My Age of Investment

On the second day after Lin Xinhe and the Junior First Alliance broke their faces, Zhao Keren, another partner of DCM, quickly resigned from the board of directors of Legend Capital.

The outside world did not pay much attention to this humble news.

But people in the venture capital circle sensed something was wrong.

Zhao Keren is not an unknown person. He invested in 51job and served as the chairman of the board of the Nasdaq-listed company.

In 2004, Zhao Keren also boarded the world's top 25 venture capitalists selected by Forbes.

Such a well-known investor suddenly withdrew from Legend Capital without any warning, and Legend Capital did not respond to the outside world.

That made the whole thing feel a little strange.

Then, it was discovered that Lin Xinhe had also stepped down as directors of several companies related to Lenovo, IDG, and Sequoia.

Xiong Xiaoge, Zhang Fan and others originally served as directors of several companies invested by DCM, but in recent days, they have resigned from relevant positions.

The outsiders haven't understood it yet, but the insiders have already understood it. DCM and several venture capital institutions have completely parted ways.

Many people are speculating on what happened in this story.

No matter how the outside world guesses and discusses, the protagonists of the story-IDG, Sequoia, DCM and other organizations have remained silent.

As Xia Jingxing analyzed before, domestic venture capital institutions have a entangled relationship, and clique formation is very serious.

Institutions such as DCM and IDG have cooperated for many years and forged a profound friendship.

But no matter how thick the friendship is, in the face of interests, it is as thin as a piece of paper and cannot withstand wind and rain.

The two sides have held several rounds of talks while decoupling from each other.

Zhao Keren rushed back from the United States, and warned Xiong Xiaoge and others very forcefully that they must buy back the shares of Thousand Oaks with 20 million US dollars, not a penny less.

Naturally, Xiong Xiaoge and the others were unwilling and wanted to threaten a lawsuit.

But Zhao Keren doesn't like this at all,

He made it clear that he had sent letters to IDG and Sequoia, notifying the two companies of the relevant matters.

Soon afterwards, Xiong Xiaoge and Zhang Fan received instructions from the US headquarters.

Although IDG China and Sequoia China are very independent, the opinions of the US headquarters cannot be completely ignored.

The Americans are a little worried that the incident of stalking and sneak shooting will spread internationally and affect the company's brand. They suggest that the Chinese branch handle the dispute quickly, properly and rationally.

The U.S. headquarters intervened, making Xiong Xiaoge and Zhang Fan very angry. They were obviously the victims, but in the end they had to make up for the traitor DCM.

They did not act in accordance with the guidance of the US headquarters, but they did not further arouse conflicts with DCM. They just dragged on and did not sue DCM, nor did they repurchase the shares of Thousand Oaks Group held by DCM.

I plan to dry out the DCM.

As a result, within a few days, the venture capital circle suddenly received news from DCM: it wanted to transfer nearly 10% of the shares of Thousand Oaks Group held by it for 20 million US dollars.

Based on this price, the valuation of Thousand Oaks Group is just over US$200 million, which is equivalent to a 30% discount on the US$300 million after the B round of financing.

DCM invested in Thousand Oaks during the A round of financing, and originally made a certain book profit.

But now I have discarded all these profits, and only want to get back the initial investment of 20 million US dollars.

The valuation of Thousand Oaks Group was broken, and as Xia Jingxing predicted, it sparked a lot of discussions on the Internet, and it was interpreted in various ways, and the negative voices continued one after another.

Chen Yizhou was so screwed up that he kept receiving condolence calls from friends.

On the surface, it was condolences, but secretly they were asking about Thousand Oaks' business situation, whether it was not enough to make insinuations.

There are also some people in Thousand Oaks Group who are panicking. The employees know that some investors are clamoring to withdraw, and they are very pessimistic about the future development of Thousand Oaks Group.

This has cast a shadow over the hearts of all employees who are looking forward to ringing the bell to go public, especially the part of employees who have received stock options, almost did not cry.

The stock price corresponding to the valuation of 200 million US dollars is lower than their exercise price.

It is equivalent to saying that the options granted after the company's B round of financing have become a piece of waste paper.

This is too frustrating, and the work enthusiasm of many employees has been affected.

The whole company is up and down, like eggplants beaten by frost, and they are not energetic at work.

In addition, the September campus event being planned by Thousand Oaks Group has also been affected to a certain extent.

The partners all thought that the Thousand Oaks Group was going to die, and called them one after another, asking Thousand Oaks to increase the cooperation deposit and the first payment for the purchase of goods.

This pile of shit happened one after another, and Chen Yizhou was almost hurt internally.

DCM's withdrawal of shares was originally a trivial matter, but under the impetus of caring people, the Thousand Oaks Group was in turmoil.

In desperation, Chen Yizhou had no choice but to discuss with Zhang Fan and Xiong Xiaoge, hoping that the two major shareholders would repurchase the Thousand Oaks shares held by DCM as soon as possible, and end this nightmare as soon as possible.

The U.S. headquarters is forcing them, and the wording in each email is more severe than the last one, and now Chen Yizhou is pouring out bitterness again.

Zhang Fan and Xiong Xiaoge felt extremely uncomfortable, and after a long talk, they decided to temporarily accept this "humiliation under the crotch".

Sequoia and IDG are the lead investors in Thousand Oaks’ B round, and each invested more than US$30 million in this company.

For risk control management, the two companies decided not to take the $20 million equity of DCM alone.

When they consulted with several institutions such as Capital Today, Legend Capital, and Walden International, reality gave them another blow.

These institutions have also seen the recent decline of Thousand Oaks Group. They can support verbally, but they all hesitate to invest money.

In the end, it was Tong Shijie from Axel who took the lead in subscribing for 2 million US dollars of equity, which broke the deadlock.

Other institutions, each reluctantly subscribed for 1 million US dollars in equity.

Sequoia and IDG each subscribed for the remaining US$10 million unsubscribed equity of US$5 million.

With the fact that he took the lead in subscribing for shares and taking the lead in bombarding Lin Xinhe earlier, Tong Shijie successfully won the trust of Xiong Xiaoge and Zhang Fan, and became the core of the first-year junior league.

In Zhang Fan's words to Xiong Xiaoge in private: I used to think that this fat man was a slob, but I didn't expect that when it came to the critical moment, he would never lose the chain.

Xiong Xiaoge thinks so.

Axel's asset management scale is not large, only 100 million US dollars, but he has invested more than 10 million US dollars in companies such as Thousand Oaks Group, 58.com, Youku, etc. He is a very courageous person.

Xiong Xiaoge still remembered that Tong Shijie had privately patted him on the chest and promised: as long as the alliance needs it, Axel's remaining money can be poured in at any time.

These performances fell into the eyes of Xiong Xiaoge, which greatly improved his evaluation of Tong Shijie.

This young man knows that he has little experience in the industry, so he is very willing to follow him and Zhang Fan and other seniors. It seems that he has no idea, but in fact he is really wise.

When Tong Shijie told Xia Jingxing about the situation, the latter laughed so hard that his jaw ached, and praised Tong Shijie greatly, becoming more and more like an ace commercial spy.

Axel has invested more than 10 million US dollars, and the hidden cost is not low.

However, as long as Thousand Oaks, Youku, and 58.com can be defeated, the profits will be transferred to Xiaonei, Tudou, and Ganji, and Vision Capital is the major shareholder of these enterprises, so Xia Jingxing doesn't feel sorry for the money spent.

After the first alliance raised enough US$20 million, it quickly signed an equity transfer agreement with DCM, and repurchased all the shares of Thousand Oaks Group held by DCM.

DCM officially broke off with the Junior One League.

After DCM received 20 million US dollars, it turned around and voted for Xiaonei before it was warm in its pocket, and got a 3% stake.

Benefiting from the recent decline of Thousand Oaks Group, the valuation of Xiaonei.com has risen again, reaching 666.66 million US dollars.

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