In March 2015, before the listing of Stormwind, he was a reporter of WeChat, saying that a friend planned to retreat to the rivers and lakes. He touched a lot. If he lost, he wanted to go to the old house in his mother's Shanxi for a period of time after the company went public. The last few books: The Tao Te Ching, John Christopher, The Blade.

A few days later, Stormwind was listed on the Growth Enterprise Market of the Shenzhen Stock Exchange. From March 24th to May 4th, this stock has even pulled 29 daily limit. On April 23, the company issued a loss of the 2015 first quarterly report. Previously, the storm announced that it had increased its capital and shares by 60 million yuan for its "Magic Mirror" project. The overall loss in the first quarter was due to the early stage of large-scale investment in virtual reality business such as "Magic Mirror". But this still does not deter the upward trend of the stock price. The next day, the storm once again opened with a daily limit, setting a new record for the new stocks after the opening of the IPO. Chairman Feng Xinfa's circle of friends "100, Mark", celebrating the market value of the storm more than 10 billion yuan. On May 13, the total market value of China's video industry leader Youku Tudou was US$4.07 billion, or about RMB 25.2 billion. The total market value of the storm on the same day has reached 30.3 billion yuan.

For Feng Xin, who has been in business for 10 years, this is a carnival that has been delayed. Fortunately, despite the late arrival, it is still coming.

Starting from the establishment of the VIE (Variable Interest Entities) structure in 2006 and the introduction of IDG's US dollar investment, Feng Xin is aiming at the goal of making a storm video to the US market. Unfortunately, perhaps because of the financial crisis, perhaps because of something else, the storm has not succeeded in scraping into the US market. However, there are always companies looking for a door to talk about acquisitions: Sina, Sohu, Potato, Youku, Shanda, all talked about it again. From Feng Xin's personal point of view, the price they open can definitely make him retire. He has no loose mouth.

"I think that since I have done such a thing, and it has been doing so for a long time, it is too boring to make a profit and leave."

In 2010, Feng Xin finally waited for an opportunity - CITIC Securities suggested that he let the storm return to the domestic market. At this time, Youku has just been listed in the US. As a competitor in the video field, the strength and resources are not as great as the storm of Youku. Feng Xin knows very well that the US market prefers leading companies, and the storm video is based on relatively unpopular clients. In addition, the success of Huayi and LeTV in the A-shares has aroused his interest. The extremely high valuations and brand influence they receive are not available in the US.

So he made up his mind to "go back."

But "going back" also means another round of traumatic suffering. In December 2010, the storm began to dismantle the VIE architecture until one and a half years later - in May 2012, the companies under the VIE structure, including the hot technology created by Feng Xin in 2005, were all cancelled.

The essence of this process is to find a domestic investment institution to "take over" and repurchase the dollar investment of IDG, Jingwei China and other institutions. In Feng Xin’s own words, this incident is uncreative, and the pain is comparable to that of the skin. “Because it involves buyers and sellers. Foreign investors want to sell high prices, domestic investors are willing to pick up? Looking for a bunch of domestic investors The price they opened, foreign investors are not willing to accept."

In addition, a series of conditions must be met in the A-share listing, such as continued profitability. The video industry where the storm is located was originally famous for burning money. It is easy to make a profit. Even the leader of Youku (including the later Youku Tudou) has long been in a loss. Interestingly, just because there is not much money, the storm voluntarily quit the competition for exclusive copyright and other money-burning games, and beating is achieving profitability - in Feng Xin's words, "opposite this seam."

The number of robberies is not over yet. At this time, A shares suddenly suspended IPO approval. This is another year and a half. In the meantime, it is natural to talk about the acquirer. The most exciting thing for Feng Xin is the opportunity to cooperate with Alibaba. Ali’s CEO, Lu Zhaoqi, personally seized this incident and promised to invest 900 million U.S. dollars in the next few years and exchange resources with the storm. After talking for two or three months, Feng Xin went to Chengdu to attend the meeting of the State Administration of Radio, Film and Television. When he was drinking coffee at night, he received a text message: The IPO of the A shares should be restarted.

Feng Xin, who almost "surrendered", turned back and "played by himself."

It seems that he is sloppy, and he is more serious than anyone else. In the past, he didn't look at the prospectus very much. This time, he took over the knife himself and claimed to be able to write better than them. For a while, he also went to the SFC twice a week to "communicate" with people. After the approval, he did not think much about it, and all kinds of news surged like a flood. The person in charge of the lead underwriter CICC said that we have sponsored so many companies. In the past, we were the most buyers and project managers. We have never met the directors of so many big funds. He immediately realized that he wanted to be less.

Just over a month after the storm went public, as the founder of more than 25 million shares, Feng Xin's net worth has exceeded 6 billion yuan.

Does he still have time to go to Shanxi?

The rhythm of entrepreneurial adolescence

After leaving Jinshan in 2004, Feng Xin swayed his shirt in Yahoo China for a year and finally decided to start his own business.

Before that, he did a preparatory work - counting the various software widely distributed on the PC: operating system, browser, search, input method, instant messaging, download, play, music, security... his The conclusion is that there are a total of 11 areas worth entering. It was his ambition to occupy the Internet with various free software and build a software empire.

Obviously, not every area has an opportunity. For example, the operating system Microsoft has done it, no need to think about it. I'm already working on Tencent, and it’s almost impossible to beat QQ in the sky. In fact, he really tried it. "I don't bother to say that I have a code name for internal development."

Feng Xin wants to ponder which of the 11 kinds of software he can make first. The first thing he thought of was downloading, looking for his investment in Yahoo China's boss Zhou Hongyi. Zhou Hongyi said, "Don't do it, I have already invested in Thunder." At that time, Feng Xin's download software interface was almost finished, and he gave up because of this sentence.

Looking for a circle, I didn't find an investment. Feng Xin simply recalculated how much money it needed to start a business. When I found out that I wanted to invest 2 million yuan, I could start doing it.

In August 2005, Cooltech was founded, avoiding downloads and focusing on the development of desktop video software. The registered capital of this company is 500,000 yuan. Feng Xin knows clearly that video software can't make money in a short time, so he has to do something else—such as helping some companies to direct traffic and earn some quick money.

It didn't take long before Cai Wensheng, who was just famous, took the initiative to come to the door and said that he would invest in him. However, I met Cai Qisheng, who was a good-selling business singer, "I will praise you for a few minutes at a time," and persuaded Feng Xin to accept his angel investment, 3 million yuan. A few months later, IDG Capital followed suit.

It is said that IDG partners Zhang Zhen and Feng Xin met only two questions. The first one is: "What can you do for us? We know very well, what can we do for you?" "You can give me money." Feng Xin is very direct, his company was only 10 people at the time, but he Feel at least $10 million. The second question is "How do you see Lei Jun and Zhou Hongyi?" After the two questions were finished, Feng Xin went downstairs and quickly received a call. IDG decided to invest $3 million. "At the time, I was not short of money. I only supported a dozen people. The monthly income was about 1.5 million yuan. I didn't know what to do with money. I didn't spend much money on things I did." Feng Xin laughed. .

However, the money is still useful. If it weren't for the money, Feng Xin would not be able to buy the storm video. At that time, the storm video had tens of millions of installed capacity and it was a hot player. Its developer is Zhou Shengjun, a software engineer in Harbin. Feng Xin and Zhou Shengjun contacted, but Zhou was not willing to sell him to him. Finally, Cai Wensheng made an intermediary. According to Cai Wensheng's recollection, at that time, he only allocated 12 million yuan to Zhou Shengjun's account within half an hour by a verbal agreement between the two parties, and then transferred to Feng Xin. Of course, the price is no longer 12 million yuan.

In January 2007, Feng Xin's new company Storm Internet was founded.

Interestingly, at the time, IDG also voted for another company that made the player a super solution. In Feng Xin's opinion, "The two companies do exactly the same thing, the problem is the same, that is, no networking is required. We must let users upgrade to a new version of the network. After three or four months, the storm has more than 20 million users. There are only 300,000 Super Jieba. If you can't do it, IDG wants me to buy the Super Jieba."

"I didn't know much about capital at the time. It seems that the price is 6 million US dollars or 7 million US dollars. I said that I can't eat it. It is actually a capital game, which is equivalent to increasing investment for me. I will buy it again. It is not wrong, if this product When I fell into the hands of Lei Jun or Zhou Hongyi, I had one more opponent. If I bought it, I would have no opponent."

This is the matter of March and April of 2007. Feng Xin has been in business for almost two years.

In Feng Xin’s memory, the first two years of entrepreneurship, like a person’s adolescence, is ignorant and full of vitality. "It's really good, the rhythm is your own rhythm, very fast, but it doesn't feel tired. It's easy to eat, drink, and play every day. It's especially efficient when I work. I thought that the fastest growing Internet is us. ”

However, "My personal glorious history is over here."

From the management dilemma

Before starting a business, Feng Xin went to see his boss Lei Jun at Jinshan. Lei Jun listed his major shortcomings and asked him, can you solve these problems after starting a business? "Those problems that Lei Jun said all came out later." Afterwards, Feng Xin sighed that "Lei Jun is still awesome." "I have something I am good at, but if I want to be a CEO of a great company, I will lack too much." I can easily mention three deadly things, such as not knowing management, not knowing capital, and not knowing financial skills."

Let's talk about management issues. In 2007, the company had more than 100 employees and later developed to two or three hundred people. Because the development is supernormal, the little brothers around have made money, and started to buy a house to buy a car, and then the people are confused. "I didn't think about management before. I asked some of my colleagues (Jinshan) to be airborne and vice presidents. Later, I found that the vice president had more problems."

The biggest problem is that "no business is managed by itself", and everything is managed by the relevant vice president. "I have to talk to them, I can't go directly to it, or else I will manage it. They teach me two things. The first one teaches me to numb myself. They try to do it. The second one teaches me to be patient, you act as A CEO has to wait and coach everyone to grow up. It seems to be right."

But Feng Xin feels wrong, there is a feeling of not moving. Sometimes he will comfort himself, we do a good job. It took less than two years from the beginning of the hand to the valuation of 30 million US dollars. But every time he met, he felt angry. "How can I do this this time? I don't know what to do. I am not sure what to do. The answer is very vague, and I am fainted."

The efficiency of the entire company is very low. When the storm was acquired, Feng Xin had a thought: Be sure to make the storm online and turn the playlist next to it into a program list. "If we do this, we will have nothing else, and our users are so big." But "this thing" has found three teams, starting from August 2006, and can't finish it. The strong frustration even caused Feng Xin to retreat.

Let's review what happened during these years:

In February 2005, Chen Shijun and others created a video site YouTube. In November 2006, YouTube sold to Google for $1.65 billion.

In April 2005, Wang Wei created a video site for potatoes. In 2011, potatoes were listed on the NASDAQ Stock Exchange.

In June 2006, Li Shanyou created a video website Cool 6. In November 2009, Cool 6 became the world's first listed video website.

In June 2006, Gu Yongzhen created the video website Youku. In December 2010, Youku was listed on the New York Stock Exchange.

In addition, LeTV, PPS, PPTV, 56, popular..., hundreds of companies that have emerged in the past few years have opened the Warring States era of video sites.

In order to save the storm, Feng Xin made a crucial decision in 2009. He called all the executives to a meeting. "You all said that you have helped me in important positions. Everyone said, what do you do to help the company grow up? Even in the first quarter, the second quarter is nothing. ."

As a result, within a year, seven or eight vice presidents of the storm went halfway and the company returned to the right track. This process, Feng Xin called it "solutions", he believes that the main point is that "the most important thing in the company must be personally caught." In 2010, the online business "Storm Box" was finally launched. Although the momentum is no longer as fierce as in 2006 and 2007, the storm has once again entered the ascending channel.

The art of survival in the oligarchy

In the past 10 years, Feng Xin’s storm video has almost become a “living fossil” – from the necessary software for installation, to the “online play” client, to the video website, the storm has been changing. Even the competitors against it are constantly updated, first from Windows Player, KM player to PPS and PPTV, and then to Youku Tudou, iQiyi and so on.

The players that once competed with the storm were mostly marginalized; the client software rival PPS was acquired by iQiyi, and PPTV was acquired by Suning; it seems that only the Thunder came to the end of the company similar to the storm - June 2014, Thunder went to the United States After listing, unfortunately, the stock price has fallen all the way, and the current market value is about 485 million US dollars.

The explosive growth of the Chinese video industry was initially a follow-up to YouTube, the US video-sharing site that has been a huge success. A large number of websites draw on YouTube's UGC (User Generated Content) model to “share” and attract popularity and traffic.

But after a few years, the situation has changed suddenly, and the competition for film and television drama has become a new trend. This side is listed on the websites of LeTV, Youku, and Potato. On the other hand, there are new forces such as iQiyi, Sohu video, and Tencent video. After a round of money-burning games, the video industry gradually entered the era of oligarchs.

Feng Xin used the "pyramid structure" to summarize the status quo of the video industry: Tacit is the video website of BAT, Baidu has iQiyi, Ali has invested in Youku Tudou, Tencent has its own video website; Tae waist is the video website of Sohu, LeTV, etc. Taki is a client-based video company such as Storm Video. The apex companies like to play two games, one is to fight for exclusive copyright, and the other is to spell homemade content.

"It is too vulgar to follow them to buy copyright, and I will die if I do this." Feng Xin has been very awake. In fact, for a long time, there was no capital in the storm.

Stormwind's prospectus lists two key factors that may affect the company's net profit change in the future—content procurement and bandwidth lease costs. After the entry of BAT, the killing of video sites led to a surge in copyright costs and bandwidth costs. Storm's strategy was to buy less or not to buy exclusive, less or no first-round broadcast rights.

In the past three years, the cost of content purchase and bandwidth lease of Youku Tudou has reached more than 6 billion yuan, compared with the cost of more than 200 million storms. This strategy keeps the company's costs at a relatively stable level and continues to achieve profitability. But the cost of controlling costs and achieving profitability is that revenues can't enter the first camp. About one-tenth of Youku potatoes are even far less than LeTV and Thunder.

The main profit model of Storm is “free + advertising”: attracting a large user group with the free “storm video” series products, and generating advertising value. In addition, the storm also benefited from the promotion of software, the sale of goods and the collection of membership fees, but these revenues only accounted for 10%, and 90% of revenue is still from advertising.

Moreover, although it is profitable every year, it is always very meager. In 2012, more than 50 million; in 2013, more than 30 million; in 2014, more than 40 million. With a netizen's harsh words, buying a popular TV show may be a loss.

The content richness has been discounted, and Feng Xin has always emphasized the side of storm “technical flow” and “experience pie”. This is evident from the constant update function of Storm 5: left eye button, 3D, live, clarity, and even the latest storm mirror.

This is the art of survival of the “poor” in the oligarchic era. Now that the storm has been successfully listed, everything is full of variables. How will the "poor" behave after "rich"? Let's go back to the beginning.

Feng Xin's understanding of Tao Te Ching and Blades is not known. He is often mentioned in John Christopher. It is said that this novel of more than one million words, he read many times in different periods of his life: the sophomore was read before he was persuaded to retreat, when the injured was hospitalized, he paid the nurse to read it to himself, and when he was frustrated, he went to Taoism to introspect Read it again... In his view, Christophe represents the soul of truth, suffering, resistance, and freedom.

The end of "John Christopher" is written like this:

The Holy Christ, Christopher, crossed the river. He walked all night in the countercurrent. Now his sturdy body stands like a rock on the water, with a delicate and heavy child on his left shoulder...

The bell of the morning prayer suddenly rang, and countless bells suddenly woke up. Heaven and dawn! Behind the dark cliff, the invisible sun rises in the golden sky. Christopher, who was about to fall down, finally arrived on the other side. So he said to the child:

"Let's here! Hey, you are multiple! Child, who are you?"

The child replied:

"I am the coming day."

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