My Age of Investment - Chapter 1500 VC investors who don't want to be chefs are not good drivers

   Chapter 1500 VC investors who don't want to be chefs are not good drivers

   Rao Lei’s words reminded Xia Jingxing that for some companies that have huge growth potential and their own growth has positive significance for the society, they should give them another ride, because this is a win-win situation.

  Xia Jingxing thought about it carefully in his heart, and his opinion has tended to establish a RMB PE fund.

Rao Lei observed his words and saw that Xia Jingxing had already moved, and immediately said while the iron was hot: "Envision Capital China currently manages two US dollar VC funds with a size of 200 million and 1 billion US dollars respectively. In addition, last year, with the help of Noah Wealth, Completed the first RMB VC fund raising with a scale of 2 billion.

   In addition to the $500 million PE fund Bailu, Vision Capital China currently manages a total of 4 funds with an asset management scale of about 13.5 billion yuan.

   Compared with international giants, this asset management scale is still too small and still needs to be strengthened. "

  Xia Jingxing waved his hand, "Okay, without further ado, I have my own plans for the development of Envision Capital China.

   In a few days, a special meeting will be held, so you should also attend it. "

   "A special meeting?"

   Rao Lei saw that Xia Jingxing didn't seem to want to talk more, so he didn't ask any more.

  …

  …

   A few days later.

  Fengning Bashang Grassland.

   The grassland at night is very quiet, full of the coolness that people most desire in summer.

  Under the bright starry sky, a bonfire was built in front of several yurts, and a group of people sat on the ground around the fire.

  The roasted whole lamb on the grill is grilled by charcoal fire and sizzling with oil, giving off a mouth-watering aroma.

   However, the eyes of the surrounding people did not focus on the fragrant roasted whole lamb, but on the "chef" who was constantly rotating the grill, adding various seasonings to the roasting whole lamb.

Xia Jingxing grabbed a handful of cumin, and while turning the grill, spread the seasoning evenly on the golden mutton, and said in his mouth, "This investment is just like grilling. First of all, we must pay attention to the heat, and we must control it. Good timing, not too early, not too late.

  If it is too early, the meat is still raw and cannot be eaten in the stomach.

  If it’s too late, the meat will be burnt, and your mouth will be full of charcoal. "

   A group of guys who are called well-known investors by the outside world sitting around the bonfire are all contemplative, thinking about the deep meaning of Mr. Xia's words.

   I believe that Xia Jingxing's "roasted whole sheep investment philosophy" will be popular in the investment community soon.

   To put it bluntly, as long as the status is achieved, whether it is "being a friend of time" or "never shorting your own country", it will be regarded as a standard.

   "This heat requires everyone to grasp it! How to grasp it?"

  Xia Jingxing stopped his work, his eyes swept over the faces with different reactions in the firelight, and finally fell on Rao Lei.

   Rao Lei understood and replied immediately: "I think learning and self-improvement are the top priorities. Good chefs have come through this step by step."

   "That's right, VC investors who don't want to be chefs are not good drivers!

  A truly excellent investor must be an old driver. They can always make the most correct judgment in the shortest time. I hope everyone can become such a person. "

  Xia Jingxing paused, sprinkled a layer of chili powder on the roasted whole lamb, and said: "As time goes by, the number of listed companies' exit cases in the hands of various institutions will become more and more.

   A new question has arisen, is it to sell all the shares at one time to complete the exit? Or be a long-term partner? We all need to think deeply! "

Deng Yuanjun, managing partner of   Revival Industrial Investment and Mobile Phone Industry M&A Fund, said: "Mr. Xia, the strategy that our fund has adhered to in the past is to generally support the entire industry, including the mobile phone industry chain and the semiconductor industry chain.

   At present, China's mobile phone industry chain has initially grown, and many suppliers of Fuxing mobile phones have successfully completed the listing.

   For Fuxing mobile phones, Chinese suppliers have multiple advantages such as lower cost and more controllable security.

   The reason why we supported them in the past was also based on this, but it does not mean that they have great potential. "

  Xia Jingxing nodded lightly, Deng Yuanjun was telling the truth, companies like Dongshan Precision and Luxshare Precision were actually engaged in low-end and mid-end technology fields, and basically had nothing to do with high-end industrial manufacturing.

   But there is no way, who made China's technology lagging behind in the past, so it can only be taller than the short one, and start supporting from these low-end manufacturing companies.

  Deng Yuanjun continued: "In view of the fact that these companies have grown up, and have initially completed the localization of some mobile phone accessories.

So I think it's time for us to exit. On the one hand, we need to recover the investment cost and use the funds to invest to help more start-ups. On the other hand, the growth limit of these companies has hit the ceiling, and there will be no more in the future. room for improvement. "

Xia Jingxing took a knife and cut a piece of golden mutton, put it in his mouth and tasted it, and found that it was thoroughly cooked and the seasoning was not bad, so he waved to Zhang Chenguang who was not far away, and motioned for him to bring someone to bring the mutton. The mutton is carried into the yurt and divided.

After taking off the gloves, Xia Jingxing first took the towel handed by Liu Xiaoduo and wiped the sweat and oil stains in his hands, and then took a bottle of mineral water with the unscrewed cap from her hand and took two gulps before staring at the cross-legged. Deng Yuanjun, who was sitting on the ground, asked unhurriedly, "Are you finished? Is there any more?"

  Deng Yuanjun was stunned for a moment, then he thought about it carefully and found that there was nothing to add, so he shook his head.

"wrong!"

  Xia Jingxing said in a flat tone: "You're only half right, for some companies and entrepreneurs, going public is basically the same as scrapping.

   But for some people, the listing is the beginning of the real glory! "

  Deng Yuanjun frowned. He didn't think who among these companies had the air of domineering?

Thanks to the immaturity of the securities trading market, many Chinese entrepreneurs regard listing as the terminal, and they have already achieved freedom of wealth. What are they pursuing to develop new technologies, develop new markets, and go international, please invite a few securities companies to join together Is it bad to be happy to do market value management?

  The atmosphere is like this, and the money is too good to make, and I can't blame them for "seeking near".

  Xia Jingxing glanced at Deng Yuanjun and knew what the other party was thinking, so without waiting for the other party to speak, he took the initiative to clear up his doubts: "So we have to become a good cook, and for those stinky fish and rotten shrimps, it will be all right after they are cooked.

   And for those delicate ingredients, we still need to craft carefully. "

   "Who is the stinky fish and rotten shrimp? Who is the delicate ingredient?" Deng Yuanjun asked.

  Xia Jingxing pointed his finger at his eyes, "This requires us to develop a pair of fiery eyes, and there is nowhere to hide under the scanning of our eyes.

   To put it simply, it is to start in-depth due diligence and see what these new CEOs of listed companies are doing?

For example, those entrepreneurs who transfer large sums of assets to foreign countries should pay attention to large sums, and it is understandable to transfer small sums of assets. After all, there are still three caves for the cunning rabbit, and there are entrepreneurs who want to buy art works. They must pay more attention, they may not continue Thinking of running a business well.

  Since that's the case, why don't we run away and wait for them to run ahead of us? "

   Many people present laughed, Mr. Xia's theory... It's really not good, but it's true.

  Xia Jingxing continued to add: "You can supplement and improve the specific assessment criteria.

   For those listed companies that have passed our in-depth investigation and assessment, you may wish to continue to hold some stocks or even increase positions.

  For example, Sunny Optical is good in my opinion. The founder Wang Wenjian holds less than 4% of the shares, while the employee's shareholding ratio is as high as 30 to 40%.

   This kind of equity arrangement, I will not go into details, because the chrysanthemum factory also does this, and each employee is as fierce as a wolf cub.

   Moreover, Sunny Optical has undergone several rounds of major business evolution since its establishment. From optical instruments in the 1980s and 1990s to mobile phone lens modules entering the new century, it has been innovating with the times.

  I plan to deepen the cooperation with them. For example, vehicle lens and lithography lens are two good cooperation directions. "

  Deng Yuanjun instantly understood that Mr. Xia is deepening the layout of industrial capital and increasing support for the small group of companies with the highest quality.

   "In addition, I also plan to set up a new lithography machine industry fund to provide financial and resource support to listed companies that have a technical foundation and are willing to make progress, and provide all-round support to start-up companies that are willing to fill the gaps in the country."

Speaking of this, Xia Jingxing glanced at Zhang Zhao, the managing partner of Hainei Wentou, and said, "It's the same with all of you, after those stinky fish and rotten shrimps went on the market, they all started shaking, do you want to treat them? How to deal with it? Come up with a policy as soon as possible!"

   (end of this chapter)