My 1999

"Mom, sister-in-law, someone is so thin-skinned that he doesn't let anyone talk about it at this age."

"Xu Meng..."

Xu Liang shouted angrily.

"Mom, sister-in-law, protect me."

The little girl shouted loudly, just like summoning Ultraman, without any fear.

Looking at the eager mother and the glaring daughter-in-law.

"Okay, if you can't afford to offend, why can't you hide?"

Xu Dalang twisted his face and turned around to find his father.

In the activity room of the villa, Xu Yongpei was playing chess with Zhou Hongyun, the head of Xu Liang's medical team.

Watch him come in.

"Mr. Xu."

Zhou Hongyun quickly stood up to say hello.

He waved his hand to indicate that there was no need to be polite.

He sat down on the pony next to him.

Father Xu glanced at him, "Aren't you chatting with them in the living room? Why did you come here?"

"I missed you, come and see."

"Come on, I don't know about you yet? You must have been trained. Before Xiaoyang gives birth to a child, your mother will definitely not give you a good look."

"You already know about feelings?"

"I warned you before, but you refused to listen. You insisted on getting in front of them. Now you are at a disadvantage. Do you know you are looking for your father?"

"Yeah, why didn't I listen to you before?"

As he spoke, he moved the chessboard across the board.

"Hey, what are you doing? I'm winning right now."

Xu Yongpei quit.

"Old Zhou will definitely not go down with you for my sake, so let us come."

"You're such a bad chess player, but you still have the nerve to play with me?"

"Comrade Lao Xu, even if you are bragging, you have to make a draft. You are still a chess player. If I give you a chariot, a horse and an artillery, you may not be able to win."

Neither of them would admit defeat, and they quickly fought together.

Happy time is always short.

After New Year's Day, Xu Liang resumed his busy life.

The annual reports of each of his companies are waiting for his review. Although he does not attend the company's annual meeting, online video conferences are indispensable.

So the period from New Year's Day to Spring Festival is his busiest time of the year.

"Give."

Jiang Xiaoyang handed over a stack of documents.

"Income statements of several funds due by the company this year."

Xu Liang took it.

There are 6 funds that will expire at the end of 2004.

Mars 1, 5, 6, and 7 funds.

Indian Ocean 1 Fund.

Qinglong No. 2 Fund.

Mars 1 Fund raised 1.5 billion Chinese dollars, with medical equipment and biopharmaceuticals as its main investment directions.

The Mars 5 Fund is headed by Chen Shijun and has raised US$180 million.

Skype, MySpace, LinkedIn, etc. are all owned by him.

Liu Zhiping was originally in charge of the Mars 6 Fund.

Later, after he moved to Fund No. 8, which had a larger amount of capital, Xu Liang poached Shen Nopeng.

The former No. 6 Fund managed $170 million in assets.

It owns Anta, Hua Xia Bank, Datong Petrochemical and other enterprises.

After Shen Nanpeng took office, Xu Liang allocated him US$1.5 billion.

This guy is really awesome.

In just a few months, I invested in companies with good potential such as Home Inns, Hanting Hotels, Ecovacs, Dongyi Risheng, and Yezhifeng.

Duan Yongping was originally responsible for Mars 7, which raised US$100 million. It owns ASOS, a vertical e-commerce company focusing on clothing and cosmetics, and Edmonds, a vertical e-commerce company for automobiles, among others.

Among the four funds, the Mars 5 Fund managed by Chen Shijun is the most profitable. Among other things, the company made a huge profit just from the Skype transaction.

At present, eBay has officially signed an acquisition agreement with Skype to acquire all shares of Skype for US$3.1 billion.

By this calculation, the Mars 5 Fund, which holds 23% of the shares, earned US$713 million.

The return rate of nearly 100 times has become the signature case of Hanhua North America Venture Capital Department so far.

Plus LinkedIn, MySpace, big data company Palantir, Yelp similar to Dianping, etc.

It’s been two years since Fund No. 5 was established.

Although no company has gone public yet, it has invested in more than 20 companies so far, and has withdrawn from 3 companies. The most famous case is Skype.

4 investments failed.

Most of the remaining companies have been added in value before.

Although this is difficult to measure, the return on Skype alone has increased Mars 5’s return rate to 200% per year.

It is already at the top level in the venture capital industry.

"One billion US dollars, Lao Chen applied for so much money?"

Jiang Xiaoyang said: "I have communicated with Chen Shijun, and he said that the Internet is becoming more and more popular among venture capital companies, and often several companies bid for a project.

In the past, a start-up company could get 10% of the shares for two to three million US dollars in the A round. Now it is 5%, and there is still competition.

So he needs more funds.

And he also wants to invest in the C and D rounds of some top projects, which requires more money. "

Xu Liang nodded.

“Now not only American Internet companies are popular, but also domestic Internet start-ups, and competition will become increasingly fierce in the future.

By next year, maybe there will be more funds than the company. "

"The United States has released a lot of money, and there is too much hot money in the market." Jiang Xiaoyang couldn't help but said.

The Federal Reserve has lowered the federal reserve interest rate to an unprecedented level of about 1%. No one will be stupid enough to deposit money in banks or buy government bonds.

The torrent has basically entered the capital market.

The flood of money has profoundly affected the global business landscape.

"We can't change the general trend. What Hanhua has to do is to make money along with this general trend." Xu Liang said.

Jiang Xiaoyang nodded in agreement.

"Lu Bingyun applied for a venture capital quota of 800 million US dollars for Fund No. 1. I feel it is a bit high.

At present, the domestic biopharmaceutical and medical equipment industries are still in the early stages, and 800 million US dollars may not be invested.

Moreover, she has managed Fund No. 1 for two years, and the return on investment is only 38%, which barely reaches the industry average.

It makes me doubt her ability."

Xu Liang looked at the information of Fund No. 1.

In the two years since Lu Bingyun took over Fund No. 1, there have been 13 companies invested, plus the companies accumulated by Fund No. 1 before.

A total of 23 medical, biopharmaceutical, and medical equipment companies are managed.

Currently, three companies are listed.

There is no investment failure.

After all, medical, biopharmaceutical and medical equipment companies are not Internet companies, and most of them are supported by physical assets.

Similarly, such companies cannot get the high valuations of Internet companies.

"Have you talked to Lu Bingyun?"

"Of course, she has her eyes on those large domestic pharmaceutical companies that have not yet gone public, such as Huadong Medicine and Xiuzhen Pharmaceutical."

"Is she sure she can get shares in these companies?"

"Of course, she can't avoid borrowing the power of the company and your reputation as a world-class rich man."

With Xu Liang's current status, if he were a shareholder of a company, he would naturally endorse this stock.

Stocks invested by large institutions will naturally make shareholders more trustworthy.

"What do you think?"

"Originally, I was going to refuse. Although these large pharmaceutical companies are good, their growth potential is far less than that of start-ups. However, after acquiring Delong, the company will enter the investment banking business.

These large companies will become the cornerstone of our investment banking business."

For investment banks, companies will make a lot of money when they go public. In the future, the company will issue bonds, buy and sell call options, increase capital and expand shares, and merge and acquire, which are inseparable from investment banks.

It can be said that every large company is a business guarantee for investment banks.

"Then agree to her, it's only about 800 million US dollars.

And Lu Bingyun is a very good fund manager."

"You think so highly of her?" Jiang Xiaoyang said.

Xu Liang nodded affirmatively and smiled.

"Although her average investment return rate in the past two years is only 38%, slightly higher than the industry average.

But don't forget that a good fighter does not have a great achievement.

In the investment industry, it is very rare to be able to maintain stable profits.

The reason why you think she is not outstanding is that she is influenced by Hanhua itself.

If you take the funds I am responsible for out of Hanhua, and then review the return rates of all the remaining Hanhua funds, you will find that Lu Bingyun has done a good job."

Jiang Xiaoyang was stunned for a moment, and after a little thought, he woke up in time.

"I seem to be really influenced by you."

"This is normal. It's human nature. People will instinctively pay attention to those who are more successful.

You see my super high returns of 500% or even 1,000% every day. After a long time, you will naturally feel that 38% is not high.

But in fact, this number is already very good."

Jiang Xiaoyang nodded and looked at the man in front of him.

"People say that 'young people are arrogant'. In just a few years, you have made money that others can't make in several lifetimes. How can you still be sober?"

Xu Liang showed pride on his face, "Because of you, my man, I am a genius!"

He is almost 70 years old in his two lives. He has experienced so many ups and downs. His state of mind has long been polished. Not to mention that he can't change his face when the mountains collapse in front of him, at least he still has basic calmness.

And he is also very clear about the reason for his current success.

Naturally, he will not be stupid and arrogant.

But he still has to brag in front of his woman when he should.

"Tsk, I knew you would say that."

Although he was disgusted, Jiang Xiaoyang's eyes revealed a touch of admiration.

She is also a noble lady from a wealthy family. If Xu Liang's brilliance was not too dazzling, how could she have wronged herself and turned a blind eye to a man's infidelity?

Xu Liang calculated that there were four funds.

Fund No. 1 was $800 million, Fund No. 5 was $1 billion, Fund No. 6 was $1.5 billion, and Fund No. 7 was $100 million.

Hanhua Venture Capital Department needed to raise a total of $3.4 billion in 2005.

In contrast, the four funds of Hanhua Venture Capital Department earned $1.29 billion in two years, with an average return rate of 38.9 times.

Mainly because Skype raised the entire return rate at once.

After deducting 15% long-term capital gains tax and some miscellaneous expenses, deducting 15% fund dividends, and deducting 50% investor dividends.

Hanhua Venture Capital Department made a total net profit of $462 million.

Compared with other venture capital companies, the profit is still quite considerable.

But it is still far behind Sequoia and Kleiner Perkins.

This year, they made no less than $1.5 billion from Google's IPO alone, and they didn't sell all of their shares because Google was still in the IPO lock-up period.

Once the lock-up period is over, they can make more than a billion based on Google's ever-expanding market value.

It's mouth-watering.