My Age of Investment

After years of layout and development, Xia Jingxing currently owns many investment brands such as Vision Capital, Daxia Capital, Fuxing Industrial Investment, Overseas Cultural Investment, and Vision Venture Incubator.

In fact, Xinxin Group, which is located overseas, can also be regarded as an investment brand, but it is a little bit special. It operates this giant chip industry platform in the form of a company.

With so many investment brands at his disposal, Xia Jingxing sometimes feels a headache because the spheres of influence of each institution are not clearly defined, which can easily lead to internal friction and make it impossible to concentrate on major tasks.

So after he thought deeply, he came up with the "Bashang Grassland Conference".

The purpose of this meeting is to bring together the managing partners of each institution, so that everyone can discuss their respective investment directions to avoid overlap, and at the same time, come up with some practical plans on issues such as cooperation between institutions. .

The meeting lasted for three consecutive days, and there were countless quarrels. In the end, under Xia Jingxing's ruling, each organization basically completed the division of spheres of influence.

Renaissance Industrial Investment continues to invest in manufacturing and hardware, and does not touch TMT industries such as telecommunications, media, and technology.

Domestic Cultural Investment continues to invest in film, television, entertainment and other industries related to itself.

Both funds can be regarded as industrial capital, and their investment strategies basically revolve around the upstream and downstream industries of Fuxing Industrial and Domestic Holdings.

Overseas Industrial Investment is relatively purer and only invests in industries related to the group. Fuxing Industrial Investment's true identity is actually the 100 billion yuan semiconductor industry fund established two years ago.

The Vision Entrepreneurship Incubator is still the same as before, investing in early stages, not limited to industries, and not pursuing industrial synergy.

If the incubated start-ups grow up, depending on the nature of the industry, Fuxing Industrial Investment, Overseas Cultural Investment, and Vision Capital will take over the investment.

For example, if a team building robots develops the first-generation product in the Vision Venture Incubator and launches it on the market, and the sales volume and market response are good, then Fuxing Industrial Investment can start with it, whether it is acquisition or investment, and provide OEM services, AI services, etc. can all be one step ahead.

As for those entertainment start-up companies that produce animations, develop games, etc., they will be invested and acquired by domestic cultural investment as appropriate.

As for Vision Capital, compared with the free investment in previous years, it is now subject to certain restrictions. In principle, it does not overlap with the investment industries of Fuxing Industrial Investment and Overseas Cultural Investment. The main investment directions in the future will focus on medical care, education, and the Internet. and other industries.

In principle, Daxia Capital does not make direct investments in China and mainly participates in domestic investment activities as an LP investor.

In other words, Daxia Capital provides ammunition to China Cultural Investment, Fuxing Industrial Investment, and Vision Capital, with the three institutions rushing in from the front, while Daxia Capital hides behind the scenes to share the investment dividends.

For those companies that are particularly high-quality and worthy of long-term equity holdings, after listing, the three major institutions will transfer the shares to Daxia Capital, and Daxia Capital will conduct asset management.

In addition, the Vision Venture Incubator is no longer funded by Vision Capital or Daxia Capital. Instead, it is jointly funded by three institutions, making it a start-up that "connects early entrepreneurs on one end and the three major VC and PE institutions on the other." Business incubation base.

With the help of funds and resources provided by the three major institutions, the scale of the Vision Entrepreneurship Incubator will continue to expand and strive to provide 100 high-quality start-up companies to the three major institutions every year.

In addition, the Vision Venture Incubator will also be renamed and become an independent early-stage investment brand.

After such adjustments, the five major investment institutions have become a pyramid shape.

At the top is Daxia Capital, overlooking all living beings, and is the father and grandfather of all institutions;

The middle layer is the three major investment institutions of Vision Capital, Overseas Cultural Investment and Fuxing Industrial Investment, which accept capital injections from Daxia Capital. At the same time, they also do VC, PE growth-stage investment, holding investment and other stages;

The lowest level is the Vision Venture Incubator, which accepts capital injections from the three major institutions and is also responsible for selecting and delivering high-quality start-up targets to the three major institutions.

Through such a three-tier structure, Xia Jingxing was able to firmly control the five investment institutions, complete the fund allocation from top to bottom, and then complete the recovery of investment dividends from bottom to top.

Moreover, this arrangement allows the five institutions to get along in a relatively harmonious relationship without interfering with each other. They can each perform their duties and achieve the two major goals of industrial collaboration and maximizing investment dividends.

Xinxin Group evolved from the US$10 billion semiconductor industry fund established overseas. Xia Jingxing's investment in it has now exceeded US$10 billion, reaching a huge US$12 billion. In the future, it will depend on the development of the company. situation and further invest.

This company or industrial M\u0026A integration platform is directly controlled by Daxia Capital, and its investment direction is relatively single, focusing exclusively on chips.

From a hierarchical perspective, it is on the same level as the three major domestic investment institutions. It seems to be isolated overseas, but in fact it is inextricably linked to the country.

Xia Jingxing called Fu Jixun back for a meeting precisely to discuss with him many matters such as Xinxin Group's entry into China, the selection of Chinese suppliers, and deepening cooperation with Fuxing Industry.

In addition, Daxia Capital also directly holds equity interests in important companies such as Suiren Lithography Machine, Tesla, Oil Pipe, Android, and Envision Financial Holdings, and indirectly holds shares in Facebook.

After this round of major adjustments, the importance of Vision Capital will decline, while Daxia Capital will become the commanding brain of all Xia Jingxing's industries.

The reason for this arrangement is actually to make room for the reform of Vision Capital.

With the complete rise of Vision Capital VC funds, a large number of vultures smelling meat will swarm over, and they may be forced to make a new group of friends. At least American VC funds can no longer let Xia Jingxing eat alone.

When VC funds also open their subscription shares to the outside world, coupled with the hedge funds, PE funds, and real estate funds that have already opened their subscriptions, Vision Capital has completely become a market-oriented investment institution. In the future, Daxia Capital may be Vision Capital’s largest LP, but no longer the only LP.

Fuxing Industrial Investment and Overseas Cultural Investment will also develop in this direction in the future. LP investors are no longer limited to their own parent companies and Daxia Capital, and will attract more social capital into the fund.

By then, Xia Jingxing's only wholly-owned enterprise/investment institution was Daxia Capital.

Under this circumstance, Daxia Capital has no choice but to become the "highest headquarters", so it needs to take precautions and determine the future development framework early.

But the key to opening up to the outside world is in Xia Jingxing’s hands. When will it be opened? Open to whom? These are all particular.

It is definitely not cost-effective to open up at this stage, and it is not necessary, at least until Vision Capital US VC Fund completes a bumper quarter.

On the way back to the capital, Xia Jingxing, who had been closing his eyes to rest, suddenly opened his eyes and chatted with Liu Hai about his arrangements for Daxia Capital.

"High Command?"

Hearing this word, Liu Hai frowned slightly, glanced at Xia Jingxing who was looking at him expectantly, and said with a wry smile: "I have little talent and little knowledge, I'm afraid I won't be able to master the allocation of trillions of assets!"

That's right, Xia Jingxing's various cash and equity assets add up to almost one trillion yuan.

But the unit is not US dollars, but RMB.

But this is also very amazing, and he can compete for the title of the richest man in the world.

Xia Jingxing chuckled and said: "Rome was not built in a day, and the various functions of Daxia Capital cannot be completely established and perfected in a short while. You can learn slowly!"

Liu Hai was still a little unsure. After all, it was a trillion-dollar asset. The investment portfolio was composed of countless companies that had great influence around the world. They were all giants that stomped their feet and shocked the global technology industry.

Most people can be called technology leaders if they can control one company, but Xia Jingxing is better, he can control a dozen.

Xia Jingxing smiled and said, "Okay, okay, I'm not kidding you. The Supreme Headquarters of Daxia Capital is just an idea for the time being. It is difficult for us to substantively control so many top companies across countries.

But I also have a minimum requirement. Daxia Capital must firmly grasp these equity assets and allocate sufficient liquidity accordingly. "

Liu Hai took a deep look at Xia Jingxing. He knew Xia Jingxing's intention in making such an arrangement. After all, he was still afraid of gangsters.

Sometimes having too much money is not necessarily a good thing. Just how to keep it is a headache.

"That requires us to continue to strengthen the construction of major investment institutions and Envision Financial Holdings, and securitize, monetize and capitalize most assets."

Xia Jingxing held his chin and thought for a moment, then nodded slightly, "Yes, we are vigorously promoting this strategy now! For a big businessman, he must always maintain the awareness of being prepared for danger in times of peace, because for this purpose, a company must There are too many factors outside of operations that can affect the rise or fall of a company.”

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