Chapter 885 Difficult to evaluate

   "In fact, by observing the development of Temasek, we can draw many conclusions and references.

This sovereign wealth management fund was established in 1974. The Po County government injected all the assets of state-owned enterprises held by Temasek at that time. The purpose was to enable the Ministry of Finance to focus on the core role of decision-making and supervision, while Temasek upholds business operations as the first To hold and manage these investments, highly market-oriented operations.

Temasek controlled dozens of wholly-owned subsidiaries, and then through foreign equity investment, controlled hundreds of companies, and gradually formed a large state-owned state with up to six organizational levels of property rights management from the government to the parent company, subsidiaries, and branches. Enterprise Group.

  Our country has also learned from this Temasek model in the reform of state-owned enterprises. "

  Lou Wei nodded slightly, "Yes, we have learned a lot from Singapore's experience in the process of reopening."

  Xia Jingxing slowly said: "Temasek has been in operation for more than 30 years, and its commercial tentacles have also extended from China to foreign countries.

  At home, they don’t care about holding investment or financial investment, but abroad, the identity of sovereign wealth funds is very sensitive and can only play the role of financial investors.

  Benefiting from years of business operation experience, Temasek has a mature investment team in-house and fully understands the commercial laws of various countries, so they generally invest directly in them. "

  Lou Wei smiled, “CIC has just been preparing for its establishment. It is because we feel that we are not experienced enough, we plan to select external fund managers and entrust the funds to them.

  Direct investment business will temporarily slow down, wait for the team to mature and have a certain amount of experience, and then start to develop. "

  Xia Jingxing smiled and said, “Yes, I think this method is extremely correct. With the size of China Investment Corporation, it is naturally impossible to invest in start-ups like VC institutions. Without so much energy, indirect investment is better.

  Even direct investment should be mainly invested in mature enterprises. "

  Lou Wei smiled and nodded, adding: “Because foreign exchange reserves are mainly in U.S. dollars, direct investment will be dominated by large overseas companies.”

   Hearing this, Xia Jingxing read out some key information. The above should be to allocate a large amount of overseas assets and not plan to invest a lot in China. This is to ensure that foreign exchange reserves are not consumed.

  He is not good to comment on this. After all, the above ideas are quite good. Foreign capital comes to China to make money, and we also go abroad to make money. The foreign exchange reserves will not decline, and will even increase.

  But, foreigners are not as good at earning money as they thought, and there are many pitfalls.

  Moreover, the potential of domestic technology companies is worth exploring, and the rate of return on investment is far higher than that of overseas investment.

  "Science and technology entrepreneurship in China has been very popular in recent years, but limited by policies and the environment, venture capital institutions are mainly based on US dollar funds.

  The representatives of the venture capital industry present today, including us, the funds managed by LP are all from foreign university endowments and pension funds.

  Strictly speaking, most of these technological development dividends have been earned by foreign capital. "

  Hearing this, everyone was shocked!

  Xiong Xiaoge even opened his mouth, really dare to speak!

  Zhang Fan chuckled in his heart, thinking that he would definitely want to eat and hang off. It’s up to you Xia Jingxing to be able to bear it. Will the above questions be unclear?

  Chen Hong was a little nervous. He had repeatedly told this little brother before, but the result was still so open and straightforward.

  He couldn't help but look at Lou Wei's expression. The latter looked as usual and even smiled: "In fact, we are also aware of the questions you have responded to.

  As soon as you come, as you just said, we have no experience in this area;

  Secondly, the scale of funds managed by CIC is too large to have the energy to make early-stage investments.

  China is now opening its market, and foreign investment is welcome, and it is impossible to keep foreign investment out of the science and technology field.

  However, we will definitely pay attention to the opinions you have reflected.

  Calling everyone here today, in fact, there is also such a consideration. We plan to transfer a small part of the funds to domestic VC institutions to manage, so as not to miss the development dividend of China's technology industry. "

  Hearing this, Zhang Fan and Xiong Xiaoge were all happy at once. Doesn't this mean that they also have a chance.

  Xia Jingxing is far from being as optimistic as some of his colleagues, he hasn't got a point in his mind, and Lou Wei's answer can't be completely taken seriously.

  The name of venture capital has the word "risk". This is to take money to take risks. Do you dare to take foreign exchange to take risks? Who dares to take responsibility?

  “In fact, venture capital does not have as big investment risks as the outside world imagined. A fund usually diversifies its investment in dozens of projects, and the cost is recovered after one or two projects.

  After long-term operation, mature VCs have a set of mature play methods in pre-investment investigation and post-investment management, and the risks are controllable. "

  Hearing that Xia Jingxing was still talking about this, Lou Wei gradually tasted it. The other party wanted to persuade him to invest heavily in domestic VC funds.

He thought for a while and replied with a smile: "We have a set of selection criteria. Envision Capital and the investment institutions represented by all present can submit application materials to China Investment, and pass the initial evaluation, re-evaluation, rate negotiation, and contract negotiation. Later, they will all have the opportunity to receive capital injection from China Investment Corporation."

  Hearing what the leader said, Xiong Xiaoge, Zhang Fan and others all smiled on their faces. They felt that Xia Jingxing finally did a good thing this time, and maybe they could follow along and share a piece of the pie.

  Xia Jingxing smiled on the surface, but he was still a little skeptical in his heart.

  However, the investment strategy involving 200 billion US dollars in foreign exchange, such a big matter, he only has the right to make suggestions, and even the right to make suggestions is very limited. If he wants to listen to the above, he can't decide, he can only say that he has tried his best.

  Even if his suggestions were finally adopted above, he was not qualified to intervene in the selection of external fund managers, and the expert jury would not want him because he was not independent enough. What if he should be retaliated against competitors?

  Thinking of this, Xia Jingxing was also relieved, some things could not be stopped at all.

  But it doesn’t matter. If CIC is unwilling to invest heavily in VCs and domestically, it’s better to invest more by itself.

   "President Xia, I actually want to hear your views on the overseas financial investment market." Lou Wei said with a smile.

  "Foreign investment, Vision Capital is mainly divided into two major business segments, VC and hedge funds..." Seeing that Lou Wei is not interested in VC, Xia Jingxing focused on the hedge fund business.

  After listening, Lou Wei nodded without saying much, and then named Xiong Xiaoge again.

Following Xiong Xiaoge, Zhang Fan, Yan Yan and others also spoke in turn, and they all wanted to make a good impression on the "big boss" who is in charge of 200 billion US dollars in the domestic venture capital industry.

  However, because Xia Jingxing took up too much time, the others only got a minute or two to speak. After Lou Wei asked a few questions, it was the next person's turn, which made them feel that they hadn't expressed their tactics.

   Soon, this forum of providing ideas and suggestions is over.

  Under the leadership of the staff, Xia Jingxing, Chen Hong, Zhang Fan, Xiong Xiaoge and others formed a team and left.

  As soon as they walked out the door, a group of people came to face each other.

  The leader is Liang Miansong, behind him are Su Shimin, Mai Jinheng and several foreigners.

   Both teams noticed each other, but the occasion was wrong, so they didn't say hello. Only an old friend, Mai Jinheng, nodded to Xia Jingxing.

  Xia Jingxing feels not very good. Mostly Liang Miansong matched the bridge and found two "potential" overseas projects for CIC.

  Blackstone will be listed soon, Morgan Stanley Megatron Wall Street, this must be a good project to make money! Most people should think so.

  Xia Jingxing sighed slightly in her heart, she couldn't control it, let's take care of ourselves! To do a good job in one's own industry is to contribute to the building of the country.

  As soon as they walked out of the Great Hall, Zhang Fan, Xiong Xiaoge and others parted ways with Xia Jingxing, and left with a smile.

  Chen Hong had a calm face and did not speak the whole time. When he got into the car, he couldn't help but said: "You shouldn't say so much today. Industry and policy are not clear on the above? I need your reminder."

  Xia Jingxing smiled slightly: "Let’s talk about it, what if they can change their investment strategy?"

  Chen Hong sneered, "You think too much, which green onion do you count? That is the country's money, and you are qualified to make a decision?"

   "The 200 billion US dollars is also one of my 1.3 billionth!"

  Xia Jingxing actually knew that she might not have enough weight, but she couldn’t help but want to give it a try.

  Imagine that if the state indirectly invests in dozens or hundreds of unicorn companies, isn’t it better than investing in Blackstone and earning only one Yu'ebao in the end?

  Only when the country is strong can the people live and work in peace and contentment.

  One in 1.3 billion!

Chen Hong sighed with emotion in his heart, and his tone eased a little: "Hey, you are still too young and your heart is too high! This is also a good thing, blood is not cold! At my age, there is only a belly of Feiying Gougou! "

  Xia Jingxing faintly said: "Try your best, I will be able to live well in my heart!"

  Chen Hong shook his head, "But your price is too high. Team Leader Lou has already asked like that. Obviously, he wants to make a big splash overseas. What do you mean by saying domestically?

  Don’t you know the return on investment of Envision Capital in the US market? That is a dollar asset, just what they want.

  Hey, I don’t know what to say. Are you troubled with money?

  If you do this, it is a big loss of points. Maybe you lose the quota of a stable external fund manager. "

   "Whatever, there is no shortage of money. American investors still follow our hedge funds."

  Xia Jingxing doesn’t care about CIC’s investment in their hedge funds. What he really hopes is that CIC can change some of its investment strategies, not to mention starting from the domestic market and going overseas steadily. At least the domestic and foreign markets are equally important.

  I am investing heavily overseas now, and I must pay tuition fees.

  Chen Hong waved his hand, "Alright, let’s not talk about this. You do have arrogant capital. As long as your eyes are not blind, you should give Envision Capital a place."

   "By the way, why do you think that CIC does not attach importance to the domestic market? Leader Lou said, it is necessary to select domestic VC institutions."

  Xia Jingxing suddenly became a little curious about this matter. Lou Wei's words were not leaking, and no one could guess his true thoughts.

  Even he also has memories of past lives, and he met Su Shimin, Mai Jinheng and others on the road, which concluded that CIC’s investment strategy is still on the path of past lives.

  Chen Hong sighed: "You think I am Zhang Fan and their idiots. Hanergy has recently been in contact with Yuzhou related units. Regarding venture capital, these local yamen are always careful and careful. There are constant moths, let alone China Investment.

  The high probability is that VC institutions will not be selected as external fund managers, and it is difficult to say that the domestic market is willing to devote some energy to pay attention. I guess it's because I want to make a lot of money overseas! "

  Xia Jingxing was silent, Chen Hong basically got it right, and he would suffer a lot if he rushed for quick success.

  Why did he mention military training? Why did he take Temasek as an example? Didn’t he want to remind CIC to invest cautiously?

  As a result, Team Leader Lou seemed to be admonishing, but he turned around and started negotiations with Blackstone and Morgan Stanley.

  You must know that at this time, the 200 billion funds have not been allocated, and the company has not officially listed, which means that we can’t wait to invest billions and billions of dollars.

  Difficult to evaluate!

  (End of this chapter)