The Birth of Shanghai's First Conglomerate

The end of September was supposed to be an ordinary day.

Chen Pingsheng will give up the remaining 20% ​​of Guazi Used Cars, which has been listed for more than half a year.

After cashing out 15%, they obtained 15 billion yuan.

Then, through random increments, this amount is increased to 45 billion, bringing the total to 6 billion including the principal.

All resources were devoted to the newly established Tengying Management Academy.

After completing this cash-out, the highest share he held in all his listed projects was only 10% of Tencent Entertainment.

Other listed companies have all reached 5%.

A 5% stake is certainly not enough to fully control a company.

However, Chen Pingsheng had already signed the investment agreement before the IPO.

They are still able to keep these companies firmly under the control of Tengying Group.

There is no need to worry about its control due to the reduction in shares.

The National Day holiday is just around the corner, which is peak tourist season, but their family doesn't plan to go on a trip.

If you want to have fun, you should avoid this awkward period when it's crowded everywhere.

Thanks to his hard work, Chen An'an's grades have improved dramatically this year.

Let alone ranking 15th in the class, it's very possible that he'll even be in the top ten.

Chen Pingsheng was overjoyed; it had been so many years.

The little rascal has finally figured it out; he no longer feels his bottom burning hot every time he goes to a parent-teacher conference.

Chen Pingsheng and his wife arrived early in their Cullinan to pick up their son, Dapiwa, from school.

After Chen An'an's grades improved, she started working hard to lose weight. She used to be a little chubby, but now she's gradually becoming slimmer.

In a few more years, she'll probably be a beautiful young woman.

"An'an, it's been so many years, and this is the first time Dad has ever heard a teacher praise your grades. Do you know how I felt then?"

Chen An'an knew perfectly well, but she just wouldn't say it, and still wanted her parents to praise her just like when she was a child.

"Dad, how are you feeling?"

Chen Pingsheng chuckled and said, "I was thinking to myself, you're probably cheating again. I'll probably have to go to the parent-teacher conference in a couple of days. I was so nervous."

Chen An'an's breath hitched, clearly displeased. "Dad, is this how you see me?"

"Of course not, don't listen to your old man."

Song Yanxi explained from the side, "Your dad was just too happy. I was right next to him at the time. You have no idea how much he was laughing. An'an, your dad is right. You've really grown up now."

"I'm only eleven years old, and I don't want to grow up at all."

Despite saying that, Chen An'an felt that she could make her father a little bit proud.

She was still very happy.

Even just for her father's happiness, she will study very hard in the future.

I will strive to get into a top-tier 985 university through my own efforts.

She didn't want to go abroad to study at Harvard, because those schools generally only have two types of people.

The first type is definitely the top student who got in through their own hard work.

The second type is undoubtedly someone from a top-tier family like hers.

Having either one of these qualifications is enough to get into a world-class university.

"Dad's in a good mood today. After we pick up Erpiya, do you want to go to the mall for dinner together?"

"Sure, I want to eat hot pot."

"Okay, let's have hot pot then."

Erpiya stood out in the crowd, mainly because her yellow backpack was so conspicuous.

He's almost as tall as her.

The first-grader, Erpiya, has no academic pressure.

For her, studying is as simple as eating.

If she had put in just a little more effort, she probably wouldn't have had any problem getting into Harvard.

This is what a top student looks like.

"Dad, I want to go eat at Haidilao too."

"Okay, let's go eat at Haidilao together."

Chen Pingsheng took them to the mall. He himself was in the catering business. Although Fei Yangyang was doing very well, it was still a little bit inferior to Haidilao.

Haidilao was listed on the Hong Kong stock market on the 26th of this month.

The company's share price was HK$17.8, and its market capitalization was nearly HK$1000 billion.

This is a miracle in the entire catering industry.

Look at their stock price, and then look at our own Boiling Sheep stock price. The difference is more than just a little bit.

Haidilao is most famous not for its taste, but for its revolutionary, detailed service.

Chen Pingsheng rarely ate here before, but today he realized just how good the business was.

If you want to eat, you have to queue outside and get a number first.

This isn't a high-end consumption venue; most of its customers are young people.

When Chen Pingsheng looked at his queue number, he realized he would have to wait half an hour before it was his turn.

He originally intended to leave directly and find a high-end customized restaurant, but seeing Chen An'an's expectant look, he decided to wait a while.

"Dad, how about we go for a walk first!"

"Alright then, it's almost autumn, you two sisters should buy some autumn clothes too."

While strolling around, I ran into some acquaintances—Song Jun and his wife Zhang Sitong.

They came specifically to eat at Haidilao, mainly to learn a thing or two.

Song Jun himself didn't have much ambition, but after he met his wife Zhang Sitong, he expanded from one store to three.

Zhang Sitong goes to his shop every day after get off work. It has to be said that he is a really good wife.

"Sister Yanxi, Brother Pingsheng."

Zhang Sitong was much more shrewd than Song Jun. Before they got married, she was always very careful around Chen Pingsheng.

After getting married, she often went to Song Yanxi's side.

I accompanied her shopping and also went to a beauty salon with her.

It's fair to say that Zhang Sitong is the best at building relationships among all her relatives.

Song Yanxi likes her very much, and always feels that she has a bit of herself in her.

"Sitong, you're here to eat Haidilao too? That's great!"

"Yeah, I always thought you guys didn't like eating these, that's why I never called you."

Zhang Sitong immediately grabbed Song Yanxi's hand and became extremely affectionate.

Song Yanxi said she would have to wait a while and go buy some things first.

Whether it's Chen An'an or Erpiya, their ways of buying things are very consistent.

Trying on clothes in a store is impossible.

If they find something they like, they'll bring it home immediately.

After visiting three clothing stores, I easily spent several hundred thousand yuan.

Chen Pingsheng then asked Song Jun how his business was going recently, and Song Jun was quite satisfied with his results.

It was his wife, Zhang Sitong, who always wanted to improve herself.

It was his wife who invited him to learn at Haidilao.

This guy is something else, being urged forward by his wife. I don't know if that's a good thing or a bad thing.

Zhang Sitong not only pushed him forward, but also accompanied him to study the current catering industry.

After Haidilao went public, almost everyone in the catering industry began to rack their brains to learn the so-called Haidilao model.

This is true for the entire service industry, and Song Jun is no exception.

If we're talking about a leading company in the catering industry, it has to be Haidilao.

The market capitalization speaks for itself; it's hard for others to deny it.

After browsing several clothing stores, Song Yanxi bought Zhang Sitong a watch at Richard Mille.

Actually, if we hadn't met Chen Pingsheng and his family...

Zhang Sitong would be very satisfied if she could earn one million yuan a year.

But whenever she spends a day or two with Song Yanxi, she goes home and starts nagging Song Jun to work hard together.

There's nothing we can do about it; look at their spending power.

Richard, who cost over two million, was treated like a toy.

Song Yanxi felt that Chen Pingsheng should wear such fashionable watches occasionally, instead of always being so serious.

I casually spent another eleven million to buy him a Richard RM50-04 with a red strap.

Look at Michelle Yeoh's spending habits.

Can she succeed without working hard?
Chen Pingsheng didn't really like this red watch strap; he felt it was neither suitable for his status nor too flashy.

It's okay if he doesn't like it, as long as Song Yanxi likes it.

"Honey, you should wear this when you're not working. It looks really good."

"If you think it looks good, then wear it." Chen Pingsheng said indifferently.

Erpiya secretly grabbed one and put it on her wrist. She didn't care about the money; she just liked the novelty.

She bought a yellow watch with a strap for RM88.

I must say, it actually suits her quite well.

As for the price, it's over eight million.

Chen An'an was wearing a Richard Mille watch; she wasn't very interested in watches these days.

The main reason was that she already had more than a dozen at home, so she didn't buy any this time.

Every time Zhang Sitong went out with them, she could refresh her worldview.

This is definitely the type of customer that any luxury store would prefer.

If Chen Pingsheng hadn't been with his wife and children when he swiped his card for millions, a saleswoman would probably have proactively added him on the phone under the guise of work.

Then send messages privately.

Ask if you're free in the evening, implying maybe we should have some casual sex.

These kinds of girls are actually quite smart; they're the kind of girls who can afford to buy watches and spend millions.

Those aren't ordinary wealthy people; becoming their official girlfriend is practically impossible.

It's quite possible that if you become a mistress, you could be kept by someone who spends over 100,000 yuan a month.

If you're smart enough, you can watch "Empresses in the Palace" a few more times.

It's not impossible to oust the wife from the household and rise to become a wealthy socialite.

The two types of women that ordinary men should avoid dating are saleswomen at luxury goods stores and female bank employees.

As for why female bank employees can also get the same number of lines as tellers, well, those who know, know.

If you don't understand, take a look at the bank president's selection of concubines.

Zhang Sitong was overjoyed, and she didn't know where to put her hands, even though she was wearing a Richard bag worth over two million yuan.

Within two seconds, they will instinctively want to raise their hand to take a look.

Half an hour passed, and it was time for them to go eat hot pot.

Haidilao is most famous for its service, which has helped it build a catering giant with a market value of hundreds of billions.

Things like putting a bag over your phone, celebrating a guest's birthday, or babysitting someone's child.

They can do anything you can imagine.

At least during this phase, Haidilao is clearly like that.

Zhang Sitong seemed lost in thought, while Song Jun also ate with great relish.

Needless to say, my two daughters have eaten all sorts of delicious food.

The food here can only be described as so-so; it didn't meet their expectations at all.

Zhang Sitong took the initiative to ask, "Brother Pingsheng, do you think it would be okay if we offered this kind of service over there?"

"Unrealistic!"

Chen Pingsheng shook his head: "You are making Hunan cuisine, and the customers are mostly families. Instead of blindly imitating others, you should find your own characteristics and then amplify them infinitely."

Having only a vague understanding, Zhang Sitong stepped on Song Jun's foot, urging him to take this opportunity to ask more questions.

They rarely see this family out shopping.

How could we not seize such a great opportunity?
Song Jun realized what was going on and asked, "That's traditional Hunan cuisine, it doesn't seem to have any special features!"

"If you don't have any unique features, you'll never be able to grow your business."

The waitress standing nearby was also listening to them talk.

Many of their peers are now coming to eat here; the flow of customers can be described as endless.

This table is clearly the same; I just don't know how well they've done.

Zhang Sitong was indeed more knowledgeable; she wasn't like Song Jun, the master chef.

She has been seriously studying the chain model of the catering industry.

They also understand that a brand must find its own unique characteristics in order to truly establish itself in the national market.

"Brother Pingsheng, could you explain this in more detail?" Zhang Sitong asked.

Chen Pingsheng looked at her, then smiled and said, "It seems you really want Song Jun to create a sizable chain brand."

"Alright, let me make it clear to you again: the first step in the creation of any chain brand is not to study its characteristics, but to determine its positioning direction."

"To be honest, if you want to start a Hunan cuisine chain brand now, the competition is too fierce, and even if you manage to do it, you can't replicate it without hundreds of millions of yuan."

"The capital market is now quite conservative in its investment in these traditional industries; rather than conservative, it's more accurate to say that it's not optimistic at all."

"Personally, I think that if you want to develop rapidly, you must first choose the catering industry, which is favored by the capital market."

“My Dream Fund in Guangzhou has invested in several niche brands that specialize in fast food in shopping malls. You can take a look when you have time.”

Chen Pingsheng had actually given a very clear warning.

He was clearly saying that it's now very difficult for traditional large restaurants to obtain financing.

At the very least, he himself won't invest. No matter how much you exaggerate, if this industry fails, where can you fly to?

On the contrary, Chinese fast food, which is low-cost and easy to replicate, is indeed a new market segment.

It's not so much a new type as it is, but there are quite a few opportunities.

It's relatively easy to secure investment in this field.

At least he himself was willing to vote.

On the contrary, isn't Song Jun's kind of shop just like the early version of Boiling Sheep?

It's not even as cheap as Boiling Sheep, and it doesn't offer the same level of service as Boiling Sheep.

What's the current stock price of Boiling Sheep?
It's even lower than the issue price, yet it has a huge reputation and a great word-of-mouth.

A glance at the financial statements reveals a pitifully low profitability.

If Zhang Sitong had the ambition to create a chain, researching replicable Chinese fast food would be far better than the stores she currently runs.

It's hundreds of times stronger, or even more.

Zhang Sitong was excited. No wonder she had been researching for so long and still felt that running a store like this was meaningless.

It turns out that this track was simply not good enough, and was even destined to be eliminated.

A single store might be okay, but a chain is really not that great.

Even if you work your butt off under these circumstances, the rewards you get are pitifully low.

That really was a wake-up call.

What's the point of learning from Haidilao? The entire industry is doing it now.

After trying to learn it, you'll find it's a huge pitfall. Besides making employees more tired, they also don't adapt well.

Chen Pingsheng really didn't think it made any sense.

On the contrary, the fast food brands he invested in are now doing very well.

It's much more profitable than a typical traditional restaurant.

After returning home, Zhang Sitong took Song Jun to Guangzhou to study.

We went to the Dream Realization Fund first.

The Dream Fund has been operating discreetly for years, investing at least one billion yuan annually.

Zhang Sitong was deeply shocked after seeing it.

This low-profile traditional industry investment fund has already invested in dozens of small but excellent chain brands in the fields of catering, fast-moving consumer goods, retail, department stores, and clothing.

All of these investments follow a light-asset, replicable, and small-but-beautiful model.

Chen Pingsheng said that only a few people did a decent job, which was just a low-key statement.

In Guangdong, there are at least six or seven Chinese fast food brands invested in by the Dream Fund, which have opened hundreds of stores in just two years.

It's not that there are hundreds of them in total, but that each of these individual fast food brands that have emerged has at least hundreds of branches.

She only just found out that there was such a large investment fund in Guangdong.

Three years have passed, and Yuanmeng has already taken considerable shape in all aspects.

No wonder Chen Pingsheng recommended that she study here.

Compared to the traditional Hunan restaurants they work themselves to the bone, these small but exquisite Chinese fast food restaurants are developing much faster.

Moreover, they can all go public in the future.

The Dream Fund has already nurtured dozens of small but excellent chain enterprises.

This is truly unbelievable.

Zhang Sitong and Song Jun stayed here for more than a week before returning to Shanghai.

(End of this chapter)