My Age of Investment

Sun Zhengyi is a cheerful person. A few days later, he signed an investment agreement for the D-round financing intention with Xia Jingxing and other domestic holding group shareholders in Beijing.

According to the agreement, SoftBank will invest US$1.6665 billion to acquire 5% of the shares of the domestic holding group;

DCM followed the investment by US$60 million and maintained its original 1.8% shareholding without dilution;

The four major VCs including Capital Today, Cybernaut, Northern Lights and Hanergy Investment Group each followed the investment with US$55.33 million and continue to hold 1.66% of the shares of Domestic Holdings respectively;

Chen Hong personally invested US$111 million and continues to hold 3.33% of the shares of Domestic Holding Group in his personal name.

This share was obtained by Chen Hong and Xia Jingxing in the acquisition of two Korean game companies, Shimankai and Neople, a few years ago. Of the US$100 million investment at that time, Xia Jingxing invested 80 million and Chen Hong invested 20 million, so the latter holds 20% stake in two gaming companies.

The latter two game companies were acquired by the Overseas Holding Group through the issuance of new shares, so Chen Hong obtained 3.33% of the shares of Overseas Holdings.

To maintain these three-point shares from being diluted by financing, Chen Hong paid a price of more than 100 million US dollars.

This amount of money was not a small amount for Chen Hong, but he still chose to believe in Xia Jingxing as always and was extremely optimistic about the future development of Hainan Holdings.

Compared with Chen Hong and several other VC institutions who actively participated in the D round of financing, Facebook, another major shareholder of Domestic Holding Group, was not interested and gave up this round of follow-up investment, and its shares were diluted to 9.42%.

Kristina explained the reason to Xia Jingxing. In summary, because Facebook cannot enter China, strategic investment in overseas holdings has been transformed into financial investment, and the development of overseas holdings has become extremely mature. In other words, the valuation is too high. If it is too high, there is not much investment interest.

The share of co-investment given up by Facebook and the remaining financing gap were all covered by Daxia Capital.

In the end, Daxia Capital invested US$1.276 billion and acquired 3.83% of the shares. Together with the 52.72% shares transferred by Vision Capital to Daxia Capital, Daxia Capital held a total of 56.55% of the shares of Haihai Holdings. This part of the shares belongs exclusively to Xia Jingxing. A person's.

In addition, because it did not participate in the D round of financing, Vision Capital’s remaining shares were diluted to 12%. Like Facebook, the shares of Domestic Holdings Group are also the investment targets of the S Fund, so after penetrating the complex fund structure, Xia Jingxing also indirectly holds half of the shares of Domestic Holdings through Vision Capital, which is 6%.

Adding together Vision Capital and Daxia Capital, the total number of shares actually held by Xia Jingxing is 62.55%, which is still a fairly high proportion.

…

After signing the intended investment agreement, there are still some due diligence procedures that need to be completed before the payment is made. After all, it is a transaction equivalent to 22 billion yuan, and it cannot really be settled by Xia Jingxing and Son Zhengyi in just a few words.

However, although the financing has not yet been officially received, the domestic holding group is already operating at full capacity and has made frequent big moves in recent times.

The first thing that caused a stir in the industry was the official tie-up between Domestic Holding Group and 360 Company.

According to the signed strategic cooperation agreement, 360 has set its website navigation and the search engine of 360 browser to Sogou. In addition to Sogou browser and the changed UC browser, it only uses In one week, Sogou’s market share in search engines increased from 1% to 10%. The market shares of Qianxun and Google China both declined to varying degrees.

Qianxun's market share had already reached 75% and was still rising, but Sogou's "joint vertical and horizontal" strategy suppressed its upward momentum.

Google had already announced its withdrawal from the mainland market and moved its servers to Hong Kong Island, but it did not immediately stop its search services for mainland users and was still in a state of "reluctance" and "wait-and-see".

Sogou suddenly made such a move, directly squeezing Google China's market share from 20% to less than 15%. It is estimated that it will not be long before Google China's market share is divided up, and then it can truly announce its withdrawal. mainland market.

In the office on the 49th floor of Tower A of the Overseas Building, Xia Jingxing was on the phone with Zhou Hongyi, who had made great achievements.

“Mr.

He also said loudly that "Qianxun is not afraid of any challenge." I think he was frightened by the battle we had together. Hahaha~"

Zhou Hongyi was smiling happily on the other end of the phone. Joining forces with Xia Jingxing to teach Robin Li a lesson this time was something he never dared to think about in the past.

Xia Jingxing was willing to take the lead, so he naturally had to follow the organization closely. Besides, Mr. Xia didn't call 360 for nothing. He spent a lot of money on activities.

After all, 360 has made money and vented the bad breath. It can be said that it kills two birds with one stone. When she thought of this, Zhou Hongyi felt happy.

Xia Jingxing smiled slightly, "Qianxun's market position is not easy to shake. This is only the first round. Don't rush to conclusions, and don't underestimate Qianxun."

"That's a reminder! But no matter what, this time we stood in front of Qianxun with our heads held high, and Robin Li did not dare to ignore our strength anymore.

In the past, the reason why he treated small companies like us as objects of exploitation and oppression was because he felt that his dominance was as solid as a mountain?

Now that he's better, I believe he can understand why ants kill an elephant. "

Speaking of this, Zhou Hongyi paused and then said: "Oh~, by the way, Mr. Xia, I want to remind you one more thing.

Recently, many netizens have reported that Sogou’s search results don’t seem to be as accurate as Qianxun’s?

It’s not that I’m blabbering. This issue must be taken seriously and improved immediately. Otherwise, netizens will definitely lose confidence in Sogou and go back to using Qianxun.

and……"

Xia Jingxing asked with a smile: "And what? And the users of 360 Browser and Website Navigation will also be lost because of this, right?"

Zhou Hongyi laughed sarcastically, "Mr. Xia, that's not what I meant, I just wanted to remind you."

"It's okay, I understand. Wang Xiaochuan's team has been working overtime recently to upgrade the Sogou search engine, and we will see results soon."

"Oh, then I'm relieved."

Xia Jingxing continued to ask: "When does 360 plan to submit the prospectus?"

"Just wait a little longer. In the latest quarter, our revenue should increase by leaps and bounds."

Xia Jingxing laughed loudly and said, "I think you are urging the overseas holding group to make money quickly."

"That's not the case. You're such a big boss, so you can't run away, right?"

Xia Jingxing smiled and said nothing. Overseas Holding Group gave 360 ​​a big contract. How big was it? $50 million.

With only 50 million US dollars, it can cover 3,600 for a whole year.

Of course, this is looking at this money from Xia Jingxing's perspective. He thinks that with such a small amount of money, he can buy a ticket to board the big ship of search engines, which is very cheap.

Looking at the money from Zhou Hongyi's perspective, that is - Mr. Xia gave too much.

You know, 360’s revenue in 2010 was only US$57.7 million. In other words, 360 is worth the money.

360 claimed to have more than 300 million users at this time, but its corporate revenue was not comparable to that of first-tier Internet companies Qianxun and Haihai Holdings, even second-tier Sohu and Sina.

360's commercial monetization was really bad, so this is why Zhou Hongyi later went all out to enter the search engine market. He couldn't always let middlemen make the difference, he had to deal with customers himself.

After a few words of encouragement to Zhou Hongyi, Xia Jingxing hung up the phone and began to reply to work emails.

After entering the New Year, Domestic Holding Group not only made a big move in the search engine market, but also made high-profile moves in many fields, including Yunei, and its ambition to cover all over the world was no longer concealed.

For example, if this email sent to him by Zhang Zhao spreads, it will definitely shock the entire entertainment industry and online video industry.

"The second phase of the 10 billion domestic cultural investment fund has been fully raised, and it is planned to cooperate with more than ten top domestic film and TV drama production companies such as China International Film and Television and Huace Film and Television to film more than 100 films exclusively for Tudou in the next three years. High-quality film and television series..."

Seeing this, Xia Jingxing couldn't help but smile. Zhang Zhao's grand plan was authorized by him, and the purpose was naturally to end the chaos in the online video industry.

After seeing such great determination on Tudou.com, how will companies like Kiwi Video and Youku Video react? Waiting for death? Or is it moving towards mergers and integration?

No matter what choice they make, this war that "started from online videos and affected the entire cultural and entertainment industry" is bound to escalate.

Thinking of this, Xia Jingxing suddenly remembered the "Swordsman of Shushan" series of movies that he had personally ordered. This major film and television project that had been stalled for some time had finally been restarted.

Not only did Xu Ke come out to direct, but he also signed cooperation agreements with several world-renowned special effects studios such as Industrial Light and Magic in the United States and Weta Digital in New Zealand. The film production budget has also been increased, from the original estimated 2 ~300 million yuan turned into 100 million U.S. dollars, and Zhang Zhao tricked half of the entertainment industry bosses including the Huang brothers, Yu Dong, and Wang Changtian into paying for the extra money.

Xia Jingxing doesn't really care about issues such as losses and risk sharing. He just hopes to make a movie that suits his heart and at the same time inject innovative and upward energy into the entertainment industry.

At the same time, the game of the same name developed for the movie by Shushan Studio, a subsidiary of Hainei Games, is now halfway through development and will almost be launched on the market together with the movie. Xia Jingxing is also looking forward to this project and can be said to have high hopes. .

There is also the war with the penguins, which should enter a new stage this year.

While Xia Jingxing was replying to the email, he was mentally planning this year's development goals and tasks.

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