In the November 20 Chinese companies named Outstanding Innovation Awards ceremony, Shanda president Jun Tang made an impromptu speech about his experience on Wall Street three times, it is worth a lot of preparation to go overseas listed Chinese companies food for thought. Here's this Tang Jun speech transcripts, without my confirmation.
Tang Jun: left Beijing to return to Shanghai nearly four years, and went to the grand, grand to the world we have become a NASDAQ listed company, the feeling from the the world are getting closer, but for me personally, the feeling from the center of China, Beijing Capital is getting away, so there are some sad, but I will always seize some opportunities to and Beijing relying on past that, for example, we just concluded Party Congress, I also try to squeeze all my time to participate in Congress, of course, is the way via television. For example, as we have today annual meeting, is of particular interest to me, which I particularly want to attend a meeting. ask in the past four years, Tang Jun What do you do? What results? I want to talk about the main topic today, I want to Over the past few years we talk about what I went through a few times on Wall Street.
I've been a total of three times on Wall Street, made three road shows, road shows three times I experience this as a theme of my speech today. Many people will feel , on the road show there is a curiosity, or a sense of mystery, felt roadshow that? In fact, I think the term road shows, and many of our popular term in today's China are similar, for example, moving a lot of his own company company called logistics companies, these companies introduced nanny called talents exchange company, the process is called road shows to sell the stock, it sounds beautiful, but doing it is not simple, but very hard.
When I joined the first three months of grand When I set foot on a grand global roadshow of the road. grand roadshow, I believe that all Chinese enterprises, listed companies roadshow is taking exactly the same way, because after all, is a grand row inside in the forefront of the entire company, we In Hong Kong, Singapore, London, Frankfurt, and finally transferred to the United States more than a dozen cities, a series of road shows, sometimes in the United States time to catch on with the business jet.
our road show, we give an investor a tells the story of a grand, such as online games, this business model, he is not for Americans to understand, because in the United States has not called a successful online business model, so when the grand as the first online game company in China to road shows, we need to talk with him about a grand in the process, we introduced online business model, which is the traditional software business model is completely different.
fact, innovation is what online games? online games Innovation is the business model innovation is that it, rather than technological innovation, we all know is a gaming software company, do online is to do in software, why is difficult to make in China, a very successful software company, and online games Shanda online game company as successful? we changed? we changed our traditional software business model, selling software into the past to sell a service, so we have to talk, we talk about big business model innovation, not us What is their business innovation.
through our talk, we revisit the number of Internet users in China, because the number of reasons, there are so many users, there is sufficient income support, so that the enterprise becomes more powerful, So we became the first Chinese Grand Nasdaq-listed online gaming companies. Of course, the model accepted by the U.S. investors. So we see many, many online companies have become the United States, Hong Kong listed companies. The first roadshow We are successful, investors in the United States accepted the concept of online games, online games is an innovative accepted, is a business model innovation.
second road show in 2006 we do, why ? as we see market competition, we were in transition, a grand for a major transformation, from the traditional pattern of this collection point card, turned into what? transformed into a free mode, many people for free mode does not understand, particularly Wall Street, such a good business model, he said you had one and a half terms before you, Shanda's business model is the most perfect model, the software into a service, you now this business model completely broken, we have a way of tickets, about to become no tickets, so what is your source of income? you are doing innovation, but you are disruptive innovation, you put a good business model for traditional destruction, such a business model so that investors doubt, so once our stock price caused serious setbacks.
so I shoulder this mission, I embarked on Wall Street the way, what are we doing? We still have to Wall Street about the grand model, which is a grand innovation. We have to know, as the first innovation of enterprises, it is difficult. not just that we in the difficult process of inquiry and, more importantly is that this innovative model for others to accept become more difficult.
road show we are doing the process, we try to convince our investors to our future will be successful, but when the road show at the end of the first day, I discovered that Americans do not accept American want to see? he wants to see results, he would like to see or let him see the successful model of the past, but you need to know the free model in China is not, but I was told he will be successful, Do you think investors will believe that? they do not believe it. The first night I thought a lot, because after the first day of what effect did not go out, no one accepts our model, you have to destroy such a good business model to become free mode, how do you explain the pattern for free. That night I like a lot, because I know what you want, he needs to understand the past success of his model.
the second day, I'll give them stories, talking about stories? tell the story of Americans can understand. you know, the Americans and Chinese IQ IQ is a bit different, some talk about a story they can understand what they can listen to the story one can understand? I started with them about the story of Disney, they know that Disney is the American people know that almost every one of the most simple story. Disney's business model? very simple, he had two, one is charged, Each went to a Disney, Los Angeles, Disney received 60 dollars. Another income is from Disney's consumer, such as your participation in it, for example, you buy the image of his cartoon props, etc., these things are part of Disney's other income. We did a survey, Disney is the value-added services revenue nearly 35% of its revenue. I said, changing the business model today, Disney, Disney's how to change the business model? We opened the door to Disney, almost all Americans are into the Disney not need the money, is a completely free way, we know that a Disney in the past to accommodate 3 million people, after you open the door, you think you can accommodate at least 10 people, 15 million people come in, that 10 million people, 15 people come in, why? because it is free, tickets are free, but he also will buy 15 million people inside the props will be spending in it, there is consumer income can make up for ticket revenue, which is what we say Disney's innovation model. Disney do it? Disney can not do it what are the limitations? physical limitations he has it, Disney was just as a piece of land, over the past 3 million to 15 million people what the situation is ? this crowded, I believe not to mention the 15 million people in the past, even the 3 million people may be reluctant to come in, Disney had this concern. Disney can not do it, I can do, because the network is infinite, can all people are attracted in, and our income, the income of a grand past, we are almost 70% of tickets, 30% received props from our charges. we change it, props to be our only income, but We make a calculation, the only income that can make up for past tickets, or even more than it would if you operate well. Americans are really high IQ, what understand, the results of two-week road show, we have a grand stock from the then all of a sudden rose 14.5 to 20 dollars. two weeks, Americans are very realistic, when he understood the model, when he could see when the next successful model, he will buy your stock, we It took two weeks to such a success.
that was not enough. one and a half ago, I went to a trip to Wall Street, why I'm going to Wall Street? because today so many of the online games market becomes more competitive, Many gaming companies to go the same way, that is the grand free model, we need constant innovation. the third time roadshow, we need to talk about with other people and other companies of different grand gap, the gap between where we are? Our gap is not then is the business model, the gap between the original business model, nor is it free gap, the gap is what we have? is our in-house innovation, in the past or that we are now a lot of games they have made online games company, is a more section, two games business model, our business model is it? We hope to become a platform for two grand is not just a game operator, we wish to turn it into a platform. In this platform, We hope to have more games in there, not just a now, we hope to become 20 models, 60 models, into a platform. I was with the United States, Wall Street investors say, 20 games for each of them a succeed is difficult, but let each of 20 models were not successful a game more difficult. on this one simple truth, all of a sudden I believe that such a simple language alone, and told investors to enable them to re-recognize the grand, understanding grand in the process of innovation role. but also to tell you, that is, two weeks after our third road shows, road shows was when I went to big Wall Street share price is 26 dollars, two weeks later, returned to Shanghai, this time into a 37 grand price dollars. What is this? This is an innovative idea, do we need? We need more innovation, we need to promote innovation in business success inside, we can not stay In the original process.
once again thank Tsinghua University, for
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