Pinduoduo not only made a fortune, but also supported a number of small and medium-sized enterprises in China.
When Minister Wang, who was far away in the capital, learned what had happened, he couldn't stop smiling. As expected, he still had to rely on Lin Chen.
In contrast, the other three companies had already reached the point where Meidi had registered his company step by step and started developing their respective industries, but with little success.
Originally, they thought Lin Chen was scared because he hadn't registered his Xingchen Technology company with Meidi yet, and they even wanted to laugh at him, thinking that a child is just a child.
But after learning more about it these past few days, I found out that Lin Chen didn't go directly to America, but instead went to South Korea and Japan first, stirring up trouble in those two small countries and having a great time.
The three of them slapped their thighs and exclaimed, "Oh dear, we miscalculated!"
Why would I plunge headlong into the world's top capital markets like the US? It's not as easy to make a living in a small country, where you can still earn foreign exchange!
Unfortunately, they are already caught in this quagmire, and if they withdraw now, all their previous investments will be wasted.
Sigh, there's nothing I can do but grit my teeth and persevere.
Lin Chen's series of actions with the Koreans and his wife, seemingly chaotic, were all aimed at the same goal.
That means competing with capital for money.
First, Xiaomi phones will help increase the smartphone penetration rate in both countries.
Following that, Douyin was launched, and the advantages of cross-border communication between the three countries were also realized.
Let those self-media personalities from Korea and Xiao Rizi join the Douyin live-streaming e-commerce environment.
The money in Douyin is not real currency and cannot be withdrawn; it can only be used internally.
But the products are real, and the discounts are genuine.
Therefore, more and more people are starting to top up their accounts.
Then, they launched a cost-effective payment option and released recharge bonus activities to increase the desire to recharge, converting some money that could have been saved into Douyin coins.
Finally, we will launch the overseas version of Pinduoduo!
Pinduoduo's overseas version not only allows you to use real currency for purchases like a normal shopping app, but also allows you to pay with Douyin coins.
Even when paying with Douyin coins, the member price is still applied, making it cheaper than the normal price.
But when you try to top up your account, you'll find that Douyin coins aren't topped up with a custom amount; instead, it's like topping up your phone credit.
For example, if you want to recharge 68.52 yuan, Douyin coins do not support it; you can only recharge whole numbers like 100 or 200 yuan.
However, on Pinduoduo, you can see that you can get a 5 yuan discount by paying with Douyin coins, and you also get a box of tissues as a gift when you recharge 100 yuan for the first time.
You will not hesitate to recharge, and the extra money will be stored in your Huasuan Pay wallet.
These balances may not seem like much, maybe just a few dollars or tens of dollars per person, but with so many users, they add up to quite a bit of money.
Moreover, once the first deposit is made and trust is established in the transaction, there will be a next time, and the time after that!
This is why every shopping app now needs to set up its own wallet balance.
In this way, Lin Chen has formed his own closed-loop transaction system with Bangzi and Xiao Rizi.
There is only one form of consumption: purchasing Douyin coins. All other transactions are based on Douyin coins.
This leaves those capitalists speechless. How can they control the public and prevent them from topping up Douyin coins?
Even they themselves have at least a few dozen yuan in their Douyin wallets.
Sometimes when I'm scrolling through TikTok, a link pops up offering tissues for one cent or coffee for nine yuan and ninety cents.
Then when I went to recharge, I found that there were no options to recharge 1 cent or 9.9 yuan.
It's such a great deal! I gritted my teeth and topped up, telling myself that I would only top up once and would never do it again.
Then, on the second occasion, another product that I had been longing for for a long time popped up.
And it's a great deal!
But I was just a few dollars short of the amount in my wallet.
Forget it, I'll just top up another hundred.
Then, after one, two, or three times, there was no more psychological burden, because you got used to it and it really tasted good.
These dirty tricks are common in later generations, but Lin Chen used them at this time, and the effect was really good.
More importantly, strictly speaking, as long as the money is used to purchase Douyin coins, then that money is already considered Xingchen Technology's revenue.
If one day the Korean and Japanese officials fall out, Star Technology can simply walk away without having to return the money.
Therefore, as Xingchen Technology's business grew larger and larger, the officials of South Korea and Japan became increasingly helpless against each other.
Those bank investors were even more furious. With so much money being deposited into Huasuan Pay, their bank deposits would naturally decrease.
A decrease in bank deposits is a very serious matter. Without deposits, how can you get loans? Without deposits, how can you trick customers into buying insurance or making claims?
Although it is not large in scale now, it has already shown an irreversible trend.
However, these banks were not to be underestimated, and they quickly came up with a way to deal with Xingchen Technology.
You guys give away tissues, right? We'll give them away too.
It's just a few packs of tissues, why are you acting like you can't afford to give them to anyone? Let me show you what the power of capitalists is.
As a result, major banks have also started deposit-giving promotions, offering free tissues, rice, cooking oil, and other items.
The effect was obvious; long queues formed as people went to deposit money at the bank.
These bank investors are very happy. See? Star Technology is nothing special.
Seeing the precipitous drop in recharge data in the backend, Zhang San hurriedly contacted Lin Chen.
"Boss, something terrible has happened!"
"What happened? Our overseas office was bombed by the Japanese?"
"Um, boss, can you not use such a vivid imagination? It's because major banks in both countries have started deposit-giving promotions, and the transaction volume of Huasuan Pay has dropped rapidly in the past two days."
"so what?"
"So what are we supposed to do?! Boss, why aren't you worried at all?!"
"Why should I be in such a hurry? We don't have the labor costs or rental costs of banks. Besides, the goods we deliver are all our own brands, and our cost is lower than the banks' purchase price. We can afford to lose money, but can the banks afford to lose money?"
"That's true, but nobody's topping up their Huasuan Pay accounts, and sales on Douyin livestreams and Pinduoduo have also dropped."
"Calm down, don't panic. I told you, our costs are very low, we can afford to lose money, but the bank can't. And most importantly, you can't withdraw money deposited through us, but you can withdraw money deposited through a bank!"
Zhang San was taken aback. Oh right, how could he have forgotten about that? He could deposit the money in the bank and withdraw it anytime after receiving his benefits.
And that's exactly what happened. Bank capitalists found that deposits did increase in the first two days, but a few days later, they discovered that all the money in those accounts had been spent.
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