[ MUSIC ] [ FOREIGN ] Thank you for coming to our event so early in the morning I would like to continue with the third round or fortunate China Innovation Award competition. And the third round is the last round. And [ UNKNOWN ] Dennis Song, Anna Xu, and Zhou Wei. Please welcome our judges. [ APPLAUSE ] [ BLANK_AUDIO ] Please take your seats. [ BLANK_AUDIO ] Now, we will meet each of the three finalists in this round of competition. The first, please welcome, Li Zhang, CEO of WeRide. Let's welcome. [ BLANK_AUDIO ] Now it begins. Distinguished guests, ladies and gentlemen, dear friends, good morning. It gives me great pleasure to introduce my company. WeRide established in 2014 in Silicon Valley for autonomous driving. Now we leading air for class autonomous driving company. At the same time we are also a smarter mobility company. Our vision is that we change mobility with our technology. It is our hope that autonomous driving technology will help us overcome various difficulties in traveling So, for example, traffic accidents, we want to improve safety. At the same time, we focus on the trading dollar mobility market in the future. China, then United States, are two leading countries on mobility. And in the United States, you have A number of leading companies like Cruz like we Mo, like Uber, and either in China we have a we ride by two and DD and we also hope that we will have a more reasonably priced mobility companies in the future. So in the past two years, we have received the support of our investors we have received. We are the first to receive the investments of our autonomous Alliance for rental, Mitsubishi and Nissan. At the same time, we have also received the investment from hacker companies. As well as other investors. So far we are the first in China. That's why investors have put so much hope upon us now. We have rapid research and the development process. We have the pilots testing in a tunnel under the river. And we also have a safe driving and dust storm in. October 2018, we introduced a faster air four class autonomous drive in taxi which is compliant with regulations. And in June 2019, in August of 2019 we established the first Autonomous driving taxi company and we have made progress in four areas. First in technology, we introduced products our level algorithm for our solutions. So we is when general algorithm we have accumulated We have tested about nearly one million kilometers. So the safety of our products has been proven. At the same time, we also have a multi- sensor integrated solution. With 5G technology we have real time synchronisation as well as comprehensive coverage across verification of sensors as well as our frontelator. So a fleet of taxi has been launched In terms of business model we have established first Robot XZ joint venture in China so that we have a complete industrial chain, from manufacturing to the services. We have about Over 300 staff. One- thirds of them are [ UNKNOWN ]. Many of them are distinguished graduates from top universities. So we are going to have the commercial [ UNKNOWN ] test in 2020 in [ UNKNOWN ]. Thank you. [ INAUDIBLE ] Thank you Mr. Li Jung for your presentation. Mr. Sung so I [ INAUDIBLE ] familiar with re- write because in the past few years, we write for a leading company in China Autonomous driving industry and I'm thinking about one question. And I'd like to raise this question with you, the biggest value of autonomous driving is to add replacements of human beings. So many areas and refuse actually autonomous driving he performs better than human drivers. Autonomous driving. It seems that it's quite easy for human, it would drive a car to take a machine for example. For example, Google has spent hundreds of millions of And even more billions of dollars. And better the tester driving so far, you're still limited to one state or another. In many structural arose, actually autonomous driving is quite easy. However, in unstructured roles, there are a lot of technical challenges. That's why in the early 2018, we relocated our headquarters from Silicon Valley to China. And we believe that a pilot testing in United States for one year, could be completed within one year, for example, in China. So, we hope that our theory could be applied into practise. So we have used DHL a lot. We have invited a lot of experts to work for us. And I think in the future you can see our pilot performance, pilot operation in Quam Cho for autonomous driving. Autonomous driving is developing faster than we imagined. [ BLANK_AUDIO ] I know something about WeRide and so I have a partner which also works in the automobile industry. For L4 class or L5 class, maybe it will be applied after 2030. So there's still ten years to go And what kind of progress that you would like to make in the next 10 years, and now you have some pilots testing on the road and the word about your business plan in the next decade. 2030, actually is the target year for many, for major automobile manufacturers. But for tech companies or starts up business like us we believe that it will arrive earlier than 2030. So, many [ UNKNOWN ] years a role model for many companies. Now they have autonomous driving taxi in the States. Our feelings are kind of commercial rollouts. So we believe that in the near future, these robot taxi and other companies will emerge. To develop autonomous driving technology, at the same time present a good case for it in the near future. So in October 2019, we established a rubber taxi with a number of local partners. So that we have, we can land that the operation of autonomous driving. Time fully said that we will have China and we also strive to be that Thank you. [ BLANK AUDIO ] I have a dream hree years ago, I sat on various platforms and the occasions there's autonomous driving in three years will have in a 100 % autonomous driving in a limited scope of space. But has not come true after three years. China has a few advantages for example, administrative resources. For example, we may know that within the signal ring road of Beijing may be no vehicles will be allowed other than autonomous driving. So with administrative intervention, it is possible to improve the driving experience, driving environment. And second, [ BLANK_AUDIO ] China is capable of commercializing some technologies before they become mature. So I think that your pilot testing in Guangzhou is quite encouraging. My question for you is, is there any alliance among the tech companies like you in order to bargain with the Ministry for Governance and have complete [ INAUDIBLE ] in Guangzhou? Thank you very much for your question for autonomous driving, and we need to make a break through your four areas. Atlanta technology, establishment of taxi fleets testing of the business model and compliance with law and the regulation. So, the first point here not something can be changed by a private company. Nevertheless, in the past few years. [ UNKNOWN ] And now we are committed to autonomous driving in a limited scope of space and we are going to get the approval of the authorities. We are pending the amendments to the traffic law. We still need some legal support for that I expect that the two autonomous driving Australia will come true in the near future. I believe autonomous driving mobility in such cars we have Safety personnel and we have been working with many authorities in China. So when conditions are possible, they also open enough with us for them to share data with us. so I think in the future you will see true autonomous driving in China soon, so our judges and do you have any further questions > so thank you Lee Jong, COO of We Ride [ FOREIGN ] The second, please welcome Yang Guang, partner of Waterdrop Inc. [ BLANK_AUDIO ] For Waterdrop we are an insurance technology company driven by Science and Technology. So in the future we want to establish comprehensive and the supplementary medical service payment system. And for we have three units, the first way is about a pool of our customers Which stands at 218 million people. And the average monthly donation is about to 1. 2 billion again, and the number of donors each year, each month reached about 13 million and the more. And what a job can also provide a mutual assistance and commercialization of the part of their policies. So we can we are driven by social media, we can see the low and low cost access to customers. So, the say ditto, he actually is the front runner of our, of our organization, a function unit. And with social media, we would like to encourage our users into our insurance initiative. This initiative provides some basic products in this our system, we can improve the interaction among policy members >> [ FOREIGN ] We can also solve this basic education to guarantee the coverage of the insurance. And additionally, we can expand this to the commercial insurance. So we launched the platform for two months under the premium already exceeded 700 million RMUN, top two, right? After Ali We established the company in May 2016. After three years in 2016 and 2017, we had two new products being launched. Currently we finished a $ 2 billion Financing rounds of financing. And our investors including by EN capital, blue run ventures sinovation ventures the ICC capital. As I mentioned, we have this online dissemination channel from one to N to N We also establish the service platform. And nationwide we have 500 plus promoters for our water job platform and they are working at different localities in the hospitals to promote our products. And this year we are going to enter into the tier one and tier two cities and through our offline salesperson will will target the high end white collar people as well. I'm very proud to say that our company is also pay special attention to the CSR cultural, social risk, corporate social responsibility. Our core competencies is the data and and also the visitors of our platform. So we resolve the Payment. A house payment issues for the different types and patients, and we got a relevant license as well. Thank you, Mr. Younger, the commentators, please. The water drop is a very innovative model. What I care more is from the initial platform and to the mutual help a neutral assistant platform to the final water job insurance. Tell us about the involvement Secondly, how can you guarantee the credibility because after all, it's the donation from the mass and from the public. To be honest, at the initial stage, we wanted to make some breakthrough for online insurance. By the way, are starting from scratch. We didn't have the license, we didn't have enough threshold, the visitors and also we need to do the risk mitigation. So as a result, we believe that the first step is the visitors on the platform. And to do so we need to, like educate the general public for the house insurance, it's very difficult to even light or encourage the public to purchase the insurance for health. Because we all know the finance and also the accident related insurance are relatively easier to promote, but for the health insurance, we believe that That is their friends or family members if they were suffering the major diseases. This would lead to the Public to build up their awareness of the necessities to purchase the house insurance. That's a reason we have this platform established if they have the relatives and the family members suffered from major diseases, they can get these donations online. And gradually we Promote the mutual assistance, comparing to the insurance the premium of mutual assistance is relatively lower. And the coverage is larger, through these Mutual assistant platform. We educate the general public and through this mutual assistance based on the local communities, then they would have more like an interactive process and in the end that we can have the insurance products established Offline, as I mentioned we have a full time 500 persons as our promoters and the sales force. They focus on the major disease, patients, and they also establish a kind of. Working relationship in the hospitals. Sorry time is up. Miss, she first congratulate water drop for your mobilization of the capital ventures. In the future, how could you balance the short term and the long term insurance. Now you have many mutual assistance, but it's not easy to convert directly to the long term house insurance scheme. Notice that you are applying rate insurance license. In the future, what are the focus of your company? [ FOREIGN ] We got many visitors on our platform and we focus therefore more on the short- term insurance scheme. But for those patients already had the chance to purchase the long term insurance online. This is a very reason as I mentioned the way higher offline 500 Salesforce. We already got this data for the visitors and they had a short term insurance scheme. And for the reinsurance license yes, we are in the process of making applications And in the future we are going to help our customers to do including the insurance companies for analyzing the data from the users and provide services and to provide better quality services to them. [ BLANK_AUDIO ] My question is related to this Miss Xu is you're talking about mutual assistance, but those actually are the underserved population from the commercial insurance scheme. And in the end, you still have to convert to the commercial insurance. So after this conversion can. How can you be sure your users still be active? My second question is in China, if you have the platform you have many visitors and clicks on your website, you would expand your business scope and then you would dilute your business and how can you guarantee the momentum of the visitors Our platform is different after the donation is being made or after the patient that received this donation and what they get is the overall health guarantee. So we keep high frequency interaction with the users. We also educate them and try to raise awareness of the importance of purchasing insurance. But we would announce for them, to purchase the insurance they have the free choice So it's kind of a house guarantee education, and insurance being combined. Sorry, time is up. [ APPLAUSE ] Next, from, Mr. Josh Zhang from Ucommune. [ BLANK_AUDIO ] Disillusion three judges from you commune and very glad fortunate to provide me this opportunity to brief you about our company. The founder of our company used to work in Banking Group moderating, our mission Is through smart office space to help more as a small and micro companies and to increase their productivity and efficiencies. So At the very initial stage, we received a lot of support from Jen founder and other senior of founder and because we establish our company in 2015, we receive a lot of favorable policies as well in the past four years. We cover almost all major cities nationwide that we enjoy the fully Government preferential like policies. In 2017 we started our going global strategies, including United States, Southeast Asia countries and Hong Kong and Macau. In 2018, we made some M and A and acquire some regional companies after M and A and going global. We covered 44 cities domestically. Almost all like Tier 1, Tier 2 and also representative tiers really like us, you Lassa shalyah at the end of 2017. We want to a global. We wanted to provide facilitation for the companies to be easier to settle down in overseas countries. We also want to attract the local companies who want to expand their business into mainland China. So link China Go Global is our strategy. We had a very good special distribution. And then we would provide them value added services. So we cannot start without talking about space. We needed to improve our spacial products you can see. You commune with car, this is a kind of a maker space and we had more than 1, 000 companies there's a eco systems a We also cultivated to be service atmosphere and ecosystems. We also try to facilitate the community exchanges. Through this process, we put together our resources more and more brand paying attention to our [ UNKNOWN ] Camille, and that they wanted us to provide services to them as well. [ BLANK_AUDIO ] Our positioning is the startup companies because of the country's development, the micro and the small companies are of vital importance. So we wanted to provide services to these small and micro companies. Thank you [ BLANK_AUDIO ] You Camille is the first search company in the industry for the Maker Space during your involvement. What is your core business model? Operation YZ. How can you guarantee the healthy development? Yes, we had some bottleneck problems, thresholds UQ, Camille the size, the scale In the past we use module and acquisition. And a lot of representative or brands, because why? Those companies wanted to be acquired by us, they couldn't achieve scale of economy. This is also the threshold in China for the business model. We believe that we the tenant, we are not the owner of the apartment and houses But what we can offer is the value of services. We have more than 200, 000 users, and what we can provide is the added value to them. It's nothing to be ashamed for. I think everybody is interested in this WeWork topic, sharing space, office space But the whole business model being challenged, this is a very good innovation. But under this national economic downturn trend you would have Many loss of tenants, and how can you cope with the challenges, because we have 40 million small and micro level companies, according to statistics, each year we have 10000 micro Companies adding each day during the peak year. Even if 40, 000 micro companies added each day in china, indeed you mentioned that economically, we're on a downward trend but Because of this, even as always, and the large scale companies, they want to reduce their office costs. So they would consider the work modality as well. [ INAUDIBLE ] The first half of this year. I chatted with the chin. While we have dinner together with then Secretary General [ UNKNOWN ] We said How could you define yourself? Because after all, you just rent out the apartment. And can you call yourself the technology company? And you told me during the dinner, you said, you have the IOT and cloud based services and you have a 50 plaza. To be software partners. After this kind of initial deployment, what's your profit margins coming from? Whether it's by providing hardware and software, the rent fee. Well from other business models, we tried out the different types of profit models in China. After all, it's a young industry, three to four years. So our fundamental key pillar is to make our space more reasonable. Spatial is very important. On top of the software hardware, we did some education related the business. In the interest of time I cannot elaborate. We also had the summer memberships For these. We would also like export our, like put together resources to the local industrial parks local government because. We rally together a lot of small and micro companies and then we would export these services in a package to local government and local industrial parts. We have some time left, any follow up questions? Do you have additional points from Jumpong? [ APPLAUSE ] [ UNKNOWN ] Okay. Thank you for the three contestants, please. It's the voting time please. Pick up the voting device on your desk Press one, four we read press two for water drop. Press three for you commune [ INAUDIBLE ] Get ready everyone, please vote now. [ BLANK_AUDIO ]

The Third Group of Finalists for the Fortune China Innovation Award

Tech

Finalists include Li Zhang, Yang Guang, and Josh Zhang.
