My Age of Investment

  Chapter 1045 Turning Enemies into Friends

   Seeing Moritz, who was stimulated several times by her own words to be on the verge of an emotional outburst, and used reason to restrain that anger several times, Xia Jingxing felt relieved.

  Who let this old man intimidate himself a few years ago, this year he has added a new hatred, he can remember it all in his book.

  Neither ridicule Moritz nor ridicule is his main purpose. It is just a negotiation method similar to that of an eagle.

  The Sequoia brand is hard, and Moritz himself can even stand up against Joe.

  For such people and companies, if their attitude is too weak, they will only be deceived.

  Anyway, Moritz is the first to make a settlement.

  It is not that Sequoia is afraid of Vision Capital, at least it also shows that Sequoia is still afraid of Vision Capital.

Envision Capital’s VC funds have not raised funds from outside so far. All the investment funds come from him, and the parent company of the fund in the Cayman Islands is also solely owned by him. Therefore, how to invest and whom to invest in, there is no internal source at all. Or external pressure.

Sequoia Capital is different. Not only does it need to raise funds externally, but internally, Moritz, a professional manager, also needs to report to several shareholders, including founder Don Valentine, and bear the performance imposed by the upper management. pressure.

  In other words, if Envision Capital and Sequoia compete viciously, the former loses hundreds of millions or even billions of dollars. At most, peers in the industry joke that the investment level is not good. Xia Jingxing is still the company's big boss, and no one can drive him down.

  While Moritz has lost the booming business, the owner doesn't mind changing to a new shopkeeper.

  This is the biggest difference between the two parties.

  So Moritz is just sluggish, and he can't straighten his waist at all in front of Xia Jingxing.

  The old man's various bluffs only exposed his own weakness and couldn't scare Xia Jingxing at all.

  Because Xia Jingxing knew well, the old man did not change Sequoia’s operating strategy and mobilize all the company’s resources to fight an overwhelming power. It was almost the same as the retired Don Valentine.

   Realizing that the fire is almost over, and the old man’s arrogance has been basically extinguished, Xia Jingxing slowly said: “Mr. Moritz, you have to figure out one problem first. It is Sequoia China that is coming to us first, and we are just passively countering.

  The U.S. market is also provoked by your Sequoia. We have not yet counterattacked. However, the following employees are very angry and propose to give a tooth for a tooth and an eye for an eye. "

"Dalun, you don't need to say these things that occupy the high ground of morality. My proposal is a good thing for the development of our two companies. We no longer have unnecessary fights and can spend more energy on discovering good projects and making money. above."

   Moritz was very calm. He came to see Xia Jingxing with a major mission today. It doesn't matter if he feels a little bit angry, but the key is not to let the war escalate.

  In the eyes of the outside world, they have already "learned" Envision Capital severely, and sighed against "Sequoia China, which was being bullied in China, was about to collapse."

  Now they will accept it as soon as they see it. They have saved their face and lining, and they will not suffer.

  Xia Jingxing pondered for a moment, and replied: “The matter between our two companies has spread throughout Silicon Valley, and everyone knows that you slapped us with a loud slap in the face.

  If we recognize and shrink from this, not only will the morale of the team suffer a heavy blow, but even industry peers and entrepreneurs may look down on us, thinking that we are afraid of Sequoia Capital.

  How will we work in the future? Today, Sequoia grabbed one of our projects, and tomorrow Defengjie grabbed one of our projects. The day after tomorrow, Kaipeng Huaying also participated in it...We just closed the door and let it go. "

  Noting that Xia Jingxing’s tone had loosened, Moritz struck the railroad while it was hot: “These are just trivial things. As long as Darren agrees to a settlement, we can help you earn back face again.

  For the previous six projects, if you are still interested, Sequoia will be responsible for matching, and Envision Capital will add another round of financing, or give you part of the next round of financing.

  In this way, those rumors will be self-defeating, and the unrealistic ideas of those who are ready to watch our jokes will also be extinguished. "

  Xia Jingxing thought about it seriously. The old man was still a little sincere, and he came up with some more real things.

  And as the old man said, the disputes between Vision America and Sequoia America are mainly those 6 projects. If the other party is willing to share them again, it actually represents an attitude.

   "Well, for the face of your old friend, Mr. Moritz, I can agree to a settlement and the two sides will no longer engage in malicious competition."

  Xia Jingxing paused, "However, you must restrain the people under your hands and stop making those little moves."

  Hearing this, Moritz finally showed a smile on his face, “This is natural! In fact, Envision Capital is too good, and the people under his hands can’t help but want to learn one or two.”

  Xia Jingxing smiled without talking.

   "What about Sequoia China?"

  Moritz has not forgotten that the Chinese team has caused a mess that is not easy to clean up. However, the Chinese team’s grievance with Envision Capital is deeper than that of the American team and it is not easy to resolve.

   He asked tentatively: "I will persuade them to give up their enemies with Envision Capital, and at the same time withdraw from that **** venture capital alliance. Then, Darren, can you let go of your grievances and stop embarrassing them?"

  Based on Xia Jingxing’s understanding of Zhang Fan, even if Moritz went out in person, he would not necessarily be able to dissuade success. Shen Beipeng is hard to say.

  "You persuade me first. If they can really listen to your suggestions, I am not the kind of person with small belly and chicken intestines. From now on, everyone will not be in the water.

   Moritz looked happy. He was trying, but he didn't have much hope of success. He didn't expect the other party to agree to a settlement.

  After thinking about it, Moritz suddenly became angry.

   Those two idiots, why don’t they try to reconcile with Xia Jingxing like this, they have to be tough?

  Now the teeth are gone, and the head of the American team has to wipe their buttocks and take care of the aftermath.

  After talking with Xia Jingxing all the way today, he also fully understood that the other party is definitely not a stunner, let alone emotional, even if it is an enemy, as long as it is in his own interests, this young man can sit down and negotiate peacefully.

  Then why did the Chinese team make it so bad? Except for the reason of inability, no other explanation can be found.

   Thinking of this, Moritz suddenly felt regretful in his heart. Three years ago, he should not have chosen Zhang Fan and Shen Beipeng!

  At that time, the two Chinese team leaders he was optimistic about, one was Xia Jingxing and the other was Deng Feng, both rejected his proposal for cooperation, turned around and founded their own fund, and now both have achieved good results.

  Sure enough, the more talented people are, the more arrogant they are! Moritz was full of emotion.

  However, Zhang Fan and Shen Beipeng were his collaborators personally selected after all. No matter how incompetent, he had to save them. He couldn't just watch the two fall off the cliff.

  After all, he is still very optimistic about China's venture capital market, and he is not willing to give up so easily.

  Of course, if Zhang and Shen did not follow their suggestions, then they can only stop the loss forcefully.

  Thinking about this, Moritz flashed a hint of cruelty in his eyes. Sequoia had failed once in China, and he would never allow a second failure.

  Recovering all thoughts, Moritz looked at Xia Jingxing who was tasting tea with a smile, and asked: "Daren, I heard that Tubing has completed a round of financing of up to 3 billion U.S. dollars in Series B?"

  Xia Jingxing nodded, smiled and said, "Why, Mr. Moritz is also interested in tubing?

  If Sequoia wants to invest in oil pipelines, I can call the shots and give you a B+ round investment opportunity. "

  Moritz waved his hand quickly, he did not have the idea of ​​being taken advantage of, and regardless of the oil pipeline has exceeded the investment stage of Sequoia's VC funds, just say the valuation, he does not think that the oil pipeline can be worth 15 billion US dollars.

  Because of this controversial investment, Sun Zhengyi has become famous in Silicon Valley again, and everyone is ready to watch Sun Zhengyi go.

  The industry reputation of   In the past year, it is far inferior to the time when it was founded. The valuation is high and the money burns quickly. Like a game of drumming and spreading flowers, it will explode sooner or later.

Xia Jingxing didn’t give much explanation. Moritz or Sequoia is also in this situation. He has always insisted on the small and beautiful VC style handed down in the last century. As a result, he missed Facebook, and now missed the tubing. I don't know how many fast-growing large technology companies will be missed.

  PE-based VC funds, that is, the scale of fundraising expands and the investment stage moves backward;

  The VCization of PE funds means that the investment stage is moved forward and high-quality companies are locked in advance;

  The abolition of the duration of the fund and the conversion to an evergreen fund, the establishment of a secondary market department to continue to hold equity in listed companies, etc., are the future development trends of the industry.

  It can be said that since the establishment of Vision Capital, the top-level structure has surpassed most of its peers, and represents the future development direction of the fund. Maybe in the future, global funds will set off a craze for imitating Vision Capital.

  "Dalun, you are still great, and only you can find the "right" investor so quickly with such a large amount of financing."

  Moritz specially emphasized the word "suitable", and his eyes were full of joking, "Are you still selling some old stocks to Sun Zhengyi?"

  Xia Jingxing thought it was funny. He really regarded Sun Zhengyi as a fool and sold old stocks.

   "I didn't sell any stock, because Mr. Sun Zhengyi and I are both people who are firmly optimistic about the future development of the oil pipeline. Sooner or later, this video website will make a profit."

  Xia Jingxing casually used a pretense, how could he tell Moritz about the future reorganization of Facebook and YouTube.

However, due to SoftBank’s shareholding, his and Vision Capital’s shareholding ratios in Tubing have both been diluted a lot. In addition, Gates’s Waterfall Investment previously invested in Tubing for a round A, so his shareholding ratio in Tubing has become much lower. The shareholding in Facebook is still low.

  Now his personal shareholding has dropped to 21.18%, Liqiu No. 2 Fund has dropped from the original 20% shareholding to 16%. After the fund penetrates, his total shareholding is 29.18%.

  Kristina’s shareholding fell to 10.61%.

  Together, the shareholding ratio is less than 40%.

  (End of this chapter)