My Age of Investment

Four hundred and ninety-two, debt-to-equity swap

Seeing that Xia Jingxing seemed to want to test himself, Zhang Sanshi was very happy, and said with a smile: "First of all, it is definitely not what the media speculated, trying to control the penguins and build a global social empire."

Xia Jingxing remained expressionless and did not speak.

Zhang Sanshi continued: "I would venture to guess that it has the same purpose as our Gaoling Capital, to do value investing!"

Xia Jingxing still didn't speak, and looked at Zhang Sanshi for a moment, then smiled and said, "What's your basis for judgment?"

"The basis for judging is simple. Penguin's shareholding structure determines that it cannot become the target of a hostile takeover.

As for Mr. Xia, you are a veteran of the capital market, so it is impossible not to see this.

Then there is only one possibility, seeing the development direction of the Internet in the next few years, and betting heavily on Penguin.

The reason why I chose to make waves in the secondary market is that Penguin management and MIH do not want to sell the equity to you. "

After finishing speaking, Zhang Sanshi added: "I'm just saying it casually. If I make a mistake, don't take offense, Mr. Xia."

Zhang Sanshi is a cautious person, and his words are impeccable.

Xia Jingxing smiled, did not comment on the other party's inference, and asked: "You came to see me today, you shouldn't just analyze Penguin stocks?"

Zhang Sanshi boldly said, "I still want to find the fund of funds of Vision Capital to raise funds."

Xia Jingxing laughed dumbfounded, "Are you recommending yourself?"

Without stage fright, Zhang Sanshi replied: "Yes, I think Mr. Xia is a very far-sighted investor. No matter from your past investment cases or your heavy holdings in China, we can see that you are not General vision.

Although our Gao Ling Capital has only been established for a few months, the management scale is also very small, only 20 million US dollars invested by the Yale University Foundation.

But I am confident that I will build Gao Ling Capital into a high-quality fund that can bring rich returns to investors. "

While saying these words, Zhang Sanshi was secretly looking at Xia Jingxing.

He actually couldn't stand it anymore.

After Gao Ling Capital decided to invest in Penguin,

Penguin's share price has been on a roller coaster, it first rushed to a high of 30 Hong Kong dollars, and then plummeted all the way, falling to just over 7 Hong Kong dollars today.

Gao Ling Capital entered the market with 20 million U.S. dollars, but now it has shrunk to less than 10 million U.S. dollars. It is a mess.

He is personally confident that Penguin's stock price will rise back, but the morale of several co-founded partners is low, and they almost shouted "divide the luggage".

The Yale University Foundation also sent an inquiry letter, although the wording is polite, it is full of warning.

In order to let Gao Ling Capital get rid of the current predicament as soon as possible, he thought of Envision Capital, which also invested in Penguin with huge losses.

He believed that he and Xia Jingxing could find a common language.

Moreover, as far as he knows, Vision Capital has a fund of funds.

In fact, most of the funds of funds invest in external funds to diversify investment risks.

So, he came to the downstairs of Vision Capital Company to try his luck.

If Xia Jingxing didn't want to see him, that's fine, it doesn't matter if he made the trip in vain, there is no loss.

But if the other party agrees to meet, then he can't let go of this good opportunity to raise funds no matter what.

The analysis of Penguin just now is the "brick" he threw out, and now it's time to introduce the "jade" of the Chushu Fund.

Just like my own guess, this piece of three stones is the idea of ​​raising funds.

In Xia Jingxing's previous life, he had read Zhang Sanshi's report on his fortune, that is, he invested in penguins and earned the first pot of gold in his life.

The real first pot of gold was earned by playing the "sharing economy" when he was 7 years old. He set up a stall near the train station and rented out comic books and comic books.

It was 1979, and I don't know if there was any urban management.

He shouldn't be afraid. His father is a civil servant of the Foreign Trade Bureau and his mother is a lawyer, so he should be able to cover him locally.

Xia Jingxing thought for a while and said, "Why don't you join Vision Capital? Gao Ling Capital is only in charge of 20 million US dollars now, and I can give you 2 billion US dollars to manage."

Zhang Sanshi was stunned, then shook his head, "Thank you Mr. Xia for your kindness, I still prefer to start a business.

In fact, my mentor, Mr. Swenson, invited me to recognize the Yale University Foundation.

Now I am 33 years old. People often say that at 30 years old, I have reached the age to start a career. "

Xia Jingxing originally invited him casually, but the other party had already started his own business, and those who had been bosses were afraid that they would no longer want to be low-key and depend on others.

"Okay, I won't force you, just for the analysis report you just wrote, I will let the Chushu Fund invest 20 million dollars in you."

Seeing Xia Jingxing handing out 20 million U.S. dollars so readily, Zhang Sanshi was very happy and thanked him all the time.

Then, Zhang Sanshi was going to tell Xia Jingxing about Gao Ling Capital's charging model.

Xia Jingxing stopped, "Go talk to the manager of Chu Xia's mother fund!"

After finishing speaking, Xia Jing walked to the desk, picked up the landline, and made a call to the duck neck outside.

In less than two minutes, the duck neck walked in.

Xia Jingxing introduced the two of them to get to know each other briefly, and let the duck neck take Zhang Sanshi away.

"Mr. Xia, thank you!"

Before leaving, Zhang Sanshi kept nodding his thanks to Xia Jingxing.

Xia Jingxing's idea is very simple, make a good relationship, and take a look at how high Zhang Sanshi's rate of return is, and whether he can surpass his own side.

Now that the stalls are getting bigger and bigger, there must be more and more vests.

This point, I have to learn from the old Yinbi Gates again. Waterfall Investment has invested in dozens of funds, covering industries around the world like an octopus.

No one can tell whether Bill Gates only has the wealth list assets, only he himself knows.

…………

…………

The matter in Hong Kong came to an end, Xia Jingxing and Li Ying returned to Shanghai.

The 49th floor of Jinmao Tower has been simply renovated, and the office has been officially opened.

Xia Jingxing stood in front of the floor-to-ceiling windows, overlooking the rushing waves of the Huangpu River.

Standing behind him, Fu Jixun began to report on his work.

"Dianping has been cleaned up, except for Zhang Tao, the rest of the co-founders, Kong Wei, Li Jing...all swept out.

In addition, the first investment of USD 500,000 from Jingzhe Fund has been allocated to the account of Dianping. "

Xia Jingxing turned his head and said with a smile, "Good job, the knife is up and down!"

Fu Jixun smiled, "This kind of unstable element must be swept out, otherwise I won't feel at ease if I vote."

"Yes."

Xia Jingxing nodded, and then asked, "Where's Zhang Tao, how is he feeling, do you have any big opinions?"

Fu Jixun said slowly: "I don't have much opinion, but I'm a little bit against our new financing plan."

"New financing plan?"

Seeing Xia Jingxing's confused face, Fu Jixun knew that the nobleman often forgets things. He obviously sent a work email, but the boss even replied. It seems that he forgot.

So Fu Jixun reminded: "The shares of Kong Wei and Li Jing need to be repurchased, and Dianping doesn't have that much money in their accounts.

I proposed to raise USD 2.5 million and invest an additional USD 500,000 in Dianping. Correspondingly, the shareholding ratio of Jingzhe Fund increased from 25% to 33.33%. "

Xia Jingxing remembered that Fu Jixun seemed to have reported this to himself.

"What? Zhang Tao is not satisfied?"

Fu Jixun nodded, "He felt that the first round of selling shares was too much, so he wanted to raise 2 million US dollars, and the other 500,000 US dollars would be Dianping's loan from us, with an annual interest rate of 12%.

When the B round of financing is completed, the priority debt can be converted into equity. "

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