My Age of Investment

night.

Frame Media Inc.

Chen Hong introduced to Xia Jingxing Wang Gongquan, a partner of IDG who flew over quickly from Beijing.

Wang Gongquan was in his early forties, wearing a black woolen coat, a brown plaid scarf, and a pair of silver-rimmed glasses. He didn't look like a businessman, but more like an intellectual, a university professor.

"Mr. Xia, I've admired your name for a long time. Many of my close friends in Silicon Valley have mentioned you to me, and all of them praised you as a young talent. When I saw you today, I realized that what you said was true. You are personable, handsome and handsome. …”

Wang Gongquan held Xia Jingxing's hand and kept saying words so hard that Xia Jingxing's embarrassment was about to suffer from cancer.

No way, this is such a person.

Not only an entrepreneur and a venture capitalist, but also a metrical poet, the founder of the Chinese Poetry Research Institute, and the vice president of the Beijing Poetry Society.

In his previous life, he gave up hundreds of millions of wealth, gave up his family, announced on Weibo that he had run away with a female entrepreneur, and wrote an "elopement song" that spread all over the Internet:

She always has a heart for Feng Yu, and she hates fame and fame most in the world.

Who sees gold and silver being passed down from generation to generation? Eternal love is only precious!

The bright moon is empty, the stars are with me, and the past is like a smoke waving.

Infatuated and proud of gold, splendid as earth, smiling and dancing in the sky.

Xia Jingxing was also stunned to see it in his previous life. He didn't understand what kind of coquettish operation it was?

Is it the loss of morality or the distortion of human nature that made a big businessman rush to love like a moth to a flame.

In short, the elopement of two successful people with heads and faces has attracted great social attention, moved countless netizens, and made everyone believe in love again.

Then, Wang Gongquan's ex-wife, who shared weal and woe, and the current wife of the "little three turned positive" all surfaced.

The scene was once very embarrassing!

Wang Gongquan has deep experience in the business world, and is one of the "Six Gentlemen of Wantong" alongside Feng Lun, Liu Jun, Wang Qifu, Yi Xiaodi and Pan Shiyi.

In the early 1990s, he made a fortune in real estate in Qiong Province, and it is considered "old money" in China.

Later, he left the position of President of Vantone,

After joining IDG, he started to engage in VC, and later, together with his partners, he founded CDH Investments and became a PE.

Even the red-clothed cannon had to call out "Master is above" when he saw this person.

After getting to this point, he couldn't control himself and staged such a farce.

As soon as the farce broke out at that time, CDH Fund was immediately stunned. Investors thought that the fund was going to be liquidated, causing CDH to keep making announcements, stating that the company was operating well and would not run away!

Later, this guy was kicked out by CDH, still restless, and continued to stage comedy.

He was criminally detained by the Beijing police on suspicion of gathering a crowd to disturb public order, and was released on bail after several months at the detention center.

If he wanted to find someone among the big businessmen to compare with him, Xia Jingxing felt that it would probably only be a "cup celebration".

Two people, some fight!

It is normal to say that you have been rectified or arrested for major incidents.

Xia Jingxing put away his thoughts and started the basic operation—commercial praise.

"Mr. Wang, you are so talented in writing. If you were born for eight hundred years, the Eight Great Masters of Tang and Song Dynasties will probably become Nine Great Masters."

Wang Gongquan laughed "hohohoho", his praise to Xia Jingxing was very useful.

His external label is "Confucian businessman", plus half a word person.

When others praise him for his literary talent, it makes him more happy than when he praises him for his business and investment vision.

At this point, he is no longer interested in simply making money, and he begins to pursue spiritual pleasure!

Chen Hong and Tan Zhi laughed awkwardly by the side, because they are old friends and know each other very well, so they are not too surprised, the basic operation.

After the four people exchanged a few words, they started to get down to business and signed the investment intention agreement.

It was already midnight after the contract was signed.

The four were very hungry.

Chen Hong had already made arrangements, and took a few people straight to the booked hotel.

Sitting in the splendid hotel box, the four of them chatted while drinking and eating.

The topics discussed are very broad, including investment circles, entrepreneurial circles, etc.

Chen Hong said with a smile: "I heard that Baidu plans to go public this year? You IDG can make a lot of money this time, and both A and B rounds are involved."

Wang Gongquan smiled lightly, "Let's be so-so, it's a pity that the angel round didn't go in."

Chen Hong didn't speak anymore, it's not easy to answer these words.

Tan Zhi asked: "Last year Penguin went public, does IDG regret selling its equity early?"

Wang Gongquan nodded with a dignified expression on his face, and said with a sigh, "In April 2000, we and Yingke invested 1.1 million US dollars each, and each won 20% of the equity of Penguin.

But the number of users grew too fast at that time. In order to maintain normal operations, Penguin could only use all the funds obtained from financing to purchase servers.

By the end of 2000, there was no money in Penguin's account.

We and Yingke both backed down at the time, but we all voted, and no one took it.

They could only bite the bullet and each provided $2 million for Penguin to execute in the form of convertible bonds.

Then, we made up our minds not to provide follow-up support to this company that only spends money but does not make money. We are going to find a buyer for it and ask for a breakeven to exit.

But at that time, the Internet bubble was burst, and Nasdaq's Internet stock price fell.

We found Sina, Sohu, Yahoo China, Kingdee, Lenovo, TOM...

No company wants to spend millions of dollars on Penguin.

No way, just keep going!

When the time came to January 2001, the emergence of South Africa's MIH network brought a turning point to the situation.

Wangdawei put forward a very attractive condition, a valuation of US$63 million, all cash payment, and the acquisition of all the shares held by our two investment institutions.

Yingke sold all 20% of its shares, cashed out $12.6 million, and left neatly.

At that time, the people at the IDG headquarters in Beijing were very excited.

Because Nasdaq fell into that tragic situation, investing in Penguin can actually earn 11 times the return in less than a year.

If it was you, would you sell it? "

Xia Jingxing nodded. In the past, I only thought IDG and Yingke were stupid, but after substituting in the environment at that time, as well as the operation mode and characteristics of the two investment institutions, I immediately understood, and it became almost inevitable to cash out.

Penguin was spending money like running water at that time, and Ponima wished that the number of QQ users should be reduced quickly, so that Penguin would be able to purchase less servers.

At the same time, it caught up with the Internet bubble, and all horses were in harmony.

Selling Penguin stocks, according to general investment logic, is actually very correct.

It can only be said that the South African MIH has taken a long-term view, as if it has seen through the future.

In that case, he dared to spend 32 million US dollars to take over the old shares sold by the original shareholders of Penguin.

Even if it is invested, it has been held for nearly 20 years, and it has not been reduced much, and finally created an investment myth.

This kind of patience, few people in the world can have.

You know, Penguin went public in 2004. Before the rise of the game business in 2007, the stock price rose slowly in the first two years of listing, and even fluctuated and fell.

Ordinary investment institutions, almost as soon as they see it, close it and exit directly.

Because the closed period of some funds is only three or five years, the time is approaching, and dividends must be paid to shareholders, so they can only reduce their holdings and retreat.

South African MIH is different from general venture capital. It has a parent company with a market value of more than four billion US dollars behind it. It is all invested with its own funds. Naturally, there is no pressure to exit, and it can be held flexibly for a long time.

In Xia Jingxing's view, South Africa's MIH's investment in Penguin is more powerful than Softbank's investment in Ahri.

Because Ali had Amazon and eaby as the benchmarks in the United States, e-commerce was recognized as more promising than instant messaging at that time.

Moreover, South African MIH adopted the method of buying old shares. At the peak, it held half of the equity of Penguin.

Wang Gongquan continued: "At that time, Wang Shu of the Pengcheng branch was very opposed to the sale of all Penguin shares. Under his insistence, IDG only sold 12.8% of the shares, leaving 7.2% of the shares.

In addition to buying shares from our two investment institutions, South African MIH also bought 13.5% of the shares from Penguin management.

Except for Ponima, the other founders sold a little of their shares. At the peak, MIH held 46.5% of the shares of Penguin.

In 2003, Penguin wanted to go public and found that the shareholding structure was unreasonable, so it repurchased the 7.2% equity from us.

The price is not bad, it made 60 times and sold for more than 23 million dollars.

In addition to the more than 8 million US dollars from the previous sale of the 12.8% shares, IDG recovered a total of more than 31 million US dollars of funds, making a net profit of 30 million US dollars, which is much more than that of Yingke.

Penguin's current market value is about $1 billion. If the 20% stake is held until now, even considering that the IPO will be diluted by a quarter, it will make less than $1.2.

It would have been better if I could have been more firm at that time, earning an extra 120 million US dollars, which is equivalent to one billion RMB. "

When talking about one billion RMB, Wang Gongquan couldn't help shaking his head and sighing.

Chen Hong and Tan Zhi also sighed.

Xia Jingxing didn't speak, it was not only ten small goals, he said three zeros less.

IDG is only a little regretful at the moment, and we will know in the future, what a painful realization!

After Wang Gongquan finished talking about several IDG cases, he began to ask about the investment cases of Hanergy and Envision Capital.

Chen Hong and Xia Jingxing shared generously.

In the investment circle, there are frequent exchanges between peers.

It won't work for one person to work behind closed doors, and everyone likes to have a little collision of ideas.

"Damn it, brother Jing Xing, have you also invested in an electric sports car? A sports car powered by electricity? Is it fast? Can it run?"

Wang Gongquan was very familiar with him and soon became brothers with Xia Jingxing.

Xia Jingxing smiled, "Of course I can run, it only takes four seconds to accelerate to zero, and the cruising range is currently up to 400 kilometers.

Now that all the problems have been overcome, mass production will begin this year. "

Wang Gongquan was itching to hear it and asked, "How much does this kind of car sell for?"

"About a hundred thousand dollars!"

"Oh, that's not expensive, it's only more than one million yuan."

Wang Gongquan said with a smile: "When mass production is over, you have to keep one for me, and I also want to experience it.

This kind of car, driving on the street, must have a high rate of return, and it can also show off in front of the girl. "

Xia Jingxing knew that this old man belonged to the old-fashioned kind, so he was no stranger to it.

He currently doesn't know any business bigwigs in China. Wang Gongquan is willing to buy Tesla, and he naturally can't ask for it.

If a big guy brings goods, that is a walking advertisement.

Chen Hong and Tan Zhi saw Wang Gongquan's statement, and they also spoke out, saying that they would also order a Tesla.

The three also said that if the car experience is very good, they will recommend it to their friends, entrepreneurs and venture capitalists.

Xia Jingxing thanked him repeatedly and lamented that the meal was not in vain.

After the meal was over, and the day was almost over, the four of them were about to leave.

At this time, Wang Gongquan suggested that he should go to the club for a massage.

Xia Jingxing went to wash a plain foot, and then went back to the hotel.

The three old men are still staying in the clubhouse.

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