My Age of Investment

   Chapter 1364 Routes with Chinese Characteristics

   Jack Ma asked: "You mean that our group of entrepreneurs should do public welfare in the form of investment?"

  Xia Jingxing smiled and shook his head, "I missed a point, it is an investment with economic benefits to do public welfare.

   is not a donation, nor is it purely public welfare, the core is investment.

  Compared with mainstream VC and PE investment, impact investment still pursues financial returns, but it has more flexible requirements for return methods and yields, and has a longer payback period, so there is also a term for “patient capital”. "

   Ma Yun frowned. Influence investment sounded very high-level, and it was also a public welfare and a positive social influence, but he felt...it didn't seem to be very profitable.

  Otherwise, everyone would be willing to do impact investing, after all, no one does not like fame and fortune.

   Before Ma Yun could ask a question, Yu Feng took the lead and asked: "Mr. Xia, public welfare and business are antagonistic in certain circumstances.

   If you pursue public welfare, you must sacrifice commercial interests, and vice versa. How to balance the two is the key to the key? "

  Xia Jingxing smiled and said, "You are right, you need to strike a balance, otherwise you will lose money and make a profit, or be considered by others to be making a name for yourself."

   Ma Yun smiled and said in a joking tone: "It sounds a little thankless."

   "That's right, it's a bit of a brain watering feeling!"

  Xia Jingxing smiled in a self-deprecating manner, "But the Rockefeller family, whose brains are full of water, has inherited wealth for six generations, and it will soon be seven generations."

   Ma Yun shook his head and said, "Da Lun, the national conditions are different, so they cannot be the same.

  The Rockefeller family used to have a bad reputation for monopoly, so they tried their best to do public welfare, and then based on this, they sent the family's children into the political world.

us……"

   Ma Yun looked at Yu Feng, "You are a disciple of the big courtyard, talk about it!"

   Yu Feng smiled slightly, and then murmured a lot.

   To sum up, it is a core point. There is no such a revolving door, and this road is impossible.

  Xia Jingxing felt that the two had gone into a misunderstanding, and said to the two, "Does the one on Hong Kong Island know? Their ancestors made an impact investment."

   Ma Yun and Yu Feng stopped talking for a moment. After a long while, Ma Yun said quietly: "That's just an example, and the background is very special."

  Xia Jingxing said with a smile: "Isn't it possible to do impact investment in a peaceful and prosperous world?

  I know that everyone lacks a sense of security in their hearts, and they like to improve their social status by forming gangs, and at the same time they make a talisman to hang on their chests.

   But I want to say that these methods are too low-level, and they are really in trouble and can't play any role. "

   Ma Yun listened to the music, looked at Xia Jingxing with his arms in his arms, and said angrily, "Then tell me, what are your brilliant ideas? Just rely on this impact investment?"

  Xia Jingxing looked at Ma Yun and Yu Feng and said, "We are all self-made businessmen, and we have never participated in some special waves of the times.

   But we new economy entrepreneurs may also face a problem in the future, capital needs to expand in an orderly manner!

   You can grow savagely in the present, but you can’t say in the future. "

  Ma Yun's expression changed, "Daren, where did you hear the news?"

  Xia Jingxing shook his head and said, "This is what I speculate. In fact, no matter which country it is, there will be regulatory measures, and capital will not be allowed to expand disorderly.

  Impact investment is different. It mainly solves problems for the society. It is an investment direction worthy of advocacy and praise, and will not encounter resistance from the regulatory level. "

   Ma Yun swallowed his saliva, he knew that Xia Jingxing could go to the sky to listen, and now he doubted whether the other party accepted any special mission.

   "Daren, we just called a dozen entrepreneurs to make investments together, is this no problem?"

   When Xia Jingxing saw Jack Ma's cautious look, he knew that the other party had not swelled yet, and he was someone who could be rescued and saved.

   "I've said it very clearly, earning quick money is still earning a stable life, and you can even accumulate virtue for future generations. It's up to you."

   After saying this, Xia Jingxing didn't say anything more. He wanted to insist on doing impact investment anyway. As for whether Lao Ma should follow him or not, it depends on Lao Ma's personal choice.

   Of course, he still hopes to lead the old horse into the right path.

   It is always good to have one less person like Li Huangtai and one more entrepreneur who is willing to contribute to the society.

   In addition, Yunfeng Fund has contacted a large number of top domestic entrepreneurs. If they take the lead in impact investment, they can also point out a clear path for those who are anxious all day long, which is better than the loss of funds.

Jack Ma seemed a little hesitant. He didn't really believe that impact investing could truly protect his life, and now that Internet entrepreneurship and investment and entrepreneurship are in full swing, there is no sign of stepping on the brakes at all. He feels that Xia Jingxing is a little worried. .

   But Xia Jingxing is the richest man after all, any of his actions and actions are worth pondering.

   This is also where Ma Yun is most uncertain. He doesn't believe that Xia Jingxing really thinks that the money is too hot, and he plans to go to do some thankless things, or to do useless work.

   According to his understanding of Xia Jingxing, this is a guy with an extremely advanced vision.

  Whatever he wants to do, it is right to do it together.

   That's why he tried his best to persuade Yu Feng to pull Xia Jingxing into Yunfeng Fund together.

   Ma Yun looked at Yu Feng and found that the latter also had a contemplative expression, as if he was thinking seriously about the amazing point that Xia Jingxing had thrown out.

   "Dailun, the size of Yunfeng Fund's first fund may be as high as 10 billion yuan. Will all this money be used for so-called impact investment?"

   Ma Yun was a little reluctant to give up. Impact investment made it clear that it was to nibble on some hard bones. Isn’t it bad to make money easily?

  Xia Jingxing seemed to be a little shaken when he saw Ma Yun's attitude, so he decided to give him a few more pointers.

   "As the old saying goes, the rich first drives the rich later, and impact investing is the best embodiment of this saying.

   Instead of waiting until the super-rich tax is imposed, it is better to take the initiative and gain some active advantages.

   Do you have to wait until the bill is promulgated before you start investing in those industries that ordinary people are afraid to enter or have the ability to enter?

  Impact investing doesn’t mean that you can’t make money, it’s just a bit more troublesome, more difficult, and a bit longer to wait. "

   Ma Yun shook his head and said, "I personally have no problem. I am mainly worried about other people. After all, their investment goals may be somewhat different from ours."

   "Then you can try to convince them, if you can't convince them, choose to do it with me!

  Envision Capital will increase the proportion of impact investment in the future, which is a social responsibility that must be fulfilled to be China's No. 1 VC fund.

   It’s also an option to leave after earning money, but Ahri doesn’t do well abroad. "

   Jack Ma understood, this is reminding himself where the foundation is.

   "Mr. Xia, do you mean that Envision Capital will not only do impact investment?"

  Yu Feng looked at Xia Jingxing and keenly discovered a key point, if you don't do it yourself, why should you ask others to do it.

  Xia Jingxing said with a smile: "If it is not a specially established impact investment fund, conventional funds do not need to allocate all of this asset class.

   However, the concept of impact investment is summed up by foreigners.

  If we want to do it, I think we should take the route with Chinese characteristics. "

   "What characteristic route?" Ma Yun heard something different.

   "The impact investment of foreigners is mainly in the direction of people's livelihood, investing in ecological agriculture, ecological industry, green economy, resource recycling and other enterprises.

   After these enterprises grow up, they can play a certain role in environmental protection.

   I heard that the Great Northwest has achieved certain results in sand control in recent years, but it is far from enough. If we invest more in afforestation companies, we will definitely speed up the construction and restoration of the oasis.

   If you can invest in some companies that develop automatic tree planting machines and tree planting robots, you are also contributing to environmental protection.

There is also concern for the disadvantaged groups in society, such as investing in financial institutions like Grameen Bank, which can issue semi-public loans, and investing in some enterprises that employ a large number of disabled people, which can also play some positive and positive roles. social role.

   These are the specific implementations of foreign impact investment in China that I summarized, but they are far from enough.

   China's overall poverty is also related to the plight of the industry chain in the middle and low-end manufacturing. I think that impact investment in line with China's national conditions is to invest in high-end manufacturing to help industrial upgrading.

  For example, semiconductors, this industry is very short of investment.

  If the semiconductor industry can rise, will this have positive implications for society and the environment?

  I think yes, if China masters the high-end manufacturing industry, backward industries and polluting industries can be transferred to Vietnam and India.

   This is the same as European and American countries, while shouting environmental protection slogans, while transferring backward industries, but they still live an overall affluent life by controlling high-end industries.

  The purpose of impact investing is to make this society a better place!

   And impact investment with Chinese characteristics is to make China better, so we need to invest in high-end manufacturing industries. "

   Ma Yun and Yu Feng looked at each other, and the former replied: "Daren, you mean this is the industry the country wants us to enter? Realize the orderly expansion of capital?"

   "In the long run, it should be, this is a high-return track no less than the Internet industry.

  Revival Industrial Investment Fund is currently investing heavily in semiconductors, betting on this track.

  If Yunfeng Fund invests a lot in semiconductors like us, and together we will make this industry hot, and together we will build and improve the semiconductor venture capital ecology, then the social evaluation and the impression in the eyes of high-level people will undoubtedly be more positive and positive.

   At the same time, after the rise of the semiconductor industry, the returns will be astronomical. "

   Ma Yun knew what Xia Jingxing's ultimate purpose was.

   Someone with a low EQ, dragging himself into the muddy waters of semiconductors.

   And those with high emotional intelligence will say that they will guide social idle funds into industries that are still lagging behind in China.

  You have done all the work in the government! What do you want to do?

   Ma Yun looked at Xia Jingxing with complicated eyes, he couldn't understand him more and more, he really wanted to cut open his brain to see what was inside.

   "Daren, I understand what you mean, Yunfeng Foundation will definitely fulfill its due social responsibilities, but we can't compare with you for the time being. Even if we do impact investment, the scale will not be very large at the beginning.

  Because as a newly established investment institution, the first goal of Yunfeng Fund is to survive first, and then we can talk about other pursuits. "

   Ma Yun seemed very frank, he had already decided to listen to some of Xia Jingxing's suggestions, but he would not accept them all.

  Xia Jingxing has a strong family background, so he dares to spend 100 billion to play with semiconductors, but he dare not accompany Xia Jingxing to go crazy like this.

  Yu Feng glanced at Ma Yun, did not raise any objections, and thought in his heart that he should do something "good".

   Especially Xia Jingxing is already doing this, if others don't follow up, then it's not right.

  Xia Jingxing didn't know what Jack Ma had planned, but he just wanted to do superficial work, or he really recognized the point of view he put out today.

  The current private entrepreneurs are already very rich one by one, and a large amount of social capital that has been deposited has not entered the correct industry, such as semiconductors.

Where did    go? Such as the real estate and stock markets where money is coming faster.

   Capital is all profit-seeking, and the semiconductor industry is currently in darkness, far from the lively scene where the whole country will develop its own semiconductors in ten years.

   In this case, it is very laborious and difficult for him to try to push and change by himself.

  Money is only one aspect, what is even more lacking is the dual support from social forces and government forces.

   (end of this chapter)