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Editor’s note: This article is from the micro-channel public number “Ho salt” (ID: ihejiayan), Author: Ho salt, 36 krypton release authorized. Tencent Marina Building / Tuyuan: Tencent official website In 1998, a shy and quiet young man, tired of working days, decided to try a different path. He invited several middle schools and college students to set up a small company and borrowed a ballroom as an office to start a new business. His parents, teachers, classmates, no one thought he could succeed. But he set himself an ambitious goal: within three years, the company expanded to 18 people! He is actually very embarrassed about this goal. Even, even if the company can survive, he does not know. Three years later, his company number is far more than 18 people, the number of users of the product has reached 100 million, the operating income is close to 50 million, and the company’s valuation is 500 million yuan (60 million US dollars). Another three years later, the company went public, and he and his friends realized financial freedom. However, he has carried a lot of nicknames and was seen as a public enemy in the industry. The company was screamed by the famous magazines as “dog day”, and the whole network is laughing at them “every plagiarism, never innovation.” Wang Xing was so sorrowful and inexplicable because of him; Zhou Hongyi met with his soldiers and almost fell into a shackle; Sina’s editor-in-chief “Old Shen” swears that his website is insatiable, and is enemies with the whole network, and will die without a place of burial. He said that we are going to be a “most respected company”, but no one believes. He and his company, in the controversy, grew wildly. In 2019, on the Forbes Billionaires list, he surpassed Ma Yun and Li Ka-shing for $38.7 billion and became China’s number one. The company he founded also has a market capitalization of 3.4 trillion Hong Kong dollars (3 trillion yuan or 439.4 billion US dollars), ranking 8th among the world’s highest market capitalization companies. His main product, with more than 1.1 billion active users per month, has become an essential national application for our lives. He upgraded the company’s vision and mission to: technology is good. This time, there were fewer taunts and people chose to wait and see. He is Ma Huateng. His company is called Tencent. His main products are QQ, WeChat, and the glory of the king. This is a legendary hero, but extremely low-key. Today, let’s uncover Ma Huateng and his Tencent Empire. 1 On the beautiful Hainan Island, there is a coastal town called “Eight”. The residents are mainly Miao. There is a port under the Ministry of Communications in the town. The management staff are mostly support workers from the south. One of the accountants is Ma Chenshu. He is a Shantou person from Guangdong. In 1971, the 31-year-old Ma Chenshu, who had a second child, was named Ma Huateng. Eight Ports is a remote borderland. In Ma Tongteng’s childhood memories, in addition to standing on the street, the Miao compatriots who are full of tattoos come and go. They look at the clear and deep sky at night and count the stars. These stars give him endless curiosity and imagination, let the young horses become prosperous, and fall deeply in love with astronomy. In 1984, Ma Chenshu was transferred to work in Shenzhen. Ma Huateng, 13 years old, went to Shenzhen Middle School to work as a transfer student. He has a classmate in the same class, called Xu Chenxi. There are two classmates in the next class, one is Zhang Zhidong and the other is Chen Yidan. Fourteen years later, the four of them were tied together by fate and became the main force of Tencent’s “Five Tigers”. Ma Huateng at the age of 13 is still dreaming of astronomers. He wrapped his parents around to buy him an astronomical telescope. At that time, Ma Chenshu was only a financial manager. The salary was only over one hundred. The astronomical telescope that Ma Huateng was looking for would cost him four months’ salary. Ma Chenshu did not agree. Ma Huateng had to wait a few times. After no success, he was not uncomfortable. However, a few days later, my mother Huang Huiqing cleaned up Ma Huateng’s schoolbag and found that he wrote in the diary and wrote: “They killed a scientist’s dream.” Mom couldn’t bear it, just talked with Dad, or bought him this. Telescope. In 1986, Halley’s comet passed through the earth again. Ma Huateng took photos with excitement and wrote an observation article. He won a third prize in the competition and got the first income in life: 40 yuan. However, the favorite astronomy did not become the career of Ma Huateng. When he was in college three years later, he chose to study computers. The school he attended was a local university founded in 1983: Shenzhen University.据《腾讯传》的作者吴晓波说,马化腾的高考成绩本可以上清华或复旦。但是马化腾在和清华大学教授钱颖一的对话中透露,清华计算机很难考,他要考的话,很可能进不来。而且他的大学成绩,在30多人的班里,也就排到10名左右,并不拔尖。在班上,马化腾是一个调皮的孩子。不过,作为一个文静内向的学生,他的调皮,也就是在学校的机房电脑上,装一些别人破解不了的病毒,把电脑锁死而已。大三时,马化腾就曾经萌发过创业的念头,他和同学讨论要成立一个电脑公司,业务是帮人组装电脑。可是去市场考察一圈之后,发现市场对手太强大了,他们根本竞争不过——当时在华强北干这些的人,都是初中文化、小学文化的人,学历不高,但胜在经验丰富,成本低廉。大四时,他到深圳黎明电脑网络公司实习,做出了一个股票分析软件,公司看中了这款软件,要出钱买下来。马化腾也不知道行情如何,就抱着试试看的心态,报了一个在他看来的高价:5万块。公司痛快地答应了。就这样,马化腾完成了人生第一笔产品交易,挖到第一桶金。毕业前,在同学内推下,马化腾进入了做寻呼业务的润迅公司,当起了程序员,月薪1100元。年轻时的马化腾/图源:cfido.com这时,互联网已经开始静悄悄地进入中国。马化腾第一次接触互联网,是在“惠多网”(FidoNet)。在此之前,马化腾一直以为程序都是在单机上运行,看到文字能够远程输送和显示,马化腾“非常激动,感觉像是开启了一扇新的大门。”马化腾在惠多网建立了一个站点,取名为“Ponysoft”,后来被称为“马站”,马化腾也成为了“马站长”。那是1995年2月。当时,全中国的网民极其稀少。惠多网的网友,几乎互相之间全都认识。其中有求伯君、雷军、丁磊等。丁磊还曾专程跑到深圳来见马化腾。这可能是中国最早的网友见面情景之一。马化腾还被另一个天才的程序员吸引。当时,这个程序员凭一己之力,写出一套非常好用的邮件系统,震惊中国互联网界。而马化腾却发现其中有一个小问题,就发邮件去讨论。这名程序员,叫张小龙。几年之后,他会加入马化腾的公司,并成为“微信之父”。1997年,“网友”丁磊成立了网易公司,第二年就开发出第一款中文免费电子邮件系统,被各地电信公司大量采购,一下子成为百万富翁。听到消息的马化腾,坐不住了。他在润迅已经工作了5年多,职位仅仅升到了主管。虽然他的工资已经涨到8000,但丁磊每卖一套系统,可是能赚10万美元!一颗不安分的心,开始加速跳动。2马化腾没有贸然行动,他先开始组建团队。第一个找的,是他们班的学霸张志东。张志东的父亲是清华毕业的高材生,他自己在班上也总是拿第一。大学毕业后,张志东到华南理工大学读了硕士,后来工作的公司,正是马化腾曾经实习过的黎明网络。当时,张志东正要出国,他姑姑已经在美国帮他安排好了路子。马化腾告诉他,一起创业吧,我们是“天作之合”。我在寻呼公司干了5年,对这行很懂。你的技术很牛。我俩的长处可以结合起来,做一个“无线网络寻呼系统”,一定会很有市场。张志东听了很心动,放弃了出国,留下来和马化腾一起做这个“一定会很有市场”的产品。事后证明,他们策划的这个产品,完全失败。不是产品不好,而是战略一开始走错了路。当时中国的手机时代已经开启,寻呼机正在走向穷途末路,一款以寻呼机为主要载体的产品,其命运可想而知。事实上,战略定位,从来都不是马化腾擅长的。Different from Ma Yun’s ability to select the track with great vision, Ma Huateng’s strength lies in creating products that consumers like. The popular pager/map source in the 1990s: After Baidu Encyclopedia Ma Huateng and Zhang Zhidong talked about it, they went to find a partner. Zhang Zhidong found a friend Chen Yidan. After graduating from high school, Chen Yidan was in the Department of Chemistry of Shenzhen University. The mixed student conference started from a high school. When he graduated from university, he also took a speech as a student representative. Later became a civil servant, and the days were good. After Zhang Zhidong and Chen Yidan said about entrepreneurship, Chen Yidan was also very excited, but he was worried about what to do after the failure of entrepreneurship. As a result, the wife and he said: “It doesn’t matter, I will raise you!” Many years later, Chen Yidan still deeply missed this sentence. Ma Huateng looked for a friend from the second day of class to the senior friend Xu Chenxi. He was working in Shenzhen Telecom at the time, and he resigned without saying anything. The fifth person to join the team, called Zeng Liqing, is a sales wizard. I used to work in Shenzhen Telecom. It was Ma Huateng’s sister and Xu Chen’s former colleague. Later, she entered the Longmai Company, a subsidiary of Shenzhen Telecom, and served as the marketing manager. As the company will be abolished, Zeng Liqing was unemployed and joined the team of Ma Huateng. At this point, Tencent’s “Five Tigers” will be all gathered. Tencent Wuhu/Source: Baidu Encyclopedia After discussion: Ma Huateng served as CEO (executive), accounting for 47.5%; Zhang Zhidong served as CTO (technical), accounting for 20%; Zeng Liqing served as COO (operation), accounting for 12.5%; Xu Chenxi served as CIO (information), accounting for 10% of the shares; Chen Yidan served as CAO (administrative), accounting for 10% of the shares. Everyone contributed capital according to the proportion of shares, and they collected 500,000 yuan. Then they chose four names to register the company. The four names are Netcom, Fetion, Xircom, and Tencent. Since Ma Huateng and others have not resigned at the time of registration, the company legal person used the name of her mother Huang Huiqing, and the business and business affairs were all helped by her father Ma Chenshu. At that time, Ma Chenshu was already an executive of Yantian Port Group, driving a Mercedes-Benz to help Ma Huateng busy. Ma Chenshu went to the Industrial and Commercial Bureau for a check. The first three names have already been registered. Only Tencent can still use it. Therefore, the company is registered as “Tencent”, and the legal representative and chairman are Huang Huiqing. Ma Huateng’s parents/source: Baidu Encyclopedia This year, Zhang Chaoyang established Sohu, Wang Zhidong established Sina, Ding Lei’s NetEase was transformed into a portal by a software company, and Liu Qiangdong founded Jingdong. In another year, Li Yanhong will establish Baidu, and Ma Yun also established Alibaba. Among the stars, Tencent is just a small, inconspicuous little light spot. Unlike Sohu, NetEase, and Sina, which started to shine, Tencent’s start is extremely difficult. Since the pager is rapidly declining, the products designed by Ma Huateng and Zhang Zhidong are completely inconsistent with the market demand. After completing the initial business of 200,000 yuan through the relationship, no one cares. In order to support the company, they do everything from website design, server storage, to web page production, but they make little money. Fortunately, Zeng Liqing played an advantage, using his old face worked in Shenzhen Telecom, and got a list of 300,000 mail system developments, which allowed Tencent to survive for several months. Because of the low income, Xu Chenxi and Chen Yidan, for more than a year, are only working part-time, and they have to wait for the original unit to get off work before they can work. Among the products they have done, there is a very small and insignificant thing that was developed for bidding. Later, it was found that the number of places selected for the bid was already fixed, and they were accompanied by the Prince. The development costs of the investment have all gone. However, since the money was paid by Fermi, there was no user at that time, and there was no need for much cost. No one can imagine that this unintentional willow branch will eventually grow into a vast expanse of willow forest, and the shade will cover the whole of China. This small willow branch is OICQ, and later renamed QQ. The prototype of 3OICQ is called ICQ, an instant messaging software developed by three Israeli youths in 1996. By 1998, its users had exceeded 10 million. In China, this software has also attracted attention. When Tencent began to develop, China has already had similar products such as PICQ and “Internet Wizard”, and ICQ itself has already entered the Chinese market.Together with the successful PCICQ of Tencent’s bidding, Tencent’s OICQ faces four strong competitors. But Tencent’s product capabilities are revealed here. OICQ only took a few tricks and quickly stood out. The first one is an ultra-small volume. At that time, China’s Internet speed was very slow. It was common to download and install a software and spend a few hours. ICQ’s similar software usually takes one or two hours to install. The OICQ led by Zhang Zhidong actually reduced the size to only 220KB, which can be downloaded in 5 minutes. The second is the buddy list save. We can now open WeChat and you can see chat history and friends list. But ICQ at the time did not have this feature. Because in the main markets of ICQ, Israel and the United States, people are online at home or in school dormitories, and buddy lists and chats are kept on personal computers. The environment in China at that time was mainly Internet cafes. Every time I went there, I didn’t know which computer I would assign. According to ICQ, after each chat, I will log in again next time, and my friends and chats will disappear. OICQ changed the way to save the buddy list and chat history on Tencent’s server, and the user will not lose it regardless of which computer is logged in. The third is to add strange friends. At that time, ICQ needed to know the other party’s number in order to add a friend. OICQ can view a list of unfamiliar netizens, add friends according to the net name and avatar, which makes it have the function of strangers to socialize, which is very attractive to the boys and girls at that time. The fourth is to send offline messages. Other similar products can only chat with each other when they are online. OICQ can send offline messages to the other party. Early OICQ/Source: There are many similar improvements in the Drive House, which are not listed here. We can see that although OICQ’s philosophy and design ideas are copied from ICQ, its micro-innovations based on the Chinese market are difficult for competitors to catch up with. This is also one of the most critical factors for Ma Huateng and his team to win repeatedly in numerous competitions. On February 11, 1999, a sly penguin appeared on the Internet and OICQ went online. Later, the penguin became the symbol of Tencent. Ma Huateng reserved the first 200 numbers for his company for use by new recruits in the future. In their plan, 200 numbers are enough for Tencent for 10 years. The plan for the development of OICQ is that the number of users is over one year and over three years. At the time they were careful to post the bill. If the number of users reaches 10,000 within 3 years, the annual labor, equipment and maintenance costs are less than 100,000, which can be afforded. However, the actual development of OICQ was slightly faster than they expected. One day two months later, Ma Huateng and Chen Yidan, who were on a business trip in Beijing, witnessed more than 500 users. They were excited to go downstairs and buy beer to celebrate. . After 9 months, OICQ registered more than 1 million. Three years later, more than 100 million. The most amazing growth miracle in the history of Chinese Internet has already begun in the ignorance and ignorance of Ma Huateng and others. 3 The surge in users has brought surprises to Ma Huateng and others, and they have caught them by surprise. The original cost budget, which was planned according to the growth rate of 10,000 people for three years, can withstand such unexpected growth. Soon, the server couldn’t hold it anymore. At that time, Tencent did not have the core business of making money. Although OICQ users grew rapidly, there was no way to realize it, and the cost of personnel, bandwidth and servers all rose in a parabolic manner. The five founders who did not have any savings, biting their teeth and scraping 500,000 yuan of equity investment, and halving the wages, but still no help. The worst time, the company’s total cash, only 10,000 yuan left, not to mention the server, and even everyone’s wages can not afford. What’s even worse is that AOL, which acquired ICQ, also found a product similar to ICQ on the other side of the ocean, accusing Tencent of infringing intellectual property rights, and sent a lawyer’s letter across the ocean. Five people met in the evening to discuss the countermeasures. Ma Huateng and other four people looked at Chen Yidan, who was in charge of legal affairs, and hoped that he could come up with a solution. Chen Yidan spread his hands and said, “We have no money to go to court… It will rain, and the mother will marry, let it go.” The company can’t keep going, and everyone agreed to sell it.The company price they determined was 3 million. If you can earn 3 million yuan a year after starting a business, don’t worry about them fighting for one. Ma Huateng and Zeng Liqing went everywhere to find buyers. However, no company is willing to buy them. People at that time did not realize the role of traffic. Although OICQ has millions of users, no one knows what can be used. One company has sincerely bargained, and then seriously calculated that Tencent has several tables, several benches, and several computers, saying that it can be worth 600,000. The price difference between the two parties is too far, and the transaction has not been negotiated. The number of OICQ users is still rising. Ma Huateng had to be cheeky to borrow money everywhere. One friend loaned Ma Huateng 500,000, Ma Huateng said, can you use stocks to return? The friend looked at Ma Huateng and said, it doesn’t matter. If you really have no money, you can still do it. Even if the stock is. Ma Huateng, who has been in business for a year, is going to make a living, Tencent is about to go bankrupt, and the penguin who was born only nine months will also starve to death. Zeng Liqing suggested that you can go to “VC”. Ma Huateng has never heard of VC. At that time, venture capital was completely new to the Chinese. Ma Huateng is also completely unclear about what this thing can do for them. However, if the dead horse is a live horse doctor, there is no other way anyway, then give it a try. Zeng Liqing contacted Wang Shu, a Chinese business representative of IDG, an internationally renowned venture capital institution, through a friend. Wang Shu was also very well at the time. He was sent back to China to conduct business in 1996, but at that time China was able to get enough of the invested companies, and more people had no concept at all, so Wang Shu’s work was difficult. Carry out. I heard that there is an ICQ-like product that was immediately interesting (at the time, ICQ was acquired by AOL, worth $407 million). Ma Huateng was sick at the time, and was dragged by Zeng Liqing to see Wang Shu. Wang Shu asked, how do you see the future of the company? Nothing can be compared with the current entrepreneurs, and the insults of Ma Huateng are too weak to say: “I don’t know.” Zeng Liqing thought that this investment must be yellow. However, Wang Shu gave Ma Huateng a high score in his heart and thought that he was very real. Later, Wang Shu took a look at Wang Gongquan, a senior partner of IDG’s Beijing headquarters. Wang Gongquan has been asking Ma Huateng how to make money. Ma Huateng smashed into the middle of the night and couldn’t say why. He can only repeat and say: This thing users like it very much. Wang Gongquan finally decided to vote. Because after all, ICQ’s success precedent is here. At the same time, he decided to vote for Li Ka-shing, the second son of Li Ka-shing. At that time, Li Zezhen’s Yingke Telecom wanted to enter the mainland, but there was no way. Zeng Liqing got on Yingke through the relationship, and his business wizards appeared again here. Zeng Liqing said to Yingke that we are very popular. You must vote for IDG. Also said to Yingke, we are very popular, you see Li Zezhen must vote. Then use this side to urge the side to hurry, and use that side to press here to accelerate. Finally, Tencent’s valuation was $5.5 million, and IDG and Pacific Century each invested $1.1 million, accounting for 20% of the shares. The valuation of the company of 5.5 million US dollars is also calculated from the brains. Because Ma Huateng has to settle accounts and support QQ, at least 2.2 million yuan is needed, but they do not want to lose control of the company, so they set a quota of 2.2 million. , the inverted value of 5.5 million. In April 2000, Ma Huateng signed the agreement, and $2.2 million in funds was received. Tencent finally survived thrillingly. The word thrilling is not exaggerated. Because of a catastrophe that destroyed the Internet industry, it has begun to erupt. Prior to this, the global Internet market has been skyrocketing for several years, Internet technology companies have listed, and the US stock market has been hit a new high. In March 2000, the Nasdaq index, which is dominated by technology companies, reached a record 5,084.62 points. In 5 years, it has turned 6 times. However, the Fed’s sudden interest rate hike, numerous Internet companies’ first-quarter revenue declines, and Microsoft’s anti-monopoly lawsuits and other negative factors have combined, causing the Nasdaq index to plummet and close to the waist within half a year. Seriously, such as Netease, the stock price fell from fifteen to five, all the way down to more than four cents. This is the “2000 Internet bubble burst event” that is still talked about. The stock index plummeted, leading to tight investor funds, and the prospects for Internet startups are no longer optimistic.If Tencent’s financing is later, even if it is a few days, it may all fall short. However, Tencent got $2.2 million and was far from being restless. In the face of the crazy growth of QQ (due to AOL’s intellectual property litigation, OICQ has been renamed QQ), this money is just stuffy. In less than half a year, QQ users have risen to tens of millions, and personnel, venues, and servers have to follow suit, and Tencent has once again fallen into a financial crisis. At this time, IDG was incapable of investing in the stock market, and did not want to invest any more. Li Zezhen also believed that Tencent’s model had no commercial future. Ma Huateng madly looking for investment, Sina, Sohu, Yahoo, Lenovo, TOM, Kingdee, can find all the search, no one is willing to take over. By the beginning of 2001, Tencent was really running out of water. At this time, a person named “Net Great” suddenly broke into Tencent’s office. This person is blond, but speaks fluent Chinese. He said that he is from the MIH company in South Africa and wants to invest in Tencent. Although this company from faraway Africa has never heard of it, for Ma Huateng and others, just like the drowning people grabbed the straw, they immediately started negotiations with the net. Two months later, the two sides reached an agreement, Tencent’s valuation of 60 million US dollars, of which MIH invested 12.6 million US dollars to purchase all 20% of the shares owned by Yingke, and invested 8.064 million US dollars to purchase 12.8% of IDG shares. Soon after, MIH purchased a 13.6% stake in Ma Huateng and others and became the largest shareholder of Tencent. With a investment of 1.1 million U.S. dollars, Li Zemin received a return of 12.6 million U.S. dollars in less than one year. He is an investment genius. However, if he did not sell it, these shares are now worth $88 billion. The IDG Beijing headquarters originally wanted to sell all Tencent stocks, but in the insistence of Wang Shu, it still retained 7.2%. However, before the listing of Tencent in 2013, Ma Huateng purchased this part of the shares for $4.579 million. The earliest investment in Tencent, but failed to hold for a long time, became the most sighing investment in IDG history. MIH, today still owns 31.1% of Tencent’s shares, valued at $136.6 billion (this is not yet part of MIH’s cash-out). Its investment in Tencent is one of the most successful venture capital investments in human history. After the second round of financing, Tencent temporarily got rid of the troubles of funds. However, how to make a profit is still a difficult situation in front of Ma Huateng. At this time, QQ users have more than 100 million, but only see money every day, no money. Although in today’s view, as long as there is traffic, it will not be realized. But at the time, it was not clear what people used for traffic. Under the pressure of profit, Tencent made some commercial attempts. The easiest way is to advertise on the QQ interface. At the beginning, there were some companies to try, but after discovering that the effect was very poor, no merchants were willing to vote. The second method is to develop a fee-paying user and sell a QQ membership card. Tencent has high hopes for this method, and thinks that one hundred million users, one percent will buy QQ services, it is already a very substantial income. The sales wizard, Li Qing, spent a lot of effort to promote the QQ membership card. Within six months, the results were “rich” – QQ harvested 3,000 members, and the monthly income was “up to” 30,000 yuan. Later, Tencent tried a variety of methods, and none of them succeeded. In desperation, Tencent launched a “suicide” stun: QQ number registration fee. Ma Huateng, who knows the most user, has never understood the user’s mind at all, or even if he understands it, he can’t take it. In China, Internet users are naturally convinced that Internet services are free, and QQ registrations are actually charged, which is simply a big deal. Public criticism has come to the fore, from the Internet to the newspapers, accusing Tencent. This is the first serious public opinion crisis that Tencent encountered. Numerous reporters called the company to request an interview. There were no people who had no experience in dealing with public opinion. They didn’t know how to be good, and they all hid. Later, Chen Yidan drafted an open letter explaining the reasons for Tencent’s charges, but it was considered by the netizens to be “arrogant and rude sophistry”. There are also huge differences within Tencent.However, Ma Huateng was unmoved and was scared by two financial crises. He said: “Tencent will not be killed, but … will die of blood loss.” Other Internet companies in China have seen the opportunity, more than 30 models are intended to replace Tencent’s products are swarming, and QQ users are largely lost to other platforms. Ma Huateng had to recover his life and re-free. But the group of wolves that have already emerged will make him overwhelmed in the next two years. One of the competitors of “You are sick, wants you to live”: Langma UC is the “Mobile Monternet” business of China Mobile. Friends after 70s and 80s should remember that in the early part of this century, people’s main contact methods were texting on mobile phones, and QQ or other instant messaging software on the computer. And the two are not connected to each other. Nowadays, it is hard to imagine that dozens of hundreds of WeChats will be sent every day. At that time, every time a text message was sent, it cost 1 cent, and no more than 70 words. In 2001, China Mobile launched the “Mobile Monternet” service. Tencent and Mobile reached an agreement to open the “Mobile QQ” service, allowing users to send text messages that can be displayed on QQ. The QQ information sent on the computer can also be displayed on the mobile phone. . The SMS fee charged by this, Mobile and Tencent are divided according to 15:85. This business quickly became Tencent’s cash cow. At the end of 2001, Tencent’s revenue reached nearly 50 million. As QQ users continue to increase, and the communication needs of computers and mobile phones increase, QQ becomes the pillar of mobile Monternet SMS. At the peak, QQ SMS accounted for 70% of the entire Monternet SMS. Monternet revenue has also become the most important pillar of Tencent’s revenue. In 2003, Tencent’s operating income reached 735 million yuan and its profit reached 322 million yuan. At this point, Tencent not only survived, but also became the darling of the capital market. Ma Huateng also opened the road to listing. In June 2004, Tencent was listed in Hong Kong with a financing of HK$1.438 billion. The five founders have become billionaires. Ma Huateng’s net worth has reached nearly 900 million Hong Kong dollars. This year, Ma Huateng was 33 years old, founded the company for 6 years, and QQ was launched for 5 years. Tencent Hong Kong listed photo 5 listed to bring to Ma Huateng, in addition to financial freedom, the greater gain is a lifelong business partner. Tencent’s listed underwriter is Goldman Sachs; Goldman Sachs is responsible for connecting with Tencent, called Liu Chiping. Liu Chiping was two years younger than Ma Huateng. He was born in Beijing. He moved to Hong Kong at the age of 6. He studied at the University of the United States and holds an MSc in Electrical Engineering from Stanford and an MBA from Northwestern University’s Kellogg School of Management. After graduation, he worked as a consultant at McKinsey. Join Goldman Sachs. When meeting with Ma Huateng for the first time, Liu Chiping was already an executive director of the Goldman Sachs Asia Investment Bank. They both cherish each other and see each other as they are. At that time, Ma Huateng had chosen to be the underwriter in many investment banks. Liu Chiping made him feel a lot different. In addition to Liu Chiping’s business card printed on the QQ number, so that Ma Huateng is very warm, Liu Chiping’s Mandarin is very good, so that Ma Huateng is very comfortable, the most let Ma Huateng appreciate is the temper. Other underwriters have suggested that Ma Huateng will make the market value higher and more financing. Liu Chiping suggested that Ma Huateng be conservative and take it slowly. This makes the consistently low-key and pragmatic Ma Huateng a refreshing. Liu Chiping also pointed out that Tencent’s biggest problem: business income is too dependent on China Mobile, the company will not have the ability to self-hematopoietic if it changes in the future. This gives Ma Huateng the feeling of finding a confidant. In the process of Tencent’s listing, Ma Huateng threw an olive branch to Liu Chiping, hoping that he could join Tencent. However, due to the restrictions on the relationship between Party A and Party B, Liu Chiping waited until Tencent was listed for half a year before he officially joined. This change in work has made his salary less than two-thirds. Liu Chiping / Tu Yuan: Tencent’s official website Liu Chiping’s position to Ma Huateng is CSO, chief strategic investment officer. His participation has allowed Tencent to have a company with no strategic foresight and only knows how to make products. Since then, people who have looked up at the stars have had a profound impact on the future development of Tencent. Liu Chiping soon showed a unique role in Tencent. He helped Tencent to quell the abnormal fluctuations in stock prices, proposed Tencent’s five-year strategic plan, and led a series of mergers and acquisitions.仅仅一年以后,刘炽平就从首席战略官升任腾讯总裁,成为仅次于马化腾的企鹅帝国二把手。到了2018年,刘炽平的年薪超过3亿人民币,并且作为腾讯第二大个人股东,拥有0.52%的公司股份,合人民币156亿元。2005年,刚刚履新不久的刘炽平,还完成了一笔漂亮的收购,他从博大公司买下了一个名叫Foxmail的产品。这个产品本身虽然也很不错,但是更诱人的,是一起打包购入的Foxmail的20多人团队。该团队的负责人,正是“马站长”曾经的网友,张小龙。若干年以后,张小龙会成为腾讯公司、乃至中国互联网界的传奇。4腾讯上市、刘炽平加盟、收购张小龙,加上马化腾大婚和腾讯乔迁新居,那一段时间,马化腾与腾讯,喜事不断。但是,危机也在暗暗酝酿。在中国的无线通信发展大潮中,中国移动盈利丰厚,但是却仍不满足。看到腾讯在和移动的合作中分去大部分利益,现在觉得已经不需要腾讯帮忙推广的移动,开始向腾讯下手了。其先是调整双方合作的明星项目“161移动聊天”的分成比例,从腾讯嘴里每月夺走400万净利润。然后又把QQ短信的分成比例从15:85调整到50:50。最狠的2006年使出的一招。那一年,中国移动决定自己做即时通信软件,推出了“飞信”。为了推广飞信,移动向腾讯提出了非常严苛的城下之盟,并宣布到年底停止一切移动梦网聊天业务。这些举措,使得腾讯的股票急剧下挫,腾讯不得不三次回购股票,稳定股价。同时,不顾一切地提高其他业务的收入,减少对移动的依赖。此前,腾讯也曾经有过一系列的自救措施,在几年间,相继推出QQ秀、游戏、门户广告等其他能带来盈利的业务。但移动增值业务,始终还是最主要的盈利渠道。现在这一渠道面临关闭,马化腾和腾讯,必须得寻找更多新的盈利法门。腾讯相继推出了“QQ空间”、“QQ农场”等新产品,并采用了“红钻”、“黄钻”等会员体系。在几年前曾经尝试收费注册而未能成功的腾讯,现在却通过“QQ会员”体系,意外找到一条高速增长的道路。那些年轻的QQ用户们,不愿意为注册一个QQ号而付费,但是却很愿意为购买一个虚拟的头像、一套虚拟的衣服、一件虚拟的道具而付费。红钻、黄钻、绿钻等包月服务的推出,让腾讯终于能够脱离移动的束缚,自我造血成长。这一模式是完全中国式的创举,被国际知名互联网分析师玛丽·米克誉为“虚拟商品货币化的代表和领先者”。而QQ农场的火爆,更是让腾讯的用户数和收入像是坐上了火箭。据吴晓波在《腾讯传》里写道:“《QQ农场》给腾讯带来的收入,是一个从来也没有公开过的秘密……但是可估算,每月收入在1亿元左右……这无疑是一个非常保守的估算。”QQ农场/图源:QQ官网而更可观的收入,来自游戏。腾讯游戏起步于2003年,但刚开始的尝试完全失败。管理层本身的意见不统一,只有马化腾认为有必要做,张志东坚决反对,其他三人则不表态。后来是曾李青陪马化腾到美国参加了一个游戏展,才改变了主意,让支持游戏派占了上风。但是,尝试了一年后,腾讯游戏部门铩羽而归。花大价钱引进的《凯旋》,沦为鸡肋。2004年,马化腾重新任命了任宇昕作为游戏部门负责人。任宇昕挑选了精锐人才,从最简单的棋牌游戏入手,再到小型休闲游戏,再到休闲竞技游戏,最后到大型网游,一步一个脚印地推进。Tencent once adopted the “complete imitation” strategy. The game interface completely copied the most popular games at that time, so that users did not have the conversion cost, and then smashed the huge traffic of QQ, from QQ to the game, and suddenly the original Lianzhong, Shanda, NetEase, etc. The game giants are all playing tricks. In just a few years, Tencent’s market share has become the number one, and its business revenue has surpassed the sum of all other companies in the Chinese market and accounted for more than half of Tencent’s total revenue. From the perspective of income and profit, the later Tencent has become a game company. Tencent classic game “King of glory” / source: QQ official website 5 Although diamond members, QQ farms and games let Tencent’s income increase, it is enough to get rid of the constraints of China Mobile, become a crazy money-making machine, but Ma Huateng is not Satisfy. He pointed to the monster of Tencent and broke into every possible field. From the portal, to the search, to the e-commerce, to the group purchase, and even to the security field, Tencent is pervasive, killing the small players in the market, wherever they go, the blood flows into the river, and the corpses are everywhere. This crazy and daring strategy finally caused the biggest crisis in Tencent’s history. In July 2010, the Chinese Internet was detonated by an article titled “Tencent of Dog Day”. The cover image is a small penguin that looks harmless to humans and animals. It has three knives inserted into it. . This article is the cover article of the current magazine “Computer World”, but I do not know why it was put online on the Internet two days in advance, and was sent to every popular forum. Author Xu Lei cited examples of companies such as Meituan, Lianzhong, 4399 games, Qihoo 360, etc., accusing Tencent of using the powerful traffic and huge amount of money to act as a spoiler, predator and terminator in the industry through imitation and plagiarism. Let other companies have nowhere to go. The article borrowed from the editor-in-chief of Sina, “Old Shen”: “A website is insatiable, there is no such thing as it does not touch the target, there is no product that it does not want to do, so that the object will be reversed, and the whole network is the enemy, it will die without a place of burial.” Xu Lei also pointed out: “(Tencent) unscrupulously the cottage, … its products are not a knockoff goods, this is the root cause of Tencent’s hate.” In the emergency crisis meeting of Tencent, executives face each other, a whole Ten minutes, I can’t say a word. In the end, no one can propose an effective response. A few days after the crisis was fermented, perhaps because the work of Tencent’s public relations department was doing well, perhaps for other reasons, the Internet’s big Vs did not follow suit. Things are gradually subsiding. However, Tencent’s image as a “public enemy” has been deeply rooted in the hearts of the people. The more terrible disaster is still behind. Two months later, in the first three days of the National Day holiday, Qiu Hong 360, who was at the helm of Zhou Hongyi, suddenly launched a product called “360 Privacy Protector”, claiming that QQ peeked at user files and data without the user’s consent. After the user installs the product, the computer will pop up a dialog box that says “There are XX files or directories that have been viewed by QQ. The XX items may involve your privacy.” Meanwhile, Zhou Hongyi also published on Weibo. Strongly accused Tencent of commenting, through the 360 ​​browser website to open a special area to attack Tencent, publish articles through blogs, and even call the Internet startups one by one, ask the other party “Do you know who your enemy in the industry is?” For a time, 360 company launched a fierce attack on Tencent with a 360-degree attack. In hindsight, the occurrence of this attack is a necessity. 360’s core business is security software, and once Tencent enters this field, 360 will have nowhere to escape under the huge traffic of QQ and Tencent’s huge funds. Ma Huateng did not realize this at all, or he realized that it was normal business behavior. As for the place where Tencent has passed, whether it is not a grass, it is not his business. This kind of behavior and mentality is exactly the same as when the trio came to the earth – “Destroy you, what do you do with you?” Under this kind of mentality of devotion and despising everything, Tencent first launched the QQ doctor and then took it again. Upgraded to QQ Computer Manager, this software has a lot of overlap with 360 security guards and is completely replaceable. For a time, the market is waiting for another hunting action under the broad daylight, once again staged. 360 eyes are about to be killed by death.It was in this dying situation that Zhou Hongyi desperately launched a fatal blow. Tencent’s response is as slow as ever. Tencent did not respond to the attack from Zhou Hongjun and the start of the National Day holiday. On the 7th National Day, Tencent also took a holiday as usual. When the holiday comes back, the Internet is already full of buzz. Until October 11, Tencent issued a statement in response to the QQ pop-up window, and filed a lawsuit in court a few days later, and gathered colleagues to condemn 360. These responses have not helped at all. Not only have they failed to alleviate the public’s doubts about whether QQ has pryed into my privacy, but because of the “big bully” attitude, it has caused further public resentment. On October 29th, Ma Huateng’s 39th birthday, Zhou Hongyi sent a heavy gift – the launch of “360 buttoned bodyguards”. “Buckling Bodyguard” claims to be a companion product of QQ, which can protect QQ and make the user experience better. Tencent’s engineers found that there are serious backdoors in the “buttoned bodyguards”, including the QQ security center will be replaced by 360 security guards, QQ user relations will be imported into the 360 ​​platform, etc., that is, QQ users will be intercepted by 360, change Into 360 users. In Tencent’s view, “This is a rare public large-scale client-level software hijacking incident on the Internet.” Ma Huateng mourned and sorrow: “After three days, the user may be completely annihilated!” If the previous attack and defense is that QQ forced 360 to a dead end, then Zhou Hongyi’s fierce counterattack also forced Ma Huateng to a dead end. The next day, Tencent reported the case to the Shenzhen Municipal Public Security Bureau and complained to the Ministry of Industry and Information Technology. On the third day, when Zhou Hongyi was travelling to the company by car, he received an emergency call from Qi Xiangdong. Qi Xiangdong told him that the company had more than 30 police officers, let him rush to escape, where to fly where to fly. Just as Zhou Hongyi took his passport with him, he checked the validity period of the visa. Currently, he can go to Japan, Hong Kong and the United States. He took the initiative and let the driver turn around to the Capital Airport, bought the latest flight and flew directly to Hong Kong. Many years later, Zhou Hongyi used this passage to end his story in his book “The Subversive: The Autobiography of Zhou Hongyi”: “Like the replay of a scene in The Pirates of the Dream, the male protagonist has no time to take a look. My own child was taken away. At this moment, what I want to see most is my own child.” In the next chapter, Zhou Hongyi also quoted a paragraph from “Entrepreneurship” as the beginning: “Real The problem is not to have a great dream, but to discover that when you wake up in the middle of the night, the dream becomes a nightmare.” During that time, Zhou Hongyi was hiding in Hong Kong and was afraid to return to China. He must have been in the middle of the night. Wake up in the cold sweat. Zhou Hongyi / Tu Yuan: Baidu Encyclopedia Tencent this time, Ma Huateng finally made the most decisive counterattack. On November 3, the fifth day after the release of the “Buckling Bodyguard”, the most classic scene in the history of the struggle of Chinese Internet companies emerged. At 6:19 pm, Tencent released a “letter to QQ users.” The letter begins with this: “Dear QQ users, when you saw this letter, we just made a very difficult decision. Before 360 ​​company stopped the QQ invasion and malicious slander, we decided to The computer with 360 software stopped running QQ software…” That is to say, in the future, the user must “select one” between QQ and 360. He has no me, and I don’t have him. This open letter spread throughout the network in an instant, and the netizens, with great enthusiasm, moved the bench to hold the watermelon and watched how the farce would end. Weibo even set off a sentence-making frenzy of “a difficult decision.” After many years, this sentence is still a long-lasting network stalk. Later, the Ministry of Industry and Information Technology came forward to mediate, and asked 360 and Tencent to publicly apologize to the public, stop mutual attacks, and ensure that the relevant software is compatible and normal use. With the intervention of state power, the war finally subsided. However, its impact is extremely far-reaching. It is not an exaggeration to use the phrase “the bleak autumn wind is now, it is changed to the human world”. The main reason for 6 “changing the world” is Tencent. Ten weeks after the “difficult decision”, Tencent ushered in the company’s 12th anniversary. Although the war with 360 was still going on at the time, Tencent still held a grand celebration of 4,000 people as originally planned.After the speech was delivered, Ma Huateng returned to the office and wrote a long e-mail for two hours to all employees. In this e-mail titled “Open the Door to the Future,” Ma Huateng wrote: “Since the company was founded, we have never experienced such a huge security crisis…. As a company leader, I personally need to do it at this moment. Reflection: … In the past, we were always thinking about what is right. But now, we have to think more about what can be recognized. In the past, while pursuing user value, we also enjoyed the speed of success. And passion. But now, we have to be more implanted in the culture to the public, the industry, and the future…. Tencent’s dream is not to make itself the strongest and largest company, but the most Dear company.” Tencent’s “Do not forget the heart” napkin packaging Many years ago, when Tencent started the QQ registration fee, Ma Huateng once said categorically: “Tencent will not be killed, but will die of blood loss.” At that time, They don’t care about the public’s snoring, as long as they can survive. Now, Tencent has reached this level and has far exceeded the target of survival. Their action strategy, but they still survived desperately, and turned themselves into a public enemy of the whole people, and became a “dog day.” American psychologist Maslow once proposed a classic theory: human needs are divided into five types from low to high, like ladders: physiological needs, security needs, social needs, respect for needs, and self-fulfilling needs. The article “Tencent of Dog Day” and the battle of 360 may have made Ma Huateng realize that he and Tencent have long surpassed the stage of physiological and security needs, and that they pursue respect and self-realization. Under the glorious ideal of “becoming the most respected company”, Tencent began a sharp turn. Tencent has opened ten expert forums called “Diagnosing Tencent” and invited 72 experts to criticize Tencent. Ma Huateng asked every executive of Tencent to attend at least one diagnostic meeting. At the meeting, many experts’ speeches were very sharp and even fierce attacks, but Tencent’s people could not justify and could only listen silently. Tencent’s business philosophy has gradually changed from open and exclusive to open and shared. From the place where the competition strategy is, the competition strategy has become a spring rain and rain. Ma Huateng publicly declared that Tencent’s strategy is now “half life”. We hold half of the company’s fate in our hands and half to our partners. The original Tencent, do search, do e-commerce, go all the way to go, let others have no way to go. Later, Tencent gave Soso to Sogou and gave the pat network to Jingdong. It did not kill Sogou and Jingdong, but instead invested in money and gave them traffic, so that they could do even bigger. Tencent also established an industry win-win fund, invested in the US group, voted for it, invested a lot of money, voted for knowledge, voted for B station, voted for the same way, and invested in all the companies that can vote, and opened them to the interface of WeChat and QQ. Use, so that they can grow quickly with huge traffic support. Once upon a time, any Internet company to start a business must think about a question: If Tencent enters this industry, what do you do? Later, any Internet company to start a business must think about a question: How can I get Tencent’s investment? Since then, Tencent’s reputation in the public has begun to change a little bit. By 2019, Tencent’s mission and vision had been upgraded to “technology is good”. There is not much ridicule on the Internet, and more serious discussions and expectations. 7 The changes mentioned above are what happened within a few years. Time is back to 2010, when people, including Ma Huateng himself, believed that Zhou Hongyi’s attack was the most dangerous moment in Tencent’s history. But it is not. Three months before Zhou Hongyi launched the attack, Tencent’s most dangerous moment has already begun. On June 8, 2010, Jobs released the iPhone 4 at the Moscow Convention and Exhibition Center in San Francisco, USA. This amazing mobile phone quickly spreads all over the world, pushing the human society forward to the era of smart phones. China’s smartphone users have also begun a spurt of development. The Chinese are moving into the era of smartphones and mobile internet at full speed! Tencent is a social giant in the PC era. But in the era of mobile Internet, Tencent started very late.在360和QQ鏖战正酣时,新浪微博的用户数,已经悄悄突破了5000万,并且还在以月均千万的势头在猛增。对坐拥QQ数亿用户的腾讯而言,这个数字本身并不可怕,可怕的是,微博的用户,主要在手机端。而且,当时几乎所有的热点事件,都是在微博引爆。腾讯也做了腾讯微博,并很快宣布用户数突破了一个亿。但是,用户并不买账,大家还是喜欢刷新浪微博。如果新浪微博成为移动端的第一社交软件,那么以社交作为最核心业务的腾讯,将像曾经的诺基亚、柯达一样,被时代抛弃,以PC时代社交王者之尊的身份,在移动互联时代落得死无葬身之地的结局。在5年以后和清华大学钱颖一教授的谈话中,马化腾说,微博崛起,是腾讯面临的最大的危机。那些天,一边是周鸿祎的步步紧逼,一边是微博的蒸蒸日上,腾讯帝国的崩塌,似乎指日可待。这时候,一个单骑救主的常山赵子龙横空出现了。这个赵子龙长得并不帅,他的武器也不是左手青釭剑,右手亮银枪,而是左手键盘,右手健牌(香烟)。他就是张小龙。张小龙是90年代就名满天下的天才程序员。他单枪匹马写出了Foxmail软件,震惊了当时的中国互联网圈。后来,Foxmail被博大公司收购,3年后又被卖给了腾讯。马化腾与张小龙自1998年成为网友,到收购Foxmail时,已经相交7年。他给与这位很有性格的奇人充分的尊重。张小龙不愿意去深圳办公,马化腾就专门为他设立广州研究院,让他可以在广州办公。张小龙爱打网球和高尔夫,水平高到网球是全公司冠军,高尔夫是世界冠军(职业-业余配对赛),可想而知花了多少时间在上面,但马化腾从不干涉。被腾讯收编之后,张小龙负责QQ邮箱。在他接手以前,QQ邮箱奇烂无比,是一个简直称得上腾讯耻辱的垃圾产品。张小龙生生把它打造成为国内邮箱第一名,获得了腾讯内部最高荣誉的年度创新大奖。张小龙/图源:百度百科那一晚,正与周鸿祎缠斗得焦头烂额的马化腾,照常半夜查邮件,看到张小龙发来一个产品开发提议。这是一款模仿上个月美国新出的kik APP的产品,移动端的即时通信软件。马化腾当即回复:马上做!张小龙和马化腾用最快的速度给这个产品立了项,马上开始动工。与张小龙同步进行的,还有另外两支队伍,这是腾讯惯用的赛马机制。最终是张小龙团队胜出。70天以后,第一版产品发布了,在马化腾的提议下,它被命名为:微信。张小龙没有要求QQ为微信导流,他想看看微信本身的生命力。他把马化腾的“小步快跑,快速迭代”产品开发理念用到极致,不断推出图片发送、语音聊天、摇一摇、漂流瓶、查看附近的人等新功能。10个月后,微信用户数以每月6百万的速度增长,马化腾长出了一口气,说:“微博的战争已经结束了”。马化腾对微信的评价是:我们终于拿到了移动互联网时代的站台票。后来的微信,仍在不断进化,陆续推出了朋友圈、公众号、微信红包、微信支付、小程序等新功能。到今天,微信的每月活跃用户,已经超过11亿之多。几乎每一个用手机上网的中国人,都是它的用户,我们生活、工作的方方面面,早已经牢牢地和微信绑在一起。凭借微信这张站台票,腾讯搭上了移动互联网时代的列车,而且是速度最快的高铁。82019年,马化腾已经48岁,腾讯已经成立21年。据说互联网时代,七年就是一辈子。按照这种说法,腾讯已经经历了三生三世。它曾经坐拥深受用户喜爱的好产品,却无力供养,走投无路,差点卖身。In order to be alive, it uses all the methods that can be thought of to make money, and can’t care about others to blame it for “whatever is copied” and “think of money and want to be crazy.” It used to be a formidable hunter, killing the United States, fighting MSN, playing 360, playing against Baidu and Ali, being regarded as “the public enemy of the whole people”, and even being yelled at the “dog day.” It used to be the social giant of the PC era. Facing the rise of the mobile Internet, it saw that Sina Weibo was riding a dust, and its own movements were slow, and the transformation was difficult and overwhelmed. However, at every time of crisis, Ma Huateng and his team can always stick to their teeth and unite to deal with them. The paradox is that Tencent still has some help from the nobles, or the heroes come forward, the building will be tilted, the arrogance will fall, and the social throne seems destined. It has weathered the capital crisis, the competition crisis, the public opinion crisis, and the transformation crisis. Every time you turn around, it is more successful than the last time. It grew from a small company with only 5 people to a huge number of employees with more than 40,000 employees and an operating income of more than 400 billion. Tencent Building/Source: Tencent’s official website However, growth is not without cost. In the history of Tencent, after every gorgeous evolution, the newly acquired advantages will always be the root of the next crisis. The latest evolution of Tencent has been done from nothing, and everything has been invested. Its investment has spread over half of China’s Internet. And when it was discovered that the original investment was easier than the siege, the money was faster, and the reputation was better, it was the hard, hard, and tired innovation and competition of Tencent. Passion to continue to do well? In 2018, a brush-screen article entitled “Tencent has no dreams” said this problem. Author Pan Chao believes that Tencent has changed from a technology company to an investment company. It is losing its product capabilities and entrepreneurial spirit, becoming utilitarian and short-sighted, and its strength is no longer a product business, but an investment in financial technology. Ma Huateng, Liu Chiping and Zhang Zhidong all responded to this statement. Ma Huateng said: “…the product team has greater determination and patience to make better products. Because this is my initial heart. From the first line of code, my ideal is how to make the best products, Rather than earning much money.” Liu Chiping said: “Tencent is a larger organization and ecology than the author imagines. Every part is pursuing its own ideals and exerting its own strength.” Zhang Zhidong said: “The article has false Bugs. But sharp criticism is a good thing. Goose factory… There is still a distance from technology to change life, it is a problem and an opportunity.” From the response of the Ten Giants, they are not understanding, not recognized, and their mentality is very peaceful. Focus on the long-term issues of “better products,” “pursuit of one’s own ideals,” and “technology changes life.” I have always argued that values ​​are of paramount importance to the development of a large company. From the perspective of plagiarism and profit-seeking, Tencent has become stronger and bigger, becoming a king, and being respected and technologically good. The evolution of such values ​​is more important and powerful than the evolution of capabilities. From the improvement of the pattern of Ma Huateng, Liu Chiping, Zhang Zhidong and others, I have seen Tencent’s hope for a great future. Wu Xiaobo said: It is difficult for you to freeze a volcano that is erupting. Tencent, who has experienced three generations of life and is constantly reborn, is a volcano that is erupting. (Note: Many of the materials in this article refer to Wu Xiaobo’s “Tencent Biography”, thank you. This book is the most detailed and innermost book in the book I have written in Tencent. If you need to know more about Tencent, it is recommended. Buy and read the book.) References: 1. Tencent Chuan, Wu Xiaobo, Zhejiang University Press. 2. Dialogue with Qian Yingyi, Ma Huateng first talked about entrepreneurship, leadership, and growth history, Liu Jie, Wang Xiaobing, and the public number “Tengyun”. 3. Tencent has no dreams, panic, and the public number “chaos the book.” .

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