The matter of Kyushu Blue Arrow can be regarded as a temporary end, and the research and development capabilities of Luo Liang, Xiang Lanzhi and other six technicians have been greatly improved, and then they can wait patiently for them to produce results, and then they and Kyushu Blue Arrow can be regarded as mutual achievements.

Qiu Guangcheng was in charge of the Kyushu Blue Arrow project, and in the following days, Fang Hong also shifted his main energy elsewhere.

This week, the A-share market fell sharply, and on Monday, November 30, the last trading day of November ended with a strong rebound, the two cities opened high and went high, and the broad market index rose +3.20% on the same day, out of the bald and barefoot long white line.

In December, on Tuesday, December 1, the A-share market ushered in the last month of the year, and the market continued to rebound strongly this week, with the broad market index rising +1.25% on Tuesday, +1.06% on Wednesday, -0.16% on Thursday, and +1.61% again on Friday, with the index closing at 3317.04 points, regaining its foothold at the 3300-point mark.

Especially on Friday, the A-share market was staged, the two markets opened low in the morning and then pulled all the way up, at about 11 o'clock up to 3300 points, the increase increased by +1.43%, and then dived, to about 13:15 in the afternoon, the decline expanded to 1.6 percentage points, and then in the afternoon again shocked and closed higher, and finally closed up +1.61%, and the trading volume of the two cities also released 400 billion level of energy again.

In today's roller coaster market, all the remaining chips that Qunxing Capital wants to clear in the A-share market are sold off and cashed out today.

Even the thatching was cleared, leaving only a bottom warehouse.

Because in the next six months, Mao will have a period of main falling waves, so it is natural to avoid risks.

……

Monday afternoon, December 7th.

"Strategic investment in Jingdong?" Tian Jiayi, who returned home to report on the work of Qunxing Capital on a daily basis, was also surprised to hear Fang Hong's new idea, and after a while, she looked at Fang Hong and said, "However, Jingdong doesn't seem to be seeking financing from the outside world at present. ”

The beautiful assistant was quite curious, and she didn't know what Fang Hong was doing at home these days, in Tian Jiayi's impression, he was a prodigal son who sang every day, why did he suddenly want to enter the field of e-commerce, and he fell in love with Jingdong instead of Ah Li.

"How is it possible for a business in the start-up stage not to be short of money? What's more, Jingdong's current opponents are numerous and powerful. Fang Hong said with a smile that in the past few days in December, he has not done stock speculation, nor has he patronized and had fun with the girls, but has been thinking about how to spend the money of Qunxing Capital.

Jingdong has become one of Fang Hong's targets, the big hadron is still very good, Jingdong is also worth the star capital bet, Jingdong at this point in time, its valuation will not exceed 300 million US dollars.

As early as April 2007, Jingdong received $10 million in financing from Today Capital, and in December 2008 the following year, Today Capital, Bull Capital, and the private company of Liang Botao, a well-known Asian investment banker, raised another $21 million from Jingdong.

Fang Hong handed Tian Jiayi a sorted out document related to Jingdong and added: "Contact the head of the house as soon as possible and finalize it." ”

Tian Jiayi took the material and opened it to look at it, and after a while, after reading the content of the material, his eyes suddenly widened, and he immediately looked up at Fang Hong and said, "You want to invest 2.5 billion in Jingdong?" As far as I know, Jingdong's current valuation is generally believed to be around $200 million, do you want to give Jingdong Venture Capital or buy it directly? ”

The investment of 2.5 billion yuan is about 335 million US dollars when converted into US dollars, which is higher than the current valuation of Jingdong.

Fang Hong and the beautiful assistant said with a smile: "Although the money I earn is similar to that of the wind, it is not a stupid son of a landlord with a lot of money, this figure is the result of my careful calculation." ”

Tian Jiayi was speechless, after joining Qunxing Capital, he felt that this was indeed the case, the money he made was really as simple as the wind blowing, it was really outrageous, but it was really like this.

The company is really poor now and only has money left, and now the big A has also cashed out.

Fang Hong continued: "According to my calculations, if Daqiangzi wants to make a heavy asset e-commerce model in a big city, it needs at least about 2 billion yuan, how much money to build a warehouse, how much to build a logistics center, and how much to invest in fixed assets, without 20 billion yuan. ”

Jingdong's model is different from Ali's model, for which the founders of the two major e-commerce companies are also bragging about the line at many industry forums, Ali's founder bluntly said that Jingdong's business model is destined to not be able to play, it is difficult to make a profit, and the big strong son at that time was speechless to refute, because the current Jingdong is indeed in a state of "huge loss", and profit is simply a dream for the big strong son.

Tian Jiayi couldn't help but think about it: "I heard the founder of Ali once complained about Jingdong's business model at an Internet conference, he said that Jingdong does everything, such a business model is almost a bottomless pit, no transformation, the number of employees in the next few years will soar, according to Mr. Ma's prediction that there may be 300 million packages per year in the next ten years." ”

Tian Jiayi looked at Fang Hong and said: "After such calculations, theoretically, Jingdong may have millions of employees to complete the handover of the express delivery, and just so many employees will make you manage enough and make you unable to sleep." I think what he said makes sense, and Jingdong's business model is indeed problematic. ”

Hearing this, Fang Hong said with a smile: "Let's not talk about the day when Jingdong will have millions of employees, if there is, it doesn't mean that a company will not be able to manage millions of people, Walmart has 1.4 million employees around the world, and it is also very good, why can't Jingdong?" ”

Tian Jiayi said: "It seems that you really plan to bet on Jingdong." ”

Fang Hong nodded and said affirmatively: "I still have confidence in Da Qiangzi, he is still quite 'out of place' when he sells CDs, insisting on clearly marking prices, making small profits but quick turnover, insisting on invoicing, and insisting on good service." It is said that the Industrial and Commercial Bureau once went to the company for three days to investigate when Jingdong was still called Jingdong Multimedia, and found that there was no tax evasion, no parallel imports, and no fake CDs. In this way, Jingdong gradually accumulated word-of-mouth and repeat customers. ”

confirmed that Fang Hong wanted to invest in Jingdong, Tian Jiayi didn't say much, just execute.

However, Tian Jiayi still reminded: "You want to invest so much money, but people may not accept it." ”

According to the situation written by Fang Hong on the materials, this investment wants to win 45% of Jingdong's equity, of course, Jingdong adopts the AB share system, even if he wins 45% of the equity and becomes the largest shareholder, but the control is still held by Da Hadron, but Fang Hong does not intend to take control.

Let's try it soon, everyone. 】

"2.5 billion yuan is not directly financed to Jingdong, we are equivalent to 300 million US dollars to invest in Jingdong, and the other part is bought from the previous rounds of investment institutions." Fang Hong said.

The previous rounds of financing institutions include Today's Capital, Bull Capital, etc., and the industry's current valuation for Jingdong is about 200 million US dollars, and Fang Hong directly bought a part of the valuation to about 700 million US dollars from several of their institutions, which is equivalent to allowing them to recover their previous investment costs.

It's not that they will completely withdraw, the rest is all profits, and it will definitely not be much of a problem to negotiate, not to mention that Qunxing Capital has come in and directly topped the valuation of Jingdong, or it will not be long before it is estimated that it will reach the level of a unicorn of $1 billion.

Most of the venture capital is going to be withdrawn in the back, and now Qunxing Capital is giving a premium of 2.5 times, and it is impossible not to be impressed.

……

Qunxing Capital also acted quickly, and after Fang Hong made a decision, Hua Yu immediately arranged to hand over the venture capital project to Shi Yao, one of the company's board members.

Shi Yao flew over directly with a few people on the company's private plane three days later, and then chartered a car to find Da Hadron with a contract in the heavy snow in December.

Da Hadron was surprised when he heard the news, and he didn't expect that people from Qunxing Capital would come directly to the door to invest in his company.

……