My Age of Investment

Rao Lei's words reminded Xia Jingxing that for some companies that have huge growth potential and whose own growth has positive significance for society, they should be given another try, because this is a win-win situation.

Xia Jingxing considered it carefully in his mind and came to the conclusion that he would establish a RMB PE fund.

Rao Lei observed the words and saw that Xia Jingxing was already a little moved, so he immediately struck while the iron was hot and said: "Vision Capital China currently manages two US dollar VC funds, with scales of US$200 million and US$1 billion respectively. In addition, last year, with the help of Noah Wealth, Completed the fundraising for the first RMB VC fund with a scale of 2 billion.

In addition to the PE fund Bailu with a scale of US$500 million, Vision Capital China currently manages a total of 4 funds with an asset management scale of approximately RMB 13.5 billion.

Compared with international giants, this scale of asset management is still too small and still needs to be strengthened. "

Xia Jingxing waved his hand, "Okay, no need to say more, I have a plan in mind regarding the development of Vision Capital China.

In a few days, a special meeting will be held. You should also attend it then. "

"Special meeting?"

Rao Lei saw that Xia Jingxing didn't seem to want to talk more, so he didn't ask any more questions.

…………

…………

A few days later.

Fengning Bashang Grassland.

The grassland at night is very quiet, filled with the coolness that people crave most in summer.

Under the bright starry sky, a bonfire was lit in front of several yurts, and a group of people sat on the ground around the fire from a distance.

The roasted whole lamb on the grill is sizzling over the charcoal fire, exuding a mouth-watering aroma.

However, the eyes of the surrounding crowd were not on the fragrant roasted whole lamb, but on the "chef" who was constantly rotating the grill and adding various condiments to the roasted whole lamb.

Xia Jingxing grabbed a handful of cumin, turned the grill, and evenly sprinkled the seasoning on the golden mutton. He said, "Investment is just like barbecue. First of all, the heat must be controlled. Good time, neither too early nor too late.

If it's too early, the meat will still be raw and cannot be eaten in the stomach.

If it's too late, the meat will be burnt and your mouth will be full of charcoal. "

A group of guys who were called well-known investors sitting around the campfire all looked thoughtful, pondering the meaning of Mr. Xia's words.

I believe it won’t be long before Xia Jingxing’s “roasted whole sheep investment philosophy” will become popular in the entire investment community.

To put it bluntly, as long as the status is achieved, whether it is "being a friend of time" or "never shorting your own country", it will be regarded as a guideline.

"Everyone needs to control this heat by themselves! How to control it?"

Xia Jingxing stopped what he was doing, his eyes passed over the faces with different reactions reflected in the firelight one by one, and finally landed on Rao Lei.

Rao Lei understood and immediately replied: "I think learning and self-improvement are the first priority. This is how good chefs come step by step."

“You’re right, VC investors who don’t want to be chefs are not good drivers!

A truly excellent investor must be an experienced investor. They can always make the most correct judgment in the shortest time. I hope everyone can become such a person. "

Xia Jingxing paused, sprinkled a layer of chili powder on the roasted whole lamb, and then said: "As time goes by, the number of exit cases of listed companies in the hands of various institutions will become more and more.

A new question arises, is it to sell all the shares at once to complete the exit? Or be a long-term partner? We all need to think deeply! "

Deng Yuanyun, managing partner of Fuxing Industrial Investment and Mobile Phone Industry M\u0026A Fund, added: “Mr.

At present, China's mobile phone industry chain has initially grown, and many suppliers of Fuxing mobile phones have successfully completed their listings.

For Fuxing Mobile, Chinese suppliers have multiple benefits such as lower costs and more controllable security.

The reason why we supported them in the past was because of this, but it did not mean that they had great potential. "

Xia Jingxing nodded lightly. Deng Yuanjun was telling the truth. Companies such as Dongshan Precision and Luxshare Precision were actually engaged in mid- to low-end technology fields and had basically nothing to do with high-end industrial manufacturing.

But there is no way, because China's technology has been lagging behind in the past, so we can only pick up the short ones and start supporting these low-end manufacturing companies.

Deng Yuanjun continued: “Given that these companies have grown up and have initially completed the localization of some mobile phone accessories.

So I think it’s time for us to exit. On the one hand, it’s to recover investment costs and use the funds to invest and help more start-ups. On the other hand, the growth limit of these companies has hit the ceiling and they won’t be much bigger in the future. room for progress. "

Xia Jingxing cut off a piece of golden mutton with a knife, put it in his mouth and tasted it. He found that it was completely cooked and there were no missing ingredients, so he waved to Zhang Chenguang who was not far away, indicating that he would bring someone to come and eat it. The mutton is carried into the yurt and cut up.

After taking off his gloves, Xia Jingxing first took the towel Liu Xiaoduo handed him and wiped the sweat and oil stains on his hands. Then he took a bottle of mineral water with the cap unscrewed from her hand and took two sips before staring at the cross-legged figure. Deng Yuanyun, who was sitting on the ground, asked unhurriedly: "Are you done? Is there anything more?"

Deng Yuanjun was stunned for a moment, then he thought about it carefully and found that there was nothing to add, so he shook his head.

"wrong!"

Xia Jingxing said in a calm tone: "You are only half right. For some companies and entrepreneurs, going public is basically equivalent to being ruined.

But for some people, going public is the real beginning of glory! "

Deng Yuanyun frowned. He didn't think any of these companies had the aura of domination?

Thanks to the immaturity of the securities trading market, many Chinese entrepreneurs regard listing as the final destination. They have already achieved financial freedom. What else are they pursuing to develop new technologies, open up new markets, and go international? Let's invite several securities firms to join us. Isn’t it good to happily do market value management?

The atmosphere is like this, and the money is so easy to make, so I can’t blame them for “sacrificing the distance for the near”.

Xia Jingxing glanced at Deng Yuanyun and knew what the other party was thinking, so before he could speak, he took the initiative to clear up the doubts and said: "So we have to become a good chef, and just cook those stinky fish and rotten shrimps.

And for those delicate ingredients, we still need to craft them carefully. "

"Who is the stinky fish and rotten shrimp? Who is the exquisite food?" Deng Yuanjun asked.

Xia Jingxing pointed at his eyes, "This requires us to develop a pair of piercing eyes. No monsters or monsters can escape under our gaze.

To put it simply, it is to start in-depth due diligence and see what these new CEOs of listed companies are doing.

For example, those entrepreneurs who transfer large amounts of assets to foreign countries should pay attention to the large amount. There is nothing wrong with transferring small amounts of assets. After all, there are still three holes in the cunning rabbit. There are also entrepreneurs who wantonly acquire art. You must pay more attention to it. They may not continue. Think about running your business well.

In this case, why don't we run away quickly and wait for them to get ahead of us? "

Many people present laughed. Mr. Xia's theory... really doesn't sound good, but it's true.

Xia Jingxing continued to add: "You can supplement and improve the specific assessment standards.

For those listed companies that have passed our in-depth investigation and assessment, you may wish to continue to hold some stocks or even increase your position.

For example, Sunny Optical is good in my opinion. Founder Wang Wenjian holds less than 4% of the shares, while the employee shareholding ratio is as high as 30 to 40%.

I won’t go into details about this kind of equity arrangement, because the Chrysanthemum Factory also does this, and every employee is as fierce as a wolf cub.

Moreover, Sunny Optical has experienced several major rounds of business evolution since its establishment. From optical instruments in the 1980s and 1990s to mobile phone lens modules in the new century, Sunny Optical has been innovating with the times.

I plan to deepen cooperation with them. For example, automotive lenses and lithography machine lenses are two good directions for cooperation. "

Deng Yuanjun instantly understood that Mr. Xia was deepening the layout of industrial capital and increasing support for a handful of the best companies.

"In addition, I also plan to establish a new lithography machine industry fund to provide financial and resource support to listed companies with technical foundations and willingness to make progress, and to provide all-round support to start-up companies willing to fill domestic gaps."

Speaking of this, Xia Jingxing glanced at Zhang Zhao, the managing partner of Overseas Cultural Investment, and said, "It's the same with you. After those stinky fish and shrimps were listed on the market, everyone started to tremble. Do you want to cure them? How to treat it? Come up with a policy as soon as possible!"