My Age of Investment

   Chapter 965

  "Mr. Xia and Mr. Fu, happy cooperation! Then I will leave first."

  In the China Merchants Building, a graceful young woman with short hair in her thirties stood up with a smile, shook hands with Xia Jingxing and Fu Jixun, and left Xia Jingxing’s office with her bag.

After watching the woman leave, Xia Jingxing patted Fu Jixun's shoulder, "Old Fu, good job, kill three birds with one stone!"

  Fu Jixun smiled, and then said modestly: “It’s too early to draw a conclusion. It depends on the follow-up development of the three companies.”

  Xia Jingxing nodded lightly, not saying much about it.

  The woman who just visited is named Wang Jingbo, the founder of Noah Fortune.

The predecessor of Noah Wealth was the private banking department of Xiangcai Securities, a state-owned enterprise. Two years ago, due to the stock market downturn, the poorly managed Xiangcai Securities divested the private banking department. Wang Jingbo, the head of the department, joined Robust founder He Boquan to acquire him. The work unit was transformed into a startup company.

"Mr. Xia, although Wang Jingbo is a woman, she is a very decisive person. Two years ago, MBO went to the small department of Xiangcai Securities and took a dozen people to Lujiazui and rented an office of more than 100 square meters. , Start a business.

  In just two years, Noah Fortune has opened branches in first-tier cities such as Beijing, Magic City, and Yangcheng, serving thousands of customers. "

  Xia Jingxing nodded slightly, Noah Wealth is a third-party wealth management company, in other words, it is the intermediary agency that connects the wealthy and the investment fund, and sells the funds on a commission basis.

  Just now, Xia Jingxing asked, Noah Fortune’s minimum investment threshold for customers at this time is 3 million yuan. Serving thousands of customers means selling billions of wealth management products.

  With the endorsement of not having too dazzling investment results, so many wealthy people in the country can invest, and the ability to fool is quite good.

  Xia Jingxing remembers that Noah’s private equity products have continuously stepped on a series of troubled companies such as Huishan Dairy, LeTV, Baofeng Group, and Chengxing International. Customers pulled banners to the private equity summit forum to collect debts, and there was a lot of noise.

  Even so, Noah still has not collapsed. It still manages hundreds of billions of yuan in assets and is China’s largest third-party wealth institution.

  I have to take it, there is still something.

  Fu Jixun continued: “Noah has been cooperating with domestic public equity funds and securities companies before, and Wang Jingbo really wants to expand some powerful partners.

  Now that Noah has received 3.9 million US dollars in Series A financing from Envision Capital, and has reached a strategic partnership with Envision Capital, she must be very happy. "

  Xia Jingxing smiled and said: “Mutual benefits! The framework of the GEM is set, and the boots will be launched in the next one or two years. Vision Capital cannot only be a USD fund, but our RMB fund should also be launched as soon as possible.

  Wang Jingbo wants Envision Capital’s impressive record to endorse her intermediary agency, and deceive more clients to invest money;

  We hope to directly connect with institutional funds, so that personal funds are less and more.

  The small bosses have a sum of millions or millions of funds, which is very troublesome to connect, and when there is a little trouble, they will make a fuss and be awkward.

  Now let Noah Wealth help us raise funds, they earn some channel fees, we can save a lot of troubles, everyone gets what they need. "

  Fu Jixun smiled, the boss's words are rough, but the rationale is not rough.

European and American countries have done risk investment for decades, and customers are well educated, but domestic small bosses don’t understand finance, so they speculate in stocks and real estate if they have money. They buy some wealth management products without looking at the contract. They go everywhere if they have something to do. Yelling, it is cumbersome and inefficient for Envision Capital to raise funds directly from this group.

  Noah Wealth can outsource this dirty and tiring work, giving lectures, drinking parties, and golf clubs to the little bosses every day, and then transfer a small sum of money into big money and hand it over to Envision Capital to take care of it.

  If the fund's performance is not good, customers can only complain and make troubles at Noah Wealth, after all, it is separated from Envision Capital.

  Of course, Fu Jixun believes that the company’s fund performance will never be bad, and the main purpose is to save some trouble.

  Xia Jingxing thinks a little bit more. Noah Fortune has raised so many wealthy people's funds and invests in some garbage listed companies all day long.

  With this money, it is better to invest in the 100 billion integrated circuit industry fund he is about to set up.

  Many of the money from the wealthy people and financial markets in China is actually useless, and they are all used for speculation. There is no social value at all.

  The development of American technology is mainly due to the fact that angel investment and VC funds can raise funds. The financing environment for start-ups is relatively good, and small businesses and small industries have the opportunity to grow bigger.

  Nowadays, the domestic financing environment has improved. There is basically no shortage of investment in the Internet, but the slow-developing semiconductor industry still lacks investment.

  Vision Capital takes the lead and guides the inflow of social funds into the industries that need assistance and investment the most. This is the truly healthy way of industrial development.

   But there is a problem. Real estate and stock trading have quick results, while investment in industries, especially in capital-intensive and technology-intensive industries such as semiconductors, has slow results. It may not produce returns in ten or eight years.

  Previous life is in 2020, and the domestic venture capital community is still calling for LPs to have the spirit of long-term investment and invest in long-term funds.

  Domestic funds generally follow the "3+2" and "5+2" model, which means a three- to five-year duration and a two-year exit period.

  It is impossible to make long-term investment, and capital cannot flow into the industry naturally, and only projects with quick results can be carried out. As a result, industrial upgrading has stagnated.

  As for American funds, there are ten or twenty years of duration, and there are also evergreen funds with no fixed duration. You want to invest as long as you want.

  For example, if you invested in Ari in 1999, you can hold it for a longer period of time until 2020 and beyond, so you won’t be able to sell your shares at a low price due to the expiration of the fund halfway through.

  Vision Capital’s current VC and PE funds are Xia Jinghang’s own funds, and it has never initiated fundraising.

   But to make industrial investment, the more money the better, the more money must be made.

  Using the funds that don’t work properly to do business, he has a sense of accomplishment.

  Moreover, he also hopes that through the establishment of two IC industry funds, he will give a sample to the industry and attract more capital attention and investment in semiconductors.

  Because of the large number of people and power, the industry can develop faster. After the cake is made bigger, Ailin Semiconductor’s vision capital will not be less profitable.

  In the short term, investing in semiconductors will definitely not make money.

Thinking of this, Xia Jingxing felt a bit sorry for Wang Jingbo, because if the customer complained, Wang Jingbo had to come forward to explain and appease them. Envision Capital would not pay attention to these matters, and directly welded the car door and acted in accordance with the contract, but the fund was not available. During the period, no one is allowed to jump off the car for me.

  But in the long run, investing in semiconductors will definitely be profitable. It is better than investing in companies such as LeTV and Baofeng. Social wealth will not be lost in vain or even be cheated by foreigners.

   "Mr. Xia, let's launch a long-term fund, can Wang Jingbo sell it? Let alone ten or eight years, it’s been too long for three to five years."

  Fu Jixun is very clear about the real purpose of the boss' investment in Noah Wealth. It is not only a financial investment, but also a strategic investment to expand the funding channels of Vision Capital.

  However, he feels that although he has reached a cooperation with Noah Fortune, he cannot treat others as monkeys. It is necessary to fully consider the current domestic financing environment, customer awareness level and many other factors.

   "Chasing the rise and killing the fall!"

  Xia Jingxing smiled and said: "Showing our domestic investment results will definitely be exciting."

  Isn’t this a lie?

  Fu Jixun confided in his heart that the domestic Internet companies invested by Envision Capital have developed quite well. In one or two years, there should be the first wave of exits.

  The boss wants to raise funds to invest in industry and semiconductors, which is very difficult and full of challenges.

Xia Jingxing saw the worry in Fu Jixun’s eyes and smiled: “Come slowly! The environment is always getting better day by day, and I didn’t say that I would build a 100 billion fund as soon as I came up. I will give out 50 billion. Asia Fortune helped me raise 50 billion.

  As much as they can raise funds, it is always a help.

  It really doesn’t work. Let Noah Wealth launch a fund of funds, with half of the investment in the Internet and the physical industry, so there is always nothing to say, right? "

   "Hey, this method is good."

  Fu Jixun’s eyes lit up. He realized the boss’s brilliance and used the excellent performance of Internet sub-funds to offset the poor performance of some physical industry sub-funds.

  The return rates of the two types of funds are offset, and the return rate of the fund of funds may be sloppy.

  Xia Jingxing remembered that Noah Wealth was not satisfied with being a junior intermediary in the past, and only earned some fund agency fees. He began to launch a fund of funds to do the work of a senior intermediary, and even launched a direct investment fund.

  The current frameworks of several fund-of-funds of Vision Capital are correct, but there is a problem with the core, and the sub-funds are all their own.

  The real fund of funds is the selection and investment of external fund managers.

Thinking of this, Xia Jingxing added: "If Noah Wealth launches the fund of funds platform, I will open up the hedge fund shares of Envision Capital to them, but they must first invest in a physical sub-fund before they can get the same share of the hedge fund. Investment rights."

   "Fuck!"

  Fu Jixun’s eyes widened, and he couldn’t find other adjectives to describe the beauty of this bundling sale.

  Hedge fund is the most profitable department of Envision Capital right now. It is the company’s signature and main product. It sells well in the upper class in the United States, university endowments, retirement funds... everyone who bought the fund said yes!

  But in the final analysis, they are still helping Americans to make money, and the majority of small Chinese bosses have no chance to participate in this wealth feast.

  If Chinese investors have the opportunity to experience a "sixty-fold return in three years", it is conceivable that countless investors will break their heads to buy.

  However, Envision Capital will jump out at this time and say to the crowds of investors: Sorry, we only accept institutional funds, please go out and turn right to subscribe for the fund of funds of Noah Wealth.

  The portfolio of sub-funds designed by Noah Wealth Fund of Funds is complicated. There are Lixia series of hedge funds, Lichun series of VC funds, Liqiu series of PE funds, Lidong series of speculative funds...

   "Then it must be no big problem!"

  Fu Jixun said enthusiastically: "Noah Wealth can also give the fund of funds a magnificent name, such as the Global Asset Allocation Fund, the Global Diversified Fund..."

  Xia Jingxing waved his hand, “These are long-term plans. Let’s talk about it now. We will assist Noah Wealth to initiate the establishment of our first RMB fund, show our sincerity, and explore the cooperation model first.”

  Fu Ji nodded, "Okay, I will come up with a detailed cooperation plan as soon as possible."

  "Ikang Guobin, Seven Days Hotel, thank you Ms. Xu Xin and Mr. He Boquan for your recommendation."

  As soon as he finished speaking, Xia Jingxing realized that it was a bit impolite, so he waved his hand to stop and said, "Forget it, I should call and thank you myself."

  The reason why this action is killing three birds with one stone, mainly refers to the investment in Noah's wealth, incidentally also invested in Ikang Guobin and Seven Days Hotel.

The network of relationships in    is a bit more complicated.

  When Wang Jingbo worked in the private banking department of Xiangcai Securities, He Boquan was her client, and later she started MBO and became her angel investor.

   Then, He Boquan met Xu Xin when he invested in real Kung Fu.

  In the recent period, He Boquan was looking for Noah Wealth to find investors in Series A, so he introduced the project to Xu Xin.

  Xu Xin feels that Noah Fortune is called "independent financial adviser" according to the American name. This is a good name, but the bad name is intermediary. Anyway, he is not very optimistic, and introduced it to Vision Capital.

  He Boquan is an angel investor in Seven Days Hotel and Guobin Medical. When he promoted Noah’s wealth to Fu Jixun, he also promoted two other projects he invested in.

  Among them, Tan Wenqing, chairman of Guobin Medical, is Wang Jingbo’s husband.

  Last month, Guobin Medical and iKang.com merged to form the iKang Guobin Group, which immediately became the largest health management institution in China with a bright future.

  So after some inspections, Fu Jixun won all three projects.

  Among them, Noah Fortune is a sole investment, accounting for 25% of the shares;

  Ikang Guobin was invested with Jingwei China and Zero2IPO Ventures;

  Seven Days Hotel is invested together with Warburg Pincus, Merrill Lynch and Deutsche Bank.

   "President Xia, in the case of Noah Fortune, Sequoia originally planned to invest in it, and also planned to set up a RMB 1 billion fund with Noah Fortune, but it was only disturbed by us."

   "Uh, what a coincidence?"

  Fu Jixun smiled, "It was not intentional, but I accidentally ran into it again."

  Xia Jingxing scratched his forehead, this is a trouble, I am afraid that there will be another dispute.

  (End of this chapter)