Chapter 386 Cosmeceutical Brand; Adjustment of Huinong.com
After looking at Ge Wenyao for a while, although he had a lot of gray hair, the sophistication of a Shanghai-style man was reflected in him just right.
The key is to have good energy and good spirits.
“What a coincidence, Ge Dong is also wearing a Seagull watch.”
Guo Yang glanced at the Seagull watch on the other person’s wrist, but he didn’t recognize which model it was.
In fact, the Seagull watch in his hand was only bought in the past few days, costing 300,000 yuan, and was specially prepared for this moment.
Ge Wenyao smiled even happier, "It's a coincidence. I didn't expect that Director Guo is also a customer of Seagull."
Speaking of Seagull watches, almost everyone over 40 years old knows it.
The first self-designed and manufactured watch in China originated from the Jinmen Seagull Watch Factory in 1955.
Ge Wenyao has always been in love with Haiou. In April this year, he even visited Haiou with a group of domestic and foreign funds.
If Jiahe has done some research, it should be clear to you.
Sure enough, as soon as he led everyone to visit Jahwa, Guo Yang took the initiative to mention Seagull.
“I heard that Mr. Ge intends to invest in Haiou?”
“Yes, it has always been my dream to let domestic brands break through in the field of high-end luxury goods.”
Ge Wenyao Reminder: “This may also be something that potential investors of Jahwa need to consider.”
"Is this considered missing the question in advance?"
"Then how is Mr. Guo going to answer the question?"
Facing Ge Wenyao's expectant eyes, Guo Yang raised his arm again, revealing his Seagull Watch, said: "This is the answer."
"Actually, before today, I have never come into contact with Seagull Watch, but from now on, I will be a loyal customer of the Seagull brand."
Ge Wenyao's footsteps leading the way paused momentarily, his eyes filled with disbelief.
Investors in the past would avoid it for fear of spending more money.
As for this person, he was full of sincerity as soon as he came up.
Ge Wenyao became more and more satisfied as he looked at it. In his eyes, the young man's somewhat dark complexion turned into a healthy color.
After thinking for a while, Ge Wenyao said deeply: "I have followed Seagull Watch for three years and analyzed and thought about it for a year. It is the most promising, most meaningful project with the highest possible return on investment.
< br>And it can be involved in the fashion industry together with high-end cosmetics, enter the top luxury goods industry, and build Jahwa into a fashion industry group.”
Thinking that this person was engaged in agriculture, Ge Wenyao further explained: "Top luxury does not necessarily depend on the function of the product. Instead, it pays more attention to whether it can lead the fashion."
Guo Yang nodded noncommittally. In fact, He thought, then the product was not good enough.
But these are minutiae.
He asked someone to estimate that it would not cost much to invest in Seagull. One or two hundred million would be enough.
Paying this price can get the full support of Ge Wenyao and other management. As long as we can win Jahwa, it will be completely worth it.
Moreover, he remembered that an important reason why Ping An was able to acquire Jahwa was that Ping An verbally promised during the negotiations that it would fully support Jahwa's acquisition of Haiou.
It turns out that Ge Wenyao was played by Ping An.
The entire family was also tricked by Ping An.
After thinking about it, Guo Yang also made a promise, "Jiahe supports Jahwa's acquisition of Haiou."
As soon as he said this, Ge Wenyao remained calm on the surface, but he became more and more satisfied in his heart.
While visiting Guo Yang, I talked about how outstanding Seagull’s technology is and how bright the prospect is for the linkage between the watch industry and the beauty industry.
It took half an hour to finish visiting part of the factory and offices.
What surprised many people who followed was that neither of them mentioned Jiahe’s acquisition of Jiahua in the past half hour.
Instead, we chatted from time to time about Seagull watches, industry trends, product research and development, sales channels, future development and other fields.
It’s as if the ending has been decided.
Before entering the conference room, Wang Zhuo, general manager of Jahwa, couldn't help but remind Ge Wenyao in a low voice.
“Leader, be more reserved!”
Ge Wenyao’s face was rosy and he nodded slightly, but as soon as he sat down, the young man opposite him came straight in.
“Director Ge, let’s talk about the agreement transfer and acquisition of Jahwa.”
Ge Wenyao had calmed down by now and said: “The final decision on this matter lies with the State-owned Assets Supervision and Administration Commission. , and bidding is required. ”
Guo Yang suddenly realized and said: "Oh, yes, that's it. We got excited about talking and thought we were already a family."
His appearance was a bit surprising, he didn't look very professional!
Wang Zhuo and the others were muttering to themselves that the old man, the young man, and the young man seemed a bit unreserved.
“There are still many procedures to go through before listing for sale, and it will take at least one or two years.”
Ge Wenyao talked about the current progress, “Before the “Opinions” were issued last year, Modushengrong Investment merged with Dasheng Asset to form Guosheng Investment, which is responsible for the integration of "non-financial state-owned assets"
It was at this time that Jahwa Group was incorporated into Guosheng Group.
Finally, the direction of restructuring was determined. ”
Guo Yang nodded, he had specifically understood the process.
After it was confirmed that the restructuring was going to be carried out, various capitals took a fancy to Jahwa.
However, Ge Wenyao publicly emphasized that no matter who the strategic investor is, Jahwa will never sell to foreign investors, including domestic peers and foreign fund companies.
Fund capital investment is relatively utilitarian, and no domestic peer can match Jahwa.
So, after that, Jahwa successively rejected domestic and foreign institutions such as Temasek, Sequoia Capital, CDH International, CITIC Capital, and Carlyle.
At the same time, foreign investors such as French LVMH Group's proactive overtures also came to nothing.
Therefore, there are only a few companies that finally meet the shortlisting conditions.
Guo Yang doesn’t know when Ping An got involved. Ping An may be the current leader, or it may not have deep contact with it.
In the current economic situation, no one is willing to vigorously promote the restructuring process.
Guo Yang pondered for a while and said: "Can we speed up the procedure?"
"I talked to the big leaders in the city." Ge Wenyao said: "The leaders also agree. Jiahua is a pilot for restructuring, but there are still some different voices to work on.”
“I also made an appointment with the leaders of Magic City.”
Guo Yang thought about how to break the situation, and then continued. Thinking of peace, I asked directly.
"There are rumors in the media that Ping An is also in contact with Jiahua."
"Yes, their attitude is also very sincere." Ge Wenyao smiled, "Jiahe is not the only choice."
"But Jiahe is definitely the most suitable choice." Guo Yang took a sip of tea, calmed down, and thought about what he saw and heard during the visit.
“Before listing, I had an idea for product cooperation.”
“Huh? Let’s talk about it.”
Not only Ge Wenyao, but everyone else also showed interested expressions.
It’s interesting to start cooperation before mergers and acquisitions.
“During the visit, I heard that Jahwa will launch a cosmeceutical brand at the end of the year or early next year?”
“Yes, the brand name is Yuze.”
< br>Ge Wenyao said: "It is a moisturizing milk product as a pioneer and is planned to be launched in more than 60 pharmacies and hospitals in Shanghai, Zhejiang and Jiangsu."
Guo Yang commented: "It's a bit conservative."
Ge Wenyao said: "There is no way, the domestic and foreign brands in the cosmeceutical market are too strong."
Cosmeceuticals can be understood as something between medicine and medicine A category between products and cosmetics, the local cosmeceutical market has a history of nearly 10 years.
Generally sold in drug stores, pharmacies, and hospitals, with professional doctors and pharmacists nearby.
The top five cosmeceutical brands in the local market are all foreign-owned.
Vichy, La Roche-Posay, Avène, Furifense, Mentholatum...the top two brands, Vichy and La Roche-Posay, are both L'Oreal brands.
The concept of modern cosmeceuticals was also brought into China by Vichy.
Last year, the domestic sales of L'Oreal's Vichy brand alone exceeded 2.2 billion yuan.
Since five years ago, more than 170 local companies such as Ma Yinglong, Yunnan Baiyao, Tong Ren Tang, and Pien Tze Huang have launched an impact on the cosmeceutical market.
But the "martyrs" of the cosmetics companies who fell on the battlefield of cosmeceuticals were also bloody and miserable.
The status and ranking of the top five companies in the cosmeceutical market have not been shaken or rewritten.
Compared with many pharmaceutical companies, Jahwa’s Yuze debut is a bit low-key and conservative, and pharmacies and hospitals are not mainstream channels.
As for Jahwa’s Herborist, it is not a cosmeceutical, but a cosmetic containing traditional Chinese medicine ingredients.
Wang Zhuo became interested when he heard Guo Yang commenting on Yuze's conservative listing method.
“Director Guo, please tell me your cooperation suggestions.”
"How about Quanwang and Jiahua cooperate to upgrade Yuze, which has not yet been launched?"
Guo Yang looked at the crowd and smiled, "Let's also take a look at the potential in the future."< br>
Ge Wenyao and Wang Zhuo's eyes lit up instantly.
Isn’t this what they want?
What is the most critical link in the development process of cosmeceuticals?
In addition to the formula, it is the extraction, separation and purification of natural plant active ingredients.
Natural plant species, extraction, separation and purification processes, types and contents of active ingredients are all the advantages of Quanwang.
Jahwa has rich experience in formula research.
Collaborating to develop a product... Ge Wenyao and Wang Zhuo looked at each other and saw the movement in each other's eyes.
“What kind of cooperation method?” Ge Wenyao asked: “Jahwa is unlikely to split the brand profits, which may be a bit of a disadvantage to Quanwang.”
"Don't worry about this."
Guo Yang smiled, "The raw materials provided by this cooperation will be unique to Quanwang, and Jahwa has only one purchasing channel.
If Jiahe succeeds The acquisition of Jahwa will also be one of Jahwa’s moats in the future.”
Ge Wenyao suddenly realized something more.
Once Jiahe successfully acquires Jahwa, the industrial chain will be opened up.
Although the profits of cosmetics are huge, Jiahe Planting can also increase profits with the right to speak.
However, once Yuze really explodes and Jiahe fails to successfully acquire Jahwa, wouldn’t the single raw material channel make Jahwa completely at risk?
Prices are constantly being raised, and the supply of raw materials is cut off.
Then give up cooperation?
I can’t bear to leave!
A series of procedures such as listing and transfer cannot be completed within one year.
If you wait one more year, his old bones will go crazy!
Ge Wenyao looked at Wang Zhuo, who also frowned, obviously aware of the difficulty.
“Young people are so scary!”
Ge Wenyao smiled bitterly and said, “Mr. Guo really gave us a difficult problem.”
"There's no rush to take this day or two." Guo Yang said with a smile: "Jahwa can discuss it first, I also want to go to the city to walk around."
A successful cooperation is not only beneficial to Jahwa's management It has great temptation, which is also a plus point for the SASAC in Shanghai.
Under Jiahe’s system, Jahwa is likely to climb one peak after another.
This will mean that Jahwa’s state-owned equity will be withdrawn and the enterprise restructuring pilot will be successful.
In the face of calls for the country to advance and the people to retreat, the success of Jiahua’s reform will bring great political wealth to planners and leaders.
After leaving Jiahua, Guo Yang did not go to the city for a walk immediately.
Instead, I took the time to inspect the Hexi Dairy industry in East China, and saw the pastures, factories and organic fertilizer processing.
Then we went to Dong Xu’s mid-range supermarket in East China.
The brand name of the supermarket is: Fall in love with life.
A single Falling Into Life supermarket occupies a larger area than Jiahe Supermarket.
But at present, there are only officially opened supermarkets in Beijing and Shanghai, and Falling in Love with Life is also taking the road of financing and listing. The specific step it can take depends on Dong Xu's ability.
After wandering around the supermarket, Guo Yang, Luo Xiu, and Qi Ziwen each had an extra ice cream in their hands.
Qi Ziwen licked it like a child and said, "This honey ice cream is good."
Luo Xiu raised his eyebrows, "That's a product for children, finish it quickly. , don’t lick.”
“Brother Xiu, I think you are too upright.”
Luo Xiu was a little dissatisfied, "Why am I evil?"
Seeing that Luo Xiu was a little angry, Qi Ziwen quickly explained, "This is a compliment. The Legend of Sword and Fairy 3 has been a hit lately, and Chang Yin and you in it are very similar. Like."
"You're not scolding me?"
"Why am I scolding you?"
"I can testify that the evil sword fairy is the most afraid of in Shushan. Chang Yin.”
Guo Yang said casually, but his eyes were fixed on the Hexi Ice Cream billboard beside him.
"The raw materials come from the pure Gobi grassland, with added vitamins, probiotics, fruit pulp and other ingredients, making it a natural and organic product..."
The effect of this advertisement should be good. Summer without ice cream is not perfect for children. Parents’ demands for health will give such products room for growth.
Hexi Dairy is also making continuous efforts in market segments, which is good.
On the way back, Guo Yang's cell phone rang, and the sound seemed impatient.
Guo Yang glanced at it, connected, and asked; "Dr. Ge, have you made a decision?"
Ge Wenyao's voice came, "Yes, Jiahua has unanimously decided to cooperate with Quanwang Biology A pilot cooperation will be carried out on the research and development of Yuze, but the method of cooperation still needs to be discussed.
It is just that the purchase of raw materials is too thin. It may be more appropriate for Quanwang to participate in the profit sharing of the Yuze brand. ”
"Okay!" Guo Yang smiled, this was really interesting, "I will arrange for someone to connect with you right away."
"Dr. Guo has never worried about Yuze's poor performance after listing." Ge Wenyao asked.
If it performs poorly, Jiahe's biggest advantage may be greatly compromised.
"It is impossible to fail." Guo Yang said excitedly.
“If it fails, it must be that Jahwa’s brand promotion, channel construction, terminal marketing, membership management and many other brand operation capabilities are not good enough.”
“Haha.” Ge Wenyao was not angry either. "As long as product development is successful, Mr. Guo will realize the brand value of Jahwa."
"I'll wait and see."
Both sides are confident in their abilities.
In the past two days, Jiahe’s team has gained a basic understanding of Jahwa’s assets.
The most important asset of Jahwa Group is undoubtedly the listed company Modu Jahwa shares.
The group, together with its holding subsidiaries, holds a total of 38.95% of Jahwa shares.
Other unlisted assets include hotels, industrial companies, and investment companies.
Preliminary judgment is that Jahwa’s assets are clean and of high quality, and the specific value is still being evaluated.
The fixed assets of Danjiahua Co., Ltd. can basically be roughly estimated with the naked eye, which is a remarkable three to five billion yuan.
What Jahwa mainly sells is brand value.
It has the ability to operate one or several daily chemical brands.
The next day, Guo Yang began to visit relevant leaders in Magic City one by one. The valuation and pricing methods followed the standards of the State-owned Assets Supervision and Administration Commission.
But other weights are also important.
During the chat, Guo Yang brought up the cooperation attempt between Quan Wang and Jiahua, which was a good touchstone.
Although no gambling agreement was signed, both parties gradually acquiesced to his existence.
In a solemn office, a main leader in charge said: "Mr. Guo, according to the procedures, there will be a qualification review.
If only one company meets the criteria, it will be transferred according to the procedures.
If two or more companies meet the standards, they need to pay a deposit before bidding.
Now I can reveal that Jiahe will have at least one competitor. "
Guo Yang nodded, "I know, Ping An Group. "
The leader said: "The restructuring has basically been decided, and Ping An has been in frequent contact with us and Jiahua recently.
Ping An Group's total assets are as high as 2 trillion yuan. Its abundant funds and familiar capital operations can assist Jahwa in its industrial mergers and acquisitions.
It has also given a lot of commitments such as credit support, bond financing, additional investment, and assistance in expanding the industrial chain. Some people may prefer Ping An. "
"Thank you for the leadership's guidance. Guo Yang smiled and said, "Jiahe is confident of defeating Ping'an." ”
Being able to get such a reminder means that 80% to 90% of this vote has been secured.
As for Ping An, it is indeed very strong.
But Ping An is not sincere about Jiahua.
Ge Wenyao, an old man who was forced to retire in his previous life, repeatedly criticized Ping An on his meager sum: I was fooled and found the wrong buyer.
We made countless verbal promises before the acquisition, but turned ruthless after the acquisition, showing the fangs of capital.
Only part of the funds acquired are self-owned funds, and the rest are trust products.
Because of the pressure from the capital pool, Ping An not only did not inject capital, but directly began to liquidate the assets of the seller.
Guo Yang has learned about Xiajiahua's assets in the past few days.
Jiahua now has three pieces of land in the Magic City. Every inch of land costs a lot of money, and one of them was immediately sold by Ping An.
The Marriott Hotel in Sanya is a high-quality asset; the Jahwa Group Building is a high-quality real estate; the joint venture SC Johnson is a high-quality asset...
As long as it is high-quality, Ping An can realize its funds. Target.
This caused fierce resistance from the management, but the real trigger of the conflict was the Seagull watch project.
Ping An vetoed several years of efforts by Ge Wenyao's team at the last moment.
Subsequently, Ge Wenyao was forced to retire, and more than a dozen senior executives were purged one after another. The resignation of current general manager Wang Zhuo meant that Jiahua had completely entered an era of peace.
It is also the worst era.
First use up the remaining grain from the previous dynasty, and then demolish the buildings from the previous dynasty.
The multi-brand market that Jahwa is proud of has been turned into a hodgepodge, and the original business foundation has been severely damaged.
Compared with the complete failure of cosmetics, Liushen's situation is more worrying.
Families who have been using Liushen toilet water and shower gel for a long time will notice that Liushen will increase its price significantly every once in a while.
Ping An must have replaced Jahwa with another CEO. Every CEO used Liushen as a juicer and a tool to embellish financial reports.
If Liushen falls, Jiahua will be completely finished...
Recalling Jiahua’s experience under Ping An, Guo Yang is also thinking about how to integrate Jiahua into the Jiahe system in the future.
Management doesn't have to make a big move.
We are in the fiercely competitive daily chemical industry and have taken on political tasks many times, but we still rank first in domestic products and fourth in the domestic market.
Ge Wenyao's series is relatively reliable.
It is difficult to find a more suitable team in the daily chemical industry.
In the industrial chain, Jahwa is equivalent to a terminal brand, and is theoretically the most profitable link.
As for the agreement acquisition, Jiahe's shareholding ratio cannot exceed 30%, and it can only conduct a tender offer to achieve absolute control.
This may cause jealousy among management.
Once Jiahua changes owners, Chairman Ge Wenyao will be a professional manager, and the only people he can serve are the major shareholder Jiahe.
The shopkeeper can’t beat the boss.
At that time, excess profits do not necessarily have to be held in the home, but can be retained in Quanwang Biotech, or in the upstream planting link.
Just increase the purchase price of raw materials.
After talking to the leaders one by one, Guo Yang’s positioning and ideas about Jiahua became clearer and clearer.
The only thing missing now is mergers and acquisitions.
The old man Ge Wenyao is obsessed with fashion industry groups and has an obsession with Seagull watches. Guo Yang believes that he can control him.
If that doesn’t work, let Jiahe negotiate the acquisition of Seagull first and see if the old man is in a hurry.
Jiahe may not be as influential as Ping An in terms of influence on the leadership of the Magic City, and now it is counting on the cosmeceutical brand Yuze.
It is expected to be launched at the end of the year or early next year.
Jahwa is still going through the restructuring process, and there will be at least a suspension announcement for a few months before the transfer.
Develop a plan, review and approve it again, and no matter how fast you bid, you still have to wait until the end of next year.
There is still half a year left for Yuze to develop and upgrade, and at least eight or nine months for promotion.
Guo Yang murmured: "That should be enough."
There is no need for Yuze to explode. As long as all parties can see Yuze's market potential, the competition with Ping An will be stable.
In terms of other financial strength, capital operations, and capital investment, Ping An appears to have the upper hand, but in fact Jiahe definitely pays more attention to Jiahua than Ping An.
......
After staying in the magic city for a week, Guo Yang returned to the capital again and started the integration of Huinong.com non-stop.
"The Huinong.com platform has covered more than 2,800 county-level administrative districts across the country, and only a few areas cannot be covered.
The number of agriculture-related merchants has exceeded 40 million, and all aspects of data have reached the industry's first 1.
But in terms of B2C and C2C business, Huinong.com is still lagging behind the leading e-commerce platforms.”
In the conference room, Guo Yang listened to Qu Sheng’s answer. Huinong.com reported a feeling of powerlessness in my heart.
Perhaps those engaged in agriculture are not suitable for the Internet. A good website has almost become a hodgepodge nowadays, with everything included in it.
Now that adjustments have been made, Guo Yang is also acting as a live doctor in some sections.
Guo Yang mused: "B2C and C2C businesses have been separated and developed independently. Now that the mobile Internet wave has arrived, we can break through with the help of the agricultural and sideline products base."
If it doesn't work, Guo Yang plans to Find Alibaba.
Alibaba’s B2B business has been listed on the Hong Kong stock market in 2007, and Golden Harvest has also invested in a small part.
However, Ali will still have financing in the future, and will also privatize the Hong Kong stock market and go public in the United States.
At that time, selling Huinong's B2C and C2C business to Alibaba in exchange for Alibaba's equity is also a way.
However, Guo Yang still prefers to be able to do it himself.
After discussing for a while, Qu Sheng said: "Guoliang's Womai.com is expected to be launched in August. It is a food B2C e-commerce website."
"It seems that there is still pressure to come. Not small." Guo Yang smiled, "But it also shows that they are very optimistic about the potential of agricultural e-commerce." Zhang Wen, another executive of Huinong.com said:
"In fact, agricultural e-commerce is the most difficult. Leading platforms such as Taobao only got involved in agricultural products last year, and they have only dabbled in it, which is better than nothing."
"So, we still have three or four years to grow." Guo Yang After thinking about it, he encouraged: "It's not scary for me to buy a website. In this field, we are the pioneers."
A person's energy is limited. In B2C and C2C business, Guo Yang can only Give some suggestions on direction.
He also pays more attention to the B2B business of Huinong.com.
The tens of millions of agricultural merchants and growers above are the foundation and an important part of the Jiahe system.
In this regard, Huinong.com has no rivals, and the few small websites can only cower in the corner and tremble.
In fact, Guo Yang is extremely satisfied with the construction of some sections of Huinong.com.
“The newly launched Farmer Friendship Circle is very interesting.”
Guo Yang browsed for a while. Farmers helped each other with questions and answers, exchanged planting and breeding experiences, shared interesting things in the field, and exposed fraud disputes...< br>
“Diversified content increases user stickiness.”
Qu Sheng and others smiled and said: "Because of the advancement of video technology, in addition to technical articles, there are more and more video useful information in the Agricultural Technology School, which has even attracted some non-agricultural users."
"It was brought about by "Million Forest" and Happy Farm." Guo Yang thought for a moment and said: "We need to spend more effort on the construction of agriculture, rural areas and farmers videos, and we can cultivate and support a group of agriculture and rural areas video bloggers. , shoot some high-quality videos.”
As if he suddenly found a feeling, Guo Yang became more and more enthusiastic as he talked.
“For example, rural life, agricultural entrepreneurship records, agricultural machinery operations, and sharing of farm scenery, these can all be placed in agricultural technology schools and farmers’ circles.
In short, we can make Huinong.com’s agriculture, rural areas and farmers Features come.
Even Huinong.com can create a more down-to-earth guide to getting rich, divided into columns for fruit trees, vegetables, flowers, livestock and poultry, aquatic products, food crops, etc. ”
The eyes of Qu Sheng and others became brighter and brighter as they listened, mainly because Jiahe can do all of these with the current resources.
Large-scale farmers are short of money, but it can be said that they are not short of money. At least basic shooting equipment is affordable.
Farm life is extremely boring, so there is definitely a market for an additional place to record and share.
The agricultural section of the Tianya Forum is often used. There is a real person who has been posting about agricultural entrepreneurship for a long time, attracting countless people to follow him
Huinong.com can also do it, and it can also be made into a video.
Everyone started chatting and started brainstorming.
“Agricultural documentaries are the biggest feature of Huinong.com. They can record the management of a desert, Gobi, grassland, and river;
It can also record the development and growth of an orchard, farm, and pasture;< br>
Agriculture requires a lot of time and cost, and making long videos is an advantage. ”
But soon a new question arose: how to keep these Sannong creators passionate about creation for a long time.
Guo Yang felt that things were getting more and more interesting, and many things did not follow the trajectory of his previous life.
If Huinong.com continues to develop according to this plan, Guo Yang doesn't know what it will become in the future.
But this unknown is interesting to him.
Guo Yang smiled particularly brightly, "Combine online and offline, and pay high-quality content creators. As long as there is traffic, are you afraid that you will not be able to find a way to monetize it?"
The first time Guo Yang thought of bringing goods.
High-quality farmers, high-quality agricultural products, if there is more network traffic blessing.
Whether it is B2B wholesale, or B2C and C2C retail, cashing out is easy.
Even if no money is given, there will still be people who insist on creating.
Just like the agricultural version of the Tianya Forum at this time, there will always be people who generate electricity for love.
(End of this chapter)