My Age of Investment

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Wang Wei left in despair. Xia Jingxing was more considerate and agreed to give him a week to think about it.

After watching Wang Wei leave, Zhang Yong, who had been observing from the sidelines, was completely convinced.

Mr. Xia understands people with reason, moves people with emotion, and pays attention to persuading people with virtue in everything.

To tell the truth, first present the cruel facts to break Wang Wei's psychological defense, and then reward him with a sweet date, draw a big cake, and add the halo bonus of Asia's richest man. What would Wang Wei choose? In fact, it is not difficult to guess.

"Mr. Xia, where is Yang Lei?"

Zhang Yong looked at Xia Jingxing, reminding him that he had a back-up plan.

Xia Jingxing waved his hand, "Yang Lei, don't move yet, let's see what Wang Wei chooses."

Xia Jingxing sighed and looked faintly at the Oriental Pearl TV Tower opposite.

Yang Lei is one of Dragon TV's top ten beautiful hosts and Wang Wei's ex-wife.

At a party, a talented man who was successful in starting a business met a beauty who combined talent and beauty. The two had a passionate relationship and fell in love at first sight.

On their trip to Tibet the year before last, Wang Wei proposed to Yang Lei with a ring folded from one-yuan banknotes. Literature and art opened the door for literature and art, and literature and art was at home.

Their wedding was also held in 2007, and was specially chosen to fall on the Chinese Valentine's Day.

Because the wedding was held far away in Bali, Xia Jingxing did not go to congratulate them in person, but gave each of them a Fuxing FX1 mobile phone and a Tesla roadster as wedding gifts.

But the good times did not last long. After only ten months of marriage, Wang Wei, who had been married once before, showed his true nature as a scumbag and fell in love with Tan Yuanyuan, the "Light of Chinese Ballet", so he unilaterally proposed to Yang Lei Got divorced.

The matter is settled here. What's even more amazing is that Wang Wei is only willing to give Yang Lei 100,000 yuan as divorce property, and is not willing to divide Tudou's shares at all.

Yang Lei paid for the decoration of the house where the two of them lived worth more than 100,000 yuan alone. Wang Wei's move was a bit unkind.

At present, the divorce lawsuit between the two has not officially ended, because the court followed the practice of not supporting the first divorce case and ruled that the divorce is not allowed.

Before the two officially got married, Vision Capital required Wang Wei and Yang Lei to jointly sign a "potato clause."

The potato clause stipulates that if the founder divorces his spouse, he needs to notify the board of directors.

Originally, this article required the approval of the board of directors, but the domestic Civil Code did not support it. Marriage rights were free and outsiders could not interfere, so it was slightly improved and changed to notify the board of directors.

At the same time, Rao Lei, who served as a director of Tudou.com for Vision Capital, also acted as a marriage mediator, earnestly persuading the two of them not to divorce, especially Wang Wei, but it didn't work at all. Wang Wei insisted on getting a divorce.

There are also several different solutions in the Potato Clause for founders and spouses to choose from.

The first option is the "Spousal Declaration". The founder's spouse signs an agreement to give up all claims to the company's shares. Once divorced, it will be judged as non-marital property.

The second option is to split the voting rights, dividend rights, and appreciation rights of the shares held by the founder. The spouse gives up the voting rights of the shares and only retains the dividend rights and appreciation rights.

In other words, once divorced, the spouse can receive shares in the company, but it will not affect the company's control, which will in turn affect the company's listing, financing, mergers and acquisitions and other capital operations.

The specific approach is to create a limited partnership for the couple, just like building an employee stock ownership platform, with the spouse as the LP and the founder as the GP.

The third option is to require the couple to sign a prenuptial property agreement to resolve all hidden dangers that divorce may cause to the company.

These three options take into account the status of the founder, whether he is single or married, and also give the founder a variety of choices.

At present, the founders of hundreds of companies invested by Vision Capital, Mobile Phone Industry Fund, and Fuxing Industrial Industry Fund have all signed potato clauses.

But among the three major solutions involving property, there are very big differences between the choices of Chinese and American founders.

Unmarried founders in the United States basically choose the third option and sign a prenuptial property agreement.

Because many married founders in the United States have signed prenuptial property agreements, it is not Envision Capital’s turn to worry about them and they have their own private lawyers.

Most unmarried founders in China choose the second option.

For example, Wang Wei chose to give half of his shares to Yang Lei, as long as he had full voting rights.

However, this does not mean that Yang Lei can get half of the 27% stake held by Wang Wei.

Wang Wei founded Tudou in 2005 and got married in 2007.

Gu Xi

The equity appreciation during the marriage needs to be divided in half.

Xia Jingxing estimated that Wang Wei's equity assets in Tudou before his marriage were approximately US$90 million, and after his marriage, his equity assets in Tudou were approximately US$135 million. This was calculated based on last year's valuation of Tudou. Nowadays, overseas holding mergers and acquisitions may still be More than this price.

Even so, Yang Lei can still get half of the husband and wife's joint property of 45 million US dollars.

Wang Wei is definitely going to suffer a lot of bleeding this time, and he can't get a divorce with 100,000 yuan.

The divorce of the two in the previous life caused a storm in the capital circle, which then gave birth to the potato clause.

On the day after Tudou submitted its IPO prospectus, Yang Lei launched a fatal blow by disobeying the first-instance judgment on the division of divorce property and launching an appeal.

This directly caused Tudou's equity to be frozen for more than half a year, lagging behind Youku in its listing. After its listing, it caught up with the European debt crisis and the trust crisis in Chinese concept stocks. It broke the stock once it was listed, and was eventually absorbed by Youku, which had lagged far behind it.

This case of losing both his wife (divorce) and his army (giving Yang Lei a settlement of US$7 million) made the capital circle realize the importance of the founder’s marriage and began to pay attention to the founder’s spouse.

Another company invested by Vision Capital, Ganji.com, one of the founders, Yang Haoran (Yang Haoyong), had an affair with his brother during their marriage two years ago. Recently, he and his wife are fighting lawsuits in California, Beijing, and their hometown in Yecheng.

But the problem is not a nuisance and will not affect the listing of Ganji.com.

Because the couple also signed the Potato Clause, Yang Haoran’s wife gave up all claims to Ganji.com’s equity.

This matter was somewhat unfair to the woman I had never met.

But Vision Capital made an appointment for the couple to meet together, and under the witness of a lawyer, they explained three different plans in detail.

Yang Haoran's wife followed him to the United States. She has been taking care of her husband and raising children at home, treating her husband as her god.

After listening to the interpretation of the agreement, without saying a word, I chose the first option and gave up the equity of a newly established company.

If you are facing the equity of a quasi-listed company, you may have different choices.

Because this point has also been verified in the practical work of Vision Capital.

It's fine abroad, and the prenuptial property agreement is clearly signed, but in China it's not so particular.

When Vision Capital suddenly threw out such an agreement, they were still a little unhappy and uncomfortable.

But there is nothing you can do if you are unhappy. If you don’t sign the agreement, you won’t invest.

Most founders are also relatively conscientious and choose the second option, counting the company's equity as joint property during the marriage.

There are also a small number of people who, because the company is relatively small and want to prove that love is stronger than gold, choose the first option.

Xia Jingxing doesn't want to make these troublesome agreements, but today's society is too impetuous, and he needs to take precautions before they happen.

Without Tudou clauses, there would still be clauses such as Ubao and Kunlun Wanwei.

Investment is a rational job, and the emotional side can only be left to life.

After arriving in the Magic City two days ago, Xia Jingxing sent Liu Xiaoduo to contact Yang Lei.

She would love to sell Tudou, but she has no voting rights.

According to Xia Jingxing's arrangement, Yang Lei could temporarily not sue for division of property, but first take Wang Wei's 100,000 yuan to paralyze the other party.

However, if Wang Wei is unwilling to sell the company and insists on an independent listing, when the court allows divorce in a few months, Yang Lei will launch a fatal blow on the eve of Tudou.com's listing and demand the division of equity as she did in her previous life.

Once the two start a divorce property lawsuit, which affects the company's listing, Xia Jingxing will contact other major shareholders to expel Wang Wei and complete the acquisition of Tudou.

This was a second-hand preparation, a bit sinister, and a method Xia Jingxing was unwilling to use.

But no matter which way he goes, Wang Wei will definitely face a lawsuit, and he will lose 100% of the time.

The potato clause helped Yang Lei, but hurt Yang Haoran's wife.

From the perspective of the founder and his spouse, it is difficult to say whether it is good or bad, it depends on personal choice.

Even if there is or is not restricted by this clause, those who should divorce will still get divorced, and those who should have property disputes will still have them.

However, with such a quasi-property agreement, the founders and their spouses will have fewer disputes, and the lawsuits will be fought faster. This is the biggest impact on investors.

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