Tencent Biography 1998-2016: Evolution of Chinese Internet Companies

Chapter 16 WeChat: "Platform Ticket" in the Mobile Internet Era

Great-to-great organizations have a very different perspective on technology and the changes it brings about than mediocre companies.

--Jim Collins, "Good to Great"

Everything I said was wrong.

—— Zhang Xiaolong
Zhang Xiaolong races with Lei Jun
Since being acquired by Tencent in 2005, Zhang Xiaolong has been unhappy.

In China's Internet world, there are too many such characters, young people showing off their skills, becoming known to the world overnight, and then disappearing in the vast market.In the past few years, Zhang Xiaolong's mailbox business has gone through several twists and turns, and finally gradually caught up with NetEase, and won the company's annual innovation award, which gave him a little bit of comfort.However, the profit model of mailboxes has always been ambiguous. In the Tencent system, which is based on revenue as a hero, Zhang Xiaolong's team, who lives in Guangzhou, has been wandering on the edge.Like a rusty sword, Zhang Xiaolong, once a young hero, looks like he is about to be lost to all living beings. He still lives alone as before. He drives to Shenzhen every two weeks for a CEO office meeting, returns immediately after the meeting, and rarely stays overnight. overnight.Inside Tencent, Zhang Xiaolong's reputation mainly comes from two aspects. He is the champion of a certain tennis game in the company's sports meeting, and he is also one of the largest consumers of KENT (Wrigley) cigarettes in Guangzhou.

On November 2010, 11—that is, a week after Ma Huateng wrote the strategically turning email "Open the Door to the Future", Zhang Xiaolong, holding a KENT brand cigarette under his fingertips, posted a message on his Tencent Weibo. A line of smoky "mood": My only expectation for the iPhone 19 is that, like the iPad (5G), it doesn't support telephony.In this way, I have reduced my phone bill, but you can use Kik to text me, use Google Voice to call me, and use Facetime to video with me.

Kik is a social software based on the mobile phone address book that has just been launched for a month. It can directly establish a connection with contacts in the local address book, and realize free text message chat on this basis.From a functional point of view, Kik is an extremely simple cross-platform instant messaging software - it cannot send photos or attachments. On October 2010, 10, kik was logged into the App Store and the Android Market, and within 19 days, it attracted 15 million users.

In an interview with me, Zhang Xiaolong revealed that he first learned about the new product Kik in the reading space of QQ mailbox, "The reading space is similar to Google Reader. I have a habit of going to it every day. Let's see what everyone cares about, and what new things are born in the Internet field."In the middle of the night, he wrote an email to Ma Huateng, suggesting that his Guangzhou team make a product similar to Kik, and Ma Huateng replied immediately agreeing.

The one who noticed Kik almost at the same time as Zhang Xiaolong was Lei Jun, another legend in the Chinese Internet industry.

On December 2010, 12, Xiaomi, which reacted quickly, took only one month of development time to release China's first Kik-imitating product - Michat, first for Android and then for iPhone.During the dinner party after the release of the first version of Mi Chat, when mentioning Tencent, Lei Jun said: "If Tencent intervenes in this field, the possibility of Mi Chat's success will be greatly reduced. The sooner it intervenes, the more difficult it will be for us to succeed. .According to internal sources, Tencent gave us 10 months."

The information that Lei Jun learned came from Tencent’s headquarters in Shenzhen, and he didn’t notice a small team in Guangzhou.

Zhang Xiaolong's Kik-like product project was established on November 11th. From the time point of view, it was probably nearly a month later than Lei Jun. He led a small team of less than 20 people—several of them were doing "hand mail" "Yes, there are two college graduates who have just entered the job, and they completed the first generation of research and development in less than 1 days." My eyes were red, and I didn't find the problem until the day before the holiday."

The product was launched on January 2011, 1, named "WeChat".Unlike Mi Chat, Zhang Xiaolong released the iPhone version first, and then the Android and Symbian versions.

Zhang Xiaolong personally selected the opening screen interface of WeChat. "Our UI has given several solutions, one of which is a map of the surface of the moon, which has a very vast sense of the universe. There are still many people personally, and after discussing for a while, they finally decided to stand by only one person."

This is the WeChat opening page that everyone is familiar with later: a lonely figure stands on the horizon, facing the blue planet, as if expecting a call from the universe.

In Zhang Xiaolong's memory, the first users of WeChat were Internet practitioners. "Everyone thinks that Tencent has made a product, so they all have to try it." WeChat version 1.0 has hardly received any response from the market. Unlike Europe and the United States, China's telecom operators provide a wealth of package services. Monthly subscription text messages can't be consumed at all, and Kik-like products that sell SMS fees as a selling point have no way out in China.

Version 1.2 of WeChat quickly shifted to photo sharing.

In Zhang Xiaolong's view, the era of mobile Internet is bound to be an era in which pictures are king. People have no patience for in-depth reading on a limited carrier, and the consumption of pictures will reach an unprecedented level.However, the response from users is still not enthusiastic, and mobile phone photo sharing still cannot constitute a basic demand.

Lei Jun's Mi Chat is also rapidly advancing on the path of iteration. In April 2011, Mi Talk borrowed from a similar product called Talk Box in Hong Kong and added a walkie-talkie function, and users suddenly became active. In May, the new version of Zhang Xiaolong’s WeChat also added a voice chat function in a timely manner. There was a sudden blowout of users, and the number of daily users increased from 4 to 5 to [-] to [-].

Zhang Xiaolong continued to run wildly with the team. The "Shake" and "Drift Bottle" functions have been launched one after another. The continuous iterations have brought surprises, but they have also attracted different controversies.

In one version, Zhang Xiaolong asked his colleagues to add a sentence on the startup page: "If you say I am wrong, you have to prove that you are right."

In the race against WeChat, the Lei Jun team showed extremely strong combat effectiveness, but the weakness of some basic capabilities was exposed in large-scale social battles.Due to the surge in the number of users, the server of Mi Chat once went down 5 times in one day.In addition, due to factors such as cross-regions and cross-operators, the quality of the network varies greatly, and Michat users in a certain area often go offline collectively.

In July, WeChat launched the “View People Nearby” function. In Zhang Xiaolong’s words, “This function has completely turned the tide of the battle.”In the six months before this, the number of WeChat users had never exceeded 7 million. Within Tencent, a product whose number of users could not exceed one million in half a year was almost insignificant. However, after July, the number of WeChat users increased by a day. An astonishing more than 100, and this was achieved without using any QQ resources.

In November, I met Ma Huateng for the first time at the Venice Hotel in Shenzhen. He taught me to download WeChat and use the "shake" function to "follow each other".He told me that now, the peak number of WeChat users has reached 11.During the banquet, he ordered to suspend the 20 million yuan advertisement that will be launched in Beijing and Shanghai, and then said to me in a very soft voice: "The war on Weibo is over."

Why Zhang Xiaolong?
As far as the company's philosophy is concerned, although Zhang Xiaolong is known as the "father of WeChat", the success of WeChat is still a victory in the style of Ma Huateng: just like QQ Show, Qzone and online games, WeChat is not a product of Tencent's core combat team.

In the second half of 2011, Ma Huateng paid attention to every iteration of WeChat and changes in the number of users with extraordinary enthusiasm. It was under his decision that the Guangzhou Mailbox team, which lived in a corner, acted as the "white knight" of the savior of the horse. ".In the initial period, Ma Huateng, who was very unwilling to face the media, had no choice but to deal with the swarm of interviews: "Let me go for Xiaolong and let him concentrate on making products."

When I visited the MIG Mobile Internet Business Group in Shenzhen, I could always feel the complicated mentality of the people there towards WeChat. At least two teams were investing in the research and development of Kik-like products. There are many similarities, and they are always timid and dare not invest decisively. In the end, they watched the sudden emergence of WeChat. In January 2013, Liu Chengmin, senior executive vice president of Tencent, president of MIG, and who made great contributions to marketing in the PC era, resigned voluntarily. When interviewed by me at his apartment in Beijing, he admitted that "I must be responsible for this matter." .

In terms of personal temperament, Zhang Xiaolong has the unique quality of "mash-and-match" just like his favorite blended tobacco.On the one hand, he has an almost paranoid interest in product construction and detail polishing, and is a minimalist and intuitionist like Ma Huateng; The literary and artistic style of IT technicians in the traditional sense.He even believes that "product managers should always be literary youths, not rational youths."Facing my interviews, he also revealed the atmosphere of being an IT "literary youth" from time to time.

Wu Xiaobo: As far as I know, when you were developing WeChat, several teams in the wireless business department were working on the same work.From the perspective of business division, the research and development authority of this product does not belong to the mailbox department you lead, but why did you get this opportunity in the end?
Zhang Xiaolong: This is indeed a bit sudden and conflicting, but it depends on how Pony sees it. They think this conflict is acceptable, so that's fine.For a new product, perhaps from the perspective of the company, it is more important that we can seize such an opportunity after all, rather than how to spend resources.From the perspective of Tencent's corporate culture, there has always been an internal horse racing mechanism, which allows the company to maintain a tension in the face of competition.

Wu Xiaobo: As a company with huge traffic, what role did Tencent play in the explosion of WeChat?In other words, without Tencent, how likely is WeChat to succeed?

Zhang Xiaolong: Tencent, including ourselves, has always been more cautious in the use of traffic, which is not what the outside world thinks.When WeChat was first launched, until the May version was released, I did not push advertisements in my QQ mailbox.We felt at the time that you didn’t have the ability to grow yourself, so the benefits of promotion are actually not big. If you reach 5 million users, you will have 100 million users, and it will not expand virally.The popularity of a product depends on user word-of-mouth and the boundary line of spontaneous growth of user word-of-mouth. If you do not reach this limit, promotion is meaningless.When the strategic inflection point appeared, Tencent's energy was brought into play. After July, the wireless department carried out a strong promotion of WeChat, and mobile QQ and other products became a huge source of traffic import.

Wu Xiaobo: I remember that when Ma Huateng accepted my interview, he had a point of view that "China's Internet is driven by applications rather than technology."Some people say that none of WeChat's functions are independently developed, so its success is "building blocks", that is, it is based on the function research and development of other companies. What do you think of this point of view?
Zhang Xiaolong: There are many similarities between WeChat and the success of QQ back then, which can also be said to be a kind of "Tencent gene". What (we) have to think about is why QQ is successful, but ICQ is dead, WeChat is popular, but kik is still unknown.For an applied social tool, its core value is user experience.As you can see, many functions of WeChat have appeared in other software tools.For example, "Shake" first appeared on Bump. This software allows two people to touch their mobile phones to exchange business cards. No one in China knows this software, but we ported it to WeChat. The first month of use The volume exceeded 2004 million; the voice call function matured as early as around [-], but it was only on WeChat that it was completely detonated.Therefore, the user experience in a certain scenario is the key to the success of an Internet product, not others.

Wu Xiaobo: In terms of functional design, WeChat has many eye-catching features, and it is very simple and clean. People of any age can use it as soon as they get started. How did such a design concept come into being?
Zhang Xiaolong: I think minimalism is the best aesthetic concept on the Internet.I have thought about a question before: "Why does the Apple mobile phone only have one button?" I feel that Jobs' character is a bit paranoid. His pursuit of an extreme simplicity may have something to do with his philosophy.If he could do it with one button, he would never do it with two. After the "shake" function was launched, Pony sent me an email, saying that we should carefully consider whether if competitors imitate it, will they superimpose something on it, and call him an innovation.I replied that our current function has been extremely simplified, and it is impossible for competitors to surpass us, because we have achieved nothing. If you want to surpass us, you have to add something. Once you add it, you will not be able to surpass it. we have.

On July 2012, 7, from 24:2 p.m. to 11:8 p.m., Zhang Xiaolong gave a long speech of more than 17 hours inside Tencent. The theme was "the product concept behind WeChat". Tencent opened 180 Branch venue, simultaneous live broadcast.This marathon speech made Zhang Xiaolong the idol of the new generation of product managers.Through more than [-] pages of PPT, Zhang Xiaolong put forward a very personal interpretation of the quality of product managers:

——A keen sense of trend changes.Mobile Internet products will enter an era of relative abundance from an era of relative scarcity, and the number of products that users can choose will increase day by day.If a product manager indulges in all kinds of new gadgets and chases novelty, he may miss the real trend of the times and fail to grasp the real needs of the crowd.

- Perceived needs of users.The biggest feature of the mobile Internet is the rapid change. The traditional methods of analyzing users, researching the market, and formulating three-year product plans have become obsolete in the new era.The human community itself is also migrating and evolving, and product managers should rely on intuition and sensibility rather than charts and analysis to grasp user needs.

——Massive practice.Although the mobile Internet is in the ascendant, no one can claim to be an expert in the field at present, but this does not mean that you can hope for geniuses from heaven. The [-]-hour rule proposed in "Alien" also applies to product managers.They need to carry out more than a thousand product practices before they can be said to understand product design and have the ability to solve problems.

——The accumulation of broad but not specialized.Art, music, reading, photography, travel and other artistic activities seem to be unable to be directly transformed into productivity, but qualified product managers need extensive knowledge reserves in order to understand and understand a large number of people, understand the aesthetics of the times, and make their own What you think and feel is in line with the thinking paradigm of ordinary users.Based on this, the designed products will not be separated from the crowd.

——Responsible attitude.With a suitable methodology and quality, a successful product manager should also have an attitude of being responsible for himself and the product. Only in this way can the product manager be paranoid enough to know exactly what he is going to do and resist the pressure from superiors and performance appraisals. According to the pressure, implement product planning without deformation or compromise according to one's own will.

Moments, Official Accounts and WeChat Red Envelopes

2012年3月29日凌晨4点，马化腾在腾讯微博上发了一个六字帖：“终于，突破1亿！”

At this point, only 433 days have passed since WeChat went live.In the history of the Internet, WeChat is by far the fastest growing online communication tool. It took nearly 1 years for QQ to break through 10 million simultaneous online users, five and a half years for Facebook, and four full years for Twitter.

On April 4th, WeChat launched a new function "Moments", so that photos can be shared to Moments in WeChat; photos shared from the album to Moments can be seen by friends in the WeChat address book, and other friends can share Users can comment on photos shared by users; at the same time, WeChat information can be sent to friends in groups, and the current location can also be forwarded to friends—this provides an entrance for future e-commerce services.WeChat also announced an open interface to support sharing music, news, food, photography and other content from third-party applications to friends in the WeChat address book.

The emergence of the "circle of friends" is a striking turning point for WeChat. It means the smooth upgrade of this communication tool to a social platform. As a result, a social circle of acquaintances established on mobile phones has officially emerged.In the subsequent release of WeChat 4.2, the video call function was launched.

After several iterations over a year, what WeChat provides is no longer a simple communication service, but a lifestyle in the mobile Internet era.Some observers commented: "Unless competing products can provide a more convenient and popular model, they cannot constitute a competitive relationship."

Four months after the launch of Moments, another far-reaching strategic product was born: on August 4, the WeChat public platform was launched.

The launch of the official account is an "invention" of Zhang Xiaolong's team. It combines the dual attributes of media and e-commerce, thus revolutionizing the existing ecology of China's Internet and media industries.

Before the official account was born, blogs and microblogs had already had a huge impact on China's public opinion dissemination format. The public had the right to publish and choose public opinion, and the pyramid-style elite communication model was subverted.However, despite this, due to the grassroots and fragmented nature of blogs and Weibo, the influence of mainstream public opinion has not been completely disintegrated.After the launch of the official account, elite writers with continuous creative ability have keenly discovered that this model is more suitable for immersive writing, and its transmission path is initiated by the circle of acquaintances and friends, and realized in the communication and social environment. For strong and effective public opinion efficiency.At the same time, fans (subscribers) generated through subscriptions have stronger loyalty and are easy to manage interactions.

Soon, more and more writers opened their own official accounts, which are called "We Media", which is a new concept independently created by the Chinese.The communication barriers of traditional media have been revolutionaryly broken down, and the "charismatic personality" based on professional ability has begun to explode with huge energy, and this trend has shown an irreversible trend.In the next few years, newspapers, magazines and other media collapsed like an avalanche, and a brand-new public opinion ecology emerged on the WeChat platform.

For enterprises, the official account has also opened up a strange and novel business world. Merchants release information at the lowest cost and the fastest speed, and obtain accurate users. Whether it is service interaction or product sales, they all have new advantages. possibility.Since the official account is built in the social environment, the cost of diversion and presentation is much lower than that of the traditional APP, which has a substitution effect on the latter. Almost every Chinese company must seriously consider a question: "I have a relationship with WeChat. what relationship?"

Fifteen months after the official account was launched, the number of official accounts on the WeChat platform reached an astonishing 15 million, maintaining a daily record of 200 new accounts. By October 8000, the number of official accounts exceeded 2015 million.Its success has given Tencent a great ambition: WeChat may become a new desktop system, thereby building an endogenous closed-loop social and business ecological chain.

By the Spring Festival of 2014, an unexpected success allowed WeChat to solve the payment problem in an extremely dramatic way.

In August 2013, Tencent’s payment tool Tenpay connected with WeChat and launched WeChat Pay.For a long time, Tencent, which is good at social tools, has been unable to compete with Alibaba in the field of e-commerce, and the prosperity of WeChat, especially the official account, has given Ma Huateng new hope.

Around the Spring Festival in 2014, Zhang Zhidong brought colleagues in charge of WeChat business into a group, and proposed how to meet Tencent’s traditional demand for sending red envelopes to employees during the Spring Festival, and WeChat red envelopes were born. On January 1th, the beta version of WeChat Red Packets spread very fast. The development team was busy expanding the system of WeChat Red Packets. They applied to the headquarters and transferred 24 times the number of servers that were originally designed, and took the time to revise the final version of the WeChat Red Packet System detail.

When WeChat red envelopes were still in internal testing, a screenshot circulated on the Internet showed that Ma Huateng was the first batch of experiencers of this product, and he was inviting some business owners to test the "grab red envelopes" function.In this screenshot, Ma Huateng sent a random red envelope link, 50 random red envelopes, 20 yuan per person.

Statistics show that during the nine days from Lunar New Year's Eve to the eighth day of the first lunar month, more than 9 million Chinese received about 800 million red envelopes, each containing an average of 4000 yuan.Based on this calculation, red envelopes worth more than 10 million yuan are constantly being sent out and received on people's mobile phones.

Tencent has not announced to the public how many new payment-bound users have been brought to WeChat by "grabbing red envelopes". However, what is certain is that this cost-free idea has made Tencent the most important online payment platform almost overnight. Service providers, WeChat's last barrier to e-commerce were smashed in the carnival of the people.

WeChat's "Genesis"

从2011年1月21日微信上线，到2014年1月24日的“抢红包”引爆，这三年是属于微信的“创世纪”时间，它的光芒掩盖了互联网领域里的其他一切创新。

It is no exaggeration to say that WeChat has created another Tencent, which supports this view at least in terms of the number of users and market value.By June 2015, the combined monthly active accounts of WeChat and WeChat had reached 6 million, covering 6% of smartphones, making it the largest and most active mobile social platform.In addition, the overseas version named WeChat has more than 200 million users in more than 1 countries around the world, and it is the top three social application software in Vietnam, Indonesia and other Southeast Asian countries.

Stimulated by WeChat dividends, Tencent's stock price has increased nearly five-fold in the past five years, soaring from more than US$5 billion to US$5 billion.In September 400, Tencent's market capitalization exceeded HK$2000 trillion, ranking among the top ten in the world and becoming the company with the highest market capitalization in Asia.

There are two more important points than the number of users and market value:
First, for more than 10 years, the main consumers of QQ are college and middle school students and the urban young and low-income groups. The main source of their business income is online games, while the users of WeChat are the mainstream of society, including almost all social classes. From high-level white-collar workers, entrepreneurs, intellectuals to civil servants, it makes Tencent a truly public-type super enterprise.

Second, WeChat, which was born entirely for mobile phones, has grabbed an irreplaceable entrance for Tencent in the mobile Internet era.Zhou Hongyi, who once caused great trouble to Ma Huateng, may be one of the first to realize this. At a summit in 2012, Zhou Hongyi said: "Among so many Internet companies in China today, only the great Tencent, the respected Mr. Ma got the 'boat ticket', and everyone else is still thinking about it." Ma Huateng slightly corrected Zhou's statement, he believed that what Tencent got was a "platform ticket", "We have entered, but the competition has just begun. We are not yet qualified to sit down."

During these three years, Ma Huateng and Zhang Xiaolong encountered only extremely weak resistance.

Lei Jun withdrew from the competition with WeChat early, and instead focused on Xiaomi smartphones. By deliberately imitating Jobs, he became a hot figure in the hardware market. In August 2013, Ma Huateng’s old acquaintance, NetEase’s Ding Lei teamed up with China Telecom to launch a product that fully copied WeChat — Yixin. China Telecom offered two preferential policies: free text messages and free data upon registration. Xin’s voice call quality is 8 times better than WeChat’s.”However, Yixin entered the market too late, and users did not give Ding Lei a chance to prove himself.

China Mobile launched the Feichat service in September 2011. On the basis of Fetion, it added cross-platform free SMS sending and added the function of voice SMS.However, in two years, the number of registered users of Feichat was only maintained at a base of 9 million. By July 300, China Mobile suspended this business.

Another nervous boss is Ma Yun. In 2013 and 2014, the Ali and Tencent departments blocked each other and formed alliances, staged a dazzling battle.

In April 2013, in order to resist WeChat strategically, Alibaba took a stake in Sina Weibo and purchased 4% of the shares at a price of US$5.86 million.A year later, in April, Alibaba and Yunfeng Fund announced a strategic investment of US$18 billion in video site Youku Tudou, with Alibaba holding 4% of the shares.As a result, Ali has two heavyweight entrances for social and video respectively. [12.2]
In October 2013, Jack Ma strongly led the promotion of the mobile communication tool "Lailian" within the Ali system, and called for "challenging ×Xin with the spirit of the foolish old man" in an internal email. "Bad idea": "Every Ali employee must have 10 external 'contact' users before the end of November, otherwise it will be deemed as giving up the company's year-end red envelope at the end of the year."

On November 11, Mobile Taobao closed the channel from WeChat to Taobao products and stores on the grounds of “safety considerations”, thereby curbing the penetration of WeChat.

Finally, in November 2014, Sina Weibo, in which Ali took a stake, prohibited any promotion of WeChat public accounts.

Compared with Ali's attack, Tencent's offensive and defensive actions are also very intense.

In 2013, WeChat also successively blocked the jump links of Sina Weibo and "Lailian" for security reasons, and removed Alipay from the app store.

Since then, the interoperability ecology of China Mobile Internet has been completely abandoned.For Tencent, what is more strategic is that it changed its previous cautious style, seized the irreplaceable entrance advantage of WeChat, and launched a fierce merger and acquisition operation in the capital market——

On September 2013, 9, Tencent invested US$18 million strategically in Sogou, and merged its search and QQ input methods into Sogou's existing business. Tencent holds a 4.48% stake in the new Sogou.

In February 2014, Tencent acquired a 2% stake in Dianping.com for US$4 million. During the group buying war in previous years, Tencent had invested in Gaopeng, but the results were lackluster. management; in October 20, Dianping and Meituan announced their merger to become a new company with a valuation of approximately US$2015 billion.

Just one month later, on March 3, Tencent once again released major investment information, acquiring a 11% stake in JD.com with a consideration of US$2.14 million in cash and other assets, and transferred its e-commerce assets QQ online shopping and Paipai physical e-commerce departments and The distribution team was integrated into the Jingdong system.

6月27日，腾讯宣布以7.36亿美元的价格收购58同城19.9%的股份，成为该公司的第一大股东。

Liu Chiping is the leader of these large-scale investment actions. During the days of investing in JD.com, Ma Huateng suffered from back problems, but he still insisted on participating in the final negotiations.As early as 2005, when Ma Huateng proposed that "I hope that my products and services will be integrated into life like water and electricity", Tencent began to carry out a multi-product layout.However, for a long time, Tencent has adhered to the route of independent development; and the large-scale investment that began in 2013 indicates the implementation of the strategy of "promoting opening up with capital" that was formed two years ago.Tencent has even made up its mind to divest the search, O2O, and e-commerce businesses that have been difficult to improve for many years from the main body, and instead form alliances with strong companies in their respective fields. The reason why the latter are willing to open the door to capital and use Tencent entered at a price far lower than market perception, and almost all of them took a fancy to the value of WeChat’s entry.

In this sense, Tencent actually realized the value of WeChat in the capital market. Taking JD.com as an example, the company was listed on NASDAQ two months after receiving Tencent’s investment, with a market value of about 260 billion. Dollar.Roughly calculated, Tencent’s book profit from this investment will reach 37 billion US dollars, and the return on investment will exceed 18 times.In return, WeChat imported its "shopping" portal directly to JD.com.

The M&A battle between Tencent and Ali is also a typical case with the largest investment in the history of contemporary enterprises. After this round of blockade and alliance, China’s Internet industry has entered the Warring States Period of oligarchic rule from the Spring and Autumn Era where there are many heroes. The era can even be said to have entered the G2 era with Tencent and Ali as the leaders.

(End of this chapter)