My Age of Investment

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Skipping the long series of numbers, Xia Jingxing continued reading.

Facebook, valued at US$60 billion, holds a total of 35.17% of its shares through individuals and multiple funds under Vision Capital.

YouTube, valued at US$15 billion, with individuals and funds holding a total of 29.18% of the shares.

Android, after receiving Xia Jingxing's latest round of US$1 billion in capital increase, its valuation has increased to US$2.5 billion. Xia Jingxing's total shareholding in the company has also increased from the original 90% to 94%, and the option pool has been diluted from 10% accordingly. to 6%.

A few years ago, when Xia Jingxing acquired Android, in order to retain the founding team, he promised them that their entire team's shares would not be diluted until the cumulative capital injection reached hundreds of millions of dollars.

After several years of development, Xia Jingxing has invested in Android for several rounds, and his promises have been fulfilled.

Therefore, Android’s shareholding ratio has changed after completing the latest round of financing.

It is worth mentioning the valuation of Android. Gates once offered $1 billion to acquire it, while Xia Jingxing counter-offered $5 billion.

The reason Xia Jingxing spoke so loudly was to force Gates to give up the idea of ​​acquiring Android. In fact, Android cannot reach a valuation of US$5 billion. .

In particular, Android has not yet achieved much revenue, let alone net profit. Even the only mobile phone manufacturers equipped with Android system are Fuxing and Meizu. Its commercial value has not been fully highlighted, and there is still a long way to go before it can bloom as a king. way to go.

Tesla is valued at US$1 billion. Vision Capital holds 45.02% of the shares and individuals hold 17.78% of the shares, for a total of 62.8%.

Fuxing Industrial Holding Group, after receiving an investment of up to 10 billion U.S. dollars from Xia Jingxing, its post-investment valuation reached 40 billion U.S. dollars. Xia Jingxing’s shareholding ratio increased from the original 96.85% to 97.64%, and the shareholding ratios of Chen Hong and Huang Hongsheng families decreased respectively. to 0.58%, 1.78%.

The valuation of Fuxing Industrial Holdings Group last year was only US$10 billion. The reason why it rose to a pre-money valuation of US$30 billion was mainly due to the huge sales of Fuxing mobile phones.

Fuxing Mobile achieved revenue of more than 50 billion yuan and gross profit of more than 20 billion yuan last year, so its valuation rose to US$25 billion.

This valuation ratio accounts for more than 60% of the entire Fuxing Industrial Group.

Xia Jingxing's idea of ​​developing together was completely in vain.

In the past, he called on all business groups to strive to catch up with the consumer electronics business group. As a result, not only did they fail to catch up, but the gap actually widened.

Now Fuxing Mobile has completely embarked on the fast track of development, making rapid progress. Mobile phone sales, revenue, and net profit have maintained an annual growth rate of several hundred percent.

Almost all other business groups are still investing in the research and development of new technologies and new products. For the time being, there are no relatively mature and innovative products on the market, so valuations have also risen slowly.

Xia Jingxing pinched his eyebrows and felt that he should be more patient.

The mobile phone business has stepped on the trend and taken advantage of it.

Other innovative industries such as cloud computing, new energy, artificial intelligence, etc. are still in the initial stage of development. They need to maintain long-term R\u0026D investment before they can reap the benefits slowly.

The US$10 billion he injected some time ago will mainly be used for the research and development and early market promotion of these innovative industries.

With his current financial resources, he can support the development of multiple business lines.

Whether it is cloud computing or artificial intelligence, Fuxing Industry's investment in these cutting-edge technologies will not be weaker than that of the world's top technology companies such as Google and Microsoft.

Compared with the United States, China's technological foundation is relatively weak and it has always been short of money, talent, and environment.

If China wants to blossom into a brilliant technological flower, it must make changes in many aspects.

All he can change now is money. He can enhance the scientific research strength of Fuxing Industry by increasing investment in R\u0026D, improving the salary of scientific researchers, cooperating with universities, and poaching talents abroad.

When the revitalization industry develops, it will cultivate countless talents and drive the development of multiple industrial chains. At the same time, the scientific research environment will also be improved.

Fuxing Industrial, as a super complex of "hard technology, industry, industry, industry leader, and cutting-edge technology laboratory", can be said to have placed countless expectations on him.

If Renaissance Industries can break foreign technology monopolies in many fields in the future, it will undoubtedly make up for the most important shortcomings of the country, and there will be no need to fear threats from others in the game between countries.

This is the new goal and new ideal he found for himself after becoming financially free.

As an idealistic person, he did not fall into confusion about the future, nor was he lost in the desire for money. Instead, he was gearing up and ambitiously preparing to do something big!

Although he can predict the difficulty of the road ahead, he will never back down, because a good person like him should have lived a brilliant life, instead of dying on the bed and taking his money to the grave.

Thinking of this, Xia Jingxing glanced out the window. He had a panoramic view of the bustling Wall Street and the various neighborhoods of Manhattan. At an altitude of more than two hundred meters, he could smell the flow of money through the window glass.

But so what?

Although this place is nice, it’s not my hometown!

After dispelling the thoughts in his mind, Xia Jingxing continued to check the documents in his hand.

After accepting his US$1 billion capital increase, Domestic Holding Group completed the C round of financing, with a post-investment valuation of US$5 billion. Vision Capital's shareholding ratio increased to 70.29%, and Facebook's shareholding in the company The proportion dropped to 12.57%.

Since the Lixia No. 2 fund holds 16% (20% before dilution) of the shares of Domestic Holdings and the external LP holds 50% of the shares of Lixia No. 2, 8% needs to be subtracted. His true shareholding ratio of Domestic Holdings is 62.29%.

He holds 100% of the US$10 billion semiconductor industry investment fund established in Singapore.

He personally holds 95% of the 100 billion yuan semiconductor industry investment fund established in China, and Fuxing Industrial holds 2% of the fund.

Envision Financial Holdings Group plans to absorb and merge AIA and East West Bank on the basis of Envision Securities. After the asset integration is completed, the corporate valuation will reach approximately US$32 billion, while liabilities will exceed US$20 billion.

Hanergy invested US$22.5 million in the acquisition of Lehman Asia, and Xia Jingxing undertook all the remaining investment, which was approximately US$11.5 billion, including US$10.3 billion from AIA, US$202.5 million from Lehman Asia, and US$1 billion from East West Bank. Dollar.

The matter of East West Bank has basically been negotiated. It will probably spend US$1 billion to privatize this largest bank serving Chinese and Chinese Americans in the United States.

Therefore, the equity structure of Envision Financial Holdings Group has been initially divided, with Xia Jingxing holding 99.8% of the shares and Hanergy Investment holding 0.2%.

Xia Jingxing's corresponding shareholding value is currently only over 11 billion US dollars, because of the factor of 20 billion US dollars in loans.

Ali Group is valued at US$13 billion, with Facebook holding 11% and Vision Capital holding 33%.

Among the 33% shares, the Liqiu No. 2 Fund holds 20%, and Xia Jingxing holds 50% of the fund, which corresponds to a 10% shareholding after penetration.

Including another 13% stake, Xia Jingxing holds a total of 23% of Ali's shares.

Last year, Envision Capital, Jack Ma, and Facebook acquired Yahoo’s stake in Ali.

At that time, Xia Jingxing had no cash on hand, so he pledged all of his Ali shares to Goldman Sachs and Morgan Stanley (I missed it, please fix it).

Now, as Ali's valuation continues to decline, there is a problem of insufficient collateral.

Therefore, Xia Jingxing paid off US$2.5 billion in loans and interest borrowed from Goldman Sachs and Morgan Stanley some time ago, totaling approximately US$2.6 billion.

This caused Xia Jingxing's personal treasury to shrink from US$35 billion to US$32.4 billion.

After reading Ali's data, Xia Jingxing accelerated his reading speed and quickly scanned the companies invested by VC funds such as Jingxi, LinkedIn, and Gaopeng.com.

After five or six years of development, the VC funds established by Envision Capital in China and the United States have invested in 112 companies.

The total valuation of these companies is approximately US$35 billion, and Vision Capital’s average shareholding is approximately 20%, corresponding to a value of US$7 billion.

The real estate fund is US$2 billion, the two newly established VC funds in China and the United States are US$2 billion, and the 3.5 billion yuan securities investment fund managed by Deng Fenghua is all his own funds.

To sum up, Ling Ling's assets are mainly divided into three major sectors.

One major sector is the equity assets of eight major companies including Facebook, YouTube, Tesla, Android, Renaissance Industries, Overseas Holdings, Envision Financial Holdings, and Ali, with a combined value of US$85.12 billion.

A major segment is Envision Capital's VC funds, real estate funds and mainland securities investment funds. These are all self-owned funds, with a combined value of US$11.5 billion.

The last big chunk is cash, with $32.4 billion left.

The assets of the three major sectors are added up to a total of US$129.02 billion.

If included in miscellaneous assets such as residences, airplanes, Jupin Pictures, copyright funds, empty cooking pots, etc., the net worth can reach 130 billion US dollars, which is equivalent to 3.25 Bill Gates.

It is worth mentioning that this statistical report does not include the valuation of Vision Capital.

What is Envision Capital’s valuation?

I'm afraid it's a priceless treasure.

If Vision Capital follows Blackstone's lead and takes the company public, securitizes its earning power, and achieves a market value of tens or even hundreds of billions of dollars, it will be more than enough.

But Xia Jingxing obviously wouldn't do that.

First of all, listed companies need to disclose a lot of information to the public, which is not conducive to Envision Capital secretly doing things.

Secondly, listing requires a shareholding restructuring, changing Vision Capital from a partnership to a company, and it also needs to release its equity to the outside world. Then it is not possible to work for shareholders?

In the end, Vision Capital’s most profitable and core asset is him.

Securitize your assets and sell them for tens or hundreds of billions of dollars?

Bargain sale! This is definitely a bargain!

In seven years, he earned a net worth of US$130 billion!

In the next ten years, he can also create the second and third US$130 billion.

Therefore, one can quickly conclude that selling yourself right now is not a good deal.

By 2020, all foresight had gradually been lost. Xia Jingxing felt that it was almost time to put Vision Capital on the capital market, sell himself at a good price, and cash out perfectly.

As a qualified capitalist, you must be ruthless and even sell yourself!

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