My Age of Investment

Yang Niu's purchase of 10% of Xia Jingxing's equity was officially completed, and Goldman Sachs, the big brother of Wall Street, fully handled the deal.

According to the valuation of 10.25 billion US dollars, the transfer of 10% of the equity, the transaction amount is 1.025 billion US dollars.

It is impossible to get all the money.

According to the US tax law, Ha King Hang needs to pay 15% long-term capital gains tax.

The tax planner suggested Xia Jingxing to set up a private charitable foundation, and then donate all the money to the charitable foundation without keeping any money, which made the IRS guys stare blankly.

But Xia Jingxing's money needs to be taken away, so naturally it is impossible to throw it all into the charitable trust.

American rich people are also famous all over the world for naked donations, mainly to avoid high inheritance taxes.

The government will not intervene in the operation of charitable foundations. It only needs to use 5% of the foundation's assets for charity every year, and this 5% also includes the salaries and various expenses of the foundation's employees.

Family members of the rich can all work under the name of the foundation and receive some salary every month.

The status of clocking in at work can be the savannah of Africa, caring for animals;

It can also be a slum in a backward country, and experience the local customs by the way;

It can also be an environmental protection forum to show your face in front of the media and the world and win applause.

In addition, in the name of charity, you can donate a place in an Ivy League school to your child.

The most important thing is to strive for a good reputation, make friends with celebrities in the name of charity, and improve your reputation.

But Xia Jingxing does not have American citizenship, and the inheritance tax cannot be levied on him.

And if he, a Chinese, is exposed to the news that he donated 1 billion US dollars naked in the United States, he may not have to go back to China, because he will be scolded to death if he goes back, and he will not be cleared if he jumps into the Pacific Ocean.

After paying taxes, he ended up with $871.25 million.

He kept a fraction of the money, and he injected the remaining $800 million into Vision Capital.

Vision Capital has newly established a PE fund called Liqiu Fund.

At the same time, this fund is also the acquisition subject of Android companies.

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In Vision Capital's office, Xia Jingxing was chatting with Liu Hai about development strategies.

"You just bought a small company for 50 million dollars without blinking your eyes."

When mentioning the newly acquired Android, Liu Hai shook his head. No matter how you look at it, it doesn't look like it's worth 50 million.

They checked the company's project and found that next month's salary will almost not be paid, and various bills such as rent and cleaning are in arrears.

"Why, you don't think it's worth it?" Xia Jingxing asked with a smile.

Liu Hai laughed and said: "No, no, you have your reasons for buying it. Even if it's not worth it now, it will definitely be worth it in the future, even exceeding 50 million US dollars countless times."

Xia Jingxing waved his hand, "Okay, I'm poor, let's get down to business!"

Liu Hai nodded, and said seriously: "According to your instructions, we have been continuously recruiting technicians in computer, mathematics and other disciplines, and we have initially set up a quantitative trading department...

Lichun Fund has also expanded its scale, and now has more than a dozen staff members, which can cover a whole set of investment processes including pre-investment, mid-investment, and post-investment.

The Liqiu Fund has just been established and there are only a few people at present. "

Xia Jingxing nodded. Although he didn't manage Vision Capital much, it has been developing in an orderly manner.

Among them, Lixia Fund has developed the best, and its asset management scale has doubled several times.

Lichun Fund invests in start-ups. So far, there has not been a successful exit case, so it is hard to say how good the development is.

Liqiu Fund has just been established, and its goal is to invest in or acquire mature companies.

Android is not mature, which is an exception.

The Lichun and Liqiu funds are all his own funds, and only the Lixia Fund is mixed with external funds.

Because in his opinion, the operation of this fund is relatively dangerous, the controllability is not that high, and it was true that there was no money at the time, and it was necessary to use other people's money to help him make money.

He hadn't spared time before, and now that he has stepped down from his post at Facebook, it's time to sort out the business lines of Envision Capital.

"The Lichun and Liqiu funds haven't found a suitable person to take the helm yet?"

Liu Hai took a look at Xia Jingxing and nodded, "The main reason is that you are too demanding. You must not only have working experience, but also be familiar with the venture capital markets of China and the United States. This kind of talent is too scarce, just like pandas.

Or split it into two funds, the Chinese team and the American team, without interfering with each other.

In my opinion, this way can better play combat effectiveness, make decisions faster, and at the same time be more rooted in the local market and fully integrated into the local market. "

Xia Jingxing smiled and said, "You're quite right. Before, you had limited funds. Now that you have money, it's time for a more detailed division of labor."

When mentioning money, Liu Hai thought of 800 million dollars.

"Is the 800 million US dollars invested in Lichun and Liqiu? Can our Lixia Fund be evened out?"

Xia Jingxing understood the other party's thoughts and wanted to strengthen the Lixia Fund.

Although Liu Hai is currently managing the entire Vision Capital, Xia Jingxing made it clear to him early on that he is mainly in charge of the Lixia Fund.

Of course, it wasn't that Xia Jingxing underestimated him, it was mainly because Liu Hai had no experience in managing VC and PE funds.

"No rush, let's talk about the annual meeting first."

When Liu Hai heard this, he was very measured and didn't ask any more questions.

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The fund holds an annual meeting of investors every year to report work achievements to investors.

It has been a year since Lixia Fund was established, so we have to go through the formalities according to industry practice.

The venue of the annual meeting was in the living room of a hotel in San Francisco.

The area of ​​the hall is not large, just over 100 square meters.

This is mainly because there are not many investors, two institutional investors from the Stanford University Foundation and First Securities, plus several individual investors such as Andrew.

Liu Hai stood on the stage and introduced the investment cases and benefits of the fund with PPT.

The language is simple and not magnetic, but it just makes investors unable to take their eyes off it.

This is because in addition to the two investments in Shanda and Sina, which made a huge profit of more than 40 million US dollars, the other stocks invested by Lixia Fund also made a lot of money.

Now that the report card came out, countless pairs of eyes were blinded.

Google stock more than doubled, making nearly $40 million.

The investment in Netease has more than doubled and earned more than 20 million US dollars.

Looking at these excellent investment report cards, the investors in the audience began to "buzz" and whispered.

Liu Jinhang asked Xia Jingxing who was sitting beside him: "Jing Xing, do you have any plans to launch a second fund recently?"

Robert Wallace, chief investment officer of the Stanford University Foundation, who was sitting next to him, could not understand because he spoke Chinese.

But this guy is very good at observing words and feelings, and asked directly in English: "Daren, are you discussing the establishment of a second fund?

If so, Stanford could invest $100 million! "

This sentence is like pouring oil into the water. When I heard that Stanford is going to invest 100 million US dollars, how can other investors be stable.

"We want to vote too, I'll vote $5 million!"

"I voted 8 million!"

"I voted 10 million!"

...

Almost all rich Chinese who invested only one million US dollars before heard that the Lixia Fund was planning to build a second fund.

Liu Hai's work report couldn't continue with such a commotion in an otherwise quiet place.

He smiled wryly, this is completely different from the treatment he received a year ago.

Even if Xia Jingxing showed the personal stock trading accounts of these rich people at that time, many people expressed disbelief and doubted it, thinking it was luck.

Those who are present today can be regarded as giving Envision Capital a chance, and at the same time giving themselves a chance.

Looking at the noisy scene, Xia Jingxing found it interesting.

He glanced towards the stage and gave Liu Hai a look.

Liu Hai grabbed the microphone and said loudly: "Now I will summarize the investment results for everyone."

Hearing this, everyone turned their attention to the stage again.

Liu Hai released a PPT, which contains a detailed table, which shows how much money each stock has earned and what the return on investment is.

Liu Hai said: "The initial capital of Lixia Fund was 36.25 million US dollars, and the current asset management scale is 550 million US dollars, and the net assets are 245 million US dollars.

You can simply understand that the $1 million you invested last year has turned into $6.25 million today one year later! "

"Manager Liu, just tell me directly, when will the second fund be established?" someone shouted from the audience.

"It's already in preparation!"

Hearing this, everyone smiled, and it seemed that they had a chance to get in the car.

But the second half of Liu Hai's sentence made their hearts hang again.

"However, the management fee and sharing fee need to be adjusted so slightly!"

Liu Hai looked at the audience with a smile, and made an "eight" between his thumb and index finger.

The tiger's mouth was wide open, like a bloody mouth.

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