Reborn in 2000, starting from the university website

The department's small conference room was indeed not large, and the air was still filled with the fragrance of jasmine tea that Director Wang had just brewed, but this elegant aroma could not suppress the subtle sense of oppression emanating from the two people in front of them.

Sitting across from Bai Yuhang was Zhang Lei, not yet the investment guru who would later helm Hillhouse Capital, a firm worth hundreds of billions of US dollars. He had recently returned to China after graduating from Yale University, yet his resume was already incredibly impressive: an internship at Yale's investment office and the first chief representative for China at the New York Stock Exchange. In an era when the internet bubble was about to burst and most people didn't even know what venture capital was, his "China Venture Network" was wielding the power of overseas capital, searching for the next unicorn between Zhongguancun and Lujiazui.

Zhang Lei didn't rush to speak. Instead, he took out a stack of printed data reports from his briefcase, which turned out to be a traffic trend chart of Qihang Campus Network over the past week.

"Bai, since Director Wang isn't here, let's put aside the formalities of chatting with the school." Zhang Lei pushed up his black-rimmed glasses and tapped his finger on the almost vertical user growth curve of the school's intranet. "These past few days, my tech team has been keeping a close eye on you. To be honest, to withstand this level of concurrent surges in such a short time with such limited hardware resources, your technical architecture is exceptionally well-designed. It's even more stable than some portal websites currently queuing for NASDAQ."

Bai Yuhang leaned back in his chair, toying with a disposable paper cup in his hand, and smiled: "Mr. Zhang, you flatter me. It was all out of necessity. As a poor student starting a business, I didn't have the money to buy servers, so I could only work on improving efficiency in the code."

"Efficiency isn't something you can just achieve by cutting corners. You could say your technology is industry-leading, even world-class. And while you've achieved efficiency, business isn't built solely on saving money." Zhang Lei's tone shifted, his eyes sharpening. "I've seen your product. The interaction model is indeed advanced; you could even say there are no competitors internationally. Real-name registration, class relationship chains, friend activity—this system is incredibly engaging and impressive. But—"

He paused, looking directly at Bai Yuhang: "I don't see your profit model. It's true that current internet projects are burning through cash, but that's to build a future. You've brought in so many college students; besides letting them find their first love, post photos, and chat online, how are you going to monetize it? Rely on internet cafe sponsorship fees? That little bit of money probably won't even cover the server fees."

Sun Yanjun, standing nearby, chimed in at the opportune moment: "Bai, sentimentality won't put food on the table. The capital market is cold right now; investors are looking at the ability to generate revenue. If it were charity, we wouldn't be here."

Bai Yuhang put down his paper cup, unfazed by the aura of these two overseas returnee elites. He knew Zhang Lei's tactics all too well: first flatter, then undermine, then win them over, lowering the valuation—this was the standard opening move in investment negotiations.

"Mr. Zhang, Mr. Sun, what do you two think college students lack these days?" Bai Yuhang didn't directly answer the question about monetization, but instead asked.

Zhang Lei raised an eyebrow: "Lacking money? Lacking opportunities?"

"We lack everything, but what we lack most is 'presence' and 'connection.'" Bai Yuhang leaned forward, his tone steady. "The internet used to be a public square, where everyone shouted through masks. Qihang is building a living room, a community. Once this vast network based on real interpersonal relationships is established, we will not only control traffic, but also the data assets of China's most powerful consumer elite group for the next ten or twenty years."

Bai Yuhang held up one finger: "One year. Give me a year, and Qihang Xiaonei.com's business scope will cover all undergraduate universities nationwide. By then, we'll have the attention and time of millions of college students in our hands. On this platform, I can sell books, computers, postgraduate entrance exam materials, clothes, and even do recruitment and game distribution. As long as user stickiness remains, the business model will naturally follow. As for now..."

Bai Yuhang's lips curled into a confident smile: "Talking about monetization now is just killing the goose that lays the golden eggs. What I want to do is deepen the moat, widen the gap, so deep and far that newcomers will be deterred."

Zhang Lei stared at Bai Yuhang for a full five seconds, then suddenly smiled. His smile no longer held the scrutiny of before, but rather a hint of appreciation.

"Excellent." Zhang Lei closed the folder and relaxed. "I didn't expect to hear such clear logic in Harbin, even clearer than that of the veteran entrepreneurs in Zhongguancun. Many of today's so-called CEOs, after talking to me for a long time, can't even clearly identify their own users, and all they talk about is NASDAQ."

"Bai, you're right up my alley." Zhang Lei cut to the chase and got straight to the point: "Since your plan is so clear, do you need funding right now?"

Bai Yuhang's tense nerves relaxed slightly, but his face remained impassive. He knew that if he showed any desire for money now, all the momentum he had built up would dissipate.

"To be honest, we do need it," Bai Yuhang nodded frankly, but then changed the subject, "However, although Qihang is not flush with cash right now, we're not at the point of selling ourselves on the street. What we need is not just money, but also partners who understand our value, and of course, investors who can provide us with guidance and resources."

"That's interesting." Zhang Lei tapped his fingers lightly on the table. "Are you trying to hold out for a higher price?"

"It's not about waiting for a high price; it's about value for money." Bai Yuhang said confidently, "Currently, in China, and even globally, Qihang is unique in providing real-name campus social networking services. No competitors mean no benchmark. Our value is not determined by the market, but by the data we have."

Zhang Lei turned to look at Sun Yanjun, and the two exchanged a glance. As astute investors, they both understood Bai Yuhang's unspoken message: you can invest, but don't even think about taking advantage of the situation.

"One of a kind..." Zhang Lei savored those three words, his eyes growing brighter and brighter. "Indeed, whether it's the purity of the data or the growth rate, you are the most attractive project I've seen this year. The limited partners behind China Entrepreneurship Network entrusted me to make sure we don't miss out on such a promising seed. Bai Yuhang, let's have a deeper discussion."

Zhang Lei took a Parker pen from his briefcase and turned to a new page in his notebook: "Since you're so confident in the data, let's talk about what your 'reasonable price' is."

Bai Yuhang looked at Zhang Lei's pen hovering over the paper and knew that the real game had only just begun. He recalled the boast he had made to Su Muqing on the phone a few days ago, and then thought about Jiang Shuo's almost worn-out account book in the dormitory. He felt reassured.

"Mr. Zhang, before we discuss price, I'd like to show you something." Bai Yuhang stood up, walked to the whiteboard in the conference room, picked up a marker, and said, "This is my data projection for Qihang over the next three months..."