Huang Zheng copied Duan Yongping


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By Qin Anna
Source: slightly larger reference (ID: hyzibenlun)
Huang Zheng realized the freedom of life with capital, and now he wants to realize the redistributive freedom of capital.
Huang Zheng, 40, chose to step down as CEO of pinduoduo, far away from the company’s first-line business, thinking about long-term planning for the future.
Duan Yongping, his life mentor, also quit the daily operation and management of step-by-step at the age of 40, and his family settled in the United States. He only returned to China several times a year to attend the board of directors of the company.
Behind the almost similar rhythm of life is the thinking of two long-term theorists on value. They are concerned about the accumulation of capital and distribution. In their thinking, capital elements such as money and companies are not as valuable as “people”.
Duan Yongping is not in the Jianghu, but there are rumors about him all the time, because he has achieved many excellent entrepreneurs. He advised Ding Lei to play games, which has made Netease prosperous for nearly 20 years. He divided his step-by-step higher into three, and now oppo and vivo are available.
He explored Huang Zheng and guided him all the way. The latter ran out of China’s second-largest e-commerce platform in five years in an e-commerce market dominated by giants.
Duan Yongping is not in the world, but the outside world has been paying close attention to his myth. Because his values are carried out in different entrepreneurs. Duan Yongping combines the business philosophy and investment methods of Matsushita and Buffett. Now, Huang Zheng has copied Duan Yongping.
Recently, pinduoduo suddenly made two big news. First, Huang Zheng announced that he would step down as CEO and Chen Lei, the former CTO, would take over.
Second, Huang Zheng transferred part of his equity to partner construction and philanthropy, and his shareholding ratio decreased from 43.3% to 29.4%.
A five-year-old e-commerce enterprise, which has grown into China’s second-largest e-commerce platform and whose market value has exceeded 100 billion US dollars, suddenly announced its withdrawal from the first-line business and focused on long-term development, which surprised the outside world.
Pinduoduo’s appointment is also very special.
As an e-commerce enterprise emphasizing traffic, its new CEO is a CTO with technical background, rather than executives who are considered to be better at marketing and traffic. For example, Xu Lei, who succeeded Liu qiangdong, is famous for his good at marketing and overall planning.
Photo: Chen Lei
On the other hand, Huang Zheng announced that he would improve the partnership system by allocating 371 million shares of pinduoduo common stock (about 7.74% of the company’s total shares) under his personal name to improve the partnership group.
“I hope that through this adjustment, the management can gradually hand over more management work and responsibilities to younger colleagues, accelerate the growth of the team, and make pinduoduo a better and stronger company with continuous entrepreneurial vitality,” said Huang Zheng
This idea almost runs counter to what he thought two years ago.
Pinduoduo held a staff meeting the second day after going public. Some employees asked if there were “options” after going public? Huang Zheng said no, and his resolute reply was not suitable for the festive atmosphere at that time.
The core of an enterprise should not only be a leader. When we mention Alibaba, we will think of Ma Yun, but not only Ma Yun, but also Alibaba partners such as Zhang Yong, Jing Xiandong and Peng Lei.
When it comes to Tencent, we will think of Ma Huateng, Liu Chiping, Zhang Xiaolong, Ren Yuxin, etc.
Pinduoduo has run out of a unique speed in the history of Chinese business. It has already run out of scale before the capital enters the social e-commerce track. But when it comes to pinduoduo, besides Huang Zheng, who else can you think of?
A long-term development of an enterprise must cultivate talent echelon. Obviously, pinduoduo needs a business card with recognition in addition to Huang Zheng.
What’s more, Huang Zheng’s own personality is not strong enough.
This entrepreneur is low-key and mysterious, and doesn’t like to stand in front of people, just like his mentor Duan Yongping.
Duan Yongping got more than 50 times of income because he held Netease shares. He was granted the title of China’s God of shares in the first World War. But according to his own words, when buying Netease shares, he would deliberately evade the 5% limit, because according to the rules of the SEC, shares exceeding 5% need to be declared. Duan Yongping doesn’t want to be noticed by the outside world. He will choose to donate his Netease shares to the family fund enllgnt foundation, or sell some shares to achieve the shareholding ratio that does not need to be reported to the sec.
This time, Huang Zheng took out 10.11% of his own shares for charity and partnership projects, which was interpreted as unwilling to be the second richest person in China.
This practice is also very Huang Zheng. He once said that if he was not the CEO of pinduoduo, he would not accept media interviews.
2 Duty
“I just want to be rich once.”
This is the “secret script” that Duan Yongping obtained after successfully bidding for buffet’s lunch with 620000 US dollars. At that time, Huang Zheng was also on the scene.
Photo: Duan Yongping
If you lock the length of time as a lifetime, you will know how difficult it is to achieve “only once rich”. Any mistake in the long journey of life will overturn the existing accumulated foundation and start over again.
Buffett said that investment success 99 times, one investment failure, will all return to zero.
Duan Yongping expanded this concept to “find out what is wrong and correct it immediately. No matter how much the cost is, it is the minimum cost.”. He put the logic of stop loss in time to the extreme.
Duan Yongping used this logic to explain why he left XIAOBAWANG and founded Bubugao. ‘if you feel there is no future for this business in five years’ time, it’s time to end now and pay the least cost,’ he said.
The underlying logic of these principles is Duan Yongping’s value philosophy. He defined it as “duty”.
Duan Yongping is a man who combines the ideas of Matsushita and Warren Buffet, the God of business. He drew on Matsushita’s management experience of “Su Zhi” — a word usually used to describe a person who is not bound by anything and can make a correct judgment — and created the concept of “duty”.
Duan Yongping said that duty is to return to the origin of things, that is to do the right thing and do the right thing. He said that many people often do things that they know are wrong because they can’t resist the temptation of short-term interests.

Huang Zheng regards pinduo as the value of pinduoduo. He interprets pinduoduo’s Ben decomposition as focusing on creating value for consumers.
The appointment of Chen Lei as the CEO of the company is in line with his views on his duty.
In the e-commerce matching scenario represented by pinduoduo, AI intelligent recommendation will play a more important role. Chen Lei’s research on distributed AI is regarded as an AI e-commerce application scenario that will improve the matching efficiency between consumers and products and realize “goods for people”.
Huang Zheng’s duty is also reflected in pinduoduo’s IPO, when he announced that the shares held by pinduoduo’s executives were locked up for three years and could not be sold.
3 Distribution
Every long-term valuer will pay attention to Mr. Buffett.
Huang Zheng praised Mr. Buffett as a gifted capitalist who can play the game of capital to the extreme; he is also a lovely person who clearly knows that money is not the purpose. On the one hand, he enjoyed the happiness brought by the capital game, on the other hand, he wisely donated most of his money to Bill Gates, who was younger than him, and assured gates to complete the redistribution of wealth.
Photo: Huang Zheng and Warren Buffet
Huang Zheng is concerned about wealth accumulation and distribution. Pinduoduo is an experiment in which he pays attention to financial allocation. If the uncertain needs of “users” are determined, it will create new demands, which can become bargaining chips for users to negotiate with enterprises.
Pinduoduo, in the form of spelling, summarizes user needs to get low prices.
Similarly, Huang Zheng himself, like his mentor Duan Yongping, is on the road of “capital accumulation before distribution”.
At first, he used money to solve freedom. Through his work experience at Google, he solved financial freedom to some extent. After pinduoduo’s listing, its market value has been rising all the way, making this freedom more valuable for wealth.
Now, he wants to be free of money. In his internal letter, he announced that 10.11% of pinduoduo’s shares would be used for charity and partnership construction.
Huang Zheng said that money is a tool, not an end. Duan Yongping said that money is very troublesome.
They all put their accumulated capital into charity. Duan Yongping donated to the library of Zhejiang University and announced that every yuan of charity expenditure of Zhu Kezhen foundation will be allocated in the same proportion. Huang Zheng chose to set up “Fanxing charity fund” to promote social responsibility construction and scientific research.
In their eyes, money is just a string of numbers. They will use public welfare and charity to realize the freedom of capital.
(statement: This article only represents the author’s point of view, not Sina’s position.)