My Age of Investment

"Old Zhou, since you're so honest, I'll tell you the truth."

Xia Jingxing sighed, with a look of heart and soul, "With Qihoo's current situation, just a concept of community search, it wants to support a pre-money valuation of 20 million US dollars. This quotation makes me very embarrassed!

Some time ago, Envision Capital invested in Penguin with a loss of more than 1.2 billion. You should have heard of it, right?

Many people in the investment circle are watching us as a joke, saying that I act aggressively, and they almost point their noses and say that I made a few random investments. "

Zhou Hongyi had a smile on his face, and so did Qi Xiangdong.

Naturally, they have heard about Vision Capital throwing billions of Hong Kong dollars to Penguin, resulting in a floating loss of 1.2 billion.

It was also because of this incident that the two of them saw Xia Jingxing's "people are stupid and rich in money", and they wanted to fool each other into turning around.

After all, if you lose more than a billion without blinking your brows, is it a problem to invest tens of millions in Qihoo?

Xia Jingxing glanced at the two of them, and continued to fool around: "Because of this incident, the investors behind Vision Capital are very dissatisfied. Although I believe that Penguin's stock price will rise back sooner or later, the investors don't believe this, they only look at the fund performance report.

There is no way to offend anyone, and you can't offend the God of Wealth behind you, right? "

Listening to Xia Jingxing's long speech, Zhou Hongyi and Qi Xiangdong could only nod politely.

They don't know who the investors of Vision Capital are.

In fact, most people in the industry speculate that Xia Jingxing may have provided a lot of money to several funds of Vision Capital, but it is definitely not all of them.

Because financial investment is very risky, no one dares to take such radical risks and play with their own money.

Competent financial people make money with other people's money.

The two of Xia Jingxing didn't have much doubt about what Xia Jingxing said.

With a loss of more than a billion, they felt that the LP of Vision Capital might tear Xia Jingxing's heart away.

Even if the vision capitalists have a big business and an asset management scale of 30 billion Hong Kong dollars, they can't afford such a loss.

Xia Jingxing's face was heavy,

"So we are now shrinking the line of defense, changing some investment strategies, and starting to play steadily."

"Mr. Xia, Qihoo just wants to raise 10 million US dollars. This amount shouldn't be a big deal for Envision Capital, right?"

As soon as Zhou Hongyi finished speaking, Xia Jingxing waved his hand, "If it was before, it wouldn't be a big problem, but the situation is different now."

Seeing that the matter had not progressed, Qi Xiangdong secretly got angry and interrupted, "Mr. Xia, just tell us, how much value can you give us?"

"Ten million dollars!"

Hearing this amount, Zhou Hongyi shook his head violently, "It's impossible, if it's 10 million US dollars, we might as well promise you a few months ago."

Xia Jingxing was amused, "Then tell me, what has Qihoo done in the past few months? Proved that the search industry is not easy to do?"

Zhou Hongyi put down the wine glass in his hand, frowned, sternly, pretending to be displeased, "Mr. Xia, it's meaningless if you say that, although Qihu didn't achieve much, but after all, there are small achievements, right? "

Xia Jingxing shrugged, "I've said it before, the search for a track is risky, no more than other industries. Investing in Qihoo is tantamount to walking a tightrope with you."

"Venture investment, the name is risky, it's impossible not to take any risk?"

Seeing Xia Jingxing haggling so fiercely, Qi Xiangdong started to help.

“Risks vary from big to small, such as Tudou, which I like the most. It has a successful reference in the United States, and it is the first online video website in China.

What about Qihoo? Baidu has been established for six years, and it will be the seventh year soon. The first hand is no longer there. If you want to succeed, you must pay more efforts and the risks will also increase exponentially. "

What Xia Jingxing said was very realistic, no matter how bright Qihoo's future might be in the future, at the moment, the risks of starting a business and investing are not so high.

Zhou Hongyi sold 3721 for 120 million US dollars, most of which were distributed to the angel investment institution IDG and the A-round investment institution Jifu Asia. His profit was only 30 to 40 million US dollars.

It is said that he is rich, and he is indeed rich. In the past two years, he has been throwing money everywhere for angel investment.

He has already invested a lot in Qihoo Company, and if he continues to increase investment, it is tantamount to taking risks with his own money.

No one is 100% sure of starting a business. It must be that the venture capital money is more comfortable to use. Zhou Hongyi is reluctant to pay for it all out of his own pocket.

Therefore, this is also the reason why Zhou Hongyi still looks for venture capitalists everywhere despite being rich.

Zhou Hongyi now fully understands that the young man in front of him is not easy to fool, so he thought for a while and said, "Mr. Xia, Sequoia offered us 15 million US dollars, so Envision Capital must give us at least 16 million US dollars?"

"Can!"

Zhou Hongyi and Qi Xiangdong were overjoyed when they heard the words, and were about to answer when they were blocked by Xia Jingxing's last words, "But I also have a condition."

Xia Jingxing glanced at the two of them, "Add another bet."

Zhou Hongyi and Qi Xiangdong looked at each other and shook their heads.

"The gambling agreement is impossible to sign."

Zhou Hongyi is also a veteran of starting a business, so he wouldn't be foolish enough to sign such a thing, and his joyful mood quickly sank to the bottom.

Fu Jixun said: "Large financing, especially when the company's development is not very clear, signing a gambling agreement is the norm.

We will not set those clauses that are too high threshold, it is meaningless, we only set the listing time, fulfill the obligation of equity repurchase if the listing is not successful, and so on. "

Qi Xiangdong looked kindly, and said in a negotiating tone: "Mr. Xia, Sequoia and the others didn't ask us to sign the betting agreement. You made this request, isn't it embarrassing for us?"

Xia Jingxing smiled but didn't smile, ignored the faint threat in the other party's words, and glanced at the leftovers on the table, "Really? That's not a good deal, so let's stop here today, thank you both for your hospitality."

After finishing speaking, he quickly got up, and Fu Jixun also got up.

The two were about to turn around and leave when Zhou Hongyi stretched out his hand and called out, "Wait a minute, Mr. Xia, if you don't sign the VAM agreement, is it okay? We can compensate in other places, such as giving to the leader of Vision Capital's next round of financing." vote."

Xia Jingxing stopped in his tracks, and he knew that Zhou Hongyi would definitely stop him this time.

As for Qihoo, they had their pulse checked before they came.

Compared with the self-satisfied and eager to search for the track a few months ago, Qihoo at this time is not only full of bumps, but its development is not as good as expected.

And venture capital institutions are investing in the future. Seeing Qihoo like this, few institutions are willing to pay for it easily.

Although it is unclear whether Sequoia and the others have offered Qihoo a VAM agreement, they guess that there is a high probability.

Combined with the probing at the dinner table, he was basically 100% sure that Sequoia and the others must have imposed some harsh conditions on Qihoo.

If it was Zhou Hongyi from before, when he heard about the bet, he might be able to follow Brother Crow and flip the table, thinking it was an insult to him.

But don't you just sit down now?

People, especially those who are rebellious, will only become honest when they recognize the reality.

And he likes to slowly concoct these thorns.

Negotiating with Lao Youzi is the same as boiling an eagle. It is patience and perseverance.

Today he tried in every possible way, just to wear out the other party's patience little by little.

Now Zhou Hongyi retreated again and again, and took the initiative to sign the alliance under the city.

His purpose has basically been achieved.

Xia Jingxing gave Fu Jixun a wink, and the two slowly sat back in their seats. The former said indifferently, "What about the investment amount?"

"Instead of raising $10 million, we only raised $4 million."

Xia Jingxing looked at Zhou Hongyi with a smile, this AK47 is really stubborn, it has reached this point, the will to fight is still very strong, and he still wants to bargain with himself.

He has debuted for so long, including his personal investment, and has been in business for nearly two years. He has met and chatted with no fewer than dozens of entrepreneurs.

Except for Ma Yun, this week Hongyi is the most difficult to handle.

"We either don't vote, or we vote 10 million."

Xia Jingxing's attitude was tough, and he stared straight at Zhou Hongyi. He had already settled for the red-clothed cannon, and he had read all the opponent's hole cards, so he was not afraid of the opponent's tricks at all.

Zhou Hongyi pouted, and was about to speak when Qi Xiangdong kicked him under the table who was already sitting beside him.

Qi Xiangdong took the right to speak and said with a smile: "Mr. Xia, we originally wanted to raise 10 million US dollars at a valuation of 20 million US dollars, diluting 33.33% of the shares.

Now that the valuation has dropped, the amount of financing will only drop. How about $8 million?

This is the first round of financing, and you still have the right to lead the next round of financing. "

Xia Jingxing thought for a while, then nodded and said "OK".

Almost all the things that should be obtained have been obtained, too much is too late.

But he quickly overturned the point of view that he had just thought in his heart, smiled and looked at Zhou Hongyi, a tool man who had not yet squeezed out the value of use, and asked: "I heard that you have invested in a lot of companies, like Cool Dog, Thunder, Discuz..."

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