In May 6th, a WeChat without a dream, WeChats self media article, was widely spread, and was also spread by a Tencent founder, Ma Huateng, a screenshot of the incident. The daily economic news reporter learned from the Tencent people at night that the content of the picture is not from Ma Huateng, but by Internet. In addition, Zhang Jun, the director of public relations of the Tencent, also said on micro-blog, someone PS wrote a reply to pony, the starting point believed in good faith, but it did deceive a lot of people. So lets say it. I would like to express my thanks to all the outside suggestions and everyone who cares about Tencent. (every journalist Liu Chunshan) Related reading: The Tencent has no dream Penis pan Tencent is losing its product capability and entrepreneurial spirit and becoming an investment company. The 20 year old company is becoming utilitarian and short-sighted. Its strength is no longer product business, but investment and financial technology. In the 8 years after the 3Q war, Tencent launched a path of open investment with the flow of resources and capital as the core energy. But at the same time, the company gradually lost its internal product and innovation capabilities, and continued to fail in the core battlefields such as search / micro-blog / e-commerce / information flow / short video / cloud. The Tencent is running a science and technology company in a way it considers the most scientific way of operation. In real war, the core competitiveness of a scientific and technological enterprise should come from product innovation. Even in the field of social connections and digital content in the Tencent - defined business, the challenge of headlines and trembling sounds in the age of algorithms is very hard to deal with. The biggest growth in the last year was short video. If the product takes up the users time, there will be only Tencent departments and headlines in the future TOP20APP list. The latest case is micro vision. In 2013, the Tencent introduced a short video on this short video product, but was abandoned in March 2015. The team disbanded and finally decided to shut down in March 2017, when the trembling day was less than a million. Tencent certainly didnt expect that the short video would burst last year, even though they launched similar products in 2015 when SNG was small. What the Tencent didnt think of was that the algorithm + short video + open relationship was a surprise attack on his social base, opening a new road to the Tencents more than 10 years of Acquaintances + close relationship. Following QQs annual downgrade of 100 million users, the average length of the circle of friends has plummeted since last December. This shows that Tencent is no longer the best player in the market for capturing traffic and occupying user time. Liu Chiping, President of Tencent, asked the question most frequently at the beginning of the year, how can we not make short Tencent videos? In fact, when the Tencent realized the rise of the tremor, the time window was over, and when Liu Chiping realized that the threat began to fight back to determine who did short video how to do it, both from the flash to DOV could not change the micro vision, the resurrection from OMG to SNG, and then decided to give 30 billions of subsidies, time passed over Its been three or four months. At that time, the trembling day activity was over 100 million, and the users mind was close to stereotype. As a result, the Tencent copied the same way and used the jitter to beat the jitter. The Tencent has shown many problems in strategy, product and organization mobilization from the early departure of the track to lagging behind. And after the stream of information, the year of short video war has been won, the daily activity of the bytes has surpassed Ali and Baidu, after the Tencent, Chinas second largest daily live User Company. In the past, we often used black Tencent OMG, but we didnt know that products didnt know technology and had no strategic capability. In fact, if we look closely, SNGs performance over the past few years is no better than OMGs. A more serious sign is that Tencent has lost its ability to respond quickly to agile. There are still opportunities in the market, but opportunities do not necessarily belong to Tencent again. Lets pull the timeline back to the beginning of 2011, the general assembly that decides the future of the Tencent, in fact, Liu Chiping himself should know why the Tencent cant do short video now. 1. Flow and capital Martin + James In March 23, 2011, Baidu topped the market value of Chinas Internet companies to top the market value of $46 billion, surpassing the Tencents $44 billion 500 million, which was the first time the Tencent had been over the NO.1 record for the first time. The former Tencent was rethinking at the time. At that time, the 3Q war was just over. The Tencent won the war but lost the public opinion. It was a political correctness at that time. In this period of word-of-mouth, it seems that Tencent is wrong in whatever they do. According to the biography of Tencent, Ma Huateng is so tired that he even starts to doubt his product belief . This is a Tencent that didnt usher in the outbreak of WeChat and didnt get the ticket. 2010~2011 is the starting point of the new social networking platform in the Web2.0 era. Sina micro-blog is rising to press Tencent and Renren is going to New York with the concept of Chinese version Facebook. Goldman Sachs bluntly pointed out: Tencent management habitually conservative attitude, resulting in Tencents core platform facing Sina and everyone and other threats. The Tencent, which is suffering from the belly up, entered the preparatory period for a half year strategic transformation. Ten experts discussions were held to diagnose Tencent and prepare for Shanzhai to open up. At the beginning of 2011, at a general meeting on what is the opening capacity of the Tencent, Ma Huateng asked 16 executives at the meeting to write down the core competence of the Tencent on paper, and a total of 21 answers were reached. Finally, they set two core competencies: one is called capital, the other is called traffic volume. The word capital is Liu Chipings opinion. He believes that the formation of alliance through capital can not only achieve the purpose of opening up, but also let the Tencents huge flow of resources be released in a capital sense (the Jingdongs discovery page entrance, the Yilong review of the 58 American WeChat ninth Palace). Opening is to release the flow and turn it into investment, open flow and capital liberalization, and I will no longer do it myself. Tencent will no longer pursue the closed or internal growth mode. Capital operation in the future will be participatory, and only demand symbiosis and no ownership. It was said that there was a big difference between Tencent at that time, and the Conservatives believed that Tencent was still committed to pursuing steady business development, mainly through natural growth in business. The radical group believes that we should make great efforts to find some companies with potential business to invest and grow rapidly. But the latter obviously has the upper hand. Later, Tencent began to declare that half lives are handed over to partners. Ma Huateng said last month that the Tencent also needed a transition. In the past, business departments used to do business with partners across the border. The most important thing is to have a good location and a good job. If others can do well, let others do it. Dont grab it. The Tencents current Chief Strategic Officer, James, was also introduced after the general meeting, as Liu Chiping came from Goldman, who recognized the conservative management of Tencent at the time. In May 2011, the Chinese James joined the Tencent as CSO (Chief Strategic Officer, SVP level), listening to all the strategic reports and taking part in the decision, which was the first position Ma Huateng invited Liu Chiping to join the Tencent. In the current division of labor in the Tencent, Ma Huateng mainly do GR and PR work, the daily operation is the combination of Liu Chiping (Martin) + James, Liu Chiping is fully responsible for the management of the daily operation of the company, and James is responsible for the strategic planning, strategic implementation and investor relations of the Tencent. Martin + James, a former Goldman Sachs Group, has opened a crazy buying and buying strategy for the Tencent, and Sogou reviews Jingdong 58 of these big investment cases are their works. Seven years have passed. Tencent Incs market value increased ten times, and exceeded five hundred billion in the beginning of 2018, exceeding Facebook. Baidu, which won the first Baidu in March 2011, has not been worth 100 billion dollars. Thinking of investment bank Martin + James led great leap forward type of new type of open investment model is the continuous subtraction, to repeat, unprofitable, bad prospects, ungood all cut off, to the strategic investment of the vertical giant to operate. Since 2011, the market value of Tencent Inc has increased by 10 times through this capital plus flow method. Behind the ten fold increase in market capitalization is excessive attention to short-term ROI investment banking thinking. Putting the companys development perspective in the long run, Liu Chiping and James, the two Goldman Sachs paratroopers, should be reviewed. The role of James as the Chief Strategic Officer is to look at the big direction from the actual situation of the business, to help the Tencent to identify the direction of the future and to open the direction of innovation. Despite making a lot of overseas investment to make a lot of money, but the teams business endogenous capacity did not follow the soaring market value and synchronous growth. Not only the globalization of the core products of the Tencent in these years is a mess, the existing business has not been able to expand successfully, even the sinking opportunities of Chinas Internet have not been caught, in the new core battlefields are constantly lost, quick hands and many such opportunities are maintained by investment. James was also looking at the India chess game and the Internet market in Burma last year, paying attention to downloading less than 5000 of the live APP in a week, but he was not familiar with the Chinese sinking market. Or, before the headlines and shake hands are fast, Tencent may not expect their growth to come from the domestic market. The Tencent is more concerned about what the data and competition are and how to do it, but it is obviously insufficient for more pioneering things in the long run, and what is the attention and investment of the next big market. It can even be said that Tencent did not have Columbo, and they were very slow about how to open up the new continent. What is more disturbing to employees is that the Tencents development of internal projects has also begun to become impatient, and they begin to use ROI thinking to measure the input-output ratio of new products: once I find the input-output ratio to the upper limit, Im going to kill him. Under the influence of Tencents utilitarian thinking, Tencent has no feelings for projects, and projects and users are easy to become cannon fodder. For example, Tencent has raised the companys power to create a card product Tencent micro-blog, the Q1 day in 2013, 81 million, but because WeChat has risen and believe that Tencent micro-blog has no hope to catch up with sina micro-blog. It was abandoned in the first half of 2014. Tencents micro-blog live activity has touched 87 million, but for Tencent, there is no alternative. At that time, Sina micro-blog was in the low period of data and public opinion at all levels, Zhang Xiaolong clearly expressed that it could not see the product form of micro-blog. From the data, the circle of friends did dry up the micro-blog. In addition, Ma Huateng made a judgement at the end of 2011. Because of WeChat, micro-blogs war is over. Tencents other judgment dimension is that Tencent micro-blog did not beat Sina micro-blog in the big V resources, so that the users are too heavy to have the three or four line of the small town youth without the right to speak, and the consumption is mostly junk food in the news. From now on, the mobile Internet in the second half is dominated by this group of users. Tencents stop taking is completely different from that of most games. Generally speaking, when the game comes to the end of the game, the number of players will decrease dramatically, and revenue will be difficult to support the operation cost. Developers will choose to stop when there is no way to go. But Tencent style stops, often when you think the game is actually still saved, and when snack can continue to run, Tencent first gave up. - to the length What is interesting is that the same person in charge of the Tencent stopped watching micro-blog after being shut down. Chen Lin, head of product leader, commented: Tencents micro-blog and micro vision were the two major mistakes committed by Tencent. Flow user In the past, in the era of traffic, acquaintances brought a steady flow of traffic, and cheap traffic made the Tencent in the upper reaches of the food chain. The capacity of the Tencent is distributed at two extremes: QQ and WeChat, a closed, closed relationship; the portals, games, videos and novels are completely indifferent. But in the open relationship between strangers in the middle state, such as micro-blog, interest tribes and short videos, the Tencent is completely annihilated. The Tencent has been a bit superstitious about traffic. But traffic is a cold word, not a user, but a string of numbers. Taking users as traffic is itself an offence to users. The product statistics backstage shows a new user, but he is not a real person, which may lead to a deep excavation of your real user needs and limit your ability to use deep or moderate ways of operation. Who do you remember the glorious mission? Traditional game makers only have a mobile phone meeting once. It is necessary to make a good game by judging the track, time point, game type, operation and so on, and constantly iterate to attract users, even if the user is very small. But Tencent is different, and a lot of traffic and games are put there. They only need to do the work of picking projects, and select the highest probability of success. For example, it is a good business logic in the article Tencent raises poison: win the market, bitter project, but not the logic of creation. Until the Tencents base camp instant messaging suffered the cross-border attack of short video, and now the flow of traffic does not matter, its structure itself is also changing. Opponents swim that players grow faster and faster, and the difficulty of traffic transformation is getting bigger. At first the user didnt have to play, and the Tencent pushed what the users played, such as the daily series of popular leisure games, which could easily sweep the market by WeChat and applied treasure, and then the users needs were more deep, and the Tencent pushed some good games, such as the glory of the king and the flying car, and the IP and the end. At the present time, users are more vertical, more aesthetic, and more personalized to the needs of the game. For the special crowd, such as love and producer, travel frog, the Tencent has been a little hard to do for a while. After the original definite dividend is over, the advantage of Tencent is not necessarily absolute monopoly. For the products that need to be retained for a long time, the change of traffic structure has a greater impact. Those that need fast iterative, no long-term technology accumulation, such as a game /APP/ gadget, the Tencents traffic injection strategy can be very successful, such as the previous years of application treasure, handset housekeeper, browsers and games. As for something that needs to be optimized for a long time, the Tencent is often abstracted, and the lines of business are often duplicated, such as search / e-commerce / information flow / cloud. Liu Qiangdong recently disclosed the details of Tencents investment in Jingdong in 2014. When I went to the United States, Martin opened the conference to the inside, saying that Lao Liu went to the United States to go to school. This is a good opportunity for our Tencent to go to school in the United States for a period of time, and to exceed the Jingdong. Then Martin and Pony mobilize all the resources of the Tencent, QQ and all kinds of resources, a strong flow of flow, and then desperately go to the logistics, like Jingdong. After a few months, it did not shrink from the Jingdong, but became bigger. So Pony and Martin say its not a fight. The boss of the competition is not in the company, and everyone else does not care. Since there is no way to fight, come on, lets do it. Cai Chongxin, Alis evaluation of Tencent this year: in addition to the low cost of obtaining passengers, others are not afraid. Contain Ali In order to curb or clamp down on the overcoming of competitors, the Tencent and Ali began an arms race since 2013, such as e-commerce, payment, taxi, takeaway, bicycle, cloud, new retail and other fields. A few years ago, someone once asked Ma Huateng, which company do you care most about when Tencent has invested so many companies? Ponys answer is Jingdong. He is very interested in stopping Ali. It is said that he now has a lot of development with Huang Zheng every month. For example, Li Zhaohui, a partner in investment management of Tencent, explained why it was unable to merge with ofo. At the end of 2017, when Tencent and drops had been involved in the merger negotiations, Ali bought a stake in ofo from Zhu Xiaohus hand and got a vote of veto in Zhu Xiaohus hand, and then borrowed ofo again. Since then, the merger of ofo and Mo has basically been unable to advance. In the investment process of the standard Ali, the Tencents strategic investment in the pursuit of financial returns has exceeded the strategic role, and now the Tencents self positioning is the most like the financial investors strategic investor. For example, the investment frontier of Tencent is far greater than Ali, and there are many financial investment projects, but Ali is still insisting on some combination with business. Through the main industry to make money to make money, stock and bond financing to leverage, focus on investment head venture companies, value-added through the channel, the Tencent model has been basically run through, now the number and volume of the Tencent investment portfolio is far more than any of Chinas Internet Co. Last November, Li Zhaohui revealed that Tencent had invested over 100 billion investment, and more than 50 Unicorn companies had been invested. Liu Chiping also revealed at the Tencent investment annual conference in early 2018 that the value added by these enterprises has exceeded the market value of Tencent itself. I wonder if Tencent still remember that the famous Internet Co of the last investment company worth more than its market value still voted for Alis YAHOO. YAHOO today cut off the investment income of investment in Ali, and the whole companys proprietary business is viewed by the market as a negative asset. For a long time, Tencent is investing in defense. Before it was to curb Ali, it might be necessary to add a headline. In the field of information flows, a more depressed headline has been put in contact with consumer products and social products in the market, and the company has reopened the micro vision to drag it like a volcano. Last year, when pacan talked to Zhang Yiming and asked why the headline could run out in the first half, Zhang Yiming said, all the companies were competing around some old battlefields or transition stations, not looking forward. Now it seems that app stores, PC, traditional search engine business and so on are transitional battlefields. They are still obsessed with old battlefields or old things. Now, too, they are competing back with headlines, which may affect the attention of new things. The three big portal in that year felt that the Tencent was also very low, 7 years ago, the first time Baidu market value of China did not think that they would fall off one day, 5 years ago, the WE conference Ma Huateng said, when the giant fell down, he said warm. The supremacy of the United States and the Soviet Union is doomed to end. The world must develop towards multipolarity. Organization wall and data wall The organization structure of the Tencent Tencent information flow business, internal OMG Tencent news, Tencent video, daily express, WXG to see, SNG QQ point of view, QQ space, MIG QQ browser, application treasure, 9 different teams together, but still add up to do nothing. Daily Express is the first Tencent to focus on the development of information flow products, and now live less than the top 1/3. Tencent news APP live higher than headlines. Last year, advertising revenue was only 2 billion 400 million, probably equivalent to two months income level. Tencents flow of resources, investment funds and the number of high - level cattle are rolling headlines, and the WeChat public platform, Chinas first self media creation platform, the CDG advertising business is also on the way, but feed has not been able to do it? Because the internal data of the Tencent does not interwork, the conflict and differentiation of various departments within the Tencent causes Tencent to be unable to form a unified and powerful strategy and Implementation on the whole. For example, MIGs QQ browser should learn the headlines to do content ecology and information stream recommendation. You want to find WXG first. Can you open your data to me and then look for OMG, SNG and IEG. Can you open your data to me? If others are not open, then I can only find the OMG data and make recommendations based on this. When the daily express was energetically invested, it failed to make good use of the WeChat public number. Why is there a look at SNG last year? That is because the whole Tencent received a headline of strong stimulation, BG leadership began to pay attention to, to look at the QQ chat window strong insertion, SNG itself QQ music MV resources, OMGs Tencent news head content is all given, SNG president Tang Dao also asked Zhang Xiaolong to come to the WXG some WeChat public number, plus IEG animation funds. If there is no such push from the highest level, it is almost impossible to push on by the people below. Tencents various products and business departments, different BG style of fighting and the war has been different, combined with the company to encourage internal competition, has always been the various departments to make their own products. SNG and OMG do every household. They will not share resources under normal circumstances. There is no such thing as white. Then the cost of communication is extremely high, and it is necessary for small and medium-sized companies to make decisions in detail. The force of internal checks and balances has led to no way to grab the external plates, which brings a problem: the cake is robbed in the same company, not the cake. Tencent products, each of the business groups and products are not enough to unite with each other, must be able to bring benefits to each other, it may be possible to cooperate, and it is difficult for you to find out from their cooperation that this is the same company. For example, Tencents millions of heroes wait until someone is called to stop, such as many people may not know the WeChat public number, QQ public platform, Penguin media platform three in the end, why I already have the WeChat public number you have to pull me to the new platform to re - register again. The other answer may be that there are fewer hardcore technologies used in business, which mainly refers to AI technology, and the cattle people also need business scenarios to play and upgrade. For example, the Tencent AILab developed the artificial intelligence go art, successively lost to dancers and PhoenixGo, dancer is the head of the management of the vice president of technology Yang Zhenyuans personal amateur work, PhoenixGo is also the WeChat translation team of several engineers amateur works. A large number of wheels, subsequent optimization and maintenance, how many wheels mean how many times the cost. But what is more important is that when there is a demand, the wheel is not built, or because the power is not concentrated at a point and is not good enough, the company loses huge time and opportunity cost. Flexible priority or resource priority? Jedi survival is ranked first in over 100 countries and regions. The failure of internationalization of WeChat and King glory is the best way to prove how Tencent repeatedly missed time windows and wasted opportunity costs. In June 1, 2012, Zhang Xiaolong published his last original micro-blog on Tencent micro-blog. Even Saudi Arabs are crazy about WeChat. WeChat is the first to download SNS in multiple regions. At that time, Ma Huateng also felt that WeChat was the real product that allowed Tencent to become an international company and approved a budget of 2 billion. But in the end, not only did WhatsApp fail in the global market, but also lost to line in the Southeast Asian market, and WeChat did not succeed in any overseas market. In 2012 and 2013, we are just beginning to do international market. The money and resources of these two companies are not comparable with that of Tencent. CDG international executives later accused WeChat not to cooperate with them, and they could not get control over the product. Of course, the actual reason is that the previous attention is not enough, leading to the strategic level is not particularly correct. WeChat was initially developed in many places to write dead without considering internationalization, so much to do again, and the internationalization of WeChat in CDG does not return to WeChat to do it. The communication between the two departments has been dragged on by product planning, technology how to do it, how to build it and how to design it. The kings glory also made similar mistakes. Each region needs to redo each version separately, because at the beginning, there is no preparation and ideas in advance, which causes the internal updates in different regions to be synchronized. Another problem of internationalization is that we rely too much on resources and do not think that timing is the most important. It is not the product that goes to sea first, not only develops a product well, then adapts the local language, submits AppStore to issue. But to find a map of local operators, to find the Japanese and Southeast Asian Tencent, first talk about business resources and then do the landing activities, and then again to do the change. But the strategy of the first business product will often be very procrastinating, and it is easy to miss the time window. For example, the king glory was put on a Shanzhai in the Southeast Asian market. The Tencent cant get in. At the same time, if you want to catch up with overseas markets, it will be very difficult. The catch up in China is because the products are backed by Tencent, and have a strong user base and huge traffic capital. In Southeast Asia, everyone began to get used to playing the game of smart stars. The user relationship was established. After half a year, the Tencent came back to say that the glory of my king is the Chinese version, whocare. The Jedi survival hand tour did not take this old road when it was developed. The development time is the whole stack global, the global version and the content, all regions of the world can be downloaded, the volume jump up, over 100 countries and regions ranked first. This is not the promotion of any local operation but not advertising to the dead. It is the first step that the product is ready to go online, and it has successfully seized the opportunity. The fastest growing market depends on who occupies the strongholds first. Time is the most important. Big companies often feel that resources are not flexible. Use redundancy to ensure innovation Product is the embodiment of product managers experience and engraved in DNA. It is a mixture of empathy, awareness and imagination. Product managers must have obsession and firm values to make good products. Tencent recruited a lot of smart people, smart people together were painting PPT to fight against each other, unwilling to do stupid things, but bickering is meaningless. The smart person of Tencent is that I am very suitable for this system, and Zhang Xiaolong is the fool in this group of smart people in Tencent. According to Reuters, Ma Huateng, Liu Chiping, James, Shen Napeng and others have bought Four Seasons Resort on Tahiti Island. If bosses dont like short videos and never brush them, why can they do it? A street performer saw Picassos paintings. Why did he think he could draw them? Why do you not like painting to draw good paintings? Raising a poison is to keep you alive, not to make things. I always thought horse racing was not a real mechanism, and ten projects died 9.5. In fact, horse racing is a kind of waste of resources of the landlord type. The average force shows that you do not grasp the key point and do not know where the most core breakthrough point is. It is an attempt to use a scientific management method and a huge resource investment to deal with the uncertainty of the future. This kind of internal competition, which does not want to be clear about the probability of success and insurance for its own success, is to pursue a short term result, not the kind of play that is constantly added to the critical point. Dude, I have a lot of money to buy all the lottery tickets, and I will definitely win the lottery. How do you deal with failure? Failure can make people stronger. The horse racing mechanism means a lot of failures. But at the same time, there is also a winner in the Tencent who is the kings loser. It is not that the leadership lacks innovation, because Teamleader is afraid because his error space is too small. One thing to do, the bottom of the grass-roots staff think it is good to do what they should do, but change a boss for a change of work, money is the same, the end of the year award I hair, there are more than there are more than there. But Teamleader must take the biggest responsibility, and this person will not have a bigger chance. For a Teamleader, a high level will fail to use him once he fails. If the high level no more Teamleader opportunities, then he has only two options, one is to transfer you to the edge department to eat and wait for death, and no good pay and development. The second is the single dry. So for the critical battlefield of information flow, Tencent is sending Ren Yuxin and Lin Songtao, which they think is the most capable of fighting the battle, two veteran partners, one who joined Tencent in 2000 to win the battle of IEG and MIG, one of which joined Tencent as the first product manager of QQ. Make the space and use the treasure to point out where to fight the general. For the new market of information flow, the Tencent is still the most experienced old man who has experienced the full experience of the rise of QQ, the listing of Tencent, the transfer of the PC, the transfer of the Web2.0, the mobile distribution and the mobile distribution. Like Tang Daoshengs approach to various resources, Tencents expectation of Ren Yuxin as president of OMG in the companys mail last year is: The company expects Mark to further integrate the resources of the company, drive the multi engine of information and the related content distribution platform, accelerate the upgrading of the product technology, and increase the strategic linkage of the network media business group and the interactive entertainment industry in the content and entertainment ecology. Others can fight and may have triumphed before, but once they fail, they may come down, and he will no longer be entrusted with heavy responsibilities. The most important task was to give the victorious generals, and the first reaction of Ma Huateng and Liu Chiping was that I sent my most elite to do this, and Ren Yuxin also had the same consideration of appointing Lin Songtao and Yao Xing. Intolerance failure leads to no one willing to take the initiative to innovate, and seldom fight to win the battle. So Tencent has been relying on the elderly for many years, and the talent echelon has never been built. When it comes to a tough battle, it is customary to choose the longest time in Tencent. Although Ali next door, Jiang Fan, who was born in 1985, is already president of Taobao. Although Zhang Zhidong also said that the traditional industry can say ginger or old spicy, but the Internet industry needs a lot of energy, a week without dozens of hours of full devotion, will be disjointed, do not understand what young people think. Although Ren Yuxin took over OMG nearly a year ago, he has lost confidence in the newsletter. Tencent has been doing this. It has been successful, and that is what it has done. Three, mission and values I have gone through something, such as 3Q, after being reluctant to be seen as plagiarism, for example, the open investment strategy of flow and capital is higher than the self-employed ROI, for example, to set a sectoral wall for anti corruption to fully market internal resources, such as the internal competition mechanism of WeChat and the Kings glory, such as the internal competition mechanism of the race horse, for example. PC era based on the QQ - end control can be a carrier cluster, for example, I do search e-commerce micro-blog is not in the line, I believe or no longer believe a lot of things, you have stepped on a number of pits, and I dont have to step on, I remember all these lessons. Ma Huateng is a minimalist and an intuitionist. As early as in 2004, he proposed that the Internet Co had three kinds of driving forces, namely, technology driven, application driven, user and service driven, and Tencent would focus on the cultivation of the third capabilities. He said in the biography of Tencent, Chinas Internet is driven by more than technology, rather than technology. In the history of the development of the Tencent in the past 20 years, several major product innovations, such as QQ show, QQ space, WeChat and the glory of the king, are both product interaction and application innovation oriented light industry seeking short-term effect. It is based on the virtual consumption psychology of Chinese users, rather than the search for e-commerce. Heavy industrial input for long-term returns. So Tencent has been investing in ecological construction and application layer research and development for so many years, unable to transform itself into a technology driven company in time. But young people change. For example, Ma Huateng and Zhang Xiaolong all highly praised Xiao Bais thinking, so called one second change into a fool. The world in their eyes may be simply divided into the masses of white and their elite two extremes, to do the product to do word of mouth is to pay attention to the direction of high end users and opinion leaders. In the past, our train of thought was to catch up with the small and meet the needs of most of the users. But now, the feeling of high-end users is really able to get word of mouth. But these new Internet opportunities, such as headlines and quick spells, are coming from the sinking market. Their users are neither the traditional little white, nor the five ring people can understand, the deviation from the user and the experience of the word of mouth, may be the reason why the Tencent failed to seize a chance. The Tencent has no dream The vision of Tencent is to be the most respected Internet company. Lets finish the KPI, help the company make the stock price and do the running water. But no one has ever thought about how to be respected. The Tencent has just come up with a lack of real things to support it. If the Tencent really wants to do the most respected Internet business, he should go to the fundamental reflection, such as the management system, the selection of people, the trial and error space, the organization wall and the data wall, the old and the aging, all should be done. Because the Tencent has been dealing with it all these years. In the early years, it is a response to sell QQ, and 3Q is also coping with it. It is also a response to no plagiarism and open investment, all of which are being pushed away by some external forces. Horse racing is the answer. Todays restart of micro vision is also a response. It has been 8 years since the gun was put into operation, and it has been too hard to win the battle because your muscle memory has been lost. It is also a teenager who likes astronomy, but Ma Huateng and Bezos have very different understanding of the company. He is not Jobs or Bezos. He has no strong expectations of what the world should have. For example, I expect the world to go in which direction, what kind of variable I need to create for the world, what I should do about the world, what to fight, and what the world is going to turn into, he is unaware. When there is no clear direction, it will worry about the slowdown in game revenue, require WeChat to increase advertising revenue, make more money and invest more projects in market value management. What I want is what I want now, rather than Tencent documents. This demand is silent for 8 years. Today, Tencent is stranded in this thin layer. It is extremely concerned about not plagiarized word-of-mouth. It is very taboo to do so in the field of partners, so it does not fight. It seems that Microsoft has not been able to say the word competition in the company for a long time. But when you are not thirsty, when your company has not been able to speak better than others for several years, your machine is destroyed by others. Microsoft, such a bullish company, took 15 years to adjust slowly after an anti - monopoly. This is because they can live well enough, and if the profits are not strong enough, they die early. In any case, a strong profit can be kept alive. Maybe in the future, Tencent will give Zhang Xiaolong another chance to catch the next opportunity. Therefore, even though Ma Huateng knows many problems, he will only choose to gradually improve and adjust slowly. Even when the 3Q war was fought, he was a radical part of the opening up. From the moment you heard him say this thing, he really implemented the real one or two years later. This is his character, his character will affect the attitude and character of the whole company, and then be reflected in the gradual improvement of the product. The Tencent is a water - like company. Water is good for all things, but no dispute. Where there is a channel where he flows, the advantage is that his mobility is very strong. The flaw is that his personality is very weak and almost nothing. Such companies have no faith, cant make sure what they want, and feel that other things are too small, no desire, and a lot of opportunities. Unlike the kind of thing that is so stupid, I do what I have to do. Because he cares too much about the outside world. Organizational evolution is the greatest challenge The core work of todays managers is to ensure that organizations can keep pace with changes in the environment and enable organizations to control uncertainty. But today, most of the Internet Co, the organization structure is still the industrial era of the bureaucratic system, like the piece workers with KPI assessment, which has produced serious internal consumption and low efficiency, the organization evolution is the biggest challenge of these big companies such as Tencent Baidu. Zhang Yiming once commented that Tencent had made a mistake in the company. You should fly low in a very promising and very long runway. He should use all his previous profits, and then go deeper and invest a lot in order to achieve greater success. He thinks this is a problem of cognition. In contrast, they (Tencent and Baidu) are more short-sighted, and now why the competition is so fierce, because people are going to optimize for a long time, for long-term optimization, to long-term optimization may be short term. Zhang Zhidong said at the beginning of the year that one of Tencents two big challenges is the evolution of internal organization. The great tide of new technology, big data, AI, and the rapid development of the cloud will promote the upgrading of all walks of life. For the Tencent, there should be a special opportunity for innovation, and the internal organization structure of the Tencent has not yet been well matched. There will be a lot of groups in the original BG organization structure facing such a new era. Weave walls and a lot of craters. Ma Huateng also said that the current organizational structure of Tencent has great challenges. Tencents current organizational structure is mainly aimed at C end consumers, and needs partners to push Tencent internal organizational structure to upgrade, otherwise we can not adapt ourselves to future development. Let the Tencent more adapt to the toB, toG enterprise model, no longer talk with the same partner to talk about cooperation, more than a dozen departments at a time, to talk about, the statement is not the same problem. After the listing of the BU system from the functional line to the business department in 2005, the ability of the wireless business department to decompose to each BU is disassembled in time when the mobile Internet tide comes. But the rapid development of new technology and new business is not cover of the current organization of the Tencent, so the Tencent is in urgent need of a big change in the organization structure. It recommends the relevant boss reading book, Fu: build an agile team to deal with uncertainty. The author is the commander of the U.S. military special forces during the Iraq war. He was beaten on the front line and found that the regular army was powerless to face terrorists. For the world. Fu predicts the death of heroes and the gardeners. The management model based on planning and prediction is no longer adapted to the challenges of today. The core responsibility of the managers is to create a good environment for the development of change. If the organization wants to innovate and create itself, it needs to break down barriers and cross sectoral cooperation, to establish information sharing and cross sectoral trust mechanisms, to reduce internal consumption in a centralization of network architecture. Out of time In early 2017, when he returned to Baidu, Ma noted that we remember clearly that we used to be the No.1 of Chinas Internet market capitalization. In the past four and a half years, what has happened and there is too much need for reflection. Tencents share price has dropped from HK $476 at the start of the year to 382 yuan at yesterdays close, or more than 20%. In three months, the market value dropped by US $about one hundred billion, which has exceeded Baidu. I hope Tencent wont have to wait until four and a half years to come back to reflect. Reference materials: 1. Wu Xiaobo Tencent biography 2. to the long Tencent to raise the demant: win the market, the bitter project 3. knife said stock Liu Chiping +James: Tencent behind the phantom of Goldman Sachs in addition to many inconvenient to disclose the name of the related students. I am only interested in the research company, and I am looking forward to seeing the master solve the problem. Source: Daily Economic News Editor: Wang Fengzhi _NT2541 In early 2017, when he returned to Baidu, Ma noted that we remember clearly that we used to be the No.1 of Chinas Internet market capitalization. In the past four and a half years, what has happened and there is too much need for reflection. Tencents share price has dropped from HK $476 at the start of the year to 382 yuan at yesterdays close, or more than 20%. In three months, the market value dropped by US $about one hundred billion, which has exceeded Baidu. I hope Tencent wont have to wait until four and a half years to come back to reflect. Reference materials: 1. Wu Xiaobos biography of Tencent 2. pairs of Tencent, win the market, bitter project 3. small knife says Liu Chiping +James: Tencents crazy investment behind the Goldman Sachs ghost. In addition, I would like to thank many students who are not convenient to reveal their names. I am only interested in the research company, and I am looking forward to seeing the master solve the problem.