My Age of Investment

After the meeting request was approved, Liu Zhiping immediately called Bonima and cleared customs at Luohu Port and arrived in Hong Kong.

Bonima was unwilling to come even to death, so why should we go to Hong Kong instead of Xia Jingxing to Pengcheng?

A meeting place can reflect so many things.

Even before the negotiations started, one's own side was already at a disadvantage.

In the end, Bonima's rationality prevailed and he agreed to go to Hong Kong for negotiations. Who said the situation was stronger than the people? No matter how humiliating it was, he had to endure it.

Bonima was not in a good mood along the way, and his face looked like a bitter gourd.

Upon seeing this, Liu Zhiping hurriedly enlightened and encouraged Bonima with the allusion of "sleeping on the firewood and tasting courage".

Thinking that "three thousand Yuejia can swallow up Wu" in the future, he will destroy the Hainei network. After avenging his shame, Bonima's whole person's energy and spirit suddenly recovered.

Let Xia Jingxing be proud for a year and a half, and sooner or later he will get back to this situation.

The two arrived at the IIFC Building and were taken to the reception room.

Xia Jingxing was very happy to see the two gods of wealth arriving in person, and shook hands with them with a smile on his face.

"Bonnie, Martin, I'm embarrassed to bother you two to go there in person.

Under your management in the past two years, Penguin's performance has soared, its stock price has increased five or six times, and it has become one of the first in the domestic Internet camp.

As one of the major shareholders, Envision Capital has always been grateful for your efforts and contributions, but we have never found a suitable opportunity to express our gratitude.

I have met you two great heroes today. I must have a drink together later. "

Seeing Xia Jingxing's coy look, Bonima felt worse than eating a dead fly and didn't want to pay attention to him at all.

He knew that Xia Jingxing would take the opportunity to ridicule them.

The smile on Liu Zhiping's face was a little stiff, and he couldn't kill without nodding his head. Is Mr. Xia's approach going too far?

However, he soon realized that he was deliberately irritating the two of him. If the other party's wishes were followed, he might not be able to be calm enough in the subsequent negotiations.

Thinking of this, Liu Zhiping suddenly became alert and said with a smile: "Mr. Xia, since you are very grateful to our management team, why do you want to sell the shares? There are some expressions in what Mr. It’s different.”

A smile appeared on Bonima's face, and he wanted to clap his hands immediately. The irony was so wonderful. Xia Jingxing is such a hypocritical villain and deserves to be scolded.

Xia Jingxing was not angry and said with a faint smile: "We have had a great time cooperating with Penguin in the past two years, and this investment can even be listed as one of the best investments in the history of Vision Capital.

But after all, Envision Capital is an investment institution with the purpose of making profits. We have to consider the LPs, so we have to put aside our personal friendship with the two of you for the time being. "

The corner of Bonima's mouth twitched, who has a personal relationship with you? Are you too good at putting gold on your face?

Liu Zhiping smiled, but he still underestimated Mr. Xia's shamelessness. It was really difficult to get some verbal advantage in front of him.

"It sounds like Mr. Xia is not optimistic about Penguin's future development?"

These days, Liu Zhiping analyzed the reason why Xia Jingxing chose to sell Penguin stocks at this time. After much deliberation, he couldn't find any other explanation except that he was not optimistic about this reason.

Bonima looked at Xia Jingxing with cold eyes. He could guess that the other party would start mocking their penguins again.

However, he guessed wrong. Xia Jingxing not only did not disparage Penguin, but praised it: "Penguin's development momentum is very good. In fact, we are reluctant to sell these stocks, but we only consider that another fund of Vision Capital has invested in the Overseas Holding Group.

There has been a lot of friction between Overseas Holdings and Penguin recently. If the two companies fight in the future, it will undoubtedly damage the interests of one of them, or even the fund LP behind the two companies. "

Xia Jingxing would definitely not admit that he was not optimistic about Penguin's future development. This would undoubtedly give the other party a reason to talk. Since he wanted to sell goods, there was no harm in praising Penguin.

Liu Zhiping didn't believe Xia Jingxing's rhetoric at all, not even a toe.

However, no matter what Xia Jingxing thinks, it doesn't matter. They will definitely take back these stocks, and the huge external risks must be eliminated.

Then, the two parties sat down separately and officially started the negotiation.

"Vision Capital transfers so many stocks at one time, and the transaction consideration is as high as more than 10 billion. We simply cannot afford it. You must give a certain discount before we can contact enough institutions to take over."

As soon as Liu Zhiping finished speaking, Li Yaozu shook his head, "Martin, what you said is wrong. The recent trend of Penguin's stock price is so good. A few months ago, the stock price was only 20 or 30 Hong Kong dollars. Now it has doubled. Since this year, The increase has more than doubled.

Looking through the entire Hong Kong Stock Exchange, can we still find a technology stock with more development potential than Penguin?

Hong Kong investors are now saying that Penguin’s stock price is seriously undervalued. Ali’s B2B business has a market value of nearly US$30 billion.

Penguin has much more traffic and users than Ahri, and its profitability is also stronger than Ahri.

An organization released a research report saying that if Penguin were valued at Ahri's price-to-earnings ratio of more than 300 times, its market value would reach HK$500 billion!

In other words, Penguin still has room for its stock price to rise fivefold in the near future. "

Liu Zhiping shook his head and laughed. He was so ridiculous. Did he remember that Li Yaozu wasn't like this before? He must have been influenced by Xia Jingxing to become like this. Those who are close to Mo are considered evil!

Bonima interjected: "Ari's valuation is too high. Just watch, it will definitely fall to less than 10 billion US dollars in less than half a year."

Xia Jingxing coughed and said, "Bonnie, what you said is a bit too much! We can only talk among ourselves, but you must not say it outside. That guy Ma Yun's talkative skills are no joke. Be careful. He sprayed you."

Bonima glanced at Xia Jingxing, who was getting closer, with an unhappy expression, and continued: "I'm telling the truth. With a price-to-earnings ratio of more than 300 times or almost 400 times, can the global capital market find a second one? And the market is still so big. .”

Li Yaozu said with a smile: "Boni, we are going too far. Let's go back to the issue of Penguin. In short, Penguin's stock price is seriously undervalued."

"Then why are you still selling it?" Bonima sneered.

Xia Jingxing sighed, "Hey, didn't you just say that? It's easy for LP to have ideas."

Liu Zhiping said calmly: "Mr.

Xia Jingxing shook his head violently, "That's wrong. When we were shopping for goods in the secondary market, the price premium nearly doubled.

If institutions want to buy a large amount of Penguin stocks, it is impossible without some blood.

If they don't buy it, then we can only reluctantly go to the secondary market to cut the meat. "

"Then wait until Mr. Xia cuts the meat before buying it. The stock price will definitely be much cheaper by then."

Xia Jingxing glanced at Liu Zhiping, who was looking at him with a smile, and threatened me!

But he doesn't accept this.

"Then we can only consume each other. Maybe if we continue to consume each other, Penguin's market value will be HK$500 billion."

“Mr.

Xia Jingxing chuckled, "Martin, you are a professional from Goldman Sachs. You know what LP really values. As long as Penguin has 500 billion, these won't matter."

Liu Zhiping smiled and said nothing. He no longer wanted to comment too much.

After a while, Liu Zhiping suddenly said: "Mr. Xia, I remember that Vision Capital released a subprime mortgage risk forecast report in the United States more than two months ago to remind everyone to pay attention to financial market fluctuations.

If your predictions come true, then Penguin’s stock price should plummet, right? "

Xia Jingxing acted very calmly, "This forecast report has been criticized by everyone. Some institutions and investors in the United States went short based on the report we released, and I don't know how many positions were liquidated.

Now the entire financial media in New York say that we are the executioners, causing a stock market tragedy, and our hands are stained with the blood of retail investors and small institutions.

There are also media accusations that we deliberately dig holes for small institutions to jump to, and then secretly do more to trap these people.

Hey, these nonsense made me feel dizzy. Jiang Ping, who spoke, has been severely punished by me, and he is not allowed to go out and make random remarks again. "

Bonima gloated: "Mr. Xia, Vision Capital is a top hedge fund famous on Wall Street. I didn't expect you to stumble at times?"

Xia Jingxing's face was heavy, and he followed Bonima's words and continued: "We are not gods, and it is normal for us to make mistakes. But after experiencing this incident, our awe for the financial market has increased, and we have learned from it. Be wise."

It was rare to see Xia Jingxing being unlucky, and Ponima felt happy.

But he deliberately pretended to be sympathetic, “Mr.

Look at how low-key Penguin is. Everyone says that gaming is a disaster for teenagers, but Chen Tianqiao takes all the blame. He has been as high-profile as you for a while. "

Seeing Xia Jingxing's face turn green, Bonima couldn't help but feel so happy, and finally let out a sigh of relief.

Liu Zhiping was not as easy to fool as Ponima. He vaguely guessed that the other party's handling of Penguin stocks might be related to the subprime mortgage crisis.

But he is not very sure, because currently, with the major central banks releasing water on a large scale, the stock market has rebounded greatly, and no one knows where the market outlook will go.

If the U.S. side can be stabilized, everyone will be happy; if it cannot be stabilized, the risk is very likely to spread to the Hong Kong stock market.

Thinking of this, Liu Zhiping felt that he had to treat this deal with caution, and he might actually become a taker.

“Mr.

MIH is slightly interested in trading, but only if the stock price is discounted by 10%.

If the transaction drags on, it will be bad if there are any fluctuations in the financial market.

Mr. Xia, what do you think? "

After saying that, Liu Zhiping began to observe the subtle expressions on Xia Jingxing's face calmly, but the latter acted very calmly and could not see any flaws.

"It's okay to talk slowly. If Penguin's foundation is there, it will only get better day by day."

Xia Jingxing noticed that Liu Zhiping suddenly became wary, but he was not afraid of these threats from the other party at all. If the talks did not go well today, he would sell his stocks immediately, and only the Penguin management would be worried.

Liu Zhiping was not in a hurry to continue the negotiation. He wanted to show his patience with Xia Jingxing.

After sitting for a while, Liu Zhiping left with a confused Bonima.

After leaving the building, Bonima asked: "Martin, we are leaving now. Why don't we continue talking?"

"Let's wait and see Xia Jingxing's reaction."

…

On the other hand, Li Yaozu received Xia Jingxing's instructions and began to arrange for Bailu Fund to submit a holding reduction announcement to the Hong Kong Stock Exchange.

The next day, as soon as the Hong Kong stock market opened, Envision Capital issued an announcement to reduce its holdings.

The number of reductions is not large, just 1 million shares of Penguin stock.

But as soon as the announcement came out, the rising momentum of Penguin's stock price in recent months was quickly interrupted, and it fell several points.

The performance of institutions is a little better, so we stay on the sidelines.

Shareholders couldn't sit still, and some people began to sell Penguin stocks.

Thanks to Ali's listing, almost all investors who speculate in technology stocks now know the name of Envision Capital. It is not only the largest investment institution for technology startups in the mainland, but also a well-known hedge fund on Wall Street.

Such a heavyweight shareholder has been holding Penguin shares for two years, and suddenly began to reduce its holdings. In the eyes of some investors, this signal is very dangerous.

After receiving the news, Liu Zhiping rushed from Pengcheng to Hong Kong. This time, Bonima did not accompany him, only Liu Zhiping was alone.

Li Yaozu came forward to receive Liu Zhiping in the same reception room as yesterday.

"Where's Mr. Xia?"

"Going back to the mainland."

Liu Zhiping pretended to be angry and said: "How can you issue a shareholding reduction announcement? We are still negotiating! What you did made Boni very angry, and he said he would stop negotiations."

Li Yaozu said very calmly: "Isn't it true that we haven't signed the agreement yet? Doesn't this violate any regulations?"

Seeing Li Yaozu with a smile on his face, Liu Zhiping took a deep breath, suppressed the anger in his heart, and asked as calmly as possible: "Aren't you afraid of the stock market plummeting?"

Li Yaozu nodded, "Afraid, why aren't you afraid? After selling 1 million shares, it fell a few points. I don't know how scary it will be when selling more than 200 million shares."

Liu Zhiping was about to explode with anger, but he still tried to soften his tone, "Yaozu, we have been friends for so many years. Tell me, do you still want to talk?"

"No more talking!"

Li Yaozu said forcefully: "Mr. Xia said that you are not sincere. His time is precious and he does not want to waste it on these meaningless negotiations."

Liu Zhiping felt that this was too false. It was more than 10 billion, how could he not care.

"Tell me your conditions?"

Li Yaozu shook his head and laughed, "There is really no need to talk anymore. Mr. Xia has already said that since you want to spend it slowly, then everyone should spend it slowly."

Liu Zhiping sighed in his heart, feeling very tired. He originally wanted to have a psychological game with Xia Jingxing and negotiate a more favorable transaction price, but the other party did not follow the routine at all, and was as fierce as a kidnapper who chopped off the fingers of the hostages.

Penguin's stock price was a hostage, and he didn't dare to bet on whether the other party would reject the vote.

"If it's not at a discount, don't discount it. Just use today's closing price of the stock as the standard for trading."

Li Yaozu sneered in his heart, Mr. Xia really made sure that these people would not shed tears until they saw the coffin.

"Penguin will release its third quarter financial report soon, right?"

Looking at Li Yaozu's proud smiling face, Liu Zhiping felt a little panicked. He just didn't want to wait until the third quarter financial report was released before trading, because he knew how beautiful this financial report was. After the release, the stock price would definitely rise, he said. Maybe it can return to above HK$70.

"Okay, then let's trade based on the standard of 60 Hong Kong dollars!"

Seeing Liu Zhiping who had completely lost his temper, Li Yaozu comforted him: "Don't worry, we won't lose anything. Don't you management know what's going on inside Penguin?"

Liu Zhiping sneered and behaved even though he got an advantage. It seemed that his old colleague had really been assimilated by Xia Jingxing.

Soon, Guangzhou signed a formal equity transfer agreement in Hong Kong.

Envision Capital transferred all of its more than 200 million Penguin shares to a joint acquirer headed by Penguin management at a price of HK$60 per share, receiving HK$13.7 billion in cash.

It invested HK$2.7 billion two years ago and now has a net profit of HK$11 billion.

Xia Jingxing is very satisfied with this. This is the second tens of billions of returns he has earned after the A-share investment in the bull market, and it is the kind of security that he has made.

In the past, he tightened his belt to invest and lived a tight life. Now he finally has money and no longer has to worry about lack of money.

The list of joint acquirers is long, and many of them are old acquaintances of Xia Jingxing.

In addition to Penguin management such as Bonima and Liu Zhiping, there is also South Africa's MIH, a major shareholder who is committed to Penguin until death.

Members of the venture capital alliance such as IDG, Legend Capital, and Hony Capital also came to join in the fun, but they did not have much money. Each institution subscribed for shares ranging from tens to hundreds of millions of Hong Kong dollars.

Among them, the largest investor is Hony Capital. The PE fund of this conscientious company invested HK$500 million, and its position accounted for one-ninth of the US$580 million management scale of the third phase fund.

What surprised Xia Jingxing the most was that not only did IDG come to take advantage of it, but Li Yikai also came to take advantage of it. He also subscribed for 1 billion Hong Kong dollars in Penguin shares. I don’t know if it was to make up for regrets or to make up for it. Competing with yourself, maybe a little bit of both.

In this transaction with a total price of HK$13.7 billion, Penguin management pledged equity investment for one-third, MIH South Africa invested one-third, and Li Yikai and venture capital institutions such as Hony Capital and IDG invested another three-thirds. one.