My Age of Investment

On the 36th floor of China Merchants Building, in the conference room of Vision Capital.

Chen Hong, Zhu Min, Deng Feng, Xu Xin, Lin Xinhe, Chen Datong, Wu Ping, Wang Jingbo and other investors stared intently at Xia Jingxing who was standing on the stage and giving a passionate speech.

"...China actually has no shortage of excellent engineering and semiconductor talents, but most of these people are in Silicon Valley. Even in China, they are working for a bunch of foreign chip manufacturers such as Intel, Infineon, Samsung, and SK Hynix."

"This is actually a normal phenomenon. You have to eat! Foreign-funded manufacturers have technology and good wages and benefits, but domestic manufacturers generally have low wages and low technical levels, and they cannot be given a stage to display their personal talents."

"Semiconductors are a capital- and technology-intensive industry. Except for the efforts of the whole country, ordinary capital does not dare to touch this thing. It is expensive, long-term, and risky."

"In the past, the country was not rich and could not afford large-scale investment to support the semiconductor industry. However, venture capital did not achieve greater progress and development until the new century, or to be more precise, after 2005. Various reasons have led to the current domestic semiconductor industry. Lack of funds, lack of talent, lack of industrial chain.”

“But on the other hand, it is precisely because the semiconductor industry is booming, and the national economy and demand for electronic products are growing rapidly, that semiconductors will become a sunrise industry in the next ten, twenty years or even longer. "

"We enter now and will take advantage of the times and enjoy this upcoming wave of industrial dividends."

"The planned fundraising scale of the first phase of the Integrated Circuit Industry Investment Fund is 100 billion yuan. After the fundraising is completed, the fund will invest in 100-200 outstanding start-ups around the semiconductor industry chain, support and cultivate their growth, and help them become their respective The best in the field.”

…

After Xia Jingxing finished his speech with a dry mouth, he picked up the mineral water on the table, opened it and took a sip.

At this time, all the investment talents in the conference room woke up from their dreams. After reacting, they immediately applauded.

"Really invest 100 billion?"

The person who asked the question was Zhu Min. The expression on his face was even more exaggerated than that of Song Xiaobao on the stage. He was really shocked.

Others had the same reaction as Zhu Min and had similar questions. This is 100 billion, not 10 million, let alone 1,000 yuan.

If they remember correctly, according to last year's Hurun Rich List, Xia Jingxing's net worth was exactly 100 billion.

Although this statistic is not necessarily accurate, their guess is that it is about the same. Even if the estimate is less, the real worth is 150 billion or 200 billion, but most of those are equity assets, and they are still equity interests in unlisted companies. 100 billion in cash?

In the past, Xia Jingxing had repeatedly mentioned the 100-billion-dollar integrated circuit industry fund, but none of them took it seriously. After all, Xia Jingxing and Jack Ma were very close, so it was normal for him to pick up the old horse's bad habits.

Xia Jingxing had a confident and calm smile on his face. Although the people present today were all close friends and colleagues, he did not intend to explain too much about the source of the funds. After all, everyone has their own secrets these days. He just Just put the exact amount of investment in the agreement.

"Yes, the proposed size of the fund is RMB 100 billion, and all investment commitments will be put on paper."

Hearing this, everyone's faces were a little moved. This was not a cannon shot, but a real move!

“100 billion is not a small amount, and the fundraising process will be relatively long, but the semiconductor industry is lagging too far behind, and development cannot be delayed.

Therefore, Vision Capital can promise that the first phase of 5 billion funds will be received within one week after the fund is established, and then the operation of the fund will be started immediately. "

Xia Jingxing looked around at the investors present and said, "The remaining 95 billion yuan will be delivered gradually within a year. If you are willing to invest, you can make a single or multiple capital injections within this year depending on the situation.

Of course, we will also carry out fundraising activities externally to strive to successfully complete the 100 billion fundraising goal faster. "

Xu Xin asked a very critical question: "Is Vision Capital also an LP limited partner like us?"

Xia Jingxing nodded slightly, "Yes!"

Then he turned his attention to Deng Yuanyun, who was smiling at the side, "The GP general partner is over there!"

Deng Yuanjun immediately answered: "Dear investors, Fuxing Industrial Holding Group is closer to the industry, and we have chip industries such as Fuxing Semiconductor, so we are very willing to support the development of the entire semiconductor industry chain.

With the fund in our hands, please rest assured that we will do our best to realize the investment value of the fund.

In addition, Fuxing Industrial, as the manager of the fund, in order to express our position of advancing and retreating together with LP, we plan to spend 2 billion yuan to subscribe for 2% of the fund. "

Everyone nodded slightly, but no one spoke.

The conference room became very quiet, and everyone was thinking about Xia Jingxing's intention for such an arrangement.

It is obvious that Vision Capital is mainly operating this fund, but why is the other party unwilling to exit?

Some people speculate that they want to use this fund to widen the industrial moat of Fuxing Industrial, and at the same time, it can also create industrial synergy between Fuxing Industrial and the invested companies.

Of course, Vision Capital is the major shareholder of Fuxing Industrial Group, and how it operates is their own business. Their investment share is small, and they have basically no say. It is not their turn to comment too much.

To be honest, Deng Feng, Chen Hong, Zhu Min, Xu Xin, Lin Xinhe and other five people are quite satisfied with this arrangement.

Because the venture capital institutions behind the five of them are small shareholders of Fuxing Semiconductor, each institution invested 200 million yuan and owns 1.84% of Fuxing Semiconductor's shares.

They invest money in the Integrated Circuit Industry Investment Fund, which will help revive the upstream and downstream semiconductor industry chain. This is in their interests and there is nothing wrong with it.

Chen Datong and Wu Ping are both founders of Spreadtrum Communications, the former is the CTO and the latter is the CEO.

This company was listed on Nasdaq in the United States last year as "China's first 3G concept stock", becoming China's first listed chip platform company and the largest chip design company by market value. It also helped Vision Capital as a shareholder. Another case of IPO returns.

When Fuxing Semiconductor was first established last year, Chen Datong visited Shanghai Magic City. At that time, he really wanted to invest in the company, but he had no funds.

So Xia Jingxing promised that once Chen Datong established a fund, Fuxing Semiconductor's second round of financing would be open to him.

Now Chen Datong has resigned from Spreadtrum and established his own fund, Huashan Capital, so Xia Jingxing also invited the other party here today to see if there are any further cooperation opportunities.

Wu Wei has not resigned and is still serving as the CEO of Spreadtrum Communications. He, Deng Feng and Chen Datong are from Tsinghua Chip Group. Today he came to the conference on behalf of Spreadtrum and planned to invest some money in the integrated circuit industry fund, which is equivalent to giving Spreadtrum Communications Get some resources for follow-up development.

The two of them didn't have much opinion. In their opinion, it didn't matter whether the management rights of the fund belonged to Vision Capital or Fuxing Industrial. It wouldn't fall into their hands anyway.

Wang Jingbo would not have any objections. She was attending the meeting on behalf of Noah Wealth, and Xia Jingxing wanted her to help sell the investment shares of the Integrated Circuit Industry Fund.

She was not sure whether this kind of long-term investment product could be sold. Anyway, if the shareholder Envision Capital had spoken, she would come.

After looking around at everyone, Xia Jingxing had an idea. Everyone probably had no objections, except for Fu Jixun, the person in charge of the Beijing office of Vision Capital.

Fu Jixun shrugged his head, a little disappointed on his face. In the end, he still failed to win against Deng Yuanyun, who belonged to the industrialist faction.

However, he also understands the boss's arrangement. The integrated circuit industry fund belongs to industrial capital and should be managed and operated by Fuxing Industrial, which should have better results.

In fact, no one present understood the other meaning of Xia Jingxing. Envision Capital was still working in the United States, and it was not suitable to engage in semiconductors in a big way for the time being, which would easily cause unnecessary trouble.

Xia Jingxing said: "If it is managed by Fuxing Industrial Holding Group, then the name Integrated Circuit Industry Investment Fund is somewhat inappropriate. I plan to change it to Fuxing Industrial Industry Fund."

Everyone present looked at me and I looked at you, and they all nodded, indicating that it was feasible.

Xia Jingxing smiled. Although the name of the Integrated Circuit Industry Investment Fund is more eye-catching and more impressive, since they have decided to keep a low profile, they should simply keep a low profile.

The name Renaissance Industrial Fund sounds very low-key and its structure is small. It looks like the name of a fund that invests in backward manufacturing industries that Europe and the United States look down on.

However, this does not affect the Renaissance Industrial Fund's investment in the semiconductor industry at all. As soon as the first payment is received, it will rush forward at full speed.