Ma Huateng shopped Tencent to buyers in 1999 and nobody wanted it. Jack Ma had already been turned down for 30 jobs, one of them at a KFC.
The Chinese television archives from that stretch catch both men before anyone had a reason to listen. Studio chairs, no product the audience recognized, no reason for the segment to exist.
Jack Ma's first time on camera was not even an interview. A crew found him at night, still sitting on his bicycle, in the middle of something he had not planned to be filmed doing.
He had put 7,000 yuan of savings and a family loan into China Yellow Pages, selling web pages in a country that was barely online. Hangzhou Telecom set up a competitor and pushed him out inside 2 years.
Ma Huateng started Tencent in Shenzhen in November 1998 with 4 partners. OICQ crossed 1,000,000 users in its first year and earned nothing, while the server bills kept coming.
So he went looking for an exit. He approached Sohu. He approached Yahoo China. Both passed.
IDG and a fund run by Li Ka-shing's son each took 20% for $1,100,000, which valued the company at about $11,000,000. Then AOL won a trademark case and OICQ became QQ.
In May 2001 a South African media group bought 46.5% for $32,000,000. That stake later passed $175,000,000,000, the best venture bet ever placed.
Jack Ma started Alibaba in April 1999 in his apartment with 18 people and 500,000 yuan, ran the biggest IPO in history in 2014, attacked China's financial regulators onstage in October 2020, and vanished from public view for 3 months.
One could not sell his company. The other could not get hired.