Dialogue with Hurun Rich List's Wang Mingliu: How should we land steadily when mining is no longer highly profitable?

This article was published on October 21 in the Odaily Planet Daily WeChat public account, authored by Huang Xuejiao.

Wang Mingliu has many labels:

Between 2008 and 2014, Wang Mingliu, who focused on the primary market, successfully invested in a series of unicorn projects such as ZhongAn Insurance and Uber;

In 2017, Wang Mingliu founded a blockchain infrastructure service provider—Maoqiu Technology, which received tens of millions of dollars in Series A financing led by institutions such as Tsinghua Tongfang's Tongfang Capital, iResearch Capital, and Changjiang Jin控 in 2018;

Yesterday (October 20), Wang Mingliu appeared on the "2020 Hurun Rich List" with a net worth of 10.5 billion yuan, ranking third in the blockchain field, behind Binance's Zhao Changpeng (21 billion) and Bitmain's Jihan Wu (11 billion).

From an outstanding investor to a successful entrepreneur, from an 80s millionaire to a hundred-million-load mining farm owner, these identities blend intriguingly in Wang Mingliu.

In his early years, Wang Mingliu studied in the United States and Canada, earning his first pot of gold in real estate development in Vancouver. After returning to China, he successively joined top global investment banks such as Blackstone and Citibank, becoming the youngest employee at Citibank with the privileges of a bank president.

Subsequently, Wang Mingliu began his career in investment and entrepreneurship. After engaging in a shared toy project, he learned about blockchain and its computing power infrastructure through investing in Bitcoin.

With his previous investment experience, Wang Mingliu quickly sensed the opportunity in this emerging industry, leading to the birth of Maoqiu.

After three years of development, Maoqiu has grown into a company with 400 employees, managing supercomputing service centers across Sichuan, Yunnan, Xinjiang, Inner Mongolia, and other regions, with a total installed capacity of over 500,000 units and an electricity load approaching one million kilowatt-hours.

Despite this, Maoqiu Technology remains a low-key and mysterious company in the industry. People can see its investment promotion advertisements, but there are few reports about who uses its custody services. This is closely related to its product positioning aimed at corporate clients and high-net-worth individuals.

Recently, Odaily Planet Daily conducted an in-depth dialogue with this "million-load mining farm owner" and "long-term investor in Bitcoin."

Like other large miners, Wang Mingliu is wealthy yet low-key, with a rational investment approach, embodying a long-term perspective.

In the conversation, Wang Mingliu introduced his insights into the wealth code, shared his principles for investing, entrepreneurship, and wealth management, and discussed the transformation and future of the mining industry over the past three years.

Regarding the future of Bitcoin, he confidently asserted, "The current macro environment is peaceful for Bitcoin's development, with no negative factors; the price increase is just a matter of time."

Why is he so certain? Where will the next "wealth code" emerge? Let's read on.

1. Investing in Uber: It's not just about having money to invest

Q1: You are a very successful investor outside the blockchain circle, having invested in star projects like ZhongAn Insurance and Uber. Can you share how you got involved in these projects?

Wang Mingliu: After returning to China in 2008, I have always been very focused on VC and PE. I had some personal wealth, so I also invested as an LP in top domestic funds like DCM, Sequoia, and ZhenFund. They allocate hot market projects to large LPs, but individual investors cannot just invest because they have money.

Whether it’s ZhongAn or Uber, I focused on the trend of the internet transforming traditional businesses; it’s all about going with the flow.

Q2.1: You mentioned trends earlier; what are your investment preferences?

Wang Mingliu: I tend to be aggressive with what I believe in.

For someone like me, my network, experience, and vision might be slightly broader than others, so my investment choices should be more extensive than the average person.

Ordinary people tend to invest more in financial products, which I don’t need to do. So I definitely lean towards riskier investments, mostly in equity.

When selecting projects, I adhere to a few principles: first, choosing the right field; picking the right track means picking the right trend; second, looking at the leading companies in that field, as those that can go public later are often the top two in their niche; and third, assessing the team's background, original intent, and overall capabilities.

Q2.2: Do you invest alone or do you have a team?

Wang Mingliu: That’s why I choose top PE and VC institutions; they can provide many resources and expertise that I wouldn’t have otherwise.

The more prestigious the company and team, the more they want to find strong investment institutions, so the more famous the institution, the better projects it can attract; this creates a virtuous cycle.

Not only do they have channel advantages, but the due diligence teams at top institutions are also very professional. I primarily rely on their due diligence team's opinions as my main investment reference, and based on the materials they gather, my team and I conduct secondary analysis and further investigation.

One of my important methodologies is to mobilize top talent and resources to help me; as the saying goes, "Each profession has its specialization." When you can’t be proficient in everything, finding such people and resources to use for yourself is sufficient.

Q3: You previously mentioned that the essence of business is to gain benefits through information asymmetry. I’m curious, how do you judge an opportunity when you see one, ensuring that more people and money will flow in rather than just being the one to take over?

Wang Mingliu: Let me illustrate with personal experience. Before 2008, I studied in Vancouver, Canada, and had some understanding of the local real estate market. I noticed that the strong demand from Chinese people for buying houses there was not being fully met, which local real estate developers were unaware of. Simply put, this is a typical case of information asymmetry; I understood Chinese buyers better than they did, and I also had a better understanding of the local market than most Chinese people looking to buy in Vancouver.

Specifically, in 2006, after nearly 30 years of reform and opening up, China’s economic strength and the wealth of its people had risen several levels, and the trend of studying abroad or immigrating was gradually rising.

However, they often found it difficult to buy or build the houses they wanted overseas. If they wanted to build, they needed to be very familiar with local policies, land transaction processes, and construction standards.

When buying, people were not very fond of purchasing decades-old second-hand houses; they all wanted new ones and were very concerned about land ownership.

So, in response to these demands, we established a company to acquire land and replan it.

When acquiring land, we also fully considered the requirements of Chinese buyers, such as proximity to schools, which is known as "school district housing" in China, a concept that didn’t exist abroad before; and whether there were supporting facilities around the community, such as Chinese supermarkets and restaurants; we also designed to meet Chinese preferences for living habits, such as south-facing layouts.

Thus, we became one of the first real estate developers in Canada targeting the Chinese community. So, knowing more than others often contains opportunities.

Q4: What has been your overall investment return rate to date?

Wang Mingliu: It varies; some are high, some are low. On average, it’s definitely high because I entered the market early, starting with PE and VC investments in 2008, and I made quite a bit when the Growth Enterprise Market launched in 2009, along with later buying and selling Bitcoin and running mining farms.

2. Owning a million-load mining farm: "This business is fantastic"

Q5: After several years of investment, you switched roles again, becoming an entrepreneur involved in building the industry. What are the driving factors behind this transformation?

Wang Mingliu: In recent years, I have mainly focused on two sectors: one is game development; the other is blockchain infrastructure service providers, commonly referred to as "mining farms." Today, I can elaborate on the latter.

As mentioned earlier, my entry into this field was through investing in Bitcoin. At the beginning of 2016, I bought over a million dollars' worth of Bitcoin as part of my personal asset allocation. I remember the price was over $400 per coin. We all know that Bitcoin had already entered a bull market cycle at that time, continuously rising, especially after 2017, when the profit-making effect became increasingly significant, and I started paying attention to this industry.

After investing in the secondary market, I wanted to continue entering the primary market. Take the domestic capital market as an example: which has a higher probability of losing money, investing in the secondary market or the primary and semi-primary market? The answer is obvious; it’s definitely the secondary market. Now, comparing the primary and semi-primary markets to being an original shareholder in a company, which has a higher probability of losing money? The answer is still the former, right?

The same applies to the blockchain industry; trading coins is not as good as investing in mining, and investing in mining is not as good as mining yourself. So in 2017, I started buying mining machines and looking for electricity to build mining farms.

Building mining farms deserves special mention. Initially, I bought mining machines and placed them in others' mining farms for custody, but later I thought it was more economical to have my own mining farm because mining is a competitive industry. Unlike now, back then, most people used the same model of mining machine (Antminer S9), and miners of the same scale had nearly identical electricity consumption. So, what factor determines who can make more money? It’s the price of electricity.

So we began looking upstream for affordable, stable, and controllable electricity. Being from Sichuan, the local area has a lot of abandoned hydropower/redundant electricity, attracting many mining farms, which is known in the industry as the "mining capital." Soon we secured our first electricity resource. At that time, we didn’t have much experience and accidentally acquired more than needed, so I called friends to help with custody, and we ended up with some surplus.

By the second half of 2017, as Bitcoin gradually approached the peak of the bull market, our machines were making a lot of money whether we kept them running or sold them off, and the remaining mining farm slots were quickly snatched up.

The market changed rapidly during those months. By Q1-Q2 of 2018, mainstream digital assets like Bitcoin and Ethereum began to decline. The coins mined became less valuable, but the mining farms, which we initially didn’t think much of, ended up making money.

At that time, there were few mining farms, and we required clients to pay a month’s deposit before signing contracts for a year of custody services, with fixed electricity prices. Therefore, short-term fluctuations in coin prices had little impact on it, making it the only "anti-fragile" investment in this system.

By the second half of 2018, as coin prices continued to fall, they breached the shutdown price for mining machines, and clients with tens of thousands of machines could hardly mine anymore. I told them that stopping and restarting would easily damage the machines, and some clients said, "Then you can take them to mine."

To be honest, during the toughest times, we fared relatively well because I was mining and hoarding coins using the cheapest mining machines, electricity prices, and lower overall network computing power. At that time, I also bought many disposal machines at very low prices, and then the flood season and a small bull market came.

So I think the mining farm business is fantastic; it can be said to be highly profitable, which also laid the foundation for Maoqiu to engage in mining farm custody services.

Q6: Can you briefly introduce the types of mining business Maoqiu currently engages in?

Wang Mingliu: It can be roughly divided into ToB and ToC segments.

ToB mainly involves collaborating with some large financial enterprises, such as equity, guarantee, and financing leasing companies to mine together.

They invest in our special fund in the form of debt, equity, or financing leasing, and we are responsible for operations, including how to comply with regulations to secure electricity, how to ensure stable power supply for the mining farm through good local resources, how to build standardized mining farms, assemble professional operation and maintenance teams, and how to allocate different types (GPU or ASIC), different processes (16nm or 10nm), different brands, and different timings (futures or spot) of mining machines based on precise calculations, along with a series of financial services like hedging and quantification for clients. Overall, it’s a systematic project.

This goes back to the earlier point about information asymmetry; this business can be done because we understand how to mine better than most people.

As for ToC, many might think this involves heavy manpower, operations, and promotion, often referred to as "hard work." But in fact, our products are aimed at high-net-worth individuals, usually starting from 5000T; of course, if our employees or friends come, they can start from one or two hundred T.

When a client's investment reaches over 5 million, we will provide customized cloud mining products. It’s important to note that our product is fundamentally different from the commonly understood cloud computing power; cloud mining refers not only to the mining of coins but also includes the mining farm itself. This means that the money they invest will be used to purchase mining machines and the mining farm separately.

For example, if a client invests 10 million, we will allocate the funds based on their risk preference. If their risk preference is high, we might suggest using 9 million to buy mining machines and the remaining 1 million to build the mining farm that corresponds to the electricity load for these machines (this is just an example; the actual allocation ratio needs precise calculations). This way, the efficiency of earning coins might be faster; if the client prefers stability and hopes for a 15%-20% return in a year, we might recommend using most of the money to build the mining farm and the remaining funds to purchase mining machines. When coin prices are favorable, the machines can earn a lot, but if the prices are poor, the mining farm can still generate stable cash flow, effectively mitigating risk.

For Maoqiu, we also do not charge any carry in advance; instead, we take a reasonable share of the excess returns from clients after they recoup their investment.

Q7.1: Given your previous experience and resources, I’m curious if you’ve encountered common "pits" in the mining process?

Wang Mingliu: Yes, indeed. The most typical "pit" is the construction team, which can cost tens of millions.

We follow an intensive route, finding one contractor to oversee several mining farms in the same watershed, with the total construction contract value exceeding tens of millions. This way, it’s optimal in terms of construction costs, management costs, etc.

Last time, we encountered a company owned by someone named Li and called Lu**Tai, which had a series of issues, such as cutting corners by replacing copper wires with aluminum wires and using self-assembled transformers instead of standard ones.

Normally, a transformer costs around 100,000 to 200,000, and a self-assembled one can be cheaper by about 100,000, but it’s prone to problems. If you calculate it, a mining farm with a capacity of 50,000 kilowatt-hours needs dozens of transformers, which can easily consume millions. They also didn’t settle labor costs with the on-site workers, leading to farmers coming to us for payment.

This company truly lacks professional ethics; as far as I know, they’ve deceived many mining farm owners, and we have already filed a lawsuit, which is currently under court review.

Q7.2: When you discovered the issues, was the mining farm already operational, causing a shutdown?

Wang Mingliu: Exactly. After our team discovered the problems, we immediately expelled them and invited other professional construction units for rectification. However, the issue was that many sites had already been reserved by clients, who had paid deposits. We had a bet with them to get everything running within a few days of the flood season, so we ended up compensating clients quite a bit.

Odaily Planet Daily Q8: What is your current computing power and electricity load?

Wang Mingliu: Our computing power is quite substantial. Maoqiu is expected to use a load of one million kilowatt-hours by the end of this year, and our current custody scale is in the tens of thousands of machines.

3. When mining is no longer highly profitable, how should miners land steadily?

Q9.1: I noticed that Maoqiu Technology's homepage displays the return rates for your mining machine rentals, which have significantly dropped from historical highs, reflecting the current state of high investment, long return periods, and low profit margins in the mining industry. Can you explain how this process occurred?

Image: From Maoqiu Technology's official homepage

Wang Mingliu: As you can see, the profit margins in this industry are in a steep decline, from mining machine sales, mining farm custody to pure mining; it’s becoming increasingly difficult to operate.

Moreover, I believe that competition in the custody industry will only intensify in the future. As the saying goes, "This is the best of times, and the worst of times."

Looking back, take the custody electricity prices during the flood season as an example; the prices have dropped from 0.5-0.6 yuan per kilowatt-hour in 2017 to 0.4-0.45 yuan in 2018, and then to around 0.25 yuan last year and about 0.2 yuan this year.

I can confidently say that it will definitely drop again next year. We calculated the loads of most mining farms in China and projected the machine upgrades; the current scale of existing mining farms far exceeds demand.

Now is what we call a "breathless" moment, where a large number of old mining machines like the S9 will be shut down after this month’s flood season, and new ASIC mining machines cannot be scaled up quickly due to the need to accommodate 5G and other reasons; old Ethereum graphics card machines will need to upgrade their memory from 4G to 8G by the end of this year. Due to yield rates and quality control issues, many miners won’t risk spending money to upgrade. Most will turn around and sell them off, for example, selling 1,000 units to replace them with 200-300 brand new 8G graphics card mining machines. In short, the number of machines, and thus the demand for custody, will significantly decline.

If I were to summarize the causes of this process, I believe there are four points:

First, the industry is continuously growing, and mining difficulty is constantly increasing;

Second, the long-term price of coins has been sluggish, with bull markets always being fewer than bear markets;

Third, large institutions entering the market have led to oversupply;

Fourth, and I believe the most important point, is that the information asymmetry in this industry is being flattened.

The occurrence of the third point is due to information asymmetry. As I often say, "It’s like a wall; those outside still think mining and building mining farms are highly profitable and are eager to get in, while some people inside the wall are already trying to break free."

Of course, as the industry develops, this information gap will continue to shrink. For example, by next year, the difficulty of attracting investment will become a common issue, and there won’t be as much hot money flowing in. However, compared to traditional businesses, its returns are still quite high.

This is a process that any emerging industry must go through, from the initial wild growth to value return; the question is whether you can expand your base during this return.

Take Maoqiu as an example; when we started in 2017, we only had a load of over 100,000 kilowatt-hours. Although it was highly profitable, with annualized returns exceeding 100%, how much total profit could we really make? Now, while profit margins have relatively decreased, as long as the base scales up, total profits will definitely increase.

In summary, now is the time for practitioners to hone their skills and solidify their foundations. I believe that the companies that survive until the end will reap significant rewards.

Q9.2: You mentioned that Bitcoin's computing power is continuously increasing. How much do you think it could rise by the end of the year or in the coming year?

Wang Mingliu: In fact, value investors do not overly focus on the growth of computing power and difficulty. Rapid growth may not necessarily be bad; it indicates that more people are optimistic about it, but it can be relatively uncomfortable for short-term investors.

Q10: As a "long-termist," how will Maoqiu respond to these short-term challenges?

Wang Mingliu: From a medium- to long-term perspective, we have corresponding strategies.

In the long run, Maoqiu Technology will build synergies with other links in the industry chain through strategic investments or deep cooperation, enhancing the depth of its own business.

Since Maoqiu is engaged in new infrastructure for mining farms, can I invest in or collaborate with upstream and downstream companies, such as those involved in the research and production of mining machine chips? Once the chip is successfully produced, it will become an important part of Maoqiu's entire blockchain new infrastructure ecosystem. The two can collaborate, promoting the sales and after-sales services of this company’s mining machines while also bringing a steady stream of custody clients to my mining farm (as these companies do not focus on mining farm construction).

Another category is financial derivatives based on miners and mining farms. I am willing to participate in investments in these.

The demand for miners to hedge has already been proven, and now wealth management products that allow for interest on stored coins are gradually gaining popularity. It’s foreseeable that the penetration of finance will deepen. For these innovative financial companies in the digital asset space, they will encounter a common concern among clients, which is the issue of credit or trust. These concerns are not related to the quality of the clients or these financial companies; fundamentally, it’s because most of these companies manage clients’ digital assets through a "centralized operating model," right? No one can guarantee that they won’t run away, and since they are not currently regulated by law, their default costs are relatively low. However, collaborating with Maoqiu can provide a certain degree of credit backing based on tangible assets.

For example, my custody clients can confidently place their mined coins into Maoqiu’s self-operated or strategically invested/cooperative financial products without fear of them running away. They can see that Maoqiu has so many mining farms and machines, along with our reputation in the industry and the backing of our shareholders. If we were to run away, the cost of default would be significantly higher, right? Therefore, I hope to empower some truly imaginative and professionally capable financial teams through the Maoqiu brand to provide miners with higher-quality financial derivative services, making this industry more robust.

Recently, we are upgrading our products and services while launching a "joint mining" product aimed at medium-sized investors, which is an innovative model worth discussing.

Upgrading essentially means enhancing our internal capabilities. As mentioned earlier, competition in this industry will become increasingly fierce, so when the choice is left to clients, they will definitely choose the best among the best, selecting higher-quality and better-experienced options. The so-called upgrade involves a complete overhaul of our hardware and software, whether it’s network deployment, real-time monitoring systems for clients, or financial derivative services that meet different needs; these are all innovations we are rolling out according to our planned schedule.

The second aspect is optimizing Maoqiu’s joint mining products based on the existing foundation, allowing it to more accurately target more individuals and medium-sized investors, so stay tuned.

Q11.1: Looking back, do you think there are any segments in the mining industry chain that still have "good deals"?

Wang Mingliu: Definitely finance. The penetration of finance is increasing year by year; 2019 will certainly be higher than 2018, and after the peak in early 2020, the massive drop on March 12 caused many to hesitate. This is somewhat a short-term negative factor.

However, aside from the result of "leveraging—being liquidated," what do you find? The root cause is not the product's fault but rather investors’ greed combined with a lack of risk hedging tools. It depends on how you interpret it. I believe that the more volatile the market, the more it needs derivatives like hedging to reduce the volatility of future expected returns.

Q11.2: Have you or Maoqiu used much leverage?

Wang Mingliu: I never engage in any leveraged activities. I focus on the long term; short-term fluctuations don’t mean much to me because even if Bitcoin rises to $20,000 today, I won’t sell. After selling, what would I do with the money? So I prefer the price to grow slowly but steadily rather than experiencing wild swings, which can harm the market and deter people from entering, leading to a smaller consensus. How can Bitcoin rise to $50,000 or $100,000 then? Therefore, I don’t use leverage.

The second objective reason is that my scale is relatively large.

For example, if I give you $10,000 to trade stocks, if the return rate reaches 50%, I believe it’s not because you’re great but because you’re bold and lucky. But if I give you $10 million, can you guarantee me the same 50% return? The answer is definitely no. Different financial asset scales come with different investment strategies.

4. How do large miners become large miners?

Q12.1: It’s well known in the industry that you are a wealthy mining tycoon. Can you describe the characteristics of the large miner group?

Wang Mingliu: Large miners are all quite capable and low-key. They are also definitely long-termists, with a more rational and cautious investment preference.

Short-termists can just take their money and directly trade in the secondary market. In 2018-2019, there were investors entering the market with tens of millions, and they were all swallowed by the market in those rounds. Conversely, running a company is slower but more stable.

I think it’s quite simple; many large miners are still around today primarily because we were lucky, and secondly, running mining farms forced us to passively hold onto coins. It’s truly not because we did anything particularly impressive.

Anyone who considers themselves clever tends to act more frequently in the market, and there are definitely smarter opponents in the market than us, so the outcome is uncertain.

We don’t innovate too much; we just stick to our original intention of hoarding coins. I believe that digital assets will eventually become an indispensable part of human asset allocation in the coming years.

Lastly, I want to add that many large miners quietly make a fortune, haha.

Q12.2: Do you think there are any differences between you and other miners?

Wang Mingliu: I don’t particularly enjoy drinking, socializing, or attending industry events.

The key in this industry is to understand the trends clearly, unlike many other industries that require frequent interactions with investors and media, going on roadshows to expand channels. Even if needed, our team members can handle it perfectly. Additionally, in recent years, Maoqiu Technology has gained some recognition in the industry, so others will always come to us.

I occasionally have tea with some miners, but there are definitely fewer tea drinkers than drinkers.

Q13: I’d like to know if you have any investments or projects you’re optimistic about in the blockchain world outside of Bitcoin mining?

Wang Mingliu: I participated in ICOs in 2017, EOS in 2018, and shard technology projects in 2019. I don’t really participate anymore.

I can only say that after spending a long time in this industry, I’ve gained a clearer perspective on many things. At this stage, I don’t find many projects appealing, although there are some good ones. However, they often have many restrictions for early investors, such as long lock-up periods. Do you know what will happen a year from now? I don’t even know what Bitcoin’s price will be a year from now, let alone other projects. Overall, my investments in this industry will be more stable.

Q14.1: I’m curious about your trading style as a long-termist.

Wang Mingliu: The funds I use for hoarding coins are bought and then left untouched. Then, when liquidity is okay, I invest monthly. I am a firm believer in Bitcoin and also a preacher of it. This belief has become even stronger now. In the post-pandemic era, as central banks around the world are flooding the market, Bitcoin and Ethereum, as leading mainstream digital assets, will undoubtedly be the best options for hedging, bar none.

Q14.2: What is your asset allocation like?

Wang Mingliu: Bitcoin accounts for about 70%, and the rest is Ethereum.

My original allocation was a 50-50 split between the two coins, but last year I felt that Bitcoin’s liquidity and trading volume were significantly better than Ethereum’s, so I increased its allocation.

However, in the past six months, I have been more optimistic about Ethereum. Although I believe DeFi mining is just a capital game, this year, aside from DeFi and IPFS, there haven’t been many hot trends, and the Chinese market still has a lot of herd mentality, so I think DeFi will continue to thrive; its prosperity will definitely be based on the Ethereum ecosystem.

So while I don’t participate in any DeFi projects, I am involved in Ethereum mining.

As for the ICOs I participated in before, those coins were held short-term; I wouldn’t hold onto them.

Q15: From a macroeconomic perspective, do you see Bitcoin’s price rising in the next year or two? What unfavorable conditions and high-risk factors do you think currently exist?

Wang Mingliu: As long as the economy is poor, it will always be favored. As the ancients said, "In prosperous times, hoard antiques; in chaotic times, hoard gold," because gold has deflationary characteristics, and Bitcoin is the gold of digital currencies.

Regarding the negative factors you mentioned, I don’t see them. I genuinely believe that the current environment is peaceful for Bitcoin.

Think about it; in the post-pandemic era, whether for institutions or individuals, what kind of hedging products should they choose that can be traded 24/7 and are easy to carry like Bitcoin? Gold is so difficult to store; look at how much gold prices have risen in recent months! How many stock investors have flooded into the Chinese stock market in recent months? Among them, over 80% of retail investors may have made little to no money over the past 20 years, or even lost money. Why are both retail and institutional investors entering again? Because of the excess liquidity. The surge in the Shanghai and Shenzhen stock markets is not due to the ROI and ROE of listed companies improving compared to 2019; in fact, they have continued to deteriorate. The real reason is the supportive policies from the state for the capital market and the influx of more hot money. Therefore, when the stock market declines, people will inevitably pay attention to alternative assets, and it’s just a matter of time.

Q16: One last question, what are your work habits and lifestyle like?

Wang Mingliu: My habit is to work overtime and then watch American dramas when I get home. When I have free time, I also go out to preach with like-minded friends.

Many of my friends around me have already been converted, but the revolution is not yet successful. I hope to convert all of their hundreds of millions (RMB) into this industry, allowing them to invest and make the entire industry bigger and better. There is still a vast space for growth. Because this isn’t something that can be done with a few million; the minimum investment is usually tens of millions, and this scale of investment can only be "penetrated" over time, haha.