The Birth of Shanghai's First Conglomerate

Chang Fu left Tengying Group.

Chen Pingsheng also held a grand farewell banquet for him, and he could be said to have left without any regrets.

The brothers worked together for six years.

Six years later, they were both financially independent, and he wanted to find his own place in the world.

His brother also gave him his best wishes, and Changfu left the place where he had worked hard for six years without any regrets.

He hadn't really decided what he was going to do; he just carried a bag and a card with billions of dollars on it and went to see Gao Hu in Guangzhou.

Gao Hu has been very busy because of the new show "Old Friends".

Unlike his previous busy office life, he has finally remembered that he is a chef.

He was busy in the kitchen every day. When Chang Fu came to visit him with his travel bag, Gao Hu was both surprised and delighted.

What surprised him was that he had left Chen Pingsheng, but what pleased him was that he would still come to see him as soon as possible after leaving.

Chang Fu sat at a small table by the window, and Gao Hu handed him a Lao Bai Sha cigarette.

"You smoke this too?"

"Hmm... I still like smoking it after all these years."

Gao Hu asked him if he had any plans for the future, and Chang Fu said no, he wanted to clear his mind and have some fun for half a year before making any decisions.

However, he didn't come here simply to see Gao Hu; he also prepared 100 million yuan for Gao Hu.

It can be considered an investment between brothers.

Gao Hu's credibility is now completely shattered. If it weren't for the support of his old buddies, he wouldn't be able to get a single penny in the capital market.

Chang Fu left without asking how many shares he wanted; he had already invested 100 million.

We're still brothers whether we lose or win.

Similarly, he also got each of Zhang Tao's two children a 50 million yuan bank card.

After Zhang Tao left, Chen Pingsheng took care of the aftermath, but he himself still had something to do.

When he leaves Guangzhou, he will truly be traveling all over the world.

They often get to take photos of skiing on snowy mountains and also take photos with penguins in Antarctica.

Life was pretty carefree.

Yang Qian would also meet up with him from time to time, and the two of them were currently living the happiest life.

Perhaps it's because I've experienced so much.

Yang Qian was divorced, and it was a very unsuccessful marriage. Chang Fu devoted many years to her and waited for her for many years.

Reaching this point now definitely constitutes a happy family life.

When Tencent Entertainment shut down celebrity live streams and even announced that its celebrities would be completely banned from live-streaming e-commerce.

The capital market was in an uproar, and the stock price subsequently plummeted.

The reactions among ordinary people were much more lively, and in short, they were all about listening to advice.

Bai Xin also publicly admitted at the press conference that celebrity live streaming is a form of disruptive force that harms the market and the entrepreneurial space for ordinary people.

Tencent Entertainment even stated directly in its announcement that celebrities should not steal the jobs of ordinary people.

The news story ended abruptly, but the public's reaction lingered for a long time.

Because to date, no super-large enterprise has ever listened to such advice.

They even openly stated that using high-end social resources to deprive ordinary people of employment opportunities is a form of unethical market competition.

Tencent Entertainment's withdrawal sets a high bar for all mega-corporations.

Because of the impact of this event, countless experts and scholars have organized discussions on whether large corporations should continue to seize or even deprive ordinary people of their market space.

Many large companies, after reaching a certain level, still recklessly expand their business resources into the lower-level sectors.

Without a doubt, in just twenty years, ordinary people will no longer have room to start their own businesses.

Any discussion about ordinary people starting their own businesses will become nonsense. Chen Pingsheng's retirement clearly demonstrates his commitment to shouldering his responsibilities to our times.

At the same time, it also gives more market space to people like him.

No matter how positive the online public opinion is, it cannot withstand the full backlash from the capital market.

It is foreseeable that after Tencent Entertainment shuts down its live streaming, it will rely solely on increasingly outdated movies and TV series.

With the rapid pace of short dramas and short videos, profitability will definitely plummet.

If you don't run now, when will you?

It's safe to say that countless stock market investors, including small investors, were so angry they were cursing.

Because it's obvious that this was something Tencent Entertainment gave up on its own initiative.

If Chen Pingsheng hadn't given up, the situation could have been reversed in an instant simply through public pressure.

Unfortunately, Chen Pingsheng chose to side with public opinion this time.

This also led to an unsurprising plunge in Tencent Entertainment's stock price. Why do business owners always react negatively when faced with a market crisis?

First, they will choose the direction given by the capital market, because ordinary people on the internet cannot raise their stock prices.

But the capital market can be different; haven't you seen how stock prices plummet even when they're highly rated?

Because of Chang Fu's departure, Tengying Entertainment had to select a new president, which can be considered a crisis appointment.

Without any discussion, Chen Pingsheng chose Bai Xin as the third president of Tengying Entertainment.

Although she had done a lot before, she had always been the chief secretary. Now she has finally been promoted.

Similar to Zhang Wanyi, she jumped from the position of secretary to president.

As the president of a company worth hundreds of billions, the social status and financial benefits he has gained are incomparable to what he used to have.

Even though Tencent Entertainment's stock price was still plummeting, Chen Pingsheng waited until it had fallen to a reasonable level before officially promoting Bai Xin.

That's a way of not putting too much pressure on her.

It's because young people nowadays have too many entertainment options.

This is why movies and TV series have been declining in quality.

Although the short dramas are a bit exaggerated, they are very popular among middle-aged and elderly people. Although many short videos feature dancers doing suggestive dances.

Young people just love it.

Compared to TV dramas that are tens of minutes long and whose plot is unclear, short and fast-paced videos are more likely to capture the hearts of young people.

This is an inevitable choice under the times, and it is also forcing the industry to continuously improve.

Speaking of which, it all started when BAT (Baidu, Alibaba, Tencent) entered the online video app market and started producing idol dramas that generated a lot of traffic.

This already sowed the seeds for all of this today.

Over the years, no other movie superstars like Stephen Chow, Jackie Chan, and Jet Li have emerged in China.

All martial arts dramas are in slow motion, and even a minor scratch on a young actor's hand becomes a national spectacle.

This industry is becoming increasingly sluggish, and it's no longer something that one person can change.

Even someone as strong as Chen Pingsheng couldn't do it.

It's inevitable that Tencent Entertainment's stock price will drop below 100 billion yuan in market value. Given the size of its group now, it's a case of "if one door closes, another opens."

The news that celebrities are banned from live-streaming e-commerce is definitely bad news for Tencent Entertainment.

But for other short video companies, this is a huge boon.

Tencent Media, including Xinteng Live, has seen its stock price surge uncontrollably under this trend.

See, with both sides canceling each other out, he doesn't suffer any loss at all.

(End of this chapter)