January 14th, Pullman Hotel, Shanghai
The morning was spent in the top-floor banquet hall, filled with the dry rustle of paper and low murmur of negotiation. By noon, it was done. Chen Yansen, flanked by Wang Zihao, Song Yuncheng, and their legal and finance teams, had no further objections. Pens scratched, the official seal of Senhai Technology thumped down with finality.
20% equity for 560 million RMB. A post-money valuation of 2.8 billion.
The news would send shockwaves through the industry.
Chen Yansen shook hands with each investor from the three firms, exchanging polite smiles. Half of my previous life's net worth, he thought. This rebirth is paying off.
"Congratulations, Mr. Chen," Zhang Jiancheng said, his grip firm. "With this capital, FoxTao's talent acquisition, marketing, and tech development will see a quantum leap." His smile didn't quite reach his eyes, the unspoken reminder clear: Spend it as agreed.
Young founders often got drunk on sudden wealth, blowing it on sports cars or funneling it into shell companies. Zhang was watching.
"Thank you for your trust, Mr. Zhang." Chen Yansen's reply was smooth, acknowledging the warning without engaging. He'd noted Zhang's shrewd move—cutting out SIG and partnering with IDG to secure this round. The man was decisive, unscrupulous, and bound for greater heights.
"Mr. Chen, a moment?" Liu Zhiping approached as Zhang stepped aside.
Zhang offered a knowing smile and moved away. He was an investment manager; Liu Zhiping was the real deal. He knew his place.
"Thank you, Martin," Chen Yansen said quietly as they walked. "Without Tencent's weight, IDG and Thinking Capital wouldn't have gone to 2.8 billion."
"A high Series A valuation vindicates Pony's judgment. Without the ability to match it, no price is justified. You're the real deal, Sen." Liu Zhiping nodded, using the familiar address.
They exited the banquet hall for a private conference room—standard fare for a business hotel like the Pullman.
"Pony wants you to take over Paipai.com," Liu Zhiping said bluntly once they were seated.
"Brother Martin, I've said I don't want to work for anyone," Chen Yansen replied, his smile polite but unwavering. He'd give Ma Huateng a customer service job at FoxTao, but working for 'Pony Ma'? Not a chance.
"Don't refuse so quickly. Pony authorized me to offer you full autonomy over Paipai.com. Annual salary of 30 million, plus 200 million in Tencent stock options."
The terms were staggering, enough to tempt even a Zhang Xiaolong.
Chen Yansen was briefly stunned. Ma Huateng's determination to conquer e-commerce was fiercer than he'd imagined. Then he understood: WeChat, Ma's ace-in-the-hole, hadn't launched yet. With a focus on building a complete ecosystem, surrendering the e-commerce track wasn't an option.
200 million in Tencent options…
Tencent's 2011 market cap was nothing compared to its future peak. Accepting now meant cashing out a fortune worth billions a decade later. More money than he'd seen in two lifetimes.
"Brother Martin," Chen Yansen began, taking a steadying breath. "Please convey my apologies to Pony. I'm not interested in Paipai.com, or in joining Tencent's e-commerce division."
Liu Zhiping's brow furrowed, genuine surprise flickering in his eyes. "Don't think the 200 million options and FoxTao's 2.8 billion valuation are worlds apart. You know the ceiling of the shopping guide model better than anyone. Don't be fooled by how Zhang Yong and Liu Qiangdong are playing nice now. Once they decide to squeeze you out, how much of that 2.8 billion do you think will remain?"
Chen Yansen smiled inwardly. A veteran sees far. Indeed, in his past life, Alibaba's 2016 alliance rules had gutted shopping guide sites by excluding their traffic from Taobao sales rankings. Liu Qiangdong was even more blunt, calling them "highway robbers" with no value. The industry had crumbled overnight, too dependent, too slow to pivot overseas.
He'd lived through that golden decade of e-commerce and held no illusions about Jack Ma or Richard Liu. He didn't plan to stay at FoxTao forever—a year or two, then find a buyer, cash out, and exit.
"I understand the value of those options," Chen Yansen said, his voice calm and confident. "And I have a plan to navigate the policy shifts of the domestic e-commerce giants."
"You're making my job difficult," Liu Zhiping sighed, a wry smile on his lips. "I promised Pony I'd bring you into the fold." He recognized Chen's tone; this wasn't a negotiation tactic, but a firm, final refusal.
"Tencent is now FoxTao's major shareholder. In a way, I'm already working for Mr. Ma," Chen Yansen joked, lightening the mood.
"With a giant's backing, you get unimaginable resources. Why waste your time going it alone?" Liu Zhiping pressed, one last time. In his position, he'd have taken the deal without hesitation.
Chen Yansen thought for a moment, then echoed words from a past life. "A man can fail a hundred times, but he only needs to succeed once on his own terms. I don't want my achievements forever credited to my investors, and not to me."
"Come to Shenzhen sometime. I'll treat you to tea." Liu Zhiping stood, his tone neutral. No agreement meant no more time to waste.
"Let me see you out, Brother Martin." Chen Yansen escorted him downstairs before returning.
The press conference and celebratory banquet proceeded as scheduled. At 1:30 PM, Tencent News led with the headline: "FoxTao Secures 560M RMB Series A, Valuation Hits 2.8 Billion."
Cheers erupted on the second floor of the Xucheng startup park.
In his office, Tang Qingshan pondered for the first time: Entering FoxTao in the March student entrepreneurship competition… wouldn't that be bullying?
In Chunshen, Chen Guobin stared at the news on his phone, utterly numb.
Portal sites and Weibo swiftly followed.
"IDG Leads, Tencent & Thinking Capital Follow: How High Can Shopping Guide E-commerce Fly?"
"Sub-6-Month Startup, Core Team All Students: 19-Year-Old Prodigy Builds Near-Unicorn?"
"Shopping Guide Leader Emerges: As Followers Swarm, How Will FoxTao Build Its Moat?"
Mogujie, originally slated for a February 2011 launch, jumped into the fray a month early.
Meilishuo, founded in late 2009, announced a business overhaul the same day, launching merchant recruitment and a brand flash sale channel.
Overnight, affiliate marketing e-commerce became the industry's hottest ticket.
At the banquet, Zhang Jiancheng asked, "Mr. Chen, your thoughts on Mogujie and Meilishuo's moves?"
"The barrier to entry in this industry seems low, but the barrier to success is deceptively high. Not just anyone can pull it off," Chen Yansen replied with a dismissive chuckle.
He welcomed the competition. With hundreds of millions of netizens—a number growing by 100-200 million annually—FoxTao's 40 million registered users were just the tip. Over 90% of shoppers were still wary of the cashback model.
Mogujie and Meilishuo would help educate the market. Once users understood shopping guide e-commerce, they'd naturally gravitate to the leader.
Chen Yansen's job was clear: hoard traffic on one front, lock down merchant resources on the other, and emerge the ultimate victor.
Seeing his confidence, Zhang Jiancheng, Lin Chenfeng from Tencent Investment, and the IDG representative felt reassured.
The banquet wound down by 8:30 PM.
"Heading back to Xucheng tomorrow," Wang Zihao said. Winter break or not, the project team needed minding. The teens were getting their first taste of a life without summer or winter vacations.
"You?" Chen Yansen asked Song Yuncheng.
"Going back to my hometown. Should be back in Xucheng by the afternoon of the 16th," she said softly, pulling her collar tight.
"Lucheng? Ticket bought?"
"Mm." She nodded, looking down. Buried in financing prep, she'd forgotten. By the time she remembered, student winter travel had wiped out all tickets. She'd try her luck at the long-distance bus station tomorrow.
"Get some rest then," Chen Yansen said, glancing at his watch, then at her evasive expression. They were all staying at the Pullman.
Back in his room, Chen Yansen gazed at the glittering Shanghai skyline.
He had two years before 4G and smartphones went mainstream.
What's Lei Jun doing now? Finalizing the Xiaomi Mi 1?
Zhang Yiming? Probably still grinding on 99fang.
Huang Zheng from Pinduoduo? Still at Google, I'd bet.
A chuckle escaped him. "I'm not doing so bad either. Richer than them, sure… but is 'Jun' as handsome as me?"
He pictured himself cashing out years later, casually remarking:
"That year I was nineteen, sitting on a chilly 4 billion—such a hassle."