A new wave of internet dividends is about to begin.
"I heard that you and Cheng Gang invested in Tianpu Education? Online education is a good sector, and I've also invested in some online education companies."
Although both idg Capital, to which Young belongs, and Hillhouse Capital, founded by Zhang Lei, are venture capital firms, there are still differences between them in terms of their investment focus.
IDG prefers to get involved in angel and Series A/B funding rounds, and then sells most of its shares in later rounds.
In the era of cash shortages 20 years later, IDG’s characteristics will be brought to the fullest extent. IDG has been involved in the angel rounds of companies such as CloudPulse Connect, Fit Technology, and Cider.
The Ronin Who Began with Douluo Continent
As mentioned earlier, IDG participated in the Series A funding round for Jiuan Dadi.
One of IDG's classic investments in the internet industry is Bilibili, where IDG participated in Bilibili's Series A, A+, and B funding rounds.
IDG exited in Bilibili's subsequent rounds of financing, but even when Bilibili went public on Nasdaq, IDG Capital still held 7.6% of Bilibili's shares, making it Bilibili's fifth-largest shareholder.
IDG prefers to participate in early-stage financing.
Hillhouse Capital also invests in the angel round, but they don't shy away from entering in later rounds.
In addition, Hillhouse Capital is very fond of participating in the private placement and acquisition of shares of listed companies. Among them, Hillhouse Capital's participation in the acquisition of Gree Electric Appliances is the one that is most talked about by A-share investors.
In 2019, Hillhouse Capital acquired a 15% stake in Gree Electric Appliances at a price of 46.17 yuan per share.
It's important to know that of the more than 40 billion in cash, over 20 billion was obtained through bank loans.
Gree's stock price subsequently plummeted, falling well below Hillhouse Capital's initial investment price.
Hillhouse Capital originally intended to gain control of Gree.
The result was that she tried to steal a chicken but lost the rice instead; Ms. Dong held the power to veto any proposals put forward by Hillhouse Capital.
Ms. Dong's overly assertive nature has left Hillhouse Capital with no say, while Gree's stock price has been falling, compounded by the interest costs of the 20 billion yuan bank loan.
Even with Gree's large annual cash dividends, this deal still resulted in a paper loss for Zhang Lei.
Young countered, "Good Future?"
"You and Jack invested in TAL Education Group together? I saw it in the news."
It was precisely because of this investment style that Young chose Tianpu Education, while Zhang Lei chose TAL Education Group—a listed company.
Zhang Lei nodded and said, "TAL Education Group's business model is quite clear, and its management team is also capable."
Their teaching resources have remained at a relatively good level.
The reason we didn't invest in New Oriental is because New Oriental's main business has already shifted to Oriental Selection.
After the reduction of the number of teachers, they gradually allocated all the subject-specific teaching resources to graduates.
Even during its most difficult times, TAL Education Group maintained its core team of teachers.
......
"The essence of the soul is the reflection of higher dimensions in the material world."
This also explains why my soul and memories were able to travel hundreds of millions of light-years from the Mage Alliance to Earth.
As Zheng Li's research on the soul deepened, he came to a definite conclusion about the nature of the soul.
This is just his personal judgment, and there is currently a lack of experimental evidence to prove it.
However, the fact that the soul can traverse such a vast distance alone offers a glimpse into its nature.
The straight-line distance between points on a plane is the distance between two points. To transform two-dimensional space into three-dimensional space, you only need to fold the paper, and the distance between two points will disappear.
It is precisely because the soul is a mapping of a higher-dimensional space that this mapping can disregard the concept of distance in a lower-dimensional space.
"Therefore, the essence of the soul is matter in a higher dimension. If the soul is divided into countless pieces, it is only to set coordinates within each living being that can carry the soul's mapping, thus transforming the soul from a higher dimension."
The annihilation of such a coordinate will not affect other coordinates.
I roughly know what to do, but there's still one problem: memory.
How do memories transfer across such vast distances?
Regarding the soul and memory transfer parasitism, this is a spell of the Mage Alliance. Zheng Li only knew how to use this spell before, but did not understand its essence.
During his time on Earth, Zheng Li began to gain a deeper understanding of the essence of this magic.
"But that's not important; it doesn't affect my ability to store memories through the bio-cloud."
At the same time, proper management of the memory storage medium will ensure that even if half of the bio-cloud is destroyed, the integrity of my memories will not be affected.
Zheng Li realized that he had taken another big step forward on the path of transforming himself into all things.
The storage media management here is somewhat similar to the RAID process used on Earth's magnetic material storage media.
For example, if two hard drives are storing the same data at the same time, and one of the hard drives fails, the integrity of the data will not be affected.
In recent years, RAID technology has also advanced by leaps and bounds. With just one parity disk, data recovery can be guaranteed if the other four disks are damaged.
"My main focus this year will be on the study of higher-dimensional space."
If you have any good ideas about this field, feel free to contact me via email or directly.
There are so many talented people here, and communicating with them can inspire Zheng Li to some extent.
Moreover, after the Nobel Prize award ceremony at the end of 2006, the researchers all regarded Zheng Li as an idol.
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