My Age of Investment

  Chapter 471 The boss is good (I also go to the elder 34)

  Leveraged Buyout, LeveragedBuyout, or LBO for short, also known as financing mergers and acquisitions, borrowing to operate acquisitions, is a common corporate financial tool in European and American capital circles.

The reason why    is not popular in the domestic capital circle is that it is relatively difficult to operate, and it is really difficult for general institutions to play.

  If you really have fun, the profits will be huge.

  Gao Ling privatized Belle, only to dismantle a Taobo sport and re-listed, it recovered the investment cost, and also made a net profit of a Belle women's shoe worth at least 50 billion.

  It took two years, actually invested 17 billion yuan, and syndicated supporting M&A loans 28 billion, earning more than 50 billion yuan.

  Of course, it’s only profit on the books. You will have to wait until Belle women's shoes are repackaged and listed, and Gao Ling completely withdraws, in order to draw a successful conclusion to the leveraged buyout.

  But until the eve of Xia Jingxing's rebirth, Gao Ling was still remodeling Belle women's shoes. He said it was very effective, and it was actually necessary to disclose relevant financial data before listing.

"Let me just say a few points and you will know the difficulty. First, our domestic financial capital market is not well developed. It will be very difficult for you to make matching M&A loans. At most, you can pledge equity and issue junk bonds. send?"

Xia Jingxing watched this beauty student who is about to "leverage buyout" coming up. Compared with the second finger, "Secondly, the domestic professional manager culture is not very popular. It is necessary to privatize a company and re-enable it. Repackaging and listing, every step is inseparable from the help of professional managers.

   Even when necessary, part of the equity must be transferred to professional managers to enhance their subjective initiative.

   Third, to choose a good target, it is best to directly "arbitrage".

  Look at my big A-shares. Which ones have low price-earnings ratios and still have a decent fundamentals? There is no one at all. No arbitrage! "

With a faint smile on Li Ying's face, she said calmly: "I didn't say that the target is A shares, and Hong Kong stocks can also be considered!

  In fact, A shares can be passed directly without any consideration. "

  Xia Jingxing's heart is not that he has never made the idea of ​​“leveraged mergers and acquisitions”, but this is not something you can leverage if you want to. No domestic PE dare to touch this stuff, except for Gao Ling in the future.

  Fortunately, if you win the bar, you have to lose your pants if you lose the bar.

  Domestic RMB PE funds, such as CITIC, Everbright, Ping An, etc., all do the work of large VCs, that is, invest in unlisted companies and obtain a small portion of equity.

  It’s a bit more stable, and it’s not that difficult. It’s just difficult to increase the scale of management, profitability, and influence.

  If he has the strength, he still wants to leverage the buyout of Apple.

  Of course, companies that go uphill are generally reluctant to sell. That's another story-hostile takeover.

  He is a little confused now, because Hei Chang has gotten to the point, and if he wants to be bigger, sooner or later he will move towards leveraged buyouts.

  The reason why Gao Ling became the largest private equity fund in Asia is that he won the Belle case. At least there is a high probability that he will not lose money.

For an investment institution, it has become famous. Sovereign wealth funds, university endowments, pension funds, and retirement funds of various countries have generously donated their money, crying and wanting to invest, even if you increase management fees and share ratios, they can’t stop them. Enthusiasm!

  If Envision Capital can make a difference in the field of leveraged buyouts, the brand will be improved by a big step, and it can also open up M&A funds to the outside world and use other people's money to make money.

  He is already well-known in the field of venture capital. It is very easy to raise VC funds. To raise PE M&A funds, people have to weigh in.

  "Mr Xia~Mr Xia~"

   With a few crisp sounds, Mr. Xia brought Xia Jingxing back to reality from the dream of the capital dynasty.

   "Oh, what did you just say?"

  Xia Jingxing looked at Li Ying, with a little doubt in her eyes.

  Li Ying smiled, "I said, let’s go to the Hong Kong stock market to pick and see. If there is really no suitable one, then we will start with a simple PE fund, invest in mid-to-late stage projects, and join the early-stage surprise fund.

  Of course, I don’t think the stock picking work can be stopped. It has to be fixed for a long time.

  The market is changing rapidly, and there are so many peers staring at it. If there is a suitable target, it will be robbed by others if it is slow to start. "

  "Didn’t you just keep clamoring to be an M&A fund?"

  Li Ying pursed her lips and smiled, “I’m actually testing you to see if you have any intentions to develop in this field. This is very important to me.”

   "Then what did you test out?"

  Xia Jingxing smiled. Although the other party is looking for a job, they have an equal attitude.

  I'm interviewing the other party, so why isn't the other party interviewing myself?

  "Telled it out, Envision Capital has the goal and motivation to climb to the top of the mountain."

  Xia Jingxing smiled and didn't answer, guessing that he might have been out of the body for too long.

  Ordinary institutional managers, when they hear about leveraged buyouts, they avoid it like a snake and scorpion, but they still chat with each other for a long time and think for so long.

  Actually, Xia Jingxing’s guess was correct at all.

  Just now, Li Ying observed Xia Jingxing for a long time. At first, she was suddenly lost when she saw Xia Jingxing and was embarrassed to interrupt. Later, she was watching carefully.

   "Well, I admit that I have this idea, but the current vision capital is not suitable for challenging such a difficult operation technique. It is the old birthday star who eats arsenic and has a long life!"

  Li Ying only went abroad when she was a teenager. She naturally understood the allegorical language, nodded and said, "You are the boss, you have the final say."

   "So, are you willing to join Vision Capital?" Xia Jingxing looked at Li Ying.

"certainly!"

  Li Ying stood up, once again handed out her white, tender, smooth and delicate palm to Xia Jingxing, and shouted with a smile, "Hello boss!"

  Who can stand this!

  Xia Jingxing suddenly had a sense of sight of entering the foot-washing club with Chen Hong.

  He also stood up, shook hands with the other party and said with a smile: "Welcome to join."

   After shaking hands, the two sat back on the sofa.

  Xia Jingxing began to talk about the salary issue, or the old rules, the basic salary plus the fund dividend bonus.

  The basic salary is not low. The annual salary of 500,000 US dollars is higher than the daily salary offered by UTStarcom to Li Ying, but in the PE fund industry, it belongs to the average level.

  In addition, as a listed company, UTStarcom has option incentives for middle and senior executives.

  And Envision Capital provides Li Ying with a ten-point fund profit dividend bonus, that is, the net profit of the fund is multiplied by 20%, and then multiplied by 10%, which equals 2%.

  This treatment does not have any preferential treatment because it is a beautiful woman. It is similar to Tong Shijie from Axel China, and is lower than the Jixun of Jingzhe Fund.

  This is determined by industry experience, reputation, and record in the investment circle.

  Without rules, Xia Jingxing will not disrupt the salary system he has set.

  If the active power increases again, the idle power will go out.

  After listening to the introduction of Xia Jingxing’s salary and benefits, Li Ying was not dissatisfied. On the contrary, she felt extremely excited about the upcoming US$500 million fund, and her career reached a new level again.

  The two chatted for almost three hours, and then it was noon.

  Disappeared all morning, Chen Hong knocked on the door and walked in. As soon as he entered the room, he found Xia Jingxing and Li Ying sitting on the sofa talking and laughing. It was a bit surprised, but not surprising.

   "Finally finished, how are you talking about? Let’s have a meal together at noon."

  Chen Hong found an empty seat on the sofa, sat down, looked at Xia Jingxing, and then at Li Ying.

   Li Ying preemptively said: "It's finished, very happy, I have decided to join Vision Capital."

   After finishing speaking, she gave Xia Jingxing a glance and smiled like a flower, "I also want to thank Mr. Xia for his trust for giving me the opportunity to manage such a large-scale fund."

  Chen Hong grinned, and looked at the little brother on the opposite side with deep meaning. What's your stand? Isn't it because they are young?

  Xia Jingxing didn’t bother to pay attention to Chen Hong whose eyes were spreading lust, and said, “Let’s go, let’s eat together!”

"it is good!"

  Li Ying answered, lifted up her bag and walked in the forefront.

  Xia Jingxing was held by Chen Hong at the end, and then the latter began to say some messy things, which made him innocent.

  "Am I that kind of person?" Xia Jingxing whispered.

  Chen Hong squatted, "It's hard to say!"

  After finishing speaking, Chen Hong ran away with a smile, rushed to the front to press the elevator, and Li Ying said thank you.

   Now it’s Xia Jingxing’s turn to squeeze her mouth. He just called her eldest brother who is focused, but it turns out that this is the virtue?

   "Hey, Brother Chen Hong lives near your house not far away, so call your sister-in-law?"

   Chen Hong, who was greeting Li Ying to enter the elevator, suddenly stiffened when he heard this sentence.

  He felt that Xia Jingxing really wronged him!

  Xia Jingxing collided with Chen Hong’s small, sad eyes, smiled and patted the other's shoulder, clasped the reluctant Chen Hong, and entered the elevator together.

   Seeing the two men cuddling into the elevator, Li Ying smiled at the crooked strength, moved slightly, and moved a little bit to the side.

  (End of this chapter)