My Age of Investment

After acquiring Kangsheng Chuangxiang and negotiating a big deal with Zhou Hongyi, Xia Jingxing began to devote his energy to other businesses.

In the large conference room on the 49th floor of the China World Trade Center Phase 3 Building, Rao Lei and several senior executives were reporting to Xia Jingxing on the various achievements of Vision Capital China VC Fund this year.

This group of people say they are company executives, but in fact they are team leaders. They are responsible for up to ten or twenty people under their control.

However, this number is already quite large. All together, there are dozens of people in several venture capital groups. Including the post-investment department, the total number of employees of Vision Capital China VC Fund is hundreds. It can be regarded as a large venture capital firm. factory.

As a major venture capital company, having more people and strength alone cannot convince the crowd. It must have extraordinary results, that is, exit cases.

In the past, Vision Capital’s reputation as China’s No. 1 VC was a bit false. Many people did not think it had any classic investment cases that could compete with IDG.

But since this year, Vision Capital’s title as the number one VC seems to have become somewhat solid.

"...In April, Dongshan Precision was listed on the Pengcheng Small and Medium-sized Board as China's leader in precision sheet metal business. The market value on the first day of listing reached 11.1 billion yuan. After the listing was diluted, we still hold 17.02% of the company's equity. The value of the stock holdings is 1.89 billion yuan.

Five years ago, we invested 10 million yuan in Dongshan Precision, and this investment has now brought us a return of 189 times. "

“On May 20, Leihuo Lighting was listed on the main board of the Hong Kong Stock Exchange as a domestic lighting leader. On the day of listing, its market value reached HK$6.2 billion. Currently, the company’s market value has exceeded the 10 billion mark, reaching HK$10.3 billion.

Vision Capital currently holds 45% of Leihuo Lighting's shares and is the company's largest shareholder. The shareholding value is approximately 4.05 billion yuan, an increase of more than 20 times from the 200 million yuan investment five years ago. "

“On May 28, Hikvision, the leader in video surveillance and security, was listed on the Pengcheng Small and Medium-sized Board. The company’s current market value is hovering around 41 billion, which is similar to the day it was listed.

Two years ago, we transferred 10% of the equity from Gong Hongjia for 100 million yuan. After the listing, it became diluted to 9%. The current shareholding value is 3.69 billion, which is equivalent to an increase of 36.9 times in investment value. "

“On July 1, AutoNavi, a leader in electronic and Internet maps, was listed on Nasdaq in the United States. The market value on the first day of listing was approximately US$650 million, and the current market value is approximately US$800 million.

Vision Capital invested US$30 million in the company five years ago and acquired 30% of the shares. It currently holds 26.21% of the company's shares, corresponding to a stock market value of approximately US$210 million, which is equivalent to a seven-fold return on investment. "

…

Rao Lei held a document in his hand and kept reporting IPO cases one after another. His face smiled like a farmer's uncle, full of the joy of a good harvest.

I can't help but be happy. After working hard for several years, the harvest period is finally here, and it's not an ordinary harvest. It's just like picking up money. The rewards can easily be billions or billions of RMB.

Xia Jingxing waved and asked Rao Lei to hand over the document in his hand.

After getting the document, Xia Jingxing read it carefully.

He can be considered a man who has seen the world now, but when he saw this page that was made of gold, he couldn't help but smile.

Although the money earned by venture capital funds cannot be compared with that of hedge funds, as long as there is a wave of withdrawals, each investment project will be like a piggy bank, and coins will be continuously thrown into it. The sound of clanging is still very pleasant.

"Not bad! After working hard for so many years, I finally saw the rewards!

Brother Rao, your hard work has paid off and I will definitely give you a big red envelope when the fund is officially liquidated. "

Faced with Xia Jingxing's praise and promise of bonuses, Rao Lei acted very modestly, "Many projects in the early years were actually decided by Mr. Xia and Mr. Fu. I just picked them up and helped with the post-investment work at most."

What Rao Lei said is actually the truth. Since he himself did not have much experience in venture capital, he was in the learning stage when he first joined Vision Capital. Later, Xia Jingxing continued to encourage him, and then he gradually became the unique Vision Capital China Managing partner of vc fund.

"Don't be humble. You don't have to be like this here! Let's not go too far. Last year, Aier Ophthalmology was listed on the GEM. We invested 8 million and earned 300 million. Is this a project led by you?"

Having said this, Xia Jingxing raised the document in his hand and continued: "There are also projects planned for IPO in the second half of the year, many of which were developed by you.

Let me take a look, what are they?

OFILM, which will be launched this month...

The rural foundation listed on the New York Stock Exchange in September...

Changying Precision and Luxshare Precision were also listed in September...

In October, Huace Film and Television will also be listed...

In November, Noah Wealth went public...

In December, Bona Pictures went public..."

Xia Jingxing looked up at Rao Lei and said jokingly: "Okay! The clock is ringing every month, so don't knock your hands softly."

Rao Lei sighed, "Well, I haven't accomplished anything in the past year. I am either ringing the bell or on the way to ring the bell. If this continues, investment activities will not be able to proceed normally."

The group leaders on the side couldn't help laughing when they heard such pretentious remarks.

Xia Jingxing looked up at the ceiling and said somewhat sourly: "The main reason is that I am too busy, otherwise I would not have so much limelight for you.

Hey, you should continue to maintain it and strive to break the Guinness World Record and become the person with the most bells in the world. At that time, I will ask your Guinness Certification Officer to come to China to certify you, send you a certificate, take a photo, and then list it on the company's official website , and then find the media to publish a few press releases, so that people all over the country can also enjoy themselves, and at the same time get to know you, a big investor! "

Rao Lei was amused by Xia Jingxing's words, "Is there such a Guinness record? If it is certified, will it become a public enemy in the industry?"

Xia Jingxing smiled slightly, "Don't worry so much, ring the bell a hundred times first.

As long as it has a hundred IPO cases in hand, Vision Capital should be able to become a god in China. "

"What about internationally?" Rao Lei asked.

Xia Jingxing raised his index finger, "As long as a thousand IPO cases are achieved, old institutions such as Sequoia, SoftBank, and Kleiner Perkins will be at their wits' end."

Rao Lei shook his head, "100 IPO cases a year would take 10 years to complete.

And what is the concept of 100 IPOs a year? One company goes public every three or four days, and venture capital institutions can permanently dominate the financial news.

Since the establishment of Vision Capital China, this year has just caught up with the listing year, and it has achieved double-digit IPOs in one year. In the past few years, there were two or even one IPOs every year, and I would be very happy.

This year's listing miracle will be difficult to replicate in the next three to five years, because this is a barrier lake blocked by the financial crisis, which just happened to be dredged this year. "

Xia Jingxing nodded lightly. Rao Lei was right. There were reasons for this, otherwise there wouldn't be so many companies going public this year.

Rao Lei suddenly changed the subject, "But the 1,000 IPO cases you mentioned are indeed very exciting. I think we can treat it as a lifelong goal and work hard to complete it.

For example, it is relatively reasonable and realistic to set up 30 IPOs a year, and it takes 30 years to build a venture capital empire. "

Xia Jingxing smiled. Rao Lei had planned well, but he felt that it would not take that long. Venture capital offices in the United States, China and even all over the world would work together, and he could still look forward to hundreds of IPOs a year.

"Okay, okay, let's not talk about these gossips, let's talk about some real topics."

Rao Lei pointed out his finger and said: "We have almost 20 IPO exit cases this year, and there are also more than a dozen merger and acquisition exit cases, such as Kangsheng Chuangxiang, which was acquired by you.

Vision Capital didn’t make much. It could only get 10 million U.S. dollars out of 60 million U.S. dollars, making almost ten times the profit.

This kind of merger and acquisition exit case is quite simple. As long as it does not involve a share exchange transaction, you will get money when you sell it.

But when it comes to share exchange transactions, it does not count as a complete exit, and post-investment management needs to continue.

There are also IPO exit cases. Some companies with limited growth space can sell their stocks and exit after the ban is lifted, but those companies with long-term value cannot sell their stocks easily.

For those companies that choose the best from the best, going public is not the end, it is just a gas station! "

Xia Jingxing nodded slightly, "I have talked about this issue before. After listing, the stocks will be handed over to the hedge fund department, and they will set up a special "big fund" for these stock assets.

They know very well when to sell and when to increase holdings. "

Rao Lei said with a smile: "This plan is very good. Our venture capital fund will accompany the startup company for a certain distance, and then the hedge fund will continue to accompany and protect it. All the meat will rot in the pot to maximize benefits.

But what about domestically listed companies? "

Xia Jingxing smiled brightly, "Have you forgotten? Deng Fenghua also has a securities investment fund."

Rao Lei slapped his head, "Look, I almost forgot about them! The team in Magic City is indeed an elite secondary market investment team. There is still a rumor in Magic City that they brought tens of billions of dollars before the stock market crash. The story of getting out with a profit.”

Xia Jingxing chuckled, "There's nothing to say about this matter. If people think you have unique vision, then you have unique vision."

"What I actually want to say is... set up a PE fund, a RMB PE fund!"

Rao Lei looked at Xia Jingxing and quickly introduced his point of view: "As I just said, listing is not the end, but a gas station.

Our RMB PE fund is like an oil gun inserted into the fuel tank of listed companies, providing them with a steady stream of fuel and power to help them complete industrial mergers and acquisitions and upgrades! Even go abroad and become a world-class giant enterprise! "

Xia Jingxing knew what Rao Lei wanted to do, which was the integration of industry and finance, and the "listed company + PE" fund operation model.

This model has pros and cons. If it works well, it will be an industry model and a gas station for entrepreneurs. If it doesn’t work well, it will be a battle between financial rats and leeks.

Rao Lei paused and continued: "Xu Tingyin, Huang Huazhong, Chen Bang, Wang Wenjian, Zhu Xinli...these CEOs of listed companies belonging to the Vision Department have approached me several times, and they all hope that we can initiate the establishment of RMB pe in China. Fund and continue to work hand in hand with them.”