Reborn in 2000, starting from the university website

The air in the tea room seemed to freeze.

Zhang Lei adjusted his glasses, his tone calm yet imbued with an unquestionable business logic, as he presented the performance-based clause: "We'll invest one million US dollars for a 20% stake. But we need to sign a performance-based agreement. Within three years, Qihang's registered users must exceed ten million, and its annual net profit must reach ten million RMB. If we fail to meet these targets, we will receive an additional 30% stake free of charge, along with veto power, allowing us to directly take over the company."

Sun Yanjun stared at Bai Yuhang's face, trying to find even the slightest hint of panic or hesitation.

Bai Yuhang twirled the teacup, feeling the warmth of the porcelain with his fingertips, and even a slight smile appeared on his lips.

Ten million users?

To people in 2000, this would have meant practically capturing everyone in the country with internet access. But in Bai Yuhang's memory, it was an easy condition, a freebie.

Three years later, in 2003, China's internet user base experienced explosive growth. With a large user base, making a profit became much easier.

"Mr. Zhang, I agree to the agreement. However, I have one condition."

Zhang Lei leaned back in his armchair, looking quite interested. "I'd like to hear the details."

"How is your relationship with Mr. Wang from IDG, and Mr. Li from PCCW Hong Kong?"

Zhang Lei paused for half a second, then smiled meaningfully. "A colleague," he continued. "The investment circle isn't big. We often drink together in Beijing and Hong Kong, and we share information. You're asking this because you're worried about how to explain it to IDG?"

"No. I'd like to ask Mr. Zhang to act as an intermediary so I can meet with Mr. Ma, who runs OICQ in Shenzhen."

Sun Yanjun couldn't help but laugh out loud. "You want to see Ma Huateng? Bai, OICQ is the biggest headache for Zhongguancun and Financial Street right now. Its user base is indeed skyrocketing, but users are just chatting and lack monetization methods. I heard that Ma Huateng himself is looking for buyers everywhere, asking for three million RMB, but no one dares to take it on."

Zhang Lei tapped the table with his fingertips, his pace quickening slightly.

"That's right. Everyone in Zhongguancun knows that OICQ, which Ma Huateng currently owns, is not generating any revenue and is constantly losing money. The monthly server rental fees are driving him crazy. All investors who have approached him are now observing, including myself, and IDG and PCCW, whom you asked about. Are you going to get involved now because you think that eight million RMB is too hot to handle?"

Bai Yuhang poured the remaining tea from his cup onto the tea tray and then refilled his cup.

"What is poison to one is honey to another. What others see as a pit of fire, I see as a gold mine. Qihang Renren is a living room for strong relationships, where everyone showcases themselves and builds connections; OICQ is a telephone for weak relationships, where everyone communicates instantly. If the sofa in the living room could be directly connected to a telephone line, Qihang would completely open up the social relationship chain, creating a complete closed loop. From now on, anyone in China who wants to socialize online will have to rely on us."

Bai Yuhang put down his teacup and looked at the tea leaves swirling inside.

"Because OICQ currently only has communication functions and lacks depth, users chat and then leave, and relationships are superficial. But Qihang has roots, with real schools, classes, and photos. If we connect that link, OICQ will no longer be just a pet penguin that only eats fish; when integrated with Renren.com, it will be the key to unlocking the social networking landscape of the Chinese internet. An IM tool combined with a real social chain—that's a monopoly on the future, Mr. Zhang, Mr. Sun."

Sun Yanjun chimed in, "That makes sense, but we've met Ma Huateng; he's quite arrogant at heart. If he knew his 'lifesaver' was a freshman at Harbin Institute of Technology, he'd probably lose face and think you're messing with him. Besides, this amount of RMB probably wouldn't even last him half a year."

"In business, face is the least valuable thing. What he lacks now is not face, but the resources to survive and the telescope to see the future. I have both of those."

Zhang Lei stared at Bai Yuhang for a long time, then suddenly turned to Sun Yanjun and said, "Old Sun, have you noticed? This kid's tone of voice doesn't sound like a twenty-year-old at all; it sounds like a cunning old fox who's been around for decades."

Sun Yanjun nodded in agreement: "Indeed, especially when it comes to this kind of future market logic, it's frighteningly stable."

Bai Yuhang looked at Zhang Lei, his tone calm yet resolute, "Mr. Zhang, Mr. Sun, once this money arrives, I hope you can help me organize a meeting. I'd like to discuss equity investment or a deep strategic partnership with Mr. Ma before the Series A funding round. If possible, I'd like to acquire OICQ."

Zhang Lei re-examined the young man in front of him.

Holding onto newly acquired angel investment, he's already thinking of poaching shares from another startup that's burning through cash like crazy to expand his business empire. This ambition goes beyond the realm of "young calf"; he's clearly a shrewd hunter, albeit somewhat aggressive.

"Bai Yuhang, you have quite the appetite. Aren't you afraid of choking on Qihang?"

"The timid starve, the bold thrive. Since Mr. Zhang dared to bet on ten million users, isn't that because he's optimistic about the social networking market? Without instant messaging tools, reaching ten million users through web pages alone is too slow."

Zhang Lei sat up straight again. Although he had doubts about OICQ's profitability, he greatly admired Bai Yuhang's highly forward-looking strategic vision.

"Investing is about investing in people, and I'm willing to believe in you. If you can really put these two pieces of the puzzle together, let alone ten million users, twenty million wouldn't be an obstacle."

Zhang Lei tapped the table, pondered for a moment, then nodded in agreement: "Okay, I'll arrange this meeting for you. I happen to have a meeting in Beijing next week, Li Zekai and Wang Gongquan should both be there, I'll see if I can invite Ma Huateng too. But Yu Hang, let me make this clear from the start, I've set the stage, but if you can't convince him, you'll have to prioritize using this million US dollars for Qihang's business first, so you don't end up losing money on both fronts."

"As long as he's willing to sit down, leave the rest to me." Bai Yuhang's lips curled into a smile. "I just need him to understand that Qihang is his best choice. Although he has many users, they are all 'offline.' Only when connected to Qihang's real social network can the OICQ number be considered real money."

Seeing that Zhang Lei had agreed to the terms, Bai Yuhang quickly seized the opportunity to press his advantage.

"Mr. Zhang, the money and the arrangements are settled, but I have one more condition. Qihang is still a student workshop at the moment. If this eight million is poured directly into the pockets of a group of students, I'm afraid we won't even know how to reimburse it."

Zhang Lei picked up his teacup, blew away the foam, and said, "You want me to help you recruit people?"

"Recruiting is one aspect, but more importantly, it's about 'changing mindsets.' I plan to send the company's core staff to the China Entrepreneurship Network in batches for on-the-job training. We need to learn about financial regulations, investment and financing processes, and your Yale-style management logic."

Sun Yanjun burst out laughing, "Bai, you're really trying to screw me over. You're taking our money, wanting to audit our classes, and using our people to lead your troops?"

"This is called protecting investors' assets. If I squander these eight million, you two will be the ones who suffer the losses in the end. Rather than waiting for problems to surface during the audit, it's better to have you help me establish the rules now. That way, everyone can sleep soundly."

Zhang Lei nodded. "This is a very good idea, we support it. Who do you want to send over first?"