Text / Liu Wei
Source: A little finance (ID: yidiancaijing)
There is always a feeling that the Internet age is reaching the corner.
But I don't know if it is because of my own sensitivity, or the conditional reflection that the wolf has come. We will always be happy when we are suddenly happy.
The live answering of the money and the blockchain and P2P did not support the desire of the Internet to continue the carnival. As the Sino-US trade war friction constantly tested the impact on the big environmental sentiment, the capital pockets were tightened and the cash flow became Many Internet companies are living hard currency.
The overall growth momentum of the Internet has slowed down. BAT's collective adjustment of corporate structure and strategy, AI, Internet of Things and other cutting-edge technologies have been mentioned at high frequency and even cited in relevant national policy guidance documents, allowing more people to look down the line and To B business.
When doubts and confusion, I can't help but ask, is the Internet revolutionary change really coming?
Many companies are also screaming, Ma Yun’s DT era, Li Yanhong’s AI era, Ma Huateng’s industrial Internet, and Wang Xing’s second half of the Internet, all of which are better able to participate in the future from their own perspectives or from their own companies. The perspective of the future is likely to occur.
In 2018, a wave of listings was formed. Whether it was the establishment of Xiaomi and Meituan in the past ten years, or more than three years of quick hands, a lot of fun, and interesting headlines, everyone is like to catch a bell before the curtain is pulled. Tell the world.
The number of listed companies is indeed getting together. The number of technology companies listed in 2018 is more than the total of 2016 and 2017. It is listed in Sina, Baidu, Tencent, Sohu, Netease, etc. around 2000; Youku, Vipshop will be around 2010. After the listing of Qihoo 360, the third listing of domestic Internet companies.
In 2018, the Internet actually needs to be more moderate. Except for Cheng Wei, he yelled to Wang Xing, "I want to fight, I will fight," and then I can’t, and Ma Huateng and Zhang Yiming’s war in WeChat’s circle seems to be Nothing can make the Internet feel the events of the Internet hormones.
When the US group went public in September 2018, Wang Xing said: “Thanks to Jobs, there is no beauty group without a smartphone and mobile internet. & rdquo; Technology V Keso commented on this: I believe that Wang Xing's gratitude is sincere sincerity. This is also a declaration that declares the end of the golden decade of the mobile Internet.
Streamlining layoffs, tightening recruitment, breaking the bankruptcy, defaulting on accounts, and even forced mergers and acquisitions, a tragic atmosphere of Daiwei’s internal letter is always looming over the Internet 2018, making the Internet more intriguing. confused.
In the almost wilting state, the passion and blood of the Chinese Internet 20 years ago is particularly precious.
In the era of Internet pioneering that has never had four seasons, Shenzhou sideways, there will always be thousands of sails passing by, no one will care if there is a cold winter, those adventurous spirits that exude adrenal hormones, perhaps the most aggressive of the Internet .
If 2018 would be a node in this Internet age, then let's see how they used to embellish history.
If we look back on the beginning of China's Internet business development process, time must be fixed until 1995, because that year China Telecom officially owned its own independent trademark within the post and telecommunications, this subtle move, in the future, quickly promoted China's network infrastructure. The launch, and the influx of more pioneers.
1995 There is another thing that is of great significance to us. On May 1st of that year, China began to implement a double holiday.
In 1995, China’s land had not been sown any seeds of Internet commercial products. The first cultivator of this land was a low-key returnee, Tian Ningning.
▲2017 Wuzhen dinner bureau right fourth is Tian Suining
Compared to his name, what is now more familiar is the broadband capital behind him. In the same year, AsiaInfo, led by Tian Suining, took over ChinaNet's list of ChinaNet, completed network connectivity in 33 provincial-level cities across the country, and developed the first IEIF standard for transmitting Chinese on the Internet. Although the construction of China's network nodes has made Tian Ningning a good business benefit, but in the context of the country's almost closed lights, the Internet has been somewhat “something that Tian Tianning mentioned in the early interviews”. Go home & rdquo; a sense of mission.
At the same time that Tian Suining was cultivating land for the Chinese Internet, in 1995, Ding Lei, who graduated from college for two years, quit the iron rice bowl of the telecommunications bureau, and Ma Yun, who was admitted to the university but gave up the work of university teachers. There are also many early-generation Internet entrepreneurs who have similarly decisively abandoned the original ease of life experience. In recent years, many startup companies have been ridiculed as To VC and To BAT, but many people have joined the Internet in the past, and To is more passionate and believe.
Also in 1995, just after the 31st birthday, he left the returning plane. He remembered that Zhang Chaoyang, who founded a China online company, went to Silicon Valley to study Sanchao’s Wang Zhidong in one year. He had Infoseek’s huge annual salary in the United States but he wanted to Li Yanhong, who has returned to China to start a business, and Zhou Hongyi, who has just joined the Founder Group's rapid promotion, have vaguely heard the sound of China's Internet sprouting.
This is a very famous billboard in the history of China's Internet development. In the winter of 1996, it was hung on the corner of Zhongguancun Baiji Road. Behind this billboard is Bohaiwei, founded in 1995 by Zhang Shuxin's mortgage.
In those days, Zhang Shuxin had already harvested the first pot of gold in the paging industry with a sensitive business sense, reaching what we now mean “financial freedom”. However, in the early months when Ma Yun went to the United States for the first time in the United States, Zhang Shuxin also encountered the Internet in the United States. After returning home, the mortgagee borrowed from the bank and joined the Internet.
Although Zhang Shuxin resigned after three years, at least she left her billboard on the Chinese Internet. The milestones and enlightenment significance of it will surely make the pride of the “coin” No light.
Before Yan Haiwei “fall down”, Zhang Shuxin said something like this: “We know that we will make money after 2000, but we don’t know what to do now. & rdquo; After more than 20 years, those entrepreneurs who “lived” and “prepared for the winter”, if they can understand Zhang Shuxin’s feelings at the time, should also relieve some pressure.
In the same month that Qi Haiwei was founded in Beijing, there is another Internet company, which is the China Net founded by Wan Pingguo.
Although the China Net opened higher and lower, Wanpingguo basically retired, but in the opening of the Internet in China, he still made a great contribution to the society's positive interpretation of the Internet. In the early days, Wan Guoping’s ChinaNet was hired by a sharp IT commentator. After leaving the China Open, he was shown by the pseudonym Keso, which is the beginning of Wang Xing’s. Keso’s teacher has been in the Internet technology critics. Very senior status.
In addition to Zhang Shuxin and Wanpingguo, it is not easy, but there is also Zhang Chaoyang in confusion.
After receiving an investment of 170,000 US dollars in 1996, Zhang Chaoyang had nothing to do with the name of “Ai Texin”. The annual KPI was spent 20,000 RMB to assemble a server and was placed on the backbone of Beijing Telecom, becoming the first commercial server hosting in China.
▲Zhang Chaoyang during the period of Aitexin
However, Zhang Chaoyang still had some gains this year. He found that after using hyperlink technology to integrate more information into his website, he received good results, so Wang Jianjun, who became the CEO of 56 Network, made a search engine for himself. .
However, a few years later, the portal's built-in search business was handed over to Li Yanhong, who returned with the search patent technology. Not only Baidu, but also rumored that Ma Huateng was also obsessed with listening to Zhang Chaoyang's speech, developed OICQ, and Ma Yun, who had interviewed Sohu.
Although Zhang Chaoyang has now shown a state of transcendental Buddhism, doing yoga and swimming in the Straits, but in the same year, Zhang Chaoyang can be a fashion star, a big star.
So that in 2013, Zhang Chaoyang retired from the rivers and lakes and recalled his status at the time: I can say that the media is propaganda, so I was respected and loved by the society. It is a profound place. Like a rock star, it also nourishes my vanity and self-expansion. Buddhism was mentioned frequently in the interview of Zhang Chaoyang.
In recent years, I have heard countless stories about the control of Internet companies. How to balance the independent operations while accepting capital investment may be an annoyance for every startup. But Zhang Chaoyang said that 20 years ago, what he was most afraid of was that the company's directors went to the same city for lunch, because when several directors were eating and chatting, they chatted and chatted, and your CEO was gone.
Zhang Chaoyang’s other enlightenment work on the Chinese Internet is that Zhang Chaoyang’s overseas financing moves have proven a path for many subsequent Internet entrepreneurs when many people still can’t tell what the Internet is.
We should be grateful to the courage and love of those early-stage entrepreneurs. Compared with many entrepreneurs nowadays, there is a “step back”, and to a certain extent, they have no retreat.
02|Blindfolded, they came forward
Regardless of whether Zhang Chaoyang played a role in opening the road, but later, it was hailed as the four major portals of the Chinese Internet and the three giants.
Zhang Jingjun (who was then the director of the Guangzhou Telecom Data Branch) who helped Tian Tianning, met Ding Lei in Guangzhou in 1997 and became an honorable person who won the richest man in China in the future. Unlike Zhang Chaoyang's self-funded server placed in Beijing Telecom, Zhang Jingjun not only provided Ding Lei with servers and broadband equipment, but also gave a room for the second floor of the Guangzhou Data Branch to Ding Lei as the studio of NetEase.
In the year when Ding Lei founded NetEase, Ma Huateng used it for the first time and loved ICQ. In the following year, he gathered together “Tencent Five Tigers” to raise 500,000 and founded Tencent.
The early Internet companies could not be separated from the intricacies of telecommunications. The first version of QQ's predecessor, OICQ, was established by Shenzhen Telecom. As a product, QQ has achieved success. Of course, it was inseparable from Ma Huateng's efforts. Ma Huateng later revealed in public that when no one talked about QQ at the beginning, he had to change his girl's head to chat, which made the community very lively.
As the earliest CFido player in China (in front of the Internet access in China), Ding Lei and Ma Huateng are both senior worms.Today, Ma Huateng and Ding Lei are regarded as product managers who are recognized as running in the front line.
▲ Youth Ma Huateng
Twenty years ago, Ma Huateng was dressing up a female user chat on the Internet for the development of QQ. Ma Huateng was surprised by the commemoration of the “Tencent Document” on the line. For 20 years, but those who really love the Internet It seems that some traits have not changed.
In the early years, QQ users got a rapid growth, but the business model did not attach to it. If it is placed in the present, this is definitely a problem that does not need to be considered, because under the support of the ecological environment, the market scale is the business model. The Hundred Regiments, the taxi fight, and the cycling war are all the first to grab the market and talk about business. At that time, Ma Huateng did not have the big tree to supply money. In order to continue to go down, Tencent’s financing was painstaking and it was hard to find money.
Today, Tencent, which has a market capitalization of 3 trillion yuan, had eaten the door-to-door slogan of Sohu when it was looking for money 20 years ago. At that time, the CFO who had mastered the financial power of Sohu was the one who had interviewed Ma Yun. The later story is that Gu Yongzhen resigned and founded Youku to sell to Ma Yun's Ali. Ma Huateng's Tencent invested in Sohu's Sogou and promoted the listing.
▲Ma Huateng, Wang Xiaochuan, Zhang Chaoyang
Many Internet amnesties are often very anxious later, because they have indeed experienced it, and they understand that the wave of the Internet is always undercurrent. No one has a certain security.Keeping awe and waking is an essential skill for the survival of the Internet.
In the month before Ma Huateng established Tencent, one of the enemies in the future, Zhou Hongyi, who had worked for 3 years and 3 months in Founder Group, decided to do something himself and set up 3721. A Chinese-made IM tool, a website collection page navigation, who can think of playing a famous "3Q war" after 12 years. After the war, Zhou Hongyi’s “warrior” was more and more clear, so that in the last year when the voice was gradually silenced, a “people’s miss Zhou Hongyi” brushed the circle of friends of the technology media, together with the essays after Zhou Hongyi, Inevitably there will be a kind of "Lian quite old, can still fight?" & rdquo; sadness.
In fact, Zhou Hongyi also said his own heart in the essay: In fact, I know that everyone is not missing me, is the person who misses the truth, misses the challenger, and misses the gunfire of the Internet.
Nowadays, there are too few innovative artillery fires on the Internet, and there are quite a lot of speculative smoke bombs.
▲2018 Wuzhen Internet Conference, Zhou Hongyi sent Ding Lei Piggy Page Watch
It is not only Zhou Hongyi, but also the pioneer star of the Internet industry, Zhang Chaoyang. Zhou Hongyi brought the one-year-old Ding Lei to the watch of the piglet, and Zhang Chaoyang smiled quietly there, letting the media be regarded as the green leaf.
In the past two years, after Zhang Chaoyang returned, he recalled that money did not make him happy, but it was very painful. Ding Lei also said in an interview in 2017 that money brought happiness to himself less than 5%. Although this kind of high-profile and mundane remarks can easily become a part of social networking, at least they should be a way of life and wealth creation. However, what we have seen in the news in the past two years is indeed a lot of events that are running out of money and unable to repay.
The just-listed Mushroom Street was passed down to dilute employee equity, and founder Chen Qi responded: I am not obligated to be responsible for the expectations of anyone's wealth freedom.
It’s not right or wrong, but the environment has changed, the starting point has changed, and the angle of seeing things is not the same.
Speaking back to history, one year after the militant Zhou Hongyi established 3721, his other object of disputes many years later appeared —— Li Yanhong took a $120 venture capital investment and landed at Beijing Airport in the winter of 1999.
Among the earliest Internet entrepreneurs in China, Li Yanhong is the most brave one. Being brave is not about Li Yanhong’s enthusiasm, but about giving up his life before starting a business.
After graduating from Peking University in 1991, Li Yanhong went to the United States to pursue a master's degree. He then worked for Dow · Jones, The Wall Street Journal, and the well-known Internet company —— Infoseek.
Li Yanhong took the annual salary that the average peers couldn't match and the stock options that could easily be financially free. He had already chosen to come back, with the “global chain” that was already leading the world at that time. ;technology patent. Perhaps this is the reason. At the 40th anniversary of this year's reform, Li Yanhong won the title of “Excellent Representative of Returning to the Country to Promote Scientific and Technological Innovation”.
Like Ma Yun’s wife Zhang Wei’s support, Li’s return to China’s entrepreneurship is inextricably linked to his wife’s Ma Dongmin’s support.
▲Li Yanhong and Ma Dongmin
On the day of Baidu's listing in 2005, the stock price went all the way. At the celebration of everyone's excitement, Li Yanhong said to the audience: "There is a kind of courage in Baidu's spirit, and my wife, Dr. Ma Dongmin, is the source of this courage. . ”
What is commendable is that when he was interviewed by CCTV ten years later and was asked who was the most influential person in his life and career, he answered without hesitation: wife Ma Dongmin.
In recent years, after experiencing the "water reversal", Baidu's courage to take Ma Dongmin back to Baidu, and the company's first start in the AI field, so that the gold couple of the Internet circle once again joined the stage.
At the end of 1998, when Ma Huateng was to establish Tencent and Li Yanhong to visit investors in the United States for business ventures, Ma Yun, who was unhappy in Beijing, decided to climb the Great Wall and return to Hangzhou for a second venture.
Compared with Ma Huateng's products, Li Yanhong has technology. Although Ma Yun, the second entrepreneur, has neither of these, but fortunately, through his experience in foreign trade in Beijing, Ma has basically verified that the business model of online Chinese commodity trading is feasible. Sex.
Ma Yun's powerful language expression and emotional appeal ability is a great asset in the early days of Ali, which has an established basic business model but needs to persist in the execution of steel. This is also an important foundation for Ali to build a strong corporate hard work culture and to win the market for Ali through B2B.
Ali's business construction, Tencent's product logic, and Baidu's technology accumulation, BAT still has a very strong founder's genes after 20 years.
Ma Yun’s eloquence charm is still very strong and even dazzling.
Later, Ali CFO, the current vice chairman of the Ali Group, Cai Chongxin, flew from the United States to Hangzhou to talk with Ma Yun about investment, but after four days of communication with Ma Yun, Cai Chongxin said: Ma Yun, I want to join Alibaba. At that time, Ali was founded less than a year ago, while Cai Chongxin was a doctor at Yale and a vice president of Swedish investment company Invest AB.
Ma Yun charm, can be seen.
In 1999, Li Yanhong, who was in high spirits, Ma Huateng, who was restrained and graceful, and Ma Yun, who was full of enthusiasm, debuted.
As the first wave of entrepreneurs to popularize Internet products and services in China, they may not think that they will become the “BAT” of the future, and they will not think that they will become the “thighs” of entrepreneurs 20 years later. ;
In 1999, Ma Yun would not think that he would say "and regret to start Alibaba" in the future. In this case, Ma Huateng would not think that one question would cause the attention of all Internet practitioners. Li Yanhong would not think of it as the first A Chinese entrepreneur who appeared on the cover of Time magazine in the United States will still be evaluated as “the innovator” after 20 years.
But now, in retrospect, it’s okay for them to come, and thank them for being there.
03|Things must be born in reverse
The millennial Internet is the darling of capital. The sky and the Hong Kong dollar are floating everywhere in Zhongguancun. The intervention of capital continues to ring the drums of carnival.
However, "the extremes of the matter must be reversed, and the old truth of the life cycle" is still the first lesson of life on this Internet.
In March 2000, the Nasdaq index, which was dominated by technology stocks, climbed to 5048, more than double the number in 1999.
"The future" is greater than "business results", the birth of the Internet stock market, after the capital carnival, ushered in a domino effect sell-off, the Nasdaq index plunged a thousand points, a large number of companies in Silicon Valley went bankrupt, went to the United States The pioneers of the listing —— China.com, Sina, Netease, and Sohu have all been greatly affected, and the stock price even fell to less than one US dollar.
Commercial revenue is still at the stage of exploration, and the fragmentation of the stock market bubble has increased the difficulty of financing and survival, and once again placed in front of the Internet entrepreneurs of the year.
Although the OFO, which refused to be acquired for independent development, shouted out the tragic slogan of “live”, but Netease did not even want to be bought. After receiving the guidance of Yi Yongyou and Duan Yongping, Ding Lei led Netease to return to life. Duan Yongping’s massive purchase in Netease’s trough also achieved his fame and fortune. Even today, snowballs also have a successful segmental investment. For the sake of circulation.
▲ Buffett and Duan Yongping
“The name of China Buffett” is not white. After many years, the entrepreneurs of the post-80s have come up with more and more listings, and there is also a story cultivated by the noble Duan Yongping.
The collapse of the Internet bubble in 2000 not only greatly damaged the listed portals, but also allowed Baidu, which had just received 10 million US dollars of investment, to re-examine its business model.
At that time, Baidu provided search engine services to the portal, and it was the earliest batch of ToB in the Chinese Internet. However, because of the financial urgency caused by the broken bubble, the business model established on other companies made Li Yanhong anxious.
In August 2001, at the conference call of the directors of the Shenzhen office, Li Yanhong proposed to make Baidu a search engine website that directly faces the terminal Internet users. The reason for Li Yanhong is that as a company still in the start-up period, it must have its own stable development direction, and then there will be potential and opportunities for growth.
In order to pursue revenue, the board of directors certainly does not support Li Yanhong’s rash transformation. However, in three hours, the usual gentle and handsome Li Yanhong was angry. After the board of directors was shocked by Robin’s momentum, he decided to let Li Yanhong, who had a firm attitude, try it.
Many years later, Li Yanhong recalled this transformation: the whole process of transformation also means that we have lost the past income sources and almost all lost. Although this transformation has made Baidu a potential for sustainable development of the company, if it is released today, I am afraid that no one dares to do so.
In the following year, Baidu launched a positive transformation with Google.
In 2003, the SARS brought unprecedented panic to the society. The situation that closed the door forced a lot of necessary operations to be realized in the network. Alibaba's online trade was just right, and it hit this pain point.
Ali’s powerful push-forces took the opportunity to make the Alibaba website’s users and traffic surge, but it also made Ali feel the pain of growing up for the first time. At that time, the local push troops were infected with SARS because they went to Guangzhou to participate in activities. It became one of the only four cases in Hangzhou at that time. The next step was the isolation of the whole company and the return of employees to work.
The mutation that might have been completely stagnation in work has not crushed Ali, who has strong mobility, efficiently installed telephones for employees' homes, emotional staff mobilization, emotional appeasement, and Ali's early calm and unified coping ability, let Ali spend This major survival crisis.
In 2003, it was said that Ali's first transformation year was not only because of the difficulties, but because in this year, Alibaba hatched Taobao and Alipay, and entered B2C from B2B. Like Baidu's transformation of C-side search, Ali turned to C-side trading, which is the key transformation of Baidu and Ali's rapid growth into a giant enterprise in the consumer Internet era for more than a decade.
Another big mountain of BAT, from the beginning, faced Tencent in the C-end market. After the Internet bubble, like other early Internet, it got the redemption of the SP business (SMS/MMS service provided by the website).
Although this was not a willingness to be mentioned later, it is undeniable that the emergence of the SP business has saved a large number of Internet companies that were on the edge of the cliff.
China Mobile's "Mobile Monternet" made Tencent's registration fees, Q-currency recharge, and later QQ show consumption possible, and occupied an important position in the early Tencent's revenue, even when it was listed in Tencent Hong Kong. The income of the SP business accounts for half of Tencent's overall revenue.
The development of QQ show has played an important role in Tencent's QQ-centric consumer ecology, which has also given birth to the operation of Q coins in Tencent's social ecology. Ten years later, Tencent’s “show” business is still selling — — “The King’s Glory”, a game character Zhao Yun’s skin scored 150 million in a single day.
In the past, SP was not only a Tencent family, but many early portals and consulting websites have cooperated with operators to launch SP services and made a fortune.
In fact, the SP gave the possibility of the Chinese netizens moving the touch network earlier, and experienced some network services through the mobile phone. However, because the public's ability to distinguish and understand the emerging network services was generally not strong, the trap was deduced in the later stage. Fees, spam messages, unreasonable charges, and many other critics, even comparable to the current Internet link fraud, so that some netizens commented: "SP is a historical stain that many Internet giants can not wash white."
However, there is a company that is fully qualified to do SP but has no fingerprints. It is Baidu, one of BAT.
Li Yanhong, who was obsessed with technology and was not good at social communication in the early days, gave up the idea of dividing the SP cake. It's hard to imagine that in the past few years, because medical advertisements have been frequently pressed by Baidu on the ground by the majority of netizens, it is one of the few companies that have never touched SP in the last era.
The bursting of the Internet bubble has not only brought many Internet companies to survive, but also brought many challenges to business transformation. At the same time, some enterprises have suffered from the invasion of external forces.
In 2001, Zhang Chaoyang's Sohu at the helm suffered the biggest crisis since its creation ——“shark” Beida Jade Bird struck. In April and May 2001, Hong Kong Jade Bird Technology Co., Ltd. successively purchased Sohu shares and became the third largest shareholder with a share of 18.9%.
On the occasion of the dangerous danger of Beida Jade Bird, Sohu passed the “poison pill plan” to disperse the company's cash, reduce the value of the acquisition and the unprecedented unity of the board of directors, and forced the Peking University to retreat.
Zhang Chaoyang has given too many first courses to Chinese Internet companies.
Fifteen years later, Wang Shi also took Vanke to “barbarians” to make a wider spread. The difference is that after the war, Wang Shi waved away from Vanke, but the Charles of the Internet is still on the front line.
2000 is not unfriendly to everyone. In the future, Lei Jun, who is known as the Internet model worker, sold the Joyo.com to Amazon before the bubble burst, and got off the bus. Although Joyo did not do much in the future, it opened up Lei Jun’s Internet enlightenment road, and later Xiaomi’s success.
▲ In 2003, Lei Jun, the president of Jinshan, visited Sohu.
A former company of Lei Jun Jinshan was founded in 1988 as the originator of China's IT industry. Lei Jun later recalled in the interview that the impact of the Internet tide swept through himself: The biggest challenge I encountered was that we were marginalized and eliminated. The heart will be very unbalanced. I think I am not diligent enough? Can I be more diligent? It seems that I finally found out that Ma Yun travels all over the world, and I work 7× every day; how can I work hard? Finally, I found out that the reason is that we did not take advantage of the situation,The general trend of the Internet, we need to take advantage of the trend.
▲ Youth Zhang Xiaolong [中]
In fact, Lei Jun is not only a homeopathic, but also a little luck.
In 1998, Lei Jun wanted to acquire Foxmail mailboxes, but at that time, Lei Jun, the general manager of Jinshan, was too busy, and the person in charge was not aware of the value of Foxmail and ignored this matter. Later, Broad Internet Corporation offered a price of 12 million yuan to acquire Foxmail. In addition, Boda also compiled the founder of Foxmail, which is now Zhang Xiaolong.
Of course, the end of the story was in the spring of 2005, Tencent, which had money in Hong Kong, bought Foxmail, and Zhang Xiaolong joined Tencent as general manager of the R&D department in Guangzhou. Later, in 2010, Tencent and Qihoo 360 launched the 3Q battle. Zhang Xiaolong immersed himself in the development of WeChat, which has made half of Tencent's mountains.
The stock market bubble of 2000 was a big test for the Chinese Internet, vividly interpreting the ruthlessness and cruelty of the market.