My Age of Investment

Xu Tingyin came to the International Financial Center Phase II Building to visit Xia Jingxing with a mournful face.

Hengtai's listing plan has been shelved again.

Encountered the unfortunate financial crisis, money suddenly tightened, and housing prices fell accordingly, causing Hengtai's capital flow to have problems again.

Because the company often invites some Hong Kong celebrities to come over to cut ribbons and do acupuncture when the company's real estate properties are opened, Xu Tingyin met a friend-Boss Yang of Yingwang Entertainment.

After the other party learned about his business difficulties, he introduced him to work with Zhu Yutong and Liu Shuangxiong, the founders of Zhu Dafu, one of the four major real estate families, to work with Big D and get close to this wealthy circle in Hong Kong Island through playing cards.

Xu Tingyin played cards with this group of people for a while, served tea and water like a little brother, and served the elder brothers comfortably.

But this group of people just don't want to spend money to help.

Just when Xu Tingyin was starting to feel a little discouraged, news suddenly came from the market that Xia Jingxing defeated Li Huangtai and made tens of billions of Hong Kong dollars.

Considering that Vision Capital already holds a lot of shares in Hengtai, Vision Capital is not the best investor candidate for this round in Xu Tingyin’s mind.

But Big D Club never accepted him, and Xia Jingxing kept singing triumphantly.

After much thought, Xu Tingyin came to the door with a shy face.

After hearing Xu Tingyin's complaint, Xia Jingxing frowned, "Hengtai's cash flow is so tight, and the asset-liability ratio is as high as 95%. Why didn't you come to me earlier?"

Xu Tingyin sighed and said: "Well, this is mainly because I am too optimistic. I always thought that I would make money when I go public, and I don't want to trouble Mr. Xia anymore.

You have already helped me a lot, I am really sorry to bother you again. "

Xia Jingxing looked at Xu Tingyin with a smile, guessing some of the other person's true thoughts.

Most of the time, many Belts searched around the outside world, only to find that they couldn't raise funds at all, so they had no choice but to come back to take advantage of Vision Capital.

Worried that Xia Jingxing might have heard something, in order to show his sincerity, Xu Tingyin took the initiative to talk about the big D meeting.

When he heard Xu Tingyin serving tea and pouring water for two months, Xia Jingxing asked with a smile: "You have such a low profile, but they are still unwilling to invest?"

"I feel they are still willing to invest, but the financial crisis has broken out. The longer they wait, the better the conditions for investment will be."

Xu Tingyin shook his head repeatedly, "But Mrs. Heng can't afford it now, so she has no choice but to come to you for help."

Seeing Xu Tingyin being so candid, Xia Jingxing didn't ask any more questions about the Big D meeting.

He remembered that in his previous life, several Hong Kong tycoons from the conference had made a huge bargain. When the financial crisis broke out, they bought shares in Hengtai at a low price. Hengtai went public more than a year later and made a lot of money.

However, before officially investing in the shares, they investigated or deliberately delayed Xu Tingyin for three months.

Xu Tingyin was also stupid. He didn't know how to hug such a thick thigh, so he ran to hug the smelly feet of a rich man from Hong Kong.

He wouldn't covet the control of Hengtai. Xu Tingyin was wary of him because he was worried too much.

Now that Xu Tingyin came to ask for help, Xia Jingxing decided to save him.

Because he had already invested US$400 million in Hengtai before, he originally planned to transfer this part of the equity to China Investment Corporation, but China Investment Corporation was determined not to do so and felt that there was no investment value.

This time coincided with the financial crisis. Blackstone and Morgan Stanley, which CIC had previously invested in, suffered serious losses, and their investment actions became increasingly conservative.

Therefore, Xia Jingxing had no choice but to continue to hold this part of the equity, planning to wait until Hengtai went public and then slowly sell it off.

"How much do you plan to raise? What's the valuation?"

Xu Tingyin saw that Xia Jingxing had not spoken for a long time and thought that there was no chance. When he heard the other party's inquiry, it was like hearing the sound of nature, and he immediately replied excitedly: "The financing is 600 million U.S. dollars, and the valuation is 4 billion U.S. dollars."

Xia Jingxing smiled and said: "The valuation was US$5 billion the year before last. Now the valuation has been reduced. According to the ratchet terms, you need to compensate the losses of the previous round of investors."

Xu Tingyin consulted the legal affairs department and was fully prepared for this. He said without changing his face: "The financial crisis is so severe right now. It is already extremely lucky to have investment in it. How dare we expect the valuation to rise.

People, you must learn to assess the situation.

Mr. Xia, you can rest assured that we will recalculate the last round of corporate valuation in compliance with the signed agreement.

Vision Capital previously invested US$400 million, accounting for 8% of the shares, and the post-investment valuation was US$5 billion.

Now all shareholding ratios are calculated based on a post-money valuation of US$4 billion.

The US$400 million in the previous round plus the US$600 million in this round totaled US$1 billion, accounting for 25% of the shares. "

After saying that, Xu Tingyin's heart was bleeding, but his face still pretended to be very happy and satisfied.

Without that damn ratchet clause, he found someone to calculate that after two rounds of financing, the total shareholding ratio of Vision Capital was only 21.8%.

After triggering the ratchet clause, Vision Capital's shareholding ratio increased by a full 3.2%, all of which were cutting off his flesh.

There is no way, who made Hengtai's valuation lower.

More than a year ago, they invested in Hengtai at a post-money valuation of US$5 billion. Now the valuation has been reduced to US$4 billion. Without such protective clauses, investment institutions would have suffered losses.

The so-called self-financing is all bullshit.

He felt that the venture capital industry was too deep.

If entrepreneurs are weak and have little say, they can be pinched as much as they want.

As an entrepreneur, he not only cannot protest, but also has to keep smiling as he does now.

If he made Xia Jingxing unhappy, he would have to go back and accompany those Hong Kong Island tycoons to pick out the big guns.

He feels annoyed when he sees the cards now.

In the past two months, he had played all the cards of his life and never wanted to touch them again.

Liu Shuangxiong didn't know whether he was bored or had some health problem. Arranging to play a few rounds of golf and try new ways of playing would be better than playing cards every day!

Don’t understand the joy of life! Xu Tingyin complained secretly in his heart.

Xia Jingxing made a mental calculation and invested a total of US$1 billion, expecting to acquire 25% of Hengtai's equity.

The return on investment is definitely not as good as Ali, but it is still a pretty good investment. There is no problem in earning a few hundred small goals.

Rather than letting Hong Kong's richest people take away the dividends from the mainland's real estate market, and then fly away with the money to invest overseas, it is better to pocket this profit yourself, and then use it to invest in the country, taking it from the people and using it for the country. people and achieve common prosperity.

"Okay, I'll arrange for Mr. Chen from Hanergy to contact you. You can discuss the specific agreement with him."

"That's great, thank you, Mr. Xia!"

Xu Tingyin had a smile on his face, knowing that he was sure, and all that was left were just some details.

When he looked at Xia Jingxing, who had a calm face, as if he had made a six-dollar transaction, he sighed in his heart, Mr.

Those people are picky and fussy, and they always act with a sense of pettiness.

When Hengtai becomes bigger and stronger in the future, he will be like Mr. Xia, holding hundreds of billions of funds, turning his hands into clouds and turning his hands into rain...

As for one trillion, that goal is too big and I don’t dare to think about it yet.

Xia Jingxing dialed Chen Hong and asked him to go upstairs and pick up Xu Tingyin.

Lehman Asia's business is now almost completely shut down, so he handed over Hengtai's financing case to the newly acquired company, making the best use of it.

In addition, it is worth mentioning that Lehman Asia has now officially changed its name to Envision Securities, and is still responsible for securities brokerage, investment banking, fixed income and other business sectors.