Water and Flames

Chapter

WAF CH3

by DewdropTL — For the subsequent period, the merger between Kunpeng and Huawei fell into a complete deadlock. Neither Fanhai, as Kunpeng's investor, nor Qinghui, as Huawei's investor, was willing to yield on the critical question of who would assume the role of CEO. Zhao Hanqing made several trips to Shanghai. Kunpeng was based in Beijing, while Huawei was in Shenzhen. To demonstrate mutual sincerity, both parties had agreed to set the negotiation venue in a neutral third-party city. Furthermore, to ensure absolute…
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Chapter

WAF CH19

by DewdropTL — Not long after, a major event occurred on Fanhai's side. "Feichi Motors," an new energy vehicle company that Fanhai had previously invested in, officially launched its first mass-production model. Feichi was currently the best-performing new energy vehicle company in China. Fanhai Group had led its Series A funding round in January 2015, followed by Tiantong Securities leading its Series B in June 2015. In June 2016, it raised another round of funding from investors including Fanhai and IDG. Now,…
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Chapter

WAF CH4

by DewdropTL — Following that, the financing progress for both Kunpeng and Huawei continued to advance at a measured pace. Jing Hong caught wind of the fact that, to signal to the market that Huawei's largest shareholder remained highly confident in the company's trajectory, Qinghui intended to follow invest slightly in the upcoming round—a token gesture that aligned perfectly with industry conventions. It appeared as though Zhou Chang had truly resigned himself to the reality of being unable to lead the round and…
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Chapter

WAF CH20

by DewdropTL — The second day of the World Internet Conference quickly drew to a close as well. That evening, Jing Hong did not attend the private dinner hosted by the CEO of "Weilai," choosing instead to fly directly back to Beijing on a commercial flight—and Zhou Chang did the exact same thing. After returning to Beijing, the two occasionally bumped into each other or crossed paths in business skirmishes. First came Fanhai forcing its way into Qinghui’s exclusive deal with the community group-buying app…
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Chapter

WAF CH5

by DewdropTL — Following that, the negotiation progress for the Kunpeng-Huawei merger suddenly accelerated. Qinghui and Huawei secured the CEO position, while Fanhai and Kunpeng locked down absolute veto power along with several other strategic concessions. For instance, the joint company would be named "Kunpeng-Huawei" rather than "Huawei-Kunpeng." Furthermore, the post-merger equity distribution was adjusted slightly in Kunpeng's favor rather than a flat 50:50 split—a deliberate move designed to create the…
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Chapter

WAF CH6

by DewdropTL — Two weeks after drafting the agreement, the various parties involved in the Kunpeng-Huawei merger officially signed the paperwork. Except for the CEO position, Jing Hong was generally satisfied with this dual-party merger. The new post-merger company established an 11-member board of directors: the management team held five seats—including the former CEO of Kunpeng, the former CEO of Huawei, the CTOs (Chief Technology Officers) of both sides, and a CMO (Chief Marketing Officer)—financial investors…
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Chapter

WAF CH7

by DewdropTL — 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…
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Chapter

WAF CH8

by DewdropTL — On the arena of the entrepreneurship competition, sitting alongside Zhou Chang on the panel of judges, Jing Hong suddenly recalled the very first day he met Zhou Chang. It had been under a similar setting. Jing Hong had never really mingled with the "second-generation entrepreneurs" in their circle. First, Fanhai Group had always been an internet giant, operating on a completely different tier from other companies; even if he engaged in zero socializing, others would still treat him with utmost…
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Chapter

WAF CH9

by DewdropTL — His thoughts returned to the present. Jing Hong knew that having started with a disadvantage from the offset, their team's ability to achieve that final outcome meant they were by no means inferior to the opposition. Inside the venue, the China Entrepreneurship and Innovation Competition pressed on. Fewer and fewer teams remained, until finally, all twenty roadshows came to an end. Based on the scores, the competition determined the top three places. An official delivered awards, handed over…
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Chapter

WAF CH10

by DewdropTL — After the Entrepreneurship and Innovation Competition, Kunpeng and Huawei began their integration. Even though they knew they had been tricked—Huawei's "AI Loans" project was actually just a vanity showcase—Fanhai still formally halted the research and development of AI Loans. Aside from this merger, however, everything went smoothly. As soon as Hong Xu joined Fanhai, he immediately began researching several difficult problems in the AI Healthcare projects, leaving Jing Hong full of…
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