Entertainment mogul: Starting his business with the internet

Chapter 416 Digging a hole
Wu Yi had just gotten up and was about to leave the office to quickly revise the cooperation plan as required by the chairman when Song Ci called him back.

"Has the testing of WeChat's Yu'ebao been completed?"

With the nationwide rollout of WeChat Pay and the convenience of quick payment, a large number of users have linked their bank cards to WeChat Pay, resulting in hundreds of millions of users having idle funds deposited in their WeChat balance accounts.

Currently, the total amount of funds in Tengda Group's WeChat balance accounts has reached 3500 billion yuan, which is a rather astonishing figure.

"The Yu'ebao interface is complete, and its security has been repeatedly tested to ensure it's foolproof. We'll leave the rest to your instructions regarding future recommendations," Wu Yi replied solemnly.

His words couldn't hide a hint of excitement and anticipation. After all, WeChat Pay accounts hold hundreds of billions of yuan, and if used properly, the potential returns are immeasurable.

"Don't touch this money for now. We'll start the Yu'ebao thing after I've finalized the deal with the bank." Song Ci nodded, then changed the subject, "How's the matter I asked you to handle going?"

Wu Yi understood immediately: "Chairman Song, as you requested, we quietly leaked the news of the company's development of Yu'ebao to Alipay some time ago. However..."

As if guessing her subordinate's doubts, Song Ci smiled and explained: "The ultimate design concept of Yu'ebao is to allow users to enjoy high annualized returns on their idle funds through money market funds."

It also supports real-time spending and redemption. But have you considered the consequences of doing so?

Wu Yi replied without hesitation: "This will inevitably lead to a large-scale transfer of bank deposits!"

Song Ci's expression turned serious: "That's not the most crucial point. Yu'ebao converts users' ordinary deposits into negotiated deposits and then returns them to banks at a high interest rate of 6%, which will cause banks' liability costs to increase significantly from 3% for ordinary deposits to 6%."

Yu'ebao's ability to achieve high returns stems from its core operating mechanism of "negotiated deposits" with banks.

Essentially, it is a special deposit business where money market funds pool funds from retail investors to form huge sums of money, and then negotiate interest rates with banks in an institutional capacity.

These negotiated interest rates are agreed upon by both parties and are not subject to the central bank's benchmark interest rate. Currently, commercial banks generally offer such special interest rates of no less than 6%.

Tenda Group wants to forge a path in the field of internet financial technology, but the road ahead is long and arduous, with the first hurdle being the major state-owned banks.

The thought that Yu'ebao had threatened the interests of banks, and that Tengda Group would be facing off against major banks across the country, sent chills down Wu Yi's spine.

Only then did he understand why the chairman had delayed implementing the product even though it had been developed long ago, and he also vaguely guessed the deeper meaning behind deliberately passing on the news of the company's development of Yu'ebao to Alibaba Group.

Although Alipay's market share and size are not as large as WeChat Pay's, its idle funds are estimated to be no less than 1000 billion yuan.

Once the other party learns of Yu'ebao's existence, they will definitely develop similar products as quickly as possible to seize the market.

Moreover, the chairman's deliberate delay in launching Yu'ebao may be intended to allow Alipay to take the lead and test the reactions of major banks.

A week has passed in the blink of an eye, and it's now August 16th.

Early morning, Alibaba Group headquarters in Hangzhou.

Just as Ma Jieke sat down behind his desk, ready to start his workday, his phone suddenly vibrated slightly.

Looking up, I saw a news article pushed by Toutiao: "Tengda and State Grid reach a historic cooperation, WeChat Pay ushers in a new era of electricity bill payment!"

Upon seeing the title, Ma Jieke's expression changed drastically.

While hurriedly clicking the link, I secretly marveled at the impressive big data technology of Tengda Group, whose push notifications were remarkably accurate in hitting the user's points of interest.

Although Alibaba has been conducting big data research in recent years, it started late and still lags far behind Tenda in terms of technology.

As Ma Jieke's fingertip swiped across the screen, he began to browse intently:

On August 15, 2012, Song Ci, Chairman of Tengda Group, led a team to visit Liu Zhenya, General Manager of State Grid Corporation of China, and the two sides conducted strategic consultations on "Internet + power services".

After several rounds of talks, Tenda and State Grid officially signed a cooperation agreement, announcing that WeChat Pay will be integrated into the electricity bill payment system, and a pilot program will be launched first in Jiangsu Province.

This move marks the first time that basic public services in China have been opened to mobile payment platforms, and it is also a key step for the State Grid Corporation of China in embracing its "Internet+" transformation.

After reading the report, Ma Jie frowned.

Electricity bill payment is one of the most important scenarios in the public payment sector. Now that Tenda Group has gained the upper hand, the gap between Alipay and WeChat Pay is likely to widen further!

He immediately dialed the number: "Peng Lei, come here for a moment."

About ten minutes later, the president of Alipay arrived at the office.

Ma Jie asked impatiently, "Have you seen the news about the State Grid Corporation?"

“I saw it!” Peng Lei nodded. Her opponent was becoming increasingly strong, which increased the pressure on her.

After his subordinates were seated, Ma Jieke continued, "You mentioned a while ago that you wanted Alipay to be integrated into Zhejiang Province's water bill payment system. That's a great idea. It's been over two months now, how's it going?"

"It's still in progress."

"How can the efficiency be so low!" Ma Jieke said angrily. "Do I need to personally communicate with the relevant leaders?"

Peng Lei looked troubled: "Mr. Ma, there are still some technical issues, and it will take some more time to resolve them."

"Why does it seem like Alipay is having such a hard time? I don't believe it's this difficult for WeChat Pay to integrate with the electricity billing system."

Ma Jieke was somewhat annoyed and very dissatisfied with his subordinates' execution ability. "Come on, tell me, what exactly is the technical problem?"

Seeing the chairman's displeasure, Peng Lei hurriedly explained, "President Ma, electricity bills are different from water bills. The water systems in various cities of Zhejiang Province are independent, and the user coding rules are not uniform in each city."

Furthermore, the development of multiple interface adaptation solutions, along with data synchronization with bank collection and branch offices, resulted in an enormous workload in terms of technical development.

Ma Jieke's expression softened slightly: "What other difficulties are there? Tell me all of them."

"Mr. Ma, the water bill uses a split-account settlement model, and users' payments need to be split in real time."

The portion of the water bill goes into the company's account, while the portion for sewage treatment goes directly into the national treasury, into a special fiscal tax account. Finally seizing the opportunity, Penglei poured out her grievances.

After listening to Peng Lei's long-winded explanation, Ma Jieke rubbed his temples and comforted her, "Alright, I know your difficulties. Just get this done as soon as possible."

Peng Lei breathed a sigh of relief: "Thank you for your understanding, Mr. Ma. I know what I'm doing."

"Besides its cooperation with the State Grid, has WeChat Pay made any other major moves recently?"

Ma Jieke had asked casually, but Peng Lei's expression turned serious: "Mr. Ma, I recently received some important news."

Ma Jieke immediately leaned forward and urged, "Speak quickly!"

"Recently, Tenda has been eyeing the funds deposited in WeChat Pay and has designed a current account investment tool called Yu'ebao..."

"Is the news reliable?"

Peng Lei nodded solemnly: "It should be reliable. I specifically investigated and confirmed that Tengda is in contact with several small licensed funds, preparing to acquire a fund management company."

"Then it's basically a done deal!" Ma Jie squinted, deep in thought, considering the potential impact of this matter. "Mr. Ma, there's over 1000 billion in my Alipay balance account. Do you think we should follow Tenda's example..."

Peng Lei cautiously sought instructions. She had already considered the matter after receiving the news and knew that it would inevitably affect the bank's interests.

Ma Jie gritted his teeth and immediately made the decision: "We definitely have to launch Alipay's balance management service, and we have to do it quickly!"

As for the banks, let's take it one step at a time and get the project moving first. Didn't Alipay do the same thing back then? Just do it first and worry about the consequences later!

“Okay, I’ve already started preparations since I received the news, and the financial product will be developed soon.” Peng Lei agreed and got up to take her leave.

Watching the Alipay female CEO's retreating figure, Ma Jieke's thoughts raced, and he subconsciously asked, "What has Tongyu been up to lately?"

Peng Lei paused, but didn't turn around. She sighed softly, "He's been running Bocas Education Software Company for the past two years and has had a very fulfilling life."

"That's good!" Ma Jieke breathed a sigh of relief. "Hopefully, after all these years, he has come to his senses."

He doesn't blame you!

Ma Jie felt helpless. Sun Tongyu and Peng Lei, a married couple, were a powerful couple. One was the father of Taobao, and the other was the president of Alipay. He had to be wary of them!
In late August, Tengda Group made a series of new moves:
First, a joint venture was established with the South Korean Shilla Hotel Company to establish Weibo (South Korea) branch, with Samsung Group's eldest daughter Lee Boo-jin serving as president and in charge of daily operations.

Then, it reached a strategic cooperation agreement with SM Entertainment, the largest entertainment company in South Korea.

Based on SM Entertainment's current market capitalization of 60 billion yuan, the company invested 3 million yuan in a targeted investment, acquiring a 5% stake and obtaining the exclusive copyright and distribution rights in China for one million Korean songs by SM Entertainment.

September in the human world, with autumn wind and bright moon.

On the 1st, the 10th Bazaar Charity Night grandly opened in the 798 Art District of Beiping.

The event coincided with the 10th anniversary celebration of the Bazaar Charity Gala, making it an exceptionally grand occasion.

As in previous years, big-name celebrities such as Cheng Long, Wang Fei and Li Yapeng, and Huang Xiaoming made appearances. Jay Chou, the king of pop, attended the Bazaar Charity Night for the first time, showing up with a weathered stubble look and attracting a lot of attention.

On the red carpet, Liu Yifei wore an elegant red dress, swaying gracefully and looking radiant, while Deng Chao, dressed in a stylish man, stood beside her.

Liu Tianxian and Deng Chao were filming the sequel to "The Four Great Constables" and were also promoting their upcoming movie "The Assassins" when they were arranged to walk the red carpet as the final act.

The red carpet segment of tonight's Bazaar Charity Night concluded after the two signed the autograph wall and posed for photos.

The media immediately started discussing the matter, because they did not see Song Ci Liu Shishi and her husband.

It's understandable that the richest man didn't come; after all, he's very busy, and whether he'd like to come and show his support depends entirely on his mood. But the absence of the top female figure is rather strange.

Liu Shishi was just elected as the Golden Eagle Goddess yesterday, and with the popularity of "Xuan-Yuan Sword" and the lingering heat of the Olympics, her popularity is soaring.

The reporters had hoped to take this opportunity to conduct a proper interview, but the top female star was nowhere to be seen.

The venue inside the charity gala was bustling with activity.

Yuehua Entertainment President Du Hua was warmly greeting Cai Yinong: "President Cai, where is President Liu?"

Cai Yinong was puzzled because Liu Shishi hadn't told him she wouldn't be attending the Bazaar Charity Night, but just now she sent a message saying she wouldn't be coming.

Faced with Du Hua's question, he could only give a casual reply: "Shishi has something to do and can't come."

Du Hua secretly regretted that Tengda Group had invested in South Korea's SM Entertainment. She had originally planned to take this opportunity tonight to discuss with Liu Shishi, hoping that the top female streamer could act as a go-between to get Yuehua Entertainment and SM Entertainment to collaborate on an idol trainee program.

Unfortunately, the top female star didn't come, so we'll have to find another opportunity.

Although tonight marks the 10th anniversary of the Bazaar Charity Night, and the number of guests attending far exceeds that of previous years, its scale and influence are far less than last year.

After all, the previous richest couple were present, along with three presidents of high-end foreign brands, making it a very prestigious event.

The event officially began with renowned pianist Lang Lang's performance of Chopin's Waltz No. 1. Jay Chou's rendition of "Blue and White Porcelain" brought the evening to its climax.

Below the stage, Cai Yinong looked at the female celebrities vying for attention tonight and sneered.

She's about to release some bombshell news to put these people in the spotlight. Don't think that just because the top star isn't here, they can dominate the scene.

Meanwhile, in the master bedroom of the Jingyuan Villa, the lighting was soft.

Liu Shishi leaned against the headboard, holding an iPad in her hands, and was looking at a gold trailing dress on the screen with great interest.

"It doesn't look good."

Her husband's voice interrupted Liu Shishi's thoughts. Her heart skipped a beat, and she turned to look at him: "Yiyi, you're awake!"

As she spoke, she gently pressed her forehead against her husband's, feeling the warmth from his body, and nodded in satisfaction: "The fever has gone down."

Song Ci had a fever today, so Liu Shishi stayed home to take care of him and decided not to go to the Bazaar Charity Gala.

After taking fever-reducing medicine and resting for an afternoon, Song Ci recovered a lot and leaned against the headboard next to Liu Shishi.

"The Golden Eagle Goddess dress designed by Hunan TV is so ugly it's an eyesore. How about this, you tell the Golden Eagle Festival organizers that I'll offer 300 million to customize one."

Liu Shishi held her husband's hand and said gently, "Let's not talk about the dress for now! Yiyi, you haven't had dinner yet, what would you like to eat? I'll have Sister Li bring it up."

"No need, I'll go downstairs to eat in a bit."

"That!"

The two chatted casually, and the topic gradually turned to the upcoming Golden Eagle Awards.

Song Ci pouted: "Hunan TV certainly knows how to ride your coattails."

Liu Shishi smiled and said, "As long as the fans are happy."

The selection rules for the Golden Eagle Goddess have been adjusted this year, with the new standard being audience voting.

Furthermore, the candidate must be the female lead in a drama exclusively broadcast on Hunan TV, and for the first time, quantitative indicators such as the number of celebrity endorsements and social media popularity have been included.

At the same time, it is mandatory for this year's goddess to cooperate with the Golden Eagle Awards' full-process promotion.

Liu Shishi won by a landslide with the highest number of online votes, accounting for 68% of the total votes, and was elected as the fourth Golden Eagle Goddess.

Song Ci was actually somewhat disdainful. Hunan TV was really going to great lengths to get viewership, no wonder the Golden Eagle Awards became increasingly worthless. But seeing his wife's delight, he didn't say anything more.

"Honey, if you don't like the dress, I'll talk to the organizers again."

Liu Shishi nestled in her husband's arms, her voice sweet and charming, "Although the Golden Eagle Goddess gown is meant to be shown to the whole country, it's mainly for you to see!"

(End of this chapter)