My Age of Investment - Chapter 1499 Market year, harvest season

   Chapter 1499 Listing Year, Harvest Season

After    acquired Kangsheng Creation and negotiated a big deal with Zhou Hongyi, Xia Jingxing began to devote his energy to other businesses.

  In the large conference room on the 49th floor of the China World Trade Center Phase III Building, Rao Lei was leading several executives to report to Xia Jingxing the various achievements of the Envision Capital China VC Fund this year.

   This group of people said they were company executives, but they were actually team leaders, with at most a dozen or twenty people under their control.

However, this number is already quite large. The total number of several VC teams combined has a total of dozens of people. In addition to the post-investment department, the total number of employees of Envision Capital China VC Fund is hundreds of people. It can be called a large VC fund. factory.

   As a major venture capital firm, it is impossible to convince the crowd with only a large number of people. It must have extraordinary achievements, that is, withdraw from the case.

   The title of China's No. 1 VC of Envision Capital is a bit false in the past, and many people do not think that it has a classic investment case that is comparable to IDG.

   But this year, Envision Capital’s No. 1 VC title seems to be a bit solid.

"...In April, Dongshan Precision was listed on the Pengcheng SME board under the name of China's precision sheet metal business leader. The market value on the first day of listing reached 11.1 billion yuan. After the listing was diluted, we still held 17.02% of the company's equity. The stock market value is 1.89 billion yuan.

   Five years ago, we invested 10 million yuan in Dongshan Precision, and this investment has brought us 189 times the return. "

   "On May 20, Leihuo Lighting was listed on the main board of the Hong Kong Stock Exchange as a domestic lighting leader. The market value on the day of listing reached 6.2 billion Hong Kong dollars. At present, the company's market value has exceeded the 10 billion mark, reaching 10.3 billion Hong Kong dollars.

   Currently, Vision Capital holds 45% of Leihuo Lighting and is the company's largest shareholder. The stock market value of its holdings is about 4.05 billion yuan, which is more than 20 times more than the investment of 200 million yuan five years ago. "

   "On May 28, Hikvision, the leader in video surveillance and security, was listed on the Pengcheng Small and Medium Board. The company's current market value hovers around 41 billion, which is similar to the day it was listed.

  Two years ago, we acquired 10% of the equity from Gong Hongjia at a price of 100 million RMB, which became 9% after the listing was diluted. The current stock market value is 3.69 billion, which is equivalent to 36.9 times the investment value. "

   "On July 1st, AutoNavi, the leader in electronic and Internet maps, was listed on NASDAQ in the United States. The market value on the first day of listing was about US$650 million, and the current market value is about US$800 million.

   Vision Capital invested US$30 million in the company five years ago and obtained 30% of the shares. Currently, it holds 26.21% of the shares of the company, corresponding to a stock market value of about US$210 million, which is equivalent to 7 times the return on investment. "

  …

  Rao Lei held a document in his hand and kept reporting IPO cases one by one, with a smile on his face like a peasant uncle, full of joy of a bumper harvest.

   It’s not good to be unhappy. After several years of hard work, the harvest is finally here, and it is not an ordinary harvest. Just like picking up money, it is often a return of billions or billions of RMB.

  Xia Jingxing beckoned and asked Rao Lei to hand over the documents in his hand.

   After getting the document, Xia Jingxing read it carefully.

   He can be considered someone who has seen the world now, but when he sees this page that looks like it's made of gold, he can't help but smile.

  Although the money earned by venture capital funds is not comparable to that of hedge funds, as long as there is a wave of exits, each investment project will be like a piggy bank, constantly putting coins into it, and the sound of bang bang bang is still very pleasant.

   "Not bad! After so many years of hard work, I finally see the reward!

  Senior Brother Rao, you have worked hard and made a lot of money. After the fund is officially liquidated, I will definitely give you a big red envelope. "

   In the face of Xia Jingxing's praise and bonus promise, Rao Lei behaved very modestly, "Many projects in the early years were actually invested by Mr. Xia, you and Mr. Fu. I just picked up a ready-made one, and at most helped with the post-investment work."

What Rao Lei said is actually true. Since he did not have much experience in the venture capital industry, he was always in the learning stage when he first joined Vision Capital. Later, Xia Jingxing continued to encourage him, and gradually he became an independent Vision Capital China. Managing Partner of VC Fund.

   "Don't be humble, I don't have to do this here! Let's not go too far. Last year, Aier Ophthalmology was listed on the Growth Enterprise Market. We invested 8 million and earned 300 million. Is this a project led by you?"

   Speaking of this, Xia Jingxing raised the document in his hand and continued: "There are also many projects planned for IPO in the second half of the year, many of which are also developed by you.

   Let me see, what are there?

   Oufeiguang, which will be launched this month...

  The Village Fund that landed on the New York Stock Exchange in September...

   It is also Changying Precision and Luxshare Precision that were listed in September...

   In October, Huace Film and Television will also be listed...

   In November, Noah Fortune went public...

   In December, Bona Pictures went public..."

  Xia Jingxing looked up at Rao Lei and joked, "Yes! Every month has a bell tolling, don't knock your hands softly."

   Rao Lei sighed, "Hey, I haven't done anything for a year. Either I'm ringing the bell, or I'm on the way to ring the bell. If it goes on like this, investment activities will not be able to proceed normally."

   The group leaders on the side couldn't help laughing when they heard these pretentious words.

  Xia Jingxing looked up at the ceiling and said a little sourly, "It's mainly because I'm too busy, otherwise there would be so much limelight for you.

Hey, keep on keeping it, try to break the Guinness World Record and become the person who rings the most bells in the world. When the time comes, I will ask your Guinness certification officer to come to China to certify you, send you a certificate and take a photo, and then hang it on the company's official website. , and then find the media to send out a few articles, so that the people of the whole country will also be happy, and at the same time get to know you, a big investor! "

   Rao Lei was amused by Xia Jingxing's words, "Is there such a Guinness record? Will it become a public enemy in the industry?"

   Xia Jingxing smiled slightly, "Don't worry about it so much, ring the bell a hundred times before talking.

   As long as there are 100 IPO cases in hand, Envision Capital should be able to become a **** in China. "

   "What about internationally?" Rao Lei asked.

  Xia Jingxing raised his index finger, "As long as a thousand IPO cases are reached, the old institutions such as Sequoia, Softbank, and Kleiner Perkins will be resigned."

   Rao Lei shook his head, "It takes 10 years to achieve 1000 IPO cases a year.

   And what is the concept of 100 IPOs a year? A company goes public every three or four days, and venture capital institutions can permanently dominate the financial news.

  Envision Capital China has been established until now, and this year has caught up with the listing year. It has achieved double-digit IPOs in one year. In previous years, there have been two or even one IPO every year, and I am very happy.

   This year's listing miracle will be difficult to replicate in the next three to five years, because this is a dammed lake blocked by the financial crisis, and it just happened to be dredged this year. "

  Xia Jingxing nodded lightly, Rao Lei was right, there are reasons for this, otherwise so many companies would not be listed this year.

   Rao Lei's words suddenly changed, "But the 1,000 IPO cases you mentioned are really exciting, and I think it can be regarded as a lifelong goal to work hard to accomplish.

   For example, it is relatively reasonable and realistic to set about 30 IPOs a year, and it takes 30 years to build a venture capital empire. "

  Xia Jingxing smiled, Rao Lei planned very well, but he felt that it should not take that long. Venture capital offices in the United States, China and even around the world worked together, and one hundred IPOs a year can still be expected.

   "Okay, okay, let's stop talking about these gossips, let's talk about some realistic topics."

  Rao Lei pointed out and said: "We have almost 20 IPO exits this year, and there are more than a dozen mergers and acquisitions exits, such as Kangsheng Creation, which was acquired by you.

  Envision Capital didn’t make much money, and only 10 million dollars could be allocated to the 60 million dollars, which was almost ten times the profit.

   This kind of M&A exit case is quite simple. As long as it does not involve a stock exchange transaction, the money will be split if it is sold.

   However, when it comes to stock exchange transactions, it is not considered a complete exit, and you need to continue to do post-investment management.

   There are also IPO exit cases. Some companies with limited growth space can sell their stocks to exit after the ban is lifted, but those companies with long-term value cannot easily sell their stocks.

  Listing is not the end for those companies that choose the best among the best, but just a gas station! "

  Xia Jingxing nodded slightly, "I have talked about this issue before, after listing, the stocks will be handed over to the hedge fund department, and they will set up a special "big fund" for these stock assets.

   When to sell and when to increase, they couldn't be more clear. "

   Rao Lei said with a smile: "This plan is very good. Our venture capital fund will accompany the startup company for a while, and then the hedge fund will continue to accompany and **** it. All the meat will be rotten in the pot to maximize profits.

   But what about domestic listed companies? "

  Xia Jingxing smiled, "You forgot? Deng Fenghua also has a securities investment fund."

Rao Lei slapped his head, "Look at me, I almost forgot about them! The team in Magic Capital is indeed an elite secondary market investment team. It is still rumored that they brought tens of billions of dollars with them before the stock market crash. A story of profit and death.”

  Xia Jingxing smiled, this matter... nothing to say, the outside world thinks that he has a unique vision, that is, a unique vision.

   "What I actually want to say is... set up a PE fund, a RMB PE fund!"

  Rao Lei watched Xia Jingxing and quickly introduced his point of view: "Like I just said, the listing is not the end, but a gas station.

  Our RMB PE fund is a fuel gun inserted into the fuel tank of listed companies, providing them with a steady stream of fuel and power to help them complete industrial mergers and acquisitions and upgrades! Even go abroad and become a world-class giant enterprise! "

  Xia Jingxing knows what Rao Lei wants to do, the combination of industry and finance, the "listed company + PE" fund operation model.

   This model has pros and cons. If it works well, it will be an industry model and a gas station for entrepreneurs. If it doesn’t work well, it will be a battle between financial giants and leeks.

Rao Lei paused, then continued: "Xu Tingyin, Huang Huazhong, Chen Bang, Wang Wenjian, Zhu Xinli... These CEOs of listed companies belonging to the Vision Department have approached me several times, and they all hope that we will initiate the establishment of RMB PE in China. Fund and continue to work hand in hand with them.”

   (end of this chapter)