Core Viewpoint - The acquisition of Hupu by Xunlei for 500 million RMB signifies the end of the BBS era in Chinese internet history, marking a shift from traditional forums to social media platforms [1][2][3]. Group 1: Acquisition Details - Hupu was acquired by Xunlei for 500 million RMB, excluding any shares in Dewu, indicating a relatively low valuation that surprised some observers [1]. - The future synergy between Xunlei and Hupu remains unclear, with no apparent strategies disclosed [1]. Group 2: Decline of BBS - BBS, once a central part of the internet experience for users from the late 20th century to the early 21st century, has seen a significant decline since the rise of blogs and social media around 2005 and 2010 [2][3]. - The decline of BBS is attributed to its inability to adapt to the mobile internet and the emergence of social media platforms that prioritize content creators over posts [4][5][6]. Group 3: Comparison with Social Media - The primary distinction between BBS and modern social media lies in content distribution; BBS operated on a relatively equal footing where posts gained visibility based on their presence on the homepage, unlike social media which focuses on creators and follower dynamics [4][5]. - Social media platforms have replaced the BBS model, utilizing algorithms and social connections for content distribution, leading to the obsolescence of the BBS format [5][6]. Group 4: Attempts at Revival - Despite attempts by companies like Tencent to revive BBS-like models through QQ Interest Groups and WeChat Circles, these efforts have largely failed, indicating a lack of interest in BBS-style platforms [8]. - The transition of creators from BBS to social media platforms is evident, as they seek better control over content distribution and monetization opportunities [7][8]. Group 5: Final Observations - The rise of short videos is often mistakenly viewed as the final blow to BBS; however, BBS had already been in decline long before the popularity of short video content [9]. - The concept of moderators in BBS has also faded, with creators now enjoying more freedom and less restrictive environments compared to the past [9].

Core Viewpoint - The acquisition of Hupu by Xunlei for 500 million RMB signifies the end of the "BBS era" in Chinese internet history, highlighting the decline of traditional BBS platforms in favor of social media [3][8][12] Group 1: Acquisition Details - Hupu was acquired by Xunlei for 500 million RMB, excluding its stake in Dewu, indicating a relatively low valuation [3] - The future synergy between Xunlei and Hupu remains unclear, raising questions about the strategic direction post-acquisition [3] Group 2: Decline of BBS - BBS platforms, once central to the internet experience for users from the late 20th century to early 21st century, have largely disappeared or are struggling to survive [3][4] - The rise of blogs and social media platforms like Weibo and WeChat around 2005 and 2010 marked the beginning of BBS's long-term decline [5][7] - The content distribution model of BBS, which was relatively egalitarian, has been replaced by creator-centric models in social media, leading to a shift in user engagement [6][10] Group 3: Comparison with Social Media - Unlike BBS, which organized content around posts and lacked a follower mechanism, social media platforms focus on creators and their ability to accumulate followers and influence [6][10] - The transition from BBS to social media reflects a broader trend where user-generated content is increasingly driven by algorithms and social connections [6][10] Group 4: Attempts at Revival - Various attempts to revive BBS-like models, such as Tencent's QQ Interest Groups and WeChat Circles, have failed to gain traction [10] - The decline of BBS is attributed not only to the rise of social media but also to the inability of BBS platforms to adapt to mobile internet trends [8][11] Group 5: Future Outlook - The acquisition of Hupu raises concerns about the viability of BBS-type products in the current internet landscape, as larger internet companies have deprioritized such platforms [11] - The notion that short videos were the final blow to BBS is misleading, as BBS had already been in decline long before the rise of short video platforms [12]