The Birth of Shanghai's First Conglomerate

Chapter 678 Hong Kong Conference and Holidays

On the eve of high school holidays.

Chen An'an also saw the idiotic news about the street rage incident in Shanghai at school.

Anyone who feels a surge of passion amidst this trending topic is an outsider.

Even those sitting at the children's tables are met with disdain and scorn by the locals.

Take Chen An'an for example; a car worth several million is nothing to her.

The super-rich drive private jets and superyachts worth billions.

Not to mention that foreigners who can afford to travel to Shanghai are usually not ordinary people.

Just like Chinese people who study abroad or travel frequently, who doesn't have tens of millions of assets at home?

The truly wealthy class despises flaunting wealth; only those who are poor or have suddenly become rich enjoy it.

This isn't shocking at all; it just makes people laugh for no reason.

Her father even waited for her during this year's winter break to go to Hong Kong together, just to attend the Tencent Holdings Global Shareholders Economic Exchange Meeting.

Those who can afford a chair up there must be managing assets worth four or five hundred billion yuan, so the matters they discuss are naturally not trivial.

This meeting can be considered a significant turning point in the post-illness era.

School is about to end for the holidays. After the first semester of her first year of high school, she has gained some new friends and classmates, but not much else.

The knowledge she learned in school was far less than what her father showed her.

On the day of her holiday, she took a private car arranged by her family to Shanghai Airport.

Then, she and her father boarded the family's top-of-the-line Sky One, worth over 700 million HKD, at the airport and headed to Hong Kong.

She was accompanied by her younger sister Erpiya, her younger brother Chen Lu, and her mother Yanxi.

In addition, there was her own secretary, Shen Youwei, and Tang Jing.

Aside from their family, the only others going to the meeting were Tencent's earliest global investors and the director of its Economic Research Institute.

The conference center is not in his own home, nor in an office building, but in a top-tier private club in Hong Kong.

This was bought by Chen Pingsheng himself for over 3 billion yuan, specifically for hosting gatherings with friends and family, and for holding meetings.

Everything inside is kept very private, and all the necessary entertainment facilities are included.

The theme of this conference was also very clear: first and foremost, to affirm the previous industry integration.

Then, regarding industry integration, some specific and rapid integration methods will be proposed.

This is just the discussion section at the capital level.

Another area is the post-disease era. Although the disease era has passed, the economy has undoubtedly declined.

It could even be said that the entire world is facing a severe test.

How can we find new opportunities under such severe challenges?
There are two other points. One is to make a larger industrial layout in response to the global economy.

And the major changes that are about to occur in the field of AI (Artificial Intelligence).

First of all, they are all experts in the game of capital, each with their own tricks, and overall they play it very skillfully.

Secondly, foreign trade exports will definitely be severely restricted in the future. As for building factories overseas, Tengfei New Energy had already started construction as early as 2022.

The task now is to figure out how to sell it well overseas.

Secondly, global investment is also necessary, as many domestic industries are declining due to the real estate market.

However, some backward places overseas are on the rise, and some places are still similar to China in the 1990s.

It is in the initial stage of rapid development.

As a large global multi-industry capital group, Tencent Group must seek out new overseas markets.

As expected, the National Dream Fund will also be making investments overseas.

Whether it's his own Wall Street capital, Tong Zhelan and Shen Nanpeng, or the Economic Research Institute, they have been searching globally.

This is the nature of a businessman: buy low and sell high.

Chen Pingsheng will also allocate no less than 300 billion yuan for overseas investment in 2023.

Adding in other people, these individuals together could easily raise a massive investment of between 1500 billion and 2000 billion in 23 years.

Used to buy some very large projects at low prices.

There's no such thing as starting an overseas project from scratch; the fastest way to expand has always been through acquisitions.

In addition to this normal overseas investment, AI has also been explicitly identified as a core technology for the future.

Domestic AI technology is only at the level of a toddler, still in the early stages of learning to speak, while overseas research has been conducted for many years.

Chen Pingsheng's AI research and development includes a range of fields such as intelligent driving, artificial intelligence, and robotics.

He wants to quickly accumulate experience and achieve technological breakthroughs in this field, which requires not only accumulating a certain amount of basic patented technology.

The most important thing is to complete the global expansion overseas.

To put it more simply, it's about spending money to buy technology, or rather, to buy a technology team.

Some overseas technology teams have developed technologies that are not bad, but due to funding constraints, many of them are unable to continue operating.

This is when his opportunity came; he could spend a huge sum of money to buy the whole thing, including the people and the patents.

To some extent, many tech giants do this.

Once they sense that your technology poses a threat, they will either spend a huge sum of money to buy you out or directly use legal means to take action.

This was also the main reason why domestic technology products were unable to go overseas in the early days, due to the constraints of technology patents.

Being sued so easily can lead to being fined to the point of questioning one's existence.

There are quite a few patent trolls overseas.

The fastest way for him to rapidly develop his own AI technology is to spend huge sums of money to buy more basic patents from overseas, so that he will be powerless when he goes global in this field.

Whether I say it or not, we have to take this step immediately.

Whether it's Takefly New Energy going public in 2023, cashing out its Google or Nvidia holdings, or any other venture that might happen then...

All of this means he won't be short of money. As such, he plans to spend 50 billion to thoroughly improve the foundational technology accumulation in the field of AI, as well as acquire some cutting-edge technologies.

To ensure that Tengfei AI can complete its groundbreaking technology around 2025.

It wasn't easy; the meetings and discussions lasted for three days.

During this period, there was little mention of domestic investment, mainly because the current situation in China is not suitable for large-scale investment.

The golden age is over; the next five to ten years will be mainly about maintaining the status quo.

Chen Pingsheng's main investments are in overseas markets.

Domestically, the focus is mainly on the research and development of new energy vehicles, including AI artificial intelligence and solid-state batteries.

In fact, AI also includes the field of health, and in the future, AI may be able to treat people's illnesses.

They are even more professional than ordinary doctors. Don't think this is an exaggeration; this is a trend in the development of AI.

It will eliminate not only ordinary assembly line workers.

There are also many other professional fields, including drawing, animation production, sketching, as well as driving and medical care.

It can only be said that anything is possible.

Without particularly large application scenarios, it wouldn't be defined as a core technology industry chain of the future.

The reason Apple gave up on building cars is that it judged that the ultimate goal of car manufacturing is AI (artificial intelligence).

If that's the case, why doesn't it focus all its efforts on developing AI?

This is also the main reason why Chen Pingsheng wants to increase investment in the AI ​​field.

He is indeed wealthy, but certainly not as wealthy as Apple. In 22, Apple's annual net profit was $998 billion.

I don't know who would dare say it's failing; the profits are simply unimaginable for the average person.

Admittedly, Chen Pingsheng himself was also gambling.

When it comes to competition in the new energy field, the strongest competitor is still only Tesla.

AI, on the other hand, is different; it brings together the world's best and top-tier technology giants.

These giants, including Nvidia, Google, Apple, and Microsoft, are all formidable opponents.

His annual spending of 50 billion seems like a lot, but it's actually only one-fifteenth of Apple's annual profit.

It's such an exaggeration.

Aside from investing 30 billion overseas and 50 billion in the AI ​​field, he basically doesn't need to spend much more money in other areas.

The core area of ​​competition in the future will still be technology.

This is not something that can be accomplished overnight, and whether AI can actually be successfully developed is entirely uncertain.

After all, AI involves too many fields, from all kinds of robots, including artificial intelligence, to writing online novels. It has the potential to achieve disruptive creation one day.

An average online novelist can only write five or six thousand words a day, but AI is different. It can generate hundreds of thousands or even millions of words in an hour through massive analysis and computing power.

All you need to do is keep investing in the basic framework and model of the novel.

If this thing really develops to its peak, it's hard to say whether it's good or bad.

But one thing is certain: it will replace countless industries.

The next generation of core technologies for mobile phones is AI, which shows just how wide its applications are.

The reason for investing 50 billion is to build more AI research centers in developed countries overseas.

Regardless of whether he can do it well or not, he still needs to grasp the next generation's trends.

After the meeting was completely over, Chen An'an took many more notes.

In her understanding, large-scale business activities all depend on trends.

If you want to make big money, you have to look at your investments five or even ten years from now.

Whether it's business or investment, the essence is buying low and selling high.

Technology is different; it requires you to invest first, identify a promising area, and then concentrate all your human, material, and financial resources to overcome one major challenge after another.

This timeframe could be three years, or it could be five or ten years.

Before you can reap any rewards, you must first invest and withstand the pressure.

Success! They've made a fortune!

If it fails, all your investment will be lost.

As for those at her level, they will definitely still be based in China, but they will also set their sights on the world.

Hong Kong was the pinnacle of land rent economy, with the highest housing prices in the world.

The pillar industries have always been finance, trade, real estate, and tourism.

Even with such development, there is absolutely no trace of physical manufacturing and technology industries.

This can be considered another kind of peak.

Their family didn't stay in Hong Kong for long; they returned to Shanghai after the global shareholders' meeting.

For three years due to the illness, Tengying Group has not held an annual meeting, and year-end bonuses are simply deposited directly into the account.

The epidemic has just passed this year, so it's time to have some fun.

On the first two days of the holiday, the group held its 2022 annual summary meeting in Jinshan.

Their annual party was incredibly lively, a veritable gathering of stars and big names.

The headquarters of Kingsoft alone has 70,000 to 80,000 employees. If you add overseas employees, including those from all over the world who have come to work at the company, that's another story.

That would have a starting population of 80,000 to 90,000.

Ordinary venues simply cannot accommodate so many people; only the largest stadiums would be needed.

This year's annual meeting was no joke either; Chen Pingsheng first announced several major decisions on stage.

First, of course, we should celebrate the passing of the disease. Second, we should remind everyone that the post-disease era is likely to be even more severe than the pre-disease era.

Other announcements included the group's financial report and the group's revenue for 2022.

Many sectors were not included, but it is certain that they are still the richest private enterprises in China.

Its cash reserves continue to be among the highest.

Thanks to the successful listing of Tengde Times, Tengying Group's year-end bonus in 2022 reached 60 billion yuan.

This is an independent bonus without any group profit sharing, which is quite extravagant.

It is also a reward for the hard work and achievements made in the past year.

Tengying Group has never encouraged a spirit of hard work, but it will definitely recognize the dedication of its employees.

Chen Pingsheng will never let down those employees who are willing to work hard and treat the group as their own family.

They will use large sums of money to satisfy their economic needs.

This is much better than making empty promises or offering a few words of praise.

After all, who doesn't work for money? If you put in the effort, you should get something in return; that's normal.

After the New Year holiday, the family will have to decide where to spend the holiday.

Erpiya didn't want to go back to Wangcai Village; no matter how big the countryside was, it was still the countryside.

She grew up in a big city and was used to its prosperity. When she went to the countryside, she just couldn't find the same experience.

As for Chen An'an, she's fine. She can stay in Shanghai, and it's okay for her to go back for a few days.

After much discussion, we decided to go back next year instead and stay in Shanghai this year.

Anyway, my younger sister Chen Qi and her family stayed in Shanghai, while my older sister went back home quite early.

Erpiya's winter vacation was quite enjoyable; she even imitated her father.

Give all the employees New Year's red envelopes, and then ask them to come back to work early after the New Year.

Large companies offer 15 days of annual leave, starting before the Lunar New Year.

Without the close support of a large corporation, she's no longer one of the top three CEOs.

Instead, she became a normal ten-year-old princess.

They never hesitate about where to go for fun each day.

They either go fishing at sea on their family's superyacht or go to big shopping malls to see if there are any new items they like.

Even when she's at home, she can't sit still and goes out to play.

Chen Lu's approach was simple: he secretly sent someone to find Su Xiaoxi, and then went over to play with her.

The only difference was Chen An'an, who actually called on two female classmates before the New Year to go on a trip of her own.

What do you mean?

The three girls, accompanied by seven or eight bodyguards, went to explore remote parts of the country.

My daughter has grown up; she even knows when she goes on a trip.

Chen Pingsheng didn't stop them, but just told them to be careful when they went out.

It's still very safe in China; just don't go beyond the border unnecessarily.

(End of this chapter)