My Age of Investment

The leaders of Huake Holdings, the state-owned asset management organization behind Huake Academy, after research and meeting discussions, unanimously agreed to cash out at a high level and sell all 47.43% of Huaxia Digital’s equity held by Conscience to a buyer consortium formed by Envision Capital and Fuxing Industry.

After the resolution was submitted to the Government Affairs Council, it was approved and passed quickly.

Coupled with the 13.34% equity held by General Atlantic Investment Group, the buyer consortium formed by Envision Capital and Renaissance Industrial Group will obtain a total of 60.77% of China Digital, with a total transaction price of 3.54 billion Hong Kong dollars.

Among them, Fuxing Industrial Group invested 582 million Hong Kong dollars, accounting for 10% of the shares; Vision Capital invested 2.958 billion Hong Kong dollars, accounting for 50.77% of the shares.

After the transaction was completed, Huaxia Digital immediately reported the relevant information to the Hong Kong Stock Exchange and disclosed it to the outside world.

As soon as the news came out, the eyes of countless people were immediately blinded.

Because in this transaction, the price of each share of Huaxia Digital is 6.64 Hong Kong dollars, which is a full premium of 89.7% compared with the company's stock price of 3.5 Hong Kong dollars per share before the suspension of trading, nearly double.

Moreover, the new shareholders Envision Capital and Renaissance Industries are not unknown people, especially Xia Jingxing, the actual controller of the two companies, can be called a technology tycoon and capital tycoon well-known in China, the United States and even the world.

The financial media have carried out grand reports one after another, and also predicted that the entry of technological entrepreneur Xia Jingxing will inject technological genes into Huaxia Digital, and become a giant software service provider.

Various brokerages have given Huaxia Digital a buy rating, and some institutions have given a target price of 10 Hong Kong dollars per share.

Affected by all these benefits, as soon as Huaxia Digital resumed trading, the stock price exploded on the spot, skyrocketing all the way, and soon broke through 7 Hong Kong dollars per share.

According to the trading rules of the Hong Kong Stock Exchange, in order to protect the interests of minority shareholders, the joint acquirer must issue a comprehensive acquisition offer to retail investors in the open market.

The implementation of the offer price must be consistent with the previous transaction price of the equity transfer of several major shareholders, that is, 6.64 Hong Kong dollars per share.

Shareholders and institutions willing to accept the offer can sell their shares to Vision Capital and Fuxing Industrial Group at this price.

Once too many offers are accepted, and the outside public shares fall below 25%, China Digital's listing status will be lost.

However, just as Xia Jingxing predicted, the market is quite optimistic about the transaction of Huaxia Digital's major shareholder changing hands, and the stock price after the resumption of trading has far exceeded the purchase price. There will definitely not be too many shareholders and institutions willing to accept the tender offer.

Since the tender offer needs to wait 21 days, the deal has not yet been finalized.

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Time flies, and after entering November, there have been major changes in A shares.

Gone are the days when you could make money by buying any stock. The Shanghai Composite Index hit a record high of 6124 points in the middle of last month and then plummeted.

Shareholders thought it was a technical adjustment, and it would rise back next month. 8,000 points and 10,000 points are not dreams.

But as time went by, not only did the Shanghai Composite Index not change its mind, but like a scumbag, it deceived the feelings of shareholders time and time again.

The former big bull stocks are no longer good, and they have fallen by the limit for many days in a row.

The fresh leeks that entered the market last month deeply felt the sharpness of the sickle,

But they still have faith, and firmly believe that 6124 points will come back one day, and this day will not make them wait too long.

Under this background, Zhao Jun brought Deng Fenghua to the capital from Shanghai in a hurry, and reported to Xia Jingxing in the office on the 36th floor of the China Merchants Building.

"Mr. Xia, you still have the foresight. If we hold the stocks in our hands for another month... No, if we hold them for half a month, we may lose them all."

When Zhao Jun mentioned this matter, he looked terrified.

Two months ago, his subordinates were trying to persuade him to persuade Mr. Xia to change his mind. If he held the stock for one more month, the 14.5 billion would be guaranteed to become 20 billion.

He thought about it all night, suppressed the matter, did not report to Xia Jingxing, and resolutely carried out Xia Jingxing's order.

He was thinking, if he had really persuaded Mr. Xia at that time, and the latter had changed his mind, then he should be the one who is crying and complaining on various stock trading software, right?

Xia Jingxing smiled and said: "It's not that mysterious, it's impossible to throw all of it in one's hands, and at most give back part of the profits.

Didn't CITIC Securities reach a high of 117 yuan per share last month? It means that you judged that CITIC's stock price broke through the 100-yuan mark last month and it was accurate. "

Zhao Jun shook his head slightly, "If you really wait for it to break through the stock price of 100 yuan, you may expect it to break through 120 yuan or 150 yuan. Once people's desires are enlarged, they will be completely unstoppable.

How difficult it is to unite knowledge and action! What I admire the most is your rationality, Mr. Xia. Even if tens of billions of profits are placed in front of you, it does not affect your judgment at all. "

Deng Fenghua listened carefully from the side, and he could tell that these words were from the heart of the master, and they were worth remembering.

Xia Jingxing smiled and waved his hands, not wanting to talk about this topic.

He actually doesn't know the exact end time of the big bull market, but relying on the vague memory of his previous life and all kinds of information collected with the help of the investment platform of Vision Capital, he made a little analysis and judgment, and still contributed a perfect low price. Suck high and sell high.

The reason why it can't be called absolute perfection is because he sold out all of CITIC Securities at a price of more than 90 yuan. If he kept a small part and sold it last month, he should have made hundreds of millions more.

But these are harmless, because it is impossible to be perfect.

"I have withdrawn 10 billion from the Grain Fund, so it didn't have any impact on you, did it?"

Deng Fenghua smiled and said: "No, if you don't take away the 10 billion, it will affect us."

Zhao Jun nodded and said in agreement: "Yes, now that the market has fallen like this, it is not a good time to enter the market, and it is a good time for us to run into the market when there is no room for further exploration.

At that time, assets will be as cheap as they were two or three years ago. "

Xia Jingxing smiled and said nothing, Mangzhong Fund made a total of 14.5 billion with principal and interest, he took away 10 billion, and distributed a bonus of nearly 1 billion to the team, and now Mangzhong Fund's asset management scale is only 3.5 billion.

This asset management scale is similar to that at the beginning of the year. In the short term, it is enough to maintain this fund size in A shares, and it is a waste to have too much.

Because the fund is now in a state of short positions, holding money on the sidelines and avoiding risks.

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"Mr. Xia, the sales volume of Fuxing mobile phones in October has been calculated. The global sales volume reached 600,000 units, including 180,000 units in the domestic market, 220,000 units in the US market, 150,000 units in the European market, and 50,000 units in Asian markets such as Japan, South Korea, and India. department."

At Fuxing Industrial Group's October work summary meeting, Lin Bing reported the specific sales data of each market to Xia Jingxing.

After listening, Xia Jingxing frowned slightly, "The performance in the Asian market is still a bit poor. The domestic media almost praised us to the sky, but in the end, we are embarrassed to announce this little sales performance."

Lu Lei, the president of the Asian region, was a little anxious and explained: "Mr. Xia, you know that the three first Asian countries, Japan, South Korea and India, each have their own problems. We are also trying to find a way to break this deadlock."

Xia Jingxing said indifferently: "This is not your reason or excuse, even if these three countries are a tortoise shell, you have to make a hole for me to come out.

There are only four developed countries in Asia, Japan, South Korea, and New Zealand. Although the latter two countries have good economies, their populations are too small to develop for the time being.

The price of ZTE's mobile phone is not low. If it wants to make some achievements in the Asian market, Japan and South Korea are the top priorities. "

Luray nodded in agreement, and then asked: "What about India? We sold less than 10,000 mobile phones in the Indian market in October.

The poor can't afford it at all. A mobile phone worth a few hundred dollars is equivalent to their annual salary. Last year, their country's per capita GDP was only 792 dollars, only a little over one-third of our country's.

The rich can afford it, but the population base is too small, and they admire European and American products. "

Xia Jingxing nodded, Ah San had this kind of virtue, and only civilian-style mobile phones like Rice could open up the market. China's high-end mobile phones will hardly be accepted by the wealthy Indians for a while.

"Where's Hugo Barra? How's he doing?"

Xia Jingxing almost forgot about this Brazilian guy nicknamed "Brother Tiger", he was responsible for developing the Indian market.

Lu Lei smiled and said: "This foreign guy is very good. He came to China alone to receive two months of training, and then went to India alone to develop the market. Although the revival FX1 did not achieve much in India, the main reason is not because of him .”

Xia Jingxing nodded slightly. The reason why he sent Hugo to India to open up the market was to test whether the other party was capable of serving as the president of the more important European region.

At present, the achievements made by the other party can only be said to be hard work, not credit.

Xia Jingxing quickly made up his mind to observe for half a year. If Hugo can do something that makes him feel bright during this period, then give him a bigger stage to display his talents; You can only choose someone else.

"Leaving aside the Indian market, a population of more than one billion seems to be a huge market, but half of the people live in the same backward countries in Africa. The richer groups who really belong to the target customers of Fuxing mobile phone are at most tens of millions of people. It is comparable to the Japanese and Korean markets.”

Speaking of this, Xia Jingxing glanced at Lin Bing, and ordered: "Arrange the overseas department to conduct a market potential survey as soon as possible, taking into account the per capita income of each country, the number of target customers, the proportion of consumer spending on electronic products, and the potential future market. Markets in various countries are divided into three or more levels: S, A, and B.

Determine the order of market development by level, and formulate relevant resource and capital investment plans. "

Lin Bing nodded with a smile: "This is a good idea. It can clearly grasp the relationship between primary and secondary, and use resources in the right place."

Xia Jingxing nodded slightly, then he turned his eyes away from Lin Bing, turned to Lu Lei, and continued: "Compared with Japan, Korea is richer and has a larger population, so let's attack Japan first.

Speaking of it, these two countries belong to the same cultural circle as our country, and there are commonalities in the culture. If you think about ways, you will definitely find a way to break the situation. "

Seeing Xia Jingxing's serious expression, Lu Lei knew that this was not a discussion with him, but an order, so he immediately nodded and said, "Yes!"

After the meeting, Xia Jingxing called Shang Lin Bing to inspect the R\u0026D building two kilometers away.

The reason why it is called the R\u0026D building is because the entire building belongs to the R\u0026D department, and there are thousands of R\u0026D engineers working in it.

After learning about the development progress of Fuxing FX2, Xia Jingxing and Lin Bing left the R\u0026D building and returned to the Fuxing mobile phone administration building.

Just as he was about to enter the building, Lin Bing stopped in his tracks, took a look at the surrounding buildings, and said, "Mr. Xia, we now have more and more employees, not counting the North American branch and other overseas branches. There are nearly 2,000 people in China.

Next year, the China headquarters plans to expand the number of recruits to 5,000, and the office is not enough. "

Xia Jingxing frowned, and looked around a few times. The buildings in this area were relatively low, with only three or four floors, and a house could only accommodate a few hundred people to work.

When I leased this office building two years ago, it was still enough.

However, with the expansion of Fuxing Mobile's employees, several functional departments have been forced to move out, and several office buildings have been leased nearby.

What is not so convenient is that there is some distance between each office building, and sometimes work communication and management are not so convenient.

Xia Jingxing understood what Lin Bing meant, and asked, "You mean to build a campus for Fuxing Mobile's headquarters to bring employees together to work together?"

Lin Bing smiled, "Not only Fuxing Mobile, as far as I know, several other business groups, as well as our parent group Fuxing Industry, are developing at a high speed, and the offices are fragmented.

This is not only not conducive to communication between departments, but also not conducive to building our corporate image. Employees may also have some small ideas, thinking that the company is developing so well, but it doesn't even have a headquarters building of its own.

Even conscience company, Baidu, Sohu, and Sina have their own headquarters buildings nearby, but we don't.

This will somewhat give people the illusion that Fuxing Mobile and even the entire Fuxing Industrial Group are inferior to those few technology companies. "

Xia Jingxing pondered for a moment, and said, "It's not difficult to build a headquarters building. Based on our overseas achievements and our status as an Olympic sponsor, we can make a small request for land approval to the leaders of the capital city. In fact, it's just a matter of one sentence."

Lin Bing smiled and said, "That's true. If they don't grant us land, we dare to move to Shanghai."

"Not at all! The layout is not that small."

Xia Jingxing smiled and waved his hands, and then said, "In addition to Fuxing Industrial Group's demand for land, the Overseas Holding Group actually also has this demand. They are developing very fast, and the number of employees is not expanding any slower than here."

Lin Bing heard the implication, and asked: "Instead of building the headquarters building, the two companies will work together to build a science and technology park?"

Xia Jingxing laughed loudly, "Old Lin, you're thinking too far, both of us are start-up companies, how can we have the money to build a technology park?

And since it's called a park, how can it have to cover an area of ​​hundreds of acres and dozens of office buildings? There is no tens of billions of funds, which cannot be covered at all. "

Lin Bing also heard the implication, and said with a smile: "Considering the rapid growth of Fuxing Industry and Overseas Holdings, the planning of a park of several hundred acres is really not much. The employees of our two companies in the capital are now If you add it all together, there are already thousands of people, right?"

Xia Jingxing nodded, did not speak, and began to think carefully.

Fortunately, the overseas holding group, the employees are basically concentrated in the capital, and there is only one branch in Rongcheng.

The industry of Fuxing Industrial Group is very scattered. The six major business groups are distributed in Beijing, Shanghai, Guangdong Province, Jiangsu Province, Zhejiang Province, Hubei Province and other places.

Among them, the semiconductor business group is in Shanghai, and there is an office building built together with the factory, so there is no need to consider them for the time being.

In Beijing, there is the group headquarters, the consumer electronics business group including mobile phones, the innovative business group including Fuxing Mall and Fuxing Internet of Things, and the upcoming seventh business group—the software engineering business group .

DJI in Pengcheng is still very weak at the moment, and even the first generation of products has not been successfully introduced to the market, and there is no need to consider building a building or park in Pengcheng for the time being.

There are two companies in Guancheng, ATL and CATL, and the factories are still enough for the time being, so there is no need to consider building a new office building.

The smart home appliance business group has the most extensive industry distribution, with production bases in many southern cities such as Pengcheng, Fengcheng, Lin'an, Jiangcheng, and Xicheng.

Xia Jingxing plans to form a sub-group of these home appliance brands. The headquarters has not yet been determined, and it would be nondescript to put it in the capital, because there is not even a factory in the north of the Yangtze River. Put it in Pengcheng.

Xia Jingxing thought for a long time, and felt that Fuxing Industrial Group really needed to build a headquarters park, because it would take two or three years to build it.

Two or three years later, the three major business groups plus the headquarters of the group will have at least tens of thousands of employees, and the mobile phone company may have tens of thousands of employees.

Domestic holdings should be smaller. There are less than a thousand people at the moment, but there will be at least a few thousand people in two or three years.

After such a calculation, Xia Jingxing felt more and more that this building really had to be built.

But where does the money come from?

Among the six major business groups of Fuxing Industrial Group, some are losing money, and some are just self-sufficient. The only strong point of profitability is the consumer electronics business group.

Selling a mobile phone can make a gross profit of more than 1,000 RMB.

However, it is not yet possible to kill the chicken and take the eggs. He intends to invest in research and development and seize the market for the profits made in the past few years.

After much deliberation, Xia Jingxing realized that the only way to choose was equity financing.

"How about our external financing round?"

Lin Bing was a little surprised, "Just to build the headquarters park?"

Xia Jingxing smiled, this is indeed a bit irresponsible. During the period of starting a business, who would buy a house seriously?

But experience tells people that for most people, starting a business is not necessarily better than buying a house.

There are jokes on the Internet, saying that a certain entrepreneur sold 5 million worth of real estate in Beijing and Shanghai in order to start a business. After a few years of tossing around, the company collapsed, and the price of the original house increased to 10 million.

The story is a bit sad, but it is not completely fictional. Success in starting a business is a low-probability event, but rising housing prices in first-tier cities is a high-probability event.

"Mr. Xia, if equity financing is to be carried out, should the main body of financing be our Fuxing Industrial Group or Fuxing Mobile?

If it is a revival mobile phone, the mobile phone has also been officially launched and sold, and it has achieved good results, and the valuation is relatively easy to estimate.

However, Fuxing Industrial Group is in trouble. The valuation of traditional home appliances is relatively low. If it is mixed with Fuxing mobile phones, the value of the entire group is easily underestimated.

Another example is DJI, the first drone has not been launched for a long time.

Businesses such as the revival of the Internet of Things, the revival of the cloud, and artificial intelligence also require a large amount of research and development funds.

But then again, if the financing subject does not include these R\u0026D businesses, where will our R\u0026D funds come from? "

Lin Bing had a lot of questions, but Xia Jingxing patiently explained them one by one.

"Splitting is definitely not an option, but you are right. The prospects of many businesses have not yet been fully revealed, and there has been no business synergy between them for the time being. Investors may scream when they see it."

Xia Jingxing thought for a while, and then said: "How about this, let's call on the shareholders of the group to increase their capital in equal proportions. If they give up, Vision Capital will exclusively inject capital."

Lin Bing was stunned, and then said: "This should be the best way!"

Xia Jingxing smiled, he guessed that Lin Bing should have seen his intentions.

At present, if the group is the main body for financing, the value will definitely be underestimated.

Moreover, if the financing is used to build the headquarters park, investors will feel that they are not doing their job properly, and they should not be enthusiastic about participating. Even if they are really willing to participate in financing, they will lower the price to death.

In this case, allowing Envision Capital to inject capital exclusively can be regarded as left-handed and right-handed, and the fat and water will not flow to outsiders.

"Cloud computing and artificial intelligence projects still need to invest a lot of R\u0026D funds, so financing must be carried out, and building a headquarters is just incidental."

Hearing this, Lin Bing's eyes lit up, then dimmed again, shaking his head and said: "It seems that you are really the only one to inject capital, Mr. Xia, this kind of large-scale R\u0026D project has never been liked by investors, and the uncertainty is too high. "

Xia Jingxing nodded slightly. After a few years, the market value of cloud computing and artificial intelligence has been recognized. A few top scientists have accumulated a bureau and have not started research and development. The seed round valuation can be valued at hundreds of millions of dollars. Spending money all over the place created a market bubble.

Not yet, this is a high-risk project.

If the seemingly traditional businesses such as home appliances and batteries are added, Fuxing Industrial Group will look like a big pot of stew. If it is brought to the market to raise funds as a whole, it will definitely not be able to raise a good price.

He told Wang Jian and Shen Xiangyang a few days ago that Sun Zhengyi and Yuri Milner were rushing to vote for him. In fact, they were only interested in Fuxing Mobile and overseas holdings with a clear business model.

But, it doesn't matter, Zi Rong is the best at him.

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