My Age of Investment

night.

A private restaurant.

Sitting in the box, Chen Hong and Xia Jingxing chatted about some interesting things about the investment industry while drinking.

Chen Hong suddenly said: "Jing Xing, Jiang Nanchun has approached Tan Zhi. Judging by the situation, Focus Media may want to acquire Frame Media to increase their market share in elevator media and increase their market value."

Xia Jingxing said with a smile: "This is a good thing, it means our plan has succeeded."

Chen Hong nodded, "Yes, Jiangnanchun won 90% of the elevator print media market in major cities across the country without bloodshed, and Frame Media also avoided a fierce battle with Focus Media.

They are now listed companies and have opened up financing channels in the secondary market. We can't burn them with money.

Selling the company to Focus should be the best choice.

It's a pity that it's still too late to make an effort, and it can't be listed independently. "

"It's such a pity. Frame Media acquired and integrated nine companies in the industry, and it took only half a year!"

Xia Jingxing said with a smile: "I would also like to thank Big Brother Chen for helping me make money!"

Chen Hong waved his hand, and said very grandly: "What about making money for you, we all share the risk. If there are good projects in the future, just think about my brother."

"sure!"

Chen Hong gave Xia Jingxing a meaningful look, and asked with a smile, "You don't want to ask about the price? That's right, you probably don't like these three melons and two dates."

"Oh, by the way, I forgot if you didn't tell me, how did the price negotiation go? Focus Media is a big dog, so don't be lenient when it comes to slaughtering it."

Chen Hong pursed his lips and smiled, "US$39.6 million in cash, plus US$55.4 million worth of Focus common stock, and possible future payments of up to US$88 million worth of Focus common stock.

The part of 88 million US dollars involves betting on the performance of the framework in 2006.

If the performance-to-performance betting can be successfully completed, the total transaction consideration will be US$183 million.

What do you think of the price?

Gong Quan has left IDG now, and Zhou Quan, who took over the project, thinks it’s okay,

Now it mainly depends on the opinion of you, the major shareholder. "

Xia Jingxing waved his hand, "It's up to you to decide, I have no objection."

While speaking, Xia Jingxing calculated silently in his heart. In February, he invested 50 million RMB in Frame Media and won 40% of the shares.

The transaction consideration of 183 million US dollars, converted according to the current exchange rate of 8.0998, is nearly 1.5 billion yuan.

His return is close to 600 million yuan, which has doubled by 12 times in half a year, which is not bad.

Since most of the trading portfolio is issued new shares, if the stock price of Focus Media rises a little in the future, the actual rate of return will be even higher.

Conversely, if the stock price falls, the rate of return will decrease.

However, since there was a cash base of US$39.6 million, Envision Capital got back its investment of 50 million yuan just by distributing 40% of the cash.

If you want to say that you regret this matter, it is Chen Hong and IDG.

At that time, Laxia Jingxing became the largest shareholder and wanted to jointly resist risks. Even when Frame Media could not be sold, he relied on Envision Capital to provide blood transfusions and continue to fight with Focus and Gather.

As a result, the merger and acquisition went smoother than expected, and there was no need for a bloody battle to the end.

In this case, Hanergy Investment, as an organization and trader, will suffer a bit.

However, due to Xia Jingxing's 50 million yuan capital injection, when Frame Media acquired several peers, they all bought out in cash, without diluting the company's shares, and here also preserved the rights and interests of Hanergy's investment in disguise.

Of course, after careful study, Hanergy’s investment still suffers a bit, mainly because it did not expect this capital operation to be so smooth.

Things are impermanent!

However, Chen Hong was an open-minded person, and he didn't want to ask Xia Jingxing for favors with this matter.

After all, the choice you make, no matter right or wrong, you can't blame others and bear it yourself.

But this kind of thing, without Chen Hong saying it, Xia Jingxing himself could feel it.

After finally matching up a capital operation, most of the money was taken away by others.

So Xia Jingxing picked up the cup, drank three cups with Chen Honglian, and said a lot of flattering words.

"Jing Xing, it's meaningless to say these things, why do you look down on big brother?"

Chen Hong scowled, showing displeasure.

Xia Jingxing had no way of distinguishing the truth from the fake, so he had no choice but to stop mentioning it.

"The new shares issued by Focus Media have a lock-up period, and there is also a performance-to-performance bet, so it may not reach the ideal price of 183 million US dollars in the end. You must be mentally prepared."

After several glasses of wine, Chen Hong's face was very rosy, and at this moment he vaccinated Xia Jingxing with a smile.

He was afraid that this little brother would get carried away, so it's better to explain things clearly.

Xia Jingxing's heart moved, and he said with a smile: "I have great confidence in brother Tan Zhi, and think he can lead the company to complete the bet.

In addition, I am more optimistic about the stock price of Focus.

Why don't you ask comprehensively to see if they are willing to take all the cash, and we will take the common shares issued by Focus. "

Chen Hong pointed at Xia Jingxing, and said angrily, "I'm making small calculations again, but I guess IDG has a lot of talents, so it's not easy to fool around.

Today, the upward momentum of Focus is obvious, but Juzhong is losing ground, and it has not yet been listed.

Your calculation may be in vain. "

Xia Jingxing also thinks about it. There is no shortage of smart people in venture capital institutions. As an established institution, IDG has many partners who have jumped over from investment banks and PE funds.

Think simple!

"Okay, did I say to take a gamble?"

Xia Jingxing shrugged and said regretfully.

"Are you betting? You've seen almost all the cards, bright cards."

Chen Hong shook his head and laughed, only at this time can he see the young and immature side of the other party.

"Since you have no objection, then I will ask Tan Zhi to agree to Jiang Nanchun?"

Chen Hong looked at Xia Jingxing and emphasized it again.

Xia Jingxing waved his hand, "Promise!"

"Okay, so far only the framework agreement has been reached. It is estimated that there are still many details to be negotiated. It may take next month until we sign and the listed company makes an announcement."

Xia Jingxing nodded his head and said "Yes", expressing his understanding.

"Vision Capital borrowed 1.5 billion US dollars from a syndicate headed by Morgan Stanley? Are you planning to invest all of it in the Chinese market?"

This question has been held in Chen Hong's mind for a long time. At Starbucks in the afternoon, there were too many people talking, so he mentioned it without asking.

Now there were only the two of them in the box, and he couldn't bear it anymore.

Xia Jingxing glanced at Chen Hong, and the latter laughed a few times, "Hey, just ask, if it's inconvenient to talk about it, just forget it."

"There's nothing inconvenient to say!"

Xia Jingxing smiled faintly, "This money, um..."

You said it!

Xia Jingxing said "hmm" for a long time, but he didn't continue, making Chen Hong, who was very interested, very anxious.

If Xia Jingxing's money is really invested in China's venture capital market, then Hanergy Investment must take a pot to continue.

What leaked out from between the fingers was enough for them to eat for several years.

Most importantly, if Hanergy Investment provides financial consulting for such a large transaction, it is an intermediary matchmaking, and Hanergy Investment's industry status will be established at once.

"I want to build a mobile phone!"

Hearing this sentence, Chen Hong was petrified.

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