Hollywood, I became a legend with special effects.

Chapter 115 Little Ma's Shock

On the tenth day of the first lunar month, Jiang Yu stood in front of the floor-to-ceiling window on the 35th floor of the Chasing Light Capital building, holding a cup of hand-brewed geisha in his hand.

The coffee was just brought in by Chen Jingming; he said it was from some estate in Panama, and a pound of it could cost the equivalent of a month's salary for an average white-collar worker.

Jiang Yu took a bite, and it was indeed fragrant, but he wasn't in the mood to savor it properly at the moment.

"President Jiang, Brother Ma and the others will arrive at ten o'clock." Chen Jingming pushed open the door and came in. Today he was wearing a navy blue three-piece suit, his hair was neatly combed, and he had changed his watch to a Patek Philippe 5270; obviously, he was going to put on a show for Tencent.

"The lineup is impressive. Ma Huateng, Zeng Liqing, Liu Chiping, and Ren Yuxin are all here, plus their assistants and legal counsel, making a total of ten people. It's like a board meeting."

Jiang Yu turned around and leaned against the windowsill: "They've been investigating us for almost half a year. Anyone would have to come and see for themselves. We hold 8.5% of their shares, worth over a billion US dollars. If I were Pony Ma, I wouldn't be able to sleep either."

Chen Jingming laughed, revealing a set of white teeth: "You have no idea, the structure we used in Macau and the Cayman Islands completely bewildered Tencent's legal department. In the end, they discovered that Light Chaser Capital's holdings in US and Hong Kong stocks alone were worth this much..."

He held up five fingers. "Five billion US dollars, all in cash and liquid assets. Little Ma must be wondering, where did this genius come from?"

"Our 160 million shares have already risen by more than 20%." Chen Jingming clicked his tongue. "When the financial crisis was at its worst last year, we were frantically buying up shares at around HK$30. Looking back now, it's like picking them up for free. Little Ma must have been wondering back then, which fool was buying so much against the market trend, and buying hundreds of millions of US dollars at a time."

"He's not stupid, he's just under a lot of pressure." Jiang Yu glanced at his watch; it was 9:20. "Let's go to the conference room and prepare. Today's performance needs to be both sincere and profound, both humble and firm. We need to strike the right balance."

The meeting room is at the end of the corridor. It is a 60-square-meter space with a three-meter-diameter walnut round table in the center. A height-adjustable display screen is embedded in the tabletop.

The four walls are made of electrically controlled frosted glass, which is now set to semi-transparent, allowing you to see the CBD skyline while ensuring privacy.

Administrative Director Wang Min has already led a team to make all the necessary arrangements.

"Mr. Jiang, we have Da Hong Pao, Longjing, and Pu'er ripe tea for tea, and Blue Mountain and Geisha coffee for coffee," Wang Min reported. She was wearing a champagne-colored suit today, looking capable yet approachable. "We also have a tea break, and for desserts, we have mango pomelo sago, almond tofu, and freshly baked madeleine cakes."

"Okay." Jiang Yu nodded. "What about lunch?"

"Downstairs in Yi Garden, where auspicious purple clouds rise from the east," the menu is as you request: lobster sashimi, braised shark fin, steamed grouper, and black truffle Wagyu beef, paired with 2000 Lafite and 30-year-old Shaoxing wine.

Chen Jingming smiled and said, "This level of hospitality is more than enough to receive heads of state."

"We have to be particular when necessary." Jiang Yu straightened his cuffs. "What kind of situation hasn't Little Ma seen? We need to let him know that Chasing Light isn't some nouveau riche, but a strategic investor with taste and vision."

At 9:50, the receptionist's internal phone came in: "Mr. Jiang, Mr. Ma from Tencent and his entourage have arrived downstairs and just passed through the turnstile."

"Please tell them to go directly to the 35th floor; the elevator has already been authorized."

Five minutes later, the elevator dinged and the doors slowly opened.

The first to step forward was Ma Huateng.

He was thinner than in the media photos, wearing a dark gray Zegna suit, a white shirt with the top button undone, and a pair of minimalist titanium alloy glasses.

His face remained expressionless as always, but his eyes were bright and scanned the corridor like a radar.

"Mr. Ma, welcome." Jiang Yu stepped forward and shook hands.

"Mr. Jiang, it's an honor to meet you." Ma Huateng's handshake was brief and firm. His gaze lingered on Jiang Yu's face for two seconds; this young man, who controlled billions of US dollars in capital at the age of twenty-five, was indeed worth taking a second look at.

Following behind him was Zeng Liqing, co-founder of Tencent, a tall man with a friendly smile, like a good-natured university professor.

Behind them were Liu Chiping, dressed in an impeccably tailored suit; Ren Yuxin, president of the Interactive Entertainment Business Group, with a serious expression; and several assistants and legal counsel, all dressed in formal business attire.

The two exchanged pleasantries as they entered the conference room.

A subtle confrontation was formed when they took their seats: Jiang Yu and Chen Jingming sat facing south, while the five Tencent employees sat opposite them, with assistants and legal counsel on either side.

"Mr. Ma, you must have had a long journey. I heard you arrived yesterday?" Jiang Yu personally poured tea for Ma Huateng.

The technique was skillful, and the tea was filled to seven-tenths full, which was the proper etiquette.

"Yes, it arrived last night." Ma Huateng took the teacup and tapped the cup three times with his knuckles. "I had an afternoon tea appointment with the leaders of the Ministry of Industry and Information Technology, so I came to visit General Manager Jiang this morning."

His polite remarks were impeccable.

Jiang Yu knew perfectly well that the Ministry of Industry and Information Technology would only be there for half an hour at most; the main event of the day would take place there.

After the first round of tea was finished, the atmosphere eased a bit.

Zeng Liqing was a natural conversationalist and started by saying, "President Jiang, your office design is quite tasteful."

Compared to this place, our Tencent Shenzhen headquarters looks like an upgraded internet cafe.

Everyone laughed.

Chen Jingming chimed in, "President Zeng is too modest. I've been to Tencent's Binhai Building; it's very impressive. Ours is just small-scale."

"It's all for show," Ma Huateng said, adjusting his glasses. "Whether a company is good or not depends on its products and financial reports. Mr. Jiang, I'm curious, when did Light Chaser Capital start paying attention to Tencent?"

The question came directly.

Jiang Yu put down his teacup, the ceramic cup lightly touching the wooden table with a crisp sound.

"In 2005, the year Tencent went public," he said calmly. "I was researching the business models of global internet companies and discovered a Chinese company with a very unique approach; it relied on social media to attract users and games to monetize, walking on two legs, and doing so steadily. At that time, QQ had just over 2 million registered users, with only 1000 million online at the same time, but the growth curve was already very impressive."

"So you started building your position back in 2005?" Liu Chiping interjected, his Hong Kong-accented Mandarin gentle.

"I bought some gradually, just small-scale purchases," Jiang Yu said casually. "The real major investment was made the year before last. During the height of the financial crisis, we conducted stress tests to assess the impact on Tencent's various businesses should the Chinese economy experience a hard landing. The conclusion was: the core social media business wouldn't collapse, and the gaming sector might even see growth due to the 'lipstick effect.' At that time, the share price had fallen to HK$35, with a P/E ratio of less than 20—it was practically free money."

He spoke casually, but the meeting room fell silent for a moment.

Everyone knows that this "money giveaway" is 160 million shares, worth 300 million US dollars, taking advantage of the moment when everyone is fearful and greedy.

Ma Huateng was silent for a few seconds, then suddenly laughed.

His smile was subtle, and his eyes softened considerably: "President Jiang, you have great composure. To be honest, we did repurchase shares in the third quarter of last year, but not enough. The board of directors argued about it several times, with the conservatives saying they needed to hold onto cash for the winter."

In retrospect, that was too conservative.

"Mr. Ma, you flatter me. It was just luck."

"This isn't just luck." Zeng Liqing leaned forward, elbows resting on the table. "We've checked Light Chaser's investment history. From investing in Apple in 2006 to last year's massive buy-in of Google, Amazon, and Nvidia, every move was perfectly timed. The most amazing thing is that you always seem to be half a step ahead, like when you heavily invested in Apple at the beginning of the year; when video websites were still burning cash, you swapped shares with Netflix. Mr. Jiang, do you guys—have a crystal ball?"

This was said half-jokingly and half-seriously, creating a subtle atmosphere.

Jiang Yu laughed, a frank laugh: "President Zeng, if we had a crystal ball, we'd be in Las Vegas already. Why would we be making investments?"

He paused, then continued, "We simply believe in the data. For example, when we invested in Tencent, we built a model showing that China's internet user growth rate is 30% annually, and that mobile internet penetration will surge from 5% to over 50% in the next ten years. QQ's social network is the 'water, electricity, and gas' of the digital age; as long as that exists, monetization is just a matter of time and method."

Ma Huateng and his team exchanged glances. These words not only answered the question but also demonstrated a deep understanding of Tencent's business and even predicted the future explosion of the Internet.

This was in early 2009, before the iPhone 3GS was released and before the Android camp had gained significant traction.

"Is President Jiang so optimistic about smartphones?" Ren Yuxin spoke up; he hadn't said much all day.

"It's not optimism, it's inevitable," Jiang Yu said with certainty. "Feature phones have reached their limit. In the next ten years, smartphones will go from being a luxury to a necessity, just like personal computers were back then. People will watch videos, play games, socialize, and shop on their phones—everything they used to do on a PC can probably be done on a phone, and it will be more convenient and more fragmented."

"Will mobile games replace PC games?" Ren Yuxin pressed.

This is his core concern: Tencent Games' revenue accounts for half of its total revenue, and it's all from PC games.

"It won't replace them, but it will differentiate them," Jiang Yu analyzed. "Hardcore competitive games and MMORPGs will still exist on PC."

The demand for mobile devices is driven by the need for advanced hardware and a superior user experience. Casual games, social games, and card games will all shift to mobile. Furthermore, the mobile game market will ultimately be an order of magnitude larger than the PC market.

Ren Yuxin leaned back slightly, lost in thought.

If Jiang Yu's assessment is correct, then Tencent's gaming strategy needs a major adjustment.

Ma Huateng steered the conversation back on track: "Mr. Jiang, now that we're a major shareholder, we'd like to be frank about some things. First, what suggestions does LightChain have for Tencent's development? Second, we've noticed that LightChain has invested in some businesses that potentially compete with Tencent, such as JD.com and a South Korean game company. Are these purely financial investments, or strategic moves?"

Finally, we got to the main topic. Jiang Yu gave Chen Jingming a look.

Chen Jingming understood and continued, "Mr. Ma, Mr. Zeng, regarding the first question, as shareholders, we naturally hope that Tencent will continue to thrive."

He took a sip of tea and continued, "As for the second question, our investments fall into two categories. One is purely financial investment, such as our holdings in Korean gaming companies like Kyuujou and NEXON, which reflects our optimism about the Asian gaming market and our desire to share in its growth dividends."

The other type is strategic investment, which does not directly compete with Tencent's social platforms.

"But we heard that Light Chaser Animation is preparing to launch a video website," Liu Chiping said, adjusting his gold-rimmed glasses. "It's called Light and Shadow Video? And you swapped shares with Netflix in the US. Are you going to enter the long-form video market?"

Jiang Yu smiled, a nonchalant smile: "President Liu is well-informed. Indeed, we are integrating Kuaibo to prepare for the Guangying Video project. Our positioning is different from the video field that Tencent might enter. We want to create a high-quality, legal long-form video platform, similar to Netflix. If Tencent is going to do video, I guess it will be UGC or social video?"

Ma Huateng's eyes flickered slightly. Tencent was indeed discussing video development internally, but it was still in the conceptual stage. Jiang Yu had actually predicted it.

"The video industry is vast and can accommodate many companies," Jiang Yu continued. "Moreover, I believe we are not competitors, but rather can cooperate. For example, Tencent's strategic investment in Guangying Video allows us to provide content and licensed technology, while Tencent provides traffic and social empowerment. It's a win-win situation."

Upon hearing this, the Tencent team was taken aback.

They did come today with the intention of testing the waters, but they didn't expect Jiang Yu to take the initiative to extend an olive branch so directly.

Ma Huateng pondered for a moment: "Mr. Jiang is quite frank. We are indeed interested in the video field, but we haven't figured out the path yet. Investing in Guangying Video—that's one idea. We can discuss the specifics of the cooperation."

"Of course," Jiang Yu nodded. "There's no rush. Let's build mutual trust first, and then discuss the details of the cooperation later."

O

He glanced at his watch; it was 10:40. "Mr. Ma, how about we have a tea break first? We've prepared some snacks; let's eat and chat."

"Okay." Ma Huateng visibly relaxed a bit. "I've been in meetings all morning, and I'm really hungry."

Wang Min and her assistant pushed in a food cart, instantly enlivening the atmosphere.

Zeng Liqing picked up a shrimp dumpling, swallowed it in one bite, and squinted his eyes into slits: "Mmm! This shrimp dumpling is authentic, the shrimp meat is springy, and the bamboo shoots are crisp. President Jiang, where did you find your chef?"

"They're from Lei Garden in Hong Kong," Chen Jingming said with a smile. "If Mr. Zeng likes them, we'll have the chef pack a few boxes for you to take back to Shenzhen."

"Then I won't be polite!"

While having snacks, the conversation turned to industry gossip.

Who raised their Series B funding? Which CTO got poached? Which company was sued for product plagiarism?

During the conversation, Ma Huateng suddenly asked, "Mr. Jiang, I heard you've made a big bet on cloud computing? Wang Jian was previously at Microsoft Research Asia; did you personally invite him?"

"Yes." Jiang Yu nodded. "I think cloud computing is the infrastructure of the digital age. In the future, all software will grow on the cloud."

"But the profit model is still unclear," Zeng Liqing shook his head. "Hardware investment is huge, and there are few customers. Amazon AWS is still burning money, and Microsoft Azure is just getting started. Is it too early to enter the market now?"

"So now is the best time to make arrangements," Jiang Yu said. "Once everyone understands, the window of opportunity will close."

Ma Huateng remained noncommittal. There was a great deal of debate within Tencent regarding cloud computing. Conservatives believed that the return on investment was too low, while radicals believed that it was a strategic high ground.

After the tea break, we returned to the conference table.

The atmosphere was completely different; there was less probing and more honesty.

"Mr. Jiang, regarding Tencent's investment in Guangying Video," Ma Huateng initiated, "If we cooperate, what percentage of the shares would you like Tencent to hold? How would the valuation be determined?"

"Between 15% and 20%." Jiang Yu had already prepared a plan. "The valuation can be assessed by PwC or Deloitte. The prerequisite is that Tencent must provide Guangying Video with traffic support for at least three years. This includes QQ pop-ups, portal recommendations,..."

Game client traffic redirection — these resources must be written into the protocol.

"Traffic is no problem," Ma Huateng readily agreed. "We want a seat on the board of directors and to participate in major decision-making."

"Sure," Jiang Yu nodded, "but Light Chaser will take the lead in content production and daily operations. Tencent can send a team to learn and exchange ideas, but will not interfere with specific business operations."

The two sides discussed these principles for half an hour. Although no agreement was signed, the general direction was set: Tencent will strategically invest in Guangying Video, holding 15%-20% of the shares and providing traffic support; Zhuiguang will be responsible for content and operations, with Tencent participating but not leading.

After discussing the video, the topic returned to the game.

Ren Yuxin then spoke up: "President Jiang, is your investment in Kuijiang Group and NEXON purely for investment purposes, or—do you have plans to bring their games to China?"

This is a crucial question.

If Light Chaser is just a financial investment, then it doesn't matter; but if they want to act as distributors, then they will be directly competing with Tencent's "Dungeon & Fighter" and "CrossFire".

Jiang Yu looked at Ren Yuxin and smiled: "President Ren, Kuijiang Group specializes in casual games, while NEXON specializes in MMORPGs."

Our investment is partly for investment purposes, and partly because we genuinely want to bring some high-quality games to China. Light Chaser doesn't have its own game operation team, so it's highly likely they'll find a partner.

He paused, then said meaningfully, "Tencent, for example, would be the ideal partner. You have the largest distribution platform and the most mature operating system. If we import games and entrust them to Tencent for operation, with profit sharing, wouldn't that be a win-win situation?"

Ren Yuxin's eyes lit up.

He hadn't thought of this approach; rather than competing, it would be better to cooperate.

Light Chaser is responsible for importing high-quality games from South Korea, while Tencent is responsible for domestic operations, complementing each other's strengths.

"This—we can discuss it in more detail." Ren Yuxin looked at Ma Huateng.

Ma Huateng nodded slightly. If this were to happen, Light Chaser would transform from a potential competitor into a content provider, which would be a good thing.

"We can discuss the specific details later." Jiang Yu glanced at his watch; it was 11:30. "Mr. Ma, everyone, lunch is ready. Shall we move to the dining room and chat over lunch?"

"Okay." Ma Huateng stood up. "I had a very pleasant chat with President Jiang today. He shared many insights that were very inspiring for us."

"Likewise," Jiang Yu said with a smile, leading the way. "Please."

The group walked out of the conference room.

In the corridor, several young employees who were chasing the light pretended to be busy, but were actually secretly observing the legendary Little Ma.

Someone muttered quietly, "That's Ma Huateng? He looks younger than he does on TV—"

"Is that Zeng Liqing next to you? The number two person at Tencent."

"Our CEO Jiang is really impressive. He chatted and laughed with these big shots without any fear."

In the elevator, Ma Huateng suddenly asked, "Mr. Jiang, are you twenty-five this year?"

"Yes, I was born in the Year of the Pig," Jiang Yu said frankly.

Ma Huateng paused for two seconds, then shook his head and laughed: "The younger generation is truly formidable. When I was twenty-five, I was still working as an engineer at Runxun, earning a monthly salary of five thousand, and I was worried every day about how to save money to buy a house."

"Times have changed," Jiang Yu said. "When you started your business, Mr. Ma, the Chinese internet was a wasteland, and you were the pioneers. We are the ones who stand on your shoulders to see the scenery."

These words were humble, but Ma Huateng understood their deeper meaning: this young man had vision, courage, and a perspective beyond his years.

The dishes were served one after another: lobster sashimi was served chilled, the lobster meat was crystal clear; braised shark fin was served in a purple clay pot, the soup was golden and thick; steamed grouper was cooked to perfection, the fish meat was as tender as tofu.

The wine is a 2000 Lafite, perfectly decanted, and there's also a 30-year-old Shaoxing rice wine, warmed in a hot wine pot.

After a few drinks, the atmosphere became even more relaxed.

Zeng Liqing, his face flushed from drinking, began recounting amusing anecdotes from Tencent's early days: "Back then, a few of us were crammed into a small office in the SEG Technology Park in Huaqiangbei, with servers piled up under the table. It was unbearably hot in the summer, and we didn't have the money for air conditioning, so we'd write code shirtless. Once, Jack Ma went to discuss investment dressed smartly, and when he came back and saw us—a bunch of roughnecks—he almost fainted."

"At our poorest, the company only had 12,000 yuan left in the account," Liu Chiping continued. He had a high alcohol tolerance and his face remained calm. "Boss Ma used his own credit card to pay for the server hosting fees, and the card went out of service. Those were really tough times, but also really pure. We just wanted to make QQ better and let more people use it."

Jiang Yu listened quietly, occasionally raising his glass in a toast.

He could sense that although Ma Huateng's team had achieved great success, they were still, at heart, the same group of young people who had struggled in Huaqiangbei.

This entrepreneurial spirit cannot be faked.

"Mr. Jiang, what stories do you have from when you started your business?" Ren Yuxin asked.

"Us—" Jiang Yu thought for a moment, "Light Chaser Animation started out doing movie special effects, taking on Hollywood outsourcing projects. Our first job was to do some magic effects for 'Harry Potter and the Order of the Phoenix.' The team of five worked for three months and earned $100,000. The day we got the money, we went to eat Sichuan hot pot, which cost $500. We were heartbroken but also incredibly happy."

Everyone laughed.

"Later, as the business grew, we started investing in movies," Jiang Yu continued. "Our first big investment was in 'Taken,' where we invested six million US dollars in special effects. At the time, nobody was optimistic about it, but—you all know the result."

"We admire Mr. Jiang's ability to make bets." Ma Huateng raised his glass. "Come, let's toast to his insightful judgment."

The meal lasted until 2 p.m., and by the end, the two sides were like old friends.

When Ma Huateng shook hands with Jiang Yu to say goodbye, he said something meaningful: "Mr. Jiang, Tencent's doors will always be open for you. If you have any good projects in the future, remember to call us."

"Definitely." Jiang Yu smiled. "Cooperation leads to a win-win situation."

After seeing the Tencent team off, Jiang Yu and Chen Jingming returned to their office.

As soon as the door closed, the two of them loosened their ties and let out a long sigh of relief.

"President Jiang, how are you feeling?" Chen Jingming asked.

Jiang Yu slumped into the sofa, rubbing his temples. "Little Ma is a man who appears gentle on the surface, but is extremely opinionated inside."

"He should have taken our suggestions to heart," Chen Jingming said, pouring himself a glass of water. "Especially the game imports and video traffic support. If these two areas are implemented, they will be a huge help to us."

"Have Ren Yuxin handle the game-related matters directly with the Korean side," Jiang Yu said with his eyes closed. "You and Zhou Shouzi will personally oversee the video-related matters. Tencent's traffic portal is too important; we must make good use of it."

At 2:30 p.m., Ma Huateng and Zeng Liqing returned to the Tencent Beijing branch office.

The office is located in the Sigma Building at No. 49 Zhichun Road, occupying a full six floors.

The interior design is typical of an internet company, with open-plan workstations, glass meeting rooms, and a lounge area furnished with a billiards table and game consoles.

It just has less of a down-to-earth feel than the Shenzhen headquarters, and more of a business-like atmosphere.

The two walked straight into the largest conference room.

"Where are Liu Chiping and Ren Yuxin?" Ma Huateng took off his suit jacket and draped it over the back of his chair.

"I went to the Ministry of Industry and Information Technology, the appointment is at 3:30." Zeng Liqing loosened his tie and plopped down on the sofa. "Alright, let's chat first. Today's visit—it's packed with information."

Ma Huateng didn't say anything, but walked to the window and stood there.

He stood with his hands behind his back, his thin figure stretching long in the afternoon sunlight.

This is a habitual action of his; he likes to look into the distance when he is thinking.

The assistant knocked on the door and came in, bringing two cups of tea and a plate of fruit.

Zeng Liqing specifically instructed: "Don't make coffee, we've had enough today, have something light."

Zeng Liqing picked up the teacup, blew on it to cool it down, but didn't drink it.

He stared at the tea leaves floating in the teacup for a long while before speaking: "Pony, what do you think of Jiang Yu?"

Ma Huateng turned around, adjusted his glasses, and asked, "Which aspect are you referring to?"

“In every aspect.” Zeng Liqing put down his teacup. “Age, vision, perspective, methods—twenty-five years old, twenty-five years old! What was I like at twenty-five? I had just graduated with a master’s degree and started working as a technician at the telecommunications bureau, earning eight hundred yuan a month. My biggest dream was to buy a Motorola pager.”

Ma Huateng laughed, walked back to the sofa and sat down: "When I was 25, I was at Runxun, earning 5,000 yuan a month. I was thinking every day about how to save money to buy a house in Shenzhen. Back then, I thought that being able to rent a decent office in Huaqiangbei was a success."

The two remained silent for a while, when the faint sound of a car horn came from outside the window.

"But this kid—" Zeng Liqing shook his head, his tone complicated, "He has billions of US dollars in his hands, and his investments span China, the US, and South Korea, in movies, the internet, cloud computing, and video—his strategy is like playing Go, with every move perfectly placed. Most importantly, he always seems to be able to see the trend half a step ahead."

"Smartphones, cloud computing, streaming media," Ma Huateng said, counting on his fingers. "These are all major directions we're discussing internally, but haven't decided on yet. He not only sees them, but he's already heavily invested in them."

"And that's not all." Zeng Liqing leaned forward. "Did you notice? When he mentioned mobile payments today, he used the phrase 'trillion-dollar market.' Our most optimistic estimate in our internal reports is only in the hundreds of billions."

Ma Huateng's eyes narrowed: "Yes, I noticed that detail too. He also said that the mobile game market will eventually be an order of magnitude larger than the PC market, meaning more than ten times larger. That's too radical a prediction."

"But it might be true." Zeng Liqing smiled wryly. "Think about it, China has 1.3 billion people. If smartphone penetration really reaches 50% in the future, that's 600 million users. Even if each person spends ten yuan a month on games, that's—let me do the math—"

"Six billion in monthly revenue, seven hundred and twenty billion in annual income," Ma Huateng blurted out. "That's indeed bigger than the entire PC game market right now."

The meeting room fell silent again, with only the faint hum of the air conditioner vents.

Zeng Liqing picked up an apple from the fruit plate and twirled it in his hand: "Pony, what's this kid's background? We investigated for half a year, and his background is frighteningly clean. He comes from a middle-class family, went to the Communication University of China, majoring in special effects and animation. After graduating from USC, he worked in a special effects studio, taking on Hollywood outsourcing. Then suddenly he had a breakthrough and started investing in movies, making money on every single one. And then he founded Light Chaser Capital, accurately buying at the bottom of the global capital market—"

"It's like he suddenly had a breakthrough," Ma Huateng said slowly. "Or perhaps he received guidance from some expert?"

"An expert?" Zeng Liqing took a bite of his apple and mumbled, "How expert? Buffett?"

Soros? But those old foxes have a completely different investment style from him. This kid's operations—it's more like he knows what the future holds.

Both of them were stunned when they heard this.

Knowing what will happen in the future sounds too fantastical.

"Maybe it was just good luck, or maybe their team was just very capable," Ma Huateng said.

"Once or twice is luck," Zeng Liqing shook his head. "Being accurate every time is skill. Pony, we have to face reality; this Jiang Yu, whether he really has foresight or has information channels we don't know about, it seems that their achievements are most likely correct."

Ma Huateng did not refute. He stood up and paced around the conference room.

This is another of his thinking habits; he can't sit still.

"What do you think of the collaboration he proposed today?" he asked.

"I think we can do video." Zeng Liqing threw the apple core into the trash can. "We do want to make videos, but we haven't figured out the path. Long videos require too much investment, and the copyright wars in the future are a bottomless pit of money. Partnering with him, we provide the traffic, and he provides the content and the money. We share the risks, which is a good idea."

"What about importing the game?"

"That's even better." Zeng Liqing's eyes lit up. "Korean games are indeed of high quality. NEXON's MapleStory and KartRider, and Kuijiang's casual games—if we can really get exclusive distribution rights, it will be a powerful supplement to our game business. Moreover, with this cooperation, Light Chaser will go from a potential competitor to an ally."

Ma Huateng stopped in front of the whiteboard, picked up a pen, and subconsciously started writing and drawing on it.

This is his third habit: thinking graphically.

A simple matrix quickly appeared on the whiteboard:

Vertically: Film and television, Internet, technology, investment.

Horizontally: China, the United States, and South Korea. In each square, he wrote down the business plans that Chasing Light had already laid out:

Film & Television China: China's Light Chaser, Digital Light and Shadow.

Film & TV in the US: Light Chaser Animation, Light & Shadow Digital, and Netflix stock swap.

Internet companies in China: Light Chaser Technology, Light & Shadow Video, JD.com, DJI, Sina Weibo, Tencent Technology China: Light & Shadow Cloud Technology US companies: Apple (holding shares), Amazon (holding shares), Nvidia (holding shares)

After finishing writing, he took two steps back and looked at the picture.

Zeng Liqing also walked over, stared at the whiteboard for a long time, and suddenly gasped: "Holy crap—this kid has planned the whole strategy!"

"It's not just about the big picture," Ma Huateng said in a deep voice, "but it's a whole circle. You see, film and television content can provide funding for video platforms, video platforms can provide application scenarios for cloud computing, and cloud computing can support games and social services. Investment businesses provide cash flow, and cash flow feeds back into all the other sectors—"

"It's a closed loop," Zeng Liqing murmured. "He's laid out a grand strategy, with each piece in the right position and supporting each other."

The two fell silent again, this time for an even longer period.

Outside the window, the sky gradually darkened.

In early spring in Beijing, it gets dark early. It was only a little past four o'clock, and the horizon was already tinged with twilight.

"Pony," Zeng Liqing suddenly said, "Do you think—aren't we being too conservative?"

Ma Huateng didn't speak, but his eyes flickered.

"I'm referring to mobile internet," Zeng Liqing continued. "Jiang Yu said today that smartphone penetration will surge from 5% to 50% in the next ten years. If this prediction is correct, then we should go all in now."

Mobile devices. But internally we're still debating and observing —”

"It's not about waiting and seeing," Ma Huateng corrected. "We're looking for a starting point. We're already working on mobile QQ, but the user experience isn't good enough. We've also assembled a mobile game team, but we haven't found a hit game yet."

Zeng Liqing was unusually serious. "The confident tone Jiang Yu spoke today means that if we hesitate any longer, we might miss the window of opportunity."

Ma Huateng walked back to the sofa, sat down, picked up the now-cold tea, and drank it all in one gulp.

The tea was bitter, but it was invigorating.

"You're right," he finally spoke. "We need to accelerate the mobile internet sector. We'll hold a strategy meeting when we get back and readjust the priorities."

"Then the collaboration with Light Chaser Animation?"

"Move it forward," Ma Huateng said decisively. "You're in charge of following up on the video investment. Let Ren Yuxin handle the game acquisition. Also—I have an idea."

"What?"

"Since Jiang Yu has such a keen eye, could we—have a deeper collaboration?" Ma Huateng said. "For example, could we establish a joint venture investment company to jointly invest in some early-stage projects? He can choose the projects, and we can provide the traffic and operations."

Zeng Liqing's eyes lit up: "This is a great idea! It's like treating Jiang Yu as our external strategic advisor, and he even brings his own supplies."

"But there's no rush," Ma Huateng said cautiously. "Let's focus on finalizing the existing collaborations and building trust first."

Once the cooperation is running smoothly, we can discuss a deeper partnership.

Just then, there was a knock on the conference room door.

Liu Chiping and Ren Yuxin are back.

"How is it?" Zeng Liqing asked.

"It's alright, we mainly talked about the 3G licenses." Liu Chiping took off his coat, looking tired. "The Ministry of Industry and Information Technology revealed that a third license will be issued before the end of the year, probably for China Telecom. When that happens, the three operators will engage in a price war, which will be beneficial for mobile internet."

Ren Yuxin continued, "We also inquired about the background of the 'Chasing the Light' project. The higher-ups spoke highly of Jiang Yu, saying that he has vision, knows the rules, and is politically reliable. In that Olympic project, hundreds of people worked for half a year and only received one yuan. Moreover, his maternal grandmother's family has very strong connections."

"Politically reliable—" Ma Huateng pondered the phrase, "That's very important. You can't do business in China without understanding politics."

Silence fell over the meeting room again, this time even the hum of the air conditioner seemed unusually loud.

Finally, Ma Huateng broke the silence. He closed the file and said, "Chiping, prepare an analysis report on the Light Chaser Investment portfolio. I need to see it. Yuxin, start the process of importing Korean games this week. Begin by contacting NEXON."

"it is good."

"Li Qing, you need to expedite the video investment deal. We can make some concessions on the terms, but make sure the traffic support clauses are clearly stated and unambiguous."

"clear."

Ma Huateng stood up and walked to the window.

"Everyone," he said, his back to the team, his voice calm but powerful, "I met Jiang Yu today, and I have a deep feeling about how fast this era is changing. If we still cling to past successes, we may be eliminated."

He turned around, his gaze sweeping over everyone: "Tencent is very big now, and being big means it might slow down, become bureaucratic, and lose sight of new opportunities. People like Jiang Yu remind us that we must always maintain awe and remain hungry."

Zeng Liqing nodded: "Yes, that kid is only twenty-five years old—it's terrifying to think about. What will he be like ten years from now, when he's thirty-five?"

"They could be an important partner to us," Ma Huateng said. "They could also be our biggest competitor. Either way, we have to be prepared."

He walked back to the conference table and placed his hands on it: "Starting tomorrow, we'll make strategic adjustments. Mobile internet will be given a higher priority, and we'll also begin to examine cloud computing. In addition, we need to strengthen our investment strategy. We can't rely solely on internal incubation; we also need to invest in good external projects, just like we did with Light Chaser Anchorage."

"Where's the money?" Liu Chiping asked. "Investment requires a lot of cash."

"The gaming business has a very good cash flow," Ma Huateng said. "In addition, we can consider further financing. Issuing bonds or raising additional shares when the stock price is high would be a good time."

The four discussed the specific details for another half hour, and by the time the meeting ended, it was almost six o'clock.