Going to market soon! Valuation of 340 billion, the founder once gave up 40%of the shares:willing to let go is a big pattern
Source:porridge left Luo (ID:fangdushe520)
The story behind Kuaishou’s 340 billion valuation
The founder gave up 40%of the shares and sold the CEO
According to the foreign media The Information report, the short video software Kuaishou is seeking a Hong Kong IPO opportunity and will be listed in Hong Kong as early as January next year. , The valuation may be as high as 50 billion U.S. dollars, about RMB 340 billion, which is nearly twice the valuation in the same period last year.
When it comes to Kuaishou, most people know the founder and CEO, Su Hua.
Su Hua, because of the rapid rise of Kuaishou, has been widely discussed by people and has a reputation. On April 13, 2020, he was selected as one of the “50 Most Influential People in China in 2020” by Fortune. Business leaders” list.
The development of Kuaishou has also increased its wealth. On March 9, 2020, Su Hua ranked 20th in the”2020 Hurun Global Young and Strong Self-made Rich List” with a fortune of RMB 20 billion.
But in fact, the original founder of Kuaishou was not Su Hua.
This article will introduce you to the original Kuaishou founder, Cheng Yixiao, nicknamed “Tiantongyuan Zhang Xiaolong”, without him, there would be no fast hand today.
Cheng Yixiao, a native of Tieling, Liaoning, worked at Dalian Pratt & Whitney, and later at renren.comiphone The client does development. In 2011, the mobile Internet entered the golden age. After three years of coding on Renren, Cheng Yixiao chose to resign and start a business.
He made a software by himself, called”GIF Kuaishou”. At that time, it was not easy to make a GIF animation in a mobile phone. It took less memory and was easy to operate. Cheng Yixiao made it very simple. A series of static images could be automatically generated through software.
Therefore, after Cheng Yixiao’s self-portrait was made into an animated picture and posted on Weibo, it quickly attracted user attention. Even the host He Jiong became a fan of GIF Kuaishou, with a large number of users. Almost made it 900,000.
Zhang Fei, the founder of Morningside Capital, discovered Cheng Yixiao and invested 2 million in Kuaishou, accounting for 20%of the shares. At that time, Cheng Yixiao was still alone, and Kuaishou was equivalent to a personal software. Zhang Fei helped Cheng Yixiao set up a company, set up a team, and hoped to transform Kuaishou from a tool-based software to a short video community.
Cheng Yixiao rented a two-bedroom office as an office in Beijing Tiantongyuan, and recruited troops to buy the Ma Jian team. In November 2012, the transformation began.
In order to transform, Cheng Yi recruited two classmates to take charge of the front-end and the back-end. The team was nestled in Tiantongyuan, coding codes day and night, but all the methods were tried one by one, and the daily life just couldn’t rise.
At this time, the first investment is almost spent, and everyone is in pain. Cheng Yixiao began to go out, looking for people and money.
As a result, no one was found, no money was found: I saw a circle of investors who were rejected, and they were also released by a fund. At that time, he I went to find Han Kun, who was very popular at the time, for a merger and acquisition, but the other party looked down on it.
Finally, the investor recommended Su Hua to Cheng Yixiao.
Su Hua, born in Hunan in 1982, graduated from Tsinghua University, successively worked in Google, Baidu worked, and then started a business continuously.
In the end, Cheng Yixiao agreed with Su Hua to join, Su Hua became CEO and took away 50%of the shares. Then Zhang Fei made additional investment and continued to lead the transformation of Kuaishou. This was how Kuaishou was made.
Without this step, there would be no Kuaishou with a valuation of 340 billion today.
I am willing to let go
Need extremely realistic Self-awareness
Cheng Yixiao is a genius product manager, but not a good CEO
Cheng Yixiao is very willing to let go.
From the shares, after taking Zhang Fei’s investment, he still holds 80%of the shares.
At this time, Su Hua is coming. Whether Su Hua can really put the company on a new track is still completely unknown. This kind of complete unknown requires Cheng Yixiao to cede half of his shares, or 40%, to Su Hua, and Su Hua will take away investors’ money. Half of the shares is 10%, which means that Su Hua will take half of the company when he comes, more than Cheng Yixiao.
For many people, this is difficult, at least there are many hesitations and entanglements.
But Cheng Yixiao agreed with little hesitation.
In terms of position and power, the investor proposed that Su Hua be the CEO and lead the company.
Any entrepreneur wants to be the boss, but Cheng Yixiao did not hesitate.
Behind all”willing to let go” is the self-awareness of the extreme reality.
Cheng Yixiao is a genius product manager, otherwise he wouldn’t be”TiantongyuanZhang Xiaolong” . Many product managers have product dreams and entrepreneurial dreams. They can make the product very high, but it is difficult to manage well. Organizing the team to lead the war is a big challenge for most product managers. Most people can’t get out.
Cheng Yixiao realized this very realistically, and admitted it thoroughly, without evading or persisting. So from the very beginning, when investors suggested that he find a CEO, he was easy to accept and work hard to find.
Be willing to let go
Be extremely clear about yourself The ultimate goal of
Giving up is better, letting go is better
To be willing is a life strategy and a way to solve problems in itself.
I know an entrepreneur, Mr. W, who founded an advertising company in his early years. In the early days of entrepreneurship, catching up with the golden age of traditional advertising, the company’s performance skyrocketed and soared.
Seeing that his business is getting better and better, and his personal wealth continues to increase, he has a new life vision and wants to go to other industries and do a business that”realizes the value of life”.
But if you go into other industries, you have to hand over the company to the company’s partners and sell a large part of the company’s shares, which means you will make a lot less money at once, because at that time the advertising company’s business Stable and profitable.
Finally, he decided to promote the company’s six capable officers to partners, and give them a considerable proportion of the company’s shares, and fully authorized all the business to the partners, Mr. W To start a new business.
Some people say that he is stupid, and he obviously doesn’t need to give everyone so much money. But in fact, although Mr. W gave up part of the shares, the partners were more motivated because of the shares. In the following years, the business volume of the advertising company increased year by year, which instead brought him higher income than before. And his newly-founded company is also doing well.
Ma Yun once said:Only those who divide money will make money.
On the surface,”giving up” often means sacrificing part of your own interests. But if you stretch the scale of life, you will find that sometimes, the initial”giving up””, will be doubled in the end.
Dare to let go at a high place also tests a person’s delayed satisfaction.
The host Yang Lan once shared a piece of his own experience in a speech.
In 1990, after graduating from Beijing Foreign Studies University, Yang Lan went directly to CCTV and served as the host of”Zhengda Variety Show”. In 1994, he won the”Golden Microphone Award” for the first host in China. , Can be described as smooth wind.
As a”post-born” who has just participated in the hosting work for a few years, the achievement is really remarkable. But Yang Lan began to reflect:When I am in the red now, everyone is vying to be on my show. When one day when my talents are exhausted, will there be flowers and applause for me?
After careful deliberation, Yang Lan chose to let go when he was the most popular, retreat bravely, abandon the thriving career of hosting, and go to Columbia University to continue his studies in order to make himself better in the future.
It was no pity to let it go.
Yang Lan, who came back in 1996, moved to a higher position in her career step by step. She joined the Chinese Channel of Phoenix Satellite TV and launched the talk show”Yang Lan Studio” in January 1998, which was later renamed”An Interview with Yang Lan”;
In 2000, Yang Lan founded Sunshine TV and was selected by Forbes as the world’s best small company;
In 2001, Yang Lan was invited to bid for Beijing 2008 The image ambassador of the Olympic Games. To this day, Yang Lan is still active in the literary and business circles.
Willing to let go is a kind of great wisdom.
Many people just don’t want to give up and can’t afford it.
There is a netizen who works for a TV station in a second-tier city. After working for a year, he found that the local media resources are scarce, which is not conducive to the development of the film and television industry.
So, he resigned and went to Beijing to find new development opportunities.
A friend asked him:You have spent so much effort and finally got into the TV station, and now you give up, don’t you feel a pity?
He said:If you know that a path is wrong and insist on it, you will only make mistakes again and again.
The career direction is wrong. The longer you stick to it, your condition will only continue to deteriorate; if you invest in a project and lose money for a long time, if you don’t withdraw in time, you will lose more.
Look at Cheng Yixiao again.
In the beginning, both Cheng Yixiao and Zhang Fei knew that Su Hua is a very capable, ambitious, and energetic person. It is difficult to attract such a person to join a startup halfway.
That’s what happened:give Su Hua a plan that cannot be rejected.
The great thing about Cheng Yixiao is that he is extremely clear about his ultimate goal:what he ultimately wants is to achieve the product and the company, so he can put down the position of the boss, and Own half of the shares.
Investor Zhang Fei said that after looking at the early experience of Kuaishou, you will understand:Every startup can be considered a miracle.
In the miracle of Kuaishou, Cheng Yixiao’s pattern and wisdom are hidden.
After Su Hua joined for half a year, the cooperation with Cheng Yixiao was very smooth. Su Hua raised the engineering ability of Kuaishou to a very high level, and the stability and architecture of the system were also obtained. A great improvement. At the same time, Su Hua applied the recommendation algorithm to content distribution, and the user experience was immediately improved.
The two worked together for a short period of time, and the number of users increased by more than ten times, and millions of daily activities came out, and then the number of users increased to more than one hundred times, and the final effect exceeded all of us. Human imagination.
As CEO, Su Hua enjoys flowers, applause and wealth.
While Cheng Yixiao worked as CPO behind the scenes, he also realized his product ideals.
Of course, wealth is indispensable: On March 9, 2020, Cheng Yixiao was listed in the”2020 Hurun Global Young and Strong Self-made Rich List with 15 billion RMB. 》No. 26. After listing, his wealth will rise.
Giving up is for better acquisition, and letting is for better holding. Cheng Yixiao’s initial giving and letting didn’t delay his final get and take.
A person must be very clear about his ultimate goal in order to dare to give up on the way to achieve it. As long as what you give up is not the ultimate goal, what’s the problem?
Emerson once said:The greatest wisdom in life is to know how to give up. Each of us has something hard to give up. Giving up may be a victory or a kind of wisdom.
Willing to let go is a kind of great wisdom.
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