My Age of Investment

  Chapter 505 A gathering of heroes, turnip meeting (seeking monthly ticket)

  People entered the venue one after another. The seats in the conference hall were gradually filled. The media reporters set up long guns and short cannons, constantly adjusting, and the host began to "pop" tap the microphone to tune.

   Seeing this, Xia Jingxing, Zhu Min and Deng Feng stopped chatting, and after an appointment to drink together in the evening, they all sat back in their seats.

  Wait till nine o'clock in the morning, the meeting officially started.

  A round-faced young man in his early thirties, wearing a black suit and gold-rimmed glasses, stepped onto the stage, took the microphone, and spoke the opening remarks in a low, steady voice.

  "Dear investors, entrepreneurs, and friends from the media, good morning everyone. First of all, on behalf of Zero2IPO Group, I welcome everyone to come..."

  Under the stage.

Fu Jixun turned his head and introduced to Xia Jingxing: "This is Zero2IPO founder Li Zhengdong. In 1997, he and a few classmates established the Entrepreneurs Association in Tsinghua University and began to invite some entrepreneurs to give speeches, such as Wang Zhidong, Zhang Chaoyang, Tian Suning, Ding Lei Wait, gradually gain fame.

At the beginning of 1998, he founded the first entrepreneurial planning competition in Asia-Tsinghua University Entrepreneurship Planning Competition, which immediately gained fame, and therefore began to serve as the president of Tsinghua University Technology Entrepreneurs Association and the editor-in-chief and writer of many well-known professional magazines. ..."

Xia Jingxing nodded, not very legendary when he started, so he organized an entrepreneurial competition for college students of this school, but because the school is Tsinghua, he was also the chairman of entrepreneurs of Tsinghua University. The contacts and networks he came into contact with, the reputation he gained, were ordinary colleges and universities. The entrepreneurial chairman can't keep up.

  Fame and network are indispensable for entrepreneurial media and information matching.

Li Zhengdong on the stage said with a smile: "I remember that when the first China Venture Capital Forum was held in 2001, the number of participants was less than a hundred people and more than ten investment institutions.

  Today I saw nearly a thousand guests and hundreds of investment institutions. The stars are shining, the VIP guests are full, and the industry development trend is prosperous.

  Before 2000, China's venture capital industry ushered in a period of golden development. At that time, the number of institutions soared and reached its peak in 2000.

After catching up with the Internet bubble, the industry has entered a period of silence for a long time.

When    was the least, the number of venture capital institutions in China was less than 200. "

  Speaking of this, Li Zhengdong paused in his voice, and then said passionately: “However, this year, our VC industry has ushered in a turning point.

A large number of outstanding startups such as Baidu, Focus Media, Vimicro, DXN Wireless, Suntech Solar, etc. logged on to the Nasdaq and New York Stock Exchanges, and their exit cases reached a new high since 2000.

  In addition, successful Chinese entrepreneurs in Silicon Valley, including Mr. Xia Jingxing of Facebook, Mr. Feng Deng of Netscreen, and Mr. Min Zhu of Netcom, have returned to China and entered the field of venture capital, becoming an important component of China's venture capital circle.

World-renowned venture capital institutions such as Sequoia, Axel, and Jiyuan Capital also chose to land in China and open branches this year.

  What reflects behind this is our optimistic view of China's venture capital market.

  This year, the entire VC industry is recovering. I call it the VC2.0 era. There are opportunities and challenges..."

  Li Zhengdong said that the history of China's venture capital was swayed by him.

  The audience is also very powerful, every time a wonderful part is mentioned, there is a burst of thunderous applause.

   After talking for a while, Li Zhengdong suddenly slowed down and said mysteriously: "This year, I also discovered a particularly interesting phenomenon."

  Everyone raised their heads and stared at the stage intently.

  It is worth eating this bowl of rice. After raising the curiosity of everyone in the audience, Li Zhengdong began to reveal the answer.

  "In the past, VCs made money in China mainly by investing in IT, such as game software vendors such as Shanda.

  This year, with the success of Suntech and Focus, venture capital is no longer limited to the TMT field, but gradually expands to the traditional field, empowering traditional enterprises and injecting new growth momentum.

  This is a good thing. I think it means that China's VCs are gradually beginning to mature.

  For example, in the United States, many traditional industries such as biomedicine and consumer brands can obtain VC investment. When these companies grow up, they will feed back VCs, forming a good cycle..."

  TMT is a combination of the initials of the three English words of telecommunications, media, and technology (Telecommunications, Media, Technology). It refers to the emerging industry that links high-tech companies and the telecommunications industry based on the Internet and other media.

  Under the stage, many investors, entrepreneurs, and media professionals including Xia Jingxing are listening carefully to Li Zhengdong’s detailed data and the investment trends derived from the data.

  As the largest venture capital content provider in China, Zero2IPO has more information than all of them and all institutions, and it has very high reference value.

  Li Zhengdong talked for about half an hour, and then started today’s awards ceremony.

"Before the official awarding of the awards, I would like to introduce to you the evaluation index system of Zero2IPO's list. The comprehensive evaluation is based on five indicators including total capital management, fundraising, investment amount, post-investment management, and exit return. The highest level of weight...

  In addition, the scale of asset management and investment cases of foreign dollar funds outside of China are not included in the evaluation;

  Alternative asset management companies, funds other than VCs under comprehensive investment platforms are not included in the evaluation. "

While speaking, Li Zhengdong glanced in the direction of Xia Jingxing.

  Attention to this scene, many people will smile, this is for fear of offending young investment crocodiles!

  After the rules are clearly stated, the award ceremony officially begins.

The best exit case of the year was awarded to Baidu, with a market value of nearly 4 billion US dollars on the first day of listing, killing all Chinese Internet companies in a flash. DFJ Fund and IDG became the biggest winners, each with a return of more than 50 times, making hundreds of millions of dollars. .

  Robin Lee, Defengjie and IDG representatives came to the stage to receive the award, and also gave a speech on the award.

  The best investment case of the year was awarded to Suntech Solar Co., Ltd.

  In May of this year, internationally renowned investment funds such as Longke Ventures, Goldman Sachs, and Yinglian invested US$80 million in Suntech, completing the withdrawal of state-owned assets.

  Then Suntech successfully landed on the New York Stock Exchange on December 14, 2005, a few days ago, and raised more than US$400 million in funds, becoming the first Chinese private company to be listed on the New York Stock Exchange.

  The difference between the New York Stock Exchange and the Nasdaq is that the stock of companies listed on the New York Stock Exchange is larger and the market value is generally higher.

  Suntech founder Shi Zhengrong stepped onto the stage in full face to receive the award. He holds a large number of shares in a listed company and is worth more than two billion US dollars. He is one of the strongest contenders for China's richest man this year.

   "I heard that in May of this year, Suntech was valued at only US$288 million. According to this valuation, Jiang Province State Assets sold 75% of its shares to several foreign venture capitalists and Shi Zhengrong?"

  Seeing the boss’s inquiry, Fu Jixun nodded, and then sighed, “I’ve lost a lot of money, and I’ve covered it for another half a year. The valuation becomes the market value, and the investment increases dozens of times.

  I heard that when Suntech was founded in 2001, several state-owned enterprises in Jiangxi Province invested 6 million US dollars in cash. Shi Zhengrong personally invested only 400,000 US dollars in cash, plus a technology investment worth 1.6 million US dollars, and took 25% of Suntech’s shares.

  Suntech will soon be listed this year. It is not easy to log in the US stock capital market due to state-owned holdings. Therefore, he introduced foreign capital and added some bridge loans to acquire all state-owned shares.

   But if there is no such person, Suntech will be able to make it, there are still two things to say.

  But one yard goes to one yard, Jiang Province State-owned Assets is really losing money this time, even if you keep a little equity in your hands, it will be better than selling all of them. "

  Xia Jingxing nodded, it was none of his business, and he couldn't control it. At the turn of the century, there were too many such things.

  The awards continued, and the second phase of SoftBank Asia Fund with a single fund of US$643 million, overwhelming a group of VCs, was selected as the best fundraising institution of the year;

  IDG, SoftBank Asia and Vision Capital China were selected as the most active investment institutions this year.

The LED screen on the    platform lights up, showing the investment data of the three institutions in tabular form, including which companies have invested in them, how much money they have invested, and so on.

  Ari was invested by Envision Capital America and did not appear on the screen.

  But even if Ari is not included, the Jingzhe Fund with a management scale of US$200 million has already invested nearly US$50 million, second only to the outrageously active IDG and SoftBank Asia.

  In fact, the Jingzhe Fund has only been in operation for a few months, and it has suffered a bit in the selection.

  Xia Jingxing did not expect that Envision Capital would have a prize. When he heard Li Zhengdong’s company name, he was taken aback for a while and glanced at the screen. It was indeed the prize.

   Immediately he got up quickly, sorted out his suit, and walked onto the stage.

  Two people walked out of the center of the first row, one was IDG Xiong Xiaoge and the other was Yan Yan of SoftBank Asia.

  The three of them waited for each other, came to the stage together, and then gave a little bit of humility to stand.

  In the end, Xiong Xiaoge, a senior who had been in the business for more than ten years, stood in the middle, and Xia Jingxing and Yan Yan stood on the left and right sides.

  Three people stood side by side on the stage, and one by one received the crystal trophies presented by Li Zhengdong.

   "Mr. Xia, congratulations!"

  The round-faced Li Zhengdong smiled very kindly, and handed the trophy to Xia Jingxing with both hands.

  Xia Jingxing nodded, smiled and said "thank you", and took the trophy with both hands.

  The three people who won the awards, while accepting photos taken by the off-stage media, made their speeches about the award one by one.

  Different from the speeches of the two old men, Xia Jingxing's speech was very brief.

  "Next, Envision Capital will continue to unswervingly implement the investment strategy of heavy warehouses in China, walk with entrepreneurs, and build dreams together! Thank you everyone!"

When    spoke, Xia Jingxing noticed that Zhang Fan, who was not far away from the stage, was staring at him. If his eyes could kill people, he was afraid that he would be cut by a thousand swords.

  Xia Jingxing smiled at him, he was not provocative, after all, his demeanor should not be lost.

  Shen Beipeng was not next to Zhang Fan, but was arranged in the left corner, next to Tong Shijie, Deng Feng, Zhu Min and others.

  There are more than 30 seats in a row. Jack Ma, Robin Lee, Xiong Xiaoge, Zhang Fan and others sat in the middle.

  Xia Jingxing has basically seen the rules of seating arrangements. The first row is filled with the founding/managing partners of the top funds and top entrepreneurs.

And he and Deng Feng, Shen Beipeng and others are newcomers in the domestic VC industry. They have not done anything and are arranged on both sides of the first row; in the middle are famous domestic investors such as Zhang Fan, Yan Yan, and Xiong Xiaoge. I have several successful cases of listing this year.

  In other words, it is ranked based on the influence in the domestic VC industry, and has nothing to do with personal assets or wealth.

  Vision Capital has been split into several halves. It is purely a measure of the scale of domestic VC and PE. At present, the scale of Vision Capital is 700 million US dollars, which is not small or particularly large.

  In the case of domestic exit, there is only Frame Media. The current bet has not been completed, Focus's share price has not yet taken off, and Frame Media’s return is less than RMB 300 million.

  The rate of return is less than five times, which is far lower than the dozens of times of return cases of Focus, Baidu and Suntech.

  Under the applause and farewell, Xia Jingxing stepped down with the trophy.

  The awards continue.

  Robin Lee, Ma Yun, Jiang Nanchun, Sun Tongyu, Shi Zhengrong, DXN Wireless Dong Defu, Vimicro Deng Zhonghan, VeriSilicon Co., Ltd. Dai Weimin, Blogger Fang Xingdong, China Blogger Wang Hu Zhiguang and other ten people won the title of "Top Ten Entrepreneurs of the Year".

   "How come the blog network also got in?"

  Xia Jingxing was puzzled, and asked Fu Jixun next to him.

  He feels that the first few still have gold content, and the latter is simply to make up the number.

  It is worth mentioning that among the top ten entrepreneurs, Robin Lee ranks first. At this time, his position in the industry is even higher than Jack Ma.

  Fu Jixun said with a smile: “Blog.com's B round of financing is a financial advisory provided by Zero2IPO Capital. Bring in ChinaBlog.com to show fairness. You know.”

  Xia Jingxing understands, Zero2IPO also needs to take care of it, and if it is not particularly biased, it must still take care of his own people.

   At this time, the blog has not declined, and everyone thinks it is a good outlet, and it is not particularly eye-catching to put it on the list.

  "Below, we announce the top ten most active venture capitalists in 2005."

  Li Zhengdong read the list of winners in a passionate voice, and the LED screens behind him showed their names.

   "IDG partner Yang Fei, representing investment cases: Baidu, Focus."

  "Sequoia partner Zhang Fan, representing investment cases: Baidu, Focus Media."

   "Longke Venture Capital Shao Jun, representative investment case: Suntech."

  ……

  Xia Jingxing took a look and found that almost all of the ten people on the list were related to several large-scale IPOs this year, with high gold content.

  The ten people on the list, plus the top ten entrepreneurs, sit in the middle.

  This is similar to what he had guessed. Zero2IPO gave the seat of guest of honor to the group of award-winning people.

  The most active investment institution of Vision Capital is not a big prize, but a consolation prize.

  Vision Capital has not yet obtained an IPO, which belongs to the seeding period. Although there is a lot of investment, it has not yet seen great results, and it is far away from the payback period.

  In the venture capital industry, the most important thing is to look at the return!

  The top ten most active investors, the title is used very cleverly. In fact, it is the "top ten most outstanding investors". Just giving the title of "most outstanding" will inevitably give other people who have not won the award an uncomfortable feeling.

  In fact, everyone knows the doorway inside. Zero2IPO deliberately engages in this kind of fancy stuff, no one can be guilty, and at the same time ensure the smooth launch of the list.

  Time is approaching noon, and the last blockbuster award was announced. IDG got the highest score with several large IPO exits this year, and became the "Best Venture Capital Institution of 2005" in one fell swoop.

  This is well deserved. Everyone, including Xia Jingxing, applauded.

   Then, Zero2IPO announced the "Top 50 Chinese Venture Capital Institutions in 2005" list.

  IDG, SoftBank Asia, Huaying Venture Capital, CDH, DFJ, SoftBank China, GGV ranked top seven;

  Intel Capital and 3i Capital invested in DXN Wireless and Focus Media respectively, overwhelming Envision Capital, ranking eighth and ninth;

  Vision Capital is ranked tenth due to the withdrawal of Framework Media and its not-low asset management scale;

  Sequoia China has not done anything, but because of the world’s number one brand of American companies, it ranks 15th;

  Shenzhen Venture Capital, Lenovo Capital, ranked 18th and 19th; HSBC Direct Investment (Asia) ranked 22nd; Northern Lights ranked 40th, and Axel China ranked 42nd.

  Xia Jingxing took a look at it. Except for the gold content of the top ten, the following rankings basically belong to "sit in rows, divide the fruit."

  Interestingly, Northern Lights, Axel China, Sequoia China, the three institutions, basically have not voted for the first company, but the rankings are very different.

  Asset management scale, Sequoia China is a bit more, 204 million U.S. dollars, Northern Lights and Axel China are 121 million U.S. dollars and 100 million U.S. dollars respectively.

  Xia Jingxing guessed that Sequoia China was tainted by the light of the US headquarters.

  After all, when Sequoia America was at its best, the market value of the companies it invested in together accounted for 15% of the total market value of Nasdaq.

  (End of this chapter)