Chapter 301 IDG

night.

  Frame Media Company.

  Chen Hong introduced to Xia Jingxing, IDG partner Wang Gongquan who flew from Beijing quickly.

  Wang Gongquan is in his early forties, wearing a black woolen coat, a brown plaid scarf, and a pair of silver-rimmed glasses. He does not look like a businessman, but more like an intellectual and a university professor.

"Mr. Xia, I’ve been admiring your name for a long time. Many of my best friends in Silicon Valley have mentioned you to me, and all of them praised you as a young talent. ..."

  Wang Gongquan shook Xia Jingxing’s hand and screamed hard, making Xia Jingxing embarrassingly cancerous.

  No way, this is such a person.

   is not only an entrepreneur and venture capitalist, but also a metrical poet, the founder of the Chinese Poetry Research Institute, and concurrently the vice president of the Beijing Poetry Society.

  In his previous life, he gave up billions of wealth and family. He announced on Weibo that he eloped with a female entrepreneur. He also wrote an "Elopement Song" that was spread all over the Internet:

  Always Chunxin talks to the wind, and hates the most tiring fame in the world.

  Who sees gold and silver become a mountain and pass on for generations? Through the ages, only a piece of love is expensive!

  Langyue is cleared, the stars are with me, and the past is like smoke and waving.

  Infatuated and proud of gold, glorious like earth, smiling and dancing in the sky.

  Xia Jingxing's previous life was also stunned, did not understand what the show operation was?

  Is it a loss of morality or a distortion of human nature that caused a big business man to fall into love like a moth into the fire.

  In short, the elopement of two successful people with good looks still aroused great social attention, moved countless netizens, and made everyone believe in love again.

  Next, Wang Gongquan’s ex-wife, who shared the joys and sorrows, and the current wife of "Little Third Turned Right" all surfaced.

  The scene was once very embarrassing!

  Wang Gongquan has a deep background in the business world, and he ranks alongside Feng Lun, Liu Jun, Wang Qifu, Yi Xiaodi, and Pan Shiyi as the "Six Gentlemen of Wantong".

  In the early 1990s, I made a fortune in real estate in Qiong Province, and it is considered "old money" in China.

  Later, he left from the position of president of Wantong, joined IDG, and began to engage in VC. Later, he co-founded CDH Investment and PE with his partners.

  Even the cannon in red had to call out "Master is here" when he saw this person.

  I got mixed up to this point, and I couldn’t control myself and staged such a farce.

  As soon as the farce came out at the time, CDH Fund was immediately forced to rectify. The funders thought that the fund was going to be liquidated, which caused CDH to keep issuing announcements stating that everything in the company was operating well and would not run away!

  Later, this guy was kicked out by CDH, still restless, and continued to stage a comedy.

   was criminally detained by the Beijing police on suspicion of gathering crowds to disturb the order of public places. He went to the detention center for several months before being released on bail pending trial.

  If you want to find someone from the big businessmen to compare with him, Xia Jingxing thinks, I’m afraid it can only be a "throwing a cup to celebrate."

  Two people, some fight together!

  It's normal to say that big things have been rectified and arrested. It is normal to clean up some bad things, which makes people laugh!

  Xia Jingxing put away his thoughts, and started the basic operation—commercial exaggeration.

   "President Wang, you are a good literary talent. If you were born a thousand or eight hundred years old, the Eight Great Masters of Tang and Song Dynasties will probably become nine great masters."

  Wang Gongquan "嚯嚯嚯" laughed and praised Xia Jingxing very well.

  His external label is "Confucian merchants", plus half a poet.

  Others praise him for his good literary talent, which makes him more happy than praise for his business and investment perspective.

  At his level, simply making money, he can't get much interest anymore, and he starts to pursue spiritual pleasure!

  Chen Hong and Tan Zhi laughed awkwardly with them, because they are old friends and know each other very well, so they are not too strange, and the basic operations are not too strange.

  After a few words of greeting, the four people began to do business and signed an investment agreement.

  It's already midnight after signing the contract.

  Four people were hungry.

  Chen Hong had arranged early and took a few people straight to the booked hotel.

  Sitting in the splendid hotel box, the four of them were drinking and eating while chatting.

   talked about a wide range of topics, including investment circles, entrepreneurial circles, and so on.

  Chen Hong said with a smile: "I heard that Baidu is going to go public this year? Your IDG can make a lot of money this time. Both A and B rounds participated."

  Wang Gongquan smiled faintly, "Just so-so, it's a pity that the angel round didn't go in."

  Chen Hong stopped speaking, it is not easy to answer these words.

  Tan Zhi asked: “Penguin went public last year, does IDG regret selling its shares early?”

  Wang Gongquan nodded, showing a dignified look on his face, and sighed and said: “In April 2000, we and Yingke each invested 1.1 million US dollars and each won 20% of Penguin’s equity.

  But the user growth was too fast at that time. In order to maintain normal operations, Penguin could only use all the funds raised from financing to add servers.

  By the end of 2000, Penguin had no money in his account.

  We and Yingke both retreated at the time, but we voted, and no one took the offer.

   can only bite the bullet, and each provided Penguin with US$2 million, which was executed in the form of convertible bonds.

  Then, we made up our minds and stopped providing follow-up support to this company that only spends money without making money. We are ready to find a buyer for it, and just ask for a break-even exit.

  At that time, the Internet bubble was burst, and Nasdaq’s Internet stock price dropped.

  We found Sina, Sohu, Yahoo China, Kingdee, Lenovo, TOM...

  No company is willing to spend millions of dollars to take over Penguin.

  No way, just continue to boil it!

  Wait until January 2001, the emergence of South Africa’s MIH network brought things a turn for the better.

  Wangdawei put forward a very attractive condition, a valuation of 63 million US dollars, full cash payment, acquisition of all the shares of our two investment institutions.

  Yingke sold all 20% of its stock, cashed out 12.6 million US dollars, and left without any problems.

  The people at IDG’s Beijing headquarters were very moved.

  Because the Nasdaq has fallen into that miserable situation, investing in Penguins, in less than a year, can actually make 11 times the return.

  It’s you, will you sell it? "

  Xia Jingxing nodded. I used to think IDG and Yingke were stupid, but after substituting into the environment at the time and the operating models and characteristics of the two investment institutions, I immediately understood it, and cashing out was almost inevitable.

  Penguin was spending money like water at the time, and Bonima could not wait for the number of users of QQ to decrease quickly, so that Penguin could buy a little less server.

  At the same time, it caught up with the dot-com bubble.

  Selling Penguin stocks is actually very correct according to the general investment logic.

  It can only be said that South Africa’s MIH has taken too long a vision, as if it has seen through the future.

  In that case, he dared to spend $32 million to take over the old stocks sold by Penguin’s original shareholders.

  Forget it after investing. I have held it for nearly 20 years. I haven't reduced my holdings much, and finally created an investment myth.

  This patience, few people in the world can have.

  You should know that Penguin went public in 2004, and before the rise of the game business in 2007, the stock price rose slowly in the first two years of listing, and even fluctuated and declined.

  General investment institutions will close when they see a good deal and withdraw directly.

  Because the closed period of some funds is only three or five years, the time is approaching, and dividends must be paid to shareholders, so they can only reduce their holdings and withdraw.

  South Africa’s MIH is different from general venture capital. There is a parent company with a market capitalization of more than 4 billion US dollars behind it. It is all self-owned capital investment, naturally there is no exit pressure, and it can be held flexibly for a long time.

  In the view of Xia Jingxing, South Africa’s MIH investment in Penguin is more powerful than SoftBank’s investment in Ari.

  Because Ari has benchmarked Amazon and eaby in the United States, e-commerce was recognized at the time as more promising than instant messaging.

  Moreover, MIH in South Africa adopts the method of buying old stocks. At its peak, it held half of Penguin's equity.

  Wang Gongquan continued: “At that time, Wang Shu of the Pengcheng branch was very opposed to the sale of all Penguin shares. At his insistence, IDG only sold 12.8% of the shares and left 7.2% of the shares.

  In addition to buying shares from our two investment institutions, MIH in South Africa also bought 13.5% of the shares from Penguin’s management.

  Except for Bonima, the other founders all sold some shares. At its peak, MIH held 46.5% of Penguin.

  In 2003, Penguin wanted to go public and found that the shareholding structure was unreasonable, so it repurchased the 7.2% equity from us.

  The price is not bad, I made 60 times and sold for more than 23 million U.S. dollars.

  In addition to the more than 8 million U.S. dollars that sold the 12.8% of the shares before, IDG has recovered more than 31 million U.S. dollars in total, and made a net profit of 30 million U.S. dollars, which is much more than Yingke.

  The current market value of Penguin is almost US$1 billion. If that 20% of the equity is held until now, even if it is considered that the IPO will be diluted by a quarter, it will still earn 1.2 US dollars less.

  It would be nice if we could be more determined at the time, earning 120 million US dollars, which is equivalent to one billion yuan. "

  Wang Gongquan couldn't help shaking his head and sighing when talking about one billion yuan.

  Chen Hong and Tan Zhi also sighed.

  Xia Jingxing didn't say anything, there are more than ten small goals, and three zeros less.

  IDG is still a little regretful at present, and I will know in the future, what a painful comprehension is what it means!

  Wang Gongquan finished several IDG cases, and then began to inquire about the investment cases of Hanergy and Envision Capital.

  Chen Hong and Xia Jingxing shared generously.

  In the investment circle, there are frequent exchanges between peers.

  It doesn’t work for a person behind closed doors. They all like to have a little collision of thoughts.

  "I rely on, brother Jingxing, you also invested in an electric sports car? An electric sports car? Is it fast? Can you run?"

  Wang Gongquan was very familiar with himself, and soon became brothers and sisters with Xia Jingxing.

  Xia Jingxing smiled, "Of course I can run. It only takes four seconds to accelerate to 100%. The cruising range is currently up to 400 kilometers.

  Now that all the problems have been overcome, mass production will begin this year. "

  Wang Gongquan was tickled and asked, "How much does this car cost?"

   "About hundreds of thousands of dollars!"

   "Oh, that's not expensive, it's only more than one million yuan."

  Wang Gongquan smiled and said: “When the mass production is over, you have to reserve one for me. I also want to experience it.

  This kind of car, driving on the street, will definitely have a high rate of turning around, and it will show off in front of the girl. "

  Xia Jingxing knew that this old man was an old and undecent kind, and it was no surprise.

  He currently doesn't know any business tycoons in China. Wang Gongquan is willing to buy Tesla, so he can't ask for it.

  There are big bosses who bring goods, that is, live advertisements for walking.

  Chen Hong and Tan Zhi saw Wang Gongquan express their views, and they also spoke out, saying that they would also order a Tesla.

  The three also said that if the car experience is good, they should recommend it to the entrepreneurs and venture capitalists around them.

  Xia Jingxing repeatedly thanked him and sighed that the meal was not in vain.

  The meal is over, the day is almost over, and the four are about to leave.

  At this time, Wang Gongquan proposed to go to the club for a massage.

  Xia Jingxing went to wash a bare foot, and then went back to the hotel.

  The three old men still stayed in the clubhouse.

  (End of this chapter)