"Evolutional" Wang Xing: from continuous failure, once crying to Hongkong bell

Originally titled "Evolutionist" Wang Xing: From successive defeats and cries to Hong Kong ringing the bell and approaching B

Author: Ren Xiaoning

In the first few seconds that struck the brass bars, Wang Xing was well prepared. He braced his drumstick in both hands, and the sound of the Gong was deafening as more than 200 people counted down.

On the morning of September 20th, the location of Wang Xing at the HKEx was the most striking focus. In the hour before and after the Gong struck, Wang Xing had little chance to step down. He was photographed by Lee Xiaojia, president of the Hong Kong Stock Exchange, investor representatives and IPO project representatives in turn.

Wang Xing's group, a local Chinese company thought to have no foreign counterpart model, became China's fourth-largest Internet company after Alibaba, Tencent and Baidu on Sept. 20, when it went public with a market capitalisation of more well-known millet and Jingdong. Wang Xing himself will be worth more than HK $45 billion 700 million.

The US group is Wang Xing's third venture company. From young entrepreneurs to mature entrepreneurs, Wang Xing spent 14 years. Wang Xing is now the image of a business elite, compared with the founder who cried and failed more than a decade ago. Wang Xing topped Fortune's list of 40 business elites under the age of 40 in China in September 2018. He led the US group to be listed successfully, which is known as "the contribution of China's Internet industry to the world."

Zhang Lei, founder of Gao Ning Capital, believes that the US Troupe can not only bring about high capital returns in the long run, but also create great value for society. Shen Nanpeng, a Sequoia Capital Partner who has been investing in the US Redwood since Round A, said in an open letter on September 20 that Wang Xing was one of the key factors for Sequoia Capital to invest in the US Redwood.

Among the factors contributing to the success of the Beauty Corps in its IPO prospectus, Beauty Corps management and experienced team ranked first. For the future development, the US group's prospectus writing to a large extent depends on the management level. The core of the US management is Wang Xing.

Fu Tuo Securities Chief Executive Hu Biwei is very optimistic about the U.S. troupe, he told the Economic Observer reporter, as early as before the U.S. troupe listed, in the Fu Tuo platform, the U.S. troupe's stock subscription situation is "very good". After the listing, "the reputation of the US group is even higher, and governance will be more standardized."

"The United States mission has been evolving until today, and this evolution should be attributed to Wang Xing." Internet observer Yin Sheng told reporters.

As the central brain of the troupe, how far the troupe can go after going public also depends on Wang Xing.


Since the beginning of this year, the US mission has continued to expand its borders. At the beginning of the year, the US group entered the network business and began to fight in Nanjing. In April, the US group acquired the last mile war. Next, the US group was listed on the HKEx.

Dating back to three years ago in 2015, the US group merged with the public comment into a company. It was a crucial battle for the US regiment, harvesting not only its biggest competitors, but also reserving grain and grass for a decisive battle.

On October 8, Wang Xing announced in an email that he and Zhang Tao were co-CEO and co-chairman of the new company. A month later, two jobs changed. Zhang Tao acted as chairman of the board and Wang Xing was CEO.

A former Mid-level Economics Watch reporter, who started his business in the early days of the troupe and left in 2015, said that in the face of the situation, both new companies and investors wanted to choose people who could lead the team farther. "Wang Xing's character is to go farther, so he chose Wang Xing."

Shen Nanpeng also mentioned in his open letter that it was Zhang Tao who made the decision to let Wang Xing operate alone. "It was a difficult choice, but Zhang Tao, like Sequoia, entrusted such a great responsibility to Wang Xing."

Wang Xing gained confidence in his excellent record in the market after he founded the US regiment. The 8 year history of the US regiment is almost a history of business war. What's precious is that at every important point, the US group has chosen the right path to become the fourth largest company listed on the Hong Kong Stock Exchange and listed on the Internet in China.

In March 2010, the US regiment was just born. Group buying websites are also constantly pouring out. A year later, nearly 5000 group buying websites were competing with the US group for the market. After winning the group buying war, the US group focused its attention on O2O business in 2012, and the enemy in this new field became BAT. Now Baidu's glutinous rice network has been marginalized, Ali's word-of-mouth network also attaches to Ali's other business, Tencent chose to invest in the United States. In the second half of 2014, the U.S. troupe made a full-scale push into takeout and launched a decisive battle with the hungry. As a result, the early starvation in takeout lost market share step by step and was acquired wholly by Alibaba in April this year for $9.5 billion. "The U.S. troupe is a small enemy with few characteristics, but no shortcomings in strategy, operation and management," COO Conga said in an interview with the media before she was hungry about the competition with the U.S. troupe.

Hungry? The enemy at that time was Wang Xing, but not only Wang Xing. Behind Wang Xing, there is a mature business team that he created by himself. This team has no obvious weakness in execution, thinking and direction. "Wang Xing is a brain hub with a pair of arms underneath, forming super execution ability." Yin Sheng said. He believes that Wang Xing's brain is like a computer, he has a strong ability to think systematically at every step, and his executive ability is also very strong. "These two factors are combined to help the US regiment from the thousand regiments to the present."

The role of the brain has been established at the early stage of Wang Xing's pioneering work. When Intranet was founded, Wang Huiwen and another founder, Lai Binqiang, were responsible for technical programming, and Wang Xing was freed to focus on the direction and strategy of the company. After the establishment of the group buying war pattern, the US group chose to take out in 2014, when some of its peers chose to do the cleaning. In the same year, the American takeaway sales to 2 million orders, peer cleaning only did 20-30,000 single growth, which shows the importance of the direction.

Wang Xing's arms are Wang Huiwen and Mu Rongjun. On the spot, Wang Xing, together with Wang Huiwen and Mu Rongjun, took many photos of his brothers with crossed hands. Wang Huiwen is Wang Xing's college classmate, or his roommate. Wang Huiwen is a northeastern Dalian man. His words are full of peculiar humor. A member of the US mission described to reporters that Wang Huiwen was their spiritual leader. Compared with Wang Xing, who doesn't like to talk, Wang Huiwen talks to his staff from time to time. "Wang Xing creates secret weapons behind, which can make weapons very advanced. Wang Huiwen went to use the weapon very well, "a former US troupe employee who had more contact with the top management team told reporters that Wang Xing and Wang Huiwen are two different links," but they are not in conflict, can play to the extreme.

Mu Rongjun is different from Wang Xing and Wang Huiwen. In the words of the former employees, Mu Rongjun is always meticulous, unlike Wang Xing, who likes to wear T-shirts and hollow shoes. He was Wang Xing's Tsinghua teacher and brother. He had followed Wang Xing when he founded Intranet. He never left the school for more than ten years. Not only Wang Huiwen and Mu Rongjun are willing to follow Wang Xing, but also the retention rate of employees in the early Wang Xing team is very high. Li Zhigang, author of Nine Losses and One Win, once asked Fu Dongping, the No. 6 member of the US troupe, if Wang Xing's second company had been shut down for six months and why he was still with Wang Xing. Fu Dongping's answer is that he recognizes Wang Xing and believes his vision and judgement.

Wang Huiwen and Mu Rongjun are two other private equity beneficiaries outside the US group. Wang Xing as co founder, chairman and CEO, holds 11.4%. Mu Rong, co-founder and senior vice president, holds 2.5% and Wang Huiwen, co-founder and senior vice president, holds 0.73%.

Wang Xingbi's general entrepreneur's better place is his vision. From the early school intranet to Fan Fu, and now the United States, as long as Wang Xing favorite projects, followers flocked behind. For example, intranet, although Wang Xing was forced to sell, was subsequently developed into Renren, a listed company with a market value of nearly 10 billion dollars. For example, micro-blog has been shut down and its function similar to that of the micro-blog, which has now reached the market value of $17 billion. Although these two projects are on the battlefield, they are enough to prove Wang Xing's unique vision.

Yin Sheng remembered that Wang Xing had consulted him about Bitcoin in the early years when it was just rising. At that time, Wang Xing believed that bitcoin was a very good opportunity to subvert the existing pattern. "He's been looking forward to problems for many years, so he chose the right points." Yin Sheng thinks that is the situation that the leader of big company should have. "You think more ahead of time, a few years later, and at the same time you can focus on what is important now."

Because of his unique vision, Wang Xing is always confident. "I don't worry about the market, I don't worry about business space, I don't worry about opportunities," he told his sales managers at the National Sales Conference in February 2012.

During the eight years of growth, "Metro Review embodies the characteristics of typical Internet platform enterprises, especially in high growth, multi-round financing, business models and future valuation, Metro Review has grown into a typical Unicorn enterprise." Qi Yudong, Professor of economics and business administration of Beijing Normal University, commented on the US mission founded by Wang Xing.


Wang Xing on the Hong Kong Stock Exchange stage, every move has touched the scene of more than 300 eyes of the line of sight, he started the company's stock price, it touched the hearts of tens of millions of investors. But 12 years ago, Wang Xing was just a temporary fund-raising plan, but he was left in a taxi. Despite the successful creation of a market-recognized intranet, he sold it to Chen Yizhou's "serial entrepreneurs" for lack of financial support.

The lesson for Wang Xing in the school is that we can't afford no money. After that, he remained cautious about money.

From 2011 to 2012, the battle of a thousand regiments was raging. Compared with the hundreds of millions of dollars of money in the nest and handheld net, the US regiment, although established earlier, did not dominate the market. Those who have been through a thousand wars will be impressed by the handheld network in which Ge You acts as a spokesman on TV, and the nests and clumps in which the subway screens are painted everywhere. These are the memories of the advertising war on group buying websites.

Wang Xing did not follow in the advertising war. He and Wang Huiwen studied and found that although competitors spent a lot of money on advertising, users still needed to search online. So they chose the tactful way to buy Baidu search ads, so they did not lose too much market.

"I think we should pay more attention to input output than to throw money away." In an interview at that time, Wang Xing explained why he did not advertise in 2012. He said: "It's always easy to spend money. Everyone advertises. People may not remember you. You have to continue to vote, but you can't afford it, or you just feed the crowd."

Until now, Wang Xing has also kept the habit of frugality. An American League employee told reporters that as the founder of a large company with a market capitalization of more than $50 billion, Wang Xing is still a 300-year-old business traveler.

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