My 1999

In the reception room on the second floor of Taoyuan Villa in Hangzhou.

Xu Liang picked up a cup of tea and placed it in front of Shen Nanpeng.

"Why did you come to Hangzhou?"

"I am going to attend the Internet Entrepreneurship Conference held in Hangzhou in three days to see if I can meet any potential companies. I heard that you are also here, so I came here. By the way, didn't Mr. Xu Hangzhou invite you to attend?"

“I was invited, but I declined.

The Internet Entrepreneurship Conference in Hangzhou is just a local meeting, mostly targeting start-ups, so it is not very interesting. ”

"I heard from Mr. Jiang that your Shanghai office performed very well last year, investing in more than 30 companies with great potential, including Ganji 58 Group, Tudou, Dianping, AutoNavi, Kangsheng Chuangxiang, Kugou, Xunlei, Country Style, UC Browser, Xueersi, Offcn Education, Noah Wealth, iKang Guobin, 7 Days Inn, Aier Eye Hospital, etc.

And half of them entered the B round and were valued at over 100 million US dollars!

very nice! ”

Xu Liang praised.

As expected of the entrepreneurial godfather he had tried every means to keep, Shen Nanpeng was one of the best in the country in terms of both management ability and investment vision.

"Thank you for the compliment. Without the foundation you have laid for Hanhua over the years, we would not have been able to get so many good bids so easily."

"Haha, we are all family, so let's not be polite.

By the way, do you have enough money? ”

Hanhua Shanghai Office manages US$3.3 billion, an incubator, nine venture capital funds, five private equity funds and a real estate fund.

"It's not enough anymore. I discussed with Sun Ying and others and decided to raise another $1 billion in venture capital funds."

"Under the impact of the subprime mortgage crisis, the global economy is now slowing down. Can you invest all of your $1 billion venture capital fund in the next year?"

"Mr. Xu, it is precisely because the world is suffering from the impact of the US subprime mortgage crisis that we should raise funds.

When others are cautious or even hesitant, we should be more proactive.

This is the only way to obtain more high-quality targets at a sufficiently low price. ”

Xu Liang nodded slightly.

I am fearful when others are greedy, and I am greedy when others are fearful!

It’s an old trick.

The key is to accurately grasp the trend, as only a few people succeed in bottom fishing.

"Since you are determined, then submit a fundraising request to the headquarters. However, it is limited to venture capital, private equity and real estate. All are suspended."

"OK."

Xu Liang continued: "Aier Eye Hospital is a good target, how come you only get 3 points of shares?"

The ophthalmology industry is well-known to be a lucrative industry, and Aier Eye Hospital is a star enterprise among them.

Of course he didn't want to miss this target.

"The business of this ophthalmology hospital chain is already very mature, and it is expected to be listed next year. They are not short of money, and Fortune Venture Capital is also vying for it, so they prefer to take Fortune's money."

Worried that Xu Liang didn't understand the network of relationships behind Dachen, he also explained:

"Dachen's shareholder and LP is China Media Group, which is a subsidiary of Hunan Radio and Television Group, while Aier Eye Hospital started in Hunan Province."

Xu Liang: "Mango TV is really a big company with a lot of business, and it is also doing well in the field of venture capital."

"Dachen Venture Capital is a local Chinese VC. Last year, Tongzhou Electronics, a company they co-invested with Shenzhen Capital Group, was listed on the A-share market. This was hailed as the first successful case of a Chinese local venture capital company exiting the domestic capital market. It was a milestone, greatly boosting the morale of local venture capital institutions and making Dachen Venture Capital famous in the industry."

Xu Liang nodded slightly. Since Hanhua is a US dollar fund and registered in the Cayman Islands, formally speaking, they are not a local VC but a foreign institution.

Shen Nanpeng continued, "Because of this relationship, Aier Eye Hospital couldn't refuse Dachen Venture Capital. Finally, after some communication between us, we and Dachen each invested 8 million yuan in Aier Eye Hospital, each holding 3% of the company's shares."

"It's valued at just over 200 million yuan. Even if it's successfully listed next year, the market value won't be that high. We can transfer the equity to 'Jupiter Fund' and let them manage the A-share listed assets."

There is also Hengrui Medicine, which is also a good company, but it was listed on the A-share market a few years ago. ”

Xu Liang frowned slightly, feeling a little regretful.

He is familiar with both companies.

However, he no longer cares about the company's specific investment business.

Otherwise you will never miss it.

"The industry research report that I worked so hard on cannot be wasted. Send a copy to the New York and Shanghai offices. I'll ask them to follow up."

Shen Nanpeng nodded and said, "We recently talked to people from Hikvision, and they said that Kunlun Industries is also contacting them."

"Car crash?"

Xu Liang smiled and said, "That's perfect. You two families can invest together."

"It's not that simple. Hikvision is a state-owned enterprise. The founder does not hold any shares. An angel investor named Gong Hongjia holds 49% of the shares, and the remaining 51% is held by China Electronics Technology Group.

They don't plan to accept venture capital and want to go public directly.

But if it goes public, the founders must have some shares, right?

This is where the problem comes in..."

Through Shen Nanpeng's description, Xu Liang gradually learned the inside story of Hikvision.

The company was founded in 2001 and was influenced by the 9/11 incident. The country began to pay attention to the security monitoring field and encouraged state-owned enterprises to invest and set up factories.

In this context, China Electronics Technology Group Corporation 52 Institute, relying on its early research on digital video compression board technology, laid off 28 engineers and established Hikvision.

Hikvision’s current general manager Hu Yangzhong and chairman Chen Zongnan are the leaders of these 28 people.

Angel investor Gong Hongjia was a classmate of the two when they were studying at Huazhong University of Science and Technology.

Because of this classmate connection, Gong Hongjia invested 2.45 million yuan in Hikvision, accounting for 49% of the shares, and the project was valued at 5 million yuan.

Xu Liang laughed and said, "He dares to invest in a project that is controlled by a state-owned enterprise and the founder does not hold any shares at all. He is really brave."

"That's right. At that time, Zhang Suyang of IDG and Li Zhu, the founder of Usee.com, had both seen Hikvision, but neither dared to make a move."

Speaking of this, Shen Nanpeng sincerely praised: “This Gong Hongjia is really courageous, and the founder of Hikvision is really indifferent to fame and fortune, and he works so hard without taking shares.

However, no matter how indifferent they are to fame and fortune, it is impossible for them to remain indifferent when they see their old classmates and old employer China Electronics Technology Group Corporation making a fortune from the IPO while they can only receive a meager salary.

This company was built by them single-handedly. 28 people from China Electronics Technology Group Corporation contributed to the company in the early stage. Even the financing was sought from their old classmates. The subsequent R\u0026D and market were also taken over bit by bit by them and their people.

If the listing has nothing to do with them and they cannot get even a tiny bit of the profit pie, anyone would feel resentful and disappointed.

If this thorny issue is not handled properly, Hikvision's founding management team may fall apart, and it is possible that the company will collapse on the eve of its listing. Even if the listing is successful as planned, it is hard to say how the company will develop in the future. ”

Xu Liang nodded slightly. "The founders have built up a company by themselves, and only they know best how to develop it. Now that it is about to go public, one mistake may indeed cause severe turmoil to the company.

It is also simple to solve this problem. Is China Electronics Technology Group Corporation willing to give them some equity incentives? ”

"That's exactly the problem!"

Shen Nanpeng shook his head and said, “CETC is a state-owned enterprise. If we are not careful, we will easily be blamed for the loss of state-owned assets.”

Xu Liang frowned and said, "He brought 28 people to build a quasi-listed company, so it's okay to reward him with a few points of shares, right?

Moreover, in the share reform a few years ago, 35% of the shares of Liangxin Company were distributed to employees, right? ”

"That's a special case. Is the average person's financial skills as strong as Liu Chuanzhi's?"

Xu Liang smiled and nodded.

“That’s true. Although the old man doesn’t do things in a proper manner, his methods are not bad.

The conscientious company has built an iron wall inside, and all the executives are vested interests.

I heard that Academician Li was not driven out because of the dispute over the policy line, but because he reported Liu Chuanzhi for lending the company's special loan to a Hong Kong businessman of unknown origin to purchase shares of Hong Kong Conscience Company?

Later, Hong Kong Conscience Company suffered heavy losses and became a penny stock.

In this case, Liu Chuanzhi did not divest the junk assets, but instead injected the Beijing Conscience Company, which had good performance and the ability to be listed independently, into a Hong Kong listed company. The stock price soared, and that wave of Hong Kong businessmen successfully untied themselves and made a profit of up to 10 billion Hong Kong dollars? ! ”

Xu Liang shook his head with a mocking look on his face. "Forget it. Today is a rare good day. Let's not talk about these bad things. Let's continue talking about Hikvision."

After Shen Nanpeng nodded, “When the major shareholder was unable to smoothly come up with equity incentives, I heard that Gong Hongjia, the second largest shareholder, planned to conduct equity incentives on behalf of the major shareholder and transfer 15% of the equity to Hu Yangzhong, Chen Zongnian and other management and core technical personnel at an initial capital investment price of 750,000 yuan.

You are wrong. Chen Zongnan does not want shares. He chooses to continue working in the system and become the representative of China Electronics Technology Group Corporation in Hikvision. ”

"The second largest shareholder acts on behalf of the major shareholder to provide equity incentives?" Xu Liang asked in surprise.

Shen Nanpeng nodded and said: “When I first heard about it, I was also shocked, what kind of magical operation is this?

But if you think about it carefully, you will find that the other party's plan is really big. Even if these shares are transferred at a low price, Gong Hongjia will still have more than 30% of the shares.

A company with a market value of 1 billion, holding 49% of the shares;

A company with a market value of 10 billion, holding 34% of the shares.

If you were in my shoes, which one would you choose? ”

Xu Liang chuckled, "It sounds easy, but doing it is another matter.

For a quasi-listed company, making money is almost foreseeable. At this time, Gong Hongjia gives up immediate interests to pursue long-term interests. He is truly a character! ”

Shen Nanpeng smiled and said, “Anyway, I admire him very much. He invested in a startup company that is state-owned and the founder holds zero shares. He knows how to divide the cake when it is about to go public. He has courage, wisdom, and decisiveness. He is a man who can get things done.”

Xu Liang smiled but said nothing. He remembered that in his previous life, the media had revealed that Gong Hongjia’s return on investment in Hikvision was as high as 30,000 times.

It is listed as a god-level investment along with several angel investment cases such as Xia Zuoquan's investment in BYD which made him 50,000 times profit, and Wang Gang's investment in Didi which made him 7,000 times profit, and it ranks among the best in the history of venture capital in the world.

"Now that the issue of equity incentives has been resolved, Hikvision will go directly to the stock market next."

Shen Nanpeng: “If you really want to invest, either talk to Gong Hongjia about the transfer of old shares, or wait until the company goes public before investing.”

Xu Liang: "Then talk to him. It doesn't matter if the price is a little higher. Try to buy more old shares."

"What about Pengcheng? Are both of our companies buying old shares?"

“They will withdraw temporarily, and when the financial crisis breaks out and Hikvision’s listing plan is shelved, Kunlun Industrial will restart negotiations with Hikvision.

Security monitoring is an indispensable part of Kunlun Industry's future strategies such as smart homes and smart cities, and there is a great need for such a cooperative enterprise to provide solutions. ”

The latest novel is published first on Liu9shuba!

Shen Nanpeng smiled and said, "Are you so sure that Hikvision won't be able to go public?"

Xu Liang did not intend to keep any secrets from his own people. He talked about Hanhua’s New York office’s data analysis of the financial market and the serious problems reflected behind it.

Shen Nanpeng’s expression also became serious.

He knew the subprime mortgage problem was serious, but he didn't expect it to be so serious.

"So now we're just waiting to unveil the lid?"

“Yes, we must be prepared to resist financial risks.”

Shen Nanpeng nodded slowly, his eyes thoughtful.

"What are you thinking about?"

"Mr. Xu, maybe we should hold a 'Hanhua Enterprise Annual Meeting' as soon as possible to bring together the founders of all the companies we have invested in.

Taking resisting financial crisis as the topic, we will talk about how enterprises can avoid risks, reduce losses, and even expand markets against the trend during the financial winter.

If we can help entrepreneurs learn something and protect their companies from losses or reduce losses, we as shareholders will also benefit.

At the same time, the post-investment management system we have created can be further improved to allow entrepreneurs to feel real help.

Maybe after this battle, Hanhua’s reputation and brand will be further elevated!

While other startups were on the verge of death due to the financial crisis, our invested companies still had the energy to seize the market.

In the venture capital market, there is no better promotional material than this!

This is a manifestation of soft power. ”

Xu Liang hesitated for a moment and smiled, "Old Shen, your idea is very good. I'll talk to Mr. Jiang when I get back and make this a done deal as soon as possible."

"Um."

Looking at Shen Nanpeng, Xu Liang had some other thoughts in his mind.

With his talent, it's a bit of a waste for him to be in charge of only one office in Shanghai.

If he is to be in charge of the entire Hanhua private equity business, Liu Zhiping, who has more experience and is not bad in ability, needs to be arranged first.

This involves changes to the entire Hanhua management system.

He had to communicate with Jiang Xiaoyang first, as she knew more about the personnel affairs within the group than he did.

After the two discussed the specific procedures for holding the 'Hanhua Investment Enterprise Annual Meeting' for a while, Shen Nanpeng suddenly said: “By the way, Mr. Xu.

The entrepreneurship incubator received an application for a project, which was very interesting. It was a small tool for connecting and managing Kunlun K1 with a computer. ”

"A gadget that connects Kunlun's phone to the computer? Since you specifically asked for it, it seems that this gadget is not ordinary."

“It really has potential.”

Xu Liang immediately became interested and asked Li Jinling to bring a Kunlun laptop from the side and started to demonstrate it to him.

Shen Nanpeng first took out his Kunlun K1 mobile phone, then connected it to the computer with a data cable and logged into a software called "fx pc suit".

The software UI is very simple and it looks like a shoddy product.

But the functionality is not ambiguous at all.

Shen Nanpeng quickly operated the mouse a few times and copied the pictures and memos in the mobile phone to the computer.

Xu Liang understood and asked, "Is this software designed for the problem that our mobile phones cannot directly transfer information to computers?"

"Yes, it's just a little gadget. If Kunlun Mobile wants to add such a software, we can arrange a few people to make it in a week. There is no technical threshold."

At this point, Shen Nanpeng changed the subject, “However, what I value is not the software, but the young man who developed the software.

He noticed a problem that thousands of people at Kunlun Mobile had not considered.

With the addition of this software, it will be much more convenient for Kunlun mobile phone users. ”

Xu Liang nodded slightly. They had indeed neglected this issue.

Nowadays, feature phones and so-called semi-smart phones on the market all have a memory card. If users need to transfer information stored on the phone to a computer, they can pull out the memory card and insert it into a USB flash drive, and then copy the information to the computer via the USB flash drive.

The Kunlun mobile phone has not been designed with an expandable memory card slot since its birth, so naturally it is impossible to insert an SD card.

"The young man who developed this software is called Xiong Jun, he is only 25 years old and is a junior manager of a Taiwanese ERP software company in Ludao.

According to him, he is a loyal user of Kunlun mobile phone, but found that he could not copy the photos and memos in the phone to the computer.

In order to solve these problems, he used his spare time to write several small programs, which he uploaded to Weiphone.com one after another starting from October. He eventually integrated the functions of these tools and developed a tool called "fxpcsuite".

This tool is very popular among netizens. In just one month since its launch, it has accumulated more than 200,000 users on the Penguin platform alone.

Some time ago, Liu Jiande, chairman of NetDragon, noticed this software. He then sent his assistant to find Xiong Jun, invited him to visit NetDragon, and offered to purchase the software for RMB 100,000.

Xiong Jun was somewhat tempted, not because of the 100,000 yuan, but because of the big platform of NetDragon.

NetDragon is now listed, while the Wanwan company where he works is just a small company.

This guy went to a very ordinary university, majoring in accounting, and taught himself computer technology.

Through normal recruitment channels, it is basically impossible to enter large IT or Internet companies. ”

Xu Liang smiled slightly. Hearing this, he remembered who Xiong Jun was, the founder of 91 Assistant.

"Then why did he contact you again? And he wants to join our incubator?"

Shen Nanpeng smiled and said, "This guy is quite smart. He knew the relationship between Kunlun Mobile and Hanhua, so he did not rashly agree to NetDragon, but submitted an application to Hanhua Magic City Entrepreneurship Incubator. I'm afraid he wants to wait for the price.

If we hadn’t responded, he might have chosen NetDragon. ”

Xu Liang nodded slightly. As far as he knew, Xiong Jun did not have so many choices in his previous life. He chose to switch from that small company in Taiwan to NetDragon without hesitation.

After joining NetDragon, the other party did not receive much attention. He brought several new programmers assigned by the company and developed 91 Assistant based on the small tool software.

Later, as the traffic of 91 Assistant soared, mobile app stores began to be hailed as the portal to the mobile Internet, and NetDragon really began to pay attention to this software.

At this time, Xiong Jun had a fierce conflict with NetDragon’s senior executives. Xiong Jun left 91 Assistant, which he had founded and brought up, and resigned from NetDragon with a few people to establish 91 Assistant’s similar product, Syncios. He also received angel investment from Li Guanfu and Cai Wusheng, and later sold Syncios to a Taiwanese company for more than 1 billion Chinese yuan.

Needless to say, 91 Assistant set the largest merger and acquisition record in the history of China's Internet, making Baidu pay a heavy price.

Xu Liang was thinking about how to arrange for Xiong Jun, whether to support him to start a business in an entrepreneurial incubator, or to let Kunlun Mobile acquire his software and recruit him to Kunlun Mobile Company.

Shen Nanpeng had similar ideas to Xu Liang. He asked, "Boss Xu, do you think we should acquire Kunlun Mobile Phone along with the people and software, or let Xiong Jun become a student in our startup incubator?"

After a little thought, Xu Liang said, "Stay in the incubator."

This result surprised Shen Nanpeng.

He thought the big boss would let Kunlun acquire it. After all, this software would be of great benefit to the promotion of Kunlun mobile phones.

Xu Liang said: "The Kunlun fx2 that will be launched next will be equipped with the mobile phone manufacturer's application store, which will completely solve the defect problem of connecting mobile phones and computers. There is no need to purchase a small software.

It is difficult for this type of small tool software to develop into a large company and it can only become a vassal of the giants.

When major companies launch their own mobile assistants around the mobile Internet, competition in this field will become increasingly fierce.

As time goes by, the winners and losers will gradually become clear. Except for one or two Internet giants with countless traffic, other companies will be eliminated.

Of course, this does not include mobile phone manufacturers that come with their own app stores. ”

Shen Nanpeng thought for a moment, the boss's thinking jumped too fast, from a mobile phone and computer connection management software to the mobile app store.

He roughly understood what his boss meant, which was that the app store on smartphones would develop into a download portal and traffic portal, becoming a battleground among giants.

It seems like we have really found a treasure!

"Old Shen, please come and visit me more often when you have time and bring me some good news." Xu Liang said with a smile.

"I want to, but good projects are rare."...

The two chatted until the evening, and Xu Liang invited him to have dinner before personally seeing him off.