Rekindle 2003

Chapter 528 It seems that Yanhuang is also a sieve

Qing Yun was happy when he heard this, "Old Xiong, when you compare me with these two gods, I think you praise me too much."

In 2003, Cheng Tianqiao was already a god. In any case, this figure with mixed reviews is synonymous with the game.

In 2003, Mr. Ren was already a god, and his position at the top of the top industrial companies was already indestructible.

The male pigeon suppressed his smile, stared at the young man in front of him expressionlessly, and slowly spoke, "Don't be humble. In my opinion, you are better than them in terms of strategic planning."

Waving his hand, the male pigeon clasped his fingers seriously, "Needless to say, Cheng Tianqiao's success. The 'family entertainment center' he is currently building, in my opinion, is also the direction of future development. But..."

At this point, he sneered, "But Cheng Tianqiao doesn't know what to do. You can see from his actions at the moment that although he is loud and powerful, he is at a loss in his heart."

Curling down his second finger, the male pigeon continued, "Mr. Ren is actually the same.

He built a great enterprise. A good enterprise is like soil. It can always produce good management paradigms and produce excellent talents, leading technologies, and excellent products. Even alien species can grow here. thrive on the land.

Hua Wei's projects have always been incubated. Before they come out, no one knows what they will be. "

After saying that, he raised his fingers in the air and tapped Qingyun out of thin air, "But you are different..."

The male pigeon paused for a moment, then laughed, "Boy, has anyone ever told you that your movements are not focused? In other words, you are tossing about too many things and directions."

Qing Yun smiled bitterly, "I've heard it several times recently."

The old principal said, Shi Guangyong said, the four brothers of the Qin family also taught him a lesson over the phone, and even Qin Manman and Chen Yue advised him.

The male pigeon sneered, "That's because they don't understand you."

"Do you understand?" Emperor Yun became interested.

The male pigeon nodded proudly, "I have carefully analyzed your behavior pattern in the past few months. You always have a big framework in your head, and all your business actions are constantly filled in this framework.

I can describe you with a position in the software industry, chief architect. "

Qing Yun laughed dumbly.

This is Su Caiwei's position.

"What you do seems to be very scattered, but in fact it is very focused. You are always planning around what you call the 'Internet of Everything'. Nothing is soft and cannot stand, nothing is hard and unstable, and your other things are all in Save up for all this.”

The male pigeon picked up the wine glass and clinked it with his, "How about it? I know you best. I will be your partner. I will be responsible for capital matters. You can concentrate on the business layout." .”

Qing Yun was silent for a while, then picked up the cup and touched it with him, but then said, "I like to eat alone."

The male pigeon gave him a funny look and said, "I won't give you anything for free, but I can exchange it. With so many investments from IDG, there should be something you want."

Qing Yun raised his eyebrows, "For example?"

Xiong Xiaoge took out his cigar bag and smoked a pipe to him, "How about the shares of Kingdee, the major shareholder of the listed company, in exchange for 20% of your mobile phone business?"

The financial machine and the tax control machine are a perfect match. Instead of trying to build one yourself, it is better to buy a ready-made one and modify it.

After all, Kingdee has been operating stably for so many years, which has great merits. Moreover, you are equivalent to directly acquiring the original Kingdee customers and directly occupying half of the entire market.

As long as the reputation of the financial machine and tax control machine rises, you will have priority for the company's other machine replacement needs. "

When Qing Yun heard this, she clasped her hands and placed her index fingers on the wings of her nose, kneading them up and down, then closed her eyes and thought about it.

The male pigeon didn't rush him and just kept smoking his cigar.

After a while, Qing Yun said with a wry smile, "It seems that my company is also a sieve."

Just now, he was not thinking about gains and losses, but thinking about whether the information would be leaked.

He only discussed financial software once with Zhou Yan, Fangyuan and others when he first came to Huating, and he did so after avoiding the few employees who had resigned. After that, he never mentioned it to anyone else. Within the company, his project The group has not been set up.

So...how did the male pigeon know?

Needless to say, there must have been a leaker among Zhou Yan and the others that day.

Qing Yun sighed.

He used all his strength to win the TOP battle, but he actually relied on infiltrating the inside of Song Ruhua into a sieve. It is really ironic that someone else is playing such a trick now.

Seeing this, Xiong Xiao Ge chuckled, "That's not to say, your team is quite loyal to you. I did buy a lot of information from Yanhuang's internal employees, but in this core direction, your employees, including senior executives, , but it didn’t leak at all.”

The three small staff, cashier, accountant, administration, including front desk, driver, etc., are inconspicuous positions in the company, but they are of vital importance. In particular, administrative personnel are responsible for document management, meeting organization, employee attendance, office supplies procurement, etc. Their work involves all aspects of the enterprise and is an indispensable part of the operation of the enterprise.

However, this kind of people do not have any professional barriers. Anyone can do it, so they are generally not taken seriously. Therefore, they can be bribed with a few commemorative coins, a meal or two, two bottles of wine and a few cartons of cigarettes.

By doing this, big information will not be leaked, but small information, such as where the chairman is, where he went on a business trip, who he brought with him, and the chairman's recent focus can be extracted in just one sentence.

As for higher-level intelligence, such as company documents, meeting minutes, etc., it costs thousands or tens of thousands of yuan. If you can't get it, you will pay more.

No company can avoid this situation.

But what makes the male pigeon more depressed is that small information is indeed easy to obtain, but when it comes to more important issues, it is not so easy to obtain.

Among the three small staff, the only one he can penetrate is the financial line.

The administrative line of the Yanhuang Group is completely inaccessible.

The main position is Qing Yun's own woman, and the deputy position is Qing Yun's uncle. She is also the top rich second generation in China, and her subordinates manage her very strictly.

Finance, what matters is: there are actions in operations and reflections in finances, but this is an after-the-fact reaction and not timely. He can only analyze what Qing Yun has done in the past period of time, but cannot know what Qing Yun has done. What are you planning to do in the near future and in the future?

The brat in front of him seemed to be born with a distrust of anyone, and the office system originally built by TOP Group for military industrial enterprises was directly used in the company. Copying of company information was prohibited, and the internal and external network permissions were set up seamlessly, making it a paperless office. Under the conditions, if the three small personnel want to obtain important documents, meeting minutes, etc., their permissions are simply not enough. If any unrelated personnel want to check it, the background will directly call the police.

This forced Xiong Xiaoge to focus on mining primary data. To be honest, this was the most difficult company he had ever encountered in collecting intelligence in his life.

"I analyzed it from your recruitment needs. You have recruited many people with financial-related software development experience."

The male pigeon's words made Qing Yun feel uncomfortable.

What the hell!

Can he say that the cock and the young pigeon hit it by mistake? !

He did recruit a lot of relevant personnel, but they were all for the Guanjia Po software project, not a professional financial software project.

He plans to continue the financial software project after completing the Guanjiapo software, and he is indeed planning to launch extended mergers and acquisitions in the financial software industry to shorten the time.

The goal is the ‘New Central University’ proposed by Zhou Yan and others.

Although ‘New Zhongda’ has a very low market share in the entire financial software field and prefers engineering finance, under the general trend in the next few years, he believes that this area will be the mainstream of development.

Some markets are red oceans, and some markets are blue oceans. It is self-evident which one is better to acquire a large enterprise in a red ocean or a small and medium-sized enterprise in a blue ocean.

"Kingdee is too big. All I want is a team, not a company with thousands of people. This is very detrimental to my integration."

On this point, Qing Yun's mind was very clear. Both Qin Tianchuan and Shi Yuzhu warned him again and again in this regard.

After saying that, he shook his head and said, "Don't tempt me, Lao Xiong. Frankly speaking, I won't change anything you give me.

The reason... Since you understand me, you should know that at this stage, I will not open the equity of Yanhuang Group to anyone. "

The male pigeon could only shrug his shoulders when he heard this.

Well, Yang Xu was right. This guy has a terrifyingly clear mind. At this stage, he must ensure his absolute authority and absolute control over the company.

The male pigeon sighed and started gossiping, "It's hard to do business these days."

It's not that he's moaning unnecessarily.

IDG Capital has indeed invested in and held shares in almost all high-tech companies in China. IDG Capital is behind every well-known company.

But... there are not many projects that fail in investment. According to the tone of IDG Capital's A-round PE investment, success will naturally make a lot of money, hundreds or even thousands of times of profit, but failure will completely destroy the investment.

Equity fund investment is basically a portfolio winning rate, using profits to cover losses. There is nothing to say. With the endorsement of the Ministry of Science and Technology, IDG Capital will not be unable to invest in excellent unicorn companies, so naturally it is not too worried about performance. question.

But Qing Yun knew that IDG Capital did encounter difficulties at this stage.

A fund usually adopts the form of '3+2+2'. The first three years of investment period and two years of exit period are counted as the operation period, and the second two years means the exit is postponed for two years.

IDG Capital entered China in 1998, and 2003 was the time when the exit period and extension period intersected.

In 2003, not only was China's secondary capital market underperforming, but the entire world was also in the recovery period after the bursting of the Internet bubble. Coupled with the impact of the world's epidemic of colds, the companies invested by IDG were either in the strategic stage of waiting for listing, or The post-IPO valuation is not high.

尽管纳斯达克在2003年走出了一个年化上涨49.7%的漂亮行情，但是上涨幅度是建立在泡沫破裂后修复，2000——2002年纳指连续三年的市场表现是-36.1%、-33.4%、-37.4%，底部太低，当年上涨近50%依然还是个小基数，不足2000年最高峰时的4成。

Therefore, the performance of IDG Capital’s first fund in China at this time can hardly be called outstanding.

The historical performance of the first fund directly affects subsequent fundraising, which makes Xiong Xiaoge very... depressed.

"Lao Xiong, do you think it's possible for me to save an S fund?"

S Fund, the full name is Secondary Fund, which is a second-hand share transfer fund, also known as ‘relay fund’.

It mainly invests in the private equity secondary market, which is the re-trading market for private equity. This market mainly involves the transfer of shares of private equity investment funds. In private equity investment, an S fund is a vehicle that specializes in acquiring shares of private equity investment funds held by investors from investors and then investing again.

Traditional private equity investments usually exit through IPO, mergers and acquisitions or bankruptcy liquidation. However, these methods have their own limitations. The emergence of S funds provides investors with a new exit method, allowing them to manage their investments more flexibly.

Business is just about talking.

Many times, many things just happen when everyone gets together and plays wildly in the Dragon Gate Formation, and things are done in a flash of sparks.

"I think you are drinking my blood." The male pigeon raised his middle finger.

Qing Yun chuckled. He remembered clearly all the Internet companies that would be familiar to future generations, including Tencent, Baidu, Sohu, Soufang, CreditEase, Xiaomi, Ctrip, Kingdee Software, Qihoo 360, Baofeng, Homeinns, Hanting, Dangdang, iQiyi, Meituan, Bilibili, Kingsoft, Pinduoduo, NIO... all of them have investments from IDG Capital.

And IDG is a first-round investor.

This is much better than a certain righteous cow.

"Don't be so open-minded. You don't drink blood. I'm trying to help your brother out, okay? The problem you are facing now is the performance problem. In the end, you don't just have to sell at a low price. An S fund can be perfect." to solve your worries.”

The more Qing Yun thought about it, the more he felt there was something wrong with it.

IDG is not short of money at this time, but it is short of performance, otherwise it would not be seeking to transfer Penguin's equity at this moment to beautify its financial statements.

2000年时，IDG对企鹅的总投资是220万美刀（120万美刀的投资款以及100万美刀的可转债补流），总共持有股权20%。

In 2001, Pearl Harbor Yingke sold about 1200% of its shares to MIH for US$13 million, which was nearly ten times the return on investment. This was a very cost-effective deal.

Now, in September 2003, in order to whitewash its financial statements, IDG was also forcing Pengchengma to repurchase the remaining 9% equity at a price of US$1200 million.

Looking back more than ten years later, Pengcheng Jockey Club is so happy that I can't even close my mouth, while IDG is filled with regret.

But at this moment, the feelings of both sides are completely opposite.

In 2003, Pengcheng Ma was so angry that he burst into tears. While drunk, he cursed the bitch behavior of capital.

Life is so dramatic and unpredictable.

Qing Yun, who has 20 years of experience in the future, directly opened the golden finger, "I will save an S fund to take over your IDG investment when it enters the exit period. You sell it to me at a premium of 10% of the previous round's valuation, and I will give IDG The 6.5% excess return in addition to the 10% annualized return allows you to share in the back-end returns. This is much better than forcing the founders to repurchase, right?"

"Have you heard?" Male Pigeon held a cigar and smiled playfully, "So, Pengcheng Horse has found you?"

Not surprising.

Although this guy is technically a newbie in the business world, he can't help but have money.

It was circulated some time ago that a CD player seller in Zhongguancun received an investment of 2000 million from Mr. Xiaoqing and is now engaged in e-commerce.

So, this kid is not fake now, he is still an investor, and it is normal for someone to come to his door.

Everyone knew that he had a good father-in-law.

This is the endorsement of the capital market.

And his own aura is too dazzling.

Because Liu Qiangdong received tens of millions of investment funds from Qing Yun, he is now also the darling of capital. Countless investors are waving checks and want to make a fortune with Mr. Xiao Qing.

Qing Yun was noncommittal and just shrugged, "I think there's no need for you to ruin your reputation."

The male pigeon sighed, "Business is hard to do, and I can't help it. I kept choosing, and Penguin is the most suitable one now."

"Each investment will be discussed on a case-by-case basis. In principle, the premium will not be lower than the previous round valuation, nor higher than 30% of the previous round valuation, including the projects you have invested in. When the overall five-year exit period expires, I will withdraw. In the end, the overall return of the fund will be excluding the 5% excess return of 8% annualized. It cannot be more, otherwise it will be the same if I buy it from your next home."

Qing Yun cut off the cap of the tobacco and started smoking it with a lighter.

The male pigeon felt uncomfortable with toothache.

He knew very well that Qingyun was collecting his blood.

But he couldn't refuse this condition. He couldn't survive this performance period, otherwise he wouldn't force Pengchengma to buy back.

According to the schedule, Penguin will be listed on the Hong Kong stock market next year. The number of shares held by IDG is 4.75 million shares. Calculated at 1 Hong Kong dollar per share, this is 4.75 million Hong Kong dollars. He asked Pengchengma to buy it back for US$1200 million. , in fact, he was very benevolent, and he was forced to be anxious, otherwise the entire performance period report would be too ugly.

Qing Yun's S Fund proposal is equivalent to covering all his unexited investments. He transfers all project risks in an instant, recovers all investments in an instant and cashes in the profits at the same time.

Frankly speaking, this approach is still considered niche abroad. Throughout the 90s, the total amount raised by S funds around the world did not exceed US$100 billion, and it was even zero in China.

But Qingyun has the ability to build an S fund and has a good reputation in the market.

Strictly speaking, his acquisition of TOP is itself a successful S fund transaction.

By taking over, disposing, and exiting, Shi Yuzhu, as a financial investor, made a lot of money. This is a good demonstration effect of wealth.

Xiong Xiaoge bets that as long as Qing Yun spreads the word about setting up an S fund, he can raise hundreds of billions of funds.

After so many years of re-opening, Hua Guo has gathered too much old and new money. Without Qing Yun's words, his fiancée Qin Manman could easily raise the money to buy out all the investments of IDG Capital in her club alone.

……

Please vote for me~! Recommended vote~!

(End of this chapter)