Kai-Fu's Innovation Works is the top very-early-stage fund in China. We are proud to be an investor, and hope that IW will help to produce in China companies on the scale of Facebook, Zynga, or Groupon.

It's not about revenues: The fundamental economics in digital business is scale and margins. The top line has become the bottom line.

Facebook is a platform inside a platform.

Facebook can be an accumulation of different intelligences.

One of the companies that we've invested in is called Facebook. In only two years, between 2009 and 2011, the information exchanged between people increased 28 times. And that cannot be explained by new people joining Facebook.

Facebook didn't know how successful Zynga would be.