My Age of Investment

"Actually, by observing the development process of Temasek, we can draw many conclusions and references.

This sovereign wealth management fund was established in 1974. At that time, the government of Po County injected all the assets of state-owned enterprises it held into Temasek. These investments are held and managed by individual positions, and are highly market-oriented.

By controlling dozens of wholly-owned subsidiaries and hundreds of companies through external equity investment, Temasek has gradually formed a large state-owned enterprise with six organizational levels, from the government to the parent company, subsidiaries, and branch companies. Enterprise Group.

Our country has also borrowed this Temasek model in the reform of state-owned enterprises. "

Lou Wei nodded slightly, "That's right, we have learned a lot from Singapore's experience in the process of re-opening."

Xia Jingxing said slowly again: "Temasek has been operating for more than 30 years, and its business tentacles have also extended from domestic to overseas.

Domestically, they don't care about holding investment or financial investment, but abroad, sovereign wealth funds are very sensitive and can only play the role of financial investors.

Benefiting from years of business operation experience, Temasek has a mature investment team and fully understands the business laws of various countries, so most of them generally invest directly. "

Lou Wei smiled, "CIC is just preparing to be established, and we feel that we lack experience, so we plan to select external fund managers and entrust them with the management of funds.

The direct investment business will slow down for the time being. After the team matures and has a certain amount of experience, it will develop at a slower pace. "

Xia Jingxing smiled and said, "Yes, I think this method is extremely correct. With the size of CIC, it is naturally impossible to invest in start-ups like VC institutions. They don't have so much energy, and indirect investment is better.

Even direct investment should be based on investing in mature enterprises. "

Lou Wei smiled and nodded, and added: "Because the foreign exchange reserves are mainly in US dollars, direct investment will mainly be made by large overseas companies."

Hearing this, Xia Jingxing read out some key information. It should be that he wanted to allocate a large amount of overseas assets and did not plan to invest heavily in the country. This was to ensure that the foreign exchange reserves would not be consumed.

He is not good at commenting on this. After all, the above idea is quite good. Foreign capital comes to China to make money, and we also go to foreign countries to make money. The foreign exchange reserves will not decline, and will even increase.

but,

Foreigners' money is not as easy to earn as imagined, and there are many pitfalls.

Moreover, the potential of domestic technology companies is worth exploring, and the return on investment is far higher than that of overseas investment.

"Technology entrepreneurship has been very popular in China in recent years, but limited by the policy and environment, venture capital institutions are mainly based on US dollar funds.

The representatives of the venture capital industry present today, including us, manage funds and LPs that come from foreign university endowment funds and pension funds.

Strictly speaking, most of these technological development dividends have been earned by foreign capital. "

Hearing this, everyone was shocked!

Xiong Xiaoge opened his mouth even more, he really dared to speak!

Zhang Fan snickered in his heart, thinking that he would definitely have to suffer, as long as you Xia Jingxing was capable, would the higher-ups not be clear about these issues?

Chen Hong was a little nervous. He had repeatedly told this little brother beforehand, but the result was still so ostentatious and straightforward.

He couldn't help but look at Lou Wei's expression, the latter's expression was normal, and he even smiled: "In fact, we are also aware of the issues you responded to.

Come on, as you just said, we have no experience in this field;

Secondly, the scale of funds managed by CIC is too large, and it does not have the energy to make early-stage investments.

China is now opening up its market and welcomes foreign investment, but it is impossible to keep foreign investment out of the field of science and technology.

However, we will certainly take your comments seriously.

In fact, there is such a consideration in calling everyone here today. We plan to hand over a small part of the funds to domestic VC institutions for management, so as not to miss the development dividend of China's technology industry. "

Hearing this, Zhang Fan and Xiong Xiaoge immediately beamed with joy. Doesn't this mean that they also have a chance.

Xia Jingxing was far less optimistic than some of his colleagues. He didn't understand some things, and Lou Wei's answer couldn't be taken seriously.

The word "risk" is included in the name of venture capital, which requires money to take risks. Do you dare to take foreign exchange to take risks? Who dares to take responsibility?

"In fact, venture capital investment is not as risky as the outside world thinks. A fund usually invests in dozens of projects, and after one or two projects, the cost is recouped.

After long-term operation, a mature VC has a mature approach in pre-investment investigation and post-investment management, and the risks are controllable. "

Hearing that Xia Jingxing was still talking about this matter, Lou Wei gradually realized that the other party wanted to persuade him to invest heavily in domestic VC funds.

He thought for a while and replied with a smile: "We have a set of selection criteria. Vision Capital and the investment institutions represented by all of you here can submit application materials to CIC, and go through the initial evaluation, re-evaluation, rate negotiation, and contract agreement. After that, they all have the opportunity to receive capital injection from CIC.”

Hearing what the leader said, Xiong Xiaoge, Zhang Fan and the others all had smiles on their faces, thinking that Xia Jingxing had finally done a good thing this time, and maybe they could follow behind and share a share of the profit.

Xia Jingxing had a smile on his face, but he was still a little suspicious in his heart.

However, for an investment strategy involving 200 billion US dollars of foreign exchange, he only has the right to make suggestions, and even the right to make suggestions is very limited. He can't decide whether the higher-ups are willing to listen. He can only say that he has tried his best.

Even if the above finally adopted his suggestion, he is not qualified to intervene in the selection of external fund managers, and the expert jury will not want him because he is not independent enough. What if there is retaliation against competitors?

Thinking of this, Xia Jingxing felt relieved, some things cannot be stopped at all.

But it doesn't matter. If CIC is not willing to invest heavily in VC and domestic investment, then it would be better to invest more.

"Mr. Xia, I actually want to hear your opinion on the overseas financial investment market." Lou Wei said with a smile.

"Overseas investment, Vision Capital is mainly divided into two business segments, VC and hedge funds..." Seeing that Lou Wei was not interested in VC, Xia Jingxing focused on introducing the hedge fund business.

After listening, Lou Wei nodded without saying anything, and then called Xiong Xiaoge's name.

After Xiong Xiaoge, Zhang Fan, Yan Yan and others also spoke one after another. They talked about the domestic venture capital industry with hype, and they all wanted to leave a good impression on this "big boss" who manages 200 billion US dollars.

However, because Xia Jingxing took up too much time, the rest of the people only got a minute or two to speak. After Lou Wei asked a few words, it was the next person's turn, which made them feel that they were full of strategy and didn't show it.

Soon, this symposium offering advice and suggestions will come to an end.

Under the leadership of the staff, Xia Jingxing, Chen Hong, Zhang Fan, Xiong Xiaoge and others formed a team and left.

As soon as they walked out the door, a group of people walked up to them.

The leader was Liang Miansong, followed by Su Shimin, Mack Jinheng and several foreigners.

People from both teams noticed each other, but the occasion was not right, so they didn't say hello, only Mack, an old friend, nodded to Xia Jingxing.

Xia Jingxing didn't feel very good, it was probably Liang Miansong who set up a bridge and found two "potential" overseas projects for CIC.

Blackstone is about to go public, and Morgan Stanley is shocking Wall Street. This must be a good project to make money! Ordinary people should see it that way.

Xia Jingxing sighed slightly in his heart, "I can't control it, everyone clean the snow in front of the door!" To do a good job in one's own industry is to contribute to the construction of the country.

As soon as they walked out of the great hall, Zhang Fan, Xiong Xiaoge and others parted ways with Xia Jingxing and left with smiles.

Chen Hong had a sullen face and didn't speak the whole time. When he got in the car, he couldn't help but said, "You shouldn't have said so much today. Industry and policy, isn't it clear? I need you to remind me."

Xia Jingxing smiled slightly: "Tell me, what if they can change their investment strategy?"

Chen Hong sneered, "You think too much, which onion are you? It's the money of the state, you have the right to make decisions?"

"That 200 billion US dollars is one-thirteen-billionth of mine!"

Xia Jingxing actually knew that his words might not carry enough weight, but he couldn't help but want to give it a try.

Just imagine, isn’t it better for the state to indirectly invest in dozens or hundreds of unicorn companies than to invest in Blackstone and only earn Yu’e Bao in the end?

Only when the country is strong can the people live and work in peace and contentment.

One in 1.3 billion!

Chen Hong sighed with emotion in his heart, and his tone eased a little: "Hey, you are still too young, and your spirit is too high! This is also a good thing, the blood is not cold! At my age, there is only a belly full of dogs left! "

Xia Jingxing said lightly, "Try your best, as long as you can live with your heart!"

Chen Hong shook his head, "But your price is too high. Team Leader Lou has already asked that question. He obviously wants to make a big splash overseas. What do you mean by saying domestic?

Don't you know how to talk about the return on investment of Vision Capital in the US market? That's dollar assets, just what they want.

Hey, I don't know how to say hello, do you feel sorry for Qian?

If you do this, it is a big loss of points. Maybe you will lose the quota of a stable external fund manager. "

"Whatever, there is no shortage of that little money. American investors are still very fond of our hedge funds."

Xia Jingxing didn't care about CIC's investment in their hedge funds. What he really hoped was that CIC could change some of its investment strategies, not to mention starting with the domestic market first, and going overseas steadily. At least the domestic and foreign markets should be equally important.

If you invest heavily overseas now, you will definitely have to pay tuition fees.

Chen Hong waved his hand, "Okay, okay, let's not talk about this, you do have the capital of arrogance, as long as your eyes are not blind, you should give Vision Capital a place."

"By the way, why do you think CIC doesn't pay attention to the domestic market? Team leader Lou said that we should select domestic VC institutions."

Xia Jingxing was suddenly a little curious about this matter. Lou Wei's words were tight, and no one could guess his real thoughts.

Even he has memories of his previous life, and met Schwarzman, Mack and others on the road, and then concluded that CIC's investment strategy is still on the old road of the past life.

Chen Hong sighed: "You think I'm those idiots like Zhang Fan, Hanergy has been in contact with relevant units in Yuzhou recently, and these local government offices are very careful about venture capital investment, and they keep making mistakes, let alone CIC.

There is a high probability that VC institutions will not be selected as external fund managers, and it is difficult to say that the domestic market is willing to allocate some energy to pay attention. I reckon, it's all about earning a lot of money overseas! "

Xia Jingxing was silent, Chen Hong basically guessed it right, he would suffer big losses if he was eager for quick success.

Why did he mention military training, and why did he take Temasek as an example? Didn’t he want to remind CIC to invest cautiously?

As a result, on the surface, Team Leader Lou was relentless in admonishment, but turned around and started negotiating with Blackstone and Morgan Stanley.

You must know that the 200 billion funds have not yet been allocated in place, and the company has not yet been officially listed, so billions of billions of billions of dollars have to be invested outside.

Difficult to rate!