Facing Bellankefen's question, Zhang Chen waved his hand, "I'll finish the overall idea first." After the separation of these three parts, Tinder will set up an offshore company in Cayman, which will be used as the parent company to control its enterprises. ”

"In this way, the relationship between our three parts of the business is progressive, and at the same time, it has become complementary. Venture capital is still our main business, and with our excellent performance, we can raise more capital for our PE business, while our investment banking business is a beneficial support for our cash flow, and will receive feedback from the other two parts of the business, ensuring that our position in the entire banking industry can be steadily improved. ”

"In this way, we have formed an effective closed loop at the capital level, which has both the ability of self-hematopoiesis and the potential for external expansion. ”

Belankefen pondered for a while, "Boss, that sounds good, but there's a key issue here, and that's our venture capital business. Your idea of adjusting the overall structure of Tinder Source is completely based on the premise that the venture capital business can continue to make profits, and the profit amount is huge. But everyone knows that since it is a venture capital, the risk comes first, and if we bet all on venture capital, it seems that it is not so safe. ”

Zhang Chen laughed and said: "Lauerde, I really didn't choose you wrong, you are right, but you ignored one point." ”

Blancfin looked questioning.

Zhang Chen smiled confidently: "Lauerde, think about it, all the companies we invest in now, have they failed so far?"

Bellankefen recalled, his face changed slightly, he really didn't notice before, since the establishment of Tinder Source for more than half a year, more than a dozen projects have been invested, and none of them have entered the liquidation stage until now.

Amazon is close to going public, Ebay is now also seeking a listing process on the Nasdaq, Goldman Sachs is providing IPO counseling for eBay, and it is expected that by the end of the year, it will be able to go to the Nasdaq to press the button.

In just four months, Double Click has seen a 1,300% increase in turnover and is now profitable.

Coloto Industries, which has now been put into production, produces DuPont Corian and Endurance Silk with a gross profit margin of more than 50%, which is still in short supply in the Chinese market.

Sysbase Database, which has also developed its own product, has successfully obtained an order from the US Department of Civil Affairs, and is expanding aggressively and is operating well.

Even the garbage dating website has been financed to Series B, and the $500,000 seed round investment of Tinder Source has successfully recouped its investment, retaining the remaining 50% of the equity in its hands after selling its general shares, and even made $2 million.

Starcom, which has invested the most, is also operating very well from last year's financial report, and has a 3% market share in China, and PHS technology has also been digested, and a pilot has been launched in Yuhang City, China. It is expected that this year will be fully rolled out in Yue Province, and the performance explosion is just around the corner.

In the stock market, in order to share the risk, the original purchase of three million shares of Yahoo shares, in less than two months, the stock price nearly doubled, and the profit exceeded $15 million.

Bellankefen silently calculated in his heart, and was surprised to find that since the establishment of Tindersource, he has not lost a single investment!

Not only that, almost all the companies invested by Tinder Source have strong growth, whether it is the investment project led by Zhang Chen himself, or the investment project approved by him, the expected rate of return is far higher than that of competitors in the same industry!

How did he do it?

When formulating this year's budget at the end of last year, Frankiffen completely sorted out the various businesses of Tindersource, and at that time he had a vague feeling that the company's future profit expectations would be very good. But after more than two months, looking back, the budget I made at the beginning was still too conservative, and every investment in Tinder Source may be a gold mine!

Is there really such an investment genius in the world?

Solomon Brothers' head of investment, Michael Wiser, once known as an investment genius, has now set up his own long-term capital hedge fund, and many Wall Street investors flock to him, but compared to Zhang Chen, McLiwether's return is simply pitiful.

Seeing Bellankefen's face, Zhang Chen said with a smile: "Lauerde, don't be so surprised, there is a saying, standing in the tuyere, pigs can fly, now IT and Internet investment is the outlet, as long as you choose the right company, it is not unimaginable to get excess profits." ”

Blanciffen still finds it incredible: "Hundreds of companies are now established and hundreds of companies fail every month in Silicon Valley, no matter how strong the wind is, it is impossible to blow all the pigs up, and your vision of choosing a company is too accurate." ”

Zhang Chen took a sip of coffee, shook his head and smiled: "It's not so mysterious, more investors are actually dazzled by the whimsy of entrepreneurs, as long as you grasp the future development trend and choose a company that is on the right path, it is not difficult." ”

"Take Double Click as an example, you submitted an investment application to this company. My investment logic for this project is actually quite simple. ”

"First, looking at the trend, the profit model of the Internet industry is generally unclear, but I judge that advertising will be the most important profit point for the Internet in the future. Well, it's necessary for me to invest in an advertising agency, that's the premise. ”

"Second, look at the technological innovation, whether it has the ability to disrupt the current industry, DoubleClick has done a good job in this regard, Internet advertising companies are originally an emerging industry, and in your report, I can see that DoubleClick is leading in technology, even a generation ahead of the entire industry, which is very interesting. ”

"Thirdly, looking at the founder team, you give DoubleClick's founder team a very high rating, and they are also very well structured, of the three founders, one can provide management and financial support, one can provide technology, and the other one is very good at marketing and marketing. The three of them have a very good personal relationship, they have been running in with each other for many years, and they have had an amazing business together for nearly three years, and DoubleClick is their second company, and these factors combine to show that this is a very good entrepreneurial team. ”

"So, with these three points, of course I will invest in this company, and it turns out to be a successful business. ”

Blancfin was a little suspicious: "DoubleClick initially only wanted to invest 2 million 10 percent, but you approved 5 million 30 percent, why is that? Although it has benefited from equity, the risk is also greater, and if it fails, won't the loss be greater?"

Zhang Chen chuckled: "Lauerd, it's not that the less investment, the smaller the risk, we need to analyze how much capital the founder needs." If you only give him two million dollars, we will lose up to two million in terms of amount. But you have to understand that we are not only optimistic about the Internet advertising industry, companies like DoubleClick have sprung up. Although they don't have these advantages of DoubleClick now, it is not impossible for them to shrink or even surpass DoubleClick if they get more money to invest. You have to remember that the Internet is different from traditional industries, this is a winner-takes-all era, there is no third or fourth place to live, and even the second place will be walking on thin ice. If we give them two million, the probability of losing is 50 percent, but if we give them five million, the probability of losing is only 20 percent. ”

Frankfen was greatly impressed, although Zhang Chen said it very easily, but any point, it takes a lot of effort to investigate and research, take the trend as an example, to be able to make a judgment that "advertising will be the most important profit point of the Internet in the future", itself is very difficult.

It is necessary not only to have a leading industry vision, but also to have sufficient information analysis ability, but also to have superhuman courage.

"Boss, I see, then, which of these three businesses do you need me to be responsible for?" Bellankefen was convinced, and the little suspicion he had before had long since disappeared.

Needless to say, at that time, even now, the actual profit margin of many foreign companies in the manufacturing industry in China has been more than 20%, but most of the profits have been transferred to foreign headquarters in the name of management fees and technology usage fees.

It's true that manufacturing profits are low, but this is also a matter of the past eight or nine years, push forward 20 years, look at the rich list around 2000, almost a lot of rich people started in the industrial manufacturing industry.

(End of chapter)