The Birth of Shanghai's First Conglomerate

Chapter 691 After Cashing Out
In September... the news that Chen Pingsheng cashed out 9 billion US dollars was a seismic event in the capital market, not only overseas but also domestically.

This cash-out is mainly to resolve three issues. One is the payment of the entire remaining balance for the world-class cruise ship, the Tengying, which will have approximately 30 billion yuan remaining.

In addition, the originally planned six-star Tengying Hotel will be upgraded to a seven-star hotel, one of the few in the world.

An additional 150 billion yuan was added to pay off the remaining 350 billion yuan.

Furthermore, Tengfei Mobile has allocated all of its R&D funds for the next two years, including a development fund.

It's roughly around 50 billion.

The three items together cost approximately 1150 billion.

This also means that he will not have many spending projects in the next three years, in addition to donating 150 billion yuan to Shanghai.

The remaining 80 billion yuan will be allocated to Tengfei AI to develop AI mobile phones, AI intelligent robots, and AI systems, including a series of core technologies such as AI chips.

This funding also means that the AI ​​sector will not lack funds for the next two years.

After completely resolving the existing debt problems of Tengying Group, Chen Pingsheng's investment strategy also began to shift from offense to defense.

To date, the total dividends from his entire group's shares, including those from his wife's projects, have only generated a stable net profit of around 22 billion yuan per year.

Although this amount of money is already considerable, he still plans to increase it to around 40 billion.

The mobile phone project has been fully developed, and the first Tengfei AI smartphone is expected to be released in June 2025.

The price will be around five thousand, placing it in the mid-to-high-end category.

In addition to being equipped with a series of related professional technologies from Tengfei AI, the most important feature is the standby function of the solid-state battery, which offers at least 50% longer latency compared to other phones in the same price range.

In addition, when paired with a top-of-the-line Samsung screen and a Qualcomm mobile phone chip, the entire set is priced at only five thousand.

It's impossible for it not to become popular; it's practically the price of making friends.

Tengfei Mobile has a clear goal: the best configuration at the lowest price.

For the next three years, we only plan to make friends. We will only consider profit issues after sales have fully picked up.

That's the benefit of independent investing.

In addition, his own Tengfei AI is also developing robots based on related technologies.

The complete replacement of the Tengfei Mobile Super Factory, including the human resources of Tengfei New Energy, is just around the corner.

Once this step is completed, labor costs will definitely be reduced to a minimum.

This is unavoidable. The development of automobiles eliminated the rickshaw pullers of the past, and the continuous development of AI robots will also quickly eliminate those assembly line workers.

After Tengfei New Energy Vehicles firmly established itself as the top-selling brand in China, Tengfei Mobile Phones will undoubtedly seize a top-three position within just a few years.

Tengying Group definitely has the capability now.

This is inseparable from the group's annual R&D expenditure, which far exceeds 150 billion yuan.

It took him seven years to accumulate his current strength, and once he unleashes it, he will be unstoppable.

Once he takes control of the mobile phone market, there is a strong trend towards expanding into the entire AI industry, including home appliances.

This is unavoidable. Tengfei AI, which invests 40 billion yuan in R&D every year, must rely on a large market to recoup its R&D investment costs.

Among these, computing power technology is the most important.

After completing this cash-out, he and the group will have ample funds for the next few years.

That's how you do scientific research; you can't expect to make a fortune in the short term, or you'll only lose more than you gain.

Also next year, Tengfei New Energy will launch its true flagship car, equipped with the latest solid-state battery.

With a full charge, it has a range of 3000 kilometers, and the price has dropped to between 35 and 40 yuan.

With the addition of existing AI-powered intelligent driving technology, it won't be long before Tengfei New Energy Vehicles dominates this market.

It would be a lie to say I'm not looking forward to it.

Over the past 24 years, housing prices have become increasingly difficult to maintain, to the point that even the publicly listed prices are failing to hold.

Those who have bought houses are seeking stability, while those who haven't are hoping for a price drop.

When market supply far exceeds demand, this long-standing equilibrium will inevitably be broken quickly.

Housing prices are arguably the hottest topic in 2024, bar none, and are discussed even more than the current difficulty of finding a partner.

After Chen Pingsheng cashed out 30 billion US dollars, Tencent Group announced a complete transformation into the technology industry.

Their traditional businesses have long been integrated and merged into giant enterprises through various means.

For the next three years, he will be free from any debt or financial burden.

There's no rush to cash out the remaining Nvidia shares, including the 1% stake in Microsoft.

Chen An'an, who is preparing for her senior year of high school at home, has started her countdown to the college entrance examination. Not only is she counting down on her phone, but her room is also covered with large signs saying that there are only XX days left until the exam.

As for her younger sister, Erpiya, she has already started junior high school.

Unlike her sister's low-key and ordinary junior high school experience, Erpiya went to school with exaggerated steps as if she were a princess from the very first day of school.

The scale of the event was truly grand.

Chen Xinyi spent most of her junior high school years at a boarding school. Having never lived outside of her hometown since childhood, she naturally refused to live at school.

This time the objection was ineffective; now that I'm in junior high, I'll have to gradually adapt to living in a group outside.

Like her sister, she shared a dormitory room with three other people.

Er Yatou chose the best bed and placed many of her own personal items in the dormitory.

The reason no one objected to her doing this was mainly because she was giving so much money.

Erpiya didn't quite understand why her sister was so hyped up every day to prepare for the college entrance exam. Wasn't that thing really that simple?

Even if they can't afford the exam, can't their family afford to buy it?

This is the biggest difference between her and Chen An'an; An'an especially wants to prove herself in her studies.

The college entrance examination is the best way for her to prove herself.

Jiang Tang, who has excellent grades, also studies with her every day, and the two have agreed to apply to the same university.

If Jiang Tang gets in but she doesn't, that would be incredibly embarrassing.

In the past, many people said that the college entrance examination was the most important turning point in life, but now hardly anyone says that anymore.

The main thing is that getting into university isn't all that important; Chen An'an just wanted to prove herself.

She took the college entrance exam alone, and her whole family helped her.

The first thing all her relatives said to her was, "An'an, keep going! You'll definitely get into a good university."

Even her younger sister is like this, which shows that Chen An'an is now truly treating the college entrance examination as the most important thing in her life.

Whether she can get into a university she's satisfied with is unknown, but the only thing that's certain is that she's working very hard on it right now.

He even dreamed about how many points he would get on the test at night.

After all these years, this is truly a first for me.

Chen Pingsheng didn't want her to be under too much pressure and told her to relax a bit.

Their family really didn't need to treat the college entrance exam as a turning point in their lives.

(End of this chapter)