Time Holdings has no external investors, no equity incentives, and no listing plan. His core department is Time Lab, and the other is a number of subsidiaries incubated through acquisitions and Time Lab. In Zhou Shi's vision, Time Holdings will continue to incubate entrepreneurial subsidiaries one by one, and after independent operation, it can compete directly with any company under Time Holdings without restrictions. The insiders of Time Holdings can choose to invest in any company, and can choose to invest in multiple projects according to different levels and contributions.

Companies such as Google are incubated incubated projects and stay in the company to develop, and time is the time to incubate the project and operate independently. While attracting talents, let those who are willing to engage in research work continue to stay, let those who want to start a business go out, and let those who fail to start a business come back to process and rebuild. While maintaining internal vitality, it is also necessary to harvest sufficient funds.

Whether this model is suitable or not, whether people in the company like it or not, one thing is certain. Time Holdings, or Time Lab, has a high reputation all over the world, is a powerful technology company, its fist product Android is the second largest mobile operating system after Google's Android, and the user experience ranks second after Apple's IOS. It is a good operating system that grasps the user experience and user freedom. Time Chrome is also the second largest browser in the world, the first is IE, and the third is the historic Firefox browser. As for big data analysis and prediction, there are many cutting-edge research such as computer deep learning, and the key is that Time Holdings is the parent company of Friends.com, which owns NetSuite, a SaaS company at the forefront of the industry (including orkday, MySQL, etc.), and has also invested in Guoke mobile phones. Its companies also have a series of excellent products such as music, maps, time payment, and artificial intelligence voice assistants. Over time, the value of these companies will become more and more prominent. As a high-IQ scientific and technological elite, Zhang Yaqin should know that his achievements at Microsoft have reached the peak, and if he wants to break through, he must change places. At this stage, in addition to Baidu, Ali is barely qualified for Time and Friends. Ali has not yet reached the harvest time, and its investment in high-tech is far from being comparable to that of Time Holdings. Baidu is still struggling on the road to internationalization, although it has a huge cash flow, but in terms of investment in the future, Robin Li is far less bold than Zhou Shi. In general comparison, there is no more bullish enterprise in China than Time Holdings.

With Google's withdrawal from China, the rise of time and friends has successively harvested a large number of talents from Google and Microsoft. Today, the biggest problem that plagues the company's development is finally no longer the talent factor, and the company's management has become the biggest problem. Time Holdings has invested in incubating so many companies, to a large extent, it is to turn Zhou Shi's ideas into reality, but this is far from enough, the company's operation will inevitably face countless challenges, even if there is not much competition from peers, it is also facing the continuous change of user needs, and the evolution of products requires the person in charge to invest more energy, although there is an equity incentive system, but they will really operate with their hearts? Zhou Shi does not know. I had to motivate them through various methods to turn this entrepreneurship into their own.

Although Zhang Yaqin agreed to join Time Holdings, Zhou Shi did not ease down, he not only had the matter of Time Company, but also the problem of the A-share listing of Friends.com needed to contact many people, and the IPO of Guoke also needed to solve many problems. At the end of the day, if you don't have a deep relationship, you can only get something done through an exchange of interests. Huaxia Friends and Guoke Mobile are both unicorn companies, and if the company wants to go public at this time, there will inevitably be a great distribution of benefits. The question of who and how much to sell shares to is complicated. However, when it comes to cases with such huge funds, it will be difficult for some second-generation people to get involved. Zhou Shi's partners are all national brands, and not only that, but he also has to accumulate strength for AIA's acquisition.

Several major domestic insurance companies are eyeing AIA, and Du Jiaqi has taken over the position of CEO of AIA with the efforts of many parties. The next thing is more and more important, and he can't be careless. When the matter of Yanjing is over, he is ready to go to Xiangjiang, and then go to the United States to negotiate with AIG and officially participate in the bidding of AIA.

Even if the domestic listing of Friends.com goes smoothly, it will be scheduled until next year, and at this time it is just to make some preparations, in addition to finance, it is to coordinate the relationship between all aspects.

"Simon, what do you think of the profit model of Friends?" Lei Jun has been at the helm of Time Holdings and Friends for so long, in addition to maintaining steady growth of Friends, he has made some attempts in other directions, and there are not many substantive actions that can bring changes to Friends.

"The main income of the friend network is advertising, whether it is e-commerce advertising or brand advertising, there should be no doubt about it, in addition to mobile advertising, its form of expression is very different from PC advertising, we must pay attention to protect the user experience, in the short term there can even be no mobile advertising, information flow is our most important magic weapon" Zhou Shi

In the U.S. digital advertising market, Google is the largest, followed by Facebook, but Google's ad revenue is almost double that of Facebook. The gap is still obvious.

"But our advertising revenue may not be as large as Baidu's," said Lei Jun

"If you can't reach it, you can't reach it, don't we have other sources of income?" Zhou Shi

"In addition to advertising is value-added services, including wireless value-added 1 billion soft sister coins (in history, Penguin's mobile and telecom value-added service revenue in 2010 was 2.7 billion), and this income has reached its peak, and it will be less and less in the future. In addition, the value-added income of virtual games is close to 800 million soft sister coins, the entire web game market is about 4.1 billion, and the value-added income of third-party applications, including games, is about 600 million, and we account for nearly half of the scale of the web game market. Of course, this includes avatars, gifts, etc

"How much is the advertising revenue?" Zhou Shi

"Advertising revenue is 2.2 billion, oh, these numbers are for a year from June last year to June this year. "Lei Jun

In other words, the annual income is about 4.6 billion, which is less than 5 billion soft girl coins, which is indeed a bit less. Zhou Shi, according to the profit margin of about 40% of Internet companies, it is also a profit of 267 million US dollars, of course, the actual situation is now definitely a loss, all aspects of R & D and operating costs are extremely high, and the income is not enough to ensure profitability.

"Baidu's revenue last year was only 4.5 billion soft sister coins!" Lei Jun defended

"Their revenue has grown by more than 50 percent this year, right?" Zhou asked

"I guess so, our revenue growth is really fast this year. "Lei Jun

"The market environment is better, and our life is better, but this is how the gap between companies has widened. "Zhou Shi

(End of chapter)