on the second night of listing in Pinduoduo, Huang Zheng held a 2-hour staff meeting-the only one except the annual meeting so far. More than 2,111 employees are required to enter the site without pens, and their mobile phones can't record. The questions are written on paper and brought in. The first few questions at the opening ceremony are: "Will there be a double break when going public?" Huang Zheng replied: "No." The scene was quiet. "Is there an option?" As soon as the second question came out, the scene immediately applauded. On the day of listing, the office was brightly lit until late at night, and finally there was a lively atmosphere of celebration. But Huang Zheng answered simply: "No." At this point, Huang Zheng smiled, his body was miniature, and his hands were tightly clenched at the microphone root. At this time, he is approachable and shows his inhuman side. Different from the "openness" of the mainstream culture in the Internet era, Pinduoduo is a closed and even nervous company-employees are not encouraged to communicate with the outside world, and the information authority is extremely limited-and the Internet generation emphasizes individual needs and free will, which may be difficult to understand and accept. At the same time, Huang Zheng, the maker of Pinduoduo's future strategy, was hidden in public view when the stock price rose to 61% of the issue price. If you can keep a low profile, you will be prepared not to be understood-not only employees, but also industry and investors. A foreign media wrote: "If you can explain Pinduoduo, the stock price can be 7 times higher than that of peers at book value, and the cash flow can be 971 times. I will invite you to dinner and open a bottle of champagne for you." But everyone is eager to be understood in his heart. If he chooses to believe in the common sense of "talking too much will lose", he chooses to avoid the price of expression and give up the opportunity to be understood. Huang Zheng is a man with an extreme world outlook. He believes that the future, the world is unknowable and the reality is unpredictable, so he should be ambitious, but he also believes in eternal changes, believing that he can see the part and the part will lead to the unknowable future, so he is extremely pragmatic. For the outside world, Huang Zheng's pragmatism is embodied in believing in reason and common sense-the extremely simple objective law behind the facts, that is, the most basic rational law. At the same time, internally, Huang Zheng is a person who pursues truth and inner peace. This is an extreme, even paranoid worldview, both inside and outside. Such people will reflect countless conflicts in their actions: seemingly poised, but pressing for results; It seems normal, but it seems ambitious; It seems sincere and open, but it is difficult to open. Therefore, Huang Zheng, who is divided in others' eyes, is shaped as a visionary but arbitrary, extreme and over-realistic entrepreneur image. Everyone has experienced internal and external struggles, but it is difficult for most people to unify the two. The Unity of Huang Zheng Now, goals and happiness are two different things. The former is the inner desire, and the latter is the mapping of the objective world. "All unhappiness is caused by some kind of division or inconsistency. Disharmony between consciousness and unconsciousness will lead to self-division. You can't connect yourself with society by objective interests and the power of love, which will lead to inconsistency between the two. " Huang Wei wrote. This is also the common sense that Huang Zheng understands. Huang Zheng is between the paranoia at both ends, taking Pinduoduo forward. In an era full of luck and chance, the success brought by any extreme is worth discussing.

-1-This duty is nothing but the greatest pragmatism. Before and after Pinduoduo's round B financing, Yuri, the founder of DST, and Liu Qin, the founder of Morningstar Capital, talked to Huang Zheng successively. At this time, the assembled goods have just merged with Pinduoduo, which seems to have changed from consumption upgrade to consumption downgrade, but Huang Zheng didn't say much about the principle behind it, nor did he provide more data. For investors, it may be a pity to miss Pinduoduo. For Huang Zheng, it may be an unnecessary persuasion-as long as the performance can continue to rise, the explanation is redundant, including the media, unless it involves the bottom line of supervision. As Huang Zheng said, every entrepreneurial decision can be regarded as an investment decision, and it is necessary to distinguish what is bought with time and money from what is an asset and what is a cost-as time goes by, it is often an "asset" that is beneficial to deepening the moat of business, and the longer it is, the more unfavorable it is. This is mainly reflected in its pragmatic management methods. For example, the listing of Pinduoduo options will face an option release period of three to five years. At the beginning of 2119, when Xiaomi and Meituan, which were listed at almost the same time, were lifted, Pinduoduo employees' cash-out path had just begun. This will inevitably cause controversy at home and abroad. Huang Zheng explained that Pinduoduo had surpassed JD.COM for three years and fought Ali for ten years, and the first stage of the journey had not been completed. But at the same time, it also avoids the problem of lifting the ban on options-brain drain, information leakage, and less option pool. Today, the Internet is full of "strategy" and "play", but this company can't see them from the bottom up-each employee has limited access to internal information. Because "trust" is often a problem for pragmatists. There is a huge gap between today's effective and long-term decentralization. You need to fill in the results, not just time. A typical example is the implementation of the strategy, and the executive voluntarily asks for his life, and he will give a lot of resource space, but at the cost of going big or going home. Therefore, since its establishment, Pinduoduo has built a relatively sealed framework. Pinduoduo's top management is solid. Huang Zheng is surrounded by his closest comrades-in-arms and started a business together in 2111. Dora, the head of Pinduoduo business, is one of them. She is a strong executive female leader, which complements Huang Zheng's high strategy perfectly. Huang Zheng is in charge of GR, PR, HR, IR and War Investment, Dora reports products to him, and he is in charge of Pinduoduo Technology, B-end and C-end products, operation, investment promotion and administration, and so on. Middle-level project teams in Pinduoduo mostly realize the rotation system-to avoid holding groups and avoiding more information precipitation. Anyone who breaks its seal may be punished-from dismissal to loss of trust. Most founders with top-level architecture and large shares will be meticulous about their business, and even go into business with their own hands. Huang Zheng's trust is more extreme, and he doesn't touch any execution. In fact, this is a company that Huang Zheng has the final say-it is the largest shareholder in Pinduoduo, accounting for 46.8% of the shares. He has enough rights to make the trust funnel he wants-if the strategic will is guaranteed to reach the grassroots level at 111%, only the redundant levels can be cut off, implementation can be emphasized, and information consumption can be reduced-and "people" is an extremely complicated variable for the unpredictable reality. This management style continues to this day, first, because I believe that Huang Zheng has not missed it, and second, based on the logic of common sense, Huang Zheng's strategies are extremely easy to understand and implement. But this is also rare in the Internet industry that emphasizes mission, openness and sense of belonging. It's hard to imagine that a founder, after graduation, will be impressed by Google, which is famous for its open culture, which will bring a relatively tense company atmosphere. As a matter of fact, Pinduoduo has a very clear corporate culture-honesty, duty, doing what you say, and speaking with results. Very simple and clear-the basis of business and company operation in his eyes. The most frequently mentioned "duty" is a word that is easily misunderstood, not simple and kind, and cautious and self-disciplined. Duty is nothing more than the greatest pragmatism-doing one's job. It is not so much a genetic theory as a requirement for people: you should do what you are and where you are-both for people and companies. Employees should only have goals in their eyes, and they should also consider what Pinduoduo should do most at this time. And people's desires and emotions are complicated, which can be solved by salary far higher than the industry average-this is also the common sense of understanding human needs. Moreover, in the bilateral market of employment, all the people left behind are accepted and the most suitable people. Huang Zheng once said that the CEO must first find a ramp with a long snow journey, and then when the snowball rolls down the snowy road, see if there are any big obstacles on the snowy road, and if there are, move it away. When the snowball rolls, try to interfere with the snowball itself as little as possible. Pinduoduo's extreme management is a concentrated expression of Huang Zheng's personality and way of thinking-he hopes that the whole company will maintain a high degree of unity with his basic values, he wants to achieve his goals, and others will achieve them; He doesn't touch the execution, giving sufficient space; Form a company with high speed, execution and efficiency. This management method is firm and efficient, but it is hard to say that there is room for others and themselves.

- 2-The corporate values of Singaporean companies and Pinduoduo-style economies can be said to be part of the founder's values. Ma Yun's martial arts style, Ma Huateng's soft opening, Li Yanhong's technical priority and Liu Qiangdong's grounding are all examples. Some are unintentional, and some are intentional. In any case, the choice of values tests the choice of an entrepreneur, that is, what is "the same" and what is "different". Appeal is not his specialty, nor is it a pragmatist's style to infect others with values. Therefore, the values set by Huang Zheng are very simple and simple, and there is no culture with group characteristics. Compared with strong values, there is no right or wrong. He said that what you see depends on how you look at the problem. Huang Zheng is a person who has a very clear understanding of self and external boundaries. Such people will be particularly sensitive to "sameness" and "dissimilarity", will form a strong identity and resolutely give up, and will be fiercely competitive and ignored by generate. Huang Zheng has repeatedly rejected the analogy of "the second Ali" in interviews, but on many occasions he has expressed his admiration and learning from Lee Kuan Yew, the founding father of Singapore. He even invited former Singaporean Minister Reny Yang as a member of the board of directors. As a famous pragmatic politician, Lee Kuan Yew achieved national prosperity in a small country with few people and backward geographical environment. To understand the Singaporean model that Huang Zheng highly agrees with, we can also understand the basis for leading Pinduoduo. Under the rule of Lee Kuan Yew's "soft dictatorship", Singapore is a special country in economy and politics-neither the East nor the West-an island country with a population of less than 2 million and a lack of resources. Even fresh water is imported from its neighbors, and there is no common language, culture and values. However, it can break the economic development in international capital, trade and industry according to local conditions and establish an open and authoritarian regime-an American bestseller. Friedman thinks that Singapore is a complex and delicate mixture of radical free market and nanny state. Pinduoduo management and Singaporean politics have certain * * *. Politically, the main feature of Lee Kuan Yew's government is "authoritarian society", which is a political model in which powerful people lead powerful governments. Singapore is not an authoritarian government-the People's Action Party under authoritarianism is an "elite political party" and a political party open to the whole society. Singapore is not a one-party dictatorship, and there are also opposition parties. This unique democratic system has been called "flexible dictatorship" by academic circles. The state only needs to ensure that ordinary people live a good life every day, that is, the "nanny state." Amartya Kumarsen, the winner of the Nobel Prize in Economics, summed up this phenomenon as "Lee Kuan Yew's proposition" in his book "Looking at Development with Freedom" in 1988, that is, freedom and rights will hinder economic growth and development-Singapore citizens have also paid the price for this, and the privilege of trade unions and the rise of workers' wages have been restricted to ensure the return on capital; There is no freedom of the press. However, in the Lee Kuan Yew era, in 2112, Gallup, a famous American survey agency, found that Singaporeans had the lowest positive emotions after investigating 148 countries around the world. In the post-Lee Kuan Yew era, under the new era background, the development of Singapore calls for the emergence of more flexible and moderate leaders, and the rising momentum of the Workers' Party, the largest opposition party in Congress, can not be ignored. This is either the disadvantage of Lee Kuan Yew's pragmatism and inhumanity in governing the country, and we can also see the shadow and problems of Huang Zheng's current management. Economically, in view of the weak domestic technology and industrial base, Singapore has opened its market and attracted investment. Lee Kuan Yew said, "We have no raw materials to exploit, only labor." Foreign capital basically contributes half of Singapore's economic output. At the same time, the Economic Development Bureau borrows land abroad to make money through Sino-Singapore Suzhou Industrial Park and other cooperative projects. Singapore has created a model-only a small part of its assets are deposited in its own country, and most of its assets are distributed in China and the United States. Singapore is not only a small country, but it is also an existence integrated with all other big countries. This is obviously a great inspiration to Huang Zheng, and it is also a market entry point for Pinduoduo. In the context of the rapid development of the United States, the Pinduoduo-style economy may be better understood-more primitive and wild than the founding of Singapore. The five elements of American industrialization: railway, oil, steel, finance and automobile, correspond to the essence of transportation capacity, fuel, materials, capital and power, and then to the internet world, which is the scene (the connection between people and the internet world is lower than the product), traffic, information, data and cloud computing. The heterogeneous reorganization of any element and real space will have huge business opportunities and can lead the process of industrialization to spiral upward. When Pinduoduo was founded, the breaking point was the heterogeneity of traffic-digging traffic on WeChat and other accessible channels, reorganizing traffic with the most efficient mode, and bringing it into a new e-commerce scene-the so-called social shopping and game shopping were only efficient ways to achieve, and they stepped on a depression. Like all epoch-making business tycoons, the capitalist expansion is cruel and even barbaric, which is the main reason why Pinduoduo has been repeatedly banned by WeChat and questioned by the outside world since his birth. In 2118, the average order volume of buyers in Pinduoduo was 26.56, which means that a lot of traffic and data have not been effectively utilized in Pinduoduo. Huang Zheng said at the annual meeting in 2119 that to some extent, Pinduoduo is like the United States-oil and gold are everywhere, but we should first consider how to borrow our own technology and capital advantages and make good use of other countries' resources first-Pinduoduo may learn from the United States after studying in Singapore. Singapore's economic success has proved the "Lee Kuan Yew Proposition" to a certain extent-this is also a victory for extreme pragmatists. Lee Kuan Yew said that leaders who care too much about people's support rate are weak and incompetent leaders-recognizing "the same" and ignoring "the different". But then again, Huang Zheng believes that people's thinking concept depends to a great extent on his background, education he received when he was young and his current interest role. Even if the Singapore model is authoritative, it needs dialectical thinking, and it must not be completely copied. An unfinished article "From We deliver result to In love we trust" was previewed in Huang Zheng's WeChat official account. -About facts and results? -About love and trust. " This may be the answer to Pinduoduo's iteration after learning the Singapore model.

3-knowable and unknowable worldview is how a person measures his relationship with the world, time and space. If a person believes that the present is unknowable, but the future is known, it is easy to be affected by the sudden frustration of reality and the gap between the future and the future, and even the action is deformed and at a loss. Huang Zheng is the opposite. In the physical world, a system with more than two particles cannot be solved accurately, that is, the three-body problem. Influenced by quantum mechanics, Huang Zheng believes that the whole life of the world is unknowable, at least not accurate, uncertain and uncertain. Things are imperfect and incomplete. The only thing that can be believed is the change itself and the common sense that remains unchanged in the change. Although the whole is unknowable, we can look at the whole from the present part. The so-called normal mind, that is, to treat change calmly and the unknown future, is not