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Suning has set several strict criteria for Tianchao Capital's investment direction: priority should be given to hard technology, manufacturing, and projects that can synergize with Tianchao Group's existing industrial chain.

The investment team uses these criteria to screen projects, but Suning itself is also paying attention to these projects.

After finishing his business with Tianchao Group each day, Suning would spend an hour or two reviewing the business plans.

Some projects were glanced at and then set aside, while others were read through several pages. A very small number required Xiao Zhao to contact the other party and schedule a meeting in Beijing.

The instant messaging startup team in Shenzhen was the one that Suning specifically requested to meet.

Because Suning knew that this startup team would grow into a behemoth, in Suning's eyes, Tencent was definitely the future three-legged toad.

When Ma Huateng and his partner Zhang Zhidong flew from Shenzhen to Beijing, the suits he was wearing still had wrinkles from just getting off the plane.

No one could have imagined that these two young people would achieve such great success later in life.

Ma Huateng and Zhang Zhidong first registered at the front desk of Tianchao Group's headquarters. The young lady at the front desk asked them to wait on the sofa and then made an internal call to Zhuangzhuang.

Zhuangzhuang immediately came downstairs to greet them. When Ma Huateng stood up, he subconsciously tugged at the hem of his suit jacket, trying to smooth out the wrinkles, but it was no use.

"Hello, I'm Zhuang Zhuang, Mr. Su's assistant."

"Hello, Assistant Zhuang! I am Ma Huateng."

"I am Zhang Zhidong."

"Please come with me, both of you! President Su is waiting for you in his office."

"Good work."

Ma Huateng had made many mental preparations before coming.

I know the current scale of Tianchao Group, and I also know the scale of Suning's figures.

Starting from scratch, he built two industry leaders, Mingju Real Estate and Tianchao Automobile, within a few years. His six subsidiaries are all top performers in their respective fields, and his personal wealth ranks among the top private entrepreneurs in the country.

Ma Huateng had rehearsed every word he was going to say in his mind several times, but when his assistant Zhuang Zhuang led him into the Suning office, he was still more nervous than he had expected.

The office was larger than he had imagined, but the furnishings were simple: a large desk, a row of bookshelves, a sofa, and a map of China hanging on the wall. There were no root carving tea tables or calligraphy and paintings by famous people that he had expected in the offices of big bosses.

Su Ning stood up from behind his desk, walked over and shook hands with them, "Mr. Ma, Mr. Zhang, welcome."

"Thank you, Mr. Su, for giving us this opportunity despite your busy schedule."

When shaking hands, Ma Huateng felt that the other person's palm was dry and strong, with just the right amount of force. It was neither a perfunctory touch nor an overly enthusiastic gesture that seemed to want to crush his bones.

"You're welcome! Please have a seat."

"Thank you."

Ma Huateng sat down on the sofa, took the tea from Zhuang Zhuang, and held the cup with both hands, his posture a little reserved.

Zhang Zhidong sat next to Ma Huateng, placing his laptop bag on his lap, ready to open it at any time to assist Ma Huateng in giving a presentation.

Suning sat down on the sofa opposite them, and without any further pleasantries, went straight to the point: "I've looked at your project. Instant messaging, the direction is right. The internet in China is just beginning, and the number of internet users will grow exponentially in the next few years. Those who can get ahead in this field will be no worse than any traditional industry giant in the future. You've chosen a good track."

Ma Huateng put down his teacup and smoothly continued, "Mr. Su, our assessment aligns with yours. We've conducted market research, and currently there are roughly several hundred thousand internet users in China, but this number is doubling every year. ICQ has already proven the viability of the instant messaging model overseas. However, our product is still in the iteration phase; its functionality is not yet complete, and the servers are not stable enough. The main problem is funding… We have a technical team, several core developers are all formally trained, have product concepts, and we also have a group of early seed users giving us feedback, but to scale it up and make it stable, we need money, servers, bandwidth, and more professional operations personnel."

After he finished speaking, he paused, looked at Su Ning, and waited for her reaction.

Suning nodded and didn't beat around the bush: "I can invest. The first investment will be the maximum amount you currently need, with Tianchao Capital holding 51% of the shares."

Fifty-one percent.

When this number was announced, the office was silent for a second or two.

Ma Huateng and Zhang Zhidong exchanged a glance.

They had discussed it many times in their rented apartment before flying from Shenzhen to Beijing.

If we can secure investment, how many shares will the other party demand?

They envisioned 20%, 30%, or even 40%.

However, this means that Tianchao Capital will become the absolute controlling shareholder of Tencent, and will have veto power over the company's future development direction, major decisions, introduction of new investors, and even the sale and listing of the company.

This is a considerable cost for a startup team.

Ma Huateng paused for a few seconds, then carefully chose his words before asking, "President Su, regarding the investment ratio, can we discuss 51% again? We can accept Tianchao Capital becoming the largest shareholder, but if we take control, won't our founding team's room for corporate governance be too small? It's not that I'm unwilling to give up shares, but I'm worried that our decision-making efficiency will actually decrease in the future."

“Mr. Ma, I have a principle when investing in startups.” Su Ning interrupted Ma Huateng, his tone calm but his attitude clear, leaving no room for negotiation: “Either I don’t invest, or I hold controlling interest. This isn’t just targeting Tencent; this standard applies to all of Tianchao Capital’s core investment projects.”

"..." Ma Huateng opened his mouth, as if to say something.

But Su Ning didn't give him a chance to interrupt. Instead, he continued, "You two need to understand that Tianchao Group isn't just investing money, but also the resources of the entire Tianchao system. Tianchao Auto's supply chain can help you connect with hardware manufacturers. If you need to build server clusters or purchase network equipment in the future, my supply chain team can help you negotiate lower prices. Mingju Real Estate's property network covers the entire country, so you can directly use our properties as entry points for your offline promotions. Kunyu Shipping's logistics channels can help you transport hardware equipment from South China to North China at a lower cost than outside. Huayu Film & Television's media matrix—television, newspapers, and outdoor advertising—can be used for brand promotion, with advertising fees charged at internal group rates. By connecting you with these resources, I'm not just a shareholder, but also your strategic partner. But I need to ensure that I have control over this business and that I won't be held hostage at crucial moments. If the company needs to make a major decision one day, my vote at the board meeting must be enough to approve it. That's my bottom line."

After listening, Ma Huateng did not rush to answer.

He was a cautious person, having grown up in Shenzhen, and possessed the shrewd and calculating nature typical of southern businessmen. However, he was also extremely intelligent, knowing when to prioritize short-term gains and when to focus on long-term benefits. He mentally reviewed Suning's words from beginning to end: funding, resources, brand, supply chain, logistics, media—each and every one of these was exactly what Tencent currently lacked.

Ma Huateng quickly realized that although Suning wanted controlling interest, it certainly didn't want to kick him out and take over the company itself.

With a company as large as Tianchao Group, encompassing six subsidiaries and hundreds of projects, it's impossible for Suning to personally manage an instant messaging software.

What Suning wants is strategic dominance and control over direction. As for daily operations, Suning has made its attitude clear from the beginning: professionals should do what they are good at.

"Mr. Su, I have another concern." Ma Huateng thought for a moment, then asked again, "If you take a controlling stake in Tencent, will it affect our ability to bring in other investors in the future? You know the internet industry; it burns through cash very quickly in the early stages. The faster the user growth, the greater the server investment. If Chinese capital can't meet the company's development needs in the future, we'll need to find money from outside. Will your controlling stake deter other investors?"

“Yes.” Su Ning’s answer was so straightforward that both Ma Huateng and Zhang Zhidong looked up at the same time. “Not only will it affect your ability to bring in other investors, I will also add an exclusivity clause to the contract. Tencent may not accept any foreign investment without the written consent of Tianchao Capital.”

Ma Huateng was stunned.

This requirement is very stringent, even more stringent than the previous 51%.

Foreign investment is prohibited?

It's well known that the internet industry is notorious for burning through cash. Once the user base grows, the costs of servers, bandwidth, staff, and marketing become bottomless pits.

The domestic capital market is still immature, and banks are even less likely to lend money to a software startup.

If Chinese capital cannot meet the company's development needs in the future, and foreign capital cannot come in, wouldn't Tencent's funding sources be completely locked up?
Ma Huateng subconsciously turned to look at Zhang Zhidong, who was also frowning, clearly taken aback by the request.

Su Ning glanced at Ma Huateng, knowing what he was calculating.

Suning picked up his teacup, took a sip, and continued unhurriedly: "Ma Huateng, let me explain why. The internet will eventually permeate every capillary of the national economy. It's not an ordinary industry… it's like water, electricity, roads, and communications—it's fundamental information infrastructure. This kind of infrastructure absolutely cannot be dominated by foreign capital. Look back at the domestic telecommunications industry. Why has the government always kept China Telecom, China Unicom, and China Mobile firmly in its own hands? Because the lifeline of communications cannot be in the hands of others. Instant messaging will be the same in the future. Hundreds of millions of people's daily communication, business communication, and data transmission will all run on your platform. Have you thought about what it means if the control of this platform is in the hands of foreign capital?"

"..." Ma Huateng didn't speak, but Su Ning noticed that his Adam's apple moved slightly.

"Tianchao Group is 100% Chinese private capital." Su Ning put down his teacup, his tone not heavy but every word sincere. "My investment in you is not only for making money, but also to create a domestic company in China's internet sector that can compete with international giants. I can sign a supplementary agreement with you... Tianchao Capital promises to prioritize follow-up financing for subsequent rounds within three to five years, and I will lock in the amount of each round of financing in advance according to the company's development needs. You don't need to worry about running out of funds. I, Su Ning, keep my word."

Ma Huateng remained silent for a long time.

Ma Huateng remained silent for a long time before he realized something: Suning was right.

It's good to have a big tree to lean on, and nowadays there's no bigger tree in China than the Tianchao Group.

Tianchao Group has businesses in automobiles, real estate, shipping, and film and television. It has ample cash flow and can't even use up its credit lines from banks. Major banks are lining up to lend to Tianchao Group.

By following Suning, Tencent will at least not lack funds and resources.

Moreover, Suning just signed a supplementary agreement that included a commitment to subsequent financing, which actually resolved his biggest concern about the cash flow problem.

Ma Huateng turned and glanced at Zhang Zhidong, who nodded slightly.

"Okay! Tencent accepts these two conditions."

"..."

"Mr. Su, it's your decision. Fifty-one it is, we'll sign the exclusivity clause. I believe you won't treat us unfairly."

"In addition, both of you will have to sign a strict non-compete agreement, after all, Tianchao Group values ​​the instant messaging industry very much."

"Understood! We can accept it."

Su Ning stood up from the sofa, walked behind his desk, and pressed the internal phone to ask Xiao Zhao to call the legal department to come and prepare the contract.

Then he walked back and sat down, suddenly changing the subject, "What's the product called?"

Ma Huateng immediately sat up straight. "President Su, we're going to call it OICQ. Because there's ICQ overseas, and the 'O' stands for 'open,' so it's an open ICQ. This way, everyone can see it's a tribute, and..."

"Don't use OICQ." Su Ning interrupted him directly, shaking her head. "You're trying to piggyback on their brand, it's unnecessary. ICQ's parent company's trademark and legal team isn't to be trifled with. If you call it OICQ, they'll immediately see you're trying to piggyback on their brand. Once you grow your business and your user base expands, a single trademark infringement lawsuit from them will be enough to ruin your reputation. All your hard work in building your user base and brand will be for nothing. Your product is instant messaging; the core is communication between users. Keep it simple, easy to remember, and catchy. Just call it QQ."

Ma Huateng paused for a moment, frowned, and silently repeated "QQ" twice in his mind.

Two characters, repeated, like a nickname.

He turned to look at Zhang Zhidong.

Zhang Zhidong silently pondered the word "QQ" for a moment, then his eyes suddenly lit up. He pushed up his glasses and said, "It's definitely much easier to pronounce than OICQ. OICQ has five syllables, while QQ only has two, making it easier to remember and pronounce. Moreover, the letter Q itself has a cute connotation, which aligns with our product's youthful positioning."

Suning shrugged and made the final decision: "Then we'll use this one."

Ma Huateng wanted to say something, but he opened his mouth and then closed it again. In the end, he just nodded vigorously.

He quickly stood up, extended his hand, and shook hands with Su Ning. "President Su, please take care of me in the future."

"Mr. Ma, from now on we're all family! Do a good job, there will be plenty of room for you to make your mark at the group headquarters."

"Thank you, Mr. Su."

...(End of this chapter)