My 1999

Originally, Xu Liang planned to stay in Shanghai for a few more days, but a call from Jiang Xiaoyang made him rush back to Beijing.

After getting off the plane, Xu Liang smiled and opened his arms to greet the woman who was wearing a dark blue waisted long skirt and long hair. She stood not far away to greet him.

The woman smiled slightly and threw herself into his arms.

After a while.

"It's been a long time since we last met. My wife is beautiful again."

Jiang Xiaoyang rolled his eyes at him, "You are beautiful but I didn't see you come back earlier."

"Hehe, aren't you busy?

The lawsuit between SMIC and TSMC has reached a critical moment. If I don't ask clearly, I will be worried."

Jiang Xiaoyang said seriously: "Are you sure?"

Since she sold the equity of SMIC and BOE to the "Xu Family Charity Foundation", she has not paid attention to these two companies again.

"U.S. law is ultimately about money.

As long as you give enough, you can't lose the case.

In the past, Morris Chang relied on TSMC's large business, strong capital, and the support of the Taiwanese government to bully Zhang Rujing.

Hanhua doesn't buy it.

So there is no need to worry, this lawsuit will be settled in the end."

Jiang Xiaoyang nodded.

In the five or six years since the establishment of Qinglong Fund, Hanhua has used its rich returns to weave a huge network of relationships around the world.

Its energy and power are definitely not comparable to TSMC.

"Let's talk about CIC, is it really going to start?" Xu Liang asked.

"200 billion US dollars."

"The top is really generous."

Jiang Xiaoyang: "The top asked us to meet in the Great Hall in three days."

Xu Liang nodded, "Are there any other people invited besides us?"

"Isn't this asking knowingly? The top's style of doing things is to play it safe, and they will definitely not put all their eggs in one basket." Jiang Xiaoyang said.

"That's true. ... Forget it, I don't want to think about it anymore. I'll go home to see my son first."

...

Three days passed in a flash.

Xu Liang and Jiang Xiaoyang packed up and rushed to the Great Hall at the same time.

After going through three strict entry security procedures and putting on the issued certificates, when they were about to enter, they suddenly saw a few familiar faces in the corridor.

"Why are they here too?"

"What do you mean, only we can receive invitations, but others can't receive invitations?" Jiang Xiaoyang said.

"I thought it was only our family today!"

Jiang Xiaoyang said lightly: "200 billion US dollars of funds, everyone is watching, how can they refuse this temptation."

At this time, Zhang Fan suddenly looked back, and then noticed Xu Liang and Jiang Xiaoyang not far behind him, and he pushed Xiong Xiaoge with his elbow.

"You really guessed it right, Hanhua's people are here."

Xiong Xiaoge turned his head and looked at Xu Liang and Jiang Xiaoyang not far away.

"The only global financial giant born and raised in China, it would be strange if they were not invited."

Zhang Fan's eyes were filled with envy.

The two of them were just partners of IDG China, far behind Xu Liang and Jiang Xiaoyang.

"It seems that we will have to run with them today."

Xiong Xiaoge smiled and said, "We are not the only ones running with them."

Zhang Fan glanced at several colleagues not far away, "I'm afraid that Lao Zhu and his friends are not in a good mood."

Xiong Xiaoge nodded, "Do you want to go over and say hello? Jin Caesar is a big shot that is hard to meet."

Zhang Fan was tempted.

"Forget it, the occasion is not suitable today.

Besides, Hanhua is in a competitive relationship with us, and it would be a waste of effort to go up."

Hearing what he said, Xiong Xiaoge, who had wanted to go, also gave up the idea.

...

Sun Zhiming, Zhu Linan, Chen Liwu and others also noticed Xu Liang and Jiang Xiaoyang who were about to attend the meeting with them, and their expressions were different.

Sun Zhiming looked unhappy. Last year, Jiyuan Capital and Baofeng Technology had almost reached an agreement. They were about to sign a contract, but the venture capital fund under Hanhua Jingcheng Office plucked the peach.

After nearly a year of development, the valuation of Baofeng Video has more than doubled compared with last year.

He felt even worse.

Zhu Linan watched coldly. He was a general of the Lianxin Group and was promoted by Liu Chuanzhi.

Because of the fierce competition between Kunlun Technology and Lianxin Group in the PC field, both sides disliked each other.

In particular, the media under Hongmeng and Penguin made a big fuss that Lianxin's acquisition of IBM's personal computer business was a collusion between insiders and outsiders, and the transfer of high-quality national assets at a low price.

Liu Chuanzhi was also labeled a comprador.

It directly destroyed Lianxin's marketing plan of "the first national technology brand in the country".

Old Liu was almost angry and went to the hospital.

The feud became deeper and deeper, and now it is even more incompatible.

Chen Liwu looked complicated.

Last year, Dangdang.com raised its C round of financing. Hanhua’s intervention caused Dangdang.com’s valuation to soar, forcing them to give up reluctantly.

From the other side’s perspective, it was normal to cheat them.

But watching Dangdang.com develop rapidly and its valuation continue to rise, he was also unhappy.

“Looking at the looks of these people, I know that the company has developed well in recent years.” Xu Liang said with a smile.

If you are not envied, you are a bear.

If your peers don’t get along with you, it just means that you are developing well.

Jiang Xiaoyang nodded, too lazy to pay attention to this group of people, and followed slowly behind.

Walking into the grand and solemn auditorium, Xu Liang and Jiang Xiaoyang sat down in the first row under the guidance of the staff.

Most of the seats in the first row were empty. The nameplates on the table were written with the names of bigwigs, all of whom were the heads of the central bank, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and other institutions.

Xiong Xiaoge, Zhang Fan and others also sat in the second row according to the arranged seats.

A small seat can show the company's strength, industry influence and status.

After a while, the first row was full, and several people sat on the rostrum on the stage, led by the former second-in-command of the financial department, the current cabinet deputy secretary Lang, and the head of the foreign exchange investment company preparatory group Lou Wei.

Amid warm applause, Lou Wei began his speech today.

There was only one theme: the cabinet has passed a motion to issue 1.55 trillion Chinese yuan special treasury bonds, and this fund will be used as an investment source for the "National Foreign Exchange Investment Company".

This agency is beyond any department, operates foreign exchange in accordance with national laws, uses it for a fee, accepts supervision, and maintains and increases its value.

Xu Liang was listening very seriously. He was asked to summarize that after the country joined the WTO, the trade surplus was large and the foreign exchange reserves were increasing. It was necessary to find a good place to preserve and increase the value of this money.

This is the same as ordinary people earning money, which cannot be kept in the bank. They need to get a higher rate of return through investment and financial management.

However, due to the huge amount of funds.

There was no corresponding operation experience before, so it was necessary to mobilize the power of society and call on people with lofty ideals to participate and build China's Temasek together.

After the conference, Xu Liang, Jiang Xiaoyang and the heads of the leading venture capital funds in China were taken to a small conference room by the staff.

The background wall was a picture of the Great Wall, and the white chairs were arranged in a circle, which was similar to what was seen in the news broadcast.

When you get here, even the most arrogant people will become honest.

"Don't be nervous. Today, we have gathered all the elites in the investment industry to give advice and suggestions to the China Investment Corporation that is about to be established."

Lou Wei sat on the chair above, and there was a dignified and beautiful lady behind him taking notes with a notebook.

The room was very quiet. No one wanted or dared to be the first to speak out, for fear of making a fool of themselves or committing some taboo.

Lou Wei's eyes turned and quickly fixed on Xu Liang, who was sitting with his legs crossed and looking the most relaxed.

"Mr. Xu, Hanhua is well-known in the global financial community.

Qinglong Fund and Pacific Fund have been the private equity funds and hedge funds with the highest returns in the world for three consecutive years.

Hanhua is also the largest financial institution established by Chinese people overseas.

You are also recognized as a world investment master by global media such as The Wall Street Journal and The Times. Why don't you tell us about it first?"

Hearing this, Zhang Fan, Xiong Xiaoge and others looked at the man in front of them with great envy and jealousy.

The achievements made by the other party in the global financial community in the past few years are really amazing.

Xu Liang's face was calm and he made a few polite remarks first.

"The overseas investment environment is complex. I think CIC should focus on training in the early stage."

"What do you mean?"

"In fact, by observing the development history of Temasek, we can draw many conclusions and references.

This sovereign wealth management fund was established in 1974. At that time, the government of Singapore injected all the assets of state-owned enterprises it held into Temasek.

The purpose is to allow the Ministry of Finance to focus on playing the core role of decision-making and supervision, while Temasek holds and manages these investments with commercial operations as the first priority, and operates in a highly market-oriented manner.

Temasek controls dozens of wholly-owned subsidiaries.

Through external equity investment, it controls hundreds of companies and gradually forms a large state-owned enterprise group with up to six organizational levels of property management from government to parent company, subsidiaries, and branches.

Our country has also borrowed from this Temasek model in the reform of state-owned enterprises."

Lou Wei nodded gently, "We have indeed borrowed a lot of Singapore's experience in the process of reform and opening up."

Xu Liang: "Temasek has been in operation for more than 30 years, and its business tentacles have also extended from China to foreign countries.

In China, they don't care about holding investment or financial investment. .

However, in foreign countries, the identity of sovereign wealth funds is very sensitive and they can only play the role of financial investors.

Benefiting from years of business operation experience, Temasek has a mature investment team and fully understands the business laws of various countries, so they generally invest directly. "

Lou Wei smiled and said: "CIC has just been established. We feel that we are inexperienced, so we plan to select external fund managers and entrust them with the management of funds.

The direct investment business will slow down for the time being. When the team matures and has a certain amount of experience, we will develop it in full swing. "

Xu Liang: "Yes, I think this method is extremely correct.

With the size of CIC, it is naturally impossible to invest in start-ups like VC institutions. There is not so much energy, so indirect investment is better.

Even if it is direct investment, it should be mainly invested in mature enterprises. "

Lou Wei smiled and nodded, and added: "Because foreign exchange reserves are mainly in US dollars, direct investment will be mainly in large overseas enterprises. "

Hearing this, Xu Liang read out some key information. It should be that they want to allocate a large amount of overseas assets and do not plan to invest a lot in China. This is to ensure that foreign exchange reserves are not consumed.

It is difficult for him to comment on this. After all, the above idea is still very good. Foreign capital comes to China to make money, and we also go abroad to make money. Foreign exchange reserves will not decline, and will even increase.

But, it is not as easy to make money from foreigners as imagined, and there are many pitfalls.

Moreover, the potential of domestic technology companies is worth exploring, and the return on investment is much higher than that of overseas investment.

"Technology entrepreneurship has been very popular in China in recent years, but due to policies and environment, venture capital institutions are mainly US dollar funds.

The venture capital industry representatives present today, including us, manage funds, and LPs are all from foreign university endowment funds and pension funds.

Strictly speaking, most of these technological development dividends have been earned by foreign capital."

Hearing this, the whole room was shocked!

Xiong Xiaoge grinned, this guy is really bold!

However, with the other party's current status in the global business and financial circles, he is indeed qualified to say these words.

Lou Wei kept smiling: "We are also aware of the problems you raised.

Firstly, as you just said, we have no experience in this area;

Secondly, the scale of funds managed by CIC is too large, and we don't have the energy to make early-stage investments.

Huaxia is now open to the market and welcomes foreign investment. It is impossible to block foreign investment from the field of science and technology.

However, we will definitely pay attention to the opinions you raised.

There is actually such a consideration in calling everyone here today. We plan to hand over a small part of the funds to domestic VC institutions for management, so as not to miss the development dividends of China's science and technology industry."

Hearing this, Zhang Fan and Xiong Xiaoge were immediately delighted. Doesn't this mean that they also have a chance?

Xu Liangyuan is not as optimistic as some of his peers. He didn't point out some things clearly, and Lou Wei's answer cannot be taken seriously.

Venture capital has the word "risk" in its name. It requires taking money to take risks. Do you dare to take risks with foreign exchange? Who dares to take responsibility?

"In fact, venture capital does not have as big an investment risk as the outside world imagines. A fund usually invests in dozens of projects in a diversified manner, and the cost can be recovered with one or two successful projects.

After long-term operation, mature VCs have a mature set of strategies for pre-investment investigation and post-investment management, and the risks are controllable."

Hearing Xu Liang still talking about this, Lou Wei gradually tasted the meaning. The other party wanted to persuade him to invest heavily in domestic VC funds.

He thought about it and smiled and replied: "We have a set of selection criteria. Hanhua and the investment institutions represented by everyone present can submit application materials to CIC.

After passing the initial evaluation, re-evaluation, rate negotiation and contract agreement, there is a chance to obtain capital injection from CIC."

Hearing the leader say this, Xiong Xiaoge, Zhang Fan and others all smiled on their faces and were secretly happy in their hearts.

It is likely that there is no need to make a wasted trip today.

Xu Liang smiled on the surface, but he was still a little skeptical in his heart.

However, for such a big thing involving the investment strategy of 200 billion US dollars in foreign exchange, he only has the right to make suggestions, and even his right to make suggestions is very limited. He cannot decide whether the higher-ups are willing to listen to him. He can only say that he tried his best.

Even if the higher-ups finally adopt his suggestions, he is not qualified to intervene in the selection of external fund managers, and the expert review panel will not want him because he is not independent enough. What if he retaliates against competitors?

Thinking of this, Xu Liang was relieved. Some things cannot be stopped at all.

But it doesn't matter. If CIC is unwilling to invest heavily in VC and domestic investment, then it will be better for him to invest more.