The legendary entrepreneurial story of Longyan’s proud son Wang Xing
The Longyan Business Summit Forum is scheduled to be held on September 30. At that time, a group of Internet industry elites from western Fujian will be invited to participate forum. After years of struggle, these elites now have great influence in the Internet field, giving rise to the "Longyan phenomenon" of new Internet talents from Western Fujian. The Soviet spirit and Hakka spirit embodied in them inspire, move and inspire us. Proud.
In order to take the holding of this forum as an opportunity to further set off an upsurge of "mass entrepreneurship and innovation" in the city, this newspaper will launch a "Western Fujian" forum today. The "New Internet Talents" column tells the entrepreneurial stories of Internet elites who came out of western Fujian, introduces their major achievements, and shows their unique style. Please stay tuned.
From Xiaonei.com, Fanfou.com, Hainei.com to Meituan.com, 11 years of entrepreneurship have won them all - Wang Xing: the proud son of Longyan who built the O2O empire
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“This year we will build Meituan into a company with a market capitalization of over 100 billion U.S. dollars!” Yesterday, Wang Xing, founder and CEO of Meituan.com, the largest domestic service e-commerce platform, was interviewed by reporters. So heroic.
This new Internet talent who came out of the old area in western Fujian is by no means a foolish dream. In the D round of financing earlier this year, Meituan became the most valuable "unicorn" company in China's mobile Internet with a valuation of US$7 billion. In the first half of 2015, the transaction volume reached 47 billion yuan, with mobile transactions accounting for more than 95%, and group buying market share exceeding 62%. In terms of annual active buyers and order transactions, Meituan became China’s second largest company after Alibaba. The second largest e-commerce platform.
How did a young man who went from Longyan No. 1 Middle School to Tsinghua University climb to the peak of e-commerce step by step and become proud of the fiercely competitive Internet world?
A man with "nine" engraved on it. "Failure wins" Internet pride with firm belief, what kind of traits are hidden in him, and what kind of legendary entrepreneurial story does he have?
The county town emerged as a "geek";
1995 In 2006, 16-year-old Wang Xing from Silla "touched the world with his fingertips" for the first time through the Internet at the post office. From then on, the magical charm of the Internet planted a seed in this young man's heart.
Although Wang Xing, who was born in 1979, comes from a wealthy family, he has developed a good habit of studying and thinking independently since he was a child. When he was in elementary school, he and his friends were exposed to radio. In 1997, he was recommended from Longyan No. 1 Middle School to study radio in the Department of Electronic Engineering at Tsinghua University.
In college, Wang Xing showed great interest in entrepreneurship. He joined the Tsinghua Science and Technology Entrepreneurs Association and became an active member of this society. After graduation, he received a full scholarship to study for a master's degree at the University of Delaware in the United States. At the end of 2003, he resolutely interrupted his doctoral studies in the United States and returned to China to start his own business.
Entrepreneurship leads the trend
When he was studying in the United States, Wang Xing discovered that SNS (social network services, specifically referring to Internet application services that help people build social networks) in the United States was very popular. In this regard, the domestic market is blank.
In 2004, Wang Xing found his college roommate Wang Huiwen and middle school classmate Lai Binqiang to join him in his entrepreneurial plan. He rented a suite of more than 100 square meters near Tsinghua University and started his first business with start-up capital. It was 300,000 yuan, with Wang Xing accounting for the majority. In the first few months, Wang Xing's team tried many projects, but all ended in failure. At that time, the American social networking site Facebook began to become popular, and Wang Xing's team tried to build a Chinese version of the campus SNS website, Xiaonei.com, which was officially launched at the end of 2005.
After many promotion campaigns, in 2006, the number of users of the school network exceeded one million. However, the hot market has also attracted many competitors. In the end, due to difficulty in financing, the team had to sell Xiaonei.com to Chen Yizhou (later renamed "Renren.com"). Despite the first pot of entrepreneurial gold, Wang Xing's team was eventually disbanded in October 2006.
Subsequently, Wang Xing founded Fanfou.com. However, due to policy reasons, the website's server was shut down. Half a year after the launch of Fanfou.com, Wang Xing launched Hainei.com, an SNS website for white-collar workers. However, when Fanfou.com was shut down, Hainei.com, which used the same server, was also implicated. Its fate seemed to be the same again and again. Wang Xing joked.
Win the "Thousand Regiments Melee";
Opportunities are only reserved for those who are prepared.
On March 4, 2010, Meituan.com was officially launched and became one of the earliest independent group buying websites in China. After the new model was introduced to China, it immediately detonated the entire industry. In the following year, thousands of group buying websites popped up. The explosive growth of group-buying websites eventually led to a bloody "thousand-group melee." First, the "big fish eats the small fish" in the group buying industry, and finally the remaining group buying websites started a fierce fight. The group-buying websites that had raised money launched a crazy advertising bombing in the first half of 2011. Wang Xing, who excelled in chess, did not participate in the "burning money" battle and put more resources into team building and merchant resource development.
In the cold winter of capital cooling, peers began to "brake" and shrink, but Wang Xing staged "overtaking in a corner": At the end of 2012, Meituan's domestic group buying market share reached 30% %, ranking first among group buying websites, with a total transaction volume of 5.55 billion yuan that year, a figure that became 46 billion yuan last year.
O2O expansion across the board
Wang Xing is domineering, and he is not just the "boss" in the group buying industry. Starting in 2012, he extended Meituan's tentacles to multiple vertical fields such as movies, hotels, and food delivery, and expanded its territory and territory in O2O.
From "Maoyan Movie" to "Meituan Hotel", to the most popular "Meituan Takeout", under the leadership of Wang Xing, "Big Meituan Territory" ;Officially surfaced. At present, on average, one of every three movie tickets sold nationwide is from "Maoyan Movies". Meituan Hotel was launched in 2012. In the first half of 2015, the hotel travel transaction volume exceeded 7.1 billion yuan, making it the largest mobile booking service in China. The platform; "Meituan Takeout" was officially launched in November 2013. It currently operates in more than 250 cities across the country, with a daily order volume of more than 2.3 million and a market share of nearly 50%. It is the largest online takeout platform in China... …
“In 2015, we will achieve the goal of over 100 billion, officially establish our position as the king of O2O, and set a more ambitious goal of one trillion by 2020. This is a great cause! Consumers come first, merchants come second, employees come third, and shareholders come fourth. All of us belong to this era of technology and the Internet. On this ordinary road, I hope that everyone can be together, adhere to ideals, embrace changes, let us let go of the past and move forward!" This is March 8 this year, Wang Xing was at the fifth anniversary annual meeting of Meituan.com A sonorous oath issued.
The long road to Xiongguan is really like iron, but now we are crossing it from the beginning.
We have reason to believe that last year, he won the title of "Top Ten E-commerce Figures" in China and ranked eighth on the list of "China's 40 Business Elites Under 40" selected by Fortune (Chinese version) WANG Bring more positive energy. ;