My Age of Investment

  Chapter 463 Who else (I also go to the elder 14)

   "Nine points won't work, at least five or five points, so it's fair!"

  Brayer is somewhat interested in Xia Jingxing’s plan, but when it comes to the benefit distribution plan, he must start to compare.

  Xia Jingxing smiled and said: "You may not understand too much. I need to emphasize the various resources provided by me."

  "First, don't worry about fundraising. I can provide 90% or even all the funds."

  "Second, I can designate projects for Axel China, projects that can make money and make big money."

   "Thirdly, I can select Axel's Chinese management team, and Axel doesn't have to worry about it."

After all, Xia Jingxing put away the three fingers that he had just compared, and looked at Breyer with a smile, "In fact, Axel does not need to exert any other effort except for a signboard, and waits for his success from the Chinese market every year. NS."

   Breyer was a little moved, "The four or six points can't be less. You must know that Axel is an investment institution with a long history."

  Xia Jingxing raised his hand and pointed his palm to Breyer, “Stop it, for me, it doesn’t matter whether it has a long history or not.

  You should know that Silicon Valley has many investment institutions that are on the verge of bankruptcy.

  Taking it seriously, maybe the investment institutions in the 1960s and 1970s can find them, and they are even older than Axel.

  The most important thing for investment institutions is performance, not history. "

   "But Darren, this share is too low, I can't explain to the other founding partners at all."

  Brayer finished spreading his hands, and tentatively said, "Otherwise, it will be divided into three to seven."

  Xia Jingxing did not move at all, and said with a firm face, "Just nine points, just don't do it, I will buy an investment institution that is on the verge of bankruptcy."

   "What's the reputation of an institution that is going to go bankrupt? It's still spending money in vain."

  Brayer shook his head fiercely, looking very considerate of Xia Jingxing.

  " Once and for all, at least they will not make a lot of money from me in the future."

   Breyer smiled, "Daren, are you so sure that Axel China can make money?

  What is the purpose of setting up this fund, betting at both ends on the same track? Hedging risks? "

  Xia Jingxing smiled and said, "You just said that I am talented in this industry, isn't it a polite thing?"

  Brayer scratched his head and said with a smile: "Dalun, you are really, okay, I admit that you are talented, but after all, your working experience is too short.

  In our business, sometimes you can only seize one or two good projects in your life. Maybe your good luck has been exhausted here. "

  "What good luck? Investment is not metaphysics. You are a Stanford-graduated high-achieving student who is worse than my dropout. Believe this?"

  Brayer was a little bit irritable by Xia Jingxing, and waved his hand, "Okay, okay, let's not talk about it, nine points is really not good, unless that’s the case."

   "Which?" Xia Jingxing asked.

  Brayer put a smile away, and said sternly: "You will fully fund the first fund and run it for five years... well... two or three years.

  Management fees and sharing fees are set at 2%+20%, which is customary in the industry. Attributable to the part of Axel China's profit, we have to divide it into 10%. "

  Xia Jingxing calculated it, if a project really makes money, the money attributable to Axel is equal to the profit part multiplied by 20%, and then multiplied by 10%, which is 2% of the profit part.

  Spend this little money to buy a vest for use, which is not too expensive.

"anything else?"

  Xia Jingxing did not express his position easily, and continued to ask.

  Brayer smiled and said, "If the first fund is operating well, we must not exceed 20% of the capital contribution for the second, third and subsequent funds."

  Xia Jingxing thinks this guy is really cunning. Compared to GP managers, LP-funded talent makes a lot of money.

  Of course, GP is about taking other people’s money to make money. There is no risk and it should be less.

   "Are you afraid of losing money?"

  Xia Jingxing glanced at Breyer, jokingly on her face.

   "If you can manage the first fund well, then there shouldn't be a big problem behind it."

   Breyer sighed, "If Envision Capital raises funds from outside, I will pay for it without saying a word.

  But for this fund you want to operate, I guess your attention is definitely not as good as Vision Capital. "

  Brayer did not mention investing a sum of money to Vision Capital before, but Xia Jingxing declined.

  At that time, there was no case of the star of Scape withdrawing, and Breyer did not force it.

   Less than half a year later, Xia Jingxing has become a star investor. Who is going to make sense?

   "Okay, I agree!"

  Xia Jingxing looked at Breyer and said: "But Axel America also promises not to invest in the Chinese market."

  Brayer thought for a while, nodded and said: "Okay, but Axel China has to do the same, and promise not to invest in the US market and not interfere with each other."

  Xia Jingxing shrugged and said, "No problem, so let's do it!"

  "Daren, happy cooperation!"

  Brayer smiled and stretched out his hand, and shook Xia Jingxing's hand.

   "Hey, by the way, what team did you choose?"

  Brayer smiled and said, "I will be back to the United States tomorrow. Before I leave, I just met them."

   "People are still recruiting, you can't see you temporarily."

  Xia Jingxing is also very direct, and didn't want to fool Breyer on it, so as not to destroy the foundation of trust.

  Brayer laughed when he heard it, and he knew that the Axel China wingman was not taken seriously by Xia Jingxing.

  Before even recruiting the management team, I started to talk about cooperation with myself, which is obvious.

  Fortunately, he left a little more thoughtful. The first fund chose not to invest, otherwise it would not necessarily be regarded as cannon fodder.

  …………

  …………

  The next day.

After Breyer left, Xia Jingxing came to Frame Media at the appointment.

  The front desk led him into a meeting room. As soon as they entered the door, Tan Zhi and Chen Hong greeted them with a smile, and they were ready to introduce the other two.

   "No need to introduce, I know both of you, President Jiang, President Zhou, hello!"

  Xia Jingxing naturally knew Jiang Nanchun and Zhou Quan, and smiled and walked forward and the two shook hands respectively.

   "Mr. Xia, lucky to meet!"

Jiang Nanchun is still very young at this time, only in his early thirties. As the boss of a newly listed company, he is very energetic.

  Compared with Jiang Nanchun, IDG’s partner Zhou Quan is much more restrained and is not known to outsiders.

  In fact, he is only in his early forties and has been active in the Chinese venture capital market for more than ten years, and he is a real elder in the industry.

  For Xia Jingxing, who has become so popular recently, Zhou Quan didn't put on any predecessors in the industry, which is very polite.

  After a few simple greetings, everyone sat down.

  Tan Zhi glanced at Xia Jingxing and smiled: "Jingxing, Old Chen has already communicated with you. If there is no problem, we are ready to sign a contract with Focus, and Focus will send a formal merger disclosure document to the SEC."

  The price is no longer low, and there have been several rounds of negotiations in the middle. Xia Jingxing has no objection and nodded: "Okay, let's formally sign the contract."

  Duck Neck and several Liqiu Fund employees have all returned to the United States on vacation, and Xia Jingxing has no one to use, so he had to go to battle in person.

  Of course, after he has reviewed the agreement himself, he will fax it to the United States, and the legal department will review it the second and third times in more detail.

In the acquisition agreement, the quotation made by Focus Media is that it will pay $39.6 million and $55.4 million equivalent of Focus Common stock in a lump sum, and there will be a year of performance betting. After the completion of the bet, it will pay $88 million equivalent of Focus Common. share.

The transaction between    and Scape is very similar. It is a listed company's merger and acquisition of a start-up company, cash plus stock, plus performance gambling.

  It is worth mentioning that in the agreement, the part of the payment for equity proposed by Focus Media is all agreed on the "number of shares", rather than the fixed "amount".

  In other words, when the future delivery, or when it can be sold, if the stock price of Focus rises, the consideration for this merger and acquisition will also rise.

  Xia Jingxing gave Tan Zhi a glance, and the other party was nodding and smiling at him. He was an old capitalist and had already taken all factors into consideration.

  Of course, there is still a bit of a loss at the moment, and the valuation for Frame Media is only 11 times the price-earnings ratio.

  Foreign companies are listed in the United States, and they are all called depository shares ADS. This is an operation invented by JP Morgan 80 years ago to help British companies go public in the United States at that time, and it has been used today.

  Each ADS of Focus Media is equal to 10 ordinary shares, and the price displayed on the stock exchange market is also the price of ADS. Calculated at the closing price of the day, it is USD 24.56 on the agreement.

Based on this calculation, the Vision Capital-Rainwater Fund holds 40% of the equity of Frame Media, and can receive 15.84 million US dollars in cash at a time, plus more than 9 million shares of Focus Common. After the bet is completed, there will be 14.33 million shares of Focus Common after one year. The shares were delivered to Envision Capital.

  These newly issued stocks also have a lock-up period and cannot be sold temporarily.

  After confirming that the contract was okay in the United States, Xia Jingxing signed the name on the acquisition agreement.

  Time came to the beginning of October. Focus Media and Frame Media found a luxurious hotel in Magic City and held a grand press conference.

  At the scene, Tan Zhi and Jiang Nanchun pretended to sign the contract, exchanged the contract, and shook hands with each other.

  Under the witness of the media, the transaction was officially concluded.

  The successful exit case of Envision Capital, one more case!

  In addition to reporting on mergers and acquisitions, Envision Capital’s precision investment and superb financial skills have once again been talked about by the media circles, Internet circles, and investment circles.

   "Vision Capital China's first exit, 50 million yuan in half a year, 600 million yuan",

   "The biggest M&A case of Chinese media, revealing the real winner behind the scenes for you",

  "Axe refers to the investment circle, who else! 》

  ……

  　 still owes three more.

  (End of this chapter)