My Age of Investment

  Chapter 977 Self-fusion

  The leadership of Huake Holdings, the state-owned asset management organization behind the Chinese Academy of Sciences, after research and meeting discussions, unanimously agreed to cash out at a high level, and sold all the 47.43% equity of Huaxia Digital held by Conscience to the buyer consortium formed by Envision Capital and Renaissance Industry.

  After the resolution was submitted to the Government Affairs Council, it was quickly approved and passed.

  In addition to the 13.34% equity held by the Pan Atlantic Investment Group, the buyer consortium formed by Vision Capital and Renaissance Industry Group will obtain a total of 60.77% of China Digital Equity, and the total transaction price has reached 3.54 billion Hong Kong dollars.

  Among them, Renaissance Industry Group invested 582 million Hong Kong dollars, accounting for 10% of the shares; Vision Capital invested 2.958 billion Hong Kong dollars, accounting for 50.77% of the shares.

  After the transaction was completed, China Digital immediately reported the relevant news to the Hong Kong Stock Exchange and disclosed it to the outside world.

  As soon as the news came out, it suddenly brightened the eyes of countless people.

  Because in this transaction, China Digital was priced at 6.64 Hong Kong dollars per share, which was a full 89.7% premium, nearly double the company’s price of 3.5 Hong Kong dollars per share before the suspension of trading.

  Furthermore, the new shareholders, Vision Capital and Renaissance Industry, are not unknown people, especially Xia Jingxing, the actual controller of the two companies, who are well-known technology tycoons and capital predators in China, the United States and the world.

  Financial and economic media have launched grand reports one after another, and predicted that the entry of technology entrepreneur Xia Jingxing will inject technology genes into China Digital and become a software service provider giant Yunyun.

  Each brokerage company has given China Digital a buy rating, and some institutions have given a target price of 10 Hong Kong dollars per share.

  Affected by all these benefits, once China Digital resumed trading, its stock price exploded in place, soaring all the way, and soon exceeded 7 Hong Kong dollars per share.

  According to the trading rules of the Hong Kong Stock Exchange, in order to protect the interests of minority shareholders, the joint purchaser must issue a comprehensive takeover offer to retail investors in the open market.

  The execution of the offer price must be consistent with the transaction price of the previous equity transfers of several major shareholders, that is, 6.64 Hong Kong dollars per share.

  Shareholders and institutions willing to accept the offer can sell their shares to Envision Capital and Fuxing Industrial Group at this price.

  Once too many offers are accepted and the external public shares are less than 25%, China Digital’s listing status will not be guaranteed.

  However, as Xia Jingxing predicted, the market is quite optimistic about the transaction of the major shareholder of China Digital, and the stock price after the resumption of trading has far exceeded the purchase price. There will definitely not be too many stockholders and institutions willing to accept the tender offer.

  Since the tender offer requires a wait of 21 days, the transaction has not yet been settled.

  …………

  …………

  Time is fleeting, and after November, major changes have taken place in A shares.

  Gone are the days when you bought any stocks to make money. The Shanghai Composite Index hit an all-time high of 6124 points in the middle of last month and then took a turn for the worse.

  Shareholders thought it was a technical adjustment, and it could rise back next month. Eight thousand and ten thousand points are not a dream.

  But as time goes by, the Shanghai Stock Exchange Index not only did not change their minds, but like a scumbag, deceiving investors’ feelings time and time again.

  The big bull stocks that used to be no longer work, and they have dropped their limits for many consecutive days.

  The fresh leeks that only hit the market last month deeply felt the sharpness of the sickle, but they still have the belief that they will be back at 6124 one day, and they will not wait too long this day.

  In this context, Zhao Jun led Deng Fenghua from the magic city to the capital, and reported to Xia Jingxing in the office on the 36th floor of the China Merchants Building.

   "Mr. Xia, you still have a vision. If we hold the stocks in our hands for another month... No, if we hold them for another half month, it may be all in our hands."

   Zhao Jun talked about this with a lingering fear.

  Two months ago, his subordinates were persuading him to persuade Mr. Xia to change his mind. If the stocks are held for another month, 14.5 billion will be guaranteed to become 20 billion.

  He thought about it all night, suppressed the matter, did not report to Xia Jingxing, and resolutely implemented Xia Jingxing's orders.

  He was thinking, if he had really advised Mr. Xia at the time and the latter had also changed his mind, then he should be waiting for someone who is posting on various stock trading software now and crying?

  Xia Jingxing smiled and said: "It's not so mysterious, it's impossible to smash it all in your hands, and at most give up part of the profit.

  Didn’t CITIC Securities reached a high of 117 yuan/share last month? It means that you judged that CITIC’s stock price exceeded the 100 yuan mark last month. "

  Zhao Jun gently shook his head, "If you really wait for it to break through the 100 yuan stock price, you may expect it to break through 120 yuan or 150 yuan. Once people's desires are enlarged, they will be completely uncontrollable.

  The unity of knowledge and action is so difficult! What I admire most is your rationality, Mr. Xia, even if the tens of billions of profits are in front of you, it does not affect your judgment in the slightest. "

  Deng Fenghua listened carefully. He could hear that these words were from the heart of the master, which is worth remembering.

  Xia Jingxing smiled and waved her hand, not wanting to talk about this topic.

He actually didn’t know exactly when the bull market ended. However, relying on the vague memories of previous lives and the various information collected by the investment platform of Envision Capital, with a little analysis and judgment, he still gave a fairly perfect low. Buy high and sell.

The reason why    can’t be called absolute perfection is that he sold out all CITIC Securities at a price of more than 90 yuan. If he kept a small portion and sold it last month, he should have made hundreds of millions more.

  However, these are harmless, because perfection is impossible.

   "I drew 10 billion from the Mango Seed Fund, did it have any impact on you?"

  Deng Fenghua smiled and said, “No, if you don’t take away the 10 billion, it will affect us.”

  Zhao Jun nodded and said: "Yes, now the market is down like this, it is not a good time to enter the market. When there is no room for exploration, it is a good time for us to run into the market.

  At that time, assets will be as cheap as two or three years ago. "

  Xia Jingxing smiled and said that the Mango Seed Fund made a total of 14.5 billion with capital profits. He drew 10 billion away and distributed nearly 1 billion in bonuses to the team. Then the Mango Seed Fund now has only 3.5 billion in asset management.

  The scale of this asset management is similar to that of the beginning of the year. In the short term, it is sufficient to maintain this fund volume in A-shares, and more is a waste.

  Because the fund is now in a state of short positions, holding the currency on the sidelines and avoiding risks.

  …………

  …………

"Mr. Xia, the sales volume of Fuxing mobile phones in October has been calculated. Global sales reached 600,000 units, including 180,000 units in the domestic market, 220,000 units in the US market, 150,000 units in the European market, and 50,000 units in Asian markets such as Japan, South Korea, and India. Department."

  At the October work summary meeting of the Fuxing Industry Group, Lin Bing reported to Xia Jinghang the specific sales data of each market.

  After listening, Xia Jingxing frowned slightly, “The performance of the Asian market is still a bit poor, and the domestic media is about to praise us. As a result, we are embarrassed to announce this sales performance.”

  Asian President Lu Lei couldn’t help but explained: “Mr. Xia, you know, Japan, South Korea, and India have their own problems in the first three Asian countries, and we are also trying to break this deadlock.”

  Xia Jingxing said lightly: "This is not your reason or excuse. Even if these three countries are a tortoise shell, you must give me a gap.

  There are only four developed countries in Asia, Japan, South Korea and Japan. Although the economy of the latter two countries is good, their population is too small to open up for the time being.

  Renaissance mobile phone prices are not low, if you want to really make some achievements in the Asian market, Japan and South Korea are the top priorities. "

  Lu Lei nodded in agreement, and then asked, “What about India? We sold less than 10,000 mobile phones in the Indian market in October.

  The poor cannot afford to buy a mobile phone for a few hundred dollars, which is equivalent to their salary for a year. Last year, their country’s per capita GDP was only 792 dollars, which is only a little more than one-third of our country.

  The rich can afford it, but the population base is too small, and they admire European and American products. "

  Xia Jingxing nodded, Ah San’s virtue is that only mobile phones like rice that take the civilian route can open the market. High-end mobile phones in China will hardly be accepted by the wealthy in India for a while.

   "Where is Hugo Barra? How is he behaving?"

  Xia Jingxing almost forgot the Brazilian nicknamed "Brother Tiger". The Indian market was developed by the other party.

Lu Lei smiled and said: "This foreign guy is very good. He came to China alone for two months of training, and then went to India to explore the market alone. Although the revival FX1 did not achieve much in India, the main reason was not him. ."

  Xia Jingxing nodded slightly. The reason why he sent Hugo to India to open up the market was to test the other party's ability to serve as the more important president of the European region.

  At present, the other party’s achievements can only be said to be hard work, but not credit.

Xia Jingxing quickly made up his mind, and watched for another half a year. If Hugo can do anything that makes him feel bright, then give him a bigger talent display stage; if not, then just You can only choose another person.

"The Indian market will be set aside. With a population of more than one billion, it looks like a very large market. However, half of the people live in a backward country like Africa. There are at most tens of millions of people in the wealthier group who are the target customers of the revival of mobile phones. It's comparable to the Japanese and Korean markets."

Speaking of this, Xia Jingxing took a look at Lin Bing, and said: “As soon as possible, arrange overseas departments to conduct a market potential survey, taking into account factors such as per capita income of each country, the number of target customers, the proportion of consumer spending on electronic products, and future potential markets. Each country's market is divided into three or more levels: S, A, and B.

  Determine the order of market development by level, and formulate relevant resources and capital investment plans. "

  Lin Bing smiled and nodded: "This is a good idea. You can clearly grasp the primary and secondary relationship and use the resources in the right place."

  Xia Jingxing nodded slightly, then he turned his gaze away from Lin Bing, turned to Lu Lei, and continued: “Compared with Japan, Japan is richer and has a larger population. Let’s attack Japan first.

  Speaking of which, these two countries belong to the same cultural circle as ours, and there are similarities in their cultures. If you think about ways, you will definitely find a way to break the situation. "

  Looking at Xia Jingxing’s serious expression, Lu Lei knew that this was not a discussion with himself, but an order, and immediately nodded in response: "Yes!"

  After the meeting, Xia Jingxing called Shang Lin Bing to inspect the R&D building two kilometers away.

  The reason why it is called the R&D building is that the whole building belongs to the R&D department, and there are thousands of R&D engineers working in it.

  After understanding the R&D progress of Fuxing FX2, Xia Jingxing and Lin Bing left the R&D building and returned to the Fuxing Mobile Administration Building.

Just as he was about to enter the building, Lin Bing stopped, took a few glances at the surrounding buildings, and said, "Mr. Xia, we have more and more employees now. Not counting the North American branch and several other overseas branches, just There are nearly 2,000 people in China.

  The plan for the Chinese headquarters next year is to expand to 5,000 people, and the office is not enough. "

  Xia Jingxing frowned and looked around. This building is relatively low, with only three or four floors, and a house can only accommodate a few hundred people.

  When I leased this office building two years ago, it was still enough.

  However, with the expansion of the staff of Fuxing Mobile, several functional departments have been forced to move away, and several office buildings have been leased nearby.

  What's not so convenient is that there is some distance between each office building, and sometimes work communication and management are not so convenient.

  Xia Jingxing pinned Lin Bing’s meaning and asked: “You mean building a Fuxing Mobile Headquarters Park to gather employees to work together?”

  Lin Bing smiled and said, "Not only Fuxing mobile phones, as far as I know, several other business groups, as well as our parent group Fuxing Industry, are developing rapidly, and office locations are fragmented.

  This is not only not conducive to communication between departments, but also not conducive to building our corporate image. Employees may also have small ideas. They think that the company is developing so well, but they don’t even have a headquarters building of their own.

  Even Conscience, Baidu, Sohu, and Sina have their own headquarters buildings nearby, but we don’t.

  This will give people the illusion that a revival of mobile phones and even the entire revival of the industrial group are inferior to those technology companies. "

  Xia Jingxing pondered for a moment, and said, “It’s not difficult to build a headquarters building. Based on our overseas achievements and our status as an Olympic sponsor, it is actually a matter of one sentence to make a small request to the leaders of the capital to grant land.”

  Lin Bing smiled and said, “That’s true, if they don’t grant us land, we dare to move to the magic city.”

   "It's not! The structure is not that small."

  Xia Jingxing smiled and waved his hand, and then said: “In addition to the demand for land grants by Fuxing Industrial Group, the domestic holding group also has demand in this area. They are developing very fast, and the number of employees is not expanding slower than here.”

  Lin Bing heard the overtones, and asked, “If you don’t build the headquarters building, the two will work together to build a science and technology park?”

  Xia Jingxing laughed, "Lao Lin, you can really think far enough. Both of us are startup companies. How can we have the money to build a science and technology park?

  And since it’s called the park, how can it have an area of ​​several hundred acres and dozens of office buildings? There are no tens of billions of funds, which can't be covered at all. "

Lin Bing also heard the overtones and said with a smile: "Considering the rapid growth of Fuxing Industry and Domestic Holdings, the planning of a park of several hundred acres is really not too much. The employees of our two companies in Beijing are now Add one, there are already thousands of people, right?"

  Xia Jingxing nodded, did not speak, and began to think carefully.

  Fortunately, the domestic holding group's employees are basically concentrated in the capital, and there is a branch in Chengdu.

  The industry of Fuxing Industrial Group is very scattered. The six major business groups are distributed in Beijing, the magic capital and Guangdong, Jiangsu, Zhejiang, Hubei and other places.

  Among them, the semiconductor business group is in the magic city, and there are office buildings built together with the factory, so there is no need to consider them for the time being.

In Beijing, there is the group headquarters, the consumer electronics business group including mobile phones, the innovative business group including Fuxing Mall and the Fuxing Internet of Things, and the seventh business group to be formed-the software engineering business group. .

  Pengcheng’s DJI is still very weak. Even the first-generation products have not been successfully launched on the market, and there is no need to consider building a building or park in Pengcheng for the time being.

  There are two companies, ATL and CATL, in Guancheng. The plant is still enough for the time being, and there is no need to consider building a new office building.

  The smart home appliance business group has the most extensive industry distribution, with production bases in several southern cities such as Pengcheng, Fengcheng, Lin'an, Jiangcheng, and Xicheng.

Xia Jingxing intends to form these home appliance brands into a sub-group. The headquarters has not yet been determined. It is a bit nonsense to place them in Beijing, because there is not even a factory to the north of the Yangtze River. Put it in Pengcheng.

  Xia Jingxing thought for a long time and felt that it was really necessary for Fuxing Industrial Group to build a headquarters park, because it would take two to three years to build it.

  Two or three years later, the three major business groups and the group headquarters will be at least tens of thousands of people, and the optical mobile phone company may reach tens of thousands of employees.

  The number of domestic holdings should be smaller, currently less than 1,000 people, but there will be at least a few thousand people in two or three years.

   With such a calculation, Xia Jingxing felt more and more that this building really had to be built.

  But where does the money come from?

  Among the six existing business groups of Fuxing Industrial Group, some are losing money and some are just self-sufficient. The only strong point of profitability is the consumer electronics business group.

   Selling a mobile phone can make a gross profit of more than 1,000 yuan.

  However, it is still not possible to kill chickens and get eggs. For the profits in the past few years, he intends to invest in research and development and seize the market.

After thinking about it, Xia Jingxing found that there was only equity financing to choose from.

  "How about our round of external financing?"

   Lin Bing was a little surprised, "Just to build the headquarters park?"

  Xia Jingxing smiled, this is indeed a bit of a bad job. During the entrepreneurial period, who is a serious person to buy a house?

  But experience tells people that for most people, starting a business may not be as good as buying a house.

  There are no jokes on the Internet, saying that a certain entrepreneur sold a property in Beijing and Shanghai worth 5 million in order to start a business. After a few years of tossing about, the company collapsed and the original house price increased to 10 million.

  The story is a bit sad, but it is not completely fictitious. The success of a business is a small probability event, but the rise in housing prices in first-tier cities is a high probability event.

  "General Manager Xia, if equity financing is to be conducted, will the financing entity be our Fuxing Industrial Group or Fuxing Mobile?

  If it is a Fuxing mobile phone, the mobile phone has also been officially put on sale, and it has achieved good results, and its valuation is relatively good.

  Ke Fuxing Industrial Group is in trouble. The valuation of traditional home appliances is low. If mixed with Fuxing mobile phones, the value of the entire group is easily underestimated.

   Another example is DJI, the first UAV has not been on the market for a long time.

  Renaissance Internet of Things, Renaissance Cloud, and artificial intelligence businesses still need to invest a lot of research and development funds.

  But then again, if the financing entity does not include these R&D businesses, where will our R&D funds come from? "

   Lin Bing had a lot of questions, but Xia Jingxing still patiently explained one by one.

   “It’s definitely not possible to split, but you’re right, the prospects of many businesses have not yet fully emerged, and there has been no business synergy between them for the time being. Investors may shout out loud.”

  Xia Jingxing thought for a while, and then said: “Well, let’s call on the shareholders of the group to increase their capital proportionally. If they give up, it will be exclusively invested by Envision Capital.”

  Lin Bing was stunned, and then said: "This should be the best way!"

  Xia Jingxing smiled, he guessed that Lin Bing should have seen his intentions.

  At present, financing with the group as the main body will definitely be undervalued.

  Furthermore, when financing is used to build the headquarters park, investors will feel that they are not doing their jobs properly and their enthusiasm for participation should not be great. Even if they are really willing to participate in financing, they will die.

  In this case, letting Envision Capital exclusively inject capital can be regarded as left-handed and right-handed, and the fertilizer will not flow to outsiders.

  "Cloud computing and artificial intelligence projects have to invest a lot of research and development funds, so financing must be carried out. Building a headquarters is only incidental."

Hearing this, Lin Bing's eyes brightened, then dimmed again, and shook his head: "It seems that you are really the only one who has come to inject capital. This kind of large-scale R&D project has never been liked by investors, and the uncertainty is too high. "

Xia Jingxing nodded slightly. After a few years, the market value of cloud computing and artificial intelligence has been recognized. A few top scientists have collected a game before starting research and development. The seed round valuation can be valued at hundreds of millions of dollars, and investors even grabbed it. When the money was thrown, the market bubble burst.

  Not yet, this is a high-risk project.

  If you add the seemingly traditional businesses such as home appliances and batteries, the Fuxing Industrial Group looks like a big mess. It will definitely not be able to get a good price if it gets the overall financing on the market.

  He told Wang Jian and Shen Xiangyang a few days ago that Sun Zhengyi and Yuri Milner were rushing to vote for him. In fact, they only took a fancy to Fuxing mobile phones and the already clear domestic holdings with a clear business model.

   But, it doesn’t matter, he is the best at self-fusion.

  (End of this chapter)