When I returned to the eting room, I imdiately sensed sothing off.
The atmosphere felt... strange.
For so reason, Zhang Zhidong looked irritated, and Ma Huateng’s expression was equally grim.
“Do you need ti to align your opinions?”
I asked from the doorway without ✪ Nоvеlіgһt ✪ (Official version) entering.
“N-No. Please, let’s continue.”
Zhang Zhidong waved his hands awkwardly, forcing a smile.
“Then I’ll take my seat.”
We sat facing each other again. Manager Ma stood behind just as before—silent, unmoving, and imposing.
He stared down at Ma Huateng and Zhang Zhidong with a cold, cutting gaze.
It must have bothered them, because Zhang Zhidong subtly suggested:
“Um... the gentleman behind you can sit as well.”
“No. I prefer standing.”
Manager Ma cut him off instantly—his tone sharp enough that even I felt the chill.
Zhang Zhidong’s awkward smile grew even stiffer.
Trying to clear the awkwardness, he asked:
“Did your conversation go well?”
“TJ Soft is currently looking for a partner, and SY Soft is already on the verge of signing with The Nine.”
“The Nine?”
Zhang Zhidong was visibly startled.
“Yes. It seems negotiations have progressed quite far. They’ve already discussed terms.”
“Then...”
“Don’t worry. Tomorrow, HS Venture Capital’s CEO Park Hyunseong will et their executives and overturn everything.”
The gloom on Zhang Zhidong’s face vanished instantly.
“That’s a relief. If The Nine is the opponent, the odds are overwhelmingly against us since we haven’t established an ecosystem yet.”
“Co to think of it—the CNNIC that The Nine operates has around ten million users, right?”
“Yes. In China’s online ga service sector, they’re the frontrunner. If we enter the market normally, we can’t beat them.”
He was right. Under normal circumstances, neither TJ nor SY would choose Tencent.
The Nine’s performance was already proven, while Tencent still had nothing to show.
“But QQ ssenger’s user base will keep growing. We barely passed one hundred million users, but that number will rise continuously. QQ is Tencent’s greatest weapon.”
Calling one hundred million “barely”...
I snorted inwardly. China really operated on a different scale.
Then again, this was China—without this level of potential, entering the market wouldn’t even be worth considering.
“The key is guiding those users naturally toward gaming. If we can successfully convert them, no one will be able to compete with Tencent. Don’t you agree?”
Zhang Zhidong smiled brightly, inviting agreent.
“Yes. And to do that, we need good gas.”
I returned the smile. People who want sothing are always easy to handle.
“Good. Let’s talk terms.”
With that, the real negotiation began.
After nearly an hour of back-and-forth, we reached a conclusion.
“Tencent Gas will be established as a subsidiary, with Tencent Holdings owning 51% and Dreamhigh Investnt receiving the remaining 49% at no cost. Correct?”
Zhang Zhidong summarized. I nodded.
“Yes. And the signing fee and royalties for Blood Alliance and Mu Online must exceed the terms offered by The Nine.”
“That much is doable. Simply bringing them over and servicing them practically guarantees a jackpot.”
“Good. Let’s draft the MOU. We’ll prepare the full contract after finalizing deals with TJ and SY.”
Zhang Zhidong, looking tired, nodded vigorously.
“When we draft the contract, I won’t co personally. Soone from Dreamhigh’s Shanghai office will represent us.”
“Understood.”
While Zhang Zhidong and I talked, Ma Huateng stayed absolutely silent.
He wasn’t talkative to begin with, but this level of silence was unusual.
What was wrong with him?
“CEO Ma Huateng, do you have anything to say? It’s obvious you do. Don’t hesitate.”
Zhang Zhidong’s smiling face froze instantly.
Ma Huateng looked at him, and Zhang Zhidong shook his head.
So that’s why the atmosphere was icy when I walked back in.
Despite Zhang Zhidong’s attempt to dissuade him, Ma Huateng seed torn.
Finally, he let out a heavy sigh and spoke.
“There is a problem.”
“A problem? Sothing serious happening at Tencent?”
“W-We... might need to accept a new investnt.”
His voice was small, almost crawling.
I raised an eyebrow.
“A new investnt...? When we bought Tencent shares, we explicitly stated that no new investors could be brought in without our approval. Am I misrembering?”
“No. That was the agreent.”
“Then why suddenly talk about a new investnt? Is Tencent short on funds?”
With QQ Show’s success, Tencent’s revenue had skyrocketed.
Unlike QQ ssenger, QQ Show had multiple monetization channels driving substantial profit.
“...No.”
“Then why do you need new investnt?”
Ma Huateng faltered, unable to speak.
“CEO Ma. Speak. If you have ulterior motives, say it here and now.”
“Haah... The truth is—we were pressured to accept the investnt.”
I had a feeling. Now it was confird.
Otherwise, there’d be no reason for Ma Huateng to force things like this.
I hardened my expression on purpose.
“So that’s why you tried to shove to the front earlier? Is the Shanghai Clique pressuring you?”
“...Yes.”
He lowered his eyes.
Ah. So that was it.
He wanted to hide behind while the Shanghai Clique and Hu Jintao clashed, avoiding the fallout.
Clever. A survival tactic—I didn’t necessarily bla him.
“It’s not direct investnt, is it? Who’s the proxy?”
“Do you... know Naspers?”
Naspers!
Hearing that na felt like inserting the final missing puzzle piece.
So Naspers was the Shanghai Clique’s vault.
I had always wondered why a South African dia company acquired 46.5% of Tencent—still unknown and barely growing at that ti.
If Naspers handled the Clique’s black funds, everything made sense.
But this ti, I got there first—before Naspers could approach.
“They’re the dia group in South Africa. Originally publishing, later shifting toward the internet under CEO Koos Bekker. And they’re connected to the Shanghai Clique?”
“I don’t know the details. I only received instructions to accept their investnt.”
His gloomy tone was understandable. A business caught between Party factions had little room to breathe.
“Hm... So, CEO Ma, do you want Naspers’ investnt?”
“When directives co from the Party, we must obey. Refusal ans we can’t do business in China. You know that well.”
That was true.
But I had zero intention of sharing Tencent with anyone—not the Shanghai Clique, not anyone else.
“Why is the Shanghai Clique pushing this investnt so hard? Are they planning to—”
I stopped mid-sentence.
A mory flashed through my mind.
Alibaba delayed its IPO as long as possible.
Tencent, anwhile, listed on the Hong Kong Stock Exchange in 2004—very early.
And now... now I understood why.
“You were preparing an IPO behind our backs, weren’t you, CEO Ma?”
“H-How did you...? How much do you know?”
His eyes widened, his jaw literally dropping.
“If you think a little, it’s obvious. Tencent was preparing for an IPO. The Shanghai Clique intended to profit from the post-IPO price surge.”
“...”
Silence—his clearest admission.
I let out a long breath and stared at him.
I had absolutely no intention of letting Tencent go public yet.
Tencent would keep growing. IPO timing mattered.
“I don’t intend to accept any new investors except the Arican VC currently holding shares. And I plan to delay the IPO as long as possible. If Tencent needs capital, I will acquire more shares through a paid-in capital increase. That’s why it’s written into our share acquisition contract.”
I hadn’t known Naspers was tied to the Shanghai Clique.
If they intended to invest regardless, even at the cost of diluting , then I had prepared the contract precisely to prevent that.
Any new investnt required Dreamhigh’s consent.
Without it, nothing could proceed.
China was unpredictable. Contracts were the only leash.
“Shanghai Clique, huh...”
My headache deepened.
If they wanted Tencent destroyed, they could make it happen.
Unless...
Unless I aligned with Hu Jintao.
No other option existed.
A long silence passed. Ma Huateng waited for my verdict. Zhang Zhidong watched anxiously.
At last, I spoke.
“Who contacted you?”
“Minister of Public Security Zhou Yongkang.”
“Zhou Yongkang contacted you personally? For this?”
“Yes.”
Zhou Yongkang—one of the Shanghai Clique’s core mbers.
Recently appointed Minister of Public Security.
“Is Jiang Zemin directly involved?”
“T-That, I don’t know...”
Whether it was Zhou Yongkang alone or Jiang Zemin himself didn’t matter.
I rubbed my forehead.
“So the IPO frenzy among Chinese IT companies—all driven by the Shanghai Clique.”
God, what a headache.
It was too early to fight the Shanghai Clique.
“CEO Ma.”
“Yes?”
“I’ll give you three options. You choose.”
I decided to place the decision in his hands.
“First: I sell all my shares directly to the Shanghai Clique. For three hundred million dollars. Exactly ten tis what we paid for them. No negotiations.”
Tencent’s valuation next year at IPO would be around eight hundred million.
My 46.5% wasn’t worth that much yet—but in a pre-IPO state, three hundred million was steep.
“Second: sever ties with the Shanghai Clique. Side with us and support the Communist Youth League. If so, I will block all of the Shanghai Clique’s attacks.”
They wouldn’t start an all-out war over Tencent alone.
There were many other IT firms preparing IPOs.
And I knew which ones would succeed.
I could redirect the Clique’s interest toward them.
“Lastly: sell all your shares to the person I designate, withdraw completely from Tencent’s managent, and never enter the sa industry again.”
In other words: take the money and disappear.
This was the one I didn’t want him to choose.
The ssage beneath it was clear:
If you insist on staying tied to the Shanghai Clique, you and I must part ways entirely.
I looked him directly in the eyes.
“Your decision, CEO Ma. I will act accordingly once you choose.”
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