My Age of Investment

"I founded a company called Vision Capital in the United States, which has hedge funds, VC funds, and possibly PE funds, real estate funds, etc. in the future."

Every time Xia Jingxing uttered a word, Chen Hong's eyes lit up.

Two big men, Xia Jingxing felt a little nervous when he saw such hungry eyes, it was strange.

"What's your AUM now?" Chen Hong asked eagerly.

AUM is the scale of assets under management, which is mainly used to measure the scale of asset management business of fund management companies and investment banks, commercial banks or financial holding companies.

The larger the AUM, the higher the industry status.

Xia Jingxing said indifferently, "The combined asset management scale of the two funds is about $100 million!"

In fact, the initial capital of Lichun and Lixia Fund is only more than 50 million US dollars, but there is a floating profit in the stock market, and the net assets of the fund have exceeded 100 million US dollars.

Hearing this, Chen Hong's bright eyes soon dimmed again.

However, he is a good person. He realized that it was very rude, he adjusted it immediately, and said with a smile: "It's also very good, after all, Facebook has not been listed yet, and you are still starting a business.

The fund should be just getting started, right? 100 million yuan is still very good.

To be honest with you, there are funds of tens of millions of RMB in China, all of which are still in their infancy, which is normal.

After the results of the first phase of the fund come out, the next few funds will be raised. "

Xia Jingxing reminded with a smile: "It's not actually RMB, the currency unit is the US dollar."

Chen Hong was drinking tea, and when he heard Xia Jingxing's words, he was so excited that he was choked by the tea and coughed again and again.

Seeing that Chen Hong was choking on the water, Xia Jingxing quickly patted his back for help.

Chen Hong's face flushed red, he coughed a few times, and his anger finally calmed down.

He asked: "Cough, it turned out to be 100 million US dollars? I thought it was RMB.

I'll go, your starting point is so high? Who voted? Stanford University is so supportive of you. "

Xia Jingxing smiled bitterly,

He does not have a particularly brilliant financial experience, and he has not been misunderstood once or twice, so he had to patiently introduce the two funds of Vision Capital.

"Oh, it turned out that the fundraising was more than 50 million US dollars, and it doubled in half a year, which is still very good."

After understanding the whole story, Chen Hong commented with a smile without appearing too surprised.

He is the first Chinese student to bring the company to Nasdaq, and he is the one who has seen the big scene.

In his eyes, the asset management scale of Vision Capital is nothing.

Originally, he thought that Xia Jingxing's fundraising would start at 100 million US dollars, so he was a little surprised.

Chen Hong asked: "What is the main strategy of your hedge fund?"

Xia Jingxing said lightly, "Stocks are long."

Chen Hong knew what he knew, and continued to ask: "Only invest in the US stock market, or the global market?"

Xia Jingxing replied, "Naturally, it is global, and it has a heavy position in Chinese stocks."

Chen Hong smiled, "Okay, I will contact you in the future if there is a business of private placement and transfer of Chinese concept stocks."

Xia Jingxing said with a smile, "Haha, I am so grateful to Brother Chen Hong, we are currently lacking resources in this regard."

Chen Hong, like a big brother, waved his hand and said, "It's okay, we are all friends and belong to each other."

Then, Chen Hong asked about Lichun Fund, when he heard that Xia Jingxing was mainly doing angel investment.

He frowned and sighed, "The amount of financing for early projects is too small, to be honest, we didn't take on this kind of business very much.

Moreover, the domestic venture capital market has just started, and as a financing intermediary, the market is too small to maintain the normal operation of the company, so now we are also doing direct investment.

To put it bluntly, there may be more direct investment business than financial advisory business. "

Xia Jingxing nodded and smiled, he could hear the other party's a lot of sadness and helplessness.

FA is essentially a third party between entrepreneurs and investment institutions, providing investment and financing matching services for both parties.

It is not limited to private financing services, but also includes mergers and acquisitions, strategic restructuring, IPO, private placement, etc.

Different FA institutions have different priorities.

In early projects, the commission of FA institutions is usually 3%-5% of the financing amount. In later projects, the financing amount is larger, and the commission ratio will be appropriately reduced.

At present, FA is very difficult to do, mainly because the domestic venture capital market is not yet prosperous.

There are few entrepreneurs, few investment institutions, and even few FAs survive in this industry chain, and the business is bleak.

The "direct investment" in Chen Hong's mouth is to play the role of VC.

After FA grows, it will generally set up its own fund to invest in good projects that it discovers. It can not only establish a deeper relationship with entrepreneurs, but also develop further upstream in the industry chain and grab greater benefits.

Chen Hong is very rich. After all, he led the company to go public, and he played direct investment when he came up.

Ordinary FA can't do direct betting, because there is no money, they can't afford to play.

Strictly speaking, FA is an industry that fights for network resources and relationships.

We do not sell any financial products, we sell services.

The future of the FA industry will be bleak for many years. Until the wave of mobile Internet entrepreneurship breaks out and there is more hot money in the market, the entire industry will usher in real great development.

A small FA team of 10 or 20 people can help dozens of entrepreneurs raise tens of billions of yuan in equity financing within a year, and can get a commission of 100 to 200 million yuan.

In this industry, what is stronger than VC and PE is that the money comes quickly. Once the financing is in place, the entrepreneur will pay the FA.

VCs and PEs have to wait at least three to five years, or even longer, to usher in the company's listing and receive exit dividends.

After Xia Jingxing had a general understanding of the development of Hanergy Investment, he said with a smile:

"At present, Envision Capital mainly invests in angel investment, but it does not mean that it will not invest in other mid-to-late projects.

As long as the project is suitable, no matter what round it is, we will vote. "

Chen Hong said with a smile: "How do you say this style of play, it's a little weird.

Your fund is not large, so I suggest doing a good job of early-stage investment and making one or two benchmark projects.

There are benchmark projects in hand, and it is better to raise some funds in the future.

It will not be too late to extend to mid- and late-stage projects when the scale of the funds in the next few phases becomes larger.

Of course, this is just a suggestion of mine, not necessarily correct. "

Xia Jingxing nodded, knowing that the other party was saying this, but it was not suitable for Vision Capital.

Not wanting Chen Hong to regard him as someone who would not listen to advice and go his own way, Xia Jingxing said again: "Actually, the first phase of the Lichun Fund was all funded by me.

I want to turn this fund into an early institutional fund in the future.

But in the process of building, I don’t want to miss some good projects in the middle and later stages.

So I didn't stick to the rules too much, but I made you laugh at Brother Chen. "

Chen Hong gave Xia Jingxing a "Oh" and looked at Xia Jingxing with a strange look. He was a little curious that the other party actually had personal funds of 20 million US dollars, so he asked, "Are you selling an old Facebook stock?"

"No, I traded in stocks before..."

Xia Jingxing knew that the other party had misunderstood again, so he briefly introduced the origin of the money, omitting the specific details, and said that he invested in NetEase and Aimeike and made 30 million US dollars.

Chen Hong asked casually, he didn't expect Xia Jingxing to be so frank, to tell himself so many inside stories, how dare he not treat himself as an outsider?

"In addition to the Lichun Fund, I have personally invested in several angel projects, and the current valuation of the holdings is 20 to 30 million US dollars."

Xia Jingxing continued: "If these projects are successfully withdrawn, they should continue to make additional funds to the Lichun Fund."

Chen Hong had a rough idea and said with a smile, "Jing Xing, I see that you are very interested in investment, and your investment results are not bad.

Look at you, individuals make tens of millions of dollars from investing in stocks, and tens of millions of dollars from hedge funds. Several projects invested by individual angels have entered the next round of financing.

Really terrifying! "

Xia Jingxing smiled and said a few words of modesty. He came here today because of his strength, so he didn't make too many reservations.

"Brother Chen Hong, have you found any good projects recently? If so, you can recommend them to me."

With a move in Chen Hong's heart, he immediately understood the other party's intentions. So many family properties are not white light, is this to let himself shine?

"I have a project here, but I don't know if you dare to vote?"

Chen Hong put away his smile and said with a serious face: "It has four characteristics, large investment, high risk, high return, and fast return."

Xia Jingxing immediately became interested, "I can accept the last three characteristics, but I don't know how big the investment is, how big is it?

Less than 100 million should be no problem!

Of course, it has to be in RMB! "

The FA industry is actually a pimp. Xia Jingxing initially planned to try his luck at Hanergy Investments to see what good projects there are.

He didn't hold out much hope, but listening to Chen Hong's tone, it seemed that there was a big fish.

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