My Age of Investment

   Chapter 1195 Look forward together (add more updates for the head of Xichen)

  After the cold wind blew for nearly two hours in the wilderness, Xia Jingxing and Tong Shijie said goodbye and got ready to return to the city by car.

   The car was driving halfway when he suddenly received a call from an old friend.

   "Daren, I've been in the capital for the past few days. Find a time, how about we sit down and talk?"

  Xia Jingxing held the phone in his hand, and the corners of his mouth twitched slightly, "Okay! It's fine tonight, you're a guest from afar, I'll host you to dinner."

   There was a burst of laughter from the other end of the phone, "Okay, I'll be there on time for the dinner so I can bring a friend over?"

   "No problem, your friend is my friend."

  …

   After Xia Jingxing hung up the phone, the smile on his face gradually disappeared and his face returned to calm.

   Looking at the scenery that was constantly passing by outside the window, some memory images in his mind kept spinning like a marquee.

   Alas, I "hanged up" an old friend again, and I miss it a bit.

  …………

  …………

night.

   A luxurious black Audi A8 slowly stopped at the entrance of Xibianfu Hutong in Xicheng.

  After the car was parked, a middle-aged yellow man in his forties and a bald white man in his fifties and sixties walked out of the car.

   "Neil, this should be your characteristic traditional architecture in China, right? Darren likes this kind of environment?"

   "Yes, this alley is hundreds of years old! It's even older than America! I don't know if Darren likes it or not."

   Speaking of this, the yellow man called "Neil" spread his palms, "You know, since the establishment of the China Fund for more than three years, it has been a little unpleasant with him."

  The white bald old man said lightly: "So, the first China fund failed. . .

   Arrogance, destroyed two of my favorite partners, and shamed the Sequoia brand! "

  Neil Shen was silent, although Michael Moritz’s words were hurtful, but they were the truth.

  The Sequoias, who were the most powerful in the United States, have suffered successive defeats since they came to China.

   Now, the 200 million US dollars of the first phase of the fund has been completely wiped out, and a bunch of bankrupt companies, loss-making companies, financial fraud companies have been harvested, and there are no serious exit cases!

   So far, what qualifications and confidence does he have to refute Moritz.

   Seeing that Shen Beipeng seemed a little dejected and lost, Moritz comforted: "As long as you are willing to start over, there is still a chance to get a new life! Let's go, let's go meet Daeron together."

   Shen Beipeng followed Moritz into the Chengfu Banquet, a private restaurant in the alley, and was taken to a box by the waiter.

   As soon as the two of them entered the room, they saw Xia Jingxing sitting on a chair with a mobile phone and jerking off with both hands.

   "Mr. Moritz, Mr. Shen, welcome!"

   After seeing who was coming, Xia Jingxing put down the phone, got up and shook hands with Moritz and Shen Beipeng one by one.

After shaking hands, Moritz glanced at the Fuxing FX2 mobile phone on the table, and said in a joking tone: "The mobile phone you developed is really excellent, and I see many friends around me using it to play games. Games, Facebook, Twitter.

   Quietly ask, is there any idea of ​​open financing?

  You can make any price, I will never make a counter-offer! "

  Xia Jingxing and Moritz looked at each other and confirmed their eyes, not joking.

   However, Fuxing Mobile does not need financing for the time being, so Xia Jingxing responded with a smile: "You are too famous, Smart Fruit Mobile can degrade us to nothing."

  Moritz heard the overtones, didn't care, but laughed and said: "Daren, we are a venture capitalist, and making money is the first priority.

   Investing in Wisdom Fruit is a thing of the last century, and stocks have long since cleared.

  If there is a chance to become a shareholder of Fuxing Mobile, we will definitely try our best to help you achieve long-term development in the United States.

  This, you can rest assured that Sequoia has more than US dollars in the United States! "

   Shen Beipeng silently watched Moritz talk to Xia Jingxing, feeling a little lost and frustrated.

   Vision Capital China was established almost at the same time as Sequoia China, and the two sides fought each other for more than three years.

   Now Sequoia China is almost useless, but Vision Capital has captured one excellent startup after another.

   Judging from the momentum gained, Envision Capital has left them more than eight streets away.

   As for Xia Jingxing personally, it has crushed him and one domestic investor in an all-round way.

   Even the founders of the entire industry are worth a fraction of that of Xia Jingxing.

   The two sides are no longer rivals on the same level.

   Even their big financier, the big boss, Sequoia America, treats this young financial tycoon politely.

   After a while of greeting, Xia Jingxing greeted the two of them to take their seats.

   After chatting for a while, Moritz took the initiative to talk about the topic.

   "Daren, we have known each other for many years, and I have always regretted the missed opportunity to invest in Facebook.

  Fortunately, you entered the venture capital industry later and founded the Vision Capital VC fund in Silicon Valley. Sequoia has the opportunity to cooperate with you, which can be regarded as filling some of the regrets of the year.

  I think Envision Capital America and Sequoia America maintain a very friendly and close cooperation, creating huge value and wealth for LPs.

  Why not copy this successful experience to China?

  As long as the two of us join forces, most of the outstanding technology companies in China and the United States can be tightly held in our palms…”

  Moritz, like a passionate orator, carried out his speech diligently.

  Xia Jingxing was a quiet listener, with a smile on the surface, but in fact he was full of scorn in his heart.

   Sequoia USA and Vision Capital USA almost fought over projects.

   Later, because Moritz took the initiative to make peace, and re-released several robbed projects, and they were worried that the US market was not going to make a big deal, they reconciled with Sequoia America.

   The two companies have also carried out some cooperation in the follow-up, but they are not very close, they just get what they need.

  Moritz watched Xia Jingxing's face without stopping his mouth.

   He suddenly said: "Daren, now the first phase of Sequoia China Fund has invested all the funds, and Zhang Fan, who has been not dealing with you, has also been kicked out of Sequoia by us.

  All obstacles to cooperation in front of us have been removed, and it's time to join forces to do something big. "

   Moritz discussed Sequoia China with Xia Jingxing before.

   It’s just that Xia Jingxing didn’t make a direct statement, saying that Moritz should take care of the Chinese team first.

   Now Zhang Fan has resigned, and another founder, Shen Beipeng, also came to the banquet today.

  Xia Jingxing thought in his heart, looking at this, Moritz seems to have really settled everything?

   "Zhang Fan really left? He is our number one VC investor in China. Are you willing to drive him away?"

  Moritz felt that Xia Jingxing was deliberately pretending to be confused, so he didn't try to reveal it, but asked lightly, "Daren, you should have heard about Asia Media, right?"

   "Well, I heard that the accounting firm refused to issue an audit opinion for its 2007 annual report, so it was ordered by the Tokyo Stock Exchange to be delisted and delisted?"

   Moritz nodded, then gave Shen Beipeng a look, the latter understood and explained aloud: "This is only the superficial reason, the deep-seated reason is that Cui Jianping, the CEO, founder and largest shareholder of Asia Media, misappropriated the funds of the listed company.

   Without the approval of the company's board of directors, he set the time deposit of RMB 106.9 million of his wholly-owned subsidiary, Kuanshi Network, as a guarantee for the debt of the third-party company Dolphin Technology.

   Dolphin Technology has loaned a total of 103 million yuan from banks, all of which have been used to repay Cui Jianping’s personal debt. "

  Although he had heard these things from Tong Shijie once, and he also knew a thing or two in his previous life, hearing it again made Xia Jingxing feel quite fresh.

  Cui Jianping, the real CEO, is just like the CEOs in many online novels. Without the approval of the board of directors, he took the deposits of a company that a group of shareholders jointly participated in, and secured loans for his privately-owned company.

   This kind of cowardly operation, if it is not a listed company, may still be private among shareholders.

   Asia Media, as the "China's first stock" listed on the Tokyo Stock Exchange, has attracted much media attention. As soon as the matter was exposed, it immediately spread throughout China and Japan.

  Cui Jianping, the party concerned, has been prosecuted by Japan, and his criminal responsibility will be investigated.

  The Japanese media even jumped out to rank Chinese companies and entrepreneurs as useless, saying that these people don’t even know what it means to go public.

   There are also many Chinese and overseas Chinese in Japan who heard that Chinese companies came to Tokyo to go public, and they rushed to join in the fun to buy stocks.

  Asia Media’s stock issue price was 640 yen, and its peak stock price once reached 2,055 yen. When it was delisted, the stock price was only 5 yen, and there were no leek roots left.

   In addition, more than a dozen institutional shareholders also lay down neatly.

   Among them, the largest institutional shareholder is Sequoia.

   This delisting incident has a wide-ranging and bad influence in the present, and the shock to the venture capital circle is no weaker than the future Ruixing fraud incident.

   Shen Beipeng said with a dark face: "According to the peak stock price, this investment of Sequoia would have more than 20 times the investment return.

   But as the stock was delisted and delisted, all investment principal and income were lost. "

  Xia Jingxing deliberately asked: "I heard that you cashed out a little more than a percent of the stock before the incident was exposed. Overall, it shouldn't be a big loss, right?"

   Shen Beipeng glanced at Xia Jingxing, what does it mean to cash out before the incident was exposed?

   Well, he admitted that now the media and the industry are very suspicious that Sequoia knew about the misappropriation of funds by the listed company in advance, and then immediately fled, but before the cash was completed, the listed company was delisted.

   This incident caused great damage to Sequoia's reputation.

   In addition to questioning Sequoia’s knowledge of the founder’s misappropriation of funds in advance, the media also questioned Sequoia’s professionalism.

   Zhang Fan, as the director of Sequoia Media in Asia, has almost become a decoration.

   And as soon as something happened to the company, he immediately resigned from the directorship, looking like he was throwing the blame, and he didn't show his responsibility at all.

   At the same time, a large number of VC funds such as Sequoia and SAIF failed to check the morality of the founders of the invested companies, and were also questioned as unqualified due to due diligence;

  The CFO was not dispatched to settle in the invested company, resulting in such a big omission in finance, which was questioned as unprofessional.

   All of the above have caused Sequoia Capital, which has been questioned for a series of failed projects such as Renren and Duoduo, to be criticized and criticized from the industry, the media, and even some social figures.

  Moritz saw that Shen Beipeng's face was very gloomy, and he seemed to have some troubles in his heart, worried that he would quarrel with Xia Jingxing, he hurriedly interjected: "Dalun, this is not what you calculated.

  Because of Sequoia's introduction and endorsement, Japan's largest advertising company Dentsu, the largest satellite communication company JSAT, ITOCHU Corporation, NTT Mobile Communications and many other large Japanese companies have invested in Asia Media.

   As a result, this kind of stupid thing happened, which caused a lot of trouble for Sequoia internationally, made us suffer a lot of ridicule from our peers, and even affected the business development of Sequoia in the United States to a certain extent.

   The loss is not money, but business reputation! "

  Xia Jingxing nodded, and then added in his heart: So you let Zhang Fan take the blame?

   In the past life, many people only knew Sequoia Shen Beipeng, but not the other founder Zhang Fan.

   Because Zhang Fan was affected by this incident, he "actively" resigned from Sequoia.

   And this life is superimposed on a series of previous failures, maybe Zhang Fan was really fired.

  Xia Jingxing didn't bother to ask Zhang Fan again.

   For him, Zhang Fan, the former villain, is now just an ant.

   Without his help, Sequoia will clean up the portal by herself.

   Lost the platform of Sequoia, and investors who have invested in Baidu, Kongkong and many other listed companies can only disappear.

When    returned to the mainstream attention, he had become a coin circle boss who took the acupuncture platform.

   Seeing that Xia Jingxing had not expressed his position, and looked like he was sitting firmly on the Diaoyutai, Moritz was also anxious.

   In his opinion, the reason why Sequoia China has made such a ghost appearance is, on the one hand, Zhang Fan's stubbornness, and on the other hand, the sniping from Vision Capital.

  Although after his investigation, Envision Capital did not deliberately target Sequoia, but they did not do anything less than to push the boat and push the boat.

   Now that Envision Capital is big, he has no intention of pursuing these things.

   What he is most eager to accomplish now is to rebuild Sequoia China.

   Withdrawing from the Chinese market is impossible!

   Especially this year, the number of Internet users in China has reached the top in the world. Although the value of a single user is still a little low, far less than that of the United States, it is definitely the second country worth investing in in the world.

   Therefore, he needs to negotiate some results with Xia Jingxing as soon as possible, put aside disputes, eliminate hatreds, and seek common development.

   "Daren, more than three years ago, Sequoia joined the venture capital alliance that was besieging and blocking Vision Capital. It was entirely Zhang Fan's idea and had little to do with Neil."

  Speaking of this, Moritz glanced at Shen Beipeng, what was he doing, hurry up to apologize!

  Despite some grievances and discomfort in his heart, Shen Beipeng still obeyed the rules agreed with Moritz before he came.

   He picked up the glass, stood up and said, "Mr. Xia, I apologize to you for this glass of wine. I hope you will forgive me for the past!"

   As soon as he finished speaking, Shen Beipeng raised his head and drank a glass of wine.

  Xia Jingxing still did not make a sound, watching all this calmly.

  Actually, according to Tong Shijie's report, Shen Beipeng did not participate much in the internal meetings of the venture capital alliance.

   Seeing that Xia Jingxing had not expressed his position, Shen Beipeng who was still standing was flushed, and he did not know whether he felt great humiliation or the effect of alcohol.

   Moritz's face gradually darkened. They are all so low-profile, don't they want to let it go?

   If they have to hold on, they can also find trouble with Vision Capital in the United States.

   It's just that everyone opens the door to do business, and making money is the first priority. Fighting with each other makes the tripe look stupid, and he generally disdains it.

   As a self-interested person, Moritz knows exactly what he really wants.

  Xia Jingxing finally moved.

   He picked up the wine glass and said with a smile, "Mr. Shen, I'll give you a drink in return. If you don't know each other, I believe that in the future, we can all look at the development of our peers with a more inclusive attitude."

After   , Xia Jingxing raised his head and drank the wine.

   Seeing this, a smile appeared on Shen Beipeng's face, and the pimples in his heart also dissipated.

  Moritz said with a smile on his face: "Great! Let's look forward together. There are still a lot of good companies in the distance waiting for us to explore. Let everything in the past go with the wind!"

  Xia Jingxing and Shen Beipeng looked at each other and nodded, they both let go of each other.

   Since then, the venture capital alliance has defected to another general.

   The two chapters have been combined into one chapter, and one chapter will be added.

   (end of this chapter)