🇨🇳 China Episodes

On the eve of the IPO, Zhipu CEO Zhang Peng broke his right leg during a business trip. **When he arrived at the interview location, he was on crutches.**At the time, Zhipu's IPO date was not yet clear. The competition with MiniMax for the title of 'China's first large model stock' was still ongoing, with no clear outcome. Zhang Peng mentioned a Western idiom: **Break a leg, which usually means good luck.**A few days later, the results were revealed.Zhipu confirmed its listing on the Hong Kong Stock Exchange on January 8, 2026, becoming China's first listed large model company, **which also means it will be the 'world's first large model stock'.**If, a hundred years from now, Zhipu appears in the history books of artificial intelligence, how do you hope it will be written about?"A pioneer of AGI." Zhang Peng thought for a moment and said, **"A trailblazer."**This is the first episode of 'Zhang Xiaojun's Business Interviews' meeting everyone in 2026 – Happy New Year everyone! We look forward to progressing together with AI in 2026!02:22 The First to Eat Crabs (Pioneer)20:29 Exploring from Perceptual Intelligence to Cognitive Intelligence29:25 GPT-3 is here!40:46 ChatGPT is back: An Anxious Yet Exciting 202301:09:06 2024: The New Protagonists01:17:58 Paradigm Evolution of Scaling Law01:29:56 2025: Learning from DeepSeek01:38:40 Open Source vs. Closed Source01:48:33 IPO: The World's First Large Model Stock02:01:40 The Trailblazer[More Information]This episode is jointly presented by Language is World Studio and Weibo Finance.Disclaimer: This content does not constitute investment advice.

-This Episode's Lineup- Phil Chang, Head of "Zhengwen Santai" Podcast Jiang Haoqiu, Director of the Korea-China Economic and Social Research Institute Zhang Zhihua, Honorary President of the Association of Chinese Lawyers in Korea -Timeline- -Produced by- Phil Chang -Listener Group- If the QR code expires, please check if the QR code below the latest episode of Zhengwen Santai is the most recent one, or send a private message to Phil Chang's Xiaohongshu or Douyin (ID: Phil Chang) to join the listener group. *This program welcomes more interesting and high-quality content. Friends with relevant experience and interest can join the listener group to contact Phil Chang. "Zhengwen Santai" looks forward to your contributions!

-This Episode's Lineup- Phil Chang, Director of the podcast "Zhengwen Santai" Jiang Haoqiu, Director of the Korea-China Economic and Social Research Institute Zhang Zhihua, Honorary President of the Association of Chinese Lawyers in Korea -Timeline- -Produced by- Phil Chang -Listener Group- If the QR code expires, please check if the QR code below the latest episode of Zhengwen Santai is up-to-date, or private message Phil Chang's Xiaohongshu or Douyin (ID: Phil Chang) to join the listener group. *This program welcomes more interesting and high-quality content. Friends with relevant experience and interest can join the listener group to contact Phil Chang. "Zhengwen Santai" looks forward to your sharing!

Happy New Year, listeners!This podcast is an edited version of our New Year's live stream. If we were to use one word to describe 2025, many Chinese people might say: "endure." The economic downturn shows no clear turning point, relations between China and many countries remain tense, and the world is clearly deviating from the trajectory we've been familiar with for decades. Frankly, I've rarely felt so uncertain at the beginning of a year about what the world will look like by its end.Precisely for this reason, on the first day of 2026, we don't want to engage in a predictive discussion, much less offer seemingly certain answers. We want to discuss a more fundamental and personal question: In an era of high uncertainty, how should one conduct oneself? When we say "be a good Chinese person," what exactly do we mean? As the world order is being reshaped and identities are constantly being labeled, how can a Chinese person maintain judgment, dignity, and basic human principles in different positions?Today's guests include Li Houchen, the most diligent content creator on the Chinese internet and host of the YouTube channel "Bitter Tea of the World"; Liu Zongkun, the least anxious content creator on the Chinese internet, host of the YouTube channel "The Hiking Rider," and a retired lawyer; and Ya Mei, a talented, brave, and interesting Gen Z journalist.Click to watch the full video replay: https://youtube.com/live/pRdgWtwAPxITimeline02:09 What is one issue where countries are "backsliding" in 2025?05:28 How does Old Liu, the least anxious person on the Chinese internet, view people's anxiety?10:01 Ya Mei discusses the situation and sense of security for a journalist in 202513:55 How do the guests understand "being a good Chinese person"?20:57 Li Houchen forced to pretend to be Japanese in Taiwan?25:47 How do overseas Chinese cope with feeling like "neither here nor there"?32:34 Chinese people easily become part of the state's weaponization37:26 How to understand the shame associated with "pig liver-colored passports"?42:28 Amid economic downturn, how do ordinary people not recognized by the social evaluation system find meaning?45:53 Contemporary young people live in an ultra-high-difficulty environment right after graduation49:23 How to become insulated from the chain of public opinion fraud?52:04 In this era, how to face the political depression brought by clarity?56:52 What can 'run' solve, and what can it not solve?01:01:56 What's behind mourning the Ming Dynasty, the 'kill line,' and the US-China reckoning?01:06:11 Will the Chinese model truly defeat democratic systems?01:16:24 How to connect with like-minded people in an atomized China?01:24:42 Yuan Li and guests' New Year wishes01:30:25 Guest recommendationsGuest recommendations:Epictetus, *The Enchiridion**The Shawshank Redemption**Finding My Japanese Midwife*Yan Geling, *Youth**Demon Slayer: Kimetsu no Yaiba – Infinity Castle*Mark L. Clifford, *The Troublemaker: How Jimmy Lai Became a Billionaire, Hong Kong's Greatest Dissident, and China's Most Feared Critic*Geng Jun, *Nice Friends* Hosted on Acast. See acast.com/privacy for more information.

Story FM - Episode 875 In early September, Xinlu, who had lived in London for many years, suddenly received a letter from the court stating he had been selected for jury duty. As a result, for his first time as a juror, Xinlu encountered a major case. It was a murder case, and the victim was Chinese. In the previous episode, Xinlu described to us the emergency call recording he heard in court, photos from the crime scene, and as many as 2000 chat messages. The episode concluded with the day of the incident, when the male party arrived at the female party's home. You can search for "I Was a Juror in the UK" in Story FM to get the link to the previous episode. Timeline 01:20 The defendant recounts the incident. 07:19 After confessing to the killing, how the defendant handled the scene. 10:38 The defendant pleads "not guilty"; the jury must ultimately rule whether the defendant is guilty of "murder" or "manslaughter" or "not guilty". 17:50 Key evidence: a backpack with splash-pattern bloodstains; the prosecution proposes another possibility for the victim's death. 19:58 The female victim had stated she would go to France alone for Christmas; investigation revealed she was lying. 22:39 The defendant had assured the female victim that he had not had sexual relations with any other person of the opposite sex during their acquaintance; investigation revealed he was also lying. 25:57 The trial phase concludes; the judge summarizes key clues for the jury; the jury enters a fully enclosed deliberation room. 33:41 After a week of deliberation, the jury finally reached a unanimous verdict. /Staff/ Narrator | Xinlu Host | @StoryFM Aizhe Interviewer | @StoryFM Aizhe Producer | Ma Xiaocheng Script Editor | Yu Keyi Sound Design | Ma Xiaocheng Operations | Mingming Use your voice, tell your story. Story FM is an audio program featuring first-person accounts. You can listen to our program on the following platforms: Apple Podcasts | NetEase Cloud Music | Ximalaya Qingting FM | Lizhi FM | Lazy Audio Xiaoyuzhou | QQ Music | Kugou Music | Kuwo Music Spotify | YouTube Music Business Cooperation: [email protected] WeChat Official Account: Story FM (ID: story_fm) Sina Weibo: @StoryFM_StoryFM Personal WeChat ID: gushi_fm02

Story FM Episode 874In early September, Xinlu, who had lived in London for many years, suddenly received a letter from the court stating that he had been selected to be a juror.Friends who have watched films like "12 Angry Men" and "Juror No. 2" or American/British TV dramas should be no stranger to the jury system in the Anglo-American legal system. Xinlu was no exception and was also very much looking forward to this opportunity to participate.As it turned out, in his first time serving as a juror, Xinlu encountered a major case. It was a murder case, and the victim was Chinese.Timeline02:47 Being a juror is a civic duty: cannot be easily refused, and employers must grant leave06:43 Introducing the nature of the case, beginning the juror selection process10:44 Jurors are required not to disclose case details to outsiders14:47 Starting with an emergency call17:02 The victim's stab wounds and ligature marks seen at the crime scene25:40 Police recovered deleted chat records36:21 A series of conflicts arose42:15 On the day of the incident/Staff/Narrator｜XinluHost | @StoryFM AizheInterview | @StoryFM AizheProduction | Ma XiaochengText Organization丨Yu KeyiSound Design | Ma XiaochengOperations | MingmingTell your story with your voice. Story FM is an audio program featuring first-person accounts.Business Cooperation: [email protected] Official Account: 故事FM (ID: story_fm)Sina Weibo: @故事FM_StoryFMPersonal WeChat ID: gushi_fm02

Today's episode is very special.Our recording date is December 1, 2025, and the guest is Ji Yichao (Peak), co-founder and chief scientist of Manus. **Just in the early hours of this morning, Meta announced its full acquisition of Manus.** However, at the time of recording, the acquisition had not yet taken place.**Ultimately, this episode became Manus's final interview.**00:56 The Wild Adventures of an Upright Youth30:27 Oh, we collectively made a wrong decision!01:07:10 Manus: From 0 to $100 Million ARR02:32:10 Artificial Intelligence is More Like Manufacturing02:59:51 I'm Afraid Manus Will Become Complicated《95. 3-hour Interview with Manus Founder Xiao Hong: The World is Not a Linear Extrapolation; Be an Important Variable in the Game》

In the late spring and early summer of 1989, when China's top leadership decided to deploy the military to end the pro-democracy protests in Beijing, many crucial commands, disagreements, and hesitations remained sealed in the shadows of history.Until recently, a six-hour trial video from a secret military court was leaked overseas. The protagonist of the video is Xu Qinxiang, who was then the commander of the 38th Group Army of the People's Liberation Army. In this footage, Xu Qinxiang did not make impassioned speeches or plead for leniency. What he repeatedly emphasized were the consequences — that this was a mass protest, and deploying the military against civilians could lead to bloodshed and turn people into historical criminals. This video not only transformed the name "Xu Qinxiang" from a legend into a flesh-and-blood person, but also provided us with an unprecedented window into understanding the internal psychological structure of the Chinese military in 1989, as well as the divisions and fears among the political top brass during the decision-making process.In this episode, we will use this trial video as a starting point to interpret several long-unanswered questions surrounding the "June Fourth" incident: What exactly did Xu Qinxiang do at the time, and how did the historical memory of "Three Supports and Two Militaries" during the Cultural Revolution profoundly influence the military's fear of re-entering politics; Was Xu a "dissident," or an executor attempting to find legitimate space within the system?Through the Xu Qinxiang case, this episode will also discuss broader questions: Did the CCP elite ever harbor illusions about the system's ability to self-correct? Why was there no large-scale military purge after June Fourth? And how did Xi Jinping draw lessons from June Fourth regarding Party-military relations, as well as the political logic behind the military purges and "anti-corruption" campaigns in recent years?To what extent will this video, more than thirty years late, change our overall understanding of the inner workings of the June Fourth decision-making? Is it crucial evidence, or a tragic personal footnote?In this episode, we have invited Professor Tang Zhixue, Associate Professor at American University and a scholar of CCP Party history, to interpret this valuable historical moment with us.Click to watch the video versionTimeline:00:00 Trial Content02:38 What exactly did Xu Qinxiang do and not do in May 1989?04:19 What is the most important value revealed by the trial video?06:05 Why did Xu Qinxiang choose this method of defense?09:38 The Shadow of the Cultural Revolution and "Three Supports and Two Militaries": Why did the military fear being drawn into politics?11:17 Were there procedural issues with the martial law order? Why were verbal orders given?19:17 Was Xu Qinxiang's behavior at the time permitted by the system or did it cross a red line?25:30 Was he a "dissident" or someone within the system who held reservations?28:16 Did Xu Qinxiang actually emphasize that "the National People's Congress should discuss it first"? What is the point of contention?37:10 Was the CCP elite's belief in the system's self-correction ability an illusion?43:10 Xu Qinxiang was sentenced to 5 years, was this light or heavy? What signal did the CCP want to send?47:42 Why was there no large-scale purge after June Fourth?50:34 Comparing with the Soviet Union in 1991: What were the differences between the Chinese and Soviet armies at critical moments?01:01:08 How did Xi Jinping summarize the lessons of "Party-government-military" relations from June Fourth? How to interpret the major military purges of the past two years?01:07:29 Will the public release of the video change our overall understanding of the inner workings of the June Fourth decision-making?01:11:25 Guest RecommendationsGuest Recommendations:Lou Ye 2006 "Summer Palace"Perry Link Wu Dazhi "I have No Enemies: The Life and Legacy of Liu Xiaobo"Mohammad Rasoulof "The Seed of the Sacred Fig" Hosted on Acast. See acast.com/privacy for more information.

-This Episode's Lineup-Phil Chang (Xiaohongshu ID: @Phil Chang)Yu Youlin (Chinese government-sponsored student in North Korea, Xiaohongshu ID:(@别总灰蒙蒙)-Timeline--Some Information-North Korean IKEA (Patriotic Kumgang Hall) (Image source: Yu Youlin)Night view of Daesong District, Pyongyang (Image source: Yu Youlin)Sunchon Citizens' House, North Korea (Image source: Yu Youlin)First snow scenery in Pyongyang (Image source: Yu Youlin)Rungra Amusement Park, Pyongyang (Image source: Yu Youlin)Speedboat on the Taedong River (Image source: Yu Youlin)Horse riding at the Pyongyang Equestrian Training Ground (Image source: Yu Youlin)Pizza at a Western restaurant in North Korea (Image source: Yu Youlin)Barbecue at a North Korean BBQ restaurant (Image source: Yu Youlin)-Produced by-Phil Chang-Listener Group-If the QR code has expired, please check if the QR code below the main text of the latest episode of "Zhengwen Santai" is the most recent, or private message Phil Chang on Xiaohongshu or Douyin (ID: Phil Chang) to join the listener group*This program welcomes more interesting and high-quality content. Friends with relevant experience and interest can join the listener group to contact Phil Chang. "Zhengwen Santai" looks forward to your sharing!

A few days ago, Peng Peiyun, who had long served as the director of China's National Family Planning Commission, passed away.In the 1990s, Peng Peiyun promoted the 'one-vote veto system for family planning' from local experience to the entire country, directly linking the promotion of local officials to the implementation of family planning, which initiated a precipitous decline in China's birth rate. China abolished the one-child policy in 2016, but it was too late. In recent years, China's birth population has fallen to its lowest level since the Qianlong period of the Qing Dynasty, and its fertility rate has dropped into the ranks of the world's lowest.In this episode, we will discuss who Peng Peiyun was, why it's said that her 'hands were stained with fetal blood,' and why a policy later acknowledged as a mistake persisted for decades before being corrected. When the birth rate had already fallen below replacement levels, what forces prevented a policy shift? Are China's demographic data truly credible? How do population changes affect the economy, elder care, social stability, and even the long-term trajectory of the country? Could China's pro-natalist policies be effective?Joining us to discuss these issues is Yi Fuxian, an expert on population issues and a researcher at the University of Wisconsin-Madison. For the past two decades, he has consistently challenged China's official demographic data and population policy judgments, and has consequently been blocked and attacked for a long time. In this episode, we start with Peng Peiyun, and combining his research and personal experience, discuss how family planning was implemented at the grassroots level, and look back at the formation, implementation, and belated correction of China's population policy.Timeline:01:43 Why are Peng Peiyun's hands said to be stained with fetal blood?04:33 How did Peng Peiyun long influence China's population policy?07:06 'If you don't abort, they'll tear down your house and take your cattle': The systemic violence of family planning09:58 Was the one-child policy a case of 'concentrating efforts on doing bad things'?12:32 Who was obstructing the correction of family planning policies?18:59 Are China's pro-natalist policies destined to be futile?24:44 What is China's true population?30:00 What are the consequences of distorted demographic data?35:09 How to view the claim that 'too many bachelors can easily lead to war'?39:43 Does population aging actually make the CCP's rule more stable?40:32 How does the vicious cycle of the younger generation not marrying and not having children arise?42:44 Guest RecommendationsGuest RecommendationsXin Wang, Ma Guochuan (Editors) "Selected Economic Essays on Forty Years of Reform"Liang Zhongtang "Struggling Left and Right — Chen Muhua, Hu Yaobang, Zhao Ziyang, and Family Planning"Yi Fuxian "Big Country with an Empty Nest" Hosted on Acast. See acast.com/privacy for more information.

Story FM ❜ Episode 873Nurse Dong Wenhui's life ended at 31 years old. On June 20, 2024, she was stabbed in the throat with a dagger by Shi Jiahao and died.Today's episode is pieced together by Dong Wenhui's final diary entries before her death, narrated by her elder sister and younger brother.The murder of Dong Wenhui left her family with many questions, the most important of which was: why was Dong Wenhui with Shi Jiahao? Was she coerced from the beginning?On June 21, 2024, Shi Jiahao was criminally detained by the Xi'an Public Security Bureau on suspicion of intentional homicide. On July 25 of the same year, he was approved for arrest by the procuratorate. On November 3 this year, the case was heard at the Xi'an Intermediate People's Court, but the court did not deliver a verdict on the spot. The Dong family stated they would waive civil compensation, hoping the court would sentence the perpetrator to death with immediate execution in the final judgment.Later, the Dong family continued to speak out online, attracting many female victims with similar experiences in live streams and private messages. The Dong family was surprised to find that these experiences almost followed the same pattern: men often lacked stable jobs, were addicted to gambling, were in debt, and targeted girls who were somewhat conservative and timid. They would take intimate photos, threaten to expose them publicly, and the girls would live under long-term violence and threats, becoming powerless to resist.02:50 Your daughter was murdered04:50 The bone behind the neck was pierced06:58 My sister always protected me when we were little13:55 Was beaten by a man18:15 Wants to marry my daughter, unless I'm dead20:55 I don't want parents or children, I only want your sister26:54 Found my sister's diary30:16 Has a hobby of taking intimate photos of girls36:50 My sister said she didn't have a boyfriend41:30 In court, he said my sister was a good girl43:40 Father developed a stress disorder45:58 Give everyone a piece of advice using my sister's story/Staff/Narrators | Dong Wenping, Dong WenfengHost | @StoryFM Ai ZheInterviews | @StoryFM Ai Zhe, Ren XinyueProduction | Ren XinyueScript Arrangement | Ren XinyueSound Design | TudouOperations | MingmingIntern | Yu KeyiUse your voice to tell your story. Story FM is an audio program featuring first-person accounts.Business Cooperation: [email protected] Official Account: Story FM (ID: story_fm)Sina Weibo: @StoryFM_StoryFMPersonal WeChat: gushi_fm02

This is the 8th episode of "Global Large Model Quarterly Report," and it's also the third year of my New Year's Eve conversation with Guangmi!This episode will show you, at a time when AGI is increasingly filled with a return to realistic sentiment, what teams, factions, and alliances have formed in the global AI War? What new paradigms are various frontier labs exploring? And what new types of research labs have emerged in Silicon Valley?If you have more thoughts or suggestions for the Global Large Model Quarterly Report, please feel free to leave a comment, and we will see them all.By the end of 2025, we look forward to making progress together with AI!AI War: A Competition Global Giants Cannot Afford to Lose02:00 The Global Large Model Quarterly Report has accompanied everyone to its 8th episode03:19 Let's start by talking about the AI Bubble, as is customary07:38 OpenAI's Revenue Composition Analysis: Visible and Invisible Income13:10 Some companies have "pawn value for giants"13:32 The issue of OpenAI's commercialization speed15:04 Looking at the big picture, the main drivers and factions in this AI War: Nvidia GPU vs. Google TPU17:16 The stronger Google gets, the more anti-Google alliances will form; the stronger OpenAI gets, the more anti-OpenAI alliances will formAlternating Leadership is the New Normal for Top Models17:48 The world's three leading models GPT/Claude/Gemini, alternating leadership is the norm in competition25:40 Here's a lazy judgment: foundational models = comprehensive e-commerce, scale SKU = scale data27:40 With Gemini's rise, what will OpenAI do, people wonder? How to view the competition between these two?31:20 Another judgment is: ultimately, ChatGPT will integrate with traditional Search and eventually capture a share of traditional Search advertising.35:08 People no longer consider Google an AI loser like Nokia, but Google's crisis has not truly been resolved.The Third Paradigm After Pre-training and RL: Online Learning36:01 Pre-training scaling is indeed nearing its end, but Online learning is just beginning38:49 OpenAI remains very strong even after splitting 3-4 times: Anthropic was OpenAI's earliest Scaling team, Ilya was the Pre-training team, Thinking Machines was the original ChatGPT and Post-training team40:01 Here's a bold claim: many of the robotics, world models, and multimodal issues people raise might be false problems; Online learning might be the only truly important problem.41:01 Pre-training is oil, fossil fuel; RL expert data is new energy, useful but limited in total; Online Learning is nuclear fusion, not yet broken through, but if it breaks through, it will be invincible, and humanity will enter the silicon-based era.Is AGI like a Marathon or Autonomous Driving? A War of Attrition + Cash Flow Battle43:05 If a model's data distribution doesn't contain such data, these tasks won't work; only by compressing such data will they work – today's models are still huge compressors.44:33 "Model is Product, Data is Model"44:45 Heard a rumor: Sam said internally to forget about AGI for now?45:04 Local L3/L4, difficult for overall L4: More realistically, among knowledge workers, the experience of local L3/L4 is observable, such as ChatGPT for long-tail information retrieval, Coding Agent, Office/PPT/Excel Agent, Finance Investment Research Agent.Current Thoughts on Investment (Not Investment Advice)47:11 Last podcast mentioned 40% OpenAI + 40% Bytedance + 10% Google + 10% Anthropic. Now it's: 25% OpenAI + 25% Bytedance + 10% Google + 10% Anthropic + 10% Nvidia + 10% TSMC, a bit for each. Also, today we should bet on the paradigm and winner three years from now; Neo Labs like Thinking Machines and SSI should also be seriously considered.2026: Important Trends and Signals in the Bay Area50:57 Investment themes to look forward to in 202652:53 Model is Product, Data is Model54:48 Horizontal and Vertical: Horizontally distill human expert knowledge, horizontally expand into more industry domains; Vertically means the next generation technology paradigm, Online learning, creating higher economic value.56:45 Distribution map of newly emerging Neo Labs in Silicon Valley59:43 Latest developments and company distribution in Robotics01:05:55 ARR growth status of top Silicon Valley companies: The more prominent the company, the cheaper it is; the more prominent the company, the less of a bubble it has.01:08:02 Domestic large model and application companies01:09:39 What's the next decisive move for models?Chinese Entrepreneurs, Funds, and "China's Silicon Valley"01:10:16 Differences in AI narratives between China and the US01:12:15 What to say to Chinese entrepreneurs01:14:20 Why do we say we hope to promote a Silicon Valley in China?01:16:45 Will the world's leading AI companies in 3-5 years be Chinese teams?Year-End Dialogue [Standing Beyond 2025]《122. Zhu Xiaohu's Third Installment of Realist Stories: The Feast and Bubble of Artificial Intelligence》《124. Chatting with Dai Yusen about 2026 Expectations, The Year of R, Pullbacks, and How We Bet》《125. Chatting with Altimeter Partner Freda: Betting on OpenAI, Robinhood's Past, America's Capital Bad Boy, Abacus and Bubbles》《126. Chatting with Sequoia's Zheng Qingsheng: The Traffic Revolution in Economic History, the Unpredictability of Human Behavior Patterns, and Founder Personalities》【More Information】Disclaimer: This content is not intended as investment advice.

Story FM ❜ Episode 872Aizhe's Note:I still remember my grandmother's fall in the 1980s. I was young then, and we lived in a bungalow. Behind the house was a dirt slope that we had to climb over every time we went out. One time, my grandmother went to see my aunt off, and it started raining on her way back. The dirt slope was all mud and very slippery. My grandmother fell on that slope while returning. When I saw that she hadn't come back for a long time, I ran out to look for her and found her lying on the ground, unable to move. But I was too young to help her up. I scrambled and crawled, covered in mud, back home to find the adults. Later, everyone in the family was very relieved, glad that she was discovered early and taken to the hospital in time.But after that incident, my grandmother's mobility visibly deteriorated.Over the years, I've interviewed many stories about elderly people. They all talked about falling. I slowly realized that for many, falling is not just an accident. It often becomes a watershed – dividing an elder's life into before the fall and after the fall.The quality of life after a fall often plummets dramatically.Falling might sound like a very specific, insignificant small matter. But whether we can pay attention to these specific small matters determines whether we care about the dignity of elder care.On December 6th, Story FM partnered with China Asset Management and SJTU SAIF MBA to host an offline storytelling open mic in Shanghai. The theme of this event was 'How do we plan for elder care in the AI era?'We often say we are in the 'AI era,' but we rarely ponder what technology should look like when it truly intervenes at the end of our lives. Is it cold parameters, precise reminders, or a dignity gently protected?For this open mic, we invited four practitioners from different fields. They shared real stories, offering four perspectives on elder care in the AI era.All four speakers, coincidentally, mentioned falling.For example, today's first speaker, Wendy's story, begins with this very issue.03:33 Data exploration triggered by fall anxiety05:04 Team members "fell" on office mats for a whole year08:18 A guardian card with only four buttons, designed for rural elders12:47 The 94-year-old grandmother waiting at the nursing home entrance for her mother to finish "school"16:44 Transforming tedious cognitive training into a "level-passing" digital therapy, playable only with a doctor's prescription20:36 Entering nursing homes to shoot short videos, trying to find some "fun" for the elders22:34 Bringing VR headsets and ostrich eggs into nursing homes, recording elders' curious and genuine reactions24:04 Having elders wear school uniforms to act in time-travel dramas, openly discussing life and death in the play26:47 Meeting Grandpa Bob, who was determined to die and smoked four packs of cigarettes a day28:07 On the last day of filming, Bob personally tore up the "Book of Life and Death" used for the play35:56 Elderly living alone struggling between "being strong" and "losing ability"38:22 An old engineer's heartfelt wish: not wanting to burden his children's lives with his illnesses46:20 The cold fingertips of robots cannot replace human support51:18 Robots should be tools to free up family members, returning companionship to humans57:29 Fatal design: inward-opening bathroom doors block the rescue path if an elder faints59:51 "Useless handrails" installed in the wrong places, unreachable by elders at critical moments01:03:22 Visual trap: overly beautiful decorative patterns on stair edges are actually tripping hazards01:07:24 Good design should not just meet "minimum standards" but also have the warmth of respect/Staff/Speakers | Wendy, Chen Zhuo, Gui Yu, Zhou YanminHost | @StoryFM AizheProducer | MadaSound Design | Chen SiyuOperations | MingmingUse your voice to tell your story. Story FM is an audio program where participants share their own experiences. You can listen to our program on the following platforms:Apple Podcasts | NetEase Cloud Music | XimalayaQingting FM | Lizhi FM | Lanren TingshuXiaoYuzhou | QQ Music | Kugou Music | Kuwo MusicSpotify | YouTube MusicBusiness Cooperation: [email protected] Official Account: 故事FM (ID: story_fm)Sina Weibo: @StoryFM_StoryFMPersonal WeChat: gushi_fm02

In previous episodes of our year-end review series, "Standing Beyond 2025," we featured the voices of Jinshajiang's Zhu Xiaohu, ZhenFund's Dai Yusen, and Altimeter Capital's Freda Duan. Today, we continue this series with Zheng Qingsheng, a partner at Sequoia China.Zheng Qingsheng offers a grander perspective – he extends the time horizon to 20 years, looking back at China's three waves of technological change, from the internet and mobile internet to AI. Furthermore, he places this perspective within a broader economic history, using the "traffic revolution" to seek clues for the next generation of to-C traffic nodes. Coincidentally, he entered the venture capital industry in 2005, making this his 20th year as an investor. Beyond his primary role as an investor, he is also a new product experience officer and an economic history enthusiast.Guest Profile02:00 Starting with learning programming in 198417:17 After becoming an investor in 2005: From Shanda Capital to Trust Bridge Partners and then Sequoia CapitalNew human behavior patterns are unpredictable19:09 The impact of Douban and Dianping on my investment career: I was deeply interested in them, as they explored cutting-edge human behavior patterns22:19 My impression of Ah Bei (Douban founder): "He and Douban are one"23:21 My impression of Zhang Tao (Dianping founder): "A more mature entrepreneur with keen product insights"23:55 Looking back now, Web 2.0 represented a wave of online content product innovation after humanity's first digitalization. Later, the sharing economy brought another large-scale innovation combining online and offline elements.24:31 China's venture capital over 20 years through the eyes of an economic history enthusiast: Before '05, after '10, after '15 (Pinterest's paradigm directly influenced subsequent content platforms)29:13 Looking back in history's rearview mirror: the birth, prosperity, and decline of various content platforms"Text is a high-level form of knowledge product""Rich media (images and text) tends to supersede text""Short video is a fundamental way for humans to understand the world""Ultimately, short video challenges text itself"34:10 Humans naturally evolve towards ways of understanding the world that don't require learning or long-term investment. Is AI also returning to this point?35:06 A personal perspective on Douyin, Xiaohongshu, Bilibili products and their founders"Bilibili's founder is more integral to their product, similar to Ah Bei""Xiaohongshu has the most open product structure I've ever seen"39:56 Summary: "New human behavior patterns are generally unpredictable"42:26 My personal investment aesthetics and reflections48:23 Why do apps like Xiaoyuzhou or podcasts emerge when we feel that C-side traffic has been fully captured?"Hearing is the only sense that can be used for multi-tasking"Traffic Revolution in Economic History50:51 Mobile internet C-side traffic culminated in short video; for many years after 2018 and 2019, there was a lack of major innovation, and to-C investment entered a dormant period.53:27 Traffic is a fulcrum in human economic history: Highways > Railways > Canals > Electricity > Wired Telephones > Television > Internet57:21 "You can think of all excellent internet to-C products today as a giant town"57:47 Artificial intelligence shows us the potential for new to-C traffic entry points.01:00:19 Differences: The networks formed in the AI era are not natural monopolies; their marginal costs do not approach zero; they are more results-oriented.01:04:34 AI has triggered deep digitalization, which I believe will bring new hardware opportunities. This could be another new traffic node beyond large models.01:09:53 Why haven't AI era products formed a two-sided network effect?01:12:20 The commercialization of AI products performs better than that of internet and mobile internet products.01:13:00 Having invested in Kimi, MiniMax, and Manus, do you think the ultimate value will reside in model companies or application companies?AI has bubbles? Just like the ocean has bubbles.01:18:24 Sequoia's systematic investment strategy in the AI era01:19:01 Sequoia's evolving aesthetic for founders01:19:45 I believe "track coverage" is a misunderstanding of Sequoia01:22:10 Agent startups vs App startups: Now it's born global01:23:50 Changes and pace in AI startups over the past three years01:24:40 Outlook and expectations for 202601:26:21 AI Bubble: "It's just like how there are bubbles in the ocean"01:28:39 Witnessing three traffic revolutions in human historyImagined Communities, Abstract Life, and Personified Representatives01:29:17 Observations on entrepreneurs from 0 to 1, 1 to 10, 10 to 100, and failed entrepreneurs"The CEO must become the personified symbol of the organization and its systems""Even if you can't achieve it, you must play the part""It's rare to have both talents: product sensitivity and embodying the persona of the organization and its team"01:32:05 CEO and MBTI01:35:20 Final rapid-fire Q&A;Year-end dialogue "Standing Beyond 2025":《122. Zhu Xiaohu's Third Installment of Realist Stories: The AI Feast and Bubble》《124. A Chat with Dai Yusen on 2026 Expectations, The Year of R, Correction, and How We Bet》《125. A Chat with Altimeter Partner Freda: Betting on OpenAI, Robinhood's Past, America's Capital Bad Boy, Abacus, and Bubbles》【More Information】Disclaimer: This content is not investment advice.

-This Episode's Lineup- Phil Chang, Host of Podcast "Zhengwen Santai" Jiang Haoqiu, Director of Korea-China Economic and Social Research Institute Zhang Zhihua, Honorary President of the Association of Chinese Lawyers in Korea -Timeline- -Produced by- Phil Chang -Listener Group- If the QR code expires, please check if the QR code below the latest episode of "Zhengwen Santai" is up-to-date, or private message Phil Chang on Xiaohongshu or Douyin (ID: Phil Chang) to join the listener group. *This program welcomes more interesting and high-quality content. Friends with relevant experience and interest can add the listener group to contact Phil Chang. "Zhengwen Santai" looks forward to your sharing!

Story FM ❜ Episode 871I am currently at an art space in Beijing 798, watching an exhibition. The exhibition is named "Qingye" and features the works of artist Ma Yujiang. For Ma Yujiang, time is a one-way river flowing from "loss." His creative starting point is like a child in the long river of time, attempting to retrieve a moon that never truly belonged to him.However, art is a kind of magic; it can create another kind of time. There, absence can become presence, memories can be reshaped, and embraces that never happened can also gain warmth on canvas.Today, let's step into the world of artist Ma Yujiang. His creation, starting from that three-year-old twilight, has extended to the present day, a long reunion.Today's episode will be a little different. In the past, I always invited storytellers into our recording studio, but this time, I want to try a different approach – letting the storyteller take me, and you, into his home ground, his exhibition. To experience an art exhibition about "time" through sound./Staff/Narrator｜Ma YujiangHost | @StoryFM_AizheInterview | @StoryFM_AizheProducer | XiaochengScript Editor丨XiaochengSound Design | XiaochengOperations | MingmingUse your voice to tell your story.Story FM is an audio program featuring first-person narratives. You can listen to our program on the following platforms:Apple Podcasts | NetEase Cloud Music | XimalayaQingting FM | Lizhi FM | Lanren TingshuXiao Universe | QQ Music | Kugou Music | Kuwo MusicSpotify | YouTube MusicBusiness Cooperation: [email protected] Official Account: Story FM (ID: story_fm)Sina Weibo: @StoryFM_StoryFMPersonal WeChat ID: gushi_fm02

-This Episode's Lineup-Phil Chang, Host of podcast "Zhengwen Santai"Zhang Zhihua, Honorary President of the Association of Chinese Lawyers in Korea, Standing Director of the Korean Criminal Procedure Law Society-Timeline--Production-Phil Chang-Listener Group-If the QR code has expired, please check the latest episode of "Zhengwen Santai" for the most current QR code below, or message Phil Chang on Xiaohongshu or Douyin (ID: Phil Chang) to join the listener group*This program welcomes more interesting and high-quality content. Friends with relevant experience and interest can join the listener group to contact Phil Chang. "Zhengwen Santai" looks forward to your contributions!

In the first two episodes of the year-end dialogue series "Beyond 2025":Zhu Xiaohu proposed that "there will be no bubble in three years," and "talk of a bubble is pure nonsense";Dai Yuisen, on the other hand, predicted that 2026 would be the "Year of R," a year of return to reality.Today's release is the third episode of the series, featuring a guest with a frontline Silicon Valley perspective.A little over a month ago, in early November 2025, Sam Altman appeared on a podcast hosted by the founder of the American fund Altimeter Capital. When the host repeatedly pressed him on how OpenAI would pay for its $1.4 trillion commitment to computing power and infrastructure, Sam stated: "If you want to sell your shares, I’ll find you a buyer. Enough." (meaning, "If you want to sell your shares, I can find you a buyer. That's enough.") — Subsequently, the AI sector as a whole experienced fluctuations, and discussions about whether AI is in a bubble further intensified.Our guest today, Freda Duan, is from this fund called Altimeter Capital, where she serves as a partner.Altimeter is a Silicon Valley tech fund that invests across primary and secondary markets. Its primary market investments include OpenAI, Anthropic, ByteDance, etc., and its secondary market investments include NVIDIA, Snowflake, Robinhood, etc.In this episode, Freda will deeply analyze these star American companies, calculating the returns on their massive investments; she will also discuss, from the perspective of a frontline Silicon Valley investor, the new order of American capital, their views on "bad kids," rebels, "hedgehog-type" and "Nezha-type" founders, and the concept of a bubble.In 2025, let's advance together with AI!(Recorded in November 2025)03:30 Freda's self-introduction04:41 Silicon Valley keywords for each year from 2020-202508:12 Three main themes in US stock investment today: AI + Re-industrialization + Digitization of Finance (financial industry innovation). These three themes are very interesting because there are many connections between them.10:20 How do American investors view the Chinese market?10:59 Investing in OpenAI12:14 Calculating the business model for OpenAI (comparing with Netflix)16:45 OpenAI's four revenue pillars20:49 OpenAI's competition23:32 Changes at Google26:27 OpenAI's investment returns and IPO28:25 Investing in Anthropic31:25 Neo labs32:31 Investing in Robinhood40:29 Does Silicon Valley capital prefer "good kids" or "bad kids"?44:26 Discovering new species (market prediction)46:07 Autonomous driving and robotics55:25 "Primary market relies on consensus, secondary market relies on non-consensus"57:13 Different US funds' tastes in people: hedgehog-type, rebel, Nezha-type founders58:22 Overall changes in US funds: more concentrated positions and heavy bets01:03:43 Reviewing Silicon Valley's key directions for 202501:09:51 Whose pockets are these massive AI company revenues coming from?01:14:11 Input-output ratio of massive AI investments01:15:04 Are we in an AI bubble?01:16:31 Looking ahead to 2026Year-end Dialogue "Beyond 2025":"122. Zhu Xiaohu's Third Installment of Realist Stories: The AI Feast and Bubble""124. A Chat with Dai Yuisen on 2026 Expectations, The Year of R, Correction, and How We Bet"[More Information]Disclaimer: This content is not investment advice.

On December 15, the Hong Kong High Court found Jimmy Lai guilty on two counts of conspiracy to collude with foreign forces and one count of conspiracy to publish seditious publications, which means that 78-year-old Jimmy Lai could spend the rest of his life in prison.Jimmy Lai's story is quite legendary. At the age of 12, he stowed away from Guangzhou to Hong Kong, built his fortune from scratch, founded the clothing brand Giordano, and became a billionaire. In 1989, like many Hongkongers, he supported the protesting students in Beijing, donating money and tents, hoping for China's democratization. However, the gunshots in Tiananmen shattered his illusions, and he began to focus on politics, subsequently founding Next Magazine and Apple Daily in the 1990s. Because he criticized then-Chinese Premier Li Peng, Giordano's stores in Beijing were closed. To run an independent newspaper without political concerns, he sold his shares in Giordano in 1996.While other Hong Kong tycoons were busy cultivating good relations with Beijing, Jimmy Lai supported Hong Kong's opposition. He was likely the biggest donor to Hong Kong's pro-democracy camp, and in both the 2014 Umbrella Movement and the 2019 Anti-Extradition Law Amendment Bill Movement, he clearly stood with the protesters, participating in marches and enduring tear gas attacks. Today, his battle has reached its conclusion. Regarding winning or losing, everyone has their own judgment, but for Jimmy Lai, he might see this as the beginning of another fight. As he once said: "My true nature is that of a fighter."This episode is an edited version of our live broadcast on the day of the verdict. For this broadcast, we invited Jimmy Lai's son Sebastien Lai, Shirley Leung, Executive Editor-in-Chief of "The Pulse," a media outlet focused on reporting on Hong Kong, and Eric Lai, Senior Researcher at Georgetown University's Asian Law Center. All three guests have deeply witnessed Jimmy Lai's and Hong Kong's struggles over the years. We discussed why Jimmy Lai steadfastly chose to be a "troublemaker," why he could have comfortably remained a tycoon or left Hong Kong early but instead chose prison life, what issues are present in this high-profile national security case, and his possible fate after being found guilty.Timeline:00:00 From billionaire to Hong Kong's democracy fighter, Jimmy Lai's journey07:29 Shirley and Eric's feelings after the guilty verdict was announced12:08 What are the judicial issues in this landmark national security case?17:32 What happens next after the guilty verdict?19:26 What does this case mean for press freedom in Hong Kong?22:54 Guests' impressions of Apple Daily and what it did?30:04 How Sebastien Lai views the verdict against his father?32:16 Jimmy Lai's physical condition in prison, what has he endured?36:13 What kind of father is Jimmy Lai?38:46 In Sebastien Lai's eyes, how does his father view his imprisonment?42:33 Why did Jimmy Lai become the person the CCP fears most?46:17 Is funding the Hong Kong democracy movement legal?50:45 The internal atmosphere of Apple Daily before its closure56:37 Jimmy Lai's political spectrum and his beliefs01:06:47 After the guilty verdict, is it possible for Jimmy Lai to regain freedom?01:09:54 What the guests want to say to Hongkongers01:12:35 "If I were merely content with being rich, a successful businessman, such a life would be meaningless to me."Related links:Mark L. Clifford, "The Troublemaker: How Jimmy Lai Became a Billionaire, Hong Kong's Greatest Dissident, and China's Most Feared Critic"Sebastien Lai's X account: #FreeJimmyLaiThe Pulse: https://pulsehknews.com/Eric Yan-ho Lai's X account Hosted on Acast. See acast.com/privacy for more information.

StoryFM ❜ Episode 870The story you're about to hear today comes from a Story Open Mic event we held in Beijing on November 30th. The theme of this event was: "Things I Didn't Say Out Loud".We found four storytellers deeply involved in frontline public welfare to bring stories of groups who cannot speak for themselves. When organizing this Open Mic, we were amazed by the creativity of public welfare workers, and even more amazed by their ability to uncover genuine problems that even the individuals involved are unaware of – those real emotions, sincere desires, and neglected grey areas. Then, using professional knowledge, they truly solve problems./Staff/Storytellers | Zhang Tiantian, Wan Fei, Xu Jiawen, Bai JianHost | @StoryFM AizheProducer | JiuduScript Editor | JiuduSound Designer | Chen SiyuEditor | Chen SiyuOperations | MingmingUse your voice, tell your story.StoryFM is an audio program featuring first-person accounts. You can listen to our program on the following platforms:Apple Podcasts | NetEase Cloud Music | XimalayaQingting FM | Lizhi FM | Lanren TingshuXiaoyuzhou | QQ Music | Kugou Music | Kuwo MusicSpotify | YouTube MusicBusiness Cooperation: [email protected] Official Account: StoryFM (ID: story_fm)Sina Weibo: @故事FM_StoryFMPersonal WeChat: gushi_fm02