Huang Zheng 40

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Huang Zheng / tuyuan: colinhuang.com
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Wen / he Jiayan
Source: he Jiayan (ID: ihejiayan)
Huang Zheng may not have thought that at the age of 40, he would appear in the media with such a face.
In the middle of the year, due to the soaring share price of pinduoduo, Huang Zheng’s book assets once surpassed Ma Yun, becoming the second richest person in China after Ma Huateng.
This caused a huge sensation.
After all, as a post-80s generation, pinduoduo has only been established for five years, and can surpass Ma Yun, the veteran richest man in wealth. Huang Zheng will inevitably cause heated discussion.
His growth and entrepreneurial experience has also aroused great public interest.
However, due to his deliberate low-key, the information disclosed on the Internet is very little, and the public does not know much about it.
Today, we will tell you what kind of story Huang Zheng is used to hiding behind the fog.
One
Huang Zheng seldom talked about his childhood, and the reporter did not dig up any useful materials.
For example, Ma Yun was forced to transfer school because of fighting when he was a child, Ma Huateng squatted on the streets of Hainan to watch Miao people, and Lei Jun helped his mother to make lanterns when he was a child. We have never heard of anything about Huang Zheng.
I only know that Huang Zheng was born in the suburb of Hangzhou. His parents are junior high school students and work as ordinary workers in factories. When he was a child, he would follow his grandfather to worship Bodhisattva. His academic performance, from childhood to most of the first. His childhood dream was to be a scientist.
In the sixth grade of primary school, Huang Zheng was recommended by his teacher to enroll in Hangzhou Foreign Language School (hangwai) for taking part in the Mathematics Olympiad. Although this school is one of the best middle schools in Zhejiang Province, Huang Zheng was still very uncomfortable at that time and told the teacher that I didn’t want to go to it.
Because, this is a foreign language school, seems to be far away from his dream of scientists. He hopes to go to a school with stronger mathematics and chemistry.
Later, he was enlightened by the headmaster, and then reluctantly went.
I didn’t know how good the school was until I went there.
At that time, only hangwai could recruit students from all over Zhejiang Province. The top students from all over Zhejiang Province were recruited, and 80% of them were directly recommended to famous universities. Because there is no pressure from the college entrance examination, students in Hangzhou foreign language can develop relatively freely according to their own interests.
After six years in hangwai, Huang Zheng was directly recommended into the mixed class of Zhejiang University.
“Mixed class”, with full name of “talent education class for cultivating top-notch innovative talents in engineering”, is the top student selected by Zhejiang University from the annual recommended students and those with the highest score in the college entrance examination after special selection examination. For an ordinary student like me in Zhejiang University, the students in the mixed class are the God of learning.
Mixed class is a major for junior students. After two years of basic science and engineering courses, Huang Zheng chose computer to study data mining and artificial intelligence in the laboratory presided over by Pan Yunhe, then president of Zhejiang University and academician of Chinese Academy of engineering. His undergraduate graduation design tutor, is also a famous computer application expert in China, later president of Zhejiang University Software Institute and academician of Chinese Academy of Engineering Professor Chen Chun.
Huang Zheng himself is smart and hardworking. With the guidance of two academician level tutors, it can be imagined that his computer level will soon reach a very high level.
At that time, the Internet was just emerging. Huang Zheng published some experiences in a technical forum, and he became a little famous in the circle.
One day, he was surfing the Internet in Yuquan dormitory of Zhejiang University. A stranger added his MSN. He called himself Ding Lei of Netease. He wanted to discuss a technical problem with him.
It was early twenty-first Century. Although China’s stock market was weak due to the collapse of the Internet bubble, Ding Lei was the name of NetEase in the Internet field of China.
Huang Zhenggang thought that the other side was a liar. After chatting for a while, he knew it was Ding Lei.
After the technical problems were solved, Ding Lei and Huang Zheng kept in touch. Later Huang Zheng went to the United States to study, Ding Lei also enthusiastically introduced his friends to him.
Looking back in the future, we will find that just like Ye Wenjie’s sending a solar broadcast to the universe has changed the fate of the human world, the friend application that Ding Lei accidentally sent on MSN has changed Huang Zheng’s fate.
If you still don’t understand the significance of this to Huang Zheng, you can imagine: if you were still a college student, Ma Huateng suddenly asked your friends to ask questions on wechat, and became good friends with you for life.
Huang Zheng’s old friend, founder of Netease Ding Lei / tuyuan: Baidu Encyclopedia
In addition to studying, Huang Zheng’s spare time is also very rich. He became the vice president of the student union. According to his younger brother, he did a good job in student work.
Another extracurricular activity that has a great influence on Huang Zheng is his participation in the Melton foundation.
The foundation selects five students each year from five universities in Germany, India, the United States, Chile and China to provide them with free computer and Internet access. It also organizes annual meetings of 10 days in each member state in turn.
As a member of the Melton Foundation alumni, Huang Zheng had good conditions for using computers and surfing the Internet since 1998, and also made a number of international friends. According to his summary in the future, the biggest impact is:
“I am deeply aware that different races and cultures in the world are so different. Their starting point, the way they think and the way they do things, is something I didn’t know before and it’s hard to imagine. ” (see my high school and University, Huang Zheng official account), official account number has been closed and searched, only early attention users can see.
Two
In 2002, Huang Zheng was admitted to the University of Wisconsin Madison from Zhejiang University for a master’s degree in computer science.
Here is a small detail that has been widely circulated among those who want to study abroad in Zhejiang University in those years
At that time, some American schools suspected that Chinese students with full GRE scores had problems because Chinese students scored so well in the US GRE test. Huang Zheng can precisely control his GRE score to keep it at a score that can be accepted by American schools without causing doubt.
Thus, it can be seen that “learning God” can have many gods.
After Huang Zheng arrived in the United States, Ding Lei introduced to his friend Duan Yongping.

At that time, Duan Yongping had achieved great success in doing business in China. Step by step has become the first in the industry, and there is no need for him to manage. So he ran to the United States and began to think about how to invest.
We don’t know how Huang Zheng and Duan Yongping met for the first time. We only know that when Duan Yongping chatted with him, he was extremely appreciative and soon became an old friend.
Since then, Duan Yongping often spoke up to Huang Zheng and taught him a lot about how to behave and do business.
For the 22-year-old Huang Zheng, it will undoubtedly be of great help for his life to have such a big man at his side to give advice and support at any time. Later, he called Duan Yongping his “life mentor” and positioned himself as Duan’s “fourth apprentice” (the first three were oppo founder Chen Mingyong, vivo founder Shen Wei and Bubugao CEO Jin Zhijiang).
After two years of master’s degree, Huang Zheng was faced with the choice of graduation.
At that time, he had been an intern at Microsoft for a long time. He had been in the research institutes in Beijing and the United States. His work was very recognized and he could stay at any time if he wanted to stay. But he also got an offer from Google. Choose Microsoft or Google, let Huang Zheng heart tangled.
At this time, it was the beginning of 2004. Microsoft has been famous for many years, and its strength is incomparable. Google is still just a five-year-old start-up with a few hundred engineers and less than $1 billion in annual revenue.
Duan Yongping suggested that Huang Zheng choose Google. He said that Google “looks great, it’s worth seeing, and it’s very helpful for you to start a business in the future – if you go, you can stay at least three years.”
Huang Zheng followed Duan’s advice and joined Google for three years.
At first, he was responsible for the development of advertising background system in Google headquarters. Later, with Google’s entry into China, Huang Zheng returned to Beijing as the first group of members to participate in the preparation of Google China.
It has to be said that Huang Zheng has caught an excellent opportunity. When he joined Google, it was just when Google began to develop at a super high speed. After half a year’s employment, Google was listed. Huang Zheng’s salary has increased a lot, and the option is a huge sum of money, which makes him feel like a pie in the sky.
However, the income of several million dollars is not the most important. It is more important to join Google at the time of its rapid development and listing, and participate in the construction of Google from scratch in China, which has laid a good foundation for his future entrepreneurship and company management.
When working in Google headquarters, Huang Zheng lived close to Duan Yongping and often helped Duan do some investment.
At that time, Duan Yongping had been deeply influenced by Buffett and began to form the concept of value investment. These ideas will become the bottom foundation for Huang Zheng to think about the long-term value of the company when he starts his business in the future.
In 2006, Duan Yongping bought buffet’s lunch with a price of 620000 US dollars. According to the agreement, he can take the travelers with him. He took Huang Zheng.
In the future, Huang Zheng recalled that what Buffett said was very simple, so simple that even his mother could understand it. These are common principles, but speaking from different populations will have different effects.
The effect from Mr. Buffett is that Huang Zheng realizes the power of simplicity and common sense. This allows Huang Zheng to have enough courage and determination to do things according to common sense and rationality in the future when he runs the company, without being disturbed by the outside world.
After three years of Duan Yongping’s suggestion, Huang Zheng’s title has become a “senior engineer”, but he has been a bit tired.
At that time, Google had already begun to suffer from a big company disease. From its headquarters to the Chinese market, the process was lengthy and slow to respond. Even if Google China makes the smallest changes to its products in the mainland market, it needs the approval of the U.S. headquarters, and sometimes it has to fly back to the United States to report face-to-face, which annoys Huang Zheng.
At this time, Huang Zheng’s own desire to start a business has become increasingly strong. He couldn’t wait for his fourth year to realize all his options and quit.
However, the part that has been cashed in has been enough for him for many years. By the time he founded pinduoduo eight years later, the money given by Google had not been used up.
Three
After leaving Google, Huang Zheng’s first thing to do was to go to ZhongGuanCun to stand at the counter to sell mobile phones, earning dozens of yuan per cell phone.
Of course, Huang Zheng doesn’t sell mobile phones to earn tens of yuan. He wants to be an e-commerce website. In order to find out how mobile phones are sold and customers are concerned about those problems, undercover agents went to Gome and Suning to have a personal experience.
Not long after the experience, Huang Zheng set up ouku( oukuu.com )。
Duan Yongping strongly supported Huang Zheng’s first venture. Not only did Bubugao invest in the shares, but also provided a large number of Bubugao products to ouku in the initial stage. Even the original domain name and contact phone number of oukuo were all oppo switchboard.
Most importantly, Huang Zheng transplanted Duan Yongping’s “duty” concept into ouku as the core of ouku’s corporate culture and values. This is the same as all the companies of Duan Yongping system, such as Bubugao, oppo, vivo, Yijia, etc.
After three years of development, ouku has become the top three e-commerce website in mobile phone and E-education category, with annual revenue of more than 60 million. For a start-up, this is already a good performance. But for Huang Zheng, the speed is too slow.
At this time, Jingdong has become the leader in this field. Huang Zheng and Liu qiangdong have met twice. Knowing this person’s ability, he feels that he can’t do old Liu in this field. He might as well give up.
In an interview with Li Zhigang of 100 people in the new economy, Huang Zheng explained: “if I can’t win the war, I shouldn’t fight To some extent, he and I are two generations. Do I need to fight with him with my own family and life? It’s not necessary. ”
He sold ouku to Guo Quji, a former Google Chinese colleague. The two sides did not disclose details of the deal, and it is estimated that the acquisition amount may be about $10 million.
Before the acquisition was completed, Huang Zheng had already hatched a new company named leqee from ouku in 2009, which was engaged in e-commerce agent operation business, and its core members were all the original members of ouku.
Naturally, Duan Yongping offered a lot of help.

Since its establishment in April 2009, Leqi has already had three major customers in August. They are ouku, Bubugao and oppo. Seeing this, I can’t help but sigh that Duan Yongping’s support for Huang Zheng is not only the support of one’s predecessors to the younger generation, but also the support of many creators to their sons.
After only half a year, Lechi developed into the largest distributor of Taobao system at that time. After going through the initial stage of step-by-step high support, Leqi gradually expanded its other major customers, focusing on maternal and infant products, such as diapers and milk powder.
For this new company, Huang Zheng continues to put the values of “responsibility” at the core of corporate culture. There is one detail to support this:
At that time, a big client asked Huang Zheng for kickbacks and terminated the cooperation if he didn’t give it. This customer’s business accounted for 60% of Leqi’s total sales at that time. If Huang Zheng refused, half of Leqi’s business would collapse.
He tore up Ding Lei with distressed pain. Ding Lei said, “shall I help you to make complaints about it?” Huang Zheng thought for a while and said it was OK. I’ll deal with it myself.
As a result, he resolutely refused the customer’s request and suffered 60% of the turnover loss.
However, Huang Zheng thought it was worthwhile to do so. Later, he commented that:
“Just starting a business, if you do this, you can’t scale it. In that case, if you don’t pay bribes, everyone will realize that you really save a lot of follow-up costs. It’s like fighting a war and maintaining stability for many years to a certain extent. ”
Three years after its establishment, Leqi has developed into a “gold medal partner” of Taobao. The team has grown to more than 100 people, with an annual sales volume of over 100 million and a profit of more than 10 million.
It seems that Lechi is developing much faster than ouku. But for Huang Zheng, it is still too slow and too slow. In terms of venture capital industry, it is not “sexy”.
As a result, in 2013, while operating Leqi, Huang Zheng transferred core personnel from Leqi to establish a new company called xinyoudi studio.
This time, the business that does business and Duan Yongping is a little bit smaller, but he has a bigger relationship with his original friend Ding Lei: game.
We don’t know how Huang Zheng balanced his duty and money when he was a game company. Because the profit making logic of game companies is different from the original e-commerce websites and e-commerce acting operators:
Ouku and lucky are both to help customers save money, or to help customers buy better things, so as to obtain their own reasonable remuneration. The game, on the other hand, depends on a variety of ingenious designs to make people addicted and addicted to them in order to make money.
There are two things that are addictive and addictive: sex and violence.
Of course, not all games will use these two elements to attract and please users, but it is undeniable that many games do. I searched some of the dream seeking games, there are indeed many pictures that let people see the sense of blood spurt.
I personally guess that Huang Zheng at this time should have some discord in his heart – I don’t think there is any problem in playing games in this way, but for a person with “duty” as the core value, it may be a question mark to seduce the otaku to indulge in it with suspected soft pornography.
Later, “finance and economics” reporter Fang Gong Yiliu once asked Huang Zheng why he would become an e-commerce agent operating company and a game company. Huang Zheng’s answer was: “because I haven’t evolved to be able to do things that don’t make money at all. In the future, I hope I can do unprofitable scientific research, but I think it is immoral to do business without making money. I should be a responsible businessman according to the logic of business. ”
Perhaps, in Huang Zheng’s understanding at this time, for a businessman, duty first means to make money. As for whether this way of making money is morally controversial, it is not so important. He will continue to encounter similar controversies when he starts a new company later.
Anyway, this time the game business seems to be very “sexy.”. But at this time, Huang Zheng’s body has some problems.
After a flight, Huang Zheng felt extremely uncomfortable with his ears. After a check, he had a serious otitis media. At that time, his tinnitus was very serious, and he could hardly work. He had to go home to recuperate.
This recuperation lasted for nine months.
Nothing, Huang Zheng began to think: what is the meaning of life? What am I going to do in the future?
These nine months have changed Huang Zheng’s life path since then, and also changed the pattern of e-commerce in China in the future.
Four
In 2015, Huang Zheng returned to the company. At this time, both Leqi and dream seeking have developed very well. Lechi has become the largest e-commerce agent operating company of mother and baby on Taobao, and the monthly net profit of seemeng has exceeded one million US dollars.
From the perspective of entrepreneurship, these are two very successful entrepreneurial projects. However, Huang Zheng always thinks that his ability has not been fully used, and he always feels that he can play a greater role.
He decided to play something bigger and more meaningful to society.
When he was recuperating at home, Huang Zheng played with his mobile phone every day and found a phenomenon: people spent 40% of their time on mobile social app in one day, but the sales volume of e-commerce was less than 1% of the total sales of e-commerce.
He felt that there was much to be done here.
Therefore, while maintaining Leqi and dream seeking operations, Huang Zheng began to work on a new project: to use the social relations of wechat to make a group. The name of the new project is: put together the goods.
The starting point of putting together the goods is to register the service number on wechat, release the information of fruit group, and then spread the information viral through the community. After the customers make up enough groups to place an order, the goods team will go to purchase the fruits and deliver the goods.
Due to the low price of group buying fruit, it quickly attracted the first batch of seed users. It was officially launched on April 10, 2015. After the May Day holiday, it broke through the average daily level of 10000 units.
In June, when lychees were put on the market, they made a group purchase of litchi, and the daily orders soared to 200000.
From scratch, in just two months, the daily turnover exceeded 200000, which is an unprecedented development speed of China’s e-commerce industry.

This time, Huang Zheng finally caught a super “sexy” project.
However, problems also arise.
At that time, the normal delivery capacity of the assembled goods was 23000 orders per day. If the whole staff put in the goods, and the rotation lasted for 24 hours, the peak value of issuing orders could reach 70000 orders.
And now it is a sudden to 200000 orders, three times the highest ability to issue orders, immediately to the warehouse to burst.
What’s more, the business team at that time was still in the surprise of the soaring order volume, completely unaware of the seriousness of the problem, and continued to promote the sales happily. It was not until noon on the third day that they finally reacted and stopped receiving new orders.
At this time, the backlog of orders has reached as high as 400000, to the extent that it can not be processed at all. Everyone in the Shanghai team, even from Lechi, was transferred to the warehouse in Jiaxing to help, which was still of no help.
If you look at this incident from the perspective of the customer, you can see how serious the problem is: the customer ordered a group purchase of litchi, but the merchant didn’t deliver the goods for a long time; the customer service call was unable to get through; the litchi was rotten long ago after receiving the goods; if you want to refund, the system card can’t be returned
For a moment, “a good match is a liar!” The voice of the voice, spread in various communities. The number of orders per day dropped sharply from 200000 to 20000.
Huang Zheng went to Jiaxing warehouse to personally supervise the battle. First, he concentrated on solving the problem of refund. Then he worked hard for more than a week to finish processing the backlog of orders.
According to Li Zhigang, after the order was finally processed, Huang Zheng and his team were in the warehouse, squatting over a lunch box and holding a summary meeting. The first person to stand up would cry and say sorry to everyone.
Huang Zheng did not blame anyone, he took the main responsibility to himself. At the same time, we pointed out: our mode is right!
Afterwards, Huang Zheng’s heart at this time should be more joyful than unhappy. Although the lack of operational capacity led to the crisis, but the surge in orders itself has proved that the mode of combining goods is common.
In an interview with Li Zhigang a year later, Huang Zheng said: it was beyond my expectation to achieve 200000 orders a day. I didn’t know we had this ability. However, it is expected to achieve 1 million orders a day, because we already know that we can achieve 1 million orders.
With Huang Zheng’s efforts to strengthen the construction of backstage operation ability, the number of active users has exceeded 10 million in a few months.
This should be an e-commerce company that has reached 10 million active users in the shortest time in the history of China’s Internet development.
Five
The main reason why the assembled goods are hatched by lucky, and the main members are also from lucky. It adopts the “self operated mode” of purchasing goods and delivering goods by themselves.
Looking for a dream on the side of the CEO Abu, said that the single mode can actually become a platform, game companies are willing to be responsible for incubating new companies.
Huang Zheng originally thought it was too risky to be a platform, so he chose to be self-employed. But Abramovich said that, he did not want to attack Abramovich’s enthusiasm, so he said “OK.”.
Then he asked, “if you fail, will you go back to be CEO?”
Abu said no problem. So from the dream of more than 20 people, began to operate a new project, named: pinduoduo.
In September 2015, pinduoduo was launched.
It’s a company destined to be a legend when it’s born.
If we say that the goods are only a little faster than a black horse, then pinduoduo is like a flying horse with wings.
This pair of wings is born out of the company’s game thinking.
Usually, when we comment on e-commerce websites, the usual standard is “more, faster, better and cheaper”, that is, complete categories, fast delivery, good quality and affordable price. Different websites may be dominant in one or several of these four features.
However, in addition to “more, faster, better and cheaper”, there is also a very important factor that affects whether people use an e-commerce website, that is, “happiness”. For many people, especially women, how much fun they can experience when shopping is an important factor in deciding whether to go to the website.
Pinduoduo keenly observed this point, and used game thinking to design the whole shopping process, making the shopping behavior closely combined with social interaction and playing games.
This was summarized by Huang Zheng in the future: what pinduoduo did was “Costco + Disney”, and was written into pinduoduo’s prospectus.
The so-called Costco mainly refers to material benefits. The price of pinduoduo’s products is so low that people can hardly understand how businesses and platforms can make money.
The so-called Disney mainly refers to fun. People who used pinduoduo in the early days didn’t go for shopping with a clear purpose, but with the mentality of playing games or taking advantage of the advantages, they participated in group buying, lottery drawing, red envelope snatching, chopping and other activities initiated by friends, and unconsciously became customers of pinduoduo.
Through the clever design of the game company, pinduoduo’s “group buying” and “chopping” caused a viral spread in wechat. During that time, almost every wechat user’s mobile phone was bombarded by the slash message sent by friends one after another.
It can be imagined that the development speed of pinduoduo online is even more exaggerated than that of good products. In the initial stage, without any advertising, relying only on wechat users fission, the daily orders exceeded one million and the monthly Gmv exceeded 1 billion.
Since then, Huang Zheng merged pinduoduo with pinhaohuo. The new company continued to make great progress in the name of pinduoduo, and broke out a new road between Ali and Jingdong, becoming the third pole of e-commerce in China.
In July 2018, less than three years after its establishment, pinduoduo successfully listed in the United States with a market value of up to 160 billion yuan. Huang Zheng’s personal book assets, more than 80 billion yuan.
This may be the most amazing and rapid wealth creation myth in the history of China’s Internet development.
Six
The development of pinduoduo presents a peculiar dual character.
We can say that it is the quiet development of gongs and drums.

On the one hand, pinduoduo’s group link is so popular in wechat that everyone can’t ignore it. But on the other hand, pinduoduo, as a company, has not attracted much attention.
When people pay attention to this company, it has grown into an unstoppable behemoth, which has squeezed out a new world between Taobao and Jingdong.
Unlike meituan, which has experienced the “thousand regiment war” and Didi’s “taxi fight”, pinduoduo has never experienced the fierce fighting of competitors of the same size.
Ali and Jingdong may not understand what pinduoduo is, but it has grown to the point where it can compete with them. The giants do not even have time to support an agent to compete with pinduoduo, so they have to go barehanded and face the challenge of pinduoduo in person.
In fact, not to mention that the two giants had no reaction time, few people understood pinduoduo at that time. Even Duan Yongping, Huang Zheng’s mentor, said he couldn’t understand pinduoduo. However, he has unconditional trust in Huang Zheng.
Today, we can look back and sort out the success of pinduoduo from the perspective of “thinking after the event”, which may enlighten you.
One is to seize the opportunity of mobile social networking and decentralization.
When the Internet era comes, people say that all traditional businesses are worth doing again; around 2010, China has entered the era of mobile Internet, and all traditional Internet businesses are worth doing again.
We used to think that moving the business from PC to mobile phone is a thrilling leap from traditional Internet to mobile Internet. But in fact, the way people get information and interact in the mobile Internet era has changed.
We spend about 40% of our time every day on mobile social products, mainly wechat. Before pinduoduo, countless people also thought about how to use wechat to promote e-commerce. However, the solution is nothing more than opening an entrance to wechat like Jingdong, or sending information like wechat.
The wechat group mode created by pinduoduo is the first to use the social relationship value of wechat to the extreme. The combination of mobile social networking and e-commerce can only be regarded as the real beginning after the emergence of pinduoduo.
On the other hand, the early Jingdong and Taobao were mainly centralized sales models. The goods are displayed on the “shelf”. Users search for the goods they want and place an order. Although Taobao later made a “thousand people, thousands of faces”, but the proportion of search and purchase is still very high.
But pinduoduo has turned “people looking for goods” into “goods looking for people”. Users don’t have to take the initiative to go pinduoduo to search for the items they want, and his friends will send him the information about collage.
After completing the tiktok transformation from WeChat to APP, users did not search for the items they wanted to buy, but instead they rowed down like the brush and rowed, and then rowed to the list of things they were interested in.
Early pinduoduo, even the search box is hard to find. It will analyze the products you may need or be interested in according to the best selling products or your shopping behavior, and push them to you.
Tiktok a new force suddenly rises. But today’s headlines and jitter are recommended for content, and tiktok is a product of many recommendations.
The change of platform from “centralized” to “distributed” and the change of using mode from “search” to “artificial intelligence recommendation” are very different between mobile Internet era and PC Internet era. This is also the backdrop of byte beating and spelling.
The second is to add game elements to shopping.
That is to say, in the competition of “more, faster, better and cheaper”, the “music” is added to the competition, thus opening up a new way of playing e-commerce.
Although Taobao has also done this, but on Taobao, this element is not as bright as pinduoduo Ti, which is reflected in such an extreme way.
Tiktok is playing an increasingly important role in people’s lives in the current pan entertainment era. People spend more time on mobile phone, and are increasingly willing to allocate their “pleasure” to play, such as playing games, brushing, and pursuing drama.
But the simple “pleasure seeking” will make many people feel guilty and ashamed. And pinduoduo gives people a good reason: I am not to play, but to save money for my family.
The third is the help of luck.
In 2014, wechat launched the wechat red envelope, and in 2015, it cooperated with CCTV Spring Festival Gala to carry out a “shake a wave” red envelope activity, so that hundreds of millions of Chinese people have change in wechat.
But at that time, the scene of mobile payment was far less abundant than it is now. Most people find that they have money in wechat, but there is no place to spend it.
The rise of pinduoduo is just in time to find a most convenient outlet for the change accumulated by wechat red packets. If pinduoduo was launched a year earlier or later, it would not have developed so fast.
Fourth, a team that has been running in for a long time.
From the time pinduoduo was founded, it is a very young start-up company.
But from the perspective of its core team, it is actually a veteran company.
Pinduoduo’s core executives have been working with Huang Zheng since ouku era. From ouku, to Leqi, to dream, to good goods, and finally to pinduoduo, they all fight together.
The emergence and development of these companies are constantly hatched from within. They are not so much different companies as they are different projects done by the same company.
From the final success of pinduoduo, those projects in front of us have become the hands-on work of Huang Zheng’s team. Even so, these projects are not failed, but are successful. In addition to the slightly lower price of ouku, the following companies, such as lucky, dream seeking and good products, have all been very successful, and each time is more successful than the previous one.
When such a cohesive, fighting and evolutionary team is determined to do a new project, how can the probability of success be low?
Fifth, Huang Zheng’s strong personal relationship.
What many people don’t know is that Huang Zheng did pinduoduo, and specially found four people to do angel investment.

At that time, Huang Zheng was not short of money at all. He needed $8 million to start pinduoduo. He didn’t need to find angel investment at all. But Huang Zheng must look for, not for anything else, just to bind the relationship with these people.
The four people he was looking for were Duan Yongping, Ding Lei, sun Tongyu and Wang Wei.
Mr. Duan has been working hard with Mr. Huang Zhengfa, and he has been working hard with Mr. Huang’s company.
Ding Lei has been famous for many years. He is the most famous and successful big man in China’s game industry. He is also an old friend of Huang Zheng for more than ten years. Pinduoduo wants to do “game + shopping”, Ding Lei is the best consulting candidate.
Sun Tongyu, the popularity may be a little less, at that time, he was just an ordinary investor. But you should know, his former identity, is the president of Taobao! He is Alibaba’s No. 003 employee. He followed Ma Yun as early as the 1990s. Later, he made Taobao with his hands and feet. In 2008, he was “relieved of military power by drinking wine” in the name of “going to business school for further study”.
If we say that the most successful and experienced people in e-commerce in China, the third one is sun Tongyu, starting from Ma Yun and Liu qiangdong. Therefore, if Huang Zheng wants to find a person to ask for advice on how to build an e-commerce platform, sun Tongyu is the most suitable person (because of the competition, he can’t find Ma Yun and Liu qiangdong).
Wang Wei is the founder and family of SF. E-commerce is inseparable from logistics, and Wang Wei is the backbone of the domestic logistics industry. Pinduoduo should do a good job in logistics, and Wang Wei is the best consulting object.
There are Duan Yongping in corporate culture and marketing, sun Tongyu in e-commerce platform, Ding Lei in game thinking and Wang Wei in logistics. What is more powerful and suitable for angel investment team?
The only thing missing is Ma Huateng, a mobile social networking player.
But don’t worry. Less than a year after pinduoduo was founded, Tencent entered in round B, and then continued to increase its holdings. Before pinduoduo went public, Tencent became the second largest shareholder with 18.5% of shares.
When all these factors come together, pinduoduo’s success is doomed.
Seven
While pinduoduo has achieved great success, it has also caused great controversy.
One is the problem of counterfeits and counterfeits.
Apart from social and game factors, the most important thing for pinduoduo to attract users is low price. In order to accumulate enough merchants as soon as possible, the audit of merchants was very loose, which led to the proliferation of fake goods and counterfeit goods on the platform.
To this question, Huang Zheng once replied: the road that others have gone through and the sufferings they have experienced have to go through as much as possible. The implication is that Taobao had been troubled by fake goods earlier, and pinduoduo could not escape this stage.
He later made great efforts to crack down on fake goods, even claiming that “there may be no platform in China that can work harder to crack down on counterfeit goods.”. However, pinduoduo’s definition of “fake” may not be the same as that of the public.
“Finance and economics” reporter Song Wei and Fanggong Yiliu once asked Huang Zheng a question: one of the best-selling products on pinduoduo is a bottle of aphrodisiac with a price of 27.8, with a total of 4.72 million units sold. Do you think this medicine may be true?
Huang Zheng’s response is: first of all, the drugs or health products sold on pinduoduo platform must have national certification marks. Secondly, the gross profit of health care products is in a complete mess, just like the mask. Do you think it’s useful for 200 yuan mask?
I personally think that Huang Zheng is aware that these products may not be useful, but as long as the state does not recognize them as fake products, pinduoduo will not consider them as fake products.
However, with the “sale of drugs or health products on many platforms, there will be national certification marks” to sell 27.8 bottles of aphrodisiac, and earlier Robin Li used “we signed a third grade hospital, which is perfectly reasonable and legitimate in doing things” for Baidu recommended “Wei Zexi incident” related hospital defense, logical consistency?
The problem of Shanzhai is also widely criticized. There are countless jokes about “fighting for the sunset” on the Internet. Huang Zheng’s sentence that “Shanzhai is not a fake” once caused a great stir. Later, pinduoduo took off some relatively bad “brand-name” counterfeit products, such as “Sony World TV”, but there were also some marginal brands such as “shearp TV” and “vivi mobile phone”. They thought that the other party was legally registered and operated, and did not violate the Ping Tai rules (I don’t make a judgment here, and I don’t know whether it counts).
Another way to deal with Shanzhai is more positive. Pinduoduo thinks that many fake products are also products of good quality. For example, those products that were originally used to help those big brands OEM, but because they are not famous, they can’t sell at a price, so they are called “Shanzhai products” in the market.
Pinduoduo has specially set up a “new brand plan” and has made great efforts to support these “new domestic” brands. I personally believe that this is a matter of great merit.
Overall, pinduoduo’s governance is still effective. Now on pinduoduo platform, Shanzhai may still exist occasionally, but the blatant fakes have basically disappeared.
There are still many people who link pinduoduo with counterfeiting, but on the whole, there are fewer and fewer people who agree with pinduoduo and use pinduoduo.
Second, information bombing.
Pinduoduo started from wechat group. Presumably, wechat users from 2016 to 2018 have been bombarded by pinduoduo pintuan information.
I don’t know what others think. At least for me, whenever I receive such information, I feel disgusted and never buy it because I receive it.
Perhaps this behavior was opposed by too many people, and then wechat platform banned induced sharing. Pinduoduo, even invested by Tencent, has been banned for many times.
For a period of time, pinduoduo set up an office near the wechat headquarters in order to break through Tencent’s ban. Its main purpose is to dig people from wechat, and then use these people’s understanding of the wechat platform rules to try to bypass the regulation and find gray areas for use.
Later, Tencent forced pinduoduo to sign a “mutual non poaching” agreement to stop this behavior.

Song Wei and Fanggong Yiliu, reporters of Finance and economics, once asked Huang Zheng a very sharp question in an interview: why is a company whose values are its own branch be micro envelope 1000 times?
Huang Zheng replied: duty is what you should do in your position. We want consumers to do more marketing activities, which is his duty for a business organization. The rest is more about how to grasp the boundaries of marketing reach.
Perhaps for him, the harassment of wechat users receiving the information from pinduoduo is not due to pinduoduo, but rather to pinduoduo.
I always find it ironic.
Fortunately, after 2019, I don’t know whether pinduoduo is more restrained or wechat is controlled more strictly. In our wechat, we don’t see the links of those collage groups.
Third, the complaint of suppliers.
The early rise of pinduoduo is inseparable from the support of small businesses. Pinduoduo also gave these small businesses the biggest support.
But when pinduoduo grew stronger, and the regulatory requirements were stricter, many merchants complained incessantly.
In 2016, pinduoduo once encountered a crisis similar to Taobao’s “Besieged City in October”. At that time, due to pinduoduo’s anti-counterfeiting actions, some suppliers’ loans were frozen, and many people went to the headquarters of pinduoduo to make trouble. The situation was so serious that even Huang Zheng, who had always been a low-key figure, had to come out to hold an external communication meeting in person.
On the Internet, there are a lot of posts about businesses’ complaints of blood and tears. I sometimes write articles to praise pinduoduo, and in the message, I will receive some businessmen’s fury and denounce how “black hearted” pinduoduo is.
But to be fair, there is a dilemma
Looking at the complaints of those merchants, we will sigh that these small and medium-sized merchants are really not easy. Selling things on pinduoduo is originally a small profit. The merchants earn hard-earned money. They make a lot of money by doing business on this platform. If they are careless, they will be punished by the platform, and may even lead to direct freezing of funds or closure of stores, resulting in the loss of money.
But on the other hand, in order to provide good service, deliver goods quickly and do not sell fake goods, the platform must formulate strict regulatory policies for businesses, which is beneficial to consumers without any harm.
Coins are both sides of the coin. The more the merchants complain, the more they show that pinduoduo has made great efforts in fighting against counterfeit goods and protecting the rights and interests of consumers.
Fourth, the treatment of employees.
Many people may not know that pinduoduo has no weekend. When pinduoduo went public in 2018, Huang Zheng made an internal speech, and some employees asked whether they could have a two-day holiday. Huang Zheng’s answer was concise and to the point: No.
“Finance and economics” reporter Fang Gong Yiliu described that after hearing Huang Zheng’s answer, “the scene was silent.”.
As a matter of fact, it is impossible to say even big and small weeks (big week, double weekend, small week, single day) in the process of making a lot of efforts.
In addition, although pinduoduo has options, it has a lock-in period of up to three years, so even if the company is listed, even if its book assets are too much, they can’t cash in for a short time. No matter whether the company’s development is good or bad, and no matter what the future personal career plan is, if you want to realize the option, you can only stay honest for three years.
What’s more, Huang Zheng adheres to the concept of thrifty running the company. Instead of building or buying office property, he rents office buildings. Originally, this is nothing, but the problem is that the office building is in poor conditions and overcrowded. The most serious problem is the lack of toilet space. When employees go to the toilet, they have to queue up a lot.
Not long ago, there was a hot Search about pinduoduo. It said that because the toilet was full, an employee couldn’t hold back, so he had to pull his stool in the urinal. This is known on the Internet as “pinduoduo does not have the freedom to defecate”.
In my opinion, although the toilet problem is small, it greatly affects the happiness of employees. It’s not a duty for employees to hold back and pull their excrement in the urinal.
The above are the main controversial issues about pinduoduo in recent years. It is worth noting that Huang Zheng only came out a few times to deal with it. As a shy, introverted man of science and technology, Huang Zheng’s response is better than nothing, sometimes even counterproductive.
After listing on the market, the online question of pinduoduo has reached a peak. Faced with overwhelming doubts, Huang Zheng published an internal letter to all employees
“In the face of doubt, we should first take responsibility for ourselves, and embrace the supervision of the public and competing parties We should have the courage to take responsibility and continue to bear doubts and even wrongs. No great change and creation will come so easily, so obvious. The one-sided positive is not what we pursue, and the one-sided negative is never the real pinduoduo. ”
The title of the letter is: adhere to your duty, even if it is a malicious attack, but also to interpret in good faith.
Eight
We have talked about the success of Huang Zheng and pinduoduo, as well as the controversy.
Some people who like to see the world with a “black or white” attitude may find it incomprehensible. But that’s what the world looks like, and it’s what people really look like.
In particular, those who have achieved great success in their career are all famous and slandered all over the world.
From the older generation of Liu Chuanzhi, Ren Zhengfei and Wang Shi to the Mesozoic Ma Yun, Ma Huateng, Robin Li, and then to the younger generation of Wang Xing, Wang Xing, Cheng Wei, which is not the case?
From my personal point of view, I think Huang Zheng is a great entrepreneur with a little flaw. Flaws are secondary, greatness is primary.
As readers who are familiar with me know, I have always highly praised Huang Zheng.
His “mobile social networking + e-commerce + game”, or “Costco + Disney”, has created a new mode, breaking the e-commerce pattern of Taobao and Jingdong as the king, so that more people can enjoy the convenience of the mobile Internet era and get greater benefits and more happiness.
If we say that in the past, China’s Internet enterprises followed the United States and imitated them step by step, then a new generation of Chinese entrepreneurs, from Zhang Yiming to Huang Zheng, have been at the forefront of the development of the world’s Internet industry. They have created a new era and ushered in a new model.

The emergence of pinduoduo, for the first time, has enabled China’s lowest income groups to enjoy the low cost and convenience brought about by e-commerce, enabling farmers in China’s most remote mountainous areas to sell agricultural products online, and allowing OEM factories that can only help European and American enterprises to make labels for a long time, can directly face consumers and establish their own brand We can’t praise these achievements too much.
Maybe before doing pinduoduo, we can say that Huang Zheng’s purpose in business is to make some money or prove himself. But from pinduoduo, he thought more about the real meaning of his life and the contribution of his company to society.
Although pinduoduo’s later development is not without controversy and twists and turns, the final result is to realize what Huang Zheng wants to do for society step by step.
Pinduoduo is now a company with a market value of 100 billion US dollars. For the vast majority of people in the world, this is a career achievement that will never be achieved.
But for Huang Zheng, this may be just the beginning of his career.
You know, Huang Zheng is only 40 years old, and it is only five years since he founded pinduoduo.
Who can say that pinduoduo is the end of Huang Zheng’s career? 100 billion dollars is the peak of pinduoduo’s development?
Looking at Huang Zheng’s development process and his entrepreneurial process in recent years, we can clearly find an evolutionary track.
Because of this, I have incomparable expectations of what Huang Zheng wants to do in the future and what pinduoduo can do in the future.
At the end of an open letter to shareholders in 2020, Huang Zheng wrote:
We feel extremely humble and calm, but also extremely grateful for the precious youth and the great responsibility we have. Therefore, we will invest more firmly in the future and strive to build the new world ahead. In this new world, our journey is just beginning.
In this turbulent era, I am very glad to have Huang Zheng’s peers.
I believe that Huang Zheng and pinduoduo’s wonderful journey has just begun.
I believe that our common journey is just beginning.
—end—
Main references:
1. My secondary school and University, Huang Zheng, Huang Zheng, the official account.
2. My first job, Huang Zheng, Huang Zheng, the official account.
3. Dialogue: Huang Zheng: they built Empire and compete for territory. I want to compete in a wrong position. Song Wei, Fang Gong Liu Liu, “finance and economics” magazine, official account LateNews by
[4] character observation: Huang Zheng’s 100 paranoia, the palace palace, a public official account LateNews by
[5] Huang Zheng’s positive and evil, Zhai Wenting, official account of blue hole business.
【6】 Declassified and assembled goods from 0 to 1 million in 8 months
[7] exclusive interview Huang Zheng, chairman of the exclusive disclosure: fight a lot of goods and fight red, controversy and merger behind Zhou Dan, official account of the small table
【8】 Exclusive interview with Huang Zheng, caiyue you, Tencent News, host fan Xiaodong
【9】 Pinduoduo Huang Zheng: exploring the future of social e-commerce, Chinese operator, first finance and economics, host Liu Ye
【10】 Exclusive interview with Huang Zheng