My Age of Investment

the next day.

Xia Jingxing got up early, and drove from the hotel where he stayed to No. 8 Connaught Plaza, Central.

This place, also known as Exchange Square, is the office of the Hong Kong Stock Exchange, next to the second phase of the International Finance Center Building where the Hong Kong Island office of Envision Capital is located.

As soon as you walk into the trading hall, you will see nearly 300 workbenches arranged in a circle. The scene is grand, just like being in the stock trading scene of the last century.

There is a computer, a landline, and a red vest sitting on each workbench. There are several color screens hanging in the center of the hall, which form a ring and play transaction data in a loop.

Many scenes of the Hong Kong drama "The Great Times" were filmed in this trading floor.

At that time, it was still the era of manual stock trading. The landlines on the trading desk were ringing non-stop, and stockbrokers in red vests were busy shuttling among them, which became a beautiful landscape in the Hong Kong Island stock market.

At its peak, the trading floor of the Hong Kong Stock Exchange covered an area of ​​4,180 square meters, the size of ten basketball courts, and thousands of stock brokers worked here.

However, since the 1990s, with the rapid development and popularization of electronic trading, the demand for trading counters of the Hong Kong Stock Exchange has also begun to decline.

Last year, the Hong Kong Stock Exchange renovated the trading hall, reducing the area to one-third of the original size, and now there are only less than 300 of the nearly 1,000 trading counters left.

The other two-thirds of the space, in addition to being used for meetings and events, has also built an exchange exhibition hall to introduce the history and development of the exchange to the public.

Xia Jingxing remembered that ten years later, the trading hall was completely reduced to history, all counters were cancelled, and all became museums and exhibition halls.

This is also advancing with the times. Nowadays, major funds and investment companies conduct stock trading and buying and selling in office buildings through the Internet. Who wants to buy stocks in the lobby.

Under the guidance of the staff, Xia Jingxing walked into the next lounge.

This is also the renovated space of the trading hall, which is used for listed companies to accept media interviews, hold meetings and rest, etc.

"President Xia~"

Seeing Xia Jingxing appear in the lounge, Zhu Xinli yelled, and walked towards Xia Jing with a smile on his face.

Today, the farmer-entrepreneur wears a high-end suit,

She still wears a small red flower on her chest, and her smiling face is wrinkled, just like a married groom.

To be precise, it should be the bride's father. The daughter who is going to marry today is called Huiyuan Juice.

Xia Jingxing didn't expect that the first bell in his life was dedicated to Huiyuan Juice, which was either a high-tech company or a juice seller.

Xia Jingxing smiled and shook hands with Zhu Xinli: "Mr. Zhu, congratulations! Huiyuan Juice is on the market. I came back from the United States to congratulate you."

"Mr. Xia, you are determined. Today is not only my old Zhu's happy event, but also Envision Capital's happy event."

Zhu Xinli glanced at the shareholders behind him, waved his hand, and said in Mandarin with his Lu provincial accent: "It's a happy event for all the shareholders."

Hearing this, everyone in the room, whether standing or sitting, applauded.

Xia Jingxing glanced at these people, including people from clubs, law firms, and investment banks such as PwC, Moore, Zhong Lun, Guotai Junan, and UBS, as well as several institutional shareholders such as Warburg Pincus, Value Partners, and SAIF Investments. .

There are also two foreigners who are representatives sent by the second largest shareholder of Huiyuan, the French Danone Group.

They were all professional managers. Xia Jingxing didn't know much about them. He only knew Yan Yan, who was also his boss.

Yan Yan no longer works part-time, and parted ways with Sun Zhengyi last year.

Founded in 2000, Softbank China is responsible for Softbank's strategic investment layout in mainland China, Hong Kong, Macao and Taiwan.

And Softbank Asia, where Yan Yan works, is also called Softbank SAIF. It was established in 2001. It was jointly funded by Softbank and Cisco of the United States. It is mainly used to invest in companies throughout Asia.

Because several Chinese directors of SAIF wanted investment decision-making power, but Sun Zhengyi and Cisco refused to give it, so they flew solo when the second fund was raised, and Sun Zhengyi, the founder of Softbank Group, also withdrew SAIF.

It is equivalent to the MBO of seven Chinese partners headed by Yan Yan, which is now called SAIF in the industry, because it has nothing to do with Softbank.

There are also people who continue to call Softbank Saifu, but Yan Yan and the others are too lazy to correct it. Isn't it good to prostitute Sun Zhengyi for nothing?

The second fund of SAIF is not small, raising 640 million US dollars. At this time, the domestic venture capital industry is also ranked first.

The reason why Sun Zhengyi left and some people still believe that the Chinese team headed by Yan Yan is willing to invest money in them is because they have a well-known case in their hands.

It went public in 2004, and Softbank SAIF invested US$40 million, which resulted in a return of more than US$560 million. This is also the only project that SoftBank SAIF has withdrawn from in China.

In terms of rate of return, more than ten times is not against the sky, but the absolute return of more than 500 million US dollars, in China right now, is a TOP-level case.

Let’s not mention Vision Capital. It’s just getting its first IPO now, and it’s not in the Internet/technology industry. The most embarrassing thing is that it only got on the bus in the Pre-IPO round last year, and it’s earning some buzz.

This order was completed by Abel independently, and it can be regarded as his first contribution to the company.

No matter how small a mosquito's legs are, it's still meat. Xia Jingxing doesn't dislike it. After all, from today onwards, we are also mature VCs with IPO exit cases.

"Mr. Xia, congratulations! If I remember correctly, this should be Vision Capital's first venture capital exit case. It is a milestone. Congratulations!" Yan Yan approached with a smile, and handed out to Xia Jingxing hand.

Xia Jingxing didn't reach out his hand, and spoke in a weird way, not wanting to show this face.

"Mr. Yan, you did remember wrongly. The first exit case of Envision Capital was Frame Media."

SKIP was invested by Xia Jingxing as an angel in his own name. At that time, Vision Capital had not yet been established, so it was not included in the famous exit cases of Vision Capital.

The column on the Envision Capital website showing well-known exit cases is very clean, with only the Logo of Frame Media, which looks a bit pitiful.

But Yan Yan felt that Vision Capital was not pitiful at all, because he suddenly remembered that he had forgotten about the frame media order, and the high rate of return made him feel sour.

In 2005, Frame Media was a very dazzling exit case. In just ten months, the company's valuation rose from 30 million to 3 billion.

At the moment when there is no capital flood, this is a god-like case.

The transaction consideration at that time was US$183 million, US$39.6 million in cash plus more than US$140 million worth of Focus Media stock.

The 2006 financial report is about to be disclosed. Yan Yan doesn't know if Frame Media can successfully complete the VAM, but according to the information disclosed to him by Xiong Xiaoge, Frame Media's performance in the first three quarters is very satisfactory, and the annual performance of the VAM is huge. Probability can be completed as promised.

Reminiscent of Focus Media's current stock price of more than 70 US dollars, the consideration for the equity transaction of Frame Media is equivalent to earning another three times.

According to industry estimates, the final transaction price of Frame Media will reach about 460 million US dollars, or even 500 million US dollars is not impossible, it all depends on the future stock price trend of Focus Media.

Envision Capital invested 50 million RMB to acquire 40% of Frame Media’s shares, and the return may reach about 184 million US dollars, nearly 1.5 billion RMB, 30 times the rate of return!

Generally speaking, IPO exits are at the top of the industry’s scorn chain, and then it’s M\u0026A exits, management buyback exits, and company liquidation exits. There is no way to take it back.

No one expected that the stock price of Focus Media would triple, or even quadruple. The M\u0026A exit case of Frame Media was more profitable than most IPO exit cases.

You say you are angry or not!

Now Xia Jingxing is still talking to him, which makes Yan Yan even more angry.

He simply snapped back unceremoniously: "Vision Capital just took a free ride. SAIF invested in Huiyuan in 2001. I'm afraid you were still in high school at that time?"

Xia Jingxing smiled and said, "That's right, I was in high school in 2001, but six years have passed, and I have stood here since middle school. If Mr. Yan had the guts, would he reverse buy Softbank?"

Everyone in the room looked at each other in blank dismay, this is a bit hurtful, buying Softbank? Sun Zhengyi was also the man who was the richest man in the world.

Yan Yan's face was as dark as the bottom of a pot, and he said coldly: "Sharp teeth, no wonder all the large venture capital institutions in China hate to cooperate with you."

"You can't represent your peers in the industry, you can only represent SAIF, oh, wrong, you can only represent with the consent of six of your partners."

Xia Jingxing smiled, he had no other intentions, he just wanted to piss people off.

Yan Yan hangs out with Xiong Xiaoge and Zhang Fan all day long, opposing him countless times, investing in Renren, Youku, and Bitauto all against Envision Capital.

If one of the two parties does not fall, there is no room for reconciliation.

Vision Capital, Haineiwang, and Fuxing Group have a lot of momentum in China, but they have made many enemies, and they are far from the prestige and strength of the ruling level.

Therefore, he is still not strong enough to deter these people, even people as rich as Ma Yun, Huang Xin, and Da Qiangzi often hate him.

Zhu Xinli scratched his scalp at the side, really admired Xia Jingxing's hot-blooded youth.

He was also there when Xia Jingxing teased Mu Zhixin last time, and that scene was an embarrassment, but it happened again today, he is really a master who can make trouble.

"Mr. Xia, Mr. Yan, today is a happy day, give me Lao Zhu a face, let's put those unhappiness aside for now."

Zhu Xinli walked over, held the shoulders of the two with each hand, separated them gently, raised his chin, and said in a low voice: "There are still foreign friends over there, we can't let them look at our Chinese. What a joke!"

Xia Jingxing smiled, "Mr. Zhu, don't worry, Mr. Yan and I are just joking. Today is your home game, so we will listen to you."

Zhu Xinli was very happy. He felt that Xia Jingxing was saving face, and his impression of this young richest man changed greatly. Then he looked at Yan Yan again.

"Mr. Zhu, listen to you."

Yan Yan smiled on the surface, but he made up his mind to go back and inject another round of capital into Renren. I heard that Chen Yizhou has learned from the pain this time and has already made some big moves. He wants to put a big satellite!

Xia Jingxing found an empty seat carelessly, and sat down directly, ignoring Yan Yan, who did not make any further verbal provocations.

Seeing that this young boss seemed not easy to get along with, the professional managers around who originally wanted to come over to say hello, but had acquaintances hesitated, and gave up the idea of ​​being acquainted.

It was Xia Jingxing's wish that no one disturbed him, so he could have a leisurely time.

He began to silently evaluate the investment in Huiyuan Juice in his heart.

Last year, Liqiu No. 1 Fund, with a scale of US$800 million, invested the last US$3.4 million in Ali and Android to Huiyuan Juice in exchange for 0.54% of the shares. The post-investment valuation of Huiyuan Juice at that time was about US$630 million. 5 billion RMB/HKD.

I don't know how much I can earn?

Xia Jingxing has no idea of ​​long-term investment in Huiyuan Juice, because he knows that this company has many internal problems. Unless all of them are bought and remodeled, the national drink may not last long, Ye Qingjie!

After a while, a fashionable 30-year-old lady in a white suit walked into the lounge, holding a tray in her hand, and said, "The bell is about to ring, everyone, please put on your corsages." .”

Everyone around went to get a corsage, only Xia Jingxing scratched his head, ringing the bell to wear a corsage is also a Chinese characteristic, A shares are more vulgar, and he also wears a red scarf with hot eyes, which symbolizes the booming business.

Hey, I guess I wore it, and it was photographed by the reporter. In the future, there will definitely be my own spoof emoticons on the Internet.

"This... Ma'am, are all the corsages red?" Abel had been in charge of connecting with Huiyuan Juice before. Xia Jingxing didn't know this woman, so he couldn't scream after thinking about it, so he had to call her Ma'am.

Zhu Xinli walked over with a smile: "I almost forgot to introduce, Mr. Xia, this is my daughter Zhu Qin, you two are the same age, you can communicate more."

peer? ? ?

Xia Jingxing had a series of question marks in his mind.

"Dad, don't talk nonsense. Xia is always born in the 80s, and I am born in the 70s. I am ten years younger."

Zhu Qin smiled, acting very generous, not caring about topics such as age.

She picked out a rose-red corsage for Xia Jingxing, and when she handed it over, she teased her with a smile on purpose: "I heard that this is Mrs. Xia's first wedding, so you should dress up handsomely. What do you think of Mrs. Xia's color?" Sample?"

Xia Jingxing understood the hint, smiled and said, "Boss Zhu is right! The color is good, it's booming, it's a good omen."

After everyone put on their corsages, several Hong Kong Stock Exchange staff led the way, and a group of people came to the bell ringing hall.

Walking into the hall, there was a dense crowd of heads, all of them were the middle management of Huiyuan Juice, media reporters and other invited guests.

Long guns and short cannons were also set up, aiming at the bell ringing platform.

Xia Jingxing, as the shareholder representative of the institution and one of the main guests, walked up to the bell ringing platform covered with red carpets together with a large team of more than a dozen people.

Zhu Xinli stood at the front with a microphone in front of him, holding a letter of speech in his hand, and began to speak: "Thank you..."

At this time, many media reporters saw Xia Jingxing standing behind Zhu Xinli with other institutional shareholders and Huiyuan management, and their expressions were surprised.

"Isn't that Darren Xia, Mr. Xia? Why is he here too?"

"Didn't you read the prospectus? Vision Capital is also a shareholder of Huiyuan. Of course, it's just a minority shareholder who accounts for less than 1% of the shares."

"I'm just curious! The shareholding is so low, and the top leader also came to attend the bell-ringing ceremony?"

"The meaning is different, right? This should be the first IPO harvested by Envision Capital?"

"Ah? Isn't Vision Capital a large investment institution? The first IPO, are you sure you remember correctly?"

"To invest more does not mean to withdraw more."

"Oh, I see, no wonder, today is also very meaningful to Mr. Xia!"

...

Xia Jingxing couldn't hear what the audience was saying clearly, but he could notice that most of the people's eyes were on him, stealing the old man's limelight a lot.

He basically guessed what these people were thinking. It has been nearly three years since Vision Capital was established, and the first IPO was only a long time coming. It sounds a bit unrealistic.

In fact, it’s not too late, it’s just that we didn’t come across a suitable Pre-IPO round project before, otherwise Envision Capital would have already made a zero breakthrough.

After Zhu Xinli finished speaking, he picked up the champagne brought to the stage by the hostesses on a tray.

Xia Jingxing also took a glass of champagne, followed Zhu Xinli's movements with the others, raised the wine glass high, and started toasting.

The sense of ceremony is still very strong!

In two lifetimes, it was indeed the first time for Xia Jingxing to ring the bell. The closest time he was to ringing the bell in his previous life was at Gaopeng. As an early employee and backbone, he had the opportunity to ring the bell on stage.

After starting a business, it became more and more hip, and the goal gradually became out of reach.

At 9:30, amidst Xia Jingxing's emotional voice, Zhu Xinli raised the drumstick wrapped in red cloth, and struck heavily on the hanging gong and drum. It is said to be ringing a bell, but it is actually a gong.

Officially listed!

The real-time stock price of Huiyuan Juice is displayed on the color screen hanging on the wall.

It opened at a price of 9 Hong Kong dollars, and then the screen was green, and the stock price rose steadily, breaking through the 10 Hong Kong dollar mark, and the highest price reached 10.06 Hong Kong dollars, which was more than 67% higher than the issue price of 6 Hong Kong dollars. The listing was a great success.

In this listing, Huiyuan Juice issued 400 million shares at a price of HK$6. After the issuance, the total share capital reached 1.466 billion shares, the total market value was close to HK$15 billion, and the PE price-earnings ratio was nearly 60 times.

Huiyuan Juice is a relatively popular and popular new stock. After the road show, the public offering part was over 900 times subscribed, 225 billion yuan of Hong Kong retail funds were frozen, and more than 30 billion US dollars of international institutional funds participated in the subscription. Very hot!

Everyone is very satisfied with the stock price trend of Huiyuan Juice after the market opened.

Zhu Xinli's face was wrinkled with a smile. Based on this market value, their family's assets suddenly swelled to more than 6 billion Hong Kong dollars, and they became rich overnight!

Xia Jingxing also calculated in his mind that the equity held by Vision Capital was diluted to 0.39%, which is worth about 60 million Hong Kong dollars, which is only double the profit. It is by no means an exaggeration to make a profit.

If the stock price then falls back to the issue price of HK$6, there will be very little profit left.

Therefore, Xia Jingxing issued an order to the people below, run away as soon as the lock-up period is over, and count as much as you can earn.

Then, HKEx and Huiyuan Juice exchanged gifts.

The Hong Kong Stock Exchange presented a mini Copper Bull, and Huiyuan Juice presented a box of special juice drinks in return.

Then, the corporate video of Huiyuan Juice began to play on the big screen.

The founder Zhu Xinli, who was born in 1952, became a well-known ten-thousand-dollar household in the village in the 1970s because of his flexible mind and ability to drive. As a result, he was elected by the villagers as the village director and the general manager of the village-owned enterprises.

Zhu Xinli led the whole village to start a business, and chose "to get rich, plant fruit trees", thus becoming attached to fruits.

Following the positive policies of the Southern Tour Speech in 1992, Zhu Xinli took advantage of the opportunity to join the tide of the commodity economy, and acquired a county-run canning factory that had tens of millions of yuan in debt and had been closed for three years.

In 1993, the first batch of concentrated apple juice was produced. Zhu Xinli took samples and pancakes to Germany to participate in the food exhibition alone. In the end, Huiyuan Juice brought the first batch of orders worth 5 million US dollars.

In 1994, with a team of less than 30 people, Zhu Xinli set up camp in Shunyi, the capital city, and began to march into the national market.

In 2000, Huiyuan Juice's sales reached 1.2 billion yuan, making it the largest juice producer in the country.

In 2001, cooperated with Delong to set up a joint venture company...almost died, but luckily ran fast enough.

...

In the video, the peasants have simple smiles, and the old photos introducing the development history of Huiyuan are mottled and yellowed. Thirty years of time are condensed into just a few minutes.

Looking at this history of struggle, Xia Jingxing applauded sincerely. No matter what Huiyuan's future holds, at this moment, it is extremely successful.

Although there was a boom in entrepreneurship in that era, it was not easy for a farmer entrepreneur to make it to today and enter the Hong Kong Stock Exchange.

At this time, Huiyuan Juice occupies nearly half of the domestic fruit juice beverage market, and is a well-deserved king of national beverages.

Zhu Xinli, his daughter, and several company executives stood beside the electronic screen displaying real-time stock price data. Waves of guests and reporters came forward to take photos with them.

Then, it was media interview time, and a large number of reporters surrounded Zhu Xinli with a bright smile.

Xia Jingxing was also surrounded by a group of reporters, and the microphone wanted to stuff his mouth.

"Mr. Xia, it's the first time in your life to ring the bell. How do you feel? Are you excited?"

"Mr. Xia, Envision Capital has been established for three years and finally got its first IPO. Are you satisfied with the company's development speed?"

"Mr. Xia, do you have any plans to increase your holdings in Huiyuan Juice?"

"President Xia~"

...

Although Xia Jingxing was so embarrassed that he could pick out a three-bedroom apartment with his toes, he still answered the reporter's questions patiently, after all, what he said was the truth.

After the interview session is over, the listing ceremony is over.

Huiyuan Juice also arranged a celebration reception.

Zhu Xinli, who has completed the transformation of a listed entrepreneur, has a different personality.

He hugged Xia Jingxing's shoulder affectionately, and said with a smile, "Boss Xia, do my brother a favor, let's have a drink or two together, and I'll tell you about my big agricultural plan, it's definitely a project that won't lose money."

Zhu Qin on the side looked embarrassed, she was a generation shorter for no reason.

Xia Jingxing looked at the flushed and energetic Zhu Xinli, and declined with a smile: "Brother, don't drink alcohol, if you need help in the future, just ask."

"Mr. Xia, I'm serious, just drink two glasses..."

Seeing Xia Jingxing's refusal, Zhu Xinli rolled his eyes, "Actually, I have a friend who wants to meet you."

"Friend?" Xia Jingxing was puzzled.

"He's here, where is he..." Zhu Xinli pointed not far away.

Xia Jingxing looked in the direction of his fingers, a middle-aged man wearing a black suit and tie, dressed like an old cadre, trotted over with a smile on his face, his clothes were windy, and the golden Hermès belt buckle on his trousers was very conspicuous.