My Age of Investment

As the end of the year approached, Xia Jingxing called all the executives from Vision Capital China to the capital, planning to hold a year-end summary meeting.

In the meeting room on the 36th floor of China Merchants Building, Xia Jingxing was wearing a formal suit and his hair was carefully arranged.

On his left and right, sat two rows of executives, all in formal attire, with their backs straightened, and the scene was solemn and solemn.

The sunlight in the winter morning spilled into the meeting room through the floor-to-ceiling windows, slightly diluting the sense of solemnity.

"Don't be nervous, everyone, relax a little bit."

Xia Jingxing smiled, turned his eyes to the executives sitting on the left and right sides, scanned everyone's faces, and said slowly: "Vision Capital entered the Chinese market in August last year, and it has been in operation for almost half a year today.

In the past six months, we have established Envision Entrepreneurship Incubator, VC fund Jingzhe, PE fund Bailu, securities investment fund Mangzhong, mobile phone industry M\u0026A fund, film and television copyright fund, and parent fund Chushu from scratch. "

Every time Xia Jingxing reported the name of a fund, his gaze swept over the face of the partner who managed the fund.

Andrew, Fu Jixun, Li Ying, Zhao Jun, Deng Yuanjun, Zhang Zhao, Abel and other seven people have different expressions, some are indifferent, some are worried, and some are smiling.

Tong Shijie from Axel China and Zhang Sanshi from Gao Ling Capital did not attend the meeting.

Because these two institutions are not affiliated with Vision Capital in terms of ownership.

Although Chushu Fund is the LP of the two institutions, and even the only LP of Axel China, they are not affiliated with each other in terms of equity structure.

Tong Shijie has a closer relationship with Vision Capital, and needs to report secretly to Xia Jingxing, the behind-the-scenes funder and boss.

As for Zhang Sanshi, it's just a cooperative relationship. You only need to report the operation of the fund to Abel who is in charge of the Chushu Fund from time to time. The relationship between everyone is relatively loose.

Leaving aside these two peripheral personnel and peripheral funds, the 7 people present today and the 7 funds they are in charge of can be regarded as the core direct lineage of Envision Capital in China.

Facing the direct line, Xia Jingxing didn't have anything to do with politeness. After simply reading the opening remarks, everyone began to report their work situation.

Andrew was the first to report: "Currently, the Envision Business Incubator has selected a site in Zhongguancun.

3000 square meters of office space is being arranged for renovation.

After the renovation is completed, it is expected to accommodate 20-30 entrepreneurial teams.

At the same time, we are gradually recruiting and perfecting the legal, financial, entrepreneurial mentor and other functional positions that are compatible with the incubator. "

Xia Jingxing nodded, this fat man is still very efficient in handling affairs, and the incubator plan is advancing very quickly.

"By the way, didn't you say that you had found a dozen college student entrepreneurial teams last time? Have they moved to the capital? The incubator is still being renovated. If they come, where will they work?"

Andrew chuckled, "Time waits for no one, I have already asked them all to come to the capital.

Before the incubator was finished, I rented a few private houses for them. I made the transition for two or three months, and when the incubator was finished, I officially moved in.

On weekdays, I would also go to see them, chat with them about business plans, and see their work results. "

Xia Jingxing nodded, "Okay, after a while, I will go with you to see these dream-chasing young people."

"OK."

Andrew smiled. He likes this job very much. After dealing with young people for a long time, he feels a lot younger.

Fu Jixun's second report. Compared with incubators that haven't officially opened for operation, Jingzhe Fund has many more projects in its hands.

After a brief briefing on the operation and development of companies such as Ganji, Tudou, Dianping, AutoNavi, Qihoo, Kangsheng Chuangxiang, Kugou, Xunlei, and Countryside, Fu Jixun focused on talking about Autohome.

"Yesterday Li Xiang came to me and said that angel investors like Xue Manzi and Cai Wusheng had suddenly stepped in and wanted to make a follow-up investment. He was a bit embarrassed and wanted to discuss with us and give these people some investment shares."

"Xue Manzi? The one from UT Starcom?"

Xia Jingxing frowned. He knew this person, the second generation of red, a multiplayer sports enthusiast, an Internet celebrity in the currency circle, an investor in Malagocoin, and the leader of the Cambodian real estate speculators...

A complete speculator, Hongyi Dapao also touted him as "the number one angel investor in China", whether he was brainless or commercial.

Investing in UT Starcom really made it a god in the first battle. In just a few years, the investment of 250,000 US dollars turned into 125 million US dollars, with a return rate of 500 times, setting a record for the highest return on investment by Chinese investors/Chinese at the beginning of the century .

At the beginning of the new century, it also successively invested in 8848, Cai Wusheng's 265 website, Xueqiu Finance and other projects.

After that, it completely drifted away.

A silver-haired old man in his sixties who whores a few chickens in his twenties was reported by the Chaoyang crowd, and then he was rushed to the police and arrested him. He was also on the news broadcast for three minutes. He read Fulong Zhi Military Academy, and his father who was buried in Babao Mountain to slander him.

His nationality was also changed to American nationality early, and he couldn't get along, so he started to give various air currency platforms, and lured foolish investors to Cambodia to speculate in real estate, and the leek roots were almost gone.

Fu Jixun nodded, "Yes, that's him. UT Starcom has made him a lot of money and made him famous. Now he is a hot figure in China's angel investment and entrepreneurial circles.

Li Xiang had some personal friendship with him, so he wanted to save face and let him invest. "

Xia Jingxing's face quickly turned cold, "How much does Autohome plan to raise? What is the valuation?"

Seeing that the boss was angry, Fu Jixun didn't dare to neglect, and hurriedly replied: "We are talking about raising US$1.5 million and diluting 30% of the shares."

Xia Jingxing thought for a while and said, "You tell Li Xiang that the 30% equity share of Vision Capital must be guaranteed. If you want to sell Xue Manzi's favor, then you can expand the financing share on the basis of this 30%."

Fu Jixun smiled wryly, "30% equity dilution in the angel round is already quite a lot, if we expand the financing scale, the equity structure will become worse.

Autohome is a wholly-owned subsidiary listed on Paopao. Li Xiang holds 60% of the shares, and his other partner, Fan Zheng, holds 40%.

I think...well, Li Ying would not be very willing to expand the scale of financing. "

The other executives present listened quietly and did not interrupt the discussion between Xia Jingxing and Fu Jixun.

Xia Jingxing looked at Fu Jixun with a smile, and said, "It depends on your strategy. You can either persuade Li Xiang to expand the scale of financing, or kick those rotten fish and shrimp out of the game."

Fu Jixun was stunned at first, and then laughed. Compared with their Vision Capital, those few really can only be regarded as rotten fish and rotten shrimp.

So what about Xue Manzi, the boss has invested in Skype and Frame Media, any investment case is enough to beat him, not to mention the capital strength behind it.

After such an episode, Fu Jixun continued to report: "Currently, of the 150 million US dollars raised by the Jingzhe Fund, 72.2 million US dollars have been invested, and a total of 9 companies have been invested.

If we continue to follow the current investment rhythm, we will completely invest our funds this year.

At that time, either shift the focus of work to post-investment management, or raise the second phase of funds. "

"Okay, I get it. You don't need to deliberately control the investment rhythm. If you see a good company, don't hesitate to start it right away."

Xia Jingxing paused, and then said: "As for the funding, you don't have to worry about it. When the second phase of the fund comes up, I will naturally make arrangements."

Fu Jixun nodded with a smile and said no more.

With such a boss, bullets are in unlimited supply, money is never a problem, what else can you say, just do it!

The third person to report was Li Ying, who brushed her hair back from her forehead and reported with a document: "Currently Bailu Fund has invested in three companies, Penguin, Supor, and Leihuo Lighting.

The stock price of Penguin has been trending well recently, fluctuating between 10 and 10.5 Hong Kong dollars. Our book losses have narrowed significantly, and it may not be long before we can completely wipe out the losses. "

Hearing this, the surrounding executives became interested.

The company's investment in Penguin has almost become a laughing stock in the investment circle.

Even when they go out to meetings and participate in some activities, when they meet with colleagues, they will make fun of this incident.

They didn't dare to have any objection to Xia Jingxing, but they also felt that the matter was not handled so beautifully.

Now that the loss is about to be wiped out, that is really good news.

Thinking of this, and thinking about Penguin's pitifully few outstanding shares, they seemed to realize something, and the way they looked at Xia Jingxing changed instantly.

Foresight! Must be far-sighted!

Xia Jingxing also noticed the strange eyes cast by the executives, so he didn't try to explain.

In fact, he only explained Penguin's investment logic to Li Ying, who is in charge of Bailu Fund.

As for other subordinates, the boss needs to explain to you when he does things?

Therefore, it is inevitable that other executives will not understand.

Now that Penguin's stock price has rebounded so much, the answer is self-evident whether the investment is correct or not.

Looking at the surprised eyes of other colleagues, Li Ying explained a few more words, and at the same time explained it to Xia Jingxing.

"I have carefully analyzed and studied the reasons for the stock price rebound. Penguin's game business is developing very well. After a while, the annual report is released, and there should be a wave of gains. Then the fund's book losses can really be completely wiped out." draw."

Xia Jingxing nodded, smiled and said, "Okay, Penguin stock is a long-term value investment, so let's leave it alone for now."

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