My Age of Investment

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Jack Ma asked: "You mean that we entrepreneurs should do charity in the form of investment?"

Xia Jingxing smiled and shook his head, "I missed one point, use economically beneficial investments for public welfare.

It is not a donation, nor is it purely for charity, the core is investment.

Compared with mainstream VC and PE investments, impact investment still pursues financial returns, but the requirements for return methods and yields are more flexible, and the investment payback period is also longer, so there is also the term "patient capital". "

Ma Yun frowned. Impact investment sounds very high-end, it is a charity, and it has a positive impact on society, but he feels in his heart...it doesn't seem to be very profitable.

Otherwise, everyone would surely be willing to do impact investing. After all, no one dislikes both fame and fortune.

Before Ma Yun could ask, Yu Feng took the lead and asked: "Mr. Xia, public welfare and business are independent under certain circumstances.

If you pursue public welfare, you must sacrifice commercial interests, and vice versa. How to balance the two is the key, right? "

Xia Jingxing smiled and said: "You are right, there needs to be a balance, otherwise we will lose money and gain publicity, or be considered by others as trying to gain fame."

Ma Yun smiled and said in a joking tone: "It sounds a bit thankless."

"That's right, I feel a little dizzy!"

Xia Jingxing smiled self-deprecatingly, "But the crazy Rockefeller family has actually inherited wealth for six generations, and it will be seven generations soon."

Ma Yun completely understood and replied: "Darren, national conditions are different and cannot be treated as the same.

The Rockefeller family used to have a bad reputation for monopolies, so they worked hard to do charity, and then used this as a basis to send the family's children into politics.

us……"

Ma Yun looked at Yu Feng and said, "You are the brother of the big courtyard, please tell me!"

Yu Feng smiled slightly, and then chattered a lot.

To sum up, there is one core point: without such a revolving door, there is no way to go.

Xia Jingxing felt that the two of them had gone into a misunderstanding, so he said to them, "Do you know about the Hong Kong company? Their ancestors made an impact investment."

Ma Yun and Yu Feng stopped talking for a moment. After a while, Ma Yun said quietly: "That's just an example, and the background of the era is very special."

Xia Jingxing smiled and said: "Can't we do impact investing in the peaceful times?

I know that everyone feels insecure and likes to form gangs to improve their social status and at the same time get an amulet to hang on their chest.

But let me tell you, these methods are too low-level and won't have any effect if something really happens. "

Ma Yun was amused, looked at Xia Jingxing with his hands folded, and said angrily: "Tell me, what's your clever trick? Are you counting on this impact investment?"

Xia Jingxing looked at Ma Yun and Yu Feng and said, "We are both self-made businessmen, and we have never participated in some special trends of the times.

But we new economy entrepreneurs may also face a problem in the future, capital needs to expand in an orderly manner!

It can grow wildly now, but the future is uncertain. "

Ma Yun's expression changed, "Darren, have you heard any news?"

Xia Jingxing shook his head and said: "This is what I speculated. In fact, no matter which country it is, there will be regulatory measures and they will not allow the disorderly expansion of capital.

Impact investing is different. It is mainly about solving problems for society. It is an investment direction worthy of advocacy and praise, and will not encounter resistance from the regulatory level. "

Ma Yun swallowed his saliva. He knew that Xia Jingxing could go to Datian to listen, but now he doubted whether Xia Jingxing had accepted some special mission.

"Darren, we just invite a dozen entrepreneurs to invest together. Is there no problem?"

Seeing Jack Ma's cautious look, Xia Jingxing knew that Jack Ma was not yet swollen and was someone who could still be saved and redeemed.

"I've made it very clear. It's up to you whether you want to make quick money or earn a stable life, or even accumulate some virtue for future generations."

After saying this, Xia Jingxing said nothing more. He wanted to stick to impact investing anyway. As for whether Lao Ma would like to follow him or not, it depends on Lao Ma's personal choice.

Of course, he still hopes to lead Lao Ma on the right path.

It is always good to have one less person like Li Huangtai and one more entrepreneur who is willing to contribute to society.

Moreover, Yunfeng Fund has contacted a large number of top domestic entrepreneurs. If they take the lead in making impact investments, they can also point out a clear path for those who are anxious all day long.

Ma Yun seemed a little hesitant. He didn't really believe that impact investing could truly protect his life. Internet entrepreneurship and investment entrepreneurship were now in full swing, and there was no sign of stepping on the brakes. He felt that Xia Jingxing was a bit unfounded.

But Xia Jingxing is the richest man after all, and any of his actions are worth pondering.

This is what Ma Yun is most unsure about. He doesn't believe that Xia Jingxing really thinks that money is too much and too hot, and plans to do something thankless or useless.

According to his understanding of Xia Jingxing, he was a guy with extremely forward vision.

Whatever he wants to do, it's right to do it together.

That's why he tried his best to persuade Yu Feng to bring Xia Jingxing into the Yunfeng Fund.

Ma Yun looked at Yu Feng and found that the latter also had a pensive look on his face, as if he was seriously thinking about the astonishing point made by Xia Jingxing.

"Darren, the scale of Yunfeng Fund's first fund may reach tens of billions of yuan. Will all this money be used for so-called impact investment?"

Ma Yun felt a little reluctant to give up. Impact investing is clearly about chewing some hard bones. Isn’t it good to make money easily?

Xia Jingxing saw that Ma Yun seemed a little shaken, so he decided to give him some more pointers.

“As the old saying goes, wealth first drives wealth later, and impact investing is the best embodiment of this saying.

Rather than waiting to impose a tax on the super-rich, it is better to take the initiative and gain some proactive advantages.

Do we have to wait until the bill is enacted before we start investing in industries that ordinary people dare not enter and are unable to enter?

It’s not that you can’t make money with impact investing, it’s just that it’s a little more troublesome, a little more difficult, and the wait takes a little longer. "

Ma Yun shook his head and said: "I personally have no problem. I am mainly worried about other people. After all, their investment purposes may be somewhat different from ours."

"Then you can try to convince them. If you can't convince them, you can choose to do it with me!

Vision Capital will next increase the proportion of impact investment, which is a social responsibility that must be fulfilled to be China's first VC fund.

Making money and leaving was also an option, but Ahri didn't do well abroad. "

Ma Yun understood again. This was to remind himself where the foundation lies.

"Mr. Xia, what do you mean, Vision Capital will not only do impact investing?"

Yu Feng looked at Xia Jingxing and discovered a key point keenly. If you don't do it yourself, why should you ask others to do it?

Xia Jingxing smiled and said: “If it is not a specially established impact investment fund, conventional funds do not need to allocate all of this asset class.

However, the concept of impact investment was summarized by foreigners.

If we want to do it, we should follow the path with Chinese characteristics. "

"What special route?" Ma Yun heard something different.

“Foreigners’ impact investments are mainly focused on people’s livelihood, investing in enterprises such as ecological agriculture, ecological industry, green economy, and resource recycling and reuse.

After these enterprises grow up, they can play a certain role in environmental protection.

I heard that the northwest has achieved certain results in desertification control in recent years, but it is far from enough. If more investment in afforestation companies is made, the construction and restoration of oases will definitely be accelerated.

If you can invest in some companies that develop automatic tree planting machines and tree planting robots, you will also be contributing to environmental protection.

There is also care for the disadvantaged groups in society, such as investing in financial institutions like Grameen Bank, which can issue semi-public loans, and investing in some companies that employ a large number of disabled people.

These are the specific implementations of foreign impact investment in China that I have summarized, but they are far from enough.

China's overall poverty is also related to the predicament of low-end manufacturing in the industrial chain. I believe that impact investment that is in line with China's national conditions is to invest in high-end manufacturing to help industrial upgrading.

For example, semiconductors are an industry that lacks investment.

If the semiconductor industry can rise, will this have positive implications for society and the environment?

I think there is. If China masters high-end manufacturing industries, backward and polluting industries can be transferred to Vietnam and India. "

Ma Yun and Yu Feng looked at each other, and the former replied: "Darren, you mean this is the industry that the country wants us to enter? To achieve the orderly expansion of capital?"

“In the long run, this should be it. This is a high-return track that is no less than that of the Internet industry.

Renaissance Industrial Investment Fund is currently investing heavily in semiconductors, betting on this track.

If Yunfeng Fund invests heavily in semiconductors like us, works together to heat up this industry, and works together to create and improve the semiconductor venture capital ecosystem, then social evaluation and the impression in the eyes of senior executives will undoubtedly be more positive and positive.

At the same time, after the rise of the semiconductor industry, the returns will also be astronomical. "

Ma Yun knew what Xia Jingxing's ultimate goal was.

I screamed with low emotional intelligence and dragged myself into the muddy waters of semiconductors.

Those with high emotional intelligence will say that we should guide idle social funds into industries that are still lagging behind in the country.

All the government work has been done by you! What do you want to do?

Ma Yun looked at Xia Jingxing with complicated eyes, becoming more and more confused about him. He really wanted to cut open his brain and see what was inside.

"Darren, I understand what you mean. Yunfeng Fund will definitely fulfill its social responsibilities, but we can't compare with you for the time being. Even if we do impact investment, the scale will not be very large at the beginning.

Because as a newly established investment institution, Yunfeng Fund’s first goal is to survive first before talking about other pursuits. "

Ma Yun seemed very honest. He had decided to listen to some of Xia Jingxing's suggestions, but he would not accept them all.

Xia Jingxing has a strong family background, so he dares to spend 100 billion to play with semiconductors. He doesn't dare to accompany Xia Jingxing to go crazy like this.

Yu Feng glanced at Ma Yun and did not raise any objection. He also thought in his heart that he should do some "good things".

Especially Xia Jingxing is already doing this. If others don't follow suit, then it's not right.

Xia Jingxing didn't know what Ma Yun was planning. He just wanted to do it superficially, but he still truly recognized the views he put forward today.

Today's private entrepreneurs are already extremely rich, and a large amount of social capital has not been invested in the right industries, such as semiconductors.

Where have they all gone? Such as the real estate and stock markets where money comes in faster.

Capital is all about profit, and the semiconductor industry is currently in darkness, far from the lively scene that will happen ten years later when the whole country will unanimously develop its own semiconductors.

Under such circumstances, it would be very strenuous and difficult for him to try to promote and change alone.

Money is only one aspect. What is even more lacking is the dual support from social forces and government forces.

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