The two Shanxi boss companies once stirred the A-shares, and now one is stranded in the United States and detained.2019-08-07 00:33:19 47 ℃
文| AI Finance and Economics Furong Wang
Editor | Zhao Yanqiu
1996, Jia Yueting23, Feng Xin24 One is a cow, one is a rat, one is in Yuncheng, Shanxi, and one is in Taiyuan, Shanxi. This is two parallel life trajectories, and each other does not know each other's existence.
Jia Yueting resigned from the iron rice bowl of the Shanxi Distorted Taxation Bureau and founded the Yuqu County Excellence Industrial Company. This is his first entrepreneurial practice, doing offset printing and steel trading. Later, he invested in a bilingual school, opened a brick factory, transported, sold seeds, and even opened a fast food restaurant called "McKenkey."
He was originally a county magistrate, his father was a middle school teacher, his family was ordinary, but his vision of finding a target was very accurate. He climbed the daughter of the deputy magistrate and went to his girlfriend after finishing his career. hometown.
Feng Xin suffered a low job in the workplace. He was beaten by customers and lived for half a year. Feng Xin was a college clerk, did not get a degree certificate, went to the hometown of the mining bureau as a clerk, but he eventually quit the iron rice bowl, went to the sale of glutinous milk candy, also ran through coal transportation, engaged in BP machine service. Later, because a customer did not give money to talk nonsense, Feng Xin first moved his hand, and the result was beaten by the other side. He ate hormones every day while he was in hospital, and he was a pound a day.
In 1998, Feng Xin, who was unsatisfactory in life, went out of Shanxi to Beijing. Going around, there is still not much change. He has been the deputy director of the Shantou factory. The factory manager asked him to get up at 5:30 every morning and take the workers to run. Feng Xin couldn't stand it, it was very decadent, and his girlfriend was in Beijing, but the arrangement in the factory made him unable to live overnight.
At that time, brain gold and red peach K were popular, Feng Xin's marketing skills can make him a good life, but working for life, not Feng Xin wants, he would rather be a hybrid. He even learned a survival skill in Beijing, called the investment advertisement in the newspaper, pretending to be a franchisee, and then someone would entertain and drink for several days and lie to eat and lie.
At the time of Feng Xin's mixed days, Jia Yueting began to put down the business of the county, took his wife and children to Taiyuan, and set up Shanxi Xibei Communication Company to install base station arresters for the production of local mobile operators. This is the starting date of his career. It used to be a small fight. Now it is t.oB, a business can make a good return. And Jia earned millions of dollars and earned the first pot of gold in his life.
Jia Yueting’s time to set foot in Beijing is already in 2003. He rented a private house at Meilin Apartment in Zizhuqiao and established Beijing Xiboer Communication Technology Co., Ltd. In the second year, LeTV was established.
Jia Yueting is a person who doesn't like it and is not very good at communication. He doesn't smoke, he can't drink alcohol. Even if he later became famous, he rarely attended the entrepreneur forum, but his ability to get key people is extraordinary. He can spend 100,000 yuan to get 1 million effects. If the other party praises his luxury car is good, ordinary businessmen will generously lend you a few days, and Jia Yueting may choose to give you the car on the spot.
This style of behavior has allowed him to get a lot of people. LeTV, a four- and five-line video website, can get the first batch of Internet video licenses with Sina, and later it is the only one to get mobile terminal content. The private video company that operates the license and the video streaming SP license of Shanghai Mobile.
License is a successful pass for video sites. LeTV takes the video source in hand and cooperates with the operator or operator subsidiary to charge the SP to the user. When such a well-known company suddenly explodes such a powerful energy, it is inevitable that there will be talks in the workshop.
Feng Xin's nobles are Lei Jun and Zhou Hongyi. At first he wanted to go to work in Lenovo, and became an IT hero like Yang Yuanqing and Guo Wei, but because there is no Beijing Hukou Lenovo did not want him. He later planned to go to Jinshan, the investment of Lenovo, and it failed. Finally, he went to Wenquxing, and then joined the Jinshan Mountain under the recommendation of an acquaintance to work under the hands of Lei Jun and Wang Feng.
Feng Xin showed his marketing talents in this programmer's company, researched the warehouse, soaked in the store, and made the accounts clear. He is like a piece of gold, and it shines everywhere.
At that time, Jinshan was still an 18-line small manufacturer in the anti-virus software market, far from the rivals of Rising and Jiangmin, but Feng Xin engaged in the marketing of “3 months trial version of 5 yuan”, and the opponents wanted Sold to a set of more than 200 yuan, this move made Jinshan drug tyrants very vivid, and later engaged in 198 yuan rent, 3 months unconditional return. At that time, Kingsoft Internet Security sold 20,000 sets a day, and Feng Xin could be in Chengdu.Sell 10,000 sets. Feng Xin was promoted from the sales at the grassroots level to the marketing director. He was already the deputy general manager of the business department when he left.
Jinshan's work allowed him to jump out of the previous circle and met a large number of Internet people. He realized that the general software had no future. The piracy was rampant. Everyone squeezed on the side of the cauldron. There was actually no rice in the pot, only the boiled water. After working in Jinshan for 4 years, Feng Xin chose to leave and went to Yahoo China.
At this stage, Zhou Hongyi was a role model for him to learn. The idea of using red-handed cannons for free software made him a big shock. In the past, Jinshan was the simplest business logic, how much software to sell, but how much? Suffering from the weak sense of copyright at the time, Jinshan lived a life of subsistence allowance. Now others tell him that the software is free and benefits from accumulating users from other places. Feng Xin, who usually doesn't like to take notes, has done more than 100 pages of notes, including excerpts, daily insights and commentaries, in Yahoo China for more than a year.
The two people with deep background and lack of technical strength are hard-pressed by personal efforts and fortune. In 2004, LeTV was established. In 2006, Feng Xin bought a storm video from Cai Wensheng. Feng Xin and Jia Yueting became peers, and the business and life trajectories of the two had an intersection for the first time.
Feng Xin has lived through hardships, not a man who spends a lot of money. Around 2010, the Internet set off a video war, burning money to buy bandwidth and copyright, Storm video did not follow the trend to buy copyright, or insist on playing a player, what video can be decoded and played.
To put it bluntly, Feng Xin is a tool. At the beginning, the game played a role. The market share was as high as 70%, and it was known as the “king of video”.
When the video website set off a burning and copyright war, Feng Xin did not intend to follow up, and it was not his job to spend money on buying copyright. Therefore, when others lose money and lose their doubts about life, the storm is a small surplus every year, small business, and quiet years.
But the moat of the storm video is not deep, and later the mobile Internet is getting louder and louder. Video websites have launched independent apps. The importance of storm video has been further diluted by the tide of the times, directly leading to the number of users and advertising. The decline in revenue.
This is different from Feng Xin's dream of being a "great company": he hoped that Storm Video would be as central to the Internet as Google today.
He has his own calculations and persistence: If the video sites are on the narrow road of burning copyright, then the person who can finally pass must be the strongest person on the road. And he is not strong, although the content is an important factor, but not all factors. When a user selects a video service, more than 60% of the decision factors are content, but in terms of the viewing experience, it can be achieved by product technology innovation. Therefore, he is still immersed in the improvement of 3D functions, left-eye one-button HD, right-hand surround sound and other functions.
and the high video threshold, and the early news headlines as a news aggregation platform, is completely different. This is also doomed to the video aggregation site has no way out. In addition, Feng Xin is unwilling to lose the dominant position. The investment in Alibaba “does not surrender”, and there is no thigh to hold when the business situation begins to deteriorate.
It is another way to go to LeTV, which is also the place where Jia Yueting has a foresight. One of LeTV's business models is copyright distribution, which buys out the entire drama and distributes it to the video sites of Youku and Iqiyi to earn the difference.
When LeTV bought copyright, other video sites were still difficult to extricate themselves on pirated roads. It’s hard to come to pay for the copyright. The producers are all in tears, all the cabbage prices, a series of TV dramas of hundreds of thousands. In 2009, the first spy war drama "Hidden", the online copyright price of each episode was only 1,000 yuan. A few years later, other video sites were expensive several times when they purchased copyright from LeTV.
By the end of 2011, LeTV had claimed the copyright of 4,000 movies and 70,000 episodes of TV series. LeTV's copyright enthusiasm is evident.
There was no storm of capital and copyright advantages, and it was very difficult in the next few years to simply withdraw from the competition. Feng Xin is very lost. "I have been in this circle for almost 20 years. The storm is just a small company."
In August 2013, Lei Jun found five "San Francisco" people to eat. Lei Jun picked up the wine glass: Tell everyone about it, Xiaomi has to complete a financing, with a valuation of 10 billion US dollars. The people on the table are stunned, envious and curious, what is Xiaomi’s three years?Is it worth $10 billion?
The most anxious is Feng Xin. He didn't sleep at night. Before Lei Jun, he found them and said that they would get some Xiaomi shares at a very cheap price. He didn't care, but now I think about myself. After seven or eight years of hard work, the storm has become more and more miserable.
Two weeks later, Feng Xin made a separate appointment with Lei Jun and asked him about the idea of rapid growth. Lei Jun pointed out the three problems of Feng Xin: the direction of finding is not big enough, the money is not enough, you have to find someone to help you.
Feng Xinyu topping. When he was working in Jinshan, he was dissatisfied with Lei Jun. Many of Jinshan’s business did not have a direct relationship with Lei Jun’s hesitation. But this time Feng Xin is very convinced of Lei Jun, determined to not enter the Red Sea market, only to find the Blue Ocean market. "If I don't have the ability to see the blue ocean, we will go to find it until we find it. There is no need to fight in the Battle of the Red Sea. This is my basic change."
After Xiaomi went public, Lei Jun wrote an article. Fan Wen "Who is Xiaomi, why does Xiaomi struggle?" Soon he launched a circle of friends to follow the gourd painting, let them write a proposition essay according to Lei Jun's template. It is the most active San Francisco people here. This is also the place where Lei Jun is good at marketing. Those who responded to the essays first praised Xiaomi and Lei Jun, and then helped them to make a wave of advertisements.
Feng Xin's answer at the time was that the mission of the storm was to create.
Before he was following other people's ass, what others did, what he did. The result is that when others eat meat, Feng Xin can barely drink soup, and the storm has not achieved great success.
In 2014, Feng Xin decided to enter the VR track. At that time, AR and VR just entered a wave of entrepreneurial enthusiasm, and they were still an uncultivated virgin land. They were very appetizing for Feng Xin and could show their talents and create a new world. Feng Xin likes to emphasize that the storm VR market is the first, and no competitors can be seen.
Feng Xin, in the search for the blue ocean, thought of several directions for the storm, and projection is one of them. But the projection is obviously biased and easy to be monopolized. Finally selected VR and TV, at least in Feng Xin's view, this requires aesthetics, and the market is big enough.
The electric car is also a good track for Feng Xin, but the capital and technical requirements for building a car are too high, far beyond his ability.The scope of force, in his own words, "the matter within three years is not a strategy, not a future. But after three years, we must seriously study what will happen. If it is more than 5 years, it will produce results. In the market, we also gave up." So, he simply bought Tesla's stock and gave the future of the car to Musk.
The cruelest place of fate is not to give you hope at first, but to give you hope at first, and then let you despair. If the storm does not succeed in the A-share listing, perhaps Feng Xin can still make a small business and do a small business. The eggs of A-shares lingered on Feng Xin’s head. After the listing in March 2015, 36 consecutive daily limit boards brought Storm Technology to the altar, which also made Feng Xin think that he had the magic power. Like Lei Jun and Ma Yun, he could create a career that was unprecedented.
It’s just that he didn’t think that the two roads he chose—television and magic mirrors—do not last for three years. The blue sea that Feng Xin can see is not necessarily the blue ocean. This market either does not belong to him or is overstated. Storm Mirror and Storm TV did not move in the direction envisioned by Feng Xin, and the dream of tens of billions of dollars quickly evolved into the reality of layoffs.
In 2016, the LeTV Annual Meeting was selected in the Wukesong Stadium, which was just awarded the title by LeTV. The stars and commercial buildings gathered together, and Jia Yueting’s finale was deeply affectionate. Singing "Wild Son", the voice is thick and the eyes are moist. “Only a dream that was ridiculed by 99% of people is qualified to talk about that 1% success.” This chicken soup was printed on the big screen. At that time, LeTV faced a lot of doubts, but Jia Yueting’s inspirational warmth card successfully captured many people’s hearts. This is a tribute to those who have great dreams.
In fact, Feng Xin was exposed to this song earlier than Jia Yueting. He had a friend who introduced him during the retreat. This new song, whether it was a melody or a lyric, successfully hit Feng Xin. He circulated for a long time, and even when the storm was announced to be a TV in 2015, he invited the song to sing Su Yunying.
But I didn't expect to be famous by Jia Yueting. The effect was surprisingly good. Feng Xin’s wife and friends said that they would sing back, and the stock price could not be defeated. Feng Xin ran to karaoke for two days. The voice of "How the wind is getting more and more, my heart is getting more and more" finally appeared in the press conference of the storm.
Who is alsoUnexpectedly, two Shanxi people who had almost zero contact actually reached a consensus on a song. During that time, Feng Xin liked to compare with LeTV. Compared with speed and specific efficiency, Feng Xin has been working for six years and Feng Xin has been fighting for two years. The reporter asked him to rate the performance of the first year of the listing, Feng Xin said, playing 100 points, "looking at 2025 can not find a competitor."
The storm went on the market and went around. The VIE architecture was demolished and returned to the domestic market from the United States. In the middle, it was almost aborted because of IPO gates and other factors. Just when Feng Xin was in pain, the pie came over and Stormwind became the first Internet company to restructure the US stock market back to the A-share market. At that time, all the institutions were rushing to buy, and Stormwind’s online effective subscriptions ranked second in the history of the GEM.
Stormwind's stock was smashed. If it grabs 1,000 shares at the time of issuance, it will earn $320,000 in two months. Behind the capital carnival, Stormwind’s performance is at a loss. In the first quarter after the listing, the operating profit of the storm was -683.97 million yuan, and the net profit attributable to the company's shareholders was -320.85 yuan.
The stock market suddenly gave each of the two Shanxi people a bowl of honey. The long-awaited A-shares opened their doors to two video websites, such as the long-term drought, and the stock price skyrocketed.
When the market value of the storm exceeded 10 billion yuan, Feng Xin could not restrain the excitement and Mark in the circle of friends. However, Feng Xin underestimated the madness of A shares. After two months of listing, the market value of the storm exceeded 30 billion yuan. The market value of the Chinese stocks in the US stock market, which is similar to the main business of Stormwind, is 667 million US dollars. The market value of the storm is equivalent to 9 Thunder, and it exceeds the US$5.1 billion of Youku Tudou.
All this is impacting Feng Xin’s cognition. Even he himself feels that the bubble is too big. The stock market has let Feng Xin master a nuclear weapon. It used to be a millet plus a rifle, a bullet and a bullet. Your energy is beyond your imagination.
At that time, Feng Xin had a confident self-confidence. "The storm does not require hype, and the storm comes with a concept." In his view, the capital market has a recognition of the storm with its own aura. This illusion was quickly disillusioned in a round of plunge.
Jia Yueting proposed the concept of Leshi ecological, 7 sub-ecology, one can notless. The money that each sub-ecology integrates may not be reserved for its own use. Feng Xin also proposed the concept of federal ecology. The so-called federal ecology means that Feng Xin directly assigns the management rights of each business to the partners, fully authorizing and relatively independent. This is very dependent on the quality of the business owner, and the federal ecology of Stormwind is also exactly seven modules.
"We did what most of LeTV did, and we did what they did." After LeTV’s accident, the storm was dubbed “Little Music” and Feng Xin began to avoid being linked to LeTV. It has been evaluated as "something Jia Yueting", which is equivalent to the death penalty of entrepreneurial career, and is also synonymous with unreliable. In order to avoid the comparison between the outside world and the music, Feng Xin began to sing "The Dream of the Red Heart". The audience was Zhang Chu and the Tang Dynasty band. The lyrics were different and the meanings were similar.
A year after the storm went public, Feng Xin wrote a shareholder letter, and the ambitions were written between the lines. Feng Xin writes letters to shareholders every year, and the content of the letter is not as good as one year. The strategy of the storm is more than a year, from “DT entertainment” to “N421 strategy” to “AI+2”. The block screen, and later "All in TV," is dazzling and not more understandable than ecological ones.
The storm technology that has been suppressed for many years, like a nouveau riche, is deployed wildly in capital and strategy. The characteristics of the A-shares determine that the storm does not dare to spend money before going public, and needs to maintain a certain level of profitability. And after the listing, the stock price skyrocketing is often a crazy expansion. Unfortunately, Feng Xin has made almost no big success decisions.
Perhaps the madness of A-shares made everyone crazy. Feng Xin’s acquisition of MPS, a sports copyright agency, a year after the storm went public, made people feel a little unpredictable, and the technique was very fierce.
At a press conference in June 2016, Feng Xin also nicknamed MPS founder Andrei as a brother and answered questions from the media. At that time, Feng Xin decided, "MPS is a ticket for the storm to enter the sports industry."
But it is such a $700 million international merger that has buried hidden dangers. At that time, the European company had been secretly confusing, and many of the original copyrights were not renewed after the expiration of the copyright. The bankruptcy was declared two years after the acquisition.
In this 5.2 billion yuan merger, Feng Xin invested 200 million yuan, and Everbright invested 60 million yuan.Leverage another 5 billion yuan of capital by means of leverage. Finally, China Merchants Bank has half of the money. At that time, China Merchants Bank and Everbright Capital signed the “Career Supplement Letter”. When it was unable to withdraw smoothly, Everbright Capital provided the funds at the end of the fund. This is why Everbright Securities announced this year that it has accrued 1.521 billion yuan of estimated liabilities and asset impairment provisions.
At the beginning, the storm also wanted to spend 1 billion to buy Liu Shishi and Wu Qilong's straw bear film industry, but it was rejected by the China Securities Regulatory Commission. Feng Xin also felt that he had inflated afterwards and thanked the SFC for saving him. But in the end he was still in the MPS project.
Feng Xin was taken by the police for compulsory measures, allegedly because of alleged bribery in the MPS project acquired. With the investigation of the public security organs, there may be more melons that will surface.
But in fact, Feng Xin did not cash out the money during the listing of Storm Video. In July 2015, Storm Technology, which experienced its peak, began to move down. Feng Xin issued a proposal to all employees, calling on employees to increase their holdings of Stormwind stocks. He even grants subsidies to employees who have been employed for more than three years. As long as they buy the company's stock, he personally subsidizes 50%. Although Feng Xin has a heart, but the employees have no intention, everyone has promised on the surface, and secretly reduced.
Even Cai Wensheng and Jiang Nanchun, all of them, have joined the sell-off camp. Stocks have been cashing for a while, and they have been cashing for a long time. The price they bought was less than 10 yuan, but the high point of the storm stock exceeded 300 yuan. Feng Xin's reduction is already in the late 2018, and the leek has been cut by Cai Wensheng. The stock price of the storm has dropped to about 10 yuan, and did not earn a few dollars.
Therefore, after Feng Xin’s accident, Cai Wensheng stood up and stood up. "A company can go public, the most bitter must be the founder, it looks good, but it bears the most challenges and hardships. Investors can cash out first, the founders must stick to the end, and the results are not necessarily good." Look, The money was earned by your Cai Wensheng, and the good guys at the end let you do it.
When the stock price of the storm was mad, Feng Xin, the protagonist, looked at the wealth of the book, and looked at the wealth of the book, and did nothing. This incident made Feng Xin very regretful. First, he did not have capital experience. Second, he found an unreliable CFO. If he raised the financing at the best time in the stock market, it would not be postponed after the stock price plummeted.Be so passive.
In the three years after the listing of the storm, almost no money was passed, and the 2 billion financing plan that was later introduced was rejected by the CSRC.
In contrast, Jia boss has excellent financial skills. After the listing of LeTV.com in 2010, it has raised up to 30 billion yuan in 7 years, frantically issuing more money and desperately borrowing money. In June 2015, before the break of LeTV funds, Jia Yueting reduced cash holdings by about 2.5 billion yuan. In October of that year, Jia Yueting transferred another 100 million shares of LeTV, and cashed in 3.2 billion yuan. Jia Yueting promised to lend all the funds obtained by the reduction to LeTV. It will not charge interest and ease the pressure on the company. Moreover, LeTV.com does not put it in its own pocket after the money is paid. It sounds like this is the rhythm of being selected to touch the top ten people in China.
No one thought that after the money was taken by Jia Yueting, not only did not lend it to LeTV, but it took back about 3 billion yuan in the most difficult time of LeTV. This has led to a worsening of the funds situation of LeTV.
Feng Xin is a person who gives a simple impression, is a bit of a youth, and loves rock. He even went to Taiyuan on weekends to give a cup of tea lovers.
Meditation and retreat is also a big hobby. He saw a qigong magazine in the second day of school, learned to meditate, and inadvertently cured his rhinitis. Therefore, every time the company encounters difficulties, Feng Xin is habitually isolated from the world and reconsidered.
But he does not give people a feeling of fantasy, and they don't have to be misconducted with others, and they are willing to worry about their hearts. Such people are often very popular. Lei Xiaoyu interviewed Feng Xin in 2011. At that time, the storm was about to go on the market. Feng Xin opened his voice and the two sides talked for 4 hours.
The media person Cheng Yifeng wrote Feng Xin as a friend. He mentioned a small story of two people: Feng Xin went to the United States with a group of entrepreneurs, local companies entertained them, invited a group of foreign girls to accompany you. Maotai. The organizer is very intimate, drinking wine and accompanying everyone to dance, Feng Xin can not open to hide in the corner, or was pulled hard by the girl.
Feng Xin was forced to go "out of the way" directly to the outside car, and said a sentence to the whole car: "By the Americans come here too."[123 This is a rare place for him. He has a bottom line, a face, sincerity and fun. This is where others like to deal with him.. Lei Xiaoyu asked if he would be changed by the next wealth, Feng Xin firmly believes that it will not. His appeal to matter is not high. The only thing he wants is a private jet, because then he can smoke on the plane and even take a bath on the private jet. Of course, this is more of an illusion, after all, it sounds a bit exaggerated. In November 2016, Jia Yueting sent a 5,000-word "sinful sin" without warning. The core idea is that LeTV has been too big in the past few years. In July 2018, Stormwind Technology also released Feng Xin's "Sin of the Sin", which was more than 8,000 words long. This long question in the form of question and answer is actually the head of the Storm Market Department and Feng Xin. A conversation of more than two hours. Feng Xin is very frank, explaining the current predicament and the cause of the dilemma. In the final analysis, the storm is difficult, Feng Xin has inflated. Feng Xin is keen to be immersed in the spiritual world, either to reflect remorse every day like a Christian, or to be like a rock youth, moral self-esteem is very high, which also led to his false judgment in the business world. . In an interview, Feng Xin repeatedly mentioned the Tao Te Ching and John Christopher. Even in 2017, Feng Xin also made a special share to explain his understanding of the Tao Te Ching, and he did not argue, so the world could not compete with it. It has to be doubtful that Feng Xin may spend more time on morality than spending time in running a company. Feng Xin has been pursuing the return to the truth. The killing of the business world relies on the struggle, not on the ground. Feng Xin is a very charismatic person, regardless of personal gains and losses, generous loyalty. Feng Xin commented on Wang Shan, the boss of Jinshan. "He has no enemies, and he is definitely not a person who does evil." So when Feng Xin was arrested, few people fell into the rocks, and more entrepreneurs expressed sympathy and regret for him. In contrast, Jia Yueting, except Xiao Wei, almost no one defended him. When LeTV experienced a major crisis in 2014, Jia Yueting turned around and ran, in his own words, “to explore the international market”. The media asked him when he would return, and he said he would return next month. When everyone thought that Jia Yueting could not come back, he returned to the LeTV Building in the East Fourth Ring Road half a year later. Graphic/Vision China only three years apartLeTV's capital chain broke, and Jia Yueting ran again. The media asked him when he would return. He said that he would return next week. Who knows that this year, going back to China next week has become a joke. If you change to Feng Xin, the big probability will not run, not the agility of Jia Yueting, but the character, after all, such a person who is proud of his character is disdainful. But Feng Xin's short board is also very obvious. He is a sales person with insufficient strategic ability. And when the good fortune is beyond his ability, the ones that are brought to him may not all be honey, or they may be arsenic. He had to make unpredictable decisions to retain the good fortune, and often had to pay a heavier price. Both Jia Yueting and Feng Xin quickly embarked on the peak of their lives under the enthusiasm of capital, and they were unable to control their own destiny in the capital waves and went to the bottom of the capital madness. Reference: King of Video, Global Entrepreneur, January 2009 Feng Xin: I was kidnapped by the storm, Entrepreneur Magazine, July 2011 LeTV Destiny, Financial Journal, November 2014 Storm Video CEO Feng Xin: The freedom of the rivers and lakes is free, i dark horse, March 2015 Interview with Feng Xin: Give 100 points to the storm at the moment, hope to find a competitor to 2025, Entrepreneurship, June 2016 Feng Xin: What is the real "homeopathic", box lunch, 2017 September Interview with Feng Xin: Zero Intersection with Jia Yueting is said to be like LeTV, interface, September 2017 Interview with Feng Xin: Storm's defeat and reconstruction, Tencent Technology, 2017 September
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