My Age of Investment

The Spring Festival is over and the time has come to March.

In the past February, a major event happened in the Chinese Internet circle.

Zhang Fan, the founding partner of Sequoia China, went off in person and blasted Chen Yizhou, the founder of Thousand Oaks Group, for his incompetence and morality in a post on the Internet. He lost $200 million to investors, setting a record in the history of China's Internet industry, and suspected of defrauding investors. and so on.

Although this post was promptly deleted half an hour after it was posted, it has already been seen by a large number of users of this forum and has been reposted to other Internet communities and forums, attracting countless people to watch and discuss.

The venture capital circle has always been mysterious, and the word venture capital has always been accompanied by lofty vocabulary such as ringing the bell to go public, financial freedom, and getting rich overnight.

When have you ever seen money lost? And a loss of 200 million US dollars?

Netizens who eat melons are eating melons, while digging deep into various investment institutions that have invested in Thousand Oaks.

In fact, Zhang Fan was completely irritated by Chen Yizhou's refusal to refund the money, and he also acted like a rascal, so he wanted to ruin Chen Yizhou's reputation and lose his foothold in the venture capital circle.

It was only half an hour after Zhang Fan's post was posted, when Xiong Xiaoge, Yan Yan, and Zhu Linan heard the news, they hurriedly called Zhang Fan, urging this impulsive owner to delete the post as soon as possible, and not to expose the family ugliness!

Zhang Fan was also dizzy with anger. After being scolded by his friends, he immediately realized that the matter had been messed up, and deleted the post in a panic, but he was a step too late. Public opinion had spread widely, especially in The spread of the domestic network is particularly exaggerated, and it is short of being promoted on the homepage.

Chen Yizhou sits at home, and the pot comes from the sky!

He saw so many netizens mocking him, how could he bear it, and immediately posted a post under his real name on Maopu, refusing Zhang Fan's slander against him one by one, and even questioned Zhang Fan's ability and character flaws in turn.

After completely tearing his skin apart, Chen Yizhou no longer hesitated, and he shook out all the secrets.

Sequoia, IDG, SAIF, Junlian, Walden... A large number of institutions secretly formed an alliance to deliberately target Envision Capital.

The start-up company was engulfed by capital and burned excessively, resulting in a huge loss of 200 million U.S. dollars. The culprit was the venture capital institution eager for success and profit.

When there was nothing to be done, Zhang Fan encouraged the entrepreneurs to continue jumping into the pit in order to vent their personal anger.

...

So many rumors,

There are so many grievances and enmities, and the richest man Xia Jingxing is also involved. While watching it, the netizens said it was enjoyable, and at the same time, they also felt that it was an eye-opener.

However, in the face of Chen Yizhou's fierce counterattack, Zhang Fan or other investors remained silent, and no one jumped out to face him again, as if they wanted to deal with it coldly.

Seeing that there was no melon to eat, the discussion on the Internet soon shifted to Haineiwang and Xia Jingxing.

Xia Jingxing was praised by countless netizens. He deserves to be the richest man. One person and one organization singled out half of the domestic venture capital circle, and he still won, which made so many venture capitalists feel ashamed.

There is also a lot of discussion on the domestic network. The three games set the country, repel Penguins, and defeat Thousand Oaks.

In the eyes of netizens, Thousand Oaks has actually collapsed.

First, the promotion of "Renren Farm" failed, then Renren.com's few remaining active users continued to lose at an accelerated rate, and now there is a "feud among shareholders".

No one thinks that Thousand Oaks has a chance to rise again, and it would be a good ending to live with a cat.

This incident also put an end to the "Three Kingdoms Farm War" that broke out from the first day of the new year. Haineiwang won a big victory, Penguin suffered a small defeat, and Thousand Oaks completely sank.

With the prestige of a big victory on Hainei.com, the number of users of the three games has been rising steadily, and the number of users of Hainei.com has also ushered in a wave of small growth peaks, officially breaking through 100 million registered users!

A new Internet platform with hundreds of millions of users was born!

This news swiped the entire Internet, making countless Internet giants vigilant and envious.

You know, the predecessor of Hainei.com, Xiaonei.com, has been online for less than two years.

To complete the leap from zero to 100 million in such a short period of time is a miracle and a classic textbook business case.

This incident once again confirmed Xia Jingxing's title of "King of East-West Communication". Almost everyone attributed the success to Xia Jingxing's correct leadership and model innovation.

The social game he invented unlocked the growth code of the social platform, defeated the paid promotion of Thousand Oaks for free, and even exported it from China to the United States and Europe.

Facebook officially launched the three major games of Farm, Ranch, and Orchard in February. Once launched, they became popular in European and American countries and quickly gained tens of millions of registered users.

Before this, no Chinese game has ever been so successful overseas.

Although they are only three small web games, they have also made a name for Chinese games.

After the news that the three national games were popular in Europe and the United States came back to China, it immediately detonated the Internet. Countless netizens felt proud, and a strong sense of national pride arose.

This is a purely domestic game developed by the Chinese. It does not contain any foreign additives and is absolutely original. Shouldn't it be praised?

In this era, there are not many products in China that lead the world or lead the world trend.

The renaissance mobile phone is counted once, and the three social games are counted as the second time.

The domestic media reported numerous articles, and when they heard that foreigners were playing crazy, netizens who had never played social games couldn't help but register an account, and after playing, they got out of hand.

The superimposition of multiple good news made Hainei.com achieve a major breakthrough of 100 million users, and it also completely confirmed the name of "China's No. 1 SNS platform", and there is no more controversy.

…………

…………

"Mr. Xia, I want to discuss with you, can Jingxi Mall allow Capital Today to invest?"

In the office on the 36th floor of China Merchants Building, Xu Xin looked at Xia Jingxing with a smile on his face, "I know this request is a bit abrupt, but I can promise that if Vision Capital takes a fancy to any project invested by Capital Today, I will do my best to Do your best to help matchmaking."

Xia Jingxing looked at this uninvited guest with a dangerous heart, and was almost pulled out of Jingxi's top spot by Capital Today.

"Sister Xu, are you very optimistic about Jingxi?"

Xu Xin asked back with a smile, "I wasn't very sure at first, but Vision Capital invested in it. It is definitely a good project, there is no doubt about it."

Hearing this, Xia Jingxing smiled. At first it felt a little ridiculous that Xu Xin actually used them as anchors.

But when I think about it carefully, I think it's normal. This is a reflection of Envision Capital's growing reputation and industry prestige.

"How do you know about Jingxi Mall?"

Xu Xin explained in five ten minutes that it was originally introduced by Yue Yong, the personal FA who introduced the previous investor to Jingxi.

Xia Jingxing suddenly remembered that in his previous life, today's capital invested in Jingxi, it was this Yue Yong who introduced him, and it was not Xige who directly approached today's capital.

After the successful financing, this shrewd FA from Goldman Sachs did not ask for the 6 million yuan financing intermediary fee paid by Xi Ge, but asked for Jingxi stock.

If you wait until Beijing West is listed before selling the stock and exiting, it is conservatively estimated that you will earn 2 billion. This is a typical empty-handed white wolf and resource integration.

However, Yue Yong is doomed not to be able to earn this money in this life.

"What's Liu Ruoxi's opinion?"

Xia Jingxing didn't rush to answer whether Xu Xinxing could do it or not, but asked about the founder's attitude.

This is very important, if Liu Ruoxi agrees, he will not come out to be a villain, anyway, his share will not be less.

"He refused at first, but after knowing that I knew you, he asked me to ask you." Xu Xin did not hide anything, and explained everything very sincerely.

After Xia Jingxing thought about it for a while, he knew that Xi Ge had kicked the ball to him. According to his understanding of Xige, the other party is definitely unwilling to dilute the shares in a short time.

"Our due diligence on Jingxi is over. The 10 million US dollars is not a lot, and all of them have been allocated in place."

Xu Xin nodded, "I know that, how about selling us the $2 million convertible bond?"

"Why bother!"

Xia Jingxing shook his head, "After the B round of financing, I recommend Capital Today to join, isn't it the same?"

Xu Xin thought, how could it be the same? One is a convertible bond that can definitely be converted into equity, and the other is an uncertain B-round investment right.

But Xia Jingxing's jargon was all about this, and if she continued to entangle, she knew that according to Xia Jingxing's temper, she would definitely turn against her. The two of them had had an unpleasant fight because of the village base before.

"That's all right, Mr. Xia, you must recommend us for the B round of financing, and I owe you a favor."

Xia Jingxing nodded with a smile, and sent Xu Xin away.

As soon as he sat back in his office chair, the landline on the desk rang.

"Mr. Xia, a Mr. Bao wants to see you, and he said he has made an appointment with you."

Xia Jingxing said to the front desk: "You bring him in!"

After a while, the front desk led a man in a neat black suit with a shaved head.

The bald man was in his thirties, not tall, probably only about 1.5 meters, about the same as Sun Zhengyi, but the pair of glasses under the silver-rimmed glasses were shining brightly, and he looked like a shrewd master.

As soon as he entered the room, he handed Xia Jingxing his hand with a smile on his face, "President Xia, excuse me, I am Bao Bufan from Huaxing."

Xia Jingxing shook hands with Bao Bufan, and felt that the other party's hands were strong, as expected of a regular boxer.

Although it was the first time he met Bao Bufan, he had heard of this person before. He was well-known in the FA circle in his previous life, and Huaxing Capital was even more famous than Hanergy Investment in the same industry.

Wuba and Ganji, Meituan and Dianping, Kuaidi and Didi are all merged by this man, a top middleman who walks between entrepreneurs and venture capital institutions.

Huaxing Capital has only been established for three years at this time, and its reputation is not as good as Chen Hong's Hanergy Investment.

However, Li Ying helped deliver the message, so Xia Jingxing decided to meet this middleman with a wide network of contacts, and see what kind of business the other party wanted to discuss with him.

After exchanging some pleasantries, Xia Jingxing invited Bao Bufan to sit down on the sofa beside him, and chatted over tea.

"President Xia, I know you're busy with work, so I'll just say it straight!

I am entrusted by someone to come here this time, and I plan to ask you if you have any intention to sell Ari's equity, there is no limit to the amount, my client is willing to pay a high price. "

After finishing speaking, Bao Bufan picked up the teacup on the table and took a sip, then raised his head and pretended to casually glance at Xia Jingxing, who looked calm, as if he wasn't surprised at all.

"May I ask who your client is?"

Bao Bufan smiled, "Sorry, it's temporarily inconvenient, this is our industry policy, but if Mr. Xia is interested, I can arrange a meeting between the two parties and sit down to talk."

Xia Jingxing smiled lightly, "It's okay, I was the one to be abrupt! But I also want to say sorry, Ari's shares are not for sale."

Bao Bufan nodded, "I know, Ahri is now the number one e-commerce platform in China, with great potential, and no investor is willing to let go of this kind of golden doll."

Xia Jingxing smiled and said nothing, thinking silently in his heart, who was trying to trick him.

Ahri took the 23% stake in it after a lot of effort, so how could he let it go so easily.

"However, Mr. Xia, with all due respect, your business is very large, and companies such as Haineiwang, Tesla, Android, and Fuxing Industry still need to invest a lot of money in their construction.

Appropriately selling a certain percentage of Ari's equity will not have a great impact on your future earnings. After all, Ari is a mature enterprise with a market value of tens of billions of dollars, and the upside is limited.

On the contrary, investing these precious funds into start-up companies will increase the valuation by hundreds of times, which can help you reap greater returns. "

Xia Jingxing keenly recognized a key word, and asked, "Is your client willing to value Ari at ten billion dollars?"

"Yes, they are very sincere! The specific number can still be negotiated."

Bao Bufan said with a smile on his face, "As far as I know, Mr. Xia invested nearly 700 million US dollars in Ahri a year and a half ago, when Ahri was valued at just over 3 billion US dollars.

Now this investment has increased in value by 3 times, and the absolute value of the return is extremely impressive.

Slightly selling a part of Ahri’s equity and getting back hundreds of millions of dollars, not only got back all the investment costs, but also helped other companies under Mr. Xia’s rapid development. This is definitely killing two birds with one stone. "

Xia Jingxing smiled, "Since you have investigated me, you should know the asset management scale of Vision Capital."

Bao Bufan nodded solemnly, "I know, the scale has exceeded 10 billion U.S. dollars, and it is also a large-scale asset management company ranked on Wall Street. In China, it is undoubtedly the number one private capital management company." management company.

But Mr. Xia, after all, the funds under Vision Capital are raised funds, and if they are really used to invest in other industries under your umbrella, it will inevitably attract doubts and criticisms from LPs. "

"Haha, you are wrong, Vision Capital holds equity interests in all my businesses including Facebook, Youtube, Tesla, Android, Renaissance Industries, and Hainei.com.

These are high-quality assets that LPs cannot ask for. How could they question and criticize them?

Last year, Vision Capital only raised a US$3 billion S-fund, which took up a large amount of corporate equity transferred from other Vision Capital funds. "

Bao Bufan pondered for a moment, and said, "Since that's the case, then I won't say any more. Mr. Xia, your knowledge in the financial field is deeper than mine."

Xia Jingxing waved his hands, "It's too modest, everyone just communicates with each other."

Bao Bufan understood people's expressions very well, and saw that Xia Jingxing was determined and had no intention of selling Ari's shares, so he stayed for a while, and after getting acquainted with each other, he hurriedly said goodbye and left.

Xia Jingxing didn't take this seriously.

As Ahri's leading position in the e-commerce market becomes more and more stable, people of insight can see the potential of Ahri. Comparing Amazon and eBay in the United States, it is possible to calculate the future market value of Ahri.

Suddenly a Bao Bufan came to pimp, Xia Jingxing thought it was normal, and didn't think about other aspects at all.