My 1999

"Let's talk about your respective achievements. Junrui, let's start with the Mars 2 Fund that you oversee." Xu Liangdao.

Lin Junrui nodded.

Take out a piece of information that you have prepared a long time ago.

"Mars 2 Capital has a management capital of US$50 million and holds equity in 19 companies. The largest shareholder is Exped Travel, with an equity share of 6.3%.

The entire fund is blocked for 21 months and will be unblocked in another three months.

After holding it for nearly two years, 19 companies have achieved very significant growth, among which Zappos is the fastest growing company.

Now it has become the largest vertical e-commerce company in the United States, accounting for 80% of the footwear e-commerce market, and its valuation has exceeded US$800 million.

Our investment has increased 57 times since two years ago.

In addition, Expedia Travel has initiated the acquisition of Owl Travel Company, and the two parties have entered into substantive contact once the acquisition is completed. Expedia Travel will become the largest online travel company in the United States, with a valuation of more than $1.5 billion.

Finally, Ask Jeeves' business is not making much progress. The US search engine market is increasingly concentrated in the hands of Google and Yahoo, and the markets of other small companies are getting smaller and smaller. Therefore, I recommend selling Ask Jeeves' shares as soon as possible. "

Xu Liang nodded, "You are solely responsible for the management of the fund. I have no objection. How many assets are there in the entire fund now?"

"According to our assessment and calculations, the Mars 2 Fund's book assets have exceeded US$800 million."

Sixteen-fold growth in two years is already very good for a venture capital fund.

After all, there are very few companies like Yahoo, Amazon, and Tencent that can easily grow by hundreds or thousands of times. Winning one of them depends on luck.

"Of all these companies, how many do you think you can continue to hold until they go public?"

"Five, if Expedia Travel can acquire Owl, that will be four."

"So few?" Xu Liang was a little surprised.

“Although the Mars 2 Fund invested in 19 companies, after two years, the potential of some companies has been exhausted.

Similar to Ask Jeeves, although the revenue is good, the entire search engine industry has been occupied by giants. Although some remaining small companies are barely alive, they have lost their potential and are not worth continuing to invest.

There is also answer.com, in which we hold shares. As a sports forum company, the user limit has been fixed, and the potential is there, but not much.

Not worth spending any more money on. "

Xu Liang nodded and said, "Tell me about the few companies you plan to keep."

“Expedia Travel and Owl are both among the top five in the travel industry, with relatively large shares. Once combined, they will become the largest travel website in the United States and can be held forever.

OpenTable, now the largest online food ordering website in the Western United States, is not developing quickly, but its future is bright.

Cars.com is one of the largest online car websites in the United States.

Zappos, the largest shoe website. "

After listening, Xu Liang understood.

The companies Lin Junrui left behind were basically among the top five in the industry, and the others were eliminated by him.

There is actually no problem with this kind of selection criteria. The Internet industry is inherently an industry where the top takes all. The largest companies account for 70% or even 80% of the industry's profits, and the remaining four or five second-tier companies share the profits.

However, after entering the mobile era, this standard is somewhat less applicable.

There can be two or three top companies in an industry.

But the mobile era is still very early.

"If we raise funds again, can we inherit the current assets of Fund No. 2?" Xu Liang asked.

"I think there should be no problem. Thanks to Mr. Xu's successful investment in oil and soybeans, investors across the United States are now very enthusiastic about our various funds under Hanhua.

Especially since the Mars 2 Fund has made sixteen times profit in two years, I don’t think anyone will refuse. "

Xu Liang nodded and turned to Chen Shijun.

"Old Chen, tell me about your Mars 5 Fund."

Chen Shijun nodded, handed a copy of the information in his hand to Xu Lianghou and said loudly.

"Mars 5 Fund has raised US$180 million and has invested in 23 companies so far. The three companies with the most investments have invested.

Skype, 15%.

Myspace, 15%

LinkedIn, 10%. "

These three companies were all called by Xu Liang specifically to ask him to invest. Among them, Maspace is a company produced by Hanhua Silicon Valley Incubator.

Counting the 5% owned by the incubator, Hanhua owns a total of 20% of Myspace.

“Fund No. 5 was established relatively late, and the assets of its companies have not yet been evaluated in detail, but what is certain is that most of the companies we invest in are developing well.

In particular, Skype, which Mr. Xu invested in, has exceeded 10 million users in less than a year since its establishment, and its valuation has increased sixteen times.

It has already attracted the attention of other top venture capital firms such as Kleiner Perkins Caufield \u0026 Byers and Sequoia Capital.

It can be expected that Skype will develop better and better.

Moreover, we have anti-dilution clauses to ensure that Hanhua's interests are not infringed. "

After saying that, Chen Shijun looked at Xu Liang with reverence in his eyes, not just him, but everyone present.

From the establishment of Hanhua Silicon Valley Company to the present, Xu Liang has insisted on investing in only four or five companies, but each one has developed very fast.

Such a vision is worthy of the name of the Midas Touch.

Xu Liangliang enjoyed the admiration of everyone peacefully.

The reason why he was able to hit the target repeatedly was just relying on his past life memory.

Of course, after so many years, his memory has become a little blurry.

In order not to miss out on some good companies.

Each major branch of Hanhua will sort out the information on all newly registered start-up companies and send it to him every quarter.

With this information, once you see a familiar name, your vague memory will instantly become clear.

This is the reason why he can hit the ball repeatedly.

Of course, he is not without his failures.

After all, many names and memories are blurred.

But it doesn’t matter if you fail. There is no venture capital that doesn’t fail.

It is normal for Xu Liang to have successes and failures.

What's really admirable about him is that his success rate is much higher than others, and that's enough.

"Has all the US$180 million been invested?"

"Not yet, there is still $52.7 million left so far."

Xu Liang nodded slightly, more than 50 million US dollars was enough to cover this year.

By the end of the year, the Mars 2 Fund will be able to raise funds again, take over the baton from the Mars 5 Fund, and continue to invest abroad.

The staggered investment of the two funds can ensure that Hanhua Silicon Valley Branch will not miss out on good investment targets due to lack of money.

As for China, the value of start-up companies is generally not very high. The valuation of a large-scale Internet company is only ten to twenty million US dollars.

One Hongmeng fund exceeds US$100 million, and it will not be a problem for two years.

After two years, a new fund will be raised, so one fund will be enough.

Finally, Xu Liang turned his attention to Duan Yongping.

The latter picked up the document in his hand and smiled without waiting for Xu Liang to speak.

“The Jupiter 3 fund raised a small amount of money, only $100 million.

Since the beginning of this year, it has mainly invested in three companies.

Edmunds, Autotrader and ASOS e-commerce company.

The first two are automotive e-commerce companies, currently occupying the top two in the U.S. automotive category market. ASOS e-commerce company is an e-commerce platform focusing on fashion. It provides various brands of fashion clothing, shoes, accessories and other products. .

The company's market value is currently about the same as Zappos.

Among the three companies, ASOS e-commerce company holds the largest shareholding at 12%, while the other two hold 7% and 8.5% respectively.

Although the investment time is not long, thanks to the current environment where Internet stocks are popular, the investment of Jupiter 3 Fund has increased by 70%.

I believe they still have room for further growth. "

Xu Liang nodded and looked at Duan Yongping, who had a simple appearance and deep eyes. His investment style was different from what he knew in his previous life.

More radical and bolder.

Most likely, you are more willing to take risks because you are not spending your own money.

"How much money is left on Jupiter 3?"

"With US$46 million, we should be able to invest in two to three more companies."

"You control the investment progress yourself. If the investment is finished, set up a new fund to continue raising funds."

"clear."

Xu Liang turned his head and slowly glanced over everyone.

"I am very satisfied with everyone's efforts this year and the results achieved so far. By the end of the year, the company will give you a generous reward.

However, no matter how good his results are, at this moment he is already in the past tense.

I hope that in the coming time, you guys can guard against arrogance and impetuosity, be down-to-earth and conscientious, and continue to work hard for the company and your personal future.

Okay, that's all I have to say.

Do any of you still have questions? "

"Mr. Xu, you have been asking me to track the entrepreneurship and investment status of PayPal insiders, but you rejected Tesla's investment last time?" Chen Shijun asked.

"Electric vehicles are far from mature yet, and Tesla is not a good investment target." Xu Liang shook his head.

He knows better than anyone how brilliant Tesla's future is, but he also knows better than anyone that now is definitely not a good time to invest in Tesla.

As a successful entrepreneur in the past, Tesla’s case is a classic case that will inevitably be mentioned in many business classes.

Ordinary people think Tesla has a great future, but they fail to see that Tesla has suffered losses for almost 180 consecutive months from 2003 to 2019. Not to mention making no profit, Tesla has burned more than 10 billion in money. US dollars.

Especially in 2008, during the subprime mortgage crisis, Tesla's cash flow was completely burned out.

Musk invested his own money to provide Tesla with a $40 million bridge loan to successfully help it get through the trough.

Musk then used his own connections to obtain a $465 million low-interest loan from the U.S. Department of Energy, paving the way for a subsequent listing.

In the four or five years since its listing, Tesla's market value has hovered around tens of billions of dollars.

It was not until the Huaxia Factory was established in 2018 and Tesla truly made a profit that it laid the foundation for becoming a top enterprise with a market value of over one trillion US dollars.

Therefore, there is no need to rush when investing in Tesla. 2008 is a good opportunity.

If it doesn't work in 2008, it would be good to postpone it for another three or four years and acquire it from the secondary market.

The most unlucky thing is to invest now. It will take more than ten years to resist this bottomless pit and burn hundreds of millions of dollars. If there are many shares, it will even cost more than one billion.

Xu Liang will definitely not step in.

Seeing his refusal, Chen Shijun nodded and said nothing more.

"Old Chen, if you have the chance, get more equity in LinkedIn. Although Hoffman is a bit fat, he is a good hand in business."

"OK."

"Who has any questions?" Xu Liang continued to ask.

After everyone exchanged glances with each other, they shook their heads at the same time.

"Since everything is fine, let's disperse. ...By the way, Junrui, please stay for a while."

After everyone leaves.

"Take a look."

Xu Liang handed over a piece of information.

Lin Junrui curiously took it and took a look.

"Android Company?"

He looked at the information curiously and found that this was a company just established in October this year, less than a month since registration.

But the founder of this company is the famous Andy Rubin.

Andy Rubin may not be well known to ordinary people, but in geek circles, he is definitely a god-level figure.

Lin Junrui is a venture capital investor and pays close attention to these technically outstanding people.

"Mr. Xu, do you mean to invest in this Android company?"

"No, what I want is an acquisition."

Xu Liang's tone was firm.

He is most concerned about two companies in the entire United States.

Android first, Facebook second.

The former is about the ticket to the Hongmeng mobile Internet era, and the latter is the world's largest Internet company after Google in twenty years, an opportunity to obtain thousands of times return on investment.

Therefore, as soon as he heard about the emergence of Android Company, he couldn't wait to come to Silicon Valley to acquire it.

As long as Android is acquired, it will not only make up for Hongmeng's lack of scientific research capabilities and thin talents, but also eliminate opportunities for Google.

"You are personally responsible for this matter and report directly to me. Remember to keep it confidential. I don't want too many people to know about this acquisition."

Seeing his solemn expression, Lin Junrui also became interested.

"I will deal with this as soon as possible."

Xu Liang nodded.

In fact, when it comes to acquiring Android companies, he prefers to do it himself.

But now he is so conspicuous that Larry Ellison, the Big Three of Google, and even the leaders of other technology companies are probably watching his every move.

Once he comes out in person, he will attract countless people to pay attention to Android.

It will also allow Android people to take the opportunity to raise prices.

No matter which one is the result he wants to see.

I stayed at Hanhua Silicon Valley Branch for two hours and left after having dinner together at noon.

——

jingle…….

Xu Liang glanced at the caller ID, thought for a moment and pressed the answer button.

"Xu Liang, it's me, Yang Zhiyuan."

"Brother Yang, why did you think of calling me?"

"We are friends. It's rare for you to come to the United States. As a friend, isn't it right for me to show my friendship as a landlord?" Yang Zhiyuan said with a smile.

"Since Brother Yang has invited me, of course I have to give him this face. But I am a thin-skinned person who likes peace and quiet, so I shouldn't call out to messy people."

"That's no problem. Tonight is a game between the two of us, no outsiders."

Xu Liang agreed.

"I'll send the address to your mobile phone right away. Just come over when you're done."

"good."

Not long after hanging up the phone, Xu Liang received a text message.

The address is indeed very detailed, not just the name, but also the street and how to get there.

"Mr. Xu, Yahoo is our competitor for acquiring MGM. Is it necessary to meet?" Lu Hui asked.

"It's just because we are rivals that we want to meet him. Let's listen to what he has to say."

Xu Liang's eyes became deep.