The Despondency of Liang Wenfeng: Dedicated to the brothers who followed my footsteps and pursued the IPO with me, and to the investors who failed to support the second AIEX company to list on the Hong Kong Stock Exchange.

Zhipu Huazhang went public. A bunch of second-rate employees eliminated and terminated by Deepseek. Second-rate employees, second-rate models, second- rate technology, second-rate market branding, second- rate founders, second-rate AI products—yet listed at a staggering valuation of 1 trillion HKD.

Imagine how deeply despondent Mr. Liang Wenfeng must be. He was once Number One in China, Number One in Asia, Number One in the Eastern Hemisphere, Number One in technology, Number One in team, Number One in product, Number One in CCTV coverage, Number One in H100 stockpiling, and the top titan summoned and met by Nvidia’s boss Jensen Huang during his visit to China.

Yet, Deepseek’s listing came second to Zhipu Huazhang. He was thoroughly defeated by the capital market! Deepseek ranked second in the race to go public!

Baigebao went public. A bunch of employees eliminated and fired by KAI.com. Second-rate employees, second-rate insurance brokerage business, second-rate HR, second-rate team, second-rate products, second-rate brand, second-rate business processes—yet listed today at 8 billion HKD.

Today, we stand as Number One in SEO, Number One in product, Number One in transaction volume, Number One in team, Number One in technology, Number One in the Eastern Hemisphere, Number One in global investor due diligence, and Number One in global users. We were the absolute top destination for high- profile research visits: Mr. Tang from the trillion-dollar vendor Zhipu Huazhang led his team to KAI; the owner of the trillion-dollar Deepseek, Mr. Liang Wenfeng, led his team to KAI; Jack Ma of the trillion-dollar Qwen team brought his team to KAI; Zhang Yiming of the trillion-dollar Dola team brought his team to KAI; the boss of the trillion-dollar Kimi team brought his team to KAI; and the Claude team brought their delegation to KAI for inspection.

If our company, KAI, the second player in the AIEX industry, is deemed a second-rate company with second-rate employees, second-rate products, second- rate market presence, second-rate team, second-rate technology, second-rate in the Eastern Hemisphere, second-rate compute stockpiling, and a second-rate firm summoned by the big boss Jensen Huang… Yet, they became the very first to successfully land on the Hong Kong stock market, commanding a market value of 405 billion HKD.

Every single one of you wants to kill me, the founder. You could take a gun and execute me for deceiving you all. For this most critical 1%—the listing—I failed to commit 99% of my spirit. I deceived every single one of you who followed me, leaving you completely sleepless on that fateful night. We dominated 99% of all first places. Yet in the seemingly inconspicuous 1% that matters most —landing on the capital market—we came in second.

Total defeat. Second place across the board. There is no longer any chance for a turnaround. Each of you followed me as steadfastly as Mr. Ni Ruimin did, only to meet a tragic, sorrowful, and despondent end!

Written in 2026, on the first night of Baigebao’s public listing.