“I have been to Pengcheng several times, but I have never had the chance to visit Tengda’s headquarters. I took this opportunity to come and visit.

It's very kind of you to trouble Mr. Xu to come and meet us. "

In the contact with Pengcheng Yamen, Li Zehua just showed up to show that he attached great importance to it after the reception banquet at noon.

Declining the follow-up arrangements from Pengcheng, the group drove to Tengda headquarters in Pengcheng. Li Zehua was worried that if he didn't come again, he would miss the chance next time.

He came only to witness the rise and fall of an era.

When getting off the car, he specially arranged for his assistant Wang Fei to take a half-length portrait of him with the Tengda headquarters building as the background. He planned to treasure this photo.

Xu Chenye, then Chief Information Officer of Tenda, had been waiting downstairs with his team. When the filming was over, he came up and shook hands with him, then smiled and said:
"As you should. Mr. Li has come from afar. It would be rude not to greet him at the airport. From now on, I will personally take charge of the reception. I will make sure that Mr. Li feels the sincerity of Tengda. Please..."

As one of the five founding tigers of Tenda, Xu Chenye does not need to be so enthusiastic. With Tenda's current status, its market value alone exceeds HK$2600 billion, making it one of the most powerful Internet giants in the world.

The entire Qingyun Group has only contributed tens of millions in advertising revenue to Tengda this year.

However, the latter developed so fast that Tenda had no time to react, and the other party had already shown the potential to become a new Internet giant.

Especially in the competition between the two parties in the group buying platform business, Tenda, which receives tens of millions of advertising fees from Pinduoxi every month, also has to face Pinduoxi's ubiquitous suppression.

It is suppression. Logically, Tenda has a huge advantage at the traffic entrance because of its powerful weapon QQ. It is very easy to form a traffic concentration effect through link sharing.

However, in actual promotion cooperation, many third-party merchants were surprised to find that their sales did not increase significantly due to Tenda’s promotion after placing advertisements through Tenda.

On the contrary, the expensive traffic promotion costs have hindered the development of its own business. Perhaps in the computer era, the monetization ability of Internet advertising is not as valuable as traditional media channels.

They certainly don’t know that most of the users who are surfing the Internet at this moment are still in the best time of their lives. Beauty means freedom because there is no pressure in life.

At this age, many of them do not need to shoulder the burden of the family. Instead, they care more about enjoying their personal lives, pursuing personal freedom and quality of life, and their spiritual needs.

Impulsive consumption, blind pursuit of hot spots and style, cool represents everything.

These companies, which sell popular daily necessities and focus on being a cost-effective and money-saving group-buying website, set their sights on the 15-25 year-old population controlled by Tenda. Their wishful thinking was completely wrong.

As for consumers aged 25-45, most of them use QQ to meet their work needs. In their spare time, they are more exposed to information and news. If they need to shop online, they will go directly to Taotao.

In the initial daily operations, Tenda enjoyed the advantages of traffic, but had no choice but to access offline ports, especially when signing cooperation contracts with high-quality sources, manufacturers, and small and medium-sized businesses.

He was ostracized by the entire Qingyun system, even in Tengda’s base, Pengcheng.

This ubiquitous pressure has also forced many small and medium-sized businesses to give priority to the Pinxixi group buying platform when considering cooperation with the two group buying platforms.

This left the entire Tenda management team puzzled. If the reason for losing to Pinxixi was due to the advantage in offline promotion numbers, it was understandable.

But in Pengcheng, Tenda has unprecedentedly formed a professional promotion team of over 500 people. Despite its local combat advantage, it is still unable to compete with Pinxixi, which makes people very desperate.

Is it really as the Pinxixi salesperson said: Tenda does not have the genes for e-commerce and has played a good hand of cards badly?
Fortunately, Tenda has one of the best technical talent teams in the country today, and they can extract the information they want from the vast amount of data in the first place.

Based on the surrounding people, especially the young groups, we carry out targeted diet, entertainment, and even fitness and KTV singing. In summary, it is the promotion of group buying projects for food, drink and fun.

Only projects that focus on short, quick results and can really stimulate young people's senses can make them open their wallets.

Tengda has finally found a group-buying business logic that is more suitable for itself...

Following Xu Chenye upstairs and listening to the other party's indirect words, Li Zehua certainly would not tell the other party: That is because users of instant messaging software are actually different from e-commerce users.

Even though Tenda often claims to have hundreds of millions of users, in fact, the biggest need of these people when they log in to QQ is to exchange information.

Even in the era of mobile Internet, Tenda's attempts at micro-business are still in vain. No matter how big a fuss it made at the beginning, in the end it was all in vain.

"Why? It's like selling fruit in a library. The louder you shout, the more people dislike you.

People come here to read books and need a quiet environment to learn knowledge, not to buy fruit. Even in the era of mobile Internet, it is difficult for Tenda to succeed on its own. "

Li Zehua has his own understanding of this, because he has never taken Tengda's group buying platform seriously, just like JD.com's Liu Qiangdong later did not care about Tengda's b2c e-commerce website.

If Gao Ling had not intervened to force mediation, within two years, Dong Ge would have been able to use his own methods to completely defeat Tenda E-Commerce. It would have only taken a little more money and time.

On the surface, he was listening to Xu Chenye introducing Tengda's history, glorious moments and current achievements, but in fact he was wandering around.

Perhaps, the current Tenda has found out but is unwilling to admit it, that it is just a gaming company that sells traffic advertising and value-added services!
Its advantage lies in the repetition and brainwashing of overwhelming advertisements. It can say something unpleasant or just make up something and let Tenda put all its efforts in promoting it.

It can make a big noise in a short period of time, but the actual conversion rate is so high that even it itself cannot bear to look at it.

Even after another ten years, this core logic will not change at all, including any sentence that Xu Chenye introduces to him now, which will always be inseparable from the word "user scale".

Apart from this, has Tenda made any other achievements?
No, after another fifteen years, they are still standing still and their essence has never changed, just like Baidu cannot support its business without search bidding ranking.

Before the emergence of Internet financial services, Internet companies across the country were limited to two major channels for monetizing traffic: advertising and traffic.

Qiandu suffered the loss because it did not make early arrangements for its gaming business, and thus fell behind step by step.

The key to the mobile Internet's real success in enabling related companies to take off is that major companies have mastered a shortcut to success, which is the financial attribute that Squid is best at.

Through capital operations, the bottom layer is accurately harvested, and everything is wiped out by overdrawing the future. The key to opening Pandora's box is desire, and traffic is the magic weapon for success at this time.

Prior to this, at least 50% of Tenda’s traffic had no commercial value.

Most of the remaining half only use Tenda's communication tools to communicate information, and it is the gaming business that has enabled Tenda to be reborn.

At any time, if you strip away the irrational users who save money and recharge for Tenda Games, and then strip away the mobile financial income, you will be surprised.

Returning to its essence, Tenda has created advertising traffic value by relying on its incredible user scale, which is simply insignificant compared to the revenue of other sectors!
At one point, it was even less than one-tenth. Do you understand?
Nearly half of its business revenue comes from game value-added services, and one-third comes from financial and corporate income. Leaving these two aside, less than 20 billion yuan is left out of the 100 billion yuan in revenue.

Revenue and net profit are enough to explain everything. The user scale of instant messaging cannot be directly converted into economic benefits.

It makes no sense for any company to compete with Tencent for the user market simply because it does not have the ability to monetize in a timely manner. Even if it wins in scale, it will be difficult to gain an absolute advantage in long-term competition.

It’s just a pity that Li Zehua came.

Internet finance is his first card.

Because he cannot reverse this inevitable historical trend, which is the result of the collective will of capital. The only result of trying to stop a chariot with his bare hands is to be crushed into pieces.

But he can win over powerful enough allies at the first opportunity through resource exchange and use his core trump card, the QR code!
He wants to complete his strategic layout before all his competitors follow suit, whether it is the sharing economy or Internet financial monetization, this time, he wants to keep the bulk of the profits in the country!

No one should ever dream of sweeping away the wealth accumulated in this land over decades in an instant, as happened in the previous life, and turning it into a carnival feast for a very small number of people.

Although the risk is incredibly high, he wants to try it once...

When Xu Chenye was touring the Tenda headquarters building, he even had the leisure to personally test the new features of Tenda QQ when passing by the office area of ​​a business department. He also gave high praise from the perspective of a friendly competitor, even though he wanted to replace it immediately.

But we have to admit that in the field of instant messaging, Tenda is already an unshakable mountain in the eyes of ordinary people.

Xu Chenye had no idea of ​​his inner thoughts, just like a giant monster from the Jurassic period that would never notice a mammal hiding in the corner.

Who would have known that a meteorite that was about to fall from the sky would end their rule over the world.

Now, rebirth and the wave of mobile Internet are quietly changing all this!
Entering the special elevator again, before meeting Brother Xiao Ma, Li Zehua still had a smile on his face, but in his mind, from beginning to end, he was thinking about how to overthrow this mountain...

The overseas version of WeChat has been launched on a small scale in Lijiaopo, Malaya, Siam and other places. It is promoted through cooperation with local telecommunications companies based on the social network of address book acquaintances.

With its free information exchange and free voice call functions, it is gradually winning the hearts of consumers. As for the video call function, it is still in the technical blockade stage.

All new features, including scanning and people nearby, are being tested in secret. According to Li Zehua's idea, one generation will be released, one generation will be improved, one generation will be developed, and one generation will be conceived.

This is the ideal state of WeChat.

Product updates are always 6-12 months faster than competitors, which shows absolute technological leadership. Some technologies that are commonplace in later generations are still high-end killer features today.

To achieve the bundling of interests with telecommunications operators in various countries, to serve as many companies as possible, and to exchange WeChat's overseas shares for its existence value, it would be worth it even if only 10% of the shares were left in the end.

We don’t care about economic benefits, we care about market scale, we must survive at all costs and demonstrate our core values ​​to the top management of Todai in a short period of time.

A promotional channel that reaches overseas and is in your own hands is worth a ton of money!

Tenda cannot do this no matter what. As long as WeChat can achieve the good result of breaking through 2012 million overseas users before the final battle in the domestic market (13/).

Tenda will never be able to defeat WeChat in normal market competition in this lifetime, because this has deviated from the normal logic of business competition.

Once there is invisible interference from the upper echelons, any competitive advantage, no matter how big it is, can be completely reversed. Moreover, Qingyun Group also holds a lot of cards in its hands.

Of course, it is not so easy to reach a user base of 100 million. At least the cooperation with Indonesia and Bangladesh has not yet been concluded.

Even in the vast Africa, Apple's sales volume is not large, and it will take time to build channels to enter Australia and Latin America.

The number of smartphone users in Lijiaopo, Siam and Malaya alone is not enough to support a market of over 100 million within three years, but there may be hope of reaching tens of millions.

To achieve this, the only breakthroughs are in Hong Kong, Europe and the United States.

Li Zehua had some ideas about what to do. He planned to go to America, Southeast Asia, and Jiaoben Chicken as soon as possible after finishing his trip to Pengcheng.

Before he touches the core interests of Squid Capital, and on the premise of ensuring his own safety, he meets with potential allies and completes the resource exchange.

No matter what the final result is, Li Zehua has no regrets...

"In the past 3100 days of December, the business transactions between Qingyun and the company reached 60 million, of which the largest was the Pinxixi group buying platform project, and advertising business accounted for more than %..."

While Li Zehua was visiting Tengda’s headquarters, several people in Tengda’s chairman’s office were conducting an in-depth analysis of Li Zehua’s purpose of visit.

The shy little Ma Ge is completely different when he is in the company, although he never speaks like another Mr. Ma, who likes to take the initiative and appear very imposing.

But with his unique gentle and steady tone, few people dared to question it.

This is the unique temperament of a startup company founder that will be honed through continuous success and in the process of leading the company to grow and develop.

The real good guys have long been eliminated in the cruel market competition.

“…The results of the company’s group-buying platform transformation have already been shared at the weekend meeting, so I won’t go into details here.

Based on the current business layout for e-commerce websites, I personally still insist that we should seize this opportunity and continue to increase investment in the Pinxixi group buying platform.

Even if the company cannot lead this financing project, it should participate deeply and get at least 5% of the shares. This will be the premise for the merger of the two companies before Pinxixi goes public. "

The speaker was Liu Zhiping, the group's executive director and president. He succeeded Tengda's founder, who left in 07, and had previously sorted out the details.

He then served as the vice president of Tenda, responsible for investment, mergers and acquisitions, and specific business. In 07, he succeeded Pony Ma as the president of Tenda.

Tengda has completed its overall layout in the industry through a series of capital operations. Its five-year business plan has a profound impact on Tengda's future.

From a revenue scale of 14 billion to an annual income of billion, this is a qualitative leap.

This gave him absolute say in the group's investment and M&A business. Even Pony Ma had to admire his professionalism.

This time, he has set his sights firmly on Pinxixi's group buying business. "Ali has in fact become the group's biggest competitor in the domestic Internet industry.

Regardless of the purpose, in any emerging industry, if Tenda cannot be replaced, we must cooperate with it. This is to curb Ali and expand its influence.

We can clearly see the route we must adhere to in order to find new growth points for the group's excess traffic.

Two weeks ago, Qingyun Group signed a new strategic cooperation agreement for 2010 with Qiandu. The estimated amount of cooperation will exceed 6 million yuan, of which Pinxixi alone will account for 70%.

This means that within Qingyun Group, the grand strategy of using Pinxixi as the development spearhead is being implemented unswervingly, with active participation and gradual expansion of influence.

Until the merger is finally completed and the ultimate goal of controlling influence is achieved.”

No one has any objection to Liu Zhiping's judgment, even if there are doubts, they are in other aspects.

For example, Zhang Zhidong, another founder and vice president of the group, said: “The key is that the amount cannot be negotiated, and the valuation is often billions of dollars.

Even if the deal is successfully concluded, the company will suffer a cash flow loss of hundreds of millions of dollars, which will greatly hinder the development of the group's main business.

After several contacts, Pinxixi had doubts about the value of traffic support and repeatedly asked us to provide real data that had been strictly tested by designated third-party agencies.

To give or not to give?
Everyone here should be clear that compared with the advertised data, the actual number is not even half of it, and the proportion given by Pinxixi is an insulting 20%.

Once we accept this, it means that the capital market will redefine the actual value of the company. How can we explain this to investors? "

Listed companies must first be responsible to investors, and every decision they make must take into account the resulting market reaction.

Pony Ma was at a loss for a moment. The necessity and difficulty of investing in Pinxixi depended on the amount and types of resources provided.

It’s not that Tenda can’t come up with the investment money, but it’s unable to explain to investors why the acquisition target does not accept Tenda’s resource monetization.

Should we tell them that Pinxixi only wants money and does not recognize the value of Tenda’s traffic support?
If this gets out, it would be strange if the stock price doesn't plummet.

Liu Zhiping didn't have a good solution for the moment. "He's already in the elevator. Whether it's cooperation or competition, we have to take a clear attitude." (End of this chapter)