A writer has arrived in the Chinese entertainment industry.

Upon hearing An Wenxiu's proposal, Xu Yi, the founder, was overjoyed and immediately wanted to raise both hands in agreement.

No need to invest money, no need to bear the risks of research and development, no need to maintain a team; just guide users, and you can earn revenue share every month without lifting a finger.

This will be Bilibili's first stable, large-scale revenue stream.

As for 12% of the shares, it is indeed a bit much, but it's still negotiable. His only concern is their status as co-founders, which means they would have to join the core team and participate in decision-making.

The lessons learned from A-site are right before our eyes. What it fears most is investors interfering in operations and creating chaos within the management team.

Therefore, he still needs to hear the opinion of Chen Rui, the angel investor.

Although Chen Rui has not yet joined Bilibili full-time, what he has always wanted to do is to combine the ACG community with game monetization, so he really has no reason to refuse this proposal.

"Mr. An, we can discuss the shareholding issue again. But you need to be involved in decision-making. To be honest, what any company's founding team fears most is investors interfering haphazardly, with outsiders giving unsolicited advice..."

"I know what you're worried about," An Wenxiu interrupted him directly. "Actually, besides 'Genshin Impact,' which is currently in development, Yusei has another game."

"We didn't know that."

"It's 'Vampire Survivor,' developed by Luo Zhou Studio under Yuxing, which currently has monthly sales of 1.5 million copies on Steam."

"What?"

Xu Yi and Chen Rui exchanged a glance, both seeing the shock in each other's eyes. Even though they didn't know much about domestically produced single-player games, in the current market environment, a game that could sell 1.5 million copies was absolutely a miracle.

An Wenxiu continued unhurriedly, "Including 'Genshin Impact,' which is currently under development, the producer is Mr. Su, who is sitting next to me."

Facing the gazes of both of them, Su Liu just sat there with a smile.

Xu Yi stared at Su Liu's face for a while, then tentatively asked, "Are you Su Liu?"

"It's me. Oh? Mr. Xu knows me?"

"Wow, you're really popular on Bilibili! One of our users has explained your 'Elephant Head Maze' and 'Gymnasium Mystery,' and they've got a ton of views."

"Is that so? I'm a long-time Bilibili user, and I didn't know that."

Seeing Chen Rui's questioning look, Xu Yi quickly explained, "Professor Su is a mystery novelist, and she's very famous abroad."

An Wenxiu felt the time was right, so she struck while the iron was hot, saying, "I believe we are different from other investors. UGC is difficult to monetize. Doing a good job in community building and game monetization should also be your future strategy, right?"

Indeed, once Yusei joined, Bilibili immediately had a complete business model.

The founders did not object, and their proposed strategy completely overlapped with Chen Rui's vision. IDG was even more pleased to see this happen, as they only invested money and did not interfere in management.

What reason is there to refuse?

"12% of the shares...isn't that a bit too much?" Xu Yi asked hesitantly. "The VCs are currently valuing us at around 40 million US dollars."

Having a few more or fewer shares doesn't really matter. Such companies will inevitably have a dual-class share structure. As long as you're in the core team, even if you only hold a small number of shares, you'll have enough say.

However, An Wenxiu felt that 12% was already her bottom line.

"Gentlemen, as things stand, the importance of our involvement to Bilibili is self-evident. An internet company with a mature profit model has a significantly different value in the eyes of investors. Once our game is launched, Bilibili can generate profits through joint operation, and the benefits for the next round of financing are foreseeable. Therefore, I think a 12% stake is quite reasonable."

Xu Yi and Chen Rui considered the matter carefully before finally making up their minds.

"I don't think there's any need to drag this out any longer," Xu Yi stood up and extended his hand. "President An, President Su, welcome to Bilibili. From now on, we're... partners!"

Apart from An Wenxiu, everyone present was a veteran Bilibili user, so Xu Yi used the word "companion".

The three men looked at each other and smiled, while An Wenxiu had a deadpan expression on her face.

After some investigation, it was discovered that Bilibili not only implemented an A/B share structure but also adopted a VIE (Variable Interest Entity) structure.

Due to domestic regulations, foreign capital cannot directly hold controlling stakes in internet, culture, or audiovisual companies. However, Bilibili needed to use a foreign-owned structure to receive funding from IDG, which led to the creation of the VIE (Variable Interest Entity) structure.

A company was established in the Cayman Islands for financing and listing. The major shareholder appeared to be the boss, but it was actually just a shell company.

All of the company's assets are held in Shencheng Huandian Company within China, which is the real Bilibili, with only three shareholders: Chen Rui, Xu Yi, and Li Ni.

The money earned by the domestic company is transferred to the overseas company through an agreement. The shareholders only enjoy the right to dividends and have no way to interfere in the company's operation.

After Su Liu joined, Chen Rui and Xu Yi each relinquished 6% of their shares in Shencheng Huandian and signed a concerted action agreement, stipulating that all four must remain in unison in all shareholder and board votes. In case of internal disagreements, Chen Rui's opinion shall prevail.

As for the Cayman company's shares, Su Liu holds 8% of the founding shares and has 20% of the voting rights.

The contract still needs to be carefully reviewed by the legal department, but the cooperation between the two parties today can be considered a perfect success.

After Xu and Chen left, Su Liu followed An Wenxiu back to the office, only to unexpectedly encounter a zombie in the company.

No, it looks like a zombie, but it's actually a person.

"Teacher Su—"

As soon as she spoke, Su Liu suddenly realized that the zombie in front of him was actually Xiao Liu!

Looking at her gaunt appearance, with dark circles under her eyes and listless demeanor, it's hard to imagine that she used to be the energetic Xiao Liu.

"Xiao Liu! What's wrong?"

"Teacher Su, please take me back! I still want to be your assistant, but President An is just using me like a donkey!"

It's hard to imagine what kind of torment Xiao Liu has suffered this month.

"Is it really that exaggerated? It's just that you're a little busy with work. Don't worry, the game is almost finished, and you'll be free soon." Su Liu gently patted her head, like comforting a cat with its fur standing on end.

But when these words reached Xiao Liu's ears, it was like a bolt from the blue.

"Teacher Su, you're heartless! You're not human!"

"What does this have to do with me? Besides, some people can treat work as a form of self-improvement, why can't you?"

"There's no way someone like that could exist!"

Su Liu wanted to argue, but at that moment An Wenxiu's greeting suddenly came from the office.

Xiao Liu tensed up, immediately stood up straight, and turned to dart into the house. Just before entering, she turned back and mouthed to Su Liu, silently pleading, "Help me!"

Su Liu pretended not to see it, quickly left Youxing, and returned to Fusu Culture.

Just then, his phone vibrated in his pocket. Su Liu was wondering who would send him a text message, so he casually opened it and saw that it was from an unknown number.

"Can you come to the parent-teacher meeting the day after tomorrow?"

Parent-teacher meeting? What's that?

He casually replied: Who are you?

The other party replied instantly: I am Tian Xiwei.