My Age of Investment

Time came to late November.

Penguin's "equity dispute" has been completely settled.

Bailu Fund's shareholding ratio in Penguin remained unchanged at 12.8%, and did not continue to increase its holdings.

Together with Lixia Fund’s 2.6% stake, Vision Capital and persons acting in concert hold a total of 15.4% of Penguin’s stake.

The retail investors who were looking forward to the comeback of Envision Capital have given up their hopes, and there is no hope of getting rid of it! Let's all learn to be friends of time!

The media also officially concluded that the Penguin defense battle was won by the management headed by Ponima.

Some media took a lot of pen and ink, carefully counting the beginning and end of this equity dispute, and listed various detailed data, including the funds invested by Vision Capital, floating losses, and various tactics of both parties.

"...Although Vision Capital took advantage of the loophole in the rules of "mailing disclosure letters", it was still difficult to shake Penguin's control in the end, and the dream of a global social empire was shattered! Alas!"

"...It was predicted from the beginning that this is an unwinnable battle, no matter how much money you invest, it will be useless, and it will suffer from a large number of retail investors following suit."

"...Compared with Buffett, Mr. Xia still needs to exercise more. He became famous when he was young, and it is easy to make people inflated."

...

Whether the media told the facts objectively and neutrally, or satirized and ridiculed in various ways, Xia Jingxing didn't take it seriously at all, because they were all hindsight, and they were doing things for attention.

When you compete with them, not to mention your status, it is easy to generate new topics.

Envision Capital has taken over half of Penguin's public shares, and he is not going to increase the remaining shares.

Because the stock price rises again, the return on investment will not be very high, which is tasteless.

And Penguin's management and MIH's big stakes will definitely not be sold to him.

Even if there is no equity dispute this time, just because he is the founder of Facebook, people will look at him with colored glasses and suspect that his investment motives are impure.

In addition, basically all the free funds in hand were invested, and they did not lie in the bank to eat interest.

After all, he still bears a loan of 1.5 billion US dollars,

There are millions of RMB in interest every day, so we must find a good place to add value to the funds.

Now that the lining has been obtained, there is no need to pursue it in terms of face.

In fact, after a few years, the lost face will not be irretrievable. At that time, the media will probably overthrow the previous words again, and start blowing them hard.

In the past month of staying in Hong Kong, apart from commanding the purchase of Penguin equity by remote control, Xia Jingxing has not been idle. He is perfecting the functions of the Hong Kong office with Yabo, Li Ying and others, constantly recruiting employees to fill various positions.

The Hong Kong office is much more popular than before. There are more than a dozen backstage employees in the outer office area, all of whom are financial, legal, and post-investment staff.

Xia Jingxing stopped at a corner of the office area and carefully observed the working conditions of the employees.

The Hong Kong girl at the front desk came over suddenly. She was a little afraid of Xia Jingxing, so she stood far away, and said cautiously in Mandarin, "Xia Squire, there is a squire downstairs who wants to visit you, and the call came to the front desk." .”

Hong Kong girls used to speak proficient English before, but after Xia Jingxing said something, they switched to Mandarin.

Although some pronunciation is immature, it sounds much more comfortable than that fluent English. After all, the ground under our feet is the land of China, and the whole company uses English to meet Chinese people, so it’s no big deal.

"Who wants to visit me?"

Xia Jingxing glanced at Hong Kong girl.

"He said his name is Zhang Sanshi, and he is the manager of Yazhi's small hedge fund. He also invested in Penguin this time, and he really wants to visit Nei."

Xia Jingxing was a little surprised, and asked, "Is their company called Gao Ling Capital?"

"Yeah!"

The Hong Kong girl nodded her head fiercely like a chick pecking at rice.

"You call the front desk in the lobby and ask them to put people up."

Xia Jingxing didn't know why Zhang Sanshi came looking for him, because of his reputation in his previous life, it's okay to meet him.

Xia Jingxing himself would definitely not go to greet Zhang Sanshi in person, after all, the other party is just the founder of a small fund, they have never met each other, and they have no friendship, so there is no need to do that.

Sitting back in the office, Xia Jingxing browsed the news on the computer as usual.

After a while, Hong Kong girl led a man in a suit in his early thirties into Xia Jingxing's office.

With greasy hair and black-rimmed glasses, Zhang Sanshi looks like a college teacher.

As soon as he entered the room, Zhang Sanshi quickly approached Xia Jingxing's desk, leaned slightly, and stretched out his hands with a smile, "Mr. Xia, hello!"

Xia Jingxing stood up, shook hands with the other party, pointed to the sofa beside him, and greeted with a smile, "Please sit down!"

"well!"

Zhang Sanshi was a little excited, but the smile on his face never faded.

After sitting down on the sofa, Zhang Sanshi respectfully handed over a business card with both hands.

"Gao Ling Capital Zhang Sanshi, okay, I will remember."

Putting down his business card, Xia Jingxing leaned on the sofa, crossed his legs and asked, "Mr. Zhang, you said you wanted to see me, what's the matter?"

"First of all, I have to apologize to you, Mr. Xia, for taking the liberty of coming to visit and not making an appointment with you in advance."

Zhang Sanshi first apologized, and then slowly said: "That's right, our Gaoling Capital also bought Penguin's stock this time.

It’s just that our holdings are far less than Mr. Xia’s, so we bought 20 million US dollars, accounting for 0.62% of Penguin’s total share capital. "

After Xia Jingxing heard the numbers, it only took a few seconds to calculate the average share price.

"Then you didn't buy it cheaply. Is there half of the floating loss? You didn't come to settle accounts with me, did you?"

Zhang Sanshi waved his hands again and again, "Mr. Xia, you are joking, investing in Penguin is also the result of our deliberation.

Our shareholding cost has almost reached 15 Hong Kong dollars. Although it is not cheap, I firmly believe that Penguin's share price will rise back sooner or later.

Retail investors and the media haven't thought about it at all, and I think it's ridiculous to blame Mr. Xia. "

Xia Jingxing smiled, "You lost 10 million US dollars, how can you still be so optimistic? If I'm not wrong, the management scale of your Gao Ling capital should not be high, right?"

Zhang Sanshi nodded, "Yes, we are a small hedge fund, and 20 million US dollars is already all the assets we manage."

"Assets have shrunk by half, are you really not worried at all?"

Zhang Sanshi adjusted his glasses and said with a relaxed smile: "If you analyze it carefully, you will find that Penguin is a company with great potential.

Temporary position losses, I don't worry at all. "

"How did you see that?"

Zhang Sanshi began to tell Xia Jingxing the basis of his judgment, from Penguin's huge user base, to user stickiness, to the already very hot game business in China.

"...Penguin has been developing in the game field. In 2003, it established the game operation department and launched the QQ game hall. In 2004, it replaced "Lianzhong" and became the number one casual game portal in China.

This year, it launched "QQ Tang", which imitated "Bubble Tang", and achieved good results.

There is also "QQ Pet", which was launched in June this year. With the help of QQ's huge user base, it has easily expanded its business and is expected to become the world's largest virtual pet community. "

Xia Jingxing smiled, "To be honest, Penguin's game business is not enough in front of Shanda and Netease. Online games are the business that really makes a lot of money."

Zhang Sanshi adjusted his glasses and smiled lightly, "It will take time to settle. If Penguin can develop its own popular online games now, the stock price will definitely not exceed the current point."

"Then how can you be sure that Penguin can develop its own online game, and it can become a hit?"

Zhang Sanshi looked confident, "This is back to the topic just now, Penguin's good financial situation and huge user base.

Finance is the foundation, and if you have money, you can develop your own games. With a huge number of users, it is inherently stronger than other game companies in terms of promotion. "

Xia Jingxing smiled. From the perspective of more than ten years later, it is not difficult to come to this conclusion.

But it is not easy for Zhang Sanshi to analyze this point right now.

"It seems that you have really put a lot of thought into penguin research. Then what do you think is the purpose of Envision Capital buying penguin stocks?"

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