"Brother Ma, Brother Chen, Brother Zeng, Brother Zhang, Brother Xu, what brings you all here? Good heavens, Fatty Ding, you're here too? Damn, it's time for our eight penguin brothers to get together early?" Shen Fang smiled as he looked at the group and offered them cigarettes one by one.

"Little Ma insisted I come over, saying that the eight penguin brothers should get together for the annual meeting, and he's even planning a performance," Fatty Ding said with a smile, lighting a cigarette.

Little Ma rolled his eyes at Fatty Ding: "Get lost, you insisted on coming here yourself, bro. Don't listen to his nonsense. He's thinking of using our latest live streaming technology for free."

Shen Fang looked at Xiao Ma with a surprised expression: "Tencent Live has already got results?"

Chen Yidan smiled: "Live streaming technology isn't actually that difficult. The basic process involves five main stages: acquisition → encoding and streaming → network distribution → decoding → playback. This involves various technologies such as platform hardware, encoding/decoding, network transmission, service concurrency, digital signal processing, and online learning. In terms of interaction modes, it can be broadly divided into one-on-one mode and conference mode; in terms of real-time requirements, live streaming can be divided into three levels: pseudo-real-time, near-real-time, and true-time."

Pseudo-real-time: Video consumption latency exceeds 3 seconds, one-way viewing is real-time, the common architecture is CDN + RTMP + HLS, such as many live streaming platforms.

Near real-time: Video consumption has a delay of 1-3 seconds, allowing for two-way interaction but with limitations; this technology has already been implemented using TCP/UDP + FLV, such as YY Live.

Real-time: Video consumption latency < 1 second, average 500 milliseconds.

"The real challenge lies in network transmission, basic streaming, and echo cancellation. Currently, audio echo cancellation is a major hurdle, performing poorly on PCs and in some specific scenarios. Professional real-time audio and video systems optimize for echo cancellation. The principle of echo cancellation is simple: it cancels out the waveform of the sound played by the speaker and the waveform recorded by the microphone, thus eliminating the echo. Because the recording time of the echo is uncertain, it's difficult to determine the exact moment to cancel out the corresponding sound data. Professional echo cancellation modules typically incorporate an approximation function that continuously learns and approximates the output and input sound waveforms online to determine the time difference point for echo cancellation..."

Chen Yidan presented a whole bunch of technical terms, which Shen Fang listened to very carefully, but he still only had a vague understanding.

"Ahem, in general, the live streaming technology is basically complete so far. There are still many minor issues, but it's ready to go live. We can gradually upgrade and optimize the version to address the remaining problems," Chen Yidan summarized.

Shen Fang smiled broadly: "This is a huge technological development! This money wasn't wasted!!!"

Little Ma nodded: "We've burned through 600 million to finally get it done. Let's see how big a storm this live stream can cause."

"The bigger the storm, the more expensive the fish!!!" Shen Fang was truly feeling triumphant at this moment.

Once Tencent Live is officially launched, Tencent's stock price will soar, and it may even go public. At the same time, the arrival of live streaming will shake the industry, and new media will change the era of old media.

Their own media industry will also develop rapidly. Online publicity and public relations costs can be saved a lot, and the dissemination of film and television works will be greatly enhanced. The result will be a hot market. The biggest benefit is that it can help Tencent get out of the current reputation dilemma of games harming society.

The dishes were now all served.

Shen Fang raised his glass: "Come on, everyone, let's have a drink first, it's been a long time since we've had a drink, the last time was when Little Ma got married."

The eight brothers raised their glasses and clinked them together.

Shen Fang looked at Ding Sanshi and said, "Fatty Ding, although Tencent is NetEase's big brother, isn't this freeloading a bit too much? Shouldn't you at least pay some technical fees? Otherwise, sharing it with you for free is outrageous."

"Brother Chen, you can't say that. What's wrong with an older brother helping out his younger brother? Why would he need money? Is there any justice in this world?"

Little Ma's lips twitched as he looked at the shameless Ding Sanshi, really wanting to slap him: "Damn it, you're just as shameless as that Lu Yun."

Ding Sanshi smiled and said, "That's still a bit lacking. He's really shameless, no, he's shameless. I really admire him."

"What's going on?" Shen Fang looked at the two of them with a puzzled expression. Their words were ambiguous, leaving him completely confused.

"Brother, here's the thing. Last time, there was the West Lake Sword Competition, right? That guy really saw what it means to have someone even stronger than you. It's one thing to be ugly, but he's been sucking up to Zhang Chaoyang and Liu Lianxiang, just to join their Taishan Club, just like the waiters in the old days."

Shen Fang chuckled upon hearing this: "Isn't this just like finding an organization, finding a backer? You've all seen Taobao's current situation. To be honest, it's truly commendable in the e-commerce sector. The next step is to go public. SoftBank, as the backer, can only provide funds and doesn't have much influence on the Hong Kong Stock Exchange. If we don't pay homage to them now, how will we boost the stock price later?"

Ding Sanshi was taken aback: "Why the Hong Kong Stock Exchange? Not NASDAQ?"

"Alibaba doesn't have that much power right now. The only domestic company that can help Alibaba list on Nasdaq is Google, but there's still a rift between Google and Alibaba."

"Isn't there still the redwood?" Zeng Liqing asked, puzzled.

Now that Sequoia Capital has entered the Chinese market and invested everywhere, Shen Nanpeng's name has long been well-known in the domestic investment circle. With its strong financial backing and American backing, it can be said to be the best choice for domestic companies to list on NASDAQ. However, Shen Nanpeng has one principle in helping you go public: he acquires the shares of your company, not too many, not too few, just enough to make you feel the pinch.

Shen Fang shook his head: "Lu Yun isn't stupid. Firstly, Taobao doesn't have the strength yet. Secondly, the development of online e-commerce still needs time. It will take at least three years for China's e-commerce era to fully mature, and that's only in the Chinese domestic market. Nasdaq doesn't care about that. American stock market investors look at their domestic news. If Lu Yun wants to list on Nasdaq and raise money, he needs a sufficient market to support him before he can officially list in the United States."

"His first step in wanting to raise money on Nasdaq must be to go public first, raise a wave of money, and then go public again to form a share exchange. This would not only make Alibaba's funds more abundant, but also allow him to gain a larger market and raise more money."

A first-time listing is a delicate matter; is it really that easy to raise money on Nasdaq? Ask Ding Lei how badly he was scammed. If it weren't for World of Warcraft supporting them, would NetEase be doing well?

Ding Sanshi nodded. He had impulsively gone to NASDAQ, which was a complete disaster. After a scandal broke out, he was powerless to turn things around. If he had listed on the Hong Kong Stock Exchange, he wouldn't be in such a passive and helpless situation. It's not so easy to make money from Americans.