My Age of Investment

  Chapter 297 Pimping

  "I founded a company called Vision Capital in the United States. It has hedge funds, VC funds, and PE funds, real estate funds, etc. in the future."

   Chen Hong's eyes light up every time Xia Jingxing reports a word.

  Two big men, Xia Jingxing was a little awkward when he was seen by such hungry eyes.

  "What is your current AUM?" Chen Hong asked eagerly.

  AUM is the scale of asset management, which is mainly used to measure the scale of asset management business of fund management companies and investment banks, commercial banks or financial holding companies.

  The larger the AUM, the higher its position in the industry.

  Xia Jingxing said lightly, “The combined asset management scale of the two funds is probably in the early 100 million yuan!”

  In fact, the initial capital of Lichun and Lixia Funds is only more than 50 million US dollars, but there is a floating profit in the stock market, and the net assets of the funds have exceeded 100 million US dollars.

  Hearing this, Chen Hong’s bright eyes soon dimmed again.

  But he is a human being. Realizing that it was impolite, he immediately adjusted it and said with a smile, "It's also very good. After all, Facebook is not yet listed, and you are still starting a business.

  The fund should have just started, right? One hundred million yuan is still pretty good.

   To tell you the truth, now domestic funds with a scale of tens of millions of RMB are everywhere, and they are still in their infancy, which is normal.

  After the results of the first phase of the fund are released, the next few phases of funds will be ready to raise. "

  Xia Jingxing smiled and reminded: “Actually, it is not RMB, but the unit of currency is US dollars.”

  Chen Hong was drinking tea, and when he heard Xia Jingxing’s sentence, he was so excited that he was choked by the tea and coughed again and again.

  Seeing that Chen Hong was choked by the water, Xia Jingxing quickly helped pat the back.

  Chen Hong's face flushed red, he coughed a few times, and finally healed his anger.

  He asked: "Ahem, it turned out to be 100 million U.S. dollars? I thought it was RMB.

  I’ll go, your starting point is so high? Who voted for it? Stanford University supports you so much. "

  Xia Jingxing gave a wry smile. He did not have a particularly brilliant financial experience, and he was not misunderstood once or twice, so he had to patiently introduce the situation of the two funds of Envision Capital.

   "Oh, it turned out that the fundraising was more than 50 million U.S. dollars, but it doubled in only half a year, which is still very good."

  After understanding the whole story, Chen Hong smiled and commented, not too surprised.

  He is the first Chinese student to bring the company to Nasdaq, and he is the one who has seen the big scene.

  In his eyes, the scale of asset management of Vision Capital is actually nothing.

   Originally, he thought that Xia Jinghang’s fundraising started with 100 million US dollars, so he was a little surprised.

  Chen Hong asked: "What is the main strategy of your hedge funds?"

  Xia Jingxing said lightly, "Stocks are long."

  Chen Hong knew it well, and continued to ask: "Only invest in the U.S. stock market or the global market?"

   Xia Jingxing replied, "Naturally it is the world, and we have a large stock in the stocks."

  Chen Hong smiled, “Well, there will be private placement and agreement transfer of Chinese concept stocks in the future, I will contact you.”

  Xia Jingxing smiled and said, "Haha, that's a big thank you to Brother Chen Hong. We are currently lacking resources in this area."

   Chen Hong looked like a big brother and waved his hand, "It's okay, everyone is a friend, and they help each other."

  Next, Chen Hong asked about Lichun Fund again, when he heard that Xia Jingxing was mainly engaged in angel investment.

  He frowned and sighed, “The amount of early project financing was too small. To be honest, we didn’t take this kind of business much.

  Moreover, the domestic venture capital market has only just started. As a financing intermediary, the market is too small to maintain the normal operation of the company, so now we are also doing direct investment.

  To put it bluntly, there may be more direct investment business than financial advisory business. "

  Xia Jingxing nodded and smiled. He heard a lot of sadness and helplessness from the other party.

  FA is essentially a third party between entrepreneurs and investment institutions, providing investment and financing matching services for both parties.

   is not limited to private equity financing services, but also includes mergers and acquisitions, strategic restructuring, IPO, private placement, etc.

  Different FA institutions have different emphasis on different directions.

  In early projects, the commission of FA institutions is usually 3%-5% of the financing amount. In the later projects, the financing amount is larger, and the commission ratio will be appropriately lowered.

  Currently, FA is very difficult to do. This is mainly because the domestic venture capital market is not yet prosperous.

  There are few entrepreneurs, few investment institutions, even the FA that survives in this industry chain is very rare, and the business is bleak.

"Direct investment" in Chen Hong's mouth is to play the role of VC.

  After the FA grows larger, it will generally set up its own fund to invest in the good projects that it finds. It can not only establish a deeper relationship with entrepreneurs, but also develop further upstream in the industry chain and capture greater benefits.

  Chen Hong is very rich. After all, he led the company to go to the market, and he played direct investment when he came up.

  A general FA can't do direct investment, because there is no money and can't afford to play.

  Strictly speaking, FA is an industry that strives for network resources and relationships.

  Does not sell any financial products, it sells services.

  The future of the FA industry will be bleak for many years, until the mobile Internet entrepreneurship wave breaks out and the hot money in the market increases, the entire industry will usher in a real big development.

  The small FA team of 120 people has helped dozens of entrepreneurs to raise tens of billions of equity financing in a year, and can draw a commission of one to two billion from it.

  In this industry, it is better than VC and PE that money comes quickly. Once the financing is in place, the entrepreneur pays FA.

   And VC and PE wait at least three to five years, or even longer, to usher in the company's listing and get exit dividends.

  Xia Jingxing got a general understanding of the development of Hanergy Investment, and said with a smile:

  “At present, Envision Capital mainly engages in angel investment, but it does not mean that it will not invest in other mid- to late-stage projects.

  As long as the project is suitable, no matter what round it is, we will vote. "

  Chen Hong smiled and said, "How do you say your style of play, it's still a little weird.

  The scale of your fund is not large. I suggest that you should do a good job of early investment and make one or two benchmark projects.

  There are benchmark projects in hand, and it is easy to raise some funds in the future.

  Wait for the next few phases of the fund to expand, and it will not be too late to extend to mid- and late-stage projects.

  Of course, this is just a suggestion of mine, not necessarily correct. "

  Xia Jingxing nodded, knowing that the other party's words are old-fashioned, but this is not suitable for Vision Capital.

  Don’t want Chen Hong to treat him as a person who doesn’t listen to advice and insists on going his own way, so Xia Jingxing said again: “In fact, the first phase of the Lichun Fund was funded by me personally.

  I want to turn this fund into an early institutional fund in the future.

  But in the process of building, I don’t want to miss some good projects in the middle and later stages.

  So you didn't follow the rules too much, but made Brother Chen laugh at you. "

  Chen Hong "Oh", looked at Xia Jingxing with a strange look, and was a little curious that the other party actually had 20 million US dollars in personal funds, so he asked: "Are you an old stock who sold Facebook?"

   "No, I was trading stocks before..."

  Xia Jingxing knew that the other party had misunderstood again, so he briefly introduced the origin of the money, skipping the specific details, and said that he invested in Netease and Amico and made 30 million U.S. dollars.

  Chen Hong just asked casually. I didn’t expect Xia Jingxing to be so frank and telling so much insider about him, dare he not treat himself as an outsider?

  "In addition to the Lichun Fund, I also personally invested in several angel projects, and the current valuation of the holdings also totals 20 to 30 million U.S. dollars."

  Xia Jingxing continued: "If these projects are successfully withdrawn, we should continue to add funds to the Lichun Fund."

  Chen Hong knew about it, and said with a smile: "Jingxing, I think you are very interested in investment, and your investment results are pretty good.

  Look at you, individual stocks earn tens of millions of dollars, hedge funds also earn tens of millions of dollars, and several projects invested by personal angels have entered the next round of financing.

   is really awesome! "

  Xia Jingxing smiled and humbled a few words. He came here today to show his strength, so he didn't make much reservations.

   "Brother Chen Hong, have you found any good projects recently? If you have, you can recommend it to me."

   Chen Hong's heart moved, and he immediately understood the other party's intentions. So many backgrounds are not white and bright. Is this to make himself bright?

   "I have a project here, but I don't know if you dare to vote?"

  Chen Hong put a smile away, and said with a serious face: "It has four characteristics: large investment, high risk, high return, and quick return."

  Xia Jingxing suddenly became interested, "I can accept the last three characteristics, but I don’t know how big the investment is?

  Within one hundred million, there should be no problem!

  Of course, it has to be RMB! "

  FA industry is actually pimping. Xia Jingxing initially planned to try his luck at Hanergy Investment to see if there are any good projects.

  He didn't hold much hope, but listening to Chen Hong's tone, it seemed that there was a big fish.

  (End of this chapter)