Shi Yuzhu: A Coward Capitalist.

Recently, Shi Yuzhu, chairman of the giant network and CEO, was at the scene of "entrepreneurial lifestyle" organized by "elite".

He talked with a group of old friends such as Ma Yun, Niu Gensheng and Jet Li.

Still red and white with sportswear, still smoke.

Ma Yun took the stage to dance with Tai Chi. He took a photo of Zhang Shuai, and uploaded it to micro-blog via iPhone.

"I've been a little overheated on micro-blog recently," he told the elite.

Shi Yuzhu assistant told reporters that the boss plays "zombies" every day.

The giant's staff said he was the chief experience officer of the company's online games.

Ji Xuefeng, the vice president of giant network and producer of journey 2, said the boss played the role of "Wizard" in the game.

Reporter asked why?

He laughs and says that this character is stupid.

Playing seems to be Shi Yuzhu's key word.

Interest is work, work is life. How many entrepreneurs can this be?

Most of all, he is also well capitalized.

A amusement note asked Shi Yuzhu, if 2012 comes, do you have a $1 billion ticket to Noah's Ark?

"Maybe," he laughs vaguely.

From the open account, the giant network reported in the fourth quarter of 2010 that the company had a cash reserve of US $more than 900 million. After the announcement of the announcement of the announcement by Minsheng Bank (5.84, -0.08, -1.35%), the company announced that it would subscribe for 1 billion 424 million shares, 4.57 yuan per share and 6 billion 500 million yuan per share.

The giant network and the controller of the company are undoubtedly Shi Yuzhu.

In addition, he also took part in the Huaxia Bank (11.88, -0.13, -1.08%) and other small listed companies, but only to the team to take care of it.

Just like the free travellers in Wuxia, he has no door and no pie, but Wu Yi is strong. Everything he does is temperaments. All the other schools respect him for three points.

But he said he was timid.

"I used to be super daring, and now I am super timid," Shi Yuzhu said.

Bid farewell to the nightmare of the 70 storey old giant building. The giant network headquarters in Shanghai seems to grow steadily from the ground floor, with only three floors.

Shi Yuzhu said he was afraid of heights, but a metonymy.

It looks contradictory. How can Shi Yuzhu be so timid?

The operation of the capital market is often billions of dollars. From "journey" to "Journey 2", the business mode of online games is overturned. When entering health care products and liquor industry, the development of the two formats is already in the ascendant. How can a timid person dare to enter?

"In the past, ten things were done in one year, and then only three things in ten years," he said.

Moreover, he has repeatedly stressed that zero liabilities and high liquidity.

Compared with the short cycle of the rise and fall of the game industry, the banking industry will continue to grow more. It will be easier to cash in and choose the two tier market, which will make the company's capital reserves more stable.

Through this combination, we can see more stability.

Now, Shi Yuzhu quipped himself: "I have some leisure.

The health care products business has been away for 8 years, and has participated in the annual meeting once a year. Online games business, my only job is to test games, and personnel, finance, management and so on have already been assigned to Liu Wei (micro-blog) president, they are doing better than I am; investment business: the main investment bank, after the investment, there is nothing more to do.

Perhaps it is what he calls "cowardice" that makes the present "carefree".

Capital is only big.

"Investing in ten or one hundred million projects is definitely not as good as investing in a one billion project. If you invest in a one billion project, you can stare at it every day, and you can't stare at ten one hundred million of them."

In January 7th of this year, Minsheng Bank announced the issuance of shares, and the company bought 1 billion 424 million shares and locked in a 3 year investment of 6 billion 500 million. The company's previous main business was platinum, which was launched 8 years ago. The company's loan is zero, but there are many debt obligations to other companies of the giant, which are the mainstay of giant investment.

At this point, the giant capital battleship invested by the giant has surfaced again.

In fact, ten years ago, Shi Yuzhu began to buy and sell stocks, and he always had a liking for "big deal".

Investment in the banking industry should be traced back to the initial stage of Minsheng Bank.

At that time, banks were all state-owned and private enterprises loans were a difficult problem.

Private entrepreneurs (Taishan members) gathered to chat and mentioned that there should be a bank of their own. Shi Yuzhu said he could not remember who proposed it. Anyway, the more we talked about it, the more lively it was. After that, we found the Federation of industry and Commerce and then reported it and got the final reply.

As one of the sponsors, Shi Yuzhu provided an early 250 thousand yuan fund for activities, and later when he handed in the registered capital, the giant building crisis broke out and he failed to become the original shareholder.

Today, Shi Yuzhu is not the top 10 largest shareholder, but one of the 18 directors is a non-executive director.

Later, by obtaining a large amount of cash reserves from the health care products business, the giant resumed its fighting capacity again. Shi Yuzhu reentered the block trading. First, he bought the four way auction's Huaxia Bank shares, and the second one bought some shares of the Shougang Group to become the majority shareholder, followed by the wind energy field.

In addition to a preference for the liquidity and security of listed banks, Shi Yuzhu also invested in some unlisted banks with low price and low cost four or five years ago, such as Beibu Gulf Bank of Guangxi, which accounted for 9.9% of the shares and invested about 3000000000 Yuan.

In the future, he still said that investment focus in the financial field, involving banks and insurance.

"One of the biggest challenges for the banking industry in the future is to minimize the interest on savings and loans. To increase the proportion of intermediary business, we must not rely too much on the interest difference between deposits and loans. In fact, who is going to move forward to get the mechanism flexible?"

There is a saying from the outside world that since the beginning of reform and opening up, all foreign investors have invested in China, and then how much money they earn each other, it is found that the sum of foreign capital earned by banks is equal to the sum of the hundreds of other industries.

Shi Yuzhu's return on investment over the past ten years is evident.

Nevertheless, he said he was timid.

"When I threw a project before, when I had a fever, in 1993-1995 years, I didn't want to see any feasibility report. It was all about looking at things on the face. Then we held a meeting together, and took a decision on the spot to make decisions on the spot.

Now, for example, if we want to invest in the people's livelihood, we will think about how big the risks are, and list all of them. What if the earthquake happened in China? 6 billion 500 million.

What if there is a nuclear war in China?

What if China has a major economic crisis?

We will think of all the worst results and be afraid of it.

Previously, the probability of such a low nuclear war is not considered.

What is interesting is that what Shi Yuzhu most proud of is not the big hand, but the idea that he sticks to is investment, not speculation.

Because he has only thrown stocks once in the past ten years.

The sell-off occurred in the wake of the financial crisis.

At that time, Shi Yuzhu and his team, friends and economists studied together to judge the possible negative growth of China's GDP, and set a principle: holding cash for the winter.

At that time, most of the shares held by Huaxia Bank and Minsheng Bank were cash in.

However, looking back at the selling time of the year, Shi Yuzhu was willing to admit that he was too timid.

It is worth noting that Shi Yuzhu has made repeated moves in ten years, but has not yet stepped into the real estate industry.

"In fact, there are quite a lot of temptations in real estate. I have been biting my teeth."

He said that he had set a discipline that the unfamiliar industries should not do so, and those who did not like it would not do so.

In the early years, even a Real Estate Company failed to pay for the land due to borrowing money, and Shi Yuzhu refused.

In fact, at that time, the land price was only hundreds of millions of yuan, which was in the downturn of real estate and in the core area of Beijing and Shanghai. Today, the market is worth 50 billion yuan.

Shi Yuzhu said he was not sorry.

Is it because the cover was damaged?

Shi Yuzhu said this possibility is also possible.

There are many entrepreneurs who have experienced the pain of diversification, and few survive.

In the most difficult time, Shi Yuzhu went to Tibet, visited temples, chatted with some lamas and living Buddhas, and contacted Buddhism.

He said that his mind was more peaceful than before, and he didn't want to argue with anyone. For example, he used to think about entering Forbes's top 100 and top 50.

Why did not apply for bankruptcy in the year of high debt?

"Bankruptcy will lose credibility and fail to be mixed up in rivers and lakes".

Games continue to play "subversion".

And investment seems different, Shi Yuzhu said, giant network is playing out.

Shi Yuzhu recalled that in those days, a few severed demission mainstay, intended to raise 15 million pioneering work, the network game that these people developed before he happened to have played, and the cash in the current period, the nature of playing games, so immediately launched 20 million, 5 million of them make preliminary expenses.

But unexpectedly, the game was not developed, and the company soon went bankrupt, which forced Shi Yuzhu to come out.

When studying whether to invest additional money, Shi Yuzhu finally judged the team's plasticity according to the traditional experience, and the core competitiveness could be built into the second generation network game business model, which was modeled on Korea, that is, the "free online games" (props charge) mode. The model was applied to the "journey", and the game was rebuilt with an additional investment of 20 million.

By 2006, Shi Yuzhu was really involved in the operation and management of online game companies.

At that time, the popular mode of online shopping was the business mode of time card. In a drinking and booting sound, Shi Yuzhu led the team to resist the pressure, and the journey of prop charge was brought from 200 thousand to 2 million 100 thousand at the same time.

Since then, the bone ash player has turned from health products to online games, and sideline has become the main business.

It was not until March 30, 2011 when Ji Xuefeng announced the third generation online game business model that the outside world realized that Shi Yuzhu's disciples had never expected to overthrow their teachers again.

It seems that the two subversive acts of master and apprentice have nothing to do with "cowardice".

Ji Xuefeng said, "we are the first to do the free mode. Therefore, it is not only the" journey ", but also the other players are scolded by the players in the second half of 2008. History always leads us to think about where the future is, only in this way can we go faster.

Unlike the grand and perfect time and space that constantly stretch to the movies and music, Shi Yuzhu is determined to go all the way in online games.

After three years of deliberation and improvement, the third generation online game business mode emphasizes the principle of fairness. On the basis of free mode, the mall is cancelled. The official no longer sells props, and all the equipment drops or outputs. The players acquire equipment props through mutual paction, and the official only takes 5% of the paction fee.

Of course, in addition to the business mode of "offensive", Shi Yuzhu also left a trick "defensive".

Judging from the development of China's original online games, the sequel is not red, it is a difficult circle to bypass.

In order to prevent possible deviations from the "quality strategy", the giant network has reformed the R & D mechanism: the group has set up a R & D technology platform, and each research and development project is subsidiary. The group contributed 51% of the total investment, and the R & D personnel contributed 49% of the total investment.

The R & D success is operated by the Group Agency, and the failure of R & D fails.

As a result, R & D personnel have a sense of ownership, rewards and punishments are clear and everywhere.

"Journey 2" was discovered under this new mechanism, and was listed as the company's focus on promoting online games.

"In the details, the boss's eyes are very harsh, unlike Chi Yufeng, Qiu Baijun and other big guys," Ji Xuefeng said. Shi Yuzhu played the game very well, dared to cling to the board, cling to the board quickly, and the smallest deviation could be found by him.

"The R & D staff raised 3 million yuan for the research and development, and I also promised the premise:" I am not allowed to play before the product is finalized, "he said.

For this reason, Shi Yuzhu also laughed and said, "being a good man is a failure."

Joking is a joke. Shi Yuzhu's bigger layout is to let the company get rid of its dependence on him. He must train the team.

In the past two years, there have been twists and turns in the pformation, some growth and temporary, he said, this is inevitable.

Until one day, Liu Wei informed Shi Yuzhu that he could play "Journey 2", and the team was not worried about being scolded.

Shi Yuzhu's "work" was actually staged.

From the earnings report released by the giant network, the net profit of the single quarter in the fourth quarter was US $35 million, an increase of 16.9% over the same period, an increase of 10.8% compared to the same period, and a cash reserve of US $more than 900 million.

In the 4 quarter of last year, the growth rate of revenue has increased by more than 5%, and it has apparently stepped out of the online gaming industry and has entered a rising channel.

The giant network listed on the NYSE, excluding the cash reserve, the P / E ratio is about 6 times that of the Internet bubble.

Today, "Journey 2" is good, and what Shi Yuzhu and Ji Xuefeng are most satisfied with is that the loss rate of players is low.

Shi Yuzhu is a Bachelor of mathematics in Zhejiang University, and Ji Xuefeng is a master of mathematics in Fudan University.

Timid or bold, master and apprentice two people are now talking about the number of online games.

Exclusive dialogue

About entrepreneurs circle

Talent: who do you admire most in the circles of Chinese entrepreneurs?

Shi Yuzhu: Liu Chuanzhi and Ma Yun are most appreciated.

Liu Chuanzhi, I admire him for his solid style and habits. For example, his corporate culture is very solid.

Ma Yun, the strategy is very good. He can see 5 years and 10 years later. A few years ago he talked with him.

"Elite": will you exchange games with other online game chiefs?

Shi Yuzhu: these two years are few. Maybe two years later, the company is big. It seems that they are not playing games. I tried to talk a few times, and they didn't understand their products.

You like Chen Tianqiao (column), I talked with him, found that he is more interested in Hunan satellite TV and so on.

Investment strategy and suggestion

Talent: do you choose projects, see more teams, or look at the future of the industry?

Shi Yuzhu: there are two things to watch.

First, we need to look at the team, second look at the future of the industry, third look at the future of the project, and fourth, see where the core competitiveness is, whether it is stable or not, and whether it can be maintained.

"Elite": whether it is wine, health products or online games, you are the latecomers, summed up experience?

Shi Yuzhu: first, the individual must be concerned about this matter with all his heart and soul. Second, use team strength more effectively; third, we must find our core competition and make full use of it.

For example, when we make health care products, we have offices in 1800 counties throughout the country. We can manage them well and manage better than foreign companies. Why?

Because we used to do Hanka in the whole country, we had a lot of lessons and a lot of experience.

"Elite": giant network holding 6 billion yuan in cash?

Why not play a bigger role in capital?

Shi Yuzhu: it's conservative.

My principle is to see if I can vote again. I'd rather miss the opportunity.

So you see that in the online games industry, we are much less aggressive than our money and go everywhere.

But we do not seek rapid growth, but we must be safe.

Elite: how do you position yourself?

Shi Yuzhu: now I am a capitalist. I am working hard to become a capitalist.

Talent: have you been investing in big projects, do you not care about angel investment?

Shi Yuzhu: angel investment is actually joining the team, ready to invest tens of millions.

But it can't be very big, because angel investment is very risky.

We need to put money in a charitable way, knowing that most of the money can't come back.

However, in the specific operation, we must go according to the formal PE investment procedure.

And what about the result?

Resign oneself to one's fate.

You can't decide how much money you earn and how much wealth you accumulate.

Talent: what advice will you give to the entrepreneurial team?

Shi Yuzhu: don't set too high a goal. At the same time, you want to do a lot of things. Try to concentrate on doing one thing well. Don't always look east mountain high.

I see a lot of entrepreneurs go all the way, many losers are just a good project, but interest shifted, and do a few things at the same time, and finally went downhill.

My advice is to do a good job well.