China News Service, October 24. NASDAQ-listed company Momo (NASDAQ: MOMO) passed a personnel appointment today: President and COO Wang Li will succeed the founder Tang Yan as the chief executive officer (CEO) , The appointment will come into effect on November 1, 2020.

Subsequently, Wang Li announced the news through a letter from all members.

Wang Li is the founding partner of the company. He is 37 years old. He has been the COO in 2014, the director in 2017, and the president in 2018. He is fully responsible for the company's business and functions.

Mr. Wang Li graduated from Beijing University of Aeronautics and Astronautics in 2004 with a bachelor's degree in management.

  Tang Yan said: “I think no one is more competent to lead Momo’s work than Wang Li. Wang Li’s experience as the president and chief operating officer of Momo and his nearly ten-year career in the company have made him the new chief executive officer. The best candidate for an official. We believe that Wang Li’s leadership and extensive business experience in the past are the keys to his ability to perform this position. This includes the ability to execute strategic vision, commitment to employees and core values, and focus To bring returns to shareholders. I am very happy to hand this position to such an outstanding leader and look forward to working with Wang Li to create a better future for Momo."

  The following is the full text of the letter:

  Dear colleagues:

  Good morning, here to announce a personnel appointment: After the approval of the board of directors, from November 1, 2020, I will serve as the new CEO of the group, and Tang Yan will continue to serve as the chairman of the group's board of directors.

  I have worked with Tang Yan for many years. Their personalities and experiences are different, but they are similar. We care about the breadth of life, but he is more yearning for the breadth of the industry, and I prefer the breadth of career.

Tang Yan has worked in many industries, from the engineering industry to the media industry, to the social industry, and to the film industry today. Every industry across the industry has done well.

I have engaged in quite a few professions myself, and have almost experienced all the titles and functions in an organization like a company.

I have always said half-jokingly that the profession I most want to pursue is an actor, because this is a profession where I can experience all professions.

  So-called all walks of life, Tang Yan pursues all walks of life, I pursue all walks of life.

It is precisely based on this difference that we have a new division of labor. Tang Yan will explore new areas and boundaries of the group’s business out of the founder’s excitement in opening up the territory; I will promote it based on the partners’ interest in deep cultivation The Group’s business has grown steadily and continuously.

  The company’s stock price has fluctuated greatly in the past year. This is not the first time in the company’s six-year history. However, some colleagues still expressed concern, so I would like to briefly talk about my views.

With the number of smartphone users reaching the upper limit of China’s population this year, it means that almost everyone has access to the Internet. As an industry, mobile Internet is an industry. The lucky decade of self-growth like teenagers has passed. Right is a new era for middle-aged people.

This is not to find some reason, but—to borrow a sentence from the novel "Doctor Zhivago"—"I just want to figure out the facts, not treat my accidental destiny as a rule."

  Therefore, we need to have objective cognition first in order to correctly exert our subjective initiative.

From the perspective of the actual population mobility and fertility rate changes, the scale of young people becoming middle-aged will also be larger than the scale of young people becoming young people, and mainstream middle-aged people care about three things: Ticket, body, child.

  Tickets-can you make money

  In this regard, the company has great advantages.

Before the Internet entered the fierce stock market competition, we had built a complete and mature business model, and based on the past stable operating policy, our profit margin, cash flow, and debt ratio were extremely good.

Our business barriers are much higher than imagined. Our cash reserves have exceeded 15 billion and are still growing rapidly.

Only by making profits can a commercial company feed back itself, the society, shareholders and employees.

The company has spent more than 60 million charity donations in the past two years, and we will invest more in the future.

The company is also willing to continue to reward shareholders through repurchase and dividends, and thank everyone through benefits and bonuses.

  Body-Will it be healthy

  Only when the business is healthy and the ecology is healthy can we continue to have commercial vigor and potential, and middle-aged people can run faster than young people.

At this point, we have some good things and some bad things.

For example, our human structure is not very healthy, there are not enough smart and diligent new colleagues, and there are quite a few lax old employees.

For example, our business model is also unhealthy. The rapid development in the past has also brought some hidden dangers in the income structure and business ecology. Our attention to user experience has also begun to lose attention.

But all the unhealthy things we face are reversible. What we need is not to shy away from illnesses, to face and solve them actively.

On the other hand, our core ecological indicators such as user addition, retention, and activeness have always maintained a healthy trend. Our stable social basic disk can withstand strong enough shocks. I will also strengthen the coordination of Momo and Tantan. Ensure the continuation of competitive advantage.

  Child-Is there a future

  Momo has nurtured some new products inside, and Tantan has also incubated a lot. Whether it can thrive depends on luck, and also depends on our cultural soil or innovation atmosphere. Nurturing the future is also my most important mission. .

I am very confident about this, because Momo is one of the few companies in the history of China’s Internet that relied on self-innovation instead of being developed in Silicon Valley. The genes of innovation are deeply rooted in the company’s arteries. in.

At the same time, the group will actively use cash and other capital instruments to more actively seek out potential opportunities in the market.

The company will also launch a strategic project that is truly led and directly responsible by me. In the new ten years, there will still be opportunities in some solid areas. Let us try.

  It has been almost ten years since I started this company. I can always say frankly: As the denominator of the company, I have never lost my professional attitude; as a member of the company, I have never lost my entrepreneurial spirit.

Returning to everyone’s concerns about stock prices, changes in stock prices do not represent changes in fundamentals, but only mean that the market believes in our ability to make money at this stage, worry about our health, and doubt our future development.

To change this perception, we don’t have any shortcuts, and we will not take any shortcuts, stretch out our hands, and the road signs in front are like palmprints, but they’re tortuous but clear-do what we are good at, do what we should, Do what we can.

Then hold your hands tightly.

(Wang Li 2020.10.24)