in March, 1989, I worked as the director of a small factory under Yihua Group in Zhongshan City, Guangdong Province, and since Duan Yongping took over, I personally managed the R&D and marketing lines. Soon, the game machine entered Duan Yongping's field of vision. In 1983, the "Family Computer" red and white machine developed by Nintendo was born. Since then, with "Contra" and "Super Mario" sweeping the world, the sales volume of "red and white machines" has exceeded 6 million. Because the imported machines are too expensive, they are not the grade that ordinary people can consume, so Duan Yongping, with his own specialty, quickly developed a version of the red and white machines belonging to China, the price is less than a quarter of others, but the product performance is the same.
In 1991, under the leadership of Duan Yongping, this small factory was renamed Xiaobawang Electronic Industry Company, specializing in the development, research, production and sales of educational electronic products. In June of the same year, Xiaobawang spent a huge sum of 4, yuan to broadcast the first advertisement on CCTV-"Xiaobawang Competition", a prize-winning sales activity of "owning a Xiaobawang and making a million households". Through excellent marketing methods, bully quickly occupied the first place in the domestic game machine market.
Since then, Duan Yongping has been well aware of the parents' consumption psychology. "Playing games is not far away." So, in 1993, he innovatively added a keyboard, which became a well-known bully learning machine and repeater.
In order to gain popularity, Duan Yongping has made great efforts in advertising marketing. With Jackie Chan's phrase "Both inherit the wind and Jackie Chan are ambitious", the learning machine and repeater for the bully have spread all over the country, becoming the standard of many urban families.
It can be said that the bully was created by Duan Yongping. In the five years since he joined, this electronics factory has grown from a loss of 2 million to an annual output value of 1 million in 1992. Therefore, Duan Yongping also has the title of "working emperor"!
in 1994, Duan Yongping proposed to the group company to carry out the shareholding system reform of Xiaobawang to reward employees with outstanding performance. He believes that there must be a more advanced incentive mechanism, otherwise it will lose the driving force of development. However, this proposal was eventually rejected by the top management of Yihua Group.
In 1995, Duan Yongping, who failed to negotiate many times, left with six backbones in a rage and founded BBK in Dongguan, which is separated from Zhongshan by a river. Because there was an oral agreement when he left the bully, Duan Yongping could not compete with the bully in the same industry for one year, so the newly established BBK did not enter the game market, but turned to VCD, student computers and cordless telephones. It takes only two years for BBK cordless telephone to occupy the first share in the national cordless telephone market.
Soon, after losing Duan Yongping, the bully quickly fell into a trough, and the products were not competitive, and many dealers kept leaving. Two years later, the bully game machine successfully became our memory.
At the end of p>1996, Duan Yongping won the bid for the 1997 prime-time advertising bidding held by CCTV, beating many competitors at a price of 8,123,456 yuan, which highlighted the brand value of BBK.
Duan Yongping is convinced that if employees want to have the greatest motivation, they should be given shares, and employees with shares can regard the company as a common cause. After that, Duan Yongping continuously diluted his shares, from more than 7% to less than 2%. BBK was also subdivided into several independent business divisions by Duan Yongping, all of which were handed over to their right-hand men. Shen Yi took over the communication and mobile phone business, and Jin Zhijiang was appointed as the CEO of BBK. Huang Yihe took over BBK education, and Chen Mingyong took over audio-visual and OPPO.
In 21, Duan Yongping invested 3 million yuan to set up a high-end electronic brand OPPO, with Chen Mingyong as the CEO. At the age of 4, Duan Yongping decided to retire behind the scenes. In order to keep his wife's promise, he got a green card and went to the United States to accompany her. In order to motivate employees, Chen Mingyong followed Duan Yongping's example and continuously diluted its shares. Now, its share is only similar to that of Duan Yongping, and the rest are held by employees of the company. By the end of 219, OPPO has become the top five mobile phone brands in the world.
although OPPO and VIVO are not the same company, they can be said to be brothers. They are very similar in terms of design, marketing and pricing, and their sales volume is very close, and their use is basically the same.
Duan Yongping was not idle when he arrived in the United States. As a stranger in the United States, he couldn't attack the industry, so he thought of investing. Because he didn't understand it, he worked hard to strengthen himself. In the following year, he read more than 1 books on investment until he saw Buffett's two sentences, "Buying a company's stock is equivalent to buying a company, buying part or all of it" and "investing in what you can understand, being ignored".
In 2, Netease encountered a recession when the Internet bubble burst in the United States. Its share price dropped from $15.5 at the time of listing to a minimum of $.48, and its market value dropped from $47 million to less than $2 million, and it was in danger of being delisted immediately. At this time, Ding Lei found Duan Yongping and asked Duan Yongping how to promote the online game "A Chinese Odyssey 2". In their conversation, he learned that the game market was very large and Netease's share price was seriously underestimated. "So in 22, Duan Yongping ate a lot of Netease shares and bought 2.5 million shares at a price of less than $1, accounting for 6.8% of Netease. In just two years, Netease came back to life with its game business, and its share price soared to $7, making Ding Lei the richest man in China. Duan Yongping also sold it for $7, earning a return of nearly 1 billion, so it is also called "Buffett of China".
In 26, Duan Yongping photographed the opportunity to have lunch with Buffett for $62,. At that time, he also brought a 26-year-old young man, who was Huang Zheng. They were introduced by Netease Ding Lei. They happen to be alumni of Zhejiang University, both of whom are from high flyers, so they get along very well.
Huang Zheng took Duan Yongping's advice to work for Google for at least three years, and then invested in Google. When Huang Zheng left Google three years later, he was already worth millions of dollars. After leaving Google and returning to China, Huang Zheng's first job was to join BBK in charge of e-commerce and founded Ouku, but his achievements were not as ideal as expected.
Duan Yongping still believes in Huang Zheng's ability. In 215, Huang Zheng saw a lower-end e-commerce market, and Duan Yongping did not hesitate to provide him with the first angel investment. At that time, many people questioned the quality and prospects of Pinduoduo, but Duan Yongping said that if he gave Huang Zheng ten years, he would let everyone see his differences.
in August, 219, Pinduoduo, which was only four years old, surpassed Baidu in market value and became the fifth largest Internet company in China. We can't help but say that Duan Yongping has a good eye.
Duan Yongping is not only a legend of China entrepreneurs, but also a legend of charities. In 25, Duan Yongping set up a family charity fund in the United States, mainly responsible for charitable donations in the field of education. Three years later, he registered Xinping Public Welfare Fund in China, which was also used for education. Moreover, he also donated 447 million yuan to his alma mater, Zhejiang University and the National People's Congress.
One of his business secrets is: one's duty should be accompanied by normality, and both starting a business and investing should be treated with normality. Personally, I think he is not only normal, but also very caring and attaches great importance to education. His story is a legend in our hometown, an idol worthy of learning by anyone.