My Age of Investment

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"Mr. Xia and Mr. Fu, happy cooperation! Then I will leave first."

Inside the China Merchants Building, a graceful woman in her thirties got up with a smile, shook hands with Xia Jingxing and Fu Jixun one by one, and left with her bag.

After watching the woman leave, Xia Jingxing patted Fu Jixun's shoulder, "Old Fu, you did a good job, killing three birds with one stone!"

Fu Jixun smiled, and then said modestly: "It's too early to draw conclusions. It depends on the subsequent development of the three companies."

Xia Jingxing nodded lightly and said no more.

The woman who just visited is Wang Jingbo, the founder of Noah Wealth.

The predecessor of Noah Wealth was the private banking department of Xiangcai Securities, a state-owned enterprise. Two years ago, due to the downturn in the stock market, Xiangcai Securities, which was not well managed, spun off the private banking department. The unit where I work has been transformed into a start-up company.

"Although this Wang Jingbo is a woman, she is very decisive. Two years ago, she MBOed a small department of Xiangcai Securities. She took a dozen people to Lujiazui and rented an office of more than 100 square meters to start a business. .

In just two years, Noah Wealth opened branches all over Beijing, Shanghai, and Yangcheng, serving thousands of customers. "

Xia Jingxing nodded slightly. Noah Wealth Management is a third-party wealth management company. In other words, it is an intermediary agency that connects rich people with investment funds and sells funds on an agency basis.

Just now Xia Jingxing asked, the minimum investment threshold for Noah's customers is 3 million RMB, and serving thousands of customers means selling billions of wealth management products on an agency basis.

With the endorsement of not too bright investment performance, so many wealthy people in China can invest, and the ability to fool is quite good.

Xia Jingxing remembered that in his previous life, Noah's private equity products had successively trampled on a series of problem companies such as Huishan Dairy, LeTV, Baofeng Group, and Chengxing International.

Even so, Noah has not collapsed, and still manages assets of hundreds of billions of yuan, making it the largest third-party wealth institution in China.

I have to take it, there is still something.

Fu Jixun continued: "Noah has been cooperating with domestic public funds and securities companies before, and Wang Jingbo really wants to expand some powerful partners.

Now that Noah has received $3.9 million in Series A financing from Vision Capital, and has reached a strategic partnership with Vision Capital, she must be very happy. "

Xia Jingxing smiled and said: "Mutual benefit! The framework of the GEM has been set, and the boots will definitely be launched in the next one or two years. Vision Capital can't just be a US dollar fund, and our RMB fund must be launched as soon as possible.

Wang Jingbo wanted Envision Capital's outstanding performance to endorse her intermediary agency, and tricked more clients into investing money;

We hope to directly connect with institutional funds, so that personal funds are less and more.

Small bosses with a sum of millions and millions are very troublesome to connect, and they will make a fuss and chatter at the slightest sign of disturbance.

Now let Noah Wealth help us raise funds, they earn some channel fees, and we can save a lot of trouble, everyone gets what they need. "

Fu Jixun smiled, the boss's words are harsh, but the reasoning is not harsh. Europe and the United States have done venture capital for decades, and the clients are well-educated, while domestic small bosses don't understand finance, so they speculate in stocks blindly if they have money. It is cumbersome for Vision Capital to raise funds directly from this group.

Noah Wealth can outsource this dirty and tiring work, give lectures to small bosses every day, hold golf clubs, and then remit the small money into a large sum of money and hand it over to Vision Capital to take care of it.

If the performance of the fund is not good, customers can only complain about Noah Wealth, after all, it is separated from Vision Capital.

Of course, Fu Jixun believed that the company's fund performance would not be bad, and the main purpose was to save trouble.

Xia Jingxing thought a little more, Noah Wealth raised so many rich people's funds,

Invest in some rubbish listed companies all day long.

With this money, it is better to invest in the 100 billion integrated circuit industry fund that he is about to form.

In fact, much of the money of the rich in China and the financial market is not used in the right place, and it is all used for speculation.

The reason why the United States is developed is mainly because other people’s angel investment and VC funds can raise funds, and the financing environment for start-up companies is relatively good.

There is basically no shortage of investment in the domestic Internet, but the slow-growing semiconductor industry still lacks investment.

Envision Capital will take the lead and guide social capital to flow into the industries most in need of assistance and investment. This is the truly healthy way of industrial development.

But there is a problem here. Real estate speculation and stock speculation have quick results, while investing in industries, especially capital-intensive and technology-intensive industries such as semiconductors, has slow results and may not produce returns in ten or eight years.

It’s 2020 in the previous life, and the domestic venture capital community is still calling for LPs to have the spirit of long-term investment and invest in long-term funds.

Domestic funds generally follow the "3+2" and "5+2" models, that is, a three- to five-year duration and a two-year exit period.

It is impossible to make long-term investment, and naturally the funds cannot flow into the industry, so we can only engage in projects with quick results.

American funds have a ten-year or twenty-year duration, and there are also evergreen funds that do not have a fixed duration. You can invest as long as you want. For example, if you invest in Ali in 1999, you can hold it until 2020 and beyond. In the future, the shares will not be sold at a low price due to the expiration of the fund.

Vision Capital's current VC and PE funds are Xia Jingxing's own funds, and it has never started fundraising.

But for industrial investment, the more money the better.

Moreover, he also hopes to set up two integrated circuit industry funds to give a sample to the industry and attract more capital attention and investment in semiconductors.

In the short term, investing in semiconductors will definitely not make money.

Xia Jingxing felt a little sorry for Wang Jingbo, if the client complained, Wang Jingbo could only explain it.

But in the long run, it will definitely make money, which is better than investing in companies such as LeTV and Baofeng. Social wealth will not be lost in vain, or even cheated by foreigners.

"Mr. Xia, let's launch a long-term fund. Can Wang Jingbo sell it? Let alone ten or eight years, some people think it's too long."

Fu Jixun is very clear that the real purpose of the boss's investment in Noah's wealth is not just a financial investment, but also a strategic investment to expand the funding channels of Vision Capital.

However, he feels that although he has reached a cooperation with Noah Wealth Management, he should not treat him like a monkey. He should consider the current domestic financing environment, customer awareness level and other factors.

"Chasing up and down!"

Xia Jingxing said with a smile: "Showing our investment achievements in China will surely attract people's attention."

Isn't this a lie?

Fu Jixun swears in his heart that the Internet companies invested by Envision Capital are developing quite well, and in a year or two, there should be the first wave of exits.

But the boss wants to raise funds to invest in industries and semiconductors, which is very difficult and full of challenges.

Xia Jingxing saw Fu Jixun's worry, and said with a smile, "Take your time! The general environment is always getting better day by day, and I didn't say 100 billion funds when I first came up. I will contribute 50 billion, and Noah Wealth will help me." Raise 50 billion.

If it really doesn’t work, let Noah Wealthy launch a fund of funds, with half of the Internet and half of the real industry, so there should be nothing to say, right? "

"That's a good idea."

Fu Jixun's eyes lit up. He realized the cleverness of his boss. He used the excellent performance of Internet sub-funds to offset the poor performance of some real industry sub-funds.

If the return rates of the two types of funds are balanced, the return rate of the fund of funds will be so-so.

Xia Jingxing remembered that in his previous life, Noah Wealth was not satisfied with being a junior intermediary, only earning some fund agency fees, and started to launch funds of funds to work as a senior intermediary, and even launched a direct investment fund.

Vision Capital’s current FOF framework is correct, but there is a problem with the core, and the sub-funds are all owned by themselves.

The real fund of funds is to select and invest in external fund managers.

Thinking of this, Xia Jingxing added: "If Noah Wealth Management launches a fund of funds platform, I will open the hedge fund shares of Vision Capital to them, but they must first invest in a physical sub-fund before they can get the same share of hedge fund investment rights."

"Fuck!"

Fu Jixun's eyes were wide open, and he really couldn't find any other adjectives to describe the beauty of this bundled sale.

Hedge funds are currently the most profitable department of Vision Capital. They are the company's signature and flagship product, and are sold well in American high society, university endowment funds, and retirement funds.

But in the final analysis, it is still helping Americans make money, and the majority of small Chinese bosses have no chance to participate.

If Chinese investors have the opportunity to experience a "three-year sixty-fold return", it is conceivable that countless investors will smash their heads and snap up.

However, at this time, Vision Capital will jump out and say to the flocking investors: Sorry, we only accept institutional funds, please go out and turn right to subscribe for Noah Wealth’s fund of funds.

The investment portfolio of sub-funds designed by the Noah Wealth Fund of Funds is complex, including hedge funds of the Lixia series, VC funds of the Lichun series, PE funds of the Liqiu series, and speculative funds of the Lidong series...

"Then it's definitely not a big problem!"

Fu Jixun said enthusiastically: "Noah Wealth can change its name to something grand, such as Global Asset Allocation Fund, Global Diversification Fund..."

Xia Jingxing waved his hand, "These are long-term plans. Let's talk about the immediate moment first. Help Noah Wealth Management initiate the establishment of our first RMB fund. Show our sincerity and explore the cooperation model first."

Fu Jixun nodded heavily, "Okay, I will come up with a detailed cooperation plan as soon as possible."

"Aikang Guobin, Seven Days Hotel, thank Ms. Xu Xin and Mr. He Boquan for their recommendation."

Speaking of this, Xia Jingxing waved his hand, "Forget it, I'll call to thank you personally."

The reason why this action is to kill three birds with one stone is that it mainly refers to investing in Noah's wealth, and incidentally investing in Aikang Guobin and Seven Days Hotel.

The relationship network inside is a little bit complicated.

When Wang Jingbo was working in the private banking department of Xiangcai Securities, He Boquan was her client, and later became her angel investor when she initiated MBO.

Then, He Boquan met Xu Xin when he invested in real kung fu.

Recently, He Boquan was looking for a round A investor for Noah Wealth Management and introduced him to Xu Xin.

Xu Xin thinks that Noah Wealth sounds better. According to the name in the United States, it is an "independent financial consultant".

He Boquan is an angel investor of Seven Days Hotel and Guobin Medical. When he promoted Noah's wealth to Fu Jixun, he also promoted two other projects he invested in.

Among them, Tan Wenqing, the chairman of Guobin Medical, is Wang Jingbo's husband.

Last month, Guobin Medical and Aikang.com merged to become Aikang Guobin, becoming the largest health management organization in China with a promising future.

So after some investigation, Fu Jixun won all three projects.

Among them, Noah Wealth is a sole investor, accounting for 25% of the shares;

Aikang Guobin invested together with Matrix Partners China and Zero2IPO Ventures;

Seven Days Hotel is invested together with Warburg Pincus, Bank of Merrill Lynch and Deutsche Bank.

"Mr. Xia, Sequoia originally planned to invest in the case of Noah Wealth, and also planned to jointly set up a RMB fund with a scale of 1 billion yuan with Noah Wealth, but it was messed up by us."

"Uh, what a coincidence?"

Fu Jixun smiled, "It's really not intentional, I just ran into it again by accident."

Xia Jingxing scratched his forehead, this matter was troublesome, and there was going to be another dispute.

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