Different inputs.
The same ledger.
Time, cash, and resources are assessed on a common monetary basis in the stage where they contribute.
AN INFINITE GAME. BUILT TOGETHER.
New stages.
Shared possibilities.
Time, capital, and resources.
One contribution ledger.
A new opportunity at every stage.
02 / THE EVOLUTION OF EQUITYEXPLORE LEFT TO RIGHT →
THE WHOLE COMPANY
ACTUAL CONTRIBUTIONS · SHARED GROWTH
EVERY CONTRIBUTION LEAVES A TRACE.heyBene / STAGES 01—04 · STAGE 4 ONGOING
03 / THE PEOPLE BEHIND THE PROGRESS
Contributions become ownership.
Historical contributions · Stages 1–3. Expand a category to see its contributors. This table covers Stages 1–3 only. Overall shares and reference values stop at Stage 3, even when the timeline shows ongoing Stage 4.
| Contributor | Stage 1 | Stage 2 | Stage 3 | Overall share | Reference value |
|---|
04 / THE RULES OF THE GAME
Different inputs.
Keep the contribution.
Reweight the share.
Confirmed within-stage shares stay fixed. Every new stage applies the same dilution factor to all existing economic interests.
Keep contributing.
Keep participating.
New allocations follow new contributions. Historical contributors retain their weighted interests without automatically receiving new-stage shares.
Sources, calculation rules & data notes +
This explorer combines historical Stage 1–3 allocations with ongoing Stage 4. Stage 4 has a ¥9M stage value pool and a ¥22.5M company reference valuation. Its 40% allocation is not finalized; displayed individual shares at Stage 4 include only reweighted historical interests. Only contributors with a recorded allocation in Stages 1–3 are shown. Named source rows without any allocation are retained in the underlying data for a future stage. Stage percentages and contributor categories come from the supplied “stage 1-3.numbers” ledger. Milestones, dates, contribution totals, and company valuations come from the supplied research paper.
Overall share = Σ (within-stage share × stage number) ÷ [N(N+1)/2]. Reference value = overall share × the selected historical company valuation, in RMB. It is a modeled economic interest, not a cash payout, realized return, or registered legal ownership.
The spreadsheet contains stale or inconsistent valuation, currency, and weight-sum cells; these are not used. At Stage 3, the denominator is 6. The paper lists RMB 134,000 against a 4.14% reserve and rounds several contributor percentages differently. This explorer preserves the spreadsheet percentages, including LIANG Kun at 0.68% and the 4.14% Stage 3 reserve; it does not infer contribution amounts from those rounded percentages.
Stage entry requires independent third-party priced financing, or the written company resolution and external investor consent described in the supplied documents. The source describes registered equity, a holding platform, and a contribution ledger as distinct layers. Dynamic economic interests do not replace legal rights under signed agreements.
References: “From Finite Games to Infinite Games — Dynamic Stage Equity Allocation and Incentive Mechanisms”; “Supplementary Explanation”; “Further Explanation”; “stage 1-3.numbers”. The two supplied supplementary PDFs contain identical extracted text. Personal investment correspondence is not reproduced here.