My Age of Investment

"One or nine points won't do, at least five or five points, that's only fair!"

Breyer was somewhat interested in Xia Jingxing's plan, but when it came to the profit distribution plan, he began to compare pennies and pennies.

Xia Jingxing said with a smile: "You may not understand it well, I need to emphasize the various resources I provide here."

"First, don't worry about fundraising. I can provide 90% or even all of the funds."

"Second, I can designate projects for Axel China, projects that can make money and make a lot of money."

"Third, I can select Axel's Chinese management team, and Axel doesn't have to worry about it."

After all, Xia Jingxing put away the three fingers he had just pointed out, and looked at Breyer with a smile, "Actually, Axel doesn't need to put in any other effort except for a signboard, just waiting to get a trip from the Chinese market every year." gone."

Breyer was a little moved, "The four or six points can't be less, you must know that Axel is an investment institution with a long history."

Xia Jingxing raised his hand and pointed his palm at Breyer, "Stop it, to me, it doesn't matter whether it has a long history or not.

You know, there are many investment institutions on the verge of bankruptcy in Silicon Valley.

If you search carefully, you may find investment institutions from the 1960s and 1970s, even older than Axel.

The most important thing for investment institutions is performance, not telling me about history. "

"But Darren, this share is too low, I can't explain it to the other founding partners at all."

After spreading out his hands, Breyer tentatively said, "Otherwise, it will be 30 to 70 percent."

Xia Jingxing was unmoved at all, and said resolutely, "It's only 19 points, just don't do it, I'll go buy an investment institution that is on the verge of bankruptcy."

"That kind of institution that is about to go bankrupt, what's the reputation? It's wasting money."

Breyer shook his head violently, looking very considerate of Xia Jingxing.

"Once and for all, at least they won't continue to make a lot of money from me in the future."

Breyer smiled, "Daren, are you so sure that Axel China can make money?

What is your purpose for setting up this fund,

Hedgehog on the same track? Hedging risk? "

Xia Jingxing said with a smile, "You just said that I'm talented in this industry, isn't that a polite way of saying it?"

Breyer scratched his head and said with a smile: "Daren, you are really, well, I admit, you are talented, but after all, your career is too short.

In our business, sometimes you can only grab one or two good projects in your life, and maybe your luck has been used up by now. "

"What good luck? Investment is not metaphysics. You, a top student who graduated from Stanford, are worse than a dropout like me. Do you believe this?"

Xia Jingxing made Breyer lose his temper, and he waved his hand, "Okay, okay, let's stop talking about it, 19 points is really not good, unless that's the case."

"What kind?" Xia Jingxing asked.

Breyer put away his smile and said sternly: "The first fund will be fully funded by you, and it will be operated for five years... um...two or three years.

The management fee and sharing fee should be 2% + 20% as usual in the industry. We have to share 10% of the profit attributable to Axel China. "

Xia Jingxing figured it out, if a project really made money, the money that belongs to Axel is equal to the profit part multiplied by 20%, and then multiplied by 10%, which is 2% of the profit part.

It's not too expensive to buy a vest for this little money.

"anything else?"

Xia Jingxing did not express his opinion lightly, and continued to ask.

Breyer said with a smile: "If the first fund operates well, we will not exceed 20% of the capital contribution for the second, third and subsequent funds."

Xia Jingxing felt that this guy was really cunning, compared to GP managers, LP investors made a lot of money.

Of course, GP belongs to making money with other people's money, without taking risks, and should get less.

"Aren't you afraid of losing money?"

Xia Jingxing glanced at Breyer with a teasing look on his face.

"If you can manage the first fund well, then there shouldn't be any big problems in the future."

Breyer sighed, "If Vision Capital raises funds from outsiders, I will pay directly without saying a word.

But the fund you want to operate, I guess you must not pay as much attention to it as Vision Capital. "

It's not that Breyer didn't mention investing a sum of money to Vision Capital before, but Xia Jingxing declined them all.

At that time, there was no such case as the withdrawal of the star Skype, and Breyer did not force it.

Less than half a year later, Xia Jingxing actually became a celebrity investor. Who can I ask for reason?

"Okay, I agree!"

Xia Jingxing looked at Breyer and said, "But Axel America must also promise not to invest in the Chinese market again."

Breyer thought for a while, nodded and said: "Okay, but Axel China has to do the same, promise not to invest in the US market, and not interfere with each other."

Xia Jingxing shrugged and said, "No problem, then let's make it so!"

"Daren, happy cooperation!"

Breyer smiled and stretched out his hand to shake Xia Jingxing's hand.

"Hey, by the way, where is the team you chose?"

Breyer said with a smile, "I'm going back to the United States tomorrow, and I just happened to meet them before I leave."

"People are still recruiting, and you won't be able to see them for the time being."

Xia Jingxing was also very straightforward, and he didn't want to fool Breyer on this, lest the foundation of trust be destroyed.

When Breyer heard this, he smiled, and he knew that the wingman of Axel China was not taken seriously by Xia Jingxing.

Even before the management team was recruited, he began to discuss cooperation with himself, which is evident.

Fortunately, he kept an extra eye on the first fund and chose not to invest, otherwise it might not be treated as cannon fodder.

…………

…………

the next day.

After Breyer left, Xia Jingxing came to Frame Media by appointment.

The receptionist led him into a conference room. As soon as he entered, Tan Zhi and Chen Hong greeted him with smiles, and were about to introduce the other two.

"No need to introduce, I know both of you, Mr. Jiang, Mr. Zhou, hello!"

Xia Jingxing naturally knew Jiang Nanchun and Zhou Quan, so he walked up to them with a smile and shook hands with them respectively.

"President Xia, nice to meet you!"

Jiang Nanchun was still very young at this time, only in his early thirties, and as the boss of a newly promoted listed company, he was extremely energetic.

Compared to Jiang Nanchun, Zhou Quan, a partner of IDG, is much more restrained and is not known to outsiders.

In fact, he is only in his early forties and has been active in China's venture capital market for more than ten years. He is a real industry veteran.

For Xia Jingxing, who has become popular recently, Zhou Quan didn't show any references to his predecessors in the industry, he was very polite.

After exchanging a few simple greetings, everyone sat down.

Tan Zhi glanced at Xia Jingxing, smiled and said, "Jing Xing, Lao Chen has already communicated with you. If there is no problem, we are ready to sign a contract with Focus, and then Focus will send a formal merger disclosure document to the SEC."

The price was already not low, and several rounds of negotiations were repeated. Xia Jingxing had no objection, and nodded, "Okay, let's formally sign the contract."

Yabo and several employees of the Liqiu Fund had all returned to the United States on vacation, and Xia Jingxing had no one around, so he had no choice but to go to battle himself.

Of course, after he read the agreement himself, he would fax it to the United States, and the legal department would review it a second and a third time in more detail.

In the acquisition agreement, Focus proposed a one-time payment of US$39.6 million and US$55.4 million equivalent of Focus ordinary shares in the early stage, and a one-year performance bet. After the bet is completed, it will also pay US$88 million equivalent of Focus ordinary shares. share.

It is very similar to Skype's transaction. It is a listed company acquiring a start-up company, cash plus stocks, plus performance-to-performance betting.

It is worth mentioning that in the agreement, the part of the equity payment proposed by Focus all agrees on the "number of shares" rather than a fixed "amount".

In other words, if the stock price of Focus Group rises in the future when it is delivered or can be sold, the transaction price of this merger will also rise.

Xia Jingxing glanced at Tan Zhi, who was nodding and smiling at him. They were all old capitalists, and they had already taken all factors into consideration, so the deal couldn't be lost.

Of course, it is still a bit of a loss right now, and the valuation of Frame Media is only 11 times the price-earnings ratio.

When foreign companies go public in the United States, they issue depositary shares called ADSs. This is a show operation invented by JP Morgan 80 years ago. It helped British companies to go public in the United States at that time, and it has been used ever since.

Each ADS of Focus is equal to 10 ordinary shares, which shows that the price in the stock exchange market is also the price of ADS. Based on the closing price of the day, it falls on the agreement to be 24.56 US dollars.

Based on this calculation, Vision Capital-Rainwater Fund holds a 40% stake in Frame Media, and can get a one-time distribution of 15.84 million US dollars in cash, plus more than 9 million Focus common shares. After the bet is completed, there will be 14.33 million Focus common shares a year later Shares were delivered to Vision Capital.

These newly issued stocks also have a lock-up period and cannot be sold temporarily.

After the US side confirmed that the contract was OK, Xia Jingxing signed the purchase agreement.

At the beginning of October, Focus Media and Frame Media found a luxurious hotel in Shanghai and held a grand press conference.

At the scene, Tan Zhi and Jiang Nanchun pretended to sign the contract, exchanged contracts, and shook hands with each other.

Witnessed by the media, the transaction was formally concluded.

One more successful exit case of Vision Capital!

In addition to reporting news on mergers and acquisitions, Vision Capital's precise investment and superb financial skills have once again been talked about by the media, Internet, and investment circles.

"Vision Capital China's first exit, earning 600 million from 50 million in half a year\

,""The Biggest M\u0026A Case of Chinese Media, Revealing the Real Winner Behind the Scenes for You\

,""Ax refers to the investment circle, who else! "

...

txt download address:

phone-reading: