Xingyi smart home chips should be given to TSMC or Samsung.
Wait until you buy SMIC at the bottom and become a major shareholder of SMIC, then give it to SMIC!
At present, 95% of SMIC's revenue comes from 90nm and above business, with very little 65nm.
Wang Yi has now given it to SMIC, which has insufficient 65nm production capacity and cannot handle it.
In June next year, Wang Yi becomes a major shareholder by buying SMIC at the bottom, and SMIC's 65nm production capacity will be greatly increased, so that they can give them a big order.
Of course, the most reliable option is to build a self-built chip factory, but this has to be done slowly, and 20 billion will not be available in a short time.
Wang Yi has made a calculation in his mind. Next year's smart home chips will be found by OEMs first to achieve profitability and support the research and development of high-end chips.
Buy SMIC at the bottom in the middle of the year. If the follow-up goes smoothly, then keep holding it, gradually control SMIC, and then introduce Mr. Liang!
If things don't go well, wait until you reduce your holdings at a high level, cash out and make some profits.
At the same time, start planning your own 12-inch wafer fab. This is fundamental!
But this has to be done step by step. You can first obtain land and build a factory!
Wafer fabs are supported by local policies, and the land is basically given away for free.
It doesn't cost much to build factory facilities in the early stage, but it will cost several billion.
The most expensive thing is to purchase advanced equipment and production lines later.
However, if construction starts this year, when the wafer fab is completed, it will be 2013. By then, Wang Yi will already be different from what he used to be. He can afford 20 billion to buy advanced equipment!
With Xingyi Technology and Meiyou, it is not a problem to earn 20 billion in more than a year.
At that time, Xingyi Semiconductor had its own 12-inch wafer fab.
Wang Yi suddenly became enlightened and found a development path prepared with both hands.
As for the professional talents needed by the wafer fab, they still have to be found.
It would be better to poach Mr. Liang, that would be much easier.
But I’m afraid that when we are just starting out, we don’t have enough production lines, so we won’t be able to hire a great master like Mr. Liang!
But the problem is not big. The technical requirements for the first 65nm production line are not high, and it can be solved by poaching other big names.
But the next 28nm, 20nm, 14nm... must be Liang Lao.
Wang Yi had some calculations in his mind, and this was completely feasible.
Then the next focus is to find Director Qin, acquire land, and build a factory!
The construction of a 12-inch wafer fab takes two years abroad and more than a year for domestic infrastructure enthusiasts.
Naturally, the sooner you act, the better.
Action is worse than excitement!
Wang Yi called Wu Shuang and went straight to the management committee again.
"Director, Director Wang is here again!"
Director Qin, who was playing with Xingyi's mobile phone, was stunned: "Which Director Wang? Xingyi Technology?"
"right!"
"Didn't he just leave? Why is he here again? Is this kid regretting it?"
Director Qin frowned slightly, then smiled and said: "Invite him in."
"yes!"
Wang Yi walked in, looked at Director Qin who was playing on his mobile phone, and said with a smile: "Director, are you playing?"
"Don't talk nonsense, I am doing research, studying your mobile phones." Director Qin said seriously.
"Yes, yes, you are doing research!" Wang Yi said with a smile.
I have been studying "Defending Grapefruit" for so long, but the plagiarism beast has not been defeated yet, really...
"Does Mr. Wang regret it when he leaves and comes back?" Director Qin joked: "But we signed the contract in black and white, so it's useless for you to regret it. The revenue of 15 billion cannot be changed or refunded!"
Wang Yi waved his hand: "No, I'm not regretting it. I'm here to ask for a new bet. Increase the stakes!"
"More money? New bet?"
Is this guy addicted?
Director Qin was a little surprised, and then smiled even brighter.
The management committee is not afraid of Wang Yi's ambition, but is afraid that Wang Yi will be left alone!
"Come on, tell me, what's the bet?"
"That's right, Director Qin, we are all ready to develop chips. Naturally, we also want to go one step further and directly invest in building a new wafer factory. This way, independent research and development, independent production, and independent sales will form a perfect closed loop!"
"Building a wafer fab?" Director Qin's mouth twitched: "Is your ambition too big?"
"I'm still young and don't want to lie down. More importantly, TSMC, Samsung, and Intel are all in trial production of their 28nm processes. However, our mainland fabs, the most advanced SMIC, are still stuck at 65nm. They are too far behind.
many."
Wang Yi sighed: "Therefore, we at Xingyi Semiconductor have developed 28nm chips, but we cannot mass-produce them. We can only find TSMC and the like, which will easily leak our business secrets and even get stuck. You know this, director."
Director Qin became serious and nodded: "What you said makes sense. The wafer fabs in the mainland are indeed too backward. The top semiconductor giants have all achieved 28nm, and we are three or four generations behind. If you are determined to build a wafer fab, I support it with both hands.
.But I don’t know what your specific plan was?”
Wang Yi explained: "I plan to get the land first, start construction, and build the factory. Once it is built, it will be next year or two. At the same time, I will recruit people, develop the process, and order the equipment. When the factory is completed, the equipment will go directly to the factory and be tested first.
Produce 65nm chips and then gradually upgrade to 28nm process."
"This idea is okay. 65nm is more stable and has first-class technology. If we break through to 28nm, it will be even better." Director Qin agreed very much.
Wang Yi continued: "As for poaching people, I still have to poach people from Texas Instruments and Taiwan. I have channels."
"..."
"Ahem." Director Qin coughed lightly. Don't say this so straightforwardly:
"As for the wafer fab, how big do you plan to build it? For 65nm, 12 inches, right?"
"Yes, 12 inches."
"The total investment of the 12-inch wafer fab is at least 20 billion. Have you thought clearly?" Director Qin said meaningfully.
Wang Yi took a deep breath: "Think clearly, it will take more than a year to build the wafer fab. In this more than a year, I am willing to invest all the funds earned by Meiyou Technology and Xingyi Technology into this wafer fab. If it is still possible,
If it’s not enough, I’ll take out a loan!”
Looking at Wang Yi's serious expression, Director Qin nodded with satisfaction:
"Okay, you are really serious. On behalf of the management committee, I would like to express my attitude and fully support you. As for how to support, you have to study it and then decide!"
"Okay, director, I'll wait for your good news." Wang Yi smiled slightly.
Director Qin suddenly changed the subject: "In other words, do you have any suggestions? You can tell us anything and we will consider it carefully."
"Can this be said?"
This kind of decision is usually made by the official, and Wang Yi will not mess around.
Director Qin waved his hand: "But it doesn't matter."
"Okay, then I'll just say it and you can listen to it!"
"Okay, just say whatever you want." Director Qin smiled.
Wang Yi thought for a while: "Actually, we can refer to the model of a mobile phone factory. Imperial City provided me with a piece of land and built a 12-inch wafer fab for me, which cost about 3 billion. Within two years after I received the wafer fab,
It is necessary to invest 17 billion to introduce equipment and production lines to achieve mass production of 65nm."
"If you can do this, the land and the wafer factory investment of 3 billion will be given to you for free. If you can't do this, the land + wafer factory will cost 5 billion, and you will pay for it all!" Director Qin said.
"Yes, that's it."
Director Qin thought about it for a while. In this gambling agreement, Imperial Capital invested 3 billion + land, with a total investment of 5 billion.
Wang Yi's investment is huge. Even if he invests only half of the production line, it will cost tens of billions.
Wang Yizhen has achieved mass production of 65nm, which is naturally good and everyone is happy. Xia Guo has another high-end semiconductor giant with a bright future.
After all, SMIC’s current most advanced process is only 65nm.
It's worth giving away five billion yuan by the imperial capital. This kind of semiconductor industry is a strategic industry, and the government will vigorously support it.
What's more, the 12-inch factory's annual revenue is several billions, and just paying taxes will pay it back in a few years.
If Wang Yi fails and pays 5 billion to buy the land and the factory, the Imperial City will have no losses and will still have an extra 12-inch factory.
No matter what, it is a sure profit without loss.
Thinking of this, Director Qin said: "This proposal is feasible in principle. I will report the details. You wait for the news!"
"Okay!" Wang Yi was in a good mood and left the management committee happily.
In its previous life, Huawei was forced to build its own factories and produce its own chips.
This time, Wang Yi had to do the same.
Mainly because I can't count on others.
Let’s not talk about Samsung, it’s unreliable.
Intel, Imperial.
Even TSMC is the empire’s technology and is controlled by the empire.
SMIC is not ready right now, and its 28nm will have to wait until four years later.
It is better to rely on yourself and work hard!
When Director Qin gets good news, Wang Yi can ask Williams to contact the semiconductor elites at Texas Instruments to recruit people.
Texas Instruments also has its own wafer fab and chip production, and there is no shortage of talent.
And Pang Liguo, we can also poach people from Taiwan.
However, the delivery of the 12-inch wafer fab and mass production will not be until 2013 at the earliest. We can also start recruiting people slowly.
After leaving the management committee, Wu Shuang asked: "Boss, do you want to go back to the company?"
Wang Yi waved his hand: "No, go to the mobile phone factory."
"Okay." Wu Shuang drove the car and went straight to the mobile phone factory.
Wang Yi called Jian Ziyan again: "Ziyan, the mobile phone factory has been delivered. You ask Zhu Changlin to come over, and arrange a team of administrative, financial and legal affairs to come over and fully take over the factory! I will send you the address."
"Okay, boss!"
Now that the mobile phone factory has been delivered, it is natural to take over it all, arrange for your own people to go in, and completely control the mobile phone factory.
Twenty minutes later, Wang Yi rushed to the mobile phone factory, but was stopped by the guard:
"Hello, sir, what may I do for you?"
"Take over the factory." Wang Yi said calmly.
"You...you...you are Director Wang!" The guard said in awe: "Sorry, Director Wang, please come in. The deputy director will be here right now!"
"good!"
Soon, a man walked in, followed by a woman:
"Hello, boss, I am Li Wanwei, the deputy director of Tianhong Mobile Phone Factory! She is Cai Yanshan, the deputy director of finance."
"Deputy director? Deputy director? What about the director?"
"The official has been transferred. I'll wait for your arrangements later." Li Wanwei said with a smile.
Wang Yi understood, this was all arranged by Director Qin. He was afraid that there would be problems with the handover, so he directly killed the boss!
I have to say that Director Qin is very good at what he does.
"Okay." Wang Yi nodded. At this time, Zhu Changlin and the others also arrived.
Later, Wang Yi visited the factory with Li Wanwei.
The factory is very large, and its production capacity is terrifying. Everything has been replaced with a smartphone production line.
However, what is currently being produced is a customized smartphone for Mobile, which can be regarded as a running-in production line.
For every unit produced, Wang Yi will be given an OEM fee.
Li Wanwei introduced them one by one: "Boss, when you need to produce Xingyi mobile phones, please notify me at any time and I will immediately stop the mass production of mobile phones."
Wang Yi nodded: "Okay."
Then, a group of people came to the warehouse: "Boss, this is the warehouse. A small part is used to store mobile phone components and new phones. The rest are empty, you can arrange it as you like. After the production of Xingyi mobile phones starts, Mobile Phone
All components and new machines will be delivered to China Mobile and the warehouse will be vacated."
"good."
Wang Yi was still very satisfied with Li Wanwei's attitude and caution.
Until the end of the visit, Wang Yi summoned all senior executives and held a meeting:
"I am very satisfied with everyone's work and hope to continue to work hard. I will announce a few things below."
"First, Tianhong Factory was changed to Xingyi Mobile Phone Factory."
"Second, Zhu Changlin serves as the factory director and Li Wanwei serves as the deputy factory director."
"Third, Hu Yanjing serves as the financial director and Cai Yanshan serves as the deputy director."
…
Wang Yi announced one by one that he would retain the original management positions of the mobile phone factory and put the team of Xingyi Technology into their regular positions.
"Okay, now you will carry out the handover work and work together in the future. In early November, components for Xingyi mobile phones will arrive continuously, and the two factory directors will make arrangements for warehousing."
"yes!"
Wang Yi continued: "The production of mobile phones can continue and does not need to be stopped for the time being. A production line will be opened in two days for the trial production of Xingyi mobile phone engineering machines."
"good."
"Also, evaluate the number of workers. If the production capacity is at full capacity and there are not enough people, we can apply for personnel and recruit on a large scale. The engineering machine will be tested again and there will be no problem. It is expected to start mass production of Xingyi mobile phones in mid-November."
After explaining these, leaving the Xingyi Technology people to hand over to the factory, Wang Yi got in the car: "Wu Shuang, go to the high-speed rail station and return to Jeju."
Construction of the Meiyou Science and Technology Park will start tomorrow, and Wang Yi has to go back to attend the groundbreaking ceremony!
On the way, Wang Yi closed his eyes and rested his mind, and suddenly thought of Bitcoin.
Now in the little rich woman's Internet cafe, all the idle machines are mining Bitcoin, and a lot has been mined.
Bitcoin is getting cheaper and cheaper now, having dropped from $6 a piece in September to about $3.
Today's price is an unprecedented $5.
Compared with US$30 per coin in June, more than 90% has evaporated.
However, this is not the bottom line yet.
Wang Yi knows that it will continue to fall, and the bottom will not be until it falls to about two US dollars next month.
You can collect some at that time.
Or just build a mining factory and mine Bitcoin.
Bitcoin is still very easy to mine now, especially with the collapse of Bitcoin in recent months. Many people think Bitcoin is a scam and give up completely, making Bitcoin increasingly easier to mine.
A machine can mine thirty or forty coins a day, or 1,000 coins a month.
100 machines means 100,000 pieces.
Instead of spending money to buy it, it’s better to just build a mine and mine it!
After all, Bitcoin is a long-term investment. As long as it is easy to mine, you can keep mining it.
Of course, this kind of mining plant is not very good in China, and it is safer to place it abroad.
Including Lin Shu's Internet cafe, Wang Yi would ask her to stop completely before the official policy was issued to ban mining.
But overseas, it's not a big problem.
For example, Neon Country is one of the countries with the largest Bitcoin trading volume in the world!
In Neon Country, mining is legal, and Bitcoin can be directly used for shopping, consumption, and transactions...
In this case, it is better to establish a mine in Neon Country.
When Bitcoin becomes expensive, you can directly exchange it for U.S. dollars and other currencies in Neon Country, or use it for Xingyi mobile phones to purchase Sony lenses and Sharp screens...
That won't be a problem at all.
However, when Wang Yi saw that the electricity price in Neon Country was several times higher than that in China, he still gave up.
On the contrary, it's the Empire's side, which is very suitable.
Thinking of this, Wang Yi called Chen Chuanqing, who was currently exploring the empire's market:
"Old Chen, the empire's agent, how are the negotiations going?"
"Boss, it's going very well. We have already won the agents in five continents, and the others are also progressing in an orderly manner! Meiyou's pure lust style and Zhenyou's silk skirt are very popular in the empire, and they like them very much!"
"That's good." Wang Yi changed the topic: "Old Chen, you can buy one for me in the empire..."
Wang Yi explained one by one and assigned the matter of establishing the mine to Chen Chuanqing.
"I'll send you the specific information via email. You can get me one, no, three mines, distributed on three continents!"
As for Cunning Rabbit Three Cave, we should just build three mines in the empire. Even if one goes wrong, there will still be two others.
Of course, Wang Yi will transfer the mined Bitcoins to his account immediately.
"Okay, boss, I understand."
Chen Chuanqing responded that although he didn't know why Wang Yi did this, he wouldn't ask any more questions.
In the afternoon of that day, I started to look for a site, then bought the site and built a mining plant...
Wang Yi had a plan in his mind. The empire would build three mines first, and then they could also arrange a mine for Lanfen, Binghuo Island, Norway, etc.!
The electricity prices in these countries are not expensive, and the temperatures are low, making them suitable for heat dissipation.
If you acquire too many Bitcoins at one time, problems can easily arise.
But if you build a mine and dig slowly, it won't be a big problem.
In previous lives, many people and companies were setting up mines and mining.
Wang Yi took advantage of the easy mining of Bitcoin in the past few years and mined a lot.
When Bitcoin becomes difficult to mine in a few years, he will stop. He has mined enough in the past few years.
At seven o'clock in the evening, Wang Yi came to Meiyou Building.
Leaving Wu Shuang in the suite where he lived before, Wang Yi drove straight to Song Sining's home.
Forgot to bring the key, Wang Yi knocked on the door.
"Who is it?" Song Sining's voice came from inside.
"I."
A familiar voice sounded, and Song Sining's heartbeat accelerated a little.
Then he opened the door, blushing, and pulled Wang Yi in.
Wang Yi smiled and hugged Song Sining's waist, looking at each other with deep affection.
Immediately, the two of them kissed, lingering, and slowly fell on the sofa.
A little farewell is better than a newlywed.
They didn't separate until they were almost suffocated.
Looking at Song Sining, Wang Yi smiled slightly: "Did you miss me?"
"I don't want to!" Song Sining said arrogantly, "I know how to bully others!"
As if remembering something bad, Song Sining's fair cheeks turned red again.
Wang Yi was dumbfounded: "How did you bully me?"
"Hmph! You have the nerve to say that! I'll bite you!"
Song Sining was so angry that she opened her mouth, but before she could react, Wang Yi kissed her again.
It wasn't until the burnt smell came that Song Sining pushed Wang Yi away, her face changed drastically: "It's over, the dishes are all burnt!"
With that said, Song Sining opened her long legs and rushed over.
"Hahaha." Wang Yi laughed dumbly, tonight was destined to be a sleepless night.
But don't be in a hurry. Eat first. Only when you are full can you fight well.
Knowing that Wang Yi was coming, Song Sining prepared a lot of dishes.
Looking at Song Sining's back cooking, Wang Yi felt warm in his heart, maybe this is the fireworks in the world, the most passionate thing.
Wang Yi smiled slightly, opened Weibo, and saw a hot search:
[Jeju Evening News: The secret of success of Meiyu Technology—diversified development strategy.]
I did the interview this morning, and it became a hot search topic in the afternoon. I can only say that the evening paper was also efficient.
After all, Jeju Evening News also has an official website and an official WeChat account!
Wang Yi clicked on this news, which was Xiao Anqing's interview video with Song Sining.
Xiao Anqing asked: "President Song, what is the secret of Meiyou's rapid growth and such success?"
Song Sining did not hesitate: "Diversified development strategy. For example, other companies have single-core processors and only develop in one field, making slow progress. Meiyou has multi-core processors, pure lust style skirts, autumn clothes, Meiyou
Makeup, film and television, games, mobile phones, novels, e-commerce, and even down jackets, etc., we are all doing and developing. Each industry complements each other, and naturally the efficiency is greatly improved..."
Wang Yi couldn't help but laugh. According to what he told him, Song Sining performed exceptionally well. He didn't know how many companies could be deceived this time.
Those who are like me are vulgar, those who imitate me will die!
Wang Yi can develop diversified, fast and stable.
But if it were another company, it would be hard to say, and it might go bankrupt soon...
This hot search caused a sensation on the entire Internet, and many people saw it.
Especially domestic entrepreneurs.
Not only did Bosideng’s senior management analyze it sentence by sentence, but even Rebus looked complicated!
()
Chapter completed!