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  MC: Good afternoon, ladies and gentlemen! Today we will present you a very competitive Chinese enterprise. It has conducted a series of international investments in recent years. And today’s recruitment event also has the biggest lineup I have ever seen since I joined Harvard. Anbang has brought its senior executive team to our campus to communicate face-to-face with Harvard students, to enroll top-notch talents, and to share its dreams with everyone here. Anbang Insurance Group is one of China’s largest comprehensive insurance groups. Now let’s watch a short video about their company. (Play video)

 

  You probably would like to know more about Anbang after watching this video. So together now, let’s welcome Mr. Wu Xiaohui, Chaiman of Anbang Insurance Group.

 

  Wu Xiaohui: Good afternoon, students of Harvard! I think it’s fate that brings us together today. A fate of our relationship that starts with Harvard. Now let’s start our session by me answering your questions first.

 

  Question One: Mr. Wu, as Chinese Americans who study and work in the US, we have paid close attention to the gigantic acquisitions you made last year—the cross-border acquisitions of New York’s Waldorf Astoria hotel. Can you tell us more about the transaction process, as well as Anbang’s global strategy?

 

  Wu Xiaohui: Waldorf was our investment project that attracted warm responses not only from Chinese and American media, but from media from all over the globe. Let me share with you the story. Someone, by simple calculation, may consider the purchase price per room to be too costly. However, any investment decision is based on two basic principles: one is profitability, the other is the sustainability of its business model. Waldorf Astoria hotel has more than 1,400 rooms, spanning a total area of 163,000 square meters. The total investment of 1.95 billion USD can be roughly translated into 73,000 RMB (about USD 11,700) per square meter. Such a life-time ownership of this trophy hotel is very cheap in my eyes compared to properties auctioned at 100,000 RMB (about USD 16,000) per square meter on China’s Beijing Financial Street with 40-year land-use rights. Based on this simple price calculation, we can then add on other factors such as its profitability, taxation, future service life, etc. The reason I want to raise this issue is to illustrate that business decisions cannot be conceptual only but it must also be supported by data. Back then we made a thorough analysis of the surrounding residential price at Midtown Manhattan. The average price was between 200,000 (about USD 32,000) and 300,000 RMB (about USD 48,000) per square meter, some 100,000 RMB more expensive than our purchase price, which proved our project’s potential profitability. A comparable residential renovation project is the Plaza Hotel, New York, which has already made lucrative returns with a proven business model. Based on this judgment and the support of analytical data, we made the rational investment.

 

  You may have witnessed a number of investments made by Anbang recently. These investments are in fact the final results of numerous project analyses and judgments made by our international investment team. The total number of airline miles travel by this team is equal to a round-trip between the Earth and the Moon, which is a testament of our investment decision process. We must win the first battle and every battle thereafter as we are representing Chinese enterprises going global. We must have conviction that we can a profit even under the worst case scenario in order to move forward on each investment. Here are our basic investment framework we need to make a judgment whether the business model is profitable, whether the cash flow is sustainable, and whether the investment can generate an acceptable risk-adjusted financial return. Based on this logic, we will compare and choose among different projects, allocate assets for different regions and sectors, and select investment targets with higher returns. This is what I call opportunity benefit. It’s just like when you choose to attend Harvard or MIT or other universities, you will end up with different value-added results of your life. Based on the aforementioned analyses, we found Waldorf to meet our triple investment standards,( i.e., opportunity benefit, comprehensive benefit and financial benefit.)

 

  Investments generate benefits, which include opportunity benefit, comprehensive benefit and financial benefit. The success of an enterprise hinges on two things: investment and return. The impetus for the sustainable development of any enterprise, organization or system is ultimately the return generated from the investment. Everyone needs to think about where to spend his time which is finite; as later onI will like to invite you consider spending this time atAnbang. The way we allocate our time will determine our opportunity costs and the chances of value creation. It’s very significant for me to talk about the Waldorf transaction at this recruitment event, because we want to expand our team with the outstanding talent in front of me so that you can realize your dreams with us. As an icon of America, the Waldorf Astoria represents the glorious history and spirit of the United States. We would like to invite every student to join us here for a free tea at the Waldorf. And if you become an employee of Anbang, you will be entitled to a free dinner and a free room night when you get married.

 

  We expect a good return with our Waldorf investment. To achieve the high value-creation, we plan to renovate the two towers into luxury residential apartments with world class amenities and finishes to reflect its culture and social status. A potential buyer needs to have more than money to qualify for our apartments. At the same time, we will build the hotel section into a super five-star hotel, delivering unparalleled customer experience and incorporating Anbang’s customer-orientation culture. We are also considering the additionof some Chinese elements: a new restaurant serving high class Chinese cuisine is a possible option. Recently, news regarding our Waldorf purchase flooded the Internet in China, which brought us extra brand recognition and business opportunities. This is what I call the spillover benefits. The transaction is also a good deal for Hilton Worldwide. A previously little-known hotel to local Chinese people, Waldorf Astoria has became more recognizable and famous in China after it was purchased by Anbang. Therefore there are mutual benefits for both China and America. It is also a win-win deal between the two enterprises. Based on US Act law allowing1031 exchanges which was passed in 1950, Hilton Worldwide can make new investments with the capital gained from the sale of Waldorf to defer its tax obligations which is a major benefit. At the same time, we also managed to get Hilton Worldwide to manage the hotel for the next 100 years in exchange for discounted management fees. The faith we have in Hilton is very significant, because in the US, even top 500 companies like GM may become bankrupt at any time. The faith we have in Hilton, plus the large number of customers from China, will greatly benefit Hilton despite the management fee discount they gave to us. The negotiation process for the management agreement took three long days. The two parties negotiated until 2 am every night during those days before finally achieving a win-win result. The essence of business is win-win relationships, which alone guarantees sustainability. For instance, we may become friends, colleagues or fellow-investors after today’s event, which is a very interesting phenomenon in the world of the Internet. The same could be said between Hilton and us, who have gained each other’s trust through the Waldorf transaction. Our insurance company has invested in many real estate projects in China. Prior to this transaction, we considered cooperation with brands such as Marriott, Ritz-Carlton and Four Seasons. Now we give the priority to Waldorf since we are already strategic partners. In fact, this transaction is a multi-win proposition. Our renovation will create a lot of job opportunities and increase the US tax collection. Since China and U.S. have signed reciprocal tax treaties, Chinese enterprises will enjoy discounts with the profit remittance they generate from their American subsidiaries, which benefits both countries. Therefore, our business model is a multi-win one.

 

  Now let’s do the calculations together. The Plaza Hotel only has a total area of 93,000 square meters, which realized a return of 1.5 billion USD, and still kept a hotel. Waldorf Astoria has a total area of 163,000 square meters. We also plan to keep a world-class hotel, which represents not only the top-notch experience of the Waldorf Astoria brand, but also the American culture. Many former US Presidents used to dwell here, e.g., General MacArthur and President Hoover both dwelled in this hotel for decades. The hotel also hosted many other celebrities; for example, Duke of Windsor lived here for 27 years after his abdication. Through our investment in Waldorf, I would like to express our philosophy in both daily life and business, which is pursuing win-win relationships. The decision-making process of the Waldorf transaction embodied such a comprehensive effect.

 

  Generally speaking, all of Anbang’s investment decisions are made with these three investment precipices, i.e., opportunity cost and benefits, comprehensive cost and benefits, and financial cost and benefits. During this process I only have veto rights instead of decision rights. All of our internal decisions are made by professional investment executives. I only keep the veto right. Therefore we are both cautious and resilient in the execution of our investments. Blackstone and Hilton both appreciate our execution ability through the Waldorf project, saying that we had the same high level of execution strength as theirs, a high remark for us as well as for themselves. Tomorrow, Mr. Stephen Schwarzman, Chairman and CEO of the Blackstone Group, a partner of Anbang, as well as a Harvard alumnus, will deliver a special speech for Anbang’s recruitment event. Let me ask you. Would you like to listen to Mr. Schwarzman’s speech? Would you like him to come? If yes, then I will invite him to come. (The crowd answered “yes.”) Tomorrow I will ask him to talk about the win-win relationship between China and US, the partnership between Blackstone and Anbang, and cooperation between American and Chinese enterprises. We are close friends now. He donated 350,000,000 USD to establish the famous “Schwarzman Scholars” program in Tsinghua University. Anbang also supported this program with a donation of 10,000,000 USD. I respect people that are dedicated to educational philanthropic efforts. Because education can enlighten a person’s mind, alter the way his/her deals with challenges, as well as strengthen his/her ability to solve problems. Education alway enhances our society. Therefore I would like to participate in the “Schwarzman Scholars” program. Business can also bring people a lot of fun, help people to make friends and money, as well as improve society during the course of business. This is my story. Thank you all!

 

   

  Question Two: I think my question can represent many students sitting here. I have conducted a series of research studies concerning the internationalization of Chinese enterprises in recent years. I have visited dozens of Chinese enterprises who have invested in the US. Although never an easy thing to do, cross-border acquisitions were never considered the hardest part by most Chinese enterprises leaders. Their biggest challenge, then, was how to execute genuine cross-border management and develop into a genuine multinational enterprise. Mr. Wu, you have purchased a number of overseas banks, insurance companies and real estate properties during the recent years. So may I ask what your plan is to manage and operate these companies after acquisition? And how you would use talents recruited overseas to promote the internationalization of your group?

 

  Wu Xiaohui: Today I come unprepared. I would like to share with you my true thoughts. And I hope that my answers can qualify for a “Pass”. I think the internationalization of Chinese enterprises is a concept. In fact in Anbang we talk about globalization instead of internationalization. Because the word “internationalization” seems to have a connotation of internationalizing for the sake of internationalization. However, if you look at the same issue from a global perspective, you will have global opportunities. For instance, if you choose to stay in rural villages, you can only meet common village girls; yet if you come to Paris, you will have the chance to lay your eyes on the Mona Lisa. A city will provide opportunities unique to cities. China will provide opportunities unique to China. Yet if you step onto the global stage, it will provide you global opportunities. Just now the student raised an excellent question. In the process of internationalization, genuine globalization means laying the global platform with a global perspective. First, you should consider whether your business model can bring positive effects and add value for the local country and local society. The problem of integration comes second.

 

  In Anbang we have our own way of thinking, which mainly consists of six aspects: First, business model. Everything I mentioned earlier, including investment and general operation of enterprises, should be based upon business models. And the core of all our business models is always multi-winning. Second, organization structure. In Anbang we always execute with a flat organization structure to support our business models. Third, talents. We need to allocate talents in our organization structure. Today I’m recruiting talents on the campus of Harvard. We need to recruit different types of outstanding talents with high EQ, high IQ and various kinds of abilities. We want experts and specialists. Fourth, process. We want our process to be as simple as possible. Fifth, operation mechanism. We shall deploy an operation mechanism to attract talents, motivate talents and keep talents. Sixth, assessment and improvement. We need to keep improving the performance of our enterprise with an upward spiral. These are the six aspects of Anbang’s way of thinking.

 

  How does Anbang have the courage to invest in international projects? We have two basic principles: the first principle is multi-winning. Will Anbang win? Will our partners win? Will the win-win model be sustainable? The first thing we consider is how to let our employees win, which is a question contemporary Chinese with genuine global perspectives shall consider after 35-year of reform and opening up. The Chinese character of “enterprise” is consisted of two parts: “people” and “stay”, which means that people need to stay together in order to form enterprises and realize their ambitions. An enterprise with unmotivated employees has no chance for healthy developments. Where do people’s motivations reside? Employees of three types of institutions work the hardest: investment banks, law firms & accounting firms, and funds. Their employees often work overtime and spend their youth staying up late. Yet many people still choose to join these institutions. Why do they work so hard? Why are they so motivated? Their high investment will bring back high returns. And this is the most important motivation mechanism. In conclusion, the key is an alignment of interests, which is also the issue I think most as an entrepreneur. Good alignments will keep people motivated. Instead of a perpetual motion machine, what an enterprise can provide its employees is a benefit-sharing mechanism. For instance, employees are allowed to invest with their own money alongside the company. You can invest in the manner of funds, or invest with your bonus. You can choose from one of the three mechanisms. In this way an employee will identify with his/her company and link his/her personal return with the operational goals of the company. Two issues are common for employees from all over the world: one is happiness. If an employee feels pain, he/she will leave the next day. At Anbang the first thing we provide is happiness, a type of psychological currency. Presently, Anbang has many foreign employees. Waldorf alone has more than 1,000 employees. We also have foreign employees in our banks and insurance companies. I hope they can learn more about Chinese culture and study a little bit of Chinese to at least be able to say “hello”. The other day my speech at the annual general meeting of our Belgian bank was simultaneously translated into five different languages (English, German, French, Dutch, and Chinese). All the employees could understand what I said. Everyone was equal.

 

  The second principle is the stability of systems. First, after acquisition we usually keep the management team, who understands clients, markets, competitors and local environments. Second, all of our acquisitions are friendly acquisitions. We will back out whenever there is any oppositions from stakeholders. The same operation mechanism is deployed in our internal management as well. The mechanism is named “big group strategy & small accounting system”. Every ten employees will form a business division. According to the company’s regulations, there are no bureaucratic institutions inside the company. Everyone is equal, including me. We have deployed this concept on the company’s internal management, practicing a concept called “partner mechanism”. Every employee is a partner of the company. Each business division can apply for its own target task and sell all kinds of products made by the group. Each division is also provided with its own budget. You can set your own targets and negotiate your budget with the company. Therefore we can realize a flat execution, flat operation, and a flat decision-making model. Every business division will have equal access to information. Why did Anbang develop so fast during the past ten years? The decision-making process is cleared every day. The complete process from a county-level institution to the headquarter takes no more than a day. Decisions have to be made before every sunset. If an action is executed later than the regulated deadline, a fine will be charged against related upstream and downstream employees. People may pay little attention to this mechanism in the beginning. However, once it is strictly carried out, it will greatly improve the company’s efficiency and help you cure those that are sluggish. The management mechanism is a systematic ability. It may take other companies three months to make a decision. Anbang has execution power. We are extremely efficient. The operation of the company is connected with everyone’s interest.

  For instance, we acquired a bank from Europe. Last week we threw them an annual general meeting in Europe. I found our European employees to be even more excited than our Chinese employees. My speech moved many employees to tears. In fact, we Chinese can be very open. I told them that I respect the history of their Belgian bank, which has high management efficiency as well as a history of 260 years. In the joke I told them I mentioned that I had given Waldorf a 100-year guarantee and that I would like to provide them with a 260-year guarantee, never walking away as their strategic partner. This joke received thunderous applauses. Second, I respect their inheritance. The bank has a former name, “Nagelmacker 1747”, which we restored. This is a very famous Belgian private and commercial bank in Europe. And I expressed my respect for its history and inheritance, the same as I offered Waldorf Astoria. In the future, we will renovate the hotel into the same way as it was before. There are so many rooms which used to be occupied by Presidents and celebrities. If a male Anbang employee plans to check into Waldorf in the future, I might even assign him the room once occupied by Angelina Julie. There is so much culture to be inherited, to which we have to show our respect.

 

  I believe that international cultural exchange is not necessarily about who is consolidating who. You have to respect the company’s history and let it develop naturally, because as soon as the system’s balance is broken, it will create obstacles towards this company’s own growth. An enterprise system is like an individual’s life, it is a living body. Cancer cells are actually very active. Once they affect other cells, the entire ecosystem will be thrown off-balance, and the company will no longer be able to grow in a healthy manner. That’s why we can’t just come in and implant a culture. First and foremost, our core principle is win-win. We will first study the company’s situation, just like how in TCM, you need to first check the pulse and understand the entire body’s condition. When we think about a company’s development, we must respect its history and maintain its team’s stability before providing it with support. During the globalization process, we Chinese need to be more open-minded and not merely think about our own gains. Only a win-win model is sustainable, so while we were carrying out our global expansion, we never think of reforming blindly. Our criterion for acquisition is that the company must be profitable. We won’t reform you. We’ll only be an investor, because we believe that the company that we have chosen has a good reputation. Of course, we have a strict global risk control system in place, but we also know when to relax the controls to give the company the space it needs to grow.

 

  How do we make good investments? All of the companies we have chosen have high earnings. Our investment guidelines are “P/B under 1” and “ROE over 10%.” That’s our bottom line. As a result, all of our investments generate high returns. They will generate substantial profits even if we don’t do anything. Right now, two of our acquisition cases present an estimated return of over 20%. What’s more, we develop a strategy for the target company and increase its ties to China, to generate synergies and reduce costs. We train many young people to establish investment models based on data. Anbang itself performs very well: last year, we achieved an ROE of 48%. Our investment and operational costs are lower than others, and we are more efficient. All the products we design and sell are customer-centric: we provide what they need. We also have the lowest channel operating costs. This is the reason we have lower operating costs and higher investment efficiency than other companies. By adding two positives, you create additional value. During our international acquisition projects, we embedded this way of thinking into every case. Each time we discuss with the CEO of a target company, we will ask one question: how is your team’s ability to execute? People trained within mature markets are very professional. As long as you provide adequate remuneration, they will listen to whoever is in charge. This creates huge value and high-efficiency execution, which is very reassuring to us. We keep saying “company this company that,” but it should be “public first and private second.” If the public sector doesn’t make money, neither will the private sector. A company can’t possibly be a social responsibility organization. Even though social responsibility organizations are highly admirable, a company generates tax revenues and is responsible for generating salaries and remunerations for its employees. Through our global acquisition experience, the lesson we’ve learned is: respect its culture, respect its system, maintain the team’s stability, provide the best partner system, then guide them to learn Chinese and Chinese culture. One of the words most frequently used by Chinese is “dongxi” (“thing”, literally “East and West”). How can you become a “dongxi”, East-West? By using Western thinking based on data as foundation then implanting Confucian culture, which is based on emotions. This forms a very good “East-West” combination. During our acquisitions, we tell companies that we are Chinese, but that at the same time, we have a very good understanding of Western culture. We hope those of you from the West will win, because we aim for win-win.

 

  At the same time, many Chinese travel overseas for tourism, investments and migration. This fact needs to be combined with Chinese elements. Most people from Western countries don’t understand China. The way to win is to understand both Western and Chinese culture, because anyone who’s had high-school education in China won’t ever forget China or its culture. If you don’t believe me, you can go ahead and try. Once you’ve become famous, no matter which village, town or city you’re from, you’ll wish to return to your old school or your hometown and do something for it. That’s the power of Chinese culture. No matter how far you run, your lines and roots are still connected to China.

 

  Why do we dare to go global? You’ve all heard about our successive projects in Europe, Asia, Oceania, and Africa. We have been working on these projects for a long time, so we are already passed the romance phase, and are ready to commit ourselves to the marriage. We rarely fall in love with a project at first sight: we first seek to understand them both in breadth and in-depth. This includes the Waldorf Astoria hotel that I just mentioned. Our team was very impressed with the ones who built this hotel in the U.S., so many years ago. The water pipes and elevator cables installed back then are still better than the ones we have nowadays. The foundations are also extremely solid. With just a bit of an electronics upgrade, I am confident that we can accomplish a successful renovation. Just as every student here has solid foundations, I believe that you will most certainly have a bright future within Anbang.

 

  Question Three: Mr. Wu just talked about his global management experiences, and he even revealed a few trade secrets. The audience is captivated. Next, we’d like to invite Mr. Wu to present Anbang’s corporate culture and development strategy.

 

  Wu Xiaohui: Anbang’s corporate culture is very simple. It has 3 key elements: water, family and internet. As a summery, you relax in a home environment, surf the internet and enjoy water. That’s Anbang’s culture. Anbang was founded only a decade ago, and it now has over 20 million customers. Our culture helped us to thrive and achieve what we have achieved today. We describe our culture as the culture between man and nature (the “Water”), the culture between man and society (the “Family”) and the culture between man and technology (the “Internet”), and it isn’t merely a slogan hanging on the wall. We advocate simplicity, as simplicity brings efficiency to a country,, simplicity brings fortune to a corporation, and simplicity brings happiness to a person. Why does an enterprise embrace culture? Culture can convey our way of thinking. A common way of thinking will unite people and guide them to travel to the same destination.

 

  First, let’s talk about the culture of water. Why can a substance like water cover 70% of the surface of the Earth and exist in perpetuity? A company is a living organization. Could it exist as water does? The ability to adopt any forms makes water special. There is no gap between particles of water. Water can wear out rocks as mere droplets, and flood can flush everything away. This characteristic of water, making impacts in any form, has taught us how to form an enterprise with simplicity to achieve high-efficiency as team, the ability to embrace changes and foster and effective execution.

 

  The second element of our culture is internet. 10 years ago, when the internet wasn’t main-stream, we already decided to build an internet culture. We incorporated the internet concept into our organization’s structure, by giving each person equal opportunity to develop. We don’t have a pyramid structure, as we believe that organization structures such as pyramid, serial and parallel are obsolete and impose obstacles for internal communications. Therefore, our organization structure is established based on the concept of the internet. Information is synchronized so that everyone, including the most senior management team, is informed at the same time. This means all Anbang employees can email me directly, and I only keep veto right in decision making. This system allows us to fully utilize our pool of talents, so that we can unite everyone’s knowledge and skills in problem solving. This allows Anbang to have an effective incentive system. If an employee solves the problem, cuts cost or increases efficiency, he or she will be awarded accordingly. If a company does not make up to Lei Feng (a Chinese hero famous for utmost responsible and unselfish devotions to his work), it diminishes its potential. We must encourage Lei Feng-alike employees, and reward “Lei Fengs” accordingly. We must recognize every unsung hero. This is our core value. These values and concepts of Anbang’s culture of internet allowed us to thrive in the past decade. That’s the power of culture.

 

  The culture of Family. No one can be separate from its family. A great, strong and successful individual is also a loving parent, child and spouse. No matter how much money he makes, he shares his fortune with his family. This is how Chinese people are. I don’t know whether you guys in the audience are the same. Our Family Culture is to treat customers as our family. All Anbang products were carefully crafted for family, for our brothers and sisters. Anbang doesn’t create any products that intends to mislead our customers. Since our costs are low, we share our cost savings with our customers so they can earn higher returns. We also treat our employees as family. In the future, if you become employees of Anbang, we will also treat you all as members our family. Let me share a real story. One of our hardworking employees was diagnosed with cancer (maybe the cause was the bad air quality of Beijing). You may ask how do we helped him? Well, Anbang’s has a fund which is dedicated to our Family Culture which automatically provides aid to the employee in needs no application needed. We decided to provide for his children education and cost of living, until year two after the child’s graduation from college, and we also helped his spouse find a job. This is our Family Culture. The employee of this story devoted his career to our company and worked diligently to help our growth, so the company provided him with incentives and benefits accordingly. Of course, we hope such tragedy does not happen to anyone else. In addition, we also view our investors as family. Most of them shared our visions and helped us in creating this great platform which allows our employees to display their full potential, our customers to gain more values, and our investors realizing above-market returns. In sum, we create values for our customers, employees, and shareholders. To bring our Family Culture to another level, Anbang will work hard for you, will share the responsibilities with you, and achieve success with you.

 

  That was a high level description of our culture. It’s the culture between people and nature, between people and society and between people and technology. Let’s talk about people now. In our concept, a human being has its mind, limbs and torso. For Anbang, insurance, banking and asset management together form the mind, while finance business is our core strategy. If any of you are interested in any of these three sectors, you are welcome to join our ‘brain department.’

 

  The 5 fingers of the left hand represent our 5 business strategies. The first is comprehensive global financial solutions for individuals. The second is comprehensive global financial solutions for corporates. The third is online banking. In the future, Anbang will be an internet based financial institution providing full services via internet. Through the powerful P2P crowd funding, Anbang hopes to create a cross industry alliance. Right now, very few people understand the concept of internet financing, and fewer have experienced it. Right now, internet financial is still in its early stages, as people no longer need to travel to pay each other. All we have done is breaking the “wall,” by utilizing third-party payment. In the second stage, entrepreneurs need funds to develop. This also can be achievable online. In the third stage, in addition to financial support, businesses will need knowledge and expertise supports in areas such as management. These are my own thoughts, and internet finance is one of our top priorities. The fourth is healthcare. A healthy body needs to be maintained, so we want to enter the medical sector, and hope to establish a hospital franchise. In fact, we will acquire hospitals all over the world. This is an industry with a bright future. In Beijing, patients are not treated with sufficient respect to their privacies. The hospitals are so busy and noisy just like a farmers’ market. That is the reason that we wish to build hospitals and treat each patient like our family with dignity and top class treatment. The fifth is health maintenance and retirement care. Why don’t we merely refer to the latter? Because everyone needs to take care its health. Every person sitting here hopes to have radiant reflection, great circulation, and a healthy level of energy. Because of this, health maintenance is an industry with great potential Aforementioned are our five business strategies.

 

  The 5 fingers of the right hand represent investment strategies. The first investment is life science, because it helps us to maintain a healthy body. Once you have a healthy body, you need to settle down, raise a family and start a career, so you’ll also need a house to live in. For this reason, our second investment focus is on real-estate. When a person goes out, he needs transportation. Therefore, our third investment strategy is in automobiles and infrastructure. The fourth investment strategy is energy and resources, and the fifth one is internet related investments.

 

   

  Brain, right hand and left hand, and now we are missing our feet One foot is the internet. We will invest heavily in internet related technology. The internet is widely used within our organization. For example, we use apps such as Wechat (China’s most popular mobile chat program) to process small claims under RMB 5000 (about USD 800). The user only needs to upload a photo. Through our automated system, the electronics payment can be completed within as little as half an hour. The other foot is globalization. We formed an in-house network to integrate our global businesses, to become a Chinese enterprise with a worldwide presence.

 

  Now let’s talks about the torso, which is composed of talented employees. Our employees are with great passion and vision, and they provided the fuel which enables us to move forward.

 

  This is our “people” strategy.

 

  Host: Thank you, Mr. Wu. I’ve brought out all the questions. There are hundreds of them, but they can roughly be divided into 3 categories. The first is about your corporate strategy. The second is about how many people you are recruiting, and at what level of pay. Most of you can speak directly with the interviewers. In the last category, they’d like to ask you for your personal interests. Let’s first provide our foreign students with a general answer.

 

  Question Four: Anbang has already experienced 10 years of fast growth. Within the next 10 years, how do you think Anbang will present itself on the global stage? What would you do differently if you were 20 years younger?

 

  Wu Xiaohui:?The answer to this question could be both simple and complex . I really hope that Anbang can help all of its customers to realize their dreams. I hope that Anbang would have a global footprint, and that its influence will extend to every corner in the world. If the first ten year was a milestone for Anbang, the next 10 year will be another important phase. By the end of the next ten years, Anbang will, at the very least, have its own subsidiaries on every continent. In addition, it will be a global holding company with subsidiaries listed on many stock exchanges. Finally, Anbang will have employees with a diverse racial and cultural backgrounds. Unless it is replaced by more modern technology, the internet will be the foundation of our company’s management tools and organization principles. By then, Anbang’s asset scale will exceed your imagination. I believe that in the next 10 years, Anbang will continue to grow as fast as today; however, it will be even faster if all the students in this auditorium join our company. As for why we decided to recruit top talents from Harvard, I will start by telling you about our partnership with Blackstone. Jonathan Gray, head of Blackstone’s real-estate division and Chairman of Hilton, is a good friend of mine. Our relationship developed gradually from negotiation counterparties to close friends. I trust him deeply because he? keeps his word. He is like a checkbook: as soon as a check’s written, you can count on cashing it, and he doesn’t waste any time. After my experience working with him, I pondered long and hard on why Blackstone could attract top professionals such as him, and I concluded that it is the continuous training provided by Blackstone that makes these young university graduates top managers . Which part of the story gave me this insight? In fact, Jonathan joined Blackstone since graduation and has been there for 20 years. Mr. Schwarzman, who will come?tomorrow?for a speech, strongly believes in Jonathan and leads him through guidance and example. Our company is very similar: we have many students who joined our company as fresh graduates; with our company’s training, they have the opportunity to become our company’s vice-president one day. Our company does not promote employees based on seniority but on their ability to deliver results. I hope that at Anbang, you’ll experience lifetime employment and fulfillment.

 

  10 years from now, I believe Anbang will be able to create more value for its customers, help its employees to achieve their dreams, and make the families of our employees proud. Anbang will make greater contributions to social responsibility and tax payments to the countries we operate in, and we will become even more socially responsible.

 

  As far as for what I would do differently if I could be 20 years younger. I don’t think it really matters as long as I am doing things that make me happy.

 

   

  Thank you everyone!

 

   

   

  Question Five: Mr. Wu, you mentioned a few things about your corporate strategy. Within Anbang’s strategic deployment, which components played a key role? In particular, China is home to several technology companies that gathered world-wide attention. As a world-class financial group, does Anbang plan to expand into technology or other sectors?

 

  Wu Xiaohui: I’ve actually already answered these questions earlier. Our investments will firmly adhere to our established strategy. Our strategies for talented personnel and for commercial models have also never changed. In the past 10 years, it is by maintaining our strategy that we have arrived to where we are today. I’ve also already explained our strategy regarding technology, namely life science and internet technology.

 

  Question Six: Anbang has recently posted quite a lot new positions. What are your plans after recruiting talented personnel from the U.S.?

 

  Wu Xiaohui: We plan to send our new U.S. recruits all over the world. For students to meet the job requirements and qualifications, those who like the U.S. can work in the U.S. Those who like Europe can work in Europe. Those who want to return to China can work in China. Those who want to work in Africa can go there too; you can even go to Australia to watch kangaroos (audience laughs). We aim for a globalized coverage, and our offer is through a partnership system. We hope to provide you with a stable income and platform that will allow you to create value and share in the company’s profits. This is a fixed income plus revenue-sharing system. In this system, you basically have a budget. As long as you create value, you can share in the company’s profits. Our company is growing very fast and a lot of new positions are available. For the new recruited graduates, our company offers everyone an opportunity to rotate in different departments, countries and industries, including front, middle and back-office, HQ and subsidiaries, China and other countries, and investment, banking and insurance etc. Within 6 to 12 months, we will shape you from a trainee into a competent professional. Internal training plays a very important role in Anbang’s overall management. A personal budget is customized for you and we ensure you will be fully trained in every aspect. From my observations, employees who have been recruited and trained by the company since they graduted from the university display very high loyalty towards the company, and are commited to work very hard to create value. And many of them will hold key management positions of our company in the future.

 

  Question Seven: As the CEO of a large company, Mr. Wu, what is your daily work like? Do you like your current job? Do you ever regret choosing the insurance sector? How long will you stay in this sector? If you were 20 years younger, would you choose a different career path?

 

  Wu Xiaohui: The answer is quite simple. When it comes to the meaning of life, we will all return to zero one day. I think we should consider things from this perspective. Every day, from the day when we were born to the moment we let go, is a journey. Life is a journey. Since it’s one that will return to zero anyway, why don’t we do something that will make us a little happier in-between? I’m happy every day. I face many challenges and I have the opportunity to improve myself with each challenge. Even when I face many frustrations, I never give up. Every day, I give myself a lot of encouragements and motivations, so the day always feels bright and sunny. That’s why I believe in these three principles: for a country, simplicity brings efficiency; for a company, simplicity brings fortune; for a person, simplicity brings happiness. Our company will always adhere to these principles. I lead a simple life, so I consider my everyday work as part of the meaning of my life. Just like the monks who recite scriptures and focus on social responsibility work, managing a company is similar to doing philanthropic work: you are responsible for the communities and for the life of the employees. That’s why you need to take responsibility for your own decisions. However, you can’t overdo it, otherwise you won’t be able to maintain a sustainable lifestyle. For example, Steve Jobs died at a young age. I work happily every day. Why happily? When you go out for fun, it can also be very tiring. Every day, I feel very peaceful and happy, and I feel that what I do is also very meaningful. While building up Anbang in the past decade and more, I worked over a dozen hours every day. Though I went home and have lunch with my family at noon and spent time with them during weekends, I’ve never left work before 2 a.m. To summarize, it’s this attitude toward work that will bring happiness. As for my hobbies, it’s very simple: walking can make me feel very happy. I strive to work out every day and walk 10,000 steps. Walking allows me to enjoy the beauty of the nature: why do fresh flowers bloom this way? Why is the fresh grass so green? Why is the river water so clear? Why is the sky so bright? As a person living on the earth, the earth is just a grain of sand within the vast universe and a person is just a grain of sand on the earth. Our troubles are truly very, very small. Once you’ve thought through things clearly, there is no trouble left. At the end of our life, we return to zero, so you absolutely must enjoy the journey.

 

  Question Eight: Thank you very much for sharing your work experience with us, Mr. Wu. Your personal charm is attracted to all of us via your speech. For my next question, since Anbang currently isn’t listed on any stock exchange, do you have any plans for an IPO? If so, when and where? Which stock exchange market is your first choice, Hong Kong, U.S., Shanghai, or elsewhere?

 

  Wu Xiaohui: I have already touched on the question in my previous speech. The ultimate goal for Anbang is all of Anbang’s subsidiaries including Anbang Group to get listed in major stock exchange market, which helps Anbang to access to the capital market. By doing this, all of our core employees will be able to hold shares. We refer to this plan as “connect through shares and through our hearts.” Employees will invest Anbang’s shares via their own investments, projects and options. We’ll implement a series of plans, which will vary from country to country, target companies and industries. That’s our concept. Our cooperation models can be very flexible and open. IPO is one of our established goal. In terms of when and where we plan to get listed, that’s confidential at this stage. We will also buy public companies globally. Of course, these will depend on negotiations, which could always fail at the last moment. For example, when we bought Chengdu Rural and Commercial Bank, we acquired 18% of bad debts on its balance sheet that year. Many companies wanted to force us to use credit loans, but we insisted on using mortgage loans instead. During the current economic downturn, our bad debts decreased from 18% to 0.85%, and our provision coverage ratio increased significantly to over 700%. The risk of bad debts vanished, the bank maintained an ROE of over 20%, and its total assets tripled. For a western region bank, this was the first such case in China, which is attributed to our successful business model . In terms of IPO, all our subsidiaries must eventually get listed. For worldwide coverage, we’ll acquire many listed companies from all over the world. Secondly, we will also get listed all over the world, including Hong Kong, China and Europe. We must understand the Chinese capital market, but we will also certainly come to US capital market.

 

   

  Question Nine: Your speech is very impressive. I really appreciate your Family Culture and Water Culture. When you talked about the brain, hands and feet strategy, I think it is a very clever and invincible strategy, what do you think the challenges Anbang are currently facing? Anbang has a huge dream, so right now, this year, next year, or even within the next 5 years, what sort of challenges are you facing? If we are lucky enough to join Anbang, what kind of challenges we will face?

 

  Wu Xiaohui: In my opinion, what we truly need to challenge is ourselves, just as what you really need to challenge is yourselves. Then, what is our challenge? How did Anbang achieve such growth within the past decade? As mentioned by this student, everyone knows our investments. Some said that Anbang has triggered the bull market for A listed shares in China, but where were other investors in the last few years? Three years ago, when we purchased China Merchants Bank (CMB), whose ROE had reached 20%, some investors believed this so called blue chip is not worth to buy. Anbang has been optimistic in China economy development, reform and China capital market under market-oriented. Anbang also has always been clear in its strategy, distinct in execution and strong in its teamwork. For instance, last year in Shanghai a place with fierce competition in the insurance industry, Anbang Life insurance achieved first place in terms of market share, as well as second place in Beijing. Our team formed with young people is full of passion, and our company management is very standardized. In recent years, our premium experienced growth sped up for the following reasons: (i) our products are designed to meet the customer needs, and (ii) our strategies of nine channel developments have been highly effective. On the other hand, we adhere to value-investing, which is a robust and solid value to hold on to. The three most crucial points of a financial firm are: (i) security, (ii) liquidity, and (iii) profitability. Anbang dedicates only a small proportion to investment. As you’ve all seen, for example, we purchased CMB stock when it was about 6 RMB per share, and now it has risen to over 14 RMB per share. In addition, we bought China Minsheng Bank stock when everyone else was selling it, and now it has increased from 5 RMB per share to over 9 RMB per share. The reason lies in the success of our investment within our company is the unity of investment and research. Our internet culture combined the interests of the industry research team and investment team. In addition, another key factor is our hard work with exceptional care. For example, when we invested in the Financial Street (Beijing), our team investigated and measured every building on various locations. Based on accurate estimate of its market value, a discount has been applied, and then subtracted liabilities, plus market value. This resulted in a 19 billion RMB value difference. Based on such scientific analysis, the investment return rate we have achieved far exceeds the market average return. As the size of Anbang Assets increases significantly, our future challenge lies on the persistence of value-investing and of the above mentioned three crucial points of financial firms. We are well prepared for such a challenge, and we will continue to work hard while always bearing in mind a sense of crisis.

 

   

  Question Ten: It only took Anbang 10 years to develop from a small-mid-sized insurance company with a capital of 500 million RMB, to a financial complex with total assets of over 700 billion RMB. Moreover, big overseas M&A projects have been done in recent years. Last year, Anbang spent 15 billion RMB to increase its stake in China Minsheng Bank, CMB, Financial Street and other equity assets. Such rapid expansion requires a steady flow of capital. As far as I know, however, Anbang’s market share in the domestic insurance market is not as strong as China Pingan Insurance. My question is, what is Anbang’s strategy to expand its market share in China?

 

  Wu Xiaohui: In terms of increasing market share issue, I believe that, the market-oriented strategy developed by our government has been of great success, particularly in regards to the China Dream strategy and the “One Belt, One Road” strategy. President Xi proposed the China Dream, and we have strong faith in the future of China to generate tremendous amount of economic GDP. Such proposals provide a huge stage and opportunities for all Chinese enterprises. Anbang does not need to simply pursue market share. Instead, our strategy must be on a profitable basis. It’s been 35 years since China’s Opening Up, and China’s enterprises have now entered a New Era. A New Era has begun under the “New Normal” stage, we are lucky to be born in a great country,thatopened up a great Dream. Why is the United States so strong?Because of the American Dream. Why will China become strong? Because of the China Dream. The China Dream shares many of the similarities with the American Dream, but great dreams need to be realized through actual strength. We must succeed in each investment, and Anbang’s strategy is to treat every victory as a new starting point. Our principle is to always go back to Zero.

 

  Today, our success is attributed to above mentioned three investment strategies. In accordance with market-oriented operation, Anbang Life Insurance has achieved the highest growth ratio in the industry last year, with its ROE being one of the highest worldwide. Moreover, we deposited a large amount of cash into the bank. Our investment is robust and accurate. Anbang members are really working hard, so please let’s give praise for our Anbang family members.

 

  Host: Due to time limitations, we’ll have to leave the last opportunities to a few lucky students.

 

   

  Question Eleven: Thank you Mr. Wu, for sharing so much with us. Your Family Culture, Water Culture and Internet Culture of “sit at home, go online and drink water” is very impressive. As job applicants, we are very interested in joining Anbang, and your speech is quite reassuring. What’s more, the applicants here share a similar education background. So I wonder, what specific qualifications are you seeking for among us in today’s campus recruitment event?

 

  Wu Xiaohui: First of all, I really appreciate the fact that the last two questions reached this level of ideal, where ideal is very ideal, and reality is very realistic. Three questions raised by those three students are really worth answering. One is reality, and the other is ideal. I would like to start with reality, and then onto ideal. Reality is earth, ideal is sky. We stand on the ground looking at the stars, and that is our future attitude to life. When we select the candidates, you are all blessed with a top educational background, but a diploma is not all we are looking for. We have employees that have graduated from top universities around the world, but even graduates from the same school are different from one another. The first thing we look at is whether how presentable you are. The key lies in the expression in your eyes. Later on when you face the interviewers, there should be a spark in your eyes. The eye is the window of the soul: when you see a loved one in school, your eyes will light up (Applauses and laughter). We see you today with a great passion because of life with full of passion. With passion, you are with wisdom and ideas. Second, look at the man’s face. It’s not about how beautiful or handsome you are; it’s what you think of everyday and the dreams you’ll have. All of these will appear on your face, and you won’t bother to go to South Korea to get plastic surgery (Laughter). Third, we look at the way you dress, not only the clothes you are wearing, but also your shoes, hair, and whether or not there is dandruff (audience laughter). This reveals whether or not you have shown respect to others and upheld your own image. If you fail to sell yourself to you, how would you expect to sell yourself to your professors and to others? Your self-discipline determines your future. Simplistically speaking, you can see our executives sitting here are all with kind faces, shining eyes, and decent behaviors. They represent an image of Chinese enterprises (Applauses).

 

  Another quality we seek is your mentality, your way of thinking, and your problem-resolving skills. And lastly, your experience: through your family background we’ll see whether you can endure hardship. I prefer to offer opportunities to those who come from ordinary families. Everyone in the company is equal to one another, I myself am an ordinary person as well. We offer equal opportunity to everyone. Through your life experience, we seek the fighting spirit. Our requirement is simple: no bribery, no bribe-taking, and no lies. Many would say that it sounds really simple. In fact, it is extremely difficult to keep that way! When you have the power to make the decision of one hundred million RMB, two hundred million RMB, or even 1 billion RMB, you will most likely face plenty of temptations. It is much different from making a choice between dining at school, classroom or cafeteria. Power will eventually be passed on to the hands of young people, which would be you. When you make decisions, your ultimate goal is to maximize profit for the company. I’ve told you our recruitment criteria, and our interviewers are right here with us. We first look at your appearance, then your mentality, and last your experience. At the end of the interview session, we will ask for your interests and your requests. We are very straight, and with equal opportunites for everyone. I provide you with an offer, as well as a profit-sharing mechanism for you to earn back your costs. I provide you with opportunity and a platform for you to create value, bring profits, and gain high earnings both for you and for the company.

 

   

  Question Twelve: Mr. Wu, thank you for sharing with us your life experience and understanding. My question is a bit off-topic today. The first gentleman who asked a question mentioned your personal charisma. I feel strongly for your charisma, and I am filled with admiration. Your words are easy to understand, but with valuable meaning, so we are all very impressed. What suggestions do you have for young people like us in our 20s? If we wish to be as successful as you, or even more successful, what is the most important thing we should do at the moment?

 

  Wu Xiaohui: You’d have to have a dream. This girl raised a very good point. What choices should you make? I think you have two choices. In terms of industry, one is internet, because it is the industry with the lowest costs and the fastest development. It can maximize your life. But why didn’t I purchase any such companies when internet companies had high valuations? I prefer to hold on to tangible things like Warren Buffett does. The second choice is finance. It is the core of all economic activities. The combination of the two is called internet finance. You can also do both, but this is merely a suggestion. My dream is to become a teacher and share my experience with students. If you wish for success, choosing a career in these two fields will make you successful earlier than others. Your degree and specialization is essential, but the utmost importance is the ability to solve problems. Friends, be kind to others, make as many friends as possible, and turn your enemy into friends. Every one of us is worthy of sympathy. We can’t help but forgive those who treated you wrongly, as there is no end to revenge. Keep your mind open and show compassion. We all live on the same planet. If you can gain friendship and unite more people through a kind heart, you will gain more joy than others. If others don’t understand you, that is their problem. Only time will tell. Hold on, and you will last through. And remember, survival is always first. You will first need to learn how to survive within the competition, and then the art and wisdom of balancing survival and development. We all have two ages, physical age and psychological age. The one who owns the innocent heart of a child and dreams will stay young. When I talk to young people, I think myself being in my 20’s. When you’ve been through as many things and as many business negotiations, you will most likely be polished into a smooth character. But I do not seem that wise or worldly. I’m even a bit simple, as a child. How do I uphold myself to this mentality? Regardless of the outside world, keep peace of mind, and think of four words: behave yourself and do the right things. In serving others, pursue the state of non-existence of self. When pursuing a goal, pursue a state of non-existence of others. It is not normal for overconfidence to turn into arrogance, self-deprecating to turn into self-abasement. We’d have to maintain a peaceful state of mind with the mentality of always going back to zero. The pursuit of reputation is sometimes a burden which will block your way forward and slow you down. It is the entrepreneurs’ job to do a good business, and our job is to behave ourselves. Do not be affected by the celebrity charm, things will happen naturally. It is essential to know your place in society, to hold yourself right and make clear individual goals. The pursuit of non-existence of self is a state of mind which brings more happiness and joy.

 

  Do not stop learning. Learn from those who are better than you. I could learn even from your charming smile. Everyone is a book volume. You can learn the essence from reading the book. For example, I find our host excellent at speaking, so I’d like to learn from him. Embrace the world with an open mind and a learning attitude, the universe itself can be read as a book: the tree is a book, a lotus flower is a book, each person is a book with no identical content to others. In the age of the internet, knowing a lot is far from enough. With google or baidu, you will have access to all knowledge. The key to success is wisdom. Knowledge and perception are the two wealths in life. I dare not to teach you, but I could share my feelings with you. One would face many opportunities, challenges and difficulties, we should be (i) confident; (ii) keep an open mind and a learning attitude, and (iii) take knowledge and perception with you along the life journey. Perception is a tool kit that you always need to prevent you from making the same mistakes. Program the knowledge you perceived just like updating software, chip the software in your heart, and apply it when a problem occurs. It will save you a lot of time, and make your life more valuable. Once you’ve learned to stop repeating the same mistakes, your dreams will become easier to realize. Besides knowledge and perception, another wealth in life is your dream. If Anbang wasn’t determined to go global, it wouldn’t have thought of purchasing the Waldorf Astoria, an American landmark. We wouldn’t be taking action when Hilton approached us at the first place. To achieve success, bear in mind, your dream determines your future. But the key is to be persistent and not fall back when obstacles appear.

 

  The fourth wealth is keep a young heart. Regardless of age, keep wrinkles away from your face, and far away from your heart. Maintain the heart of a child and a peace of mind. Don’t be influenced by the outside world. It is a complex world with people of all sorts, yet you are who you are, regardless of outside opinions. You are a child to your parents, a father to your child, a boyfriend to your girlfriend, a student of Harvard, and take no other judgments. The pursuit of the non-existence of self will bring your youth wisdom, after all, we will all return to zero at the end. This concept will ease your mind and give you more strength to improve. You will have more energy to realize the dreams of your country and of mankind. People have five energy levels, you need to change your own destiny. To be successful, you need to first learn to help yourself. Those who cannot help themselves cannot help others, nevermind helping their countries. Secondly, be able to help your family, your siblings and cousins. Be kind to your parents. You are not successful if you fail to provide them with better medical care and a better life. Thirdly, help your classmates, your comrades, or anyone whom you have connections to, to live a better life. Fourthly, be able to contribute to your community and to your city. Fifthly, be able to contribute to your country. You will be a great person when you are able to help your country, and be a saint when you are able to help mankind. Jesus Christ, Mohammed and Confucius are called saints and great people for their contributions to human civilization. From making contributions to your city, to your country, and finally to mankind, take one step at a time towards your ideal starting from today. Start from a high point with very high efficiency, slowly accumulating energy, filter the knowledge you absorb, the knowledge structure you build, and the tool kit you brought. I feel no compassion to start at a low point. Life is too short, the energy you accumulated will keep your mind and spirit in a high place, and exempt you from small pains in life. Quoting internet slang, “all pain will be gone”, it is a relationship between the small happiness on hand and the big dream. Through building small happiness on hand, support your big dream. You’ve all received an excellent education, so dream big and carry on. The primary element you need for your dream is knowledge, absorb all sorts of knowledge at school. I have a humble suggestion, it may not be as mature, but you are encouraged to learn philosophy history from both east and west. Philosophy is a cure to many pains once you have thought it through.

 

  Thank you everyone.

 

   

  Question Thirteen: Chairman Wu, you said in your former speech that one of your hobbies is walking. Setting your company aside, what is your biggest dream as an individual? Could you please share with us?

 

   

  Wu Xiaohui: We all have dreams, our theme today is “Go with your Dream”. As students of Harvard, you all have dreams. You’ve stood out from each grade, and left home for schooling here. You stayed up late in libraries and journeyed with starlight, you’ve done all these things while supported by your dreams. Every successful person has dreams, without dreams there will be no success. Dream is passion, the distance between dream and success is persistence, and the distance between dream and action is ourselves! Do not blame or envy others, it is yourself who widened the difference from others. Do not make yourself to be like a prototype of sister Xianglin who would not stop saying her child A Mao was taken by a wolf. What’s gone is gone, what you need is to look forward and embrace opportunities, to always face reality with the brightest attitude. How do you choose your strategies among such unbalanced competition? Where do you put your time? Put it in Anbang, and you will achieve that is my personal dream. Think through the past to the future, all lives will come to an end, the end is also the beginning. Think through the results, and then think how to begin, thus you will live self-consciously. Notwithstanding that, death will come, do not fear it but to embrace it. Jesus Christ, Mohammed, Gautama Buddha, or other religious founders are praised for their contributions to nations and mankind. Their thoughts and ideologies are what’s left to be inherited.

 

  My dream is to be a happy person that brings positive energy to society. I can assist many peopleto achieve their success, that is my dream. Why did I choose finance? I am aware of the fact that a farmer needs to pull a lot of strings and wait for a long period of time to borrow a loan, thus we established a policy of which “Loan amounts under 100,000RMB must be lent within 24 hours”. We have no intention pursuing “Luxury, Large and Level Up”, but to help people change their lives. A farmer needs money to open a farmhouse, we would provide loans according to the calculation of each table and each seat. Our evaluation standard for loans is merely to know what the farmer will do with the money, since farmers do not have much valuables to be pledged. Different business models have changed many people’s lives. I see a farmer that changed his lifestyle through getting loans; his children can thus receive a better education. Finance can help many people change, and more importantly to help their children live a better life. Maybe one day, the grandson of a farmer would come to Harvard and study here as you do now. This sounds rather contrived, but it works in practice. President Obama’s father came to the United States to study from Kenya. This is the greatness of the American Dream, and now our China Dream is just as great, and it shares many similarities with the American Dream. What is the dream of mankind? Our dream is to do what we should do following the big China Dream. And in my lifetime, I also wish to help as many people as possible to realize their dreams.

 

  Host: Thank you so much, Mr. Wu. I believe everyone here can experience the culture of Anbang Insurance Group reflected in Mr. Wu’s personal charm. In fact, from the decoration of our venue to the planning of the whole event and then to the experience of working with Anbang employees, we can clearly see that Anbang is a company that values its culture and brand. It is a world-class company featuring high levels of modernization and globalization.

 

  Due to time limits, our event will wrap up now. For the rest of the day, our students will attend job interviews. Thanks everyone for coming. And thanks to the management team and employees of Anbang Insurance Group for their support and sponsorship of this event. We wish all of your dreams will come true. Thanks.