Only by heavily grabbing market share from the iPhone 4s can the xphone 1 continue its strong performance next month!
And this is not easy; it requires completely overpowering the iPhone 4s.
The xphone 1 must have everything the iPhone 4s has, and be even better.
What the iPhone 4s doesn't have, the xphone 1 also has!
This is where AI voice assistants need to be leveraged!
If the xphone 1 also featured an AI voice assistant similar to Siri, then there would truly be hope of defeating the iPhone 4s in the domestic market.
But developing it independently wouldn't be so easy.
However, "the stones of other hills may be used to polish the jade of this one."
Wang Yi remembered that AI voice chat assistants were not pioneered by Siri, nor by Apple, but by a domestic company – Xiaoi Robot!
In 2001, Yuan Hui, working at Microsoft, witnessed Microsoft's power and thought, "If an empire has such a great company, so should our Xia nation!"
So, Yuan Hui resigned from Microsoft and embarked on an entrepreneurial path, creating the predecessor of Xiaoi Robot – Wins Software.
Like most entrepreneurs, Wins Software's beginning was difficult, tight, and challenging.
Yuan Hui and his 8 employees crammed into an office space of just over 20 square meters, and business was not going smoothly.
Until 2003, on an ordinary summer night.
Yuan Hui, physically and mentally exhausted after working overtime, opened MSN, intending to find someone to chat with.
But he found no one available; his friends were either offline or busy.
A terrifying sense of loneliness swept over him, and Yuan Hui couldn't help but think: "If only I had an AI robot to chat with me, that would be great!"
Thus, Xiaoi Robot was born, developed rapidly, and gained over 400,000 users in three months.
By 2004, Xiaoi Robot had already launched on MSN and QQ.
That's right, the robots that chatted with users on MSN and QQ initially were all Xiaoi Robots!
It even caught the attention of IDG, which directly invested 500,000 USD.
In 2005, Xiaoi Robot partnered with companies like Sina to launch the world's first SMS and WAP version of intelligent chat robots.
In 2006, it partnered with domestic authorities to launch a Chinese intelligent customer service robot for the government sector.
And it became a strategic partner for giants like Microsoft and Yahoo.
In 2007, IDG again invested 700,000 USD in Xiaoi Robot and brought in several other investment institutions.
Siri's parent company was only established in 2007.
By 2010, Siri's parent company was acquired by Apple for 200 million USD, and in 2011, it launched on the iPhone 4s.
One could say Siri is Xiaoi Robot's younger sibling.
When Siri's company was just founded, Xiaoi Robot was already very mature and had extensive business operations.
Furthermore, Siri's implementation mechanism and model were identical to Xiaoi Robot's, which could be considered a complete infringement.
So, in 2012, Xiaoi Robot sued Apple!
In his previous life, this lawsuit dragged on for more than a decade, going through multiple reversals.
[First round: Xiaoi Robot sued Apple for infringement, violating its invention patent rights.]
Apple immediately counter-applied to invalidate Xiaoi Robot's patent, and the first round of the lawsuit was suspended.
[Second round: Is Xiaoi Robot's patent valid?]
First game: In September 2013, the Patent Reexamination Board ruled to uphold the validity of Xiaoi Robot's patent. Xiaoi Robot won.
Second game: Apple was dissatisfied and filed a lawsuit. The first instance ruled the patent valid, and Xiaoi Robot won.
Third game: Apple remained dissatisfied and continued to appeal. The second instance ruled the patent invalid, and Apple won.
Fourth game: Xiaoi Robot was dissatisfied, continued to appeal, and the high court took up the case.
The high court overturned the second instance result, upheld the original judgment of the first instance, ruling the patent valid, and Xiaoi Robot won the lawsuit.
By this point, eight years had passed.
The second round of litigation finally concluded, affirming Xiaoi Robot's patent validity!
Third round of litigation: In August 2020, Xiaoi Robot sued Apple, demanding 10 billion yuan in compensation and a ban on iPhone sales.
That's right, it went back to the first round!
Fourth round: In 2022, Apple sued, claiming non-infringement of patent rights...
The third and fourth rounds of litigation had no final outcome until Wang Yi's rebirth.
Who knows how many more years it would drag on?
After all, even if one loses in the first instance, one can appeal to the second, third instance...
Although Xiaoi Robot's patent was valid, it was still very difficult to make Apple completely lose the case and pay compensation.
Apple could simply sue again, reexamine, and constantly drag things out after losing a case.
And Xiaoi Robot's patent protection period was also nearing its end.
As long as it dragged on until Xiaoi Robot's patent expired, then the matter would be irrelevant.
Until Wang Yi's rebirth, this case had no result.
In his previous life, Xiaoi Robot's subsequent development was not satisfactory due to various factors.
And in 2011, Xiaoi Robot faced a fatal crisis!
Xiaoi Robot primarily targeted the C-side (consumer), requiring large capital injections annually, but struggled to find a monetization model.
Apple, with its vast enterprise, could invest hundreds of millions, even over a billion RMB annually to research and improve Siri.
Even if it didn't make money and incurred losses every year, it was acceptable.
After all, with Siri, the iPhone was unique and could sell many more units.
Siri lost money, but iPhone made money, so it was still a profitable venture.
But Xiaoi Robot didn't have that capability!
Continuing to pour money into the C-side only resulted in burning cash with no returns.
If this continued, Xiaoi Robot would only go bankrupt; it simply couldn't sustain itself.
Coupled with the 2008 economic crisis, which heavily impacted the internet industry, Xiaoi Robot found itself in an even more difficult position in recent years.
By 2011, Xiaoi Robot's situation became even more awkward: it had over 100 million users, yet still couldn't find a monetization model!
It could only keep burning money!
Precisely because there was no clear profit point, capital institutions like IDG not only refused to continue investing but also withdrew their investments one after another.
This dealt a fatal blow to Xiaoi Robot, making it unable to even pay salaries.
To survive, the two founders had to borrow money everywhere to maintain company operations.
But what to do when all the borrowed money was spent?
Out of desperation, they borrowed high-interest loans, with an interest rate of 24%!
Abandoned by capital, with no path to monetization, and heavily in debt, they could only rely on borrowing to stay afloat, maintain operations, and pay employees.
It could be said that this was Xiaoi Robot's most difficult phase, and also its lowest valuation phase!
Wang Yi checked the information.
Indeed, in July 2011, Zhu Jiani spent 3.5 million to purchase a total of 35% of the shares from the two founders.
The valuation was only 10 million yuan!
The equity structure became: Yuan Hui held 44.5%, Zhu Jiani held 35%, and Li Wei held 20.5%!
That's right, Xiaoi Robot, bearish by capital and on the verge of bankruptcy, had a valuation of only 10 million RMB.
Wang Yi remembered that in his previous life, at the end of December, another company bought 20% of Xiaoi Robot's shares for 8 million, valuing it at 40 million!
One could say that Xiaoi Robot's current valuation was at most 40 million!
It was precisely with this borrowed money and these two sums that Xiaoi Robot maintained operations and, in 2012, abandoned the C-side to pivot to the B-side!
By providing intelligent customer service to large clients like China Unicom, China Mobile, China Telecom, and banks, Xiaoi Robot found a way to monetize and barely survived.
By 2013, Xiaoi Robot was once again favored by capital, receiving 20 million in investment from Alibaba, with a valuation of 200 million!
With Alibaba's endorsement, other investment institutions also provided some support, giving Xiaoi Robot a chance to breathe.
However, this amount of money was a drop in the bucket, far from covering research and development investments.
After all, for such AI chat software, speech recognition is just the basic, but algorithms are the core!
And algorithms mean burning money, endlessly burning money.
AI chat software with an annual R&D investment of 50 million is absolutely not on the same level as AI chat software with an annual R&D investment of 500 million.
Therefore, Xiaoi Robot's subsequent development was not good, incurring losses every year.
In 2016, the metaverse boomed, and Xiaoi Robot again focused on AI + metaverse, but the metaverse turned out to be another failed market...
Coupled with subsequent issues like core founders parting ways and shareholders falling out, the future of Xiaoi AI did not hold much promise.
From C-side to B-side, to AI metaverse...
One can only say that ideals are abundant, but reality is stark.
But this time, Wang Yi planned to seize the opportunity to buy at the bottom!
During Xiaoi Robot's most difficult period, its lowest valuation period, before pivoting to the B-side for profitability, and before Alibaba invested, he would aggressively buy at the bottom and directly acquire it!
In this way, the xphone 1's AI intelligent voice assistant would also be settled.
The iPhone 4s was inferior to the xphone 1 in terms of hardware, configuration, appearance, selfie capabilities, and audio-visual experience.
Even in terms of system ecosystem, it didn't have an absolute advantage.
Although the iOS system was good, Android 4.0 wasn't too far behind.
Coupled with the xphone 1's integration of Xingyi Video and Xingyi Music, along with its high-resolution large screen and HIFI sound quality, it actually had a slight edge in ecological experience.
The iPhone 4s's only advantage at the moment was Siri!
If Wang Yi acquired Xiaoi Robot, he could integrate it into the xphone 1 in a short time and quickly launch it.
By then, the iPhone 4s's advantage would be completely gone!
There would be no problem for the xphone 1 and the upcoming xphone 1pro to sell like hotcakes.
Xiaoi Robot must be acquired!
After all, Xiaoi Robot, currently abandoned by capital, heavily indebted, and on the verge of bankruptcy, was in the best timing for an acquisition.
Moreover, Xiaoi Robot's current valuation was at most around 40 million.
If Wang Yi could buy the entire company, it would be like getting hundreds of millions for free!
But he worried that Yuan Hui might have dreams and not want to sell!
However, no matter what, he had to try.
Xiaoi Robot could not be given up.
And this matter required quick action.
If Xiaoi Robot managed to borrow money, find a profitable direction, pivot to the B-side, and achieve monetization, it would be even less likely to accept Wang Yi's acquisition!
Timing was crucial; success or failure depended on the present.
Wang Yi decisively asked Jian Ziyan to contact a major shareholder and arrange a meeting time.
Without any hesitation, Wang Yi took his people and headed straight to the Magic City!
Although Xiaoi Robot was a small company, the AI voice assistant matter was a strategic layout, affecting whether they could defeat the iPhone 4s, so he had to negotiate in person!
Wang Yi wouldn't trust anyone else with it.
Later that afternoon, Wang Yi met with a major shareholder of Xiaoi Robot.
But it wasn't General Yuan, nor the other founder Li Wei, but the second-largest shareholder, Zhu Jiani!
Five months ago, she took advantage of the situation, acquiring 35% of the shares for 3.5 million when Xiaoi Robot was at its worst, with a valuation of only 10 million!
Wang Yi's goal was to first acquire the 35% shares held by Zhu Jiani!
"Mr. Wang, it's an honor to meet you. I'm a fan of Xingyi Technology!"
Zhu Jiani shook the xphone 1 in her hand, her beautiful eyes sparkling:
"The xphone 1 is so hard to get. Luckily, I'm an old fan of Meiyou, so I prepared as soon as it was released and ordered an xphone 1 immediately. Otherwise, I wouldn't have been able to buy it. My second xphone 1 won't be shipped until the end of the month!"
Wang Yi smiled and said,
"Don't worry, it won't be that long. The BYD OEM factory has already started production, and it's estimated to ship around the 20th."
"Really? That's great! The xphone 1 is truly perfect; even I, an Apple fan, have defected."
Zhu Jiani was beaming and excited, speaking for a long time before regaining her composure:
"By the way, Mr. Wang, what can I do for you?"
"It's like this, I heard you purchased 35% of Xiaoi Robot's shares in July."
Zhu Jiani nodded, her expression somewhat complex:
"They were in such a dire state back then. All investment institutions withdrew their capital, and they were on the verge of bankruptcy. So I spent 3.5 million and bought 35% of the shares from the two founders. I don't even know if I can get my money back."
With capital being bearish, Zhu Jiani also felt she had acted rashly.
'What good luck!'
Wang Yi sighed:
"I wonder if Miss Zhu would be willing to transfer her shares to me? I'll buy them at three times the price!"
Zhu Jiani was startled:
"Three times the price! I earned 7 million in five months? Mr. Wang, are you serious?"
"Yes, serious."
"35% of the shares, 10.5 million, that means Xiaoi Robot's valuation would be 30 million!"
Zhu Jiani was overjoyed:
"Mr. Wang, I'm willing!"
Three times the premium in five months, she naturally wouldn't hesitate.
After all, AI voice chat software is very cash-intensive, and Xiaoi Robot's future was uncertain.
With more and more similar software appearing, all richer than Xiaoi Robot, she didn't believe Xiaoi Robot had a future.
It was better to cash out promptly and secure the profits.
As for asking for a higher price?
That was unrealistic.
What if Wang Yi invested in other similar software?
Then Xiaoi Robot would be finished, wouldn't it?
Besides, a three-fold premium in five months was already very good.
The two parties quickly signed the contract and completed the transfer.
Wang Yi successfully acquired 35% of Xiaoi Robot's shares, becoming the second-largest shareholder.
"Thank you,"
Wang Yi smiled and extended his hand, preparing to leave.
Zhu Jiani held Wang Yi's hand and smiled sweetly:
"It's my honor to support my idol's career. But may I make an unreasonable request?"
"What?"
"Add me as a contact. Don't worry, I'll just quietly stay in your contacts list and never disturb your work."
Zhu Jiani said with a smile, thinking to herself:
'Hmph, as long as I have his contact information, there will always be opportunities in the future. I won't let such an idol slip away!'
Wang Yi understood her intentions but still took out WeChat.
Anyway, he wouldn't use WeChat after X Chat was launched next month, so it was harmless...
"Thank you!"
Zhu Jiani was thrilled:
"Mr. Wang, are you free tonight? Let's have dinner together; let me be a good host!"
"Sorry, I have other plans tonight. Let's reschedule."
"Alright then, I'll contact you later."
Zhu Jiani was a little disappointed but helpless.
"Goodbye."
Wang Yi waved and turned to leave.
There was a second round tonight!
With 35% of the shares in hand, Wang Yi breathed a sigh of relief.
Indeed, Zhu Jiani, the speculator, was the easiest to win over.
But this wasn't enough; the remaining two shareholders, both founders, would be more difficult.
Especially Yuan Hui, who was likely a tough nut to crack and probably unwilling to allow Wang Yi to acquire the company outright.
If Yuan Hui was willing to transfer his shares, that would naturally be best, even if the price was a bit higher.
Wang Yi would also let Yuan Hui continue as a senior executive, earning a million-dollar annual salary, or even receive dry shares and dividends!
If Yuan Hui was unwilling, Wang Yi would have to resort to other means.
For example, acquiring Li Wei's shares; as long as he held over 50% of the shares, he could gain control!
Once Xiaoi Robot was controlled, it would be easier to operate.
Increase investment, gradually dilute Yuan Hui's shares...
For this, Wang Yi still decided to meet Li Wei first!
And he had to act fast.
Once Li Wei and Yuan Hui united to resist Wang Yi's control, it would be difficult.
With their combined 65% stake, Wang Yi's 35% wouldn't be enough.
Finding Li Wei's contact information, Wang Yi immediately dialed:
"Mr. Li, this is Wang Yi from Xingyi Technology. I have something I'd like to discuss with you. Are you free tonight?"
"Xingyi Technology... Mr. Wang!"
Li Wei was startled at first, then replied:
"Yes, I'm free, absolutely free."
"Good, then I'll see you shortly."
"Okay, see you shortly."
Receiving the location Wang Yi sent, Li Wei glanced at Yuan Hui in the adjacent office, his mind racing:
"Why is Mr. Wang from Xingyi Technology looking for me, and only me, not Mr. Yuan?"
"If it were a business cooperation, it would undoubtedly be better to go directly to General Yuan."
"But it's not, so it's not simply a business cooperation, but rather... an acquisition!"
"Right, the iPhone 4s has Siri, and xphone 1, as its biggest competitor, also needs a similar AI voice assistant. Our Xiaoi Robot is Mr. Wang's best choice!"
"Moreover, with so much investment in the AI field, Mr. Wang has to invest hundreds of millions annually, so he definitely wants to control Xiaoi Robot!"
"So he's looking for me to acquire my shares... Perhaps even Zhu Jiani's 35% shares have already been bought by him! If he gets mine too, then he'll have control!"
Li Wei was a shrewd man and immediately understood the key points.
"Mr. Wang is looking for me to buy my shares, so should I sell or not?"
Li Wei thought as he walked out of his office.
He coincidentally ran into Yuan Hui:
"Are you going out?"
Li Wei's expression was a little unnatural, then he smiled and said,
"Yes, going to meet a client to discuss something."
"Hard work."
"Haha, it's what I should do."
Li Wei smiled and left the company.
On the way, he was still carefully analyzing and weighing the pros and cons:
"If I refuse to sell my shares to Mr. Wang, I'll only be the third smallest shareholder, and I'll also offend Mr. Wang."
"Once Yuan Hui sells some more shares to Mr. Wang, Mr. Wang can still gain control. Yuan Hui would become Mr. Wang's right-hand man, latching onto Mr. Wang's leg, with a limitless future."
"After Mr. Wang gains control, he'll settle accounts in the autumn, and I'll definitely be the first one swept out! This won't do!"
"If I sell all my shares to Mr. Wang, I can get a premium, not to mention making some money. I'd also be pledging my allegiance to Mr. Wang! If I then help Mr. Wang secure Xiaoi Robot and stabilize morale, I'll have even greater merit!"
"In the future, I, Li Wei, will be Mr. Wang's right-hand man!"
"As for Yuan Hui, he might well be swept out!"
"With Mr. Wang's funding, Xiaoi Robot won't have to worry about bankruptcy and can develop better. Even if I no longer have shares, I might still get dividends and a high salary!"
"After all, Mr. Wang has always been generous to his own people."
"Hmm, I must sell!"
In an instant, Li Wei figured everything out.
Sell, and the future is bright.
Don't sell, and the future is bleak!
Half an hour later, Li Wei arrived at the private room, where Wang Yi was already seated.
"Mr. Wang, hello, I'm late,"
Li Wei quickly said with a smile.
Wang Yi waved his hand:
"Not late, come, sit! You must be hungry, have something to eat first."
"Thank you."
The two ate and chatted.
Then Wang Yi said:
"Mr. Li, Xiaoi Robot's situation isn't great right now. Do you have any plans to sell your shares?"
Li Wei's eyes lit up; the main topic had arrived:
"Yes, Mr. Wang! If it were anyone else, I definitely wouldn't sell. But for you, I'll give them all to you!"
'So straightforward?'
Wang Yi laughed dumbfounded, raising his wine glass:
"Mr. Li, you've got broad horizons!"
"Thank you, Mr. Wang!"
Li Wei beamed with joy, quickly raised his glass, and drank it all.
The merit of following the dragon was secured!
"As for the price, I won't shortchange you. I know that five months ago, you sold 35% of the shares to Zhu Jiani based on a 10 million valuation. Now, I'll acquire all your shares at a premium, based on a 30 million valuation!"
Wang Yi smiled and said:
"And as the technical director and president, you'll continue to stay at Xiaoi Robot, with an annual salary + performance bonus starting at one million! I will provide you with sufficient financial support for R&D."
"If R&D achievements are significant, and Xiaoi Robot cannot make a profit or pay dividends in the short term, I will give you several million, or even tens of millions, in technical breakthrough awards!"
"At Xingyi Technology, bonuses are uncapped; how much you can earn depends entirely on your abilities and performance!"
Li Wei was completely thrilled!
A valuation of 30 million might not seem low, but it would definitely be higher in the future.
Li Wei wasn't tempted by that alone.
But the subsequent conditions Wang Yi offered—continuing as technical director + president, an annual salary of a million, tens of millions in bonuses...
These were truly too tempting!
"Mr. Wang, I can sign right now!"
Li Wei said decisively.
His path had truly broadened.
Li Wei held 20.5% of the shares, and at a 30 million valuation, that was 6.15 million!
Wang Yi acquired it with ease.
After the contract was signed, Wang Yi controlled 55.5% of Xiaoi Robot's shares, gaining complete control!
He no longer had to worry about Yuan Hui's attitude tomorrow.
It would be best if he understood the bigger picture, knew when to advance and retreat, and sold his shares for a sum of money.
Wang Yi would give him a high salary and continue to entrust him with important roles.
Otherwise, Wang Yi would have to handle it in an undignified manner.
And Li Wei, as the technical director, was indeed very skilled.
The invention patent used to sue Apple for infringement was developed by Li Wei.
"Mr. Li, let's drink!"
"Mr. Wang, cheers!"
The two exchanged toasts merrily.
During the meal, Wang Yi learned about Xiaoi Robot's current situation and Yuan Hui's circumstances through Li Wei.
Although Li Wei and Yuan Hui were both founders, they were not a united front.
In his previous life, they had a falling out in 2017, with Li Wei being ousted and Yuan Hui taking full control.
The two had even sued each other multiple times, leading to very undignified situations.
It was precisely because of their animosity that Wang Yi was able to divide and conquer them one by one.
The next day, Wang Yi met General Yuan.
At this time, General Yuan was neatly dressed, his hair seemingly just tidied, but it still couldn't hide his dispirited mental state.
Thinking about it, abandoned by capital, heavily indebted, on the verge of bankruptcy...
In such a situation, anyone would be dispirited and under immense pressure.
"Mr. Wang, I..."
Yuan Hui opened his mouth but didn't know how to begin.
He had been rejected too many times!
During this period, he had run around, searching every major investment institution.
Not just former investors like IDG, but also giants like BAT.
But without exception, none were interested.
From capital's perspective, a company without monetization capabilities had no investment value at all.
This was exactly the case for Xiaoi Robot currently.
Over 100 million users, unable to monetize, what good was it to have you?
Wang Yi smiled slightly:
"We all know Xiaoi Robot's current situation, so let's not dwell on it."
"Thank you,"
Yuan Hui was grateful, afraid that Wang Yi would describe it again, rubbing salt into his wounds.
He was under too much pressure, suffering from insomnia every night, and was on the verge of a breakdown.
If this continued, depression would only be a matter of time.
"But your mental state isn't good. Get some good rest when you can; it will all pass."
"Thank you,"
Yuan Hui was immensely grateful:
"Mr. Wang, other investors say Xiaoi Robot is a failed project that burns money without monetization, and no one is willing to continue investing. You are the only investor who cares about my well-being."
Wang Yi smiled slightly:
"Xiaoi Robot indeed has no monetization value at present and burns a lot of money, but whether it's a failed project depends entirely on whose hands it's in."
"How do you mean?"
Yuan Hui became interested.
Could it be that Xiaoi Robot still had hope?
Wang Yi explained:
"In your hands, Xiaoi Robot cannot monetize, constantly burns money, and you don't have enough money to burn. With more and more competing products, Xiaoi Robot is indeed a failed project."
Yuan Hui was silent: "..."
Those words were truly heartbreaking, but they were facts and could not be refuted.
Wang Yi changed the topic:
"But in my hands, it might not be. I have enough funds to burn for it. I can burn for five years, burn five billion, to see if Xiaoi Robot has a future, and if it can monetize!"
Yuan Hui was shocked: "!!!"
But he also understood that Wang Yi had the capital, just like Apple.
Siri wasn't profitable, but Apple could afford to burn money!
"So, General Yuan, are you willing to sell your shares in Xiaoi Robot to me?"
Wang Yi revealed his true intention.
Yuan Hui was startled:
"Mr. Wang, you're not here to invest, but to acquire it entirely?"
"Yes, a full acquisition. I will give you a satisfactory price,"
Wang Yi stated his thoughts.
"This..."
Yuan Hui frowned slightly, unwilling to give up Xiaoi Robot from the bottom of his heart:
"Mr. Wang, I apologize, I can accept your investment, but I cannot accept your full acquisition. Xiaoi Robot is my life's work; whether it succeeds or fails, I wish to witness its future!"
Wang Yi said nothing, merely picking up his teacup.
As expected, entrepreneurs are all fanatics and unwilling to sell!
This was becoming undignified.
Seeing Wang Yi's silence, Yuan Hui changed his tone:
"Mr. Wang, how about this, I'll contact the other two shareholders, and we'll divide a portion of shares to you, is that okay?"
According to Yuan Hui's idea, each person would give Wang Yi 5%, totaling 15%.
They would get Wang Yi's investment and resources, and Wang Yi would not be able to control Xiaoi Robot.
Once Xiaoi Robot overcame its current crisis and grew stronger with Wang Yi's funds and resources, they would then introduce other capital to balance Wang Yi!
This way, Yuan Hui could still sit firmly on the fishing platform and still maintain complete control over Xiaoi Robot!
A typical case of wanting benefits but not wanting to sell out!
Wang Yi smiled:
"Sorry, I forgot to tell you, Zhu Jiani's 35% shares are all in my hands now."
Yuan Hui's smile froze: "..."
"Then Li Wei's shares..."
Wang Yi calmly drank his tea:
"Li Wei's 20.5% shares were also sold to me."
(End of Chapter)