My 1999

Dong Dong…….

There was a knock on the door.

"Come in."

After taking off his coat, Jiang Xiaoyang, wearing only a white sweater, opened the door and walked in.

The elastic fabric outlines her slim figure clearly and attractively.

"How do you see it?"

"I have some ideas and want to communicate with you."

Jiang Xiaoyang sat down opposite him.

"I think there are big deficiencies in the reforms of Hanhua that we discussed last time. There are two main points.

First, there is a lack of connection between venture capital departments. Projects that Mercury Fund is optimistic about may not be favored by Mars Fund, and projects that Mars Fund is optimistic about may not be favored by Jupiter PE Fund.

The mutual quarrel caused us to lose many good projects last year.

Second, the venture capital department invests before the company is listed. Once the company is listed, according to common practice, Hanhua Venture Capital Department will exit.

This caused us to miss out on a lot of good investments.

Just like this Ctrip listing.

As China’s first online travel company, Ctrip has great potential for future development as China’s travel market continues to develop. Its market value of US$4.3 billion is not its end at all.

If we give up now, we will obviously lose huge profits in the future. "

"Do you have any idea?"

Jiang Xiaoyang asked.

“There are three main points.

First, open up the angel round, VC and PE, so that a fund can invest from angel round to listing.

The advantage of this is that projects that are promising from the beginning can be followed until they are launched, and there is a lot less blame.

Second, establish an evergreen fund that does not set an exit period. All projects launched by the venture capital department will be automatically transferred to the evergreen fund. After a comprehensive evaluation, the person in charge of the evergreen fund will decide whether to continue to hold it? How long to hold before selling? Wait for the question.

Third, cancel the fund-raising authority of sub-funds.

In the future, the funds raised by the venture capital department will be uniformly raised in the name of Hanhua. After the fund raising is completed, it will be evenly distributed to various venture capital sub-funds for investment. "

The method Xu Liang mentioned is actually a management method that will become increasingly popular among Western venture capital institutions after 2020.

When he was seeking funds in his last life, Sequoia, Kleiner Perkins, etc. had basically already done this.

The reason why he didn't do this.

One is that Hanhua Venture Capital has just started, with a weak foundation and small funds, which is unnecessary.

But now as Hanhua has become famous in the global financial field, it is time for reform.

"What about the incubator?"

Jiang Xiaoyang asked.

“Incubators are still independently managed by the venture capital department, and the projects of each incubator are distributed according to the type of each fund. For example, the Mars 1 Fund mainly invests in the medical and health industry.

If the incubator has a project in this direction, it will be transferred to them.

If it is an Internet project and multiple funds are interested at the same time, they will take turns. "Xu Liang said.

"The current domestic investment atmosphere may make it difficult to accept Evergreen Funds," Jiang Xiaoyang said.

"It doesn't matter, I didn't originally plan to raise funds from outside. ... In the future, I plan to invest all the company's profits, except part of the operating funds, into this evergreen fund."

Four years after its establishment, including 2003, Hanhua's net profit reached US$22.759 billion.

Except for a small part of this money to support some newly established new funds that have difficulty raising funds, most of this money remains in the company's account.

Usually, it mainly focuses on investment types such as treasury bonds and short-term income bonds that have low interest rates but are relatively safe.

Jiang Xiaoyang thought about it for a moment and nodded.

"I agree with your decision in principle, but this matter cannot be rushed. After all, many funds have not yet expired, and tough reforms can easily cause internal chaos."

"Of course. But the Mercury Fund is invested by ourselves, so there is no need to continue. Merge it directly into the Mars Fund.

The vacated personnel from China were directly transferred to the Kirin Fund, which allowed them to quickly set up the four Kirin sub-funds. "

Seeing that Xu Liang had found a way out, Jiang Xiaoyang also nodded.

“What about the Jupiter Fund?”

“The Jupiter 2 Fund that Liu Zhiping was responsible for was changed to the Mars 6 Fund, Duan Yongping’s Jupiter 3 Fund was changed to the Mars 7 Fund, and Liu Zhiping’s Jupiter 4 Fund was changed to the Mars 8 Fund.

By the way, has the fundraising for the Mars 8 Fund been completed? "

"It's done. All the 1 billion US dollars of funds have been transferred to the company's account, and we have negotiated an investment from Datong Coal Industry, 200 million Huaxia coins, and obtained 6.5% of the other party's shares."

"Communicate with him. When Fund No. 6 expires, let him be solely responsible for Fund No. 7. Fund No. 6 will be re-assigned to other fund managers."

"Um."

Fund No. 6 raised US$170 million and has shares in well-known companies such as Mengniu, Supor, Gree, Anta, and Hua Xia Bank.

The future is bright.

It took Liu Zhiping a lot of effort to negotiate, and Xu Liang couldn't make people give up just by opening his mouth.

"Also, this time the U.S. Mars 2 Fund, Huaxia Fund 3 and 4 will raise funds according to the new method we just discussed, raising funds in the name of Hanhua, and then allocating funds according to their respective investment performance. funds.

Give more to those who earn more, and give less to those who earn less.

As for the specific allocation, go back and discuss it with the people in the company and come up with a proper plan. "

The most taboo thing in company management is big pot rice.

It is also appropriate to allocate funds according to performance. If you are not convinced, then show real performance.

“In the end, US$59 million was set aside as the company’s operating capital, and the remaining US$22.7 billion was all transferred to the self-operated department. From now on, the self-operated department will invest externally under the name of ‘Jupiter Fund’.

I am personally responsible for all investments in Jupiter Fund, and Lao Zhao is responsible for daily management. "

Lao Zhao is Zhao Xun, the first batch of fund managers recruited after the establishment of Hanhua, a senior among seniors.

He has a calm personality and a steady and prudent investment style.

Best suited to be in charge of Jupiter funds.

So Jiang Xiaoyang didn't object.

After this change, Hanhua's venture capital department has changed drastically. Apart from eight Mars funds and four incubators, there are no other funds anymore.

Just as Jiang Xiaoyang was absorbing Xu Liang's reform of the venture capital department, Xu Liang dropped another big bomb.

"I plan to abolish the 'Fixed Asset Investment Department'."

"What? You're crazy, absolutely not." Jiang Xiaoyang shook his head and refused.

The ‘Fixed Asset Investment Department’ under Hanhua is Wuyue Fund.

‘Taishan Fund’ invests in precious metals, ‘Hengshan Fund’ invests in jewelry raw materials, ‘Huashan Fund’ invests in art, ‘Songshan Fund’ invests in high-end wine, and ‘Nanyue Fund’ invests in real estate and commercial real estate.

"Listen to me first."

Jiang Xiaoyang stared at him. After the two looked at each other for a long time, Jiang Xiaoyang said slowly.

"Unless you can come up with a suitable reason, I will never compromise."

Xu Liang nodded with a headache.

Although having a woman around him pursue a career can make him feel at ease, it also saves him a lot of trouble. But with their careers, these women are becoming more and more confident.

How elegant and gentle Jiang Xiaoyang used to be!

After taking charge of Hanhua for many years, like Qiao Yuhui and Sun Mingzhen, the aura of a strong woman has become stronger and stronger, and it has become increasingly difficult to handle.

After Xu Liang nodded, "First, apart from real estate, the investment scale is too small. The scale of Taishan Fund is only US$400 million, Hengshan Fund is US$450 million, Huashan Fund is US$180 million, and Songshan Fund is only US$50 million.

Compared with other departments, it is too small.

Of course, this is not the point. The point is that the market size is too small.

Especially high-end wine, which can support tens of billions of dollars, is difficult to make a big difference.

It's not worth wasting our energy.

Second, whether it is red wine, art, jewelry raw materials, or precious metals, it takes a long time for the price to rise.

Therefore, it is most suitable to invest with evergreen funds, which have no withdrawal period.

Third, raising funds is difficult.

Taishan No. 2 Precious Metals Fund took nearly a year to raise US$300 million to support Hanhua's huge gains in hedge funds and private equity.

too slow.

This year, the prices of rare earths and lithium have increased by 23%, but we have not enjoyed the benefits.

Therefore, my idea is to cancel these funds directly and let Jupiter Evergreen Fund take over all of them. In this way, we will have fewer constraints and can give full play to our financial advantages and absorb large quantities at low prices.

Then wait patiently until the price rises before taking action.

And there's another benefit to doing this.

Whether it is precious metals, jewelry, or works of art, they can fight against inflation and economic crises.

They are assets that store value.

The Jupiter Fund is our own money. Proper allocation of these value-preserving assets can increase the risk resistance of the Jupiter Fund. "

Xu Liang's tongue bloomed like a lotus flower, and he laid out all the pros and cons.

But seeing Jiang Xiaoyang's hesitation, Xu Liang was ready to give her a fatal blow.

"Xiaoyang, are you going to let Hanhua continue on its current path and become a top private equity institution, or do you want to become an all-round financial giant like Goldman Sachs?"

Jiang Xiaoyang's little heart started beating loudly at the question.

Having transformed into a strong woman, she felt her mouth was a little dry and her blood was agitated.

"Can you make it clear?"

"It's actually very simple. If you focus on private equity, just keep the fixed asset investment department. Although most projects have a small market, it can still enrich the company's investment categories.

But if you want to advance to a top financial institution, you need to cut off these branches.

After all, our energy is limited. Only by focusing on the big and letting go of the small, and focusing on more critical directions, can we fundamentally strengthen the company. "

Xu Liang's words made Jiang Xiaoyang want to slap her in the face. You are here to tell the key.

Who wouldn’t say empty words?

Seeing that his fiancée was about to hit someone, Xu Liang stopped teasing her.

"Remember Delong Group, right?"

Jiang Xiaoyang was shocked and blurted out: "You want to acquire Delong Group?"

Xu Liang sighed after nodding.

"Deron has too many good things in his hands."

Not to mention the large number of industrial companies owned by Delong.

The financial aspect alone is enough to make people drool.