Wang Xing, a graduate of Tsinghua University, has a boyish face.

Although it started when I dropped out of school and returned to China in 2003，He has been working hard in the entrepreneurial circle for 14 years，But time seems to have been kind to him，Today，His 38-year-old face still shows the delicacy of a Fujian boy。

His random thoughts on Fanfou，There is no snobbery or vulgarity of middle-aged entrepreneurs at all - he can make jokes，"Imitated the word "leg playstay" and created a word "getingsu""，I can also cheat on myself，“It’s really bad to fall asleep while eating and chatting one-on-one with someone。I don’t know whether it’s mainly because of too little sleep or too much food”，And a serious discussion about whether Japan has ever considered moving its capital to China。

Young men are always fearless。So there was the winter of 2003，He dared to drop out of his PhD studies at the University of Delaware and return to China，Drawing on college classmate Wang Huiwen and high school classmate Lai Binqiang who also don’t understand code，Start an IT business。Later it was questioned that they would only copy American products，He also answered with confidence:

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The youthful spirit also made him miss the favor of capital for a time。When looking for investment for the school network，He behaves too immaturely in front of investors，Missed capital，Finally，School network changed hands to Chen Yizhou，Changed to Renren.com，Later successfully financed，Listed on the New York Stock Exchange in the United States。

Like the AB side of a coin，The advantages and disadvantages brought by youthful spirit to Wang Xing always go hand in hand。As for what will happen to Wang Xing who loses his youthful spirit？This is a difficult question to answer。

This seems to be becoming a reality.

1. Fearless Youth: copy 2 China

A prosperous family background is often the best nourishment for youthful spirit，The same is true for Wang Xing。Father is a well-known businessman in Fujian，Going to sea in the 1980s，Zao’s net worth is over 100 million，My mother studied under Wang Yanan, a well-known economist at Xiamen University。Look at current standards，Wang Xing is a typical "rich second generation"。

Recommended to Tsinghua University from Longyan No. 1 Middle School in Fujian，Wang Xing was lucky to escape the torture of the college entrance examination。But the school network was founded in 2005，Let him 188bet app download make up for this test in his youth。

First is the physical test。At that time，Wang Xing dropped out of school in the United States because he was optimistic about the development of SNS，Borrowed more than 300,000 from my father，University classmate Wang Huiwen、High school classmate Lai Binqiang each paid hundreds of thousands，The three of them rented a three-bedroom apartment near Tsinghua University and started their business。

Those were the days of workaholics: working until one or two in the morning every day，Get up to work without brushing your teeth in the morning，In addition to hiking on weekends, we discuss work。The bedroom for three people only has a simple folding bed，Winter，There is no heating in the room，The greater significance of electric heaters may be psychological comfort。

What is even more painful is the mental test。They have tried more than a dozen projects in the SNS direction，Not very successful。Until February 2004，Facebook established，This was originally an SNS within Harvard campus，Gradually spreading virally in American universities。Summer 2005，Wang Xing captured this momentum，Decided to copy 2 China。

December 2005，The birth of the school network，The UI is highly similar to Facebook，Soon popular in domestic universities。

The keenness and speed of a boy，Let Wang Xing achieve his first entrepreneurial success。But still as young as a boy，He failed to achieve the commercial success of the school intranet listing。

2006，Surge in number of users on campus，But Wang Xing did not get the money，Inability to increase servers and bandwidth - a widely circulated story is，Summer 2006，The American venture capital that Wang Xing had approached came to inspect，Discover Tencent、Competitor companies such as Thousand Oaks are very strong，It is recommended to find more institutions to invest together，Rejected by Wang Xing, a 27-year-old upright boy。Plus it’s summer vacation，School network data has declined，Finally，This investment is wasted。

The youth of Wang Xing and his team，Considered to be the most important reason for the failure to find money。Wang Xing himself admitted:

"School network financing failed，I cannot attribute responsibility to external circumstances，The important responsibility still lies with ourselves，At that time, some competitors also raised funds。There may be problems communicating with investors，Can’t make the other party have confidence in us。”

Everyone knows the final story。Xiao Nei Network sold to Chen Yizhou，Renamed Renren.com in 2008，Listed on the New York Stock Exchange in 2011，Financing 8.USD 500 million。

After school，Wang Xing has started two more businesses: in 2007, he founded Fanfou by borrowing from Twitter, which was only half a year old.；Meituan was founded in 2010 with reference to the 2-year-old Groupon。Like a young man, he becomes more courageous after getting frustrated。

Both times I started my business, 188bet app download I stepped on the right wave，Both Fanfou and Meituan succeeded。Although the former was once closed due to special reasons，But can Wang Xing become an entrepreneur with a halo over his head。

He had this explanation for his two successes:

“Starting a business in a traditional industry is like climbing a mountain，Internet entrepreneurship is like surfing。The mountains are always there，Log in when you are ready，Always have a chance，How high you climb depends on your strength。The waves come one after another，You just need to step on a wave，Hold it，Its height determines your height，Google、Facebook is like this，And if you miss a wave，I just missed an opportunity”。

Such talent once made Mu Yan, former president of Tsinghua Technology Entrepreneurs Association, lament: Wang Xing is more suitable to be an angel investor or VC，He has extraordinary sensitivity，Can quickly determine which model is more promising。

There are also naysayers. There is such a question on Zhihu:

"Wang Xing not only brought things from abroad to China，What else did you do？facebook to campus、Twitter to Fanfou、groupon to Meituan，What else have you done besides moving？”

Imitation and plagiarism have become one of Wang Xing’s most important labels。He himself is not too shy about it，Candidly admits that he has read Zhihu posts，“Starting a business mainly depends on what services you provide to which users，This is the core value，As to whether it is original，Probably not important。”

Looking like a proud and magnanimous young man.

2. Confused second half，copy from China?

In seven years, Meituan has become Wang Xing’s longest entrepreneurial project.

Since the founding of Meituan in March 2010，Survive a Hundred Regiment War，And then merged with Dianping in 2015，Establishment of Meituan Dianping，Wang Xing fought a bloody battle on the brutal O2O battlefield。

This is also in line with his Fujian boy character: keen、Decisive、Fine。

In the wave，He has made many choices that seem right now。For example: restraint，Didn’t get involved in physical group buying in the early days，Didn’t follow the trend and burn money to expand wildly after receiving investment，Instead focus on the IT backend，Control the flow of funds；Foresight，Earliest request for overdue refund in March 2011，Later triggered changes in the entire industry；Lai Alibaba’s vice president in charge of B2B business sales、Employee No. 67 Qian Jiawei，Complete offline team building soon。

July 2011，He directly posted his account balance of 6192 at the announcement of the second round of financing.USD 21.22 million，Criticize peers for their impetuousness in falsely reporting financing，Become a beautiful public relations - it is said that the effect is immediate，It’s much smoother when selling orders。

After surviving the Hundred Regiment Battle，Meituan and Dianping began a three-year feud，Business is also blooming everywhere: 188bet online sports betting hotels、Travel、Movie tickets、Takeaway etc.。

Wang Xing’s peak in business occurred in October 2015，Meituan merges with Dianping，Become Meituan-Dianping with nearly 600 million users，Zhang Tao of former Dianping is out，Wang Xing becomes CEO。

This makes Wang Xing a new influential figure in the Internet circle，Despite the news that comes with it，Many of them are Meituan’s financing difficulties、Financing failure、Enter new business、Financing、Financing failure、Bleeding financing, etc.。

Wang Xing began to contribute golden sentences。For example, last June，Cheng Wei’s concept of the “second half” of the Internet has been cited many times by the media，Wang Xing applied it again，And gave his own explanation: China’s Internet bonus period has expired，There are two roads facing Meituan: internationalization，But it’s not easy to do；Work hard，Serve original users better。

Wang Xing chose “deep cultivation”，This is the direction he was good at before。Whether it’s on campus or in a restaurant，Compared to the American original，Wang Xing’s fine localization adjustments，So far praised by people in the circle。

But this time，In the second half of Meituan Dianping，Wang Xing’s style of play is a bit confusing。

He seems to be in the mode of eating leftovers, which are still made in China.

For example, launching a universal errand running business - this is a business that Baidu has not done before，Meituan’s errand running business will be launched in Chengdu from February 6，Nothing happened yet。

What’s even more amazing is the taxi service。Also in February this year，Meituan launched online ride-hailing business in Nanjing。To know，This is a Dead Sea where the cannon fodder has retreated。Now only Didi is the only one left，The second echelon of China、Yidao and Shouqi Taxi barely survive。Opportunities left to outsiders Meituan，Basically zero。

Some media tested Meituan Taxi in Nanjing，It turned out that there were few cars and the experience was poor。2 taxi rides，The driver once refused the order because he was too far away，The driver arrived very slowly once，“Let’s talk about the experience of using it，Basically, there is a difference of 6 Cao Cao special cars between Yidao special cars”。

Compared to the previous errand business、The taxi business is quiet，Meituan’s recently launched “Hazelnut B&B” is much more high-profile，April 12，Meituan officially announced the launch of the App，The person in charge is an early employee of Meituan Dianping’s wine and travel business group、Feng Weihe, a post-90s employee，Allegedly，Hazelnut’s first batch of properties should cover first-tier cities and important and popular tourist cities，It is expected that the number of houses will reach 150,000 by the end of the year。

But is this really a good business?？Online short-term rental field，Domestic competitors already have Xiaozhu short-term 188bet Online Sports Betting and Casino rentals、Tujia、Ant Short-term Rental、Woodiao short-term rental, etc.，Airbnb, the originator of the industry, also confirmed its independent Chinese brand Airbnb this year。

Business lines with unclear prospects make people suspicious，But what’s even more puzzling may be:

Transporting the latest trendy product forms in the United States from a few years ago，Currently copying domestic product business，Willing to enter the Red Sea，Wang Xing, who was once good at catching waves，What happened？

3. Eight-year test

These seemingly dense and chaotic second half plays，Perhaps it has something to do with Meituan-Dianping’s commitment to go public in 2018。

In Meituan’s 8th year, can Wang Xing escape the eight-year rule?

According to IT Times report，After Meituan Dianping completed US$3.3 billion in financing in early 2016，Wang Xing promised to complete the listing in 2018，Also ensure that the IPO valuation is not less than 20 billion US dollars。If it cannot be completed，Meituan Dianping will pay 120% of the investment amount，That’s nearly 4 billion US dollars。

For Wang Xing，This is the campus I missed that year，It was a dream when I was young。

The pressure caused by this，Like a young man who has reached the age of running for four，Sudden discovery，There are old people at the top and young people at the bottom，Don’t make millions every year，I don’t even dare to consider a school district room。then bangji！The mid-life crisis is here。

Recent data surrounding Meituan Dianping，Looks a bit anxious:

After China Resources last year，Meituan no longer has any voice in financing。Meituan Wine Travel plans spin-off financing，There is no news about taking orders，In the end, a separate legal entity was formed，Just wait for the years to be quiet。

Coupled with the crisis of too long business lines after the merger of Meituan-Dianping，The capital winter since last year，Let Meituan Dian’s evaluation value keep falling。According to "Shanghai Securities News" report，As of September last year，Meituan-Dianping’s valuation fell to US$12.5 billion from US$18 billion a year ago，Down by about one-third。

"South China Morning Post" pointed out，China’s O2O companies have not found a feasible business model，Profits have not kept pace with valuation or market capitalization growth，Already starting to get snubbed by private equity and venture capital funds，Some companies may eventually face a liquidation crisis。

Meituan Dianping needs more money，This also means，Wang Xing needs to find more stories to tell investors，Describe a larger imagination space，Online ride-hailing、Sharing these stories about B&B。

However，When everything serves the IPO，When being led by the power of capital，Can Wang Xing still lead Meituan-Dianping to break out of the Red Sea?？

Perhaps the first thing he needs to overcome is his mid-life crisis，Abandon following safely，Become a trend leader again。

Wang Xing likes the sentence "the 188bet app download learned one" in "The Doctrine of the Mean"，Interrogation，Think carefully，Clear distinction，Practice it diligently”，Among them，The last sentence, "Practice it diligently" is what he values ​​the most。

However，If you choose online car-hailing、Share B&Bs in the Red Sea areas that everyone knows are popular，It’s Wang Xing Bo Xue、Interrogation、Think carefully、Results after discernment，Then，Is this kind of devotion meaningful?，It’s time to draw a question mark。

14 years in business，Wang Xing is not lacking in stability now。On the contrary, it is the keenness that I once had、Decisive、Brave youthful spirit，He may be needed more than ever。As he said himself: The CEO is the backbone of the company，Also the ceiling。If the CEO cannot continuously improve himself，It is impossible for the entire team to improve。

Another external threat cannot be ignored: Meituan is seven years old this year。

Globally，Many technology company pioneers cannot escape the "eight-year rule"，Even a company like Twitter，will also be squeezed out by the industry they revolutionized in the eighth year。

“Yahoo was born in 1994，Quickly changed people’s habits of accessing the Internet，Created the first personal portal，The search engine was later integrated，Became the first Japanese company with a market capitalization exceeding 1 trillion yen。” Huffington Post’s David Giannito once explained，“But in 2001, 8 years after Yahoo was born，Its stock dropped to eight yuan per share，Beginning of a period of struggle and failure，I missed many good opportunities until today。”

And next year will be the 8th year of Meituan’s founding，It is also the day when Wang Xing promised that the new company will be listed。For Wang Xing，This exam is not easy。

 *Source of this article: Waishuo，Author: Chief Character View，Original title: "Imitator Wang Xing: Confusedly entering the second half of other people’s Internet》

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