My Age of Investment

Xia Jingxing's Gulfstream private jet landed at Hong Kong Island International Airport after a long-distance flight of more than ten hours after taking off from New York.

He was accompanied by his secretary Liu Xiaoduo, Zhang Chenguang and several bodyguards.

As soon as the group walked out of the airport passage, they saw the convoy sent by the Hong Kong Island office of Envision Capital to welcome them.

At the beginning was an imposing Maybach 57S, followed by three Mercedes-Benz S-classes in black.

Standing next to the front of the Maybach was a man in his thirties with oiled hair and a suit and leather shoes. He paced back and forth, raising his watch to check the time from time to time.

Beside him stood a man and a woman, both in business attire.

"Li Sir, when is the big boss coming? I can't wait to see him! On the list of global Chinese diamond bachelors selected by the media a while ago, the big boss beat Li Yikai and successfully reached the top of the list!

And he is still so young, I don't know what kind of woman can be worthy of him! Can you see me? "

Li Yaozu ignored the nympho female staff, because he seemed to see a big boss.

Taking a closer look, he didn't admit his mistake, the big boss was surrounded by several strong men in suits, and was striding towards him.

Li Yaozu stopped hesitating immediately, and trotted forward to greet Xia Jingxing: "Mr. Xia, I am Li Yaozu. After President Abel is transferred to New York, I will temporarily act as the person in charge of the Hong Kong office."

Xia Jingxing took a few glances at Li Yaozu. He is not tall, thin, and speaks Mandarin very well, but his resume is very good. He has served as investment manager, vice president, and managing director in Goldman Sachs and Blackstone.

Abel went back to the United States to do fundraising work. Before he left, he recommended Li Yaozu in front of him to take over his position.

Xia Jingxing had read Li Yaozu's resume and agreed to the appointment, but before today, he had not met Li Yaozu in person.

He smiled and held out his hand: "Li Sheng, thank you for coming to pick me up."

Li Yaozu had a good impression of the young boss's approachability, and while shaking hands with Xia Jingxing, he smiled and said, "Mr. Xia, you can just call me Daniel or Yaozu."

Then, Xia Jingxing shook hands with the two young staff brought by Li Yaozu one by one. Even though he only spoke a few words with the big boss, they were very excited.

The three of them were all from Hong Kong Island, but Xia Jingxing didn't look at them with colored glasses, because before joining the company, Envision Capital would conduct a special background investigation, and found that those who had joined some monster organization would not be hired, no matter how capable they were. don't want.

Xia Jingxing wanted to keep the team pure and didn't want any scum to get in.

Because these people are either bad or stupid, and they do not conform to the core values ​​of Envision Capital’s enterprise of “hollowing out capitalist countries and adding bricks and tiles to socialist construction”.

Xia Jingxing asked Li Yaozu to get into the Maybach together and sat in the back row. He wanted to personally test the level of the new head of the Hong Kong Island office.

Li Yaozu joined Envision Capital not long ago, only a few months, and during this period, he did not make any extraordinary achievements.

Xia Jingxing knew that this was directly related to the fact that the Hong Kong Island office hadn't launched a large-scale business, and it didn't have to be because of people.

In addition, Abel admired Li Yaozu very much in his words. He had never had a deep chat with Li Yaozu before. Now that he has the opportunity, he wants to test the quality of the other party, because the status of the Hong Kong Island office will be strengthened in the future.

Of course, the status of the Hong Kong Island office in the Vision Capital Group is very low right now. After a round of adjustments, it is only responsible for managing a US$1.746 billion Summer Fund of Funds, and all the funds have been invested, which is just an empty shell.

After getting in the car, Xia Jingxing didn't talk about anything else, but first asked Li Yaozu about his views on Chu Xia's mother's fund.

Li Yaozu also knew that this was an assessment by his boss, which would determine whether he could secure his position as the head of the office on Hong Kong Island, and maybe even the opportunity to become a full-time regular fell on this conversation in the car.

So Li Yaozu didn't hold anything back at all, and used all his abilities to analyze it for Xia Jingxing.

"Because of its special history, the small island of Hong Kong Island has been able to become the top three financial centers in the world. Although Shanghai and Po County are following closely behind, this ranking will continue to be maintained for a long time.

Why do you say that?

International capital wants to enter the mainland, and mainland capital wants to go overseas, and Hong Kong Island will become the springboard of choice.

Because there is a complete financial service system, tax incentives, sound financial and legal services, and countless large financial institutions. "

After taking a look at Xia Jingxing who was listening quietly, Li Yaozu suddenly changed the topic, "Of course, the prosperity of Hong Kong Island cannot be achieved without the support of the people in the Mainland.

After leaving the mainland, this place is nothing but a small fishing village and a pirate den.

This is by no means me touting the mainland!

Pengcheng's 30-year economic miracle is enough to prove the importance of policies. If one country builds a place, then this place will soon become a hot spot for entrepreneurship and economics.

On the contrary, if the country abandons a place, oh, no, it is a place that takes itself too seriously, picks up the bowl to eat, puts down the chopsticks and scolds the mother.

Then this kind of place or this kind of person is absolutely despicable and should be cast aside and punished as it should. "

Xia Jingxing smiled, I didn't ask you to express your position, you are so upright?

Li Yaozu continued: "Let's talk about the Internet entrepreneurship boom that has been popular in the Mainland for the past few years!

In order to go public in the United States, Sina has innovatively created a VIE structure. Nowadays, as long as the startups in the mainland are relatively large or have been favored by well-known venture capital, they have built a VIE structure.

Venture capital funds registered in Cayman, the offshore company of the Virgin Islands and the founder's family jointly hold the shares of a shell company registered in Hong Kong Island, and then control the operating entities in the mainland through the Hong Kong Island company agreement.

Our vision capital established the fund of funds in Hong Kong, which will have a wide range of coverage. Whether it is investing in GPs in the mainland or investing in projects in the United States, the flow of funds will be very convenient. "

Xia Jingxing nodded. When it comes to the point, the positioning of Envision Capital's Hong Kong Island office is actually the same as the country's positioning of Hong Kong Island. It serves as a bridgehead and a channel for capital in and out.

Do you really want to invest in Hong Kong Island and buy a house in Cyberport? Entrepreneurs can't find a few, so the stock market can still invest.

"From my view of the group's layout, in the United States, there is a complete product investment line from incubator angel investment institutions to VC, PE, and hedge funds.

For the mainland, it seems that there is still a shortage of PE funds. I wonder if Mr. Xia wants to put this department on Hong Kong Island? "

Xia Jingxing smiled, "Why do you think I think so?"

Seeing the smile on the boss's face, Li Yaozu knew he was stable, and smiled lightly: "The companies with the most growth potential in the Mainland and some large companies are all listed overseas, and there are only two main listing places, Hong Kong Island and New York.

Mainland A-share listed companies are all traditional companies.

Mr. Xia, the Supor, Little Swan, Kelon, and Konka acquired by you in the mainland are either listed on Hong Kong Island, listed in both places, or issued B-shares traded in foreign currencies. Only Supor is completely listed on the A-shares in the mainland.

I won’t go into details about the reasons, but it can only be said that the A-share market at this time is immature and its appeal is limited.

The above-mentioned companies have all been acquired by Fuxing Group. Mr. Xia, you must have the idea of ​​operating these companies for a long time and building an industrial manufacturing empire that includes home appliances and even consumer electronics such as mobile phones.

These are not standard PE fund leveraged buyout cases. After much deliberation, I think that PE funds belonging to the Chinese product line should be placed in Hong Kong Island. The reason is that it is easy to get in and difficult to get out. "

Xia Jingxing laughed loudly, "You really have figured out my thoughts thoroughly?"

"Don't dare."

Li Yaozu shook his head repeatedly. The superiors were very reticent to speculate on Shangyi, so he hurriedly explained: "I have seriously thought about the industrial layout of the group, and found that we have missed a link."

Xia Jingxing smiled and comforted him, "I didn't mean to blame you, so don't be so nervous.

That's right, the group plans to put a PE fund in Hong Kong, specializing in mergers and acquisitions in Hong Kong stocks, Asia, and even all regions except the United States. "

Li Yaozu was looking forward to what size the boss would set for this PE fund.

"There is no specific number planned for the scale, and there will be detailed arrangements next year at the latest."

Xia Jingxing glanced at Li Yaozu, and knew exactly what the latter was thinking.

For professional managers in the investment field who really pursue pursuit, bonuses and income can only be ranked second in their minds, and well-known investment cases are ranked first.

With a well-known investment case in hand, no matter whether it is to switch to another institution, or to start a business by yourself, everyone will take a high look. It can be compared to a degree in the investment field, and you will know what your level is when you show it.

"A leveraged buyout-type PE fund will not open for three years, and it will take three years after opening. No investment institution will sell it easily."

"That's true!" Li Yaozu nodded vigorously. Acquisitions often cost billions or tens of billions. A lot of preparatory work is indeed required to ensure the success rate of the investment. He is much more cautious than ordinary VC investments.

In reality, most of the acquisition cases are actually failures. Even Blackstone and KKR have been educated by the market.

What about leveraged buyout funds? Only when you are 100% sure do you make a move?

That's not enough!

We can only use the profits of other successful cases to cover the losses of failed cases, depending on the final rate of return. Compared with VCs who cast a wide net, leveraged buyout funds pay more attention to hitting one hit.

Therefore, the scale of PE funds of the leveraged buyout MBO/LBO type is usually extremely large, and a single fund can reach tens of billions of dollars, because the scale of the target company is large. It just acquired 15% of the shares and became the largest single shareholder.

"Have you traded in Guangdong before?" Xia Jingxing asked suddenly.

"Yes, when I was working in Goldman Sachs Asia, I had the honor to participate in the reorganization of Guangdong Province and Guangdong Hai Group as one of the project members."

Xia Jingxing's heart moved, "Then you were colleagues with Liu Zhiping before?"

"Yes, Martin and I have worked together for several years. The Guangdong Hai project involved more than 100 creditor banks and more than 400 companies. We worked together for two full years before completing it. Because of this incident, we have formed a deep bond. friendship."

Xia Jingxing nodded. Powerful people have always been in the same circle, and it is normal to have worked with Liu Zhiping, so there is nothing to make a fuss about.

Next, Xia Jingxing stopped talking and did not ask any more questions.

He is generally satisfied with Li Yaozu next to him, with a straight buttocks, a delicate mind, and a strong desire to do better...

It has passed the test now, and if it is to be entrusted with important tasks in the future, it must continue to investigate and investigate.

Seeing that the boss began to close his eyes and rest his mind, Li Yaozu also turned his eyes out of the window with interest, thinking about his future work, how to gain a foothold in the ever-expanding Vision Capital, and how to do something extraordinary.