Hangzhou, June 14th, 2011, heavy rain. At two o’clock in the afternoon, the Alipay equity change briefing will be held in the conference room on the sixth floor of Taobao headquarters. At the press conference, Ma Yun, who had just returned from the United States, wore blue and white striped short sleeves and faced more than 60 media outlets that smashed the audience. He kept making gestures of emphasis. Despite the outstanding ability to speak, Ma Yun has repeatedly made mistakes, but everyone clearly heard the sentence:

[1] The cause of the incident was that a month ago, Yahoo released a notice of vibrating the market, and confessed that Ma Yun transferred the equity of Alipay to the world. According to the announcement, Ma Yun did not get the approval of the board of directors to transfer Alipay to the 80% of its own domestic company, and cut off Alibaba’s control agreement with Alipay, and Yahoo, one of the major shareholders, was unaware of this. As soon as the news came out, Yahoo’s share price plummeted 7%. At that time, Ma Yun was attending the D9 Digital Conference in Los Angeles. The Wall Street Journal columnist Kara Swesher made a sharp question to him and even used “stealing” to describe his actions.

Domestic public opinion is also suddenly stunned, and there are different opinions. Some people think that Ma Yun is forcing the transfer of equity in Yahoo. Some people doubt Ma’s moral problems, and they are also applauded for Alipay to get rid of foreign investment. Flowers and eggs flew together, cursing and applause. “Contracts and property rights together form the cornerstone of the market economy, and trampling on the contract principle hurts the market.” “No one can stay out of the way, some people are self-interested, regardless of the whole industry dragged into the water. Angry, speechless.” “Robbers have seized the property of others and destroyed our international credit, but they have to pay for all Chinese.”

The most famous representative in the domestic “reverse horses” was the famous media person Hu Shuli. She stood up for the first time and published an editorial, “Why is Ma Yun wrong?”, describing the transfer of Alipay’s equity as “stolen days” and malicious infringement of shareholders’ rights. The article believes that as a representative of the industry, Ma Yun’s low-level mistakes seriously violate the spirit of the contract, bringing a very bad negative impression to the Chinese economy and Chinese corporate image. Those Internet peers who have already obtained or are fighting for foreign investment are also heart-wrenching and bitter. The media, investors, and industry geeks who represent the mainstream public opinion have excitedly put Ma Yun on the fight, questioning the name of the license, and violating the business ethics and dragging the industry into the water. Ma Yun, who has always been confident and confident, is not calm.

[2] Behind the seemingly unrelenting, Ma Yun has always been a cautious person. When he went to the United States to fail for the city of Hangzhou, he first saw the Internet in Seattle. When the other party asked him to try to type on the keyboard, he did not dare to touch the computer: because he was afraid of knocking out the broken, very expensive things. This is his own “cheap” and cannot be based on the loss of others. In 1995, a television station in Hangzhou arranged for five or six people to “steal” the manhole cover to see the passers-by reaction. When everyone else walked around and didn’t want to cause trouble, only Ma Yun stood up. After a few rounds, I couldn’t find someone who could help, so he turned back, one foot on the bicycle, one foot stopped, and the “stealing” loudly: You dry up (I guess this sentence) of).

One foot is on the bicycle because the other person is “strong and strong.” If he is doing with him, he will definitely not do it, so he has a bicycle on his foot so that he can start at any time: “If they rush, I will definitely escape.” This is to dare to do good, but also to protect yourself. Your own “cheap” can not be built on the basis of others’ losses; dare to do good things, but also know how to protect themselves; summed up, hope that we are all good, this is the background of Ma Yun, but many things, contrary to expectations. When people are in the rivers and lakes, they all have their own time. In January 2004, the Swiss town of Davos, where politicians from all over the world gathered, was snowy and the annual World Economic Forum was held here. Ma Yun, who attended the conference for the fourth time, was very worried because he was hesitant to establish his own “payment system.”

At that time, China’s financial industry was still quite closed, and the banking industry was still experiencing the pain of the shareholding system reform. The country is cautious, electronic payment licenses are nowhere in sight, and the backwardness of payment and integrity mechanisms bans the development of e-commerce. Ma Yun strongly hopes to establish a payment system to solve this problem, but he is faced with not only the risks of technology, but also the bottleneck of laws and policies. Previously, he contacted a large number of financial institutions and tried to work with them to try to establish a payment system in a risk-free manner, but they all failed. In the Davos forum, the discussion on corporate social responsibility has ignited the flame in Ma Yun’s heart. He called the country that night:

[3] At the end of 2010, the day before the application for payment license was submitted, the central bank deliberately sent a letter to all applicants: if there is a foreign-funded agreement, please re-declare, if there is no foreign-funded agreement, please make a public statement. When the outside world’s eyes were concentrated on the industry leader and foreign-invested 70% of Alipay, Ma Yun read the subtext of “notification” and began to plan for Alipay “no foreign agreement control.” In fact, before this, Ma Yun had pre-existing problems, and the consultations around the board of directors of Ali have been going through years. However, until the “notice” was issued, the differences could not be reconciled. Only Yahoo, which has the high-quality assets of Ali, still insists on applying for the license in the absolute holding of foreign capital; Softbank Sun Justice proposes to set up Alipay domestic company to conduct VIE control to try its luck.

In the final consultation, Yahoo first strongly opposed the transfer of Alipay and then simply stopped to express its position. Softbank Sun Justice also directly avoided the Alipay. Many people in the industry also believe that Alipay can rely on the status quo to continue to dictate the existence of foreign ownership. Because according to the policy at the time, the window for foreign investment in obtaining a license was not completely closed. “The People’s Bank of China separately stipulates that it should be approved by the State Council.” Regulators are also unable to judge the consequences of a one-size-fits-all approach.

Over the years, the Internet industry, which relies heavily on capital, has relied on the support of overseas investors. Many excellent Internet companies can only choose to go public overseas. In the case that foreign capital is restricted to enter telecom value-added services, it has spawned a VIE framework for the industry’s unspoken rules to bypass regulation by means of agreement control instead of equity control. However, Ma Yun knows that the larger the Alipay is, the less likely it is to “foreign control”. After a word of communication with the central bank, he has determined that to successfully apply for a license, only cancel the VIE agreement to convert to domestic capital. “There must be a lily method.” “If you don’t get a license, Alipay will become an illegal business, and the consequences will be unimaginable.”

Softbank and Yahoo did not support it, and Ma Yun, who only had a road in Huashan, decided to go to Huashan alone. At the risk of offending everyone, he made the extremely difficult decision: unilaterally terminated Alipay’s VIE, compensated Yahoo and Softbank, and stated to the central bank that Alipay had no foreign-investment agreement, and thus completely established Alipay’s domestic status. In the slogan of the one-sided fight, Shi Yuzhu, who is quick to talk, said: “Congratulations on Alipay returning to China!”

[4] On December 1, 2010, after Ma Yun’s difficult decision, the rules for the payment of license applications were issued. In May of the following year, the first batch of payment licenses was released, and the issue of the identity of third-party payment companies that had been pending for many years finally came to fruition. “I just changed it. The central bank immediately issued a document. The central bank will not issue you a certificate for one year. It will be sent to you immediately after the change. Can this explain the problem?” With the resolution of the industry leader Alipay, Internet finance The era is fully open. In 2013, Alipay (the later ant gold service) with Alipay as its core was established, and Ma Yun’s shareholding was no more than 7.3%. CEO Peng Lei said in a letter to employees, “From the first day, there is no, and there can never be anyone, as described by the outside world, put Alipay into your pocket!”

In 2014, Alibaba went to the US to list successfully. In February 2018, Alibaba replaced the equity of the Ant Financial with a one-third stake in Ant Financial. Up to now, Ant Financial has been a giant with a valuation of more than one trillion, and Softbank and Yahoo, which hold the shares of Ali, have naturally gained huge commercial returns due to their development. The unpleasantness of the beginning was finally a joy. And without Ma Yun’s “trafficking the contract principle” to legalize Alipay, all of today’s things may have been “not to mention the past”.

[5] Accompanied by the rise of China’s economy and the inevitable encounter with the United States in many industries. The economic security problems that have been suspended in the regulatory and industrial circles for many years have become a reality. Compared with the guns and the 5G field, the Internet industry across the capital markets of the two countries is slightly calm. However, the dark tide of it has not stopped since the “Alipay Equity Transfer Event”. Beginning in 2016, the regulator has repeatedly issued a rare article to push the return of VIE structural enterprises. After Trump took office, the US Congress and the Department of Commerce continued to tighten their censorship of Chinese companies. On May 24 this year, SMIC announced that it will be delisted on the NYSE. Although the announcement stated that it is due to strict supervision and high cost, it is still a lot of Lenovo when Trump is more hostile to China’s high-end manufacturing. .

When talking about SMIC’s delisting, Zhou Hongyi once again emphasized why the VIE structure had to be dismantled in 360: “If you solve the identity problem, you can take responsibility for resisting foreign network forces.” According to the 21st Century Business Herald exclusive, recently The financial account of the Ping An Group’s subsidiaries was merged with the 壹 wallet. The report quoted people familiar with the matter as saying that the central bank opposed the VIE structure of domestic payment institutions.

Looking back now, if the Alipay that occupied half of the country did not undergo a thorough Chinese-funded transformation and obtained a license under the control of foreign capital, many of the payment licenses today may have been in the hands of foreign investors. On the other hand, if the license is not obtained due to foreign status, China may not have the online payment success that leads the world today.

That is to say, if Ma Yun did not go back to the nickname and make that difficult decision, China’s online payment will definitely be another, and, most of the time, it is better than it is now. This is reminiscent of the chicken soup: What is the age of silence, nothing more than someone is carrying weight. “There are always some moments in my life. We need to take the courage to make choices. These choices are not only unreasonable, contrary to reason, but even offended to offend relatives and friends. Even so, we may still go it alone! Because we believe in our decisions, we Do what you should do the most.”

For Ma Yun, it is such a weight-bearing, such a forward. The Macao gambling king He Hongjun’s family is generally out of the stage when the big man is too late to come to the stage. The two Tai people are not in the rivers and lakes, but Yu Wei still exists. The three Tai’s implement a stable word and do not confront people. Then Si Tailiang An Qi is just a woman full of the vitality of the city. Just like the one she told the media peers, because there is no “loss” (book), everything will win. Four Taiyuan name (xuan) Wei Ling, like the predecessor San Tai, is a native of Guangdong, and his ancestral home is in Zhoutou Village, Yuantan Market, Leping Town, Sanshui County.

This small village is nothing special, but the ancient surname of “禤” has experienced two major migrations. After the war in the late Tang Dynasty, it moved southward and settled in the basin south of the Yangtze River. It was settled in Sanshui County in the Southern Song Dynasty in 1265, and later dispersed again and again in Fujian. The father of Yan Weiling is Qi Nenghai. When she was 13 years old, she joined the army as a soldier. After her wife and a son and a woman, she lived in Guangzhou. Therefore, Sitai is not an only child, and her brother is Qi Weiqi.

Compared with the “no-female girl”, the two girls have had no worries, and the girl four is obviously a ten-dollar “city girl”, who tasted the hardship of “foraging” prematurely. Around 1970, the father of the team’s four Tai, Qi Neng Hai died of cancer, one child and one woman only rely on the mother Liang Yuzhen as a nurse to feed. The grandeur of the ancestors did not have any relationship with Yan Weiling. Her childhood was also slightly dull in the hardships… When the torrent of fate almost wrapped around everyone, Wu Weiling did the right thing. The first multiple choice question: dancing or working. Apparently, she chose the former.

In 1973, the 13-year-old girl, Wei Weiling, gave up her studies. After being introduced, she was admitted to the Guangzhou Cultural and Art Troupe as a dancer. She did not have many chances during the performance of the art troupe. She could only jump the short paragraphs of “Red Detachment of Women”, “The Little Knife Club” and “White Hair Girl”. Yan Weiling was not busy at the time of the cultural and art troupe. In her free time, she often took a private job and did the beauty of the calendar. The rest of the money was used to subsidize the family and reduce the pressure on the mother. In 1980, Yan Weiling was 20 years old and coincided with the Guangdong TV station recruiting actors. She successfully entered the program and even planned to be a TV star.

However, the newcomer’s entry is quite limited. At that time, Wei Weiling not only had to sign a five-year contract, but also could not get an important role. So, there is another multiple-choice question in front of her: is it a TV star, or go out for a while? In 1980, Yan Weiling went to Hong Kong via Guangzhou and finally landed in Macau. Everyone is in a hurry and has no time to take care of what happened to others. Therefore, “there is no such thing as starving the streets.” This is the first impression of Wei Weiling on Hong Kong and Macao. At that time, she was still doing her first job. She opened a small dance school in Macau. She only collected young children and earned 700 Australian dollars a month. I don’t know when I can fly to the branches.

When Wei Weiling arrived in Macau, after reading an old book, she changed her name: Liang Anqi, the picture shows the good intentions of starting a new life. “Liang” follows the mother’s surname, and “An Qi” follows the habit of having a foreign name at that time, transliterated from Angela. Since then, the unremarkable 禤伟玲 has been off the assembly line, and the sleek reserve maid “Liang Anqi” officially debuted, and he wants to dance in the giants.