After the tea break ended, there were three more speeches left in the program.

The theme of Zhou Chang’s presentation was Quantum AI.

“An artificial intelligence that learns must be ‘fed’ enormous amounts of data,” Zhou Chang said, “and the biggest advantage Chinese enterprises possess in AI is data. Artificial intelligence typically requires long periods of relevant training, with large models containing hundreds of billions or even trillions of parameters. However, quantum computing can elevate the computational capacity of artificial intelligence, no longer constrained by the capabilities of traditional binary computers, allowing us to process far more massive and complex data. Furthermore, data encrypted with AES-256¹ is also considered far more secure… Here, I mainly want to share Qinghui’s recent progress in quantum AI.”

Following that, Zhou Chang introduced the quantum computer with $X$ qubits that Qinghui Laboratory had recently cobbled together. The developers had already run quantum neural network models on that quantum computer, and Glow Quantum had managed to accomplish a tiny fraction of what traditional computers currently couldn’t—though a long road remained before commercial application.

Jing Hong listened quite intently as well.

At one point in between, Zhou Chang’s gaze swept across Jing Hong. With one on stage and the other in the audience, their eyes met for a few seconds before Zhou Chang quietly shifted his gaze away.

In conclusion, Zhou Chang remarked, “What needs to be understood is that running AI-related models on quantum computers is still in its very early stages, with a considerable distance to go before practical utility. It remains too early to definitively state whether quantum computing will bring revolutionary advancements to artificial intelligence, but Qinghui is willing to spare no effort in exploring the possibilities in this field. Thank you, everyone.”

Once again, thunderous applause erupted.

Zhou Chang and Jing Hong were the only two entrepreneurs today whose presentations delivered genuine substance.

…………

Upon returning to Panhai after the artificial intelligence forum, the mere thought of that “Cheers” made Jing Hong feel a lingering knot of irritation.

Zhou Chang had actually provoked him.

It wasn’t until the General Manager of the Human Resources Department reported to Jing Hong that Professor Hong had decided to join Panhai Group that the irritation dissipated somewhat.

That the fully cooked, ready-to-serve Professor Hong had flown the coop thoroughly shocked major media outlets—after all, the internal news they had previously received unanimously pointed to “Hong Xu being infinitely close to joining Qinghui due to Zhou Chang’s personal relationship.”

Reporters all speculated that Hong Xu’s move had something to do with Panhai’s “AI Talent Study Camp.” It seemed that ever since the hundreds of attendees at the study camp collectively pleaded for Hong Xu to join, Hong Xu had begun to waver.

When one thought about it, it seemed understandable. Hong Xu was merely an intellectual, thin-skinned and easily moved. Moreover, Panhai Group’s AI Talent Study Camp comprised both entrepreneurs and elite university students. Having spent a lifetime as a university professor in the United States, although Hong Xu now wanted to test the waters in the corporate world, he likely felt a natural affinity—perhaps even a sense of wanting to give back—toward Chinese university students.

…………

On the day after Professor Hong Xu officially joined Panhai Group, Jing Hong had another event on his schedule.

This time, it was serving as a judge for the finals of the China Innovation and Entrepreneurship Competition.

The China Innovation and Entrepreneurship Competition was an officially organized event of exceptionally high specification. Jointly hosted by the Ministry of Science and Technology, the Ministry of Commerce, the Ministry of Education, the Ministry of Finance, the Cyberspace Administration of China, and the All-China Federation of Industry and Commerce, it was the largest and most authoritative entrepreneurship contest in the country. The authorities attached great importance to it, viewing the competition as a vital component of the “Mass Entrepreneurship and Innovation” policy.

This year, to promote the contest and advocate “Mass Entrepreneurship and Innovation,” the lineup of judges for the finals was unprecedentedly luxurious.

It featured CEOs from three of the “Internet Big Four”—the CEO of “Xingyuan” was a self-made founder, whereas Jing Hong and Zhou Chang were successors. However, because Panhai and Qinghui had both demonstrated exceptional strategic foresight and remarkable judgment regarding new developments over the past year—whether through in-house research or acquisitions—despite being successors, virtually no one questioned their qualifications to judge an “entrepreneurship competition.”

Beyond the internet sector, the panel of judges also included industry titans from fields such as lifestyle, entertainment, tourism, healthcare, and education.

Additionally, there were presidents—or at least Presidents of the China Region—from top VC/PE firms and investment banks, including China Investment Corporation (CIC), BOC International, ICBC International, IDG, Sequoia Capital, Matrix Partners, and JPMorgan Chase. Some of these institutions did not invest in the early stages of startup companies, but they naturally possessed long-term vision.

In the end, the list of judges for the grand finals numbered as many as 26 people.

The venue for the finals was set in Zhongguancun—a location laden with rich symbolism.

Once a wild, barren expanse dotted with graves, serving as a burial ground for eunuchs, it later saw the establishment of the Chinese Academy of Sciences. Further down the road came the “Zhongguancun Electronics Street” of the 1980s, followed by the “Zhongguancun Science Park” of the 1990s. It was the birthplace of Chinese IT—it made IT, and IT made it.

Entering the International Convention Center and walking up to the entrance of the finals hall, Jing Hong looked up to find Zhou Chang standing right outside the exhibition hall doors alongside the CEO of YT.

Zhou Chang was as tall as ever, one hand tucked in his pocket, maintaining a casual, relaxed posture.

Noticing Jing Hong, Zhou Chang curled his lips slightly into a smile and greeted, “President Jing.”

Looking over as he stepped onto the last two stairs, Jing Hong replied, “Morning, President Zhou, Jason.”

Jason was the English name of YT’s CEO. Within their circle, those who were fairly familiar called each other by first names, omitting surnames altogether, or sometimes directly used English names—especially for those who had returned from overseas. English names were exceedingly simple, free from the complex etiquette of “whether to include the surname” or “whether to include the title.” Of course, there were also those who acted familiar right away, using Chinese first names without surnames, never treating themselves as outsiders.

However, Jing Hong and Zhou Chang had always maintained a polished civility, addressing each other with the most distant yet proper titles: “President Jing” and “President Zhou.”

Zhou Chang offered a few more playful remarks: “Congratulations to Panhai on signing Hong Xu. Panhai’s artificial intelligence is about to stand out head and shoulders above the rest.”

Jing Hong looked at him and said, “President Zhou’s words sound overly disingenuous. Isn’t Qinghui in talks with Chris Wells?”

Chris Wells, like Hong Xu, was an academic authority in artificial intelligence—an American born in Europe. Younger than Hong Xu, Chris Wells could handle a higher workload. Word had it that Qinghui had promised him the position of CSO (Chief Scientist), with a generous salary package that was staggering, demonstrating their absolute determination to secure him.

“Hey, hey, hey,” YT’s CEO interrupted them, “We’re all colleagues here~ all colleagues~!” This man had always enjoyed great popularity.

Seeing both of them turn toward him, YT’s CEO continued, “Why be at each other’s throats like this?”

“That’s truly an unjust accusation,” Zhou Chang said with a smile. “How are we at each other’s throats? We’re clearly singing each other’s praises.”

“Alright then,” Jing Hong said with a slight Beijing accent in private, “President Zhou, Jason, you two carry on chatting. I’ll head in first.”

“Go ahead, go ahead,” Jason said. “You go attend to your business.”

And so Jing Hong walked through the main doors, one hand tucked into his pocket, heading toward the aisle stairs of the auditorium.

While responding to Jason’s conversation, Zhou Chang casually watched Jing Hong’s departing figure.

Jing Hong was hooking a set of Mercedes keys around his right index finger—he had likely driven over himself. His finger bones were long, slender, and lean.

Stepping down the stairs, Jing Hong noticed that the very first row facing the stage had been set up as the panel of judges. The judges’ table was far from ostentatious, draped with a pure white tablecloth and laid out with bottled water, ballpoint pens, notebooks, and other supplies.

In addition to the judges’ table, the front row also featured guest seats, where “entrepreneurial advisors” specializing in products, marketing, and related fields would sit during the competition—such as creative directors from renowned 4A advertising agencies. Their professional opinions would naturally influence the judges as well.

At that moment, several judges were exchanging pleasantries, seemingly discussing how they had traveled over. One had arrived by private jet while another flew commercial, remarking: “I previously saw President Zhu post on Moments saying he had arrived in Beijing, so I thought we were on the same flight. I waited half an hour and made 12 calls before he finally picked up, only to say he was at Beijing South Railway Station!”

That President Zhu replied, “I prefer taking the high-speed rail…”

Finally, it was the turn of “Xingyuan,” one of the “Big Four.” Its CEO remarked, “I walked over. To get some exercise.”

Everyone paused, then recalled that Xingyuan’s headquarters was actually located right here in Zhongguancun.

Among the “Big Four,” three were based in Beijing, whereas Weilai was in Shenzhen—in the late 1990s, due to its proximity to Hong Kong, a vast number of internet enterprises were born in Shenzhen and Guangzhou.

Jing Hong didn’t join the small talk; he greeted a few people, located his assigned seat, sat down gently, and began flipping through the project materials of the contestants placed on the table.

Page by page, light as a feather yet heavy as a mountain, each represented the dreams of young people.

A total of only 20 teams had made it to the final stage, having emerged victorious through layer upon layer of selection across various provinces, autonomous regions, and municipalities directly under the Central Government nationwide to finally stand here today.

…………

At 9:00 AM sharp, the Innovation and Entrepreneurship Competition officially commenced.

According to the schedule, prior to the 15-minute roadshows by the 20 teams, Jing Hong and several other judges were to offer a few words of encouragement to the contestants first.

Sitting at the judges’ table, Jing Hong adjusted his microphone and said, “First, a warm welcome to all 20 teams. Welcome to this hall, and welcome to the entrepreneurial community. To begin with, I would like to say that as entrepreneurs, you are destined to walk an extraordinary path in life. It is brimming with opportunity, yet at the same time, entrepreneurs live in constant anxiety day and night. Beneath the golden fruits along this path lie countless white bones; everyone dreams of making a pilgrimage to the Holy City, yet the road is littered with the tombs of heroes. I hope that before embarking on entrepreneurship… you fully understand these realities and carefully reflect on whether you prefer galloping across the chaotic lakes and rivers, or if you favor serene autumn cassia and miles of lotus flowers.”

All the teams listened in silence.

“Second,” Jing Hong continued, “please do not adopt the bad habits prevalent in some entrepreneurial circles—I am referring to fraud, quick cash grabs, and so forth. Do not be in a rush, do not be impetuous; the IT circle is actually very small. It is now 2017, yet the four words I see as possessing universal significance remain ‘Heaven rewards the diligent.'”

Among the startup teams, several people nodded in agreement.

“And finally,” Jing Hong paused briefly before speaking again, “the competition must yield a first, second, third, and fourth place, but personally, I dislike such rankings. I want to tell you that today’s first, second, third, and fourth places do not equate to a final judgment. I hope you realize that your target users consist of the 1.4 billion people across China, and even the 7.5 billion people around the globe. They are living human beings with their own thoughts and emotions. Today, we as judges… have no right to speak on their behalf.”

These words left the other judges momentarily stunned.

People always attributed the reasons for success to themselves, whereas in reality, their success might simply be due to happening upon a favorable wind, or purely due to something else entirely. Jing Hong had never actually believed that he understood 1.4 billion people.

“Therefore,” Jing Hong’s tone was measured and unhurried, exceptionally pleasant to listen to, “today’s final ranking proves nothing. What ultimately judges you can only be the market as a whole. Do your absolute best with everything, and leave the rest to the public. However, please also remember that whether your revenues eventually exceed your expenses or not, as long as there have been users who genuinely loved your product, to a certain degree, you have already succeeded. Well then, if you are truly prepared to embrace all that the future holds, then the entrepreneurial world once again welcomes you.”

When Jing Hong finished speaking, Zhou Chang cast a quiet glance at him, seemingly carrying a hint of inquisitive scrutiny.

It was the first time both of them had attended such an entrepreneurship competition.

Following that, the startup roadshows officially began.

Each team was allotted a roadshow time of merely 15 minutes.

A scoring device was placed on each judge’s table, and once all judges completed their scoring, the results would be displayed on the large screen.

The contestant who took the stage first turned out to be a woman in her 60s.

Previously a chief neonatologist at a top-tier Class A tertiary hospital, she shared that throughout her decades of work, she noticed expectant parents severely lacked medical knowledge regarding infant care, blindly trusting and relying on non-professional post-partum doulas (yuesao). She aimed to build a professional newborn care platform to popularize various safety and health guidelines while conducting regular training, assessments, and even CPR certification for the doulas under her platform, providing the latest information and continuous oversight rather than leaving them unmanaged after acquiring a “meaningless certificate.” She also planned to recruit retired neonatal nurses…

After her presentation, judges and guest advisors asked a flurry of questions, all of which she answered one by one.

Jing Hong gave her a score of 91.

When the large screen ultimately displayed all the judges’ scores, Jing Hong raised an eyebrow involuntarily, discovering that Zhou Chang had actually awarded a 91 as well.

The next contestant presented a third-party inspection platform for used cars, followed by a low-cost “automated fast food” concept that combined automatic cooking machines with vending machines. Users could place an order with a single click; with no waitstaff or chefs, these meal boxes were remarkably cheap and clean, featuring fully automated self-cleaning functions.

Throughout the judging process, Jing Hong noticed that his and Zhou Chang’s evaluations of the projects’ prospects were strangely aligned. The first three projects all received identical scores from both of them.

Even the host picked up on it, remarking: “I noticed… President Jing, President Zhou, you two… have given identical scores every single time! Your evaluation standards for projects are remarkably consistent!”

Jing Hong turned his neck, their eyes clashing in the air for a moment. The CEO of “Xingyuan,” sitting between them, hurriedly leaned back against his chair to avoid getting caught in the tail end of the storm.

A dramatic turn of events occurred on the fourth project.

A young man in his twenties passionately concluded his presentation. It was evident that the judges below all had their eyes light up; the CEOs of several venture capital firms were particularly interested in this project, looking as though they were ready to battle for investment rights the moment the competition ended.

Because the project was so impressive, too many judges lined up to ask questions, leaving Jing Hong without an opportunity.

When scoring, Jing Hong hesitated briefly, but ultimately stood by his assessment and submitted an extreme score.

Pressing the “Confirm” button, Jing Hong felt a slight trace of satisfaction and anticipation, thinking that this time he surely wouldn’t tie with Zhou Chang again.

When revealing the answers, the judges’ scores were unveiled one by one, with the host reading them out loud: “President Xu from ‘Dongfang Catering’… 100 points! The first perfect score of the day! President Gui from ‘Shenrui Home’… 99… Mr. Holt from ‘IDG’… also 100! Very high praise from the judges! President Zhang from ‘CIC’… 98. From ‘Matrix Partners’…”

The host unveiled the scores one after another, finally arriving at Jing Hong.

She clicked on the score card representing Jing Hong on the large screen: “President Jing from ‘Panhai Group’…”

The score was displayed as expected, yet the host froze. After two or three seconds, she finally read softly: “1 point…?” Her voice carried a hint of uncertainty.

On the large screen, following a row of “100s,” “99s,” and “98s,” that single digit “1” stood out as extraordinarily glaring.

However, the host quickly recovered her composure and asked Jing Hong: “Um… President Jing, you didn’t press the wrong button, right? Are you certain it’s 1 point? It wasn’t a slip of the finger, was it?”

“Correct,” Jing Hong’s voice remained perfectly steady, “it is indeed 1 point.”

“Alright.” Regaining her completely unbiased professionalism, the host declared, “President Jing from Panhai Group, 1 point! President Peng from Xingyuan Tech, 98… President Zhou from Qinghui Group…”

In an instant, Jing Hong actually felt a brief surge of nervousness.

As it turned out, everyone present witnessed the second glaring “1 point” of the night.

Seeing that “1 point,” Jing Hong appeared completely calm on the surface, yet a massive wave surged within his heart.

By this time, the host avoided showing any further lack of professionalism and said: “Also 1 point! The scoring for this project is extremely polarized! Alright, next up is President Xing from ‘New Century’—”

Once all the scores were displayed, when it came time for the “commentary” segment, the host naturally asked Jing Hong for the reasoning behind his “1 point.”

Adjusting his microphone, Jing Hong leaned forward slightly and said, “This product is a complete rip-off of Italy’s ‘Arena Ventures.’ Every single feature is identical, and even the user interface is completely congruent. Did this contestant assume that Italian IT products are niche and obscure enough that the judges wouldn’t be aware of it?”

Having his trick called out so bluntly, combined with Jing Hong’s formidable aura, the young man panicked completely.

He shifted the microphone from his right hand to his left, and then from his left hand back to his right, his body swaying side to side as he stammered continuously, “I… uh…”

“You didn’t perform even a shred of localization,” Jing Hong shifted his gaze from the contestant’s face to the large screen. “For instance, turn the BP (Business Plan) back to page 9.”

“…” The contestant mechanically obeyed Jing Hong’s instruction, walking back to the main presentation podium and turning the PPT back to page 9.

“Take a look,” Jing Hong moved away from the mic, picked up a pen, and pointed at a specific corner of the PPT. “There is an interface showcase here. Because the copied app originates from Italy, red is the primary color for the female section, while green is the primary color for the male section, corresponding to the colors of the Italian flag. However…”

Jing Hong engaged the audience’s atmosphere slightly at this point: “Green is the single most abhorred color among Chinese men, without exception.”

The moment these words were uttered, the entire audience burst into a wave of knowing laughter.

Jing Hong was spot on. Many products even eliminated green color variants upon entering the Chinese market—such as automobiles—because they simply wouldn’t sell.

“Based on the above reasons,” Jing Hong continued his review, “I have no faith in your business ethics, nor do I have faith in your personal capability, so I can only give one point. The reason I didn’t give zero points is… I discovered that if there’s only a single ‘0’, the ‘Confirm’ button won’t press through.”

The audience burst into laughter once again.

“Alright—” The host turned her gaze toward Zhou Chang. “What about President Zhou? Does President Zhou have any additional comments?”

Zhou Chang was also looking at Jing Hong. Having spoken at length, Jing Hong naturally felt thirsty and unscrewed the bottle of mineral water on his table; Zhou Chang’s gaze followed the movement of Jing Hong’s Adam’s apple as it bobbed up and down.

Hearing the host’s question, Zhou Chang glanced back, paused briefly, and smiled faintly: “I have nothing to add. President Jing has said everything there is to say, leaving not a single word for me.”

Jing Hong cast a look back at him.

Afterward, the atmosphere grew lively once again.

Startup teams took the stage one after another, and Jing Hong felt his own mood infected by their passion and his thinking inspired by their ideas. He even jotted down contact information for several individuals, intending to have Zhao Hanqing analyze whether to invest in them.

In the subsequent rounds of the competition, Jing Hong and Zhou Chang’s analytical approach to evaluating products remained consistent, though occasionally their scores differed by two or three points, or even more. In a particular round of voting, lacking expertise in that specific industry, they even abstained together.

At a grand competition like this, “bickering between industry titans” was always a major highlight.

As the atmosphere grew increasingly heated, the bickering grew increasingly earnest as well.

At one point, Zhou Chang asked a question that several other titans present deemed meaningless. After both sides exchanged a few sharp retorts, President Gui of “Shenrui Home”—perhaps assuming that Jing Hong and Zhou Chang were at odds and would definitely take his side—suddenly dragged Jing Hong into the fray, asking, “President Jing, whose side are you on?”

“…” Jing Hong was caught off guard for a moment.

Only after a few seconds did Jing Hong lean toward his microphone. He felt somewhat helpless, yet had no intention of lying. He truly had never imagined that one day, under the watchful eyes of the public, he would utter such a sentence: “One matter at a time. This time, I support President Zhou.”

Zhou Chang immediately let out a “Ha” of laughter.

Having won the argument, he seemed to be in a splendid mood.

__

Author’s Note:

President Zhou, with a personality like yours… even your mom can’t save you.

Polite and civil on the surface~ but in reality…

[Note]:

¹ AES-256: A form of encryption. Previously AES-128 was standard, but AES-256 is currently considered far safer against quantum computers.