My Age of Investment

  Chapter 843 Ringing the bell to be listed

  The next day.

  Xia Jingxing got up early and took a bus from the hotel where he was staying to No.8 Connaught Place, Central.

  This place, also known as Exchange Square, is the office of the Hong Kong Stock Exchange.

  As soon as he walked into the trading floor, he saw nearly three hundred workbenches arranged in a ring shape.

  A computer, a landline phone, and a red vest sit on each workbench. In the center of the hall, there are several color screens that form a ring, playing transaction data in a loop.

  Many scenes of the Hong Kong drama "The Great Times" were completed on this trading floor.

  At that time, it was the era of manual stock trading. The landline on the trading desk was ringing non-stop, and stock brokers in red vests hurriedly shuttled among them, which became a beautiful landscape in the Hong Kong stock market.

At its peak, the trading floor of the Hong Kong Stock Exchange had an area of ​​4,180 square meters, the size of ten basketball courts, and thousands of stock brokers worked here.

  However, since the 1990s, with the rapid development and popularization of electronic transactions, the demand for the trading desk of the Hong Kong Stock Exchange has also begun to decline.

  Last year, the Hong Kong Stock Exchange renovated the trading floor, reducing the area to one-third of the original size, and now there are less than 300 trading counters for nearly 1,000 trading counters.

  The other two-thirds of the space, in addition to meetings and events, has also built an exchange exhibition hall to introduce the history and development of the exchange to the public.

  Xia Jingxing remembers that ten years later, the trading floor was completely reduced to history, all counters were cancelled and all became museums and exhibition halls.

  This is also advancing with the times. Now major funds and investment companies use the Internet to trade and buy stocks in office buildings. Who else would go to the lobby to buy stocks?

  Under the guidance of the staff, Xia Jingxing walked into the lounge next to him.

  This is also a refurbished space on the trading floor for companies that ring the bell to go public to receive media interviews, meetings, and rest.

  "Mr Xia~"

   Seeing Xia Jingxing appear in the lounge, Zhu Xinli shouted loudly and walked towards Xia Jing with a smile.

  Today, this farmer entrepreneur is wearing a high-end suit and a small red flower on his chest. His smiling face is pleated, just like a married bridegroom.

  To be precise, it should be the father of the bride. The daughter who is going to marry today is called Huiyuan Juice.

  Xia Jingxing did not expect that for the first time in his life, he would dedicate to Huiyuan Juice, not a high-tech enterprise, but a fruit juice seller.

  Xia Jingxing smiled and shook hands with Zhu Xinli: "Mr. Zhu, congratulations! Huiyuan Juice is on the market, and I made a special trip to come back from the United States to congratulate you."

   "Mr. Xia, you have your heart. Today is not only a happy event for my old Zhu, but also a happy event for Vision Capital."

  Zhu Xinli glanced at the shareholders behind him, waved a big hand, and said in Putonghua with his Nalu accent: "It is a happy event for all shareholders."

  Hearing this, no matter who is standing or sitting in the room, applauded.

Xia Jingxing glanced at these people. There were people from clubs, law firms, and investment banks such as PricewaterhouseCoopers, Meifu, Zhong Lun, Guotai Junan, UBS, and several institutional shareholders of Warburg Pincus, Value Partners, and Saifu Investment. .

  There are also two foreigners who are representatives from the French Danone Group, the second largest shareholder of Huiyuan.

   are all professional managers, Xia Jingxing doesn’t know much, only Yan Yan, who is the same boss as him.

  Yan Yan no longer works now, and last year parted ways with Sun Zhengyi.

  SoftBank China was established in 2000 and is responsible for the strategic investment layout of SoftBank in Mainland China, Hong Kong, Macao and Taiwan.

   And Yan Yan's SoftBank Asia, also known as SoftBank SAIF, was established in 2001. It was funded by SoftBank and Cisco of the United States. It is mainly used to invest in companies throughout Asia.

Because several Chinese directors of Softbank SAIF wanted to invest in decision-making power, and Sun Zhengyi and Cisco refused to give it, so they flew solo during the second phase of fund raising, and Sun Zhengyi, the founder of Softbank Group, also withdrew. Saifu.

  It is equivalent to the MBO of seven Chinese partners headed by Yan Yan to SoftBank SAIF. Now the industry is generally called SAIF Fund, because it has nothing to do with SoftBank.

  Some people still continue to call Softbank Saifu, but Yan Yan and the others are too lazy to correct it. Isn’t the white prostitute Sun Zhengyi fragrant?

  SAIF’s second phase of fund is not small, raising US$640 million. At this time, the domestic venture capital industry is also ranked top.

  The reason why Sun Zhengyi left, there are still people who believe that the Chinese team headed by Yan Yan is willing to invest money for them because they have a well-known case in their hands.

  Shanda went public in 2004, and Softbank SAIF invested US$40 million and obtained a return of more than US$560 million. This is also the only project that SoftBank SAIF has withdrawn in China.

  In terms of the rate of return, a dozen times is not against the sky, but the absolute return of more than 500 million US dollars is a TOP-level case in China.

  Vision Capital will not mention it. It’s only harvesting the first IPO now, and it is not in the Internet/technology industry. The most embarrassing thing is that it was only in the Pre-IPO round last year, and it made some noise.

  This order was completed independently by Abel, and it can be regarded as his first contribution to the company.

  Mosquito legs are meaty no matter how small, Xia Jingxing does not dislike it. After all, starting today, we are also a mature VC with an IPO exit case.

"Mr. Xia, congratulations! If I remember correctly, this should be the first venture capital exit case of Envision Capital. It is a milestone and is gratifying!" Yan Yan approached with a smile and handed it to Xia Jingxing. Hands.

  Xia Jingxing didn't reach out her hand, talking yin and yang weird, and didn't want to give this face.

  "Mr. Yan, you really remembered wrong, the first case of Envision Capital’s exit was Frame Media."

  Scape was invested by Xia Jingxing as an angel in his personal name. At that time, Envision Capital had not yet been established, so it was not included in the well-known exit case of Envision Capital.

  The column showing well-known exit cases on the Vision Capital website is very clean, with only the logo of Frame Media, which looks a bit pitiful.

  But Yan Yan felt that Envision Capital was not pitiful at all, because he suddenly remembered that he had forgotten the order of Frame Media. The high rate of return made him feel sour in his heart.

  In 2005, Frame Media was a very dazzling exit case. In just ten months, the company's valuation rose from 30 million to 3 billion.

  At the time when there is no capital flooding, this is a god-like case.

  The transaction consideration at the time was US$183 million, US$39.6 million in cash plus more than US$140 million worth of Focus Media stock, and the additional stock price was US$24/share, which also involved the 2006 performance gambling.

The 2006 financial report is about to be disclosed. Yan Yan doesn’t know if Framework Media can successfully complete the bet, but according to the news disclosed to him by Xiong Xiaoge, the first three quarters of the framework media’s performance is very satisfactory, and the annual performance is big. Probability can be completed as scheduled.

  Looking back to Focus Media’s current stock price of more than 70 US dollars, this part of the frame media equity transaction consideration is equivalent to three times the profit.

  The industry estimates that the final transaction price of Frame Media will reach about 460 million US dollars, and it is not impossible to even reach 500 million US dollars. It all depends on the future stock price trend of Focus Media.

  Vision Capital invested 50 million yuan and won 40% of the shares of Frame Media. The return may reach 184 million US dollars, nearly 1.5 billion yuan, and a 30-fold return rate!

Generally speaking, IPO exit is at the top of the industry's contempt chain, and then it is the turn of mergers and acquisitions exit, management repurchase exit, and company liquidation exit. The worst thing is that the underlying debt is plentiful, all losses are lost, and a penny is lost. It can't be recovered.

  No one expected that the stock price of Focus Media would have risen three times, or even four times. The M&A exit case of Frame Media is more profitable than most IPO exit cases.

  You say irritating but not irritating!

   Now Xia Jingxing still talks to him, which makes Yan Yan even more angry.

  He simply and unceremoniously went back: “Vision Capital just hitchhiked. SAIF invested in Huiyuan in 2001. At that time, were you still in high school?”

  Xia Jingxing smiled and said, “Yes, I was in high school in 2001, but six years later, I stood here from middle school. If Mr. Yan had the courage, he reversed the acquisition of SoftBank?”

  A room looked at each other, this is a bit of a loss, buy Softbank? Sun Zhengyi is also the man who has been the richest man in the world.

   Yan Yan's face was as dark as the bottom of a pot, and he said coldly: "The teeth are sharp and the mouth is sharp, no wonder all the large venture capital institutions in China hate working with you."

  "You can't represent your peers in the industry. You can only represent SAIF. Oh, wrong, you have to get the consent of your six partners before you can represent."

  Xia Jingxing smiled, he didn't mean anything else, he wanted to stun people.

  Yan Yan, Xiong Xiaoge, Zhang Fan, and the others mingled together all day long and confronted him countless times. Renren.com, Youku, and Bitche all acted against Envision Capital.

  If neither party falls, there is no room for reconciliation.

  Envision Capital, Hainei.com, and Fuxing Group are not small in the country, but they have made many enemies and are far from the prestige and strength of the dominant level.

   Therefore, he is still not enough to deter this group of people, even if they are as rich as Ma Yun, Huang Xin, and Da Qiangzi often attack him.

  Zhu Xinli scratched his scalp aside, really admiring Xia Jingxing's **** Fang Gang.

  The last time Xia Jingxing Tongmu Zhixin, he was also there. The scene was an embarrassment. It’s here again today. It’s really a tossing master.

   "Mr. Xia, Mr. Yan, today is a happy day. Give me a face to Lao Zhu. Let's put those unhappiness aside for now."

Zhu Xinli walked over, holding the shoulders of the two with one hand. After gently separating the two, he raised his chin and lowered his voice: "There are foreign friends over there, so you can't let them see our China. Human jokes!"

  Xia Jingxing smiled, "President Zhu, don't worry, Mr. Yan and I are just joking. Today is your home court and I will listen to you."

  Zhu Xinli was very happy, and felt that Xia Jingxing gave herself a lot of face, and her impression of the young richest man was greatly changed. Then he looked at Yan Yan again.

   "Mr. Zhu, listen to you."

  Yan Yan smiled on the surface, but made up his mind to go back and inject another round of funding for Renren. I heard that Chen Yizhou had learned from it this time and has already made some big moves. He wants to release a big satellite!

  Xia Jingxing found a vacant seat grinningly, and sat down directly without paying attention to Yan Yan, who did not make any verbal provocations anymore.

   Seeing that this young boss didn't seem to get along well with each other, the surrounding professional managers who wanted to come over to say hello, and the first or two professional managers hesitated, gave up the idea of ​​mixing faces.

  No one disturbed Xia Jingxing's mind, so she took a leisurely time.

  He began to silently evaluate this investment in Huiyuan Juice in his heart.

Last year, the US$800 million Liqiu No.1 Fund invested the remaining US$3.4 million from Ari and Android to Huiyuan Juice in exchange for 0.54% of the shares. Huiyuan Juice’s post-investment valuation at that time was approximately US$630 million. RMB 5 billion/Hong Kong dollar.

  Don’t know how much you can earn?

  Xia Jingxing has no idea of ​​long-term investment in Huiyuan Juice, because he knows that this company has many internal problems. Unless all of them are bought and remodeled, the national drink may not last long. Ye Qingjie!

After a while, a 30-year-old lady dressed in a white suit and stylishly dressed came into the lounge with a tray in her hand. She said, "The bell will ring soon, please wear the corsage. ."

  Everyone around went to get a corsage. Only Xia Jingxing scratched his head. Wearing a corsage when ringing the bell is also a Chinese characteristic. A-shares are more vulgar, and they also wear a red scarf with spicy eyes, which symbolizes the booming business.

  Hey, I guess I wore it and was photographed by the reporter. I will definitely have my own spoof emoji on the Internet in the future.

  "This...Madam, are all the corsages red?" Abel had always been in charge of docking with Huiyuan Juice before. Xia Jingxing didn't know this woman, and after thinking about it, she couldn't bark, so she had to call it a lady.

  Zhu Xinli smiled and came over: "Almost forgot to introduce, President Xia, this is my daughter Zhu Qin, you two are the same age, you can communicate more."

  Peer? ? ?

  A series of question marks in Xia Jingxing's mind.

   "Dad, don't talk nonsense, people are always born in the 80s, and I am 10 years younger than the 70s."

  Zhu Qin smiled, behaving very generously, not caring about topics such as age.

She picked a rose-red corsage for Xia Jingxing, and when she handed it over, she deliberately flirted with it with a smile: "I heard that this is President Xia’s first marriage, so you still have to dress up more handsomely. What do you think of President Xia in this color? Like?"

  Xia Jingxing understood the hint, and smiled and said, "Zhu is right! The color is good, and it's booming. It's a good sign."

  After everyone put on the corsage, a few staff from the Hong Kong Stock Exchange led the way, and a group of people came to the bell ringing hall.

  Walking into the hall, a black and heavy head is full of middle-level managers of Huiyuan Juice, media reporters and other invited guests.

  The long guns and short cannons were also set up, aiming at the bell.

  Xia Jingxing, as the institutional shareholder representative and one of the main guests, followed a large team of more than a dozen people onto the red carpet bell ring.

  Zhu Xinli stood at the forefront, with a microphone in front of him. He held a letter of speech in his hand and began to speak: "Thank you..."

  At this time, many media reporters saw Xia Jingxing, who was standing behind Zhu Xinli with shareholders of other institutions and Huiyuan’s management, with a surprised expression.

   "That's not Darren Xia, isn't Mr. Xia? Why is he here?"

  "Have you not read the prospectus? Envision Capital is also a shareholder of Huiyuan. Of course, it is just a minority shareholder with less than 1% of the shares."

   "I'm just curious! With such a low share, the top leader will also attend the bell ringing ceremony?"

   "The meaning is different, this should be the first IPO harvested by Envision Capital?"

  "Ah? Isn't Envision Capital a large investment institution? The first IPO, are you sure you remembered it correctly?"

   "A lot of investment does not mean more withdrawals."

   "Oh, I see, no wonder, for Mr. Xia today, the significance is also very extraordinary!"

  ……

  Xia Jingxing couldn't hear what the audience was talking about, but he could notice that most of the people's eyes were focused on him, robbing the old man a lot of the limelight.

  He basically guessed the thoughts of these people. It has been almost three years since the establishment of Envision Capital, and the first IPO has only come late, which sounds like a bit of a bad idea.

  In fact, it’s not too slow. It’s just that we haven’t encountered a suitable Pre-IPO round project before, otherwise Envision Capital has already completed a zero breakthrough.

  Zhu Xinli finished speaking, and picked up the champagne that the lady of etiquette had brought to the stage on a tray.

  Xia Jingxing also took a glass of champagne, followed Zhu Xinli's movements with the others, raised the glass high and started to toast.

  The sense of ritual is still very strong!

  His two lives, Xia Jingxing is indeed the first time he has experienced bell ringing. The closest time to bell ringing in his previous life was on Gaopeng.com. As an early employee and backbone, he had the opportunity to ring the bell on stage.

  Behind the start of the business, he became more and more stubborn, and the goal gradually became far beyond reach.

  9:30, in Xia Jingxing's emotional voice, Zhu Xinli raised the drumsticks wrapped in red cloth and banged heavily on the hanging gongs and drums. Said it was ringing the bell, but it was actually ringing the gong.

  Officially listed!

  The color screen hung on the wall shows the real-time stock price of Huiyuan Juice 1886.HK.

   opened at the price of 9 Hong Kong dollars, and then the screen was green, the stock price rose steadily, breaking through the 10 Hong Kong dollar mark, and the highest price reached 10.06 Hong Kong dollars, which was more than 67% higher than the issue price of 6 Hong Kong dollars. The listing was a great success.

  In this listing, Huiyuan Juice issued 400 million shares at a price of 6 Hong Kong dollars. After the issuance, the total share capital reached 1.466 billion shares, the total market value was close to 15 billion Hong Kong dollars, and the PE P/E multiple was nearly 60 times.

Huiyuan Juice is a relatively popular and popular new stock. After the roadshow, the public sale was more than 900 times subscribed, and the funds of Hong Kong retail investors were frozen at 225 billion yuan, and more than 30 billion US dollars of international institutional funds participated in the subscription. Very hot!

  Everyone is satisfied with the stock price trend of Huiyuan Juice after the opening.

  Zhu Xinli’s face was full of folds with a smile. According to this market value calculation, their family assets suddenly swelled to more than 6 billion Hong Kong dollars, and they became rich overnight!

  Xia Jingxing also calculated in his mind that the equity held by Envision Capital was diluted to 0.39%, which is worth about 60 million Hong Kong dollars. It only doubled the profit. The profit is not an exaggeration.

  If the stock price then falls back to the issue price of HK$6, it is estimated that there will be little profit left.

   Therefore, Xia Jingxing’s instruction to the following people is to run as soon as the lock-up period is over, and you can earn as much as you can.

  Next, the Hong Kong Stock Exchange and Huiyuan Juice exchanged gifts.

  The Hong Kong Stock Exchange presented a mini copper bull, and Huiyuan Juice gave a box of special juice drinks in return.

  Next, the corporate video of Huiyuan Juice began to be played on the big screen.

   Founder Zhu Xinli, born in 1952, because of his agility in his mind, he can also drive a car. In the 1970s, he became a well-known household with 10,000 yuan in the village and was elected by the villagers as the village director and the general manager of the village-owned enterprise.

  Zhu Xinli took the whole village to start a business and chose "to get rich and plant fruit trees", and thus became attached to fruits.

  Following the favorable policies of the 1992 Southern Tour Speech, Zhu Xinli took advantage of the trend to join the commodity economy boom and purchased a county-run cannery that had a debt of 10 million yuan, suspended production for three years, and has closed down.

  In 1993, the first batch of concentrated apple juice was produced. Zhu Xinli took samples alone and carried pancakes to Germany to participate in the food exhibition. In the end, it brought the first batch of orders worth US$5 million to Huiyuan Juice.

  In 1994, Zhu Xinli and a team of less than 30 people set up camp in Shunyi, Beijing, and began to enter the national market.

  In 2000, Huiyuan juice sales reached 1.2 billion yuan, becoming the country's largest juice producer.

  In 2001, cooperated with Delong to set up a joint venture company... almost died, but fortunately, it ran fast enough.

  ……

  In the video, farmers’ smiles are simple and honest, and the old photos introducing Huiyuan’s development history are mottled and yellowed. Thirty years have been condensed in just a few minutes.

  Looking at this history of struggle, Xia Jingxing applauded heartily. No matter what Huiyuan’s future is, it is extremely successful at this moment.

  Although it was an entrepreneurial boom in that era, it was particularly difficult for a farmer entrepreneur to go to this day and enter the Hong Kong Stock Exchange.

  Huiyuan Juice now occupies nearly half of the domestic fruit juice beverage market, and is the well-deserved king of national beverages.

  Zhu Xinli, her daughter, and several company executives stood beside the electronic screen displaying real-time stock price data. Waves of guests and reporters came forward to take photos with them. It was really like a photo process at a wedding.

  Next, it was media interview time, and a large number of reporters surrounded Zhu Xinli, who was smiling brightly.

  Xia Jingxing was also surrounded by a group of reporters, and he couldn't wait for the microphone to be gagged in his mouth.

   "Mr. Xia, how do you feel when you ring the bell for the first time in your life? Are you excited?"

  "General Manager Xia, Vision Capital was established for three years and finally received its first IPO. Are you satisfied with the company's development speed?"

   "Mr. Xia, do you have any thoughts on increasing your holdings of Huiyuan Juice in the future?"

  "Mr Xia~"

  ……

   Even though Xia Jingxing was awkwardly able to cut out a three-bedroom and one-room with her toes, she patiently answered the reporter's questions. After all, they were telling the truth.

  After the interview session is over, the listing ceremony is over.

  Huiyuan Juice also arranged a celebration reception.

  Zhu Xinli, who has completed the transformation of a listed entrepreneur, has changed his entire temperament.

  He embraced Xia Jingxing’s shoulders affectionately, and smiled and said, “Mr. Xia, give your brother a face and go for two drinks together. I will tell you about my big agricultural plan, which is definitely a project that will never lose money.”

   Zhu Qin looked embarrassed, she was a generation shorter for no reason.

  Xia Jingxing looked at Zhu Xinli, who was flushed and full of spirits, and smiled and declined: "Big brother, don't drink wine. If you need help in the future, just ask."

   "Mr. Xia, I'm serious, just drink two glasses..."

  Seeing that Xia Jingxing always declined, Zhu Xinli's eyes rolled, "Actually, I still have a friend who wants to meet you."

  "Friends?" Xia Jingxing was puzzled.

   "He is here, where is..." Zhu Xinli pointed to a distance.

  Xia Jingxing looked in the direction of his fingers, a middle-aged man dressed in a black suit and tie, dressed like an old cadre trot over with a smile, his clothes breezy, and the golden Hermes belt buckle on his pants was particularly conspicuous.

  (End of this chapter)