Tencent

"During his tenure, Naspers made a number of bad investments, a few mediocre ones, a few good ones and one that shot the lights out. The stake Bekker and his team bought in 2001 in the Chinese technology firm Tencent outperformed everything else, and was one of the best technology investments of the twenty-first century."

"Fifth, is the huge population of China. It’s the largest consumer market in the world. And the largest consumer market will produce the world’s largest businesses. China Mobile, the ICBC, Tencent and Alibaba are already global scale businesses. This will spread to other fields of the service sector: e-commerce, the video game industry, the online travel industry, apparel, food and beverages … and, of course, hotels. My rough estimate is that the key players in the future hotel industry in China will have over ten thousand hotels, of which the driving force will be budget hotels. That scale will make it a world leader in future."

"Compared to the young and vibrant Tencent in Shenzhen, the Moutai Distillery is located in a valley in the mountains of Yunnan and Guizhou, a typical traditional craft-based manufacturing enterprise. Its evolution seems static, like its brewed wine, yet it is bold, slow, and in step with time. Its understanding of craftsmanship and technology is entirely different from that of the internet industry. If Tencent’s corporate history is an “explosion from 0 to 1,” then Moutai’s history is a brewing history transitioning from tradition to modernity, from “alchemy” to science."

"Tencent’s co-founder and CTO, Zhang Zhidong, believed that Wang Xing’s understanding of group buying surpassed that of Tencent and Groupon. “In doing group buying, Wang Xing must be better than Jack Ma and Pony Ma. In this competition, the core team’s understanding is decisive. Good execution, cost, pace, order, all well-executed. When everyone was burning money, Meituan pursued the most economical, efficient, and sustainable way.”"

"If BAT (Baidu, Alibaba, Tencent) directly entered group buying and went to war with Meituan, this is Meituan’s strong suit and they are not afraid. The fear is competitors entering from outside group buying. Crises always lurk where unseen, and you can’t predict where the competitor will strike from. Wang Xing and Meituan can only work harder and move faster."

"They recruited employees and formed teams in various cities, sought offline life service (catering, KTV, movies, etc.) merchant collaborations, offering discounted prices to internet users, who then paid online and consumed offline. Group buying was the hottest entrepreneurial field over the past three years, with up to 5000 group buying sites at its peak. By 2014, most group buying sites had closed, with the remainder either struggling or acquired or invested in by Baidu and Tencent. Only Meituan continued to thrive, dominating the field. In 2013, Meituan’s transaction volume was 16 billion yuan, occupying over 50% of the market share."