Qingyun was happy when he heard this, "Lao Xiong, compare me with these two immortals, I think you are exalting me too much." ”

Cheng Tianqiao in 2003 has become a god, no matter what, this character with mixed reviews is synonymous with the game.

And the old man Ren in 2003 has long been a god, and the position of the top 100 industrial companies has been indestructible.

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

Waving his hand, the pinched his fingers seriously, "Cheng Tianqiao's success, needless to say, the 'family entertainment center' he is now engaged in, in my opinion, is also the direction of future development." But ......"

Speaking of this, he sneered, "However, Cheng Tianqiao doesn't know what to do. You can see from his movements at the moment, although the momentum is huge, he is at a loss in his heart. ”

Bending his second finger, the male pigeon continued, "Old Man Ren is actually the same.

He has built a great enterprise, a good enterprise is like soil, it always produces a good management paradigm, and constantly produces excellent talents, leading technology, and excellent products, even exotic species can thrive on this land.

And Hua Wei's projects have always been incubated, and no one knows what it will be before it comes out. ”

After that, he raised his finger in the air and nodded Qingyun out of thin air, "It's different......

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

Qingyun 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 on the phone, and even Qin Manman and Chen Yue advised him.

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

"You know?" Emperor Yun came to be interested.

The nodded self-sufficiently, "I have carefully analyzed your behavior patterns in the past few months, and you always have a big framework in your head, and all your business actions are constantly filled in this framework.

I can describe you as a position in the software industry, Chief Architect. ”

Qingyun smiled dumbly.

This is Su Caiwei's position.

"What you're doing, it looks scattered, it's actually very focused, and you're always laying out what you call the 'Internet of Everything'. There is no softness, no hardness, no instability, and everything else you do is to accumulate funds for all this. ”

The picked up his glass and touched his glass, "How about it, I know you best, I do your partner, I am responsible for the capital level, you can concentrate on the business layout." ”

Qingyun was silent for a while, picked up the cup and touched it with him, but said, "I'm a person who likes to eat alone. ”

The looked at him funny, "I don't eat you for nothing, you can exchange it, IDG has so many investments, there should be something you want." ”

Qingyun raised his eyebrows, "For example?" ”

The male pigeon took out his portable cigar bag and smoked a tube for him, "How about Kingdee's shares, how about the major shareholder of the listed company exchange 20% of the equity of your mobile phone business?"

The financial machine, and the tax control machine, is a perfect match, instead of you groping for your own creation, it is better to buy a ready-made one to change.

After all, Kingdee has been running stably for so many years, which is very desirable, and you are equivalent to directly obtaining the original Kingdee customers, directly occupying half of the entire market.

As long as the reputation is up, you will have priority for the other replacement needs of this company. ”

Hearing this, Qingyun put his index fingers together and kneaded them up and down at the wing of his nose, then closed his eyes and thought about it.

The didn't rush him, and he was dusting his cigar there.

Half-ringing, Qingyun opened his mouth with a wry smile, "It seems that there is also a sieve in my company." ”

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

Financial software, he only discussed it with Zhou Yan, Fang Yuan and others when he first came to Huating, and he also talked about it after avoiding those few employees who left, and he never mentioned it to anyone else since, and within the company, his project team has not set it up.

So...... How exactly does the know?

Needless to say, it must have been Zhou Yan and the others who had leaked secrets that day.

Qingyun sighed.

He fought the TOP battle in four or two, in fact, he relied on infiltrating Song Ruhua into a sieve, and now he is being played by others like this, which is really ironic.

Seeing this, the smiled and said, "That's not it, your team is quite loyal to you, I did buy a lot of information from Yanhuang's internal staff, but this kind of core direction, your employees, including the high-level, have not leaked it at all." ”

The three small personnel, cashier, accounting, administration including the front desk, drivers and other inconspicuous positions in the company, but they are crucial. In particular, administrative personnel are responsible for document management, meeting organization, employee attendance, office supplies procurement, etc., and their work involves all aspects of the enterprise and is an indispensable part of the company's operation.

But this kind of personnel does not have any professional barriers, and they can do it by changing people at will, so they are generally not taken seriously, so a few commemorative coins, a meal or two, two bottles of good wine and a few cigarettes can be bought.

In this way, 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 key points that the chairman has recently grasped can be set out in one set of words.

As for higher-level information, such as company documents, meeting minutes, etc., that is, thousands or tens of thousands of dollars, if you can't get it, you will add money.

No company is immune to this.

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

Among the three small personnel, the only thing he can penetrate is the financial line.

The administrative line of Yanhuang Group can't be poured into it at all.

The main position is Qingyun's own woman, and the deputy position is Qingyun's eldest brother, and he is also the top rich second generation in Huaguo, and his subordinates are very tightly managed.

Finance, pay attention to: there are actions in operation, and there is a financial reflection, but this is an after-the-fact reaction, not timely, he can only analyze what Qingyun has done in the past period of time, and he can't know what Qingyun is going to do in the near future and in the future.

The stinky boy in front of him seems to be born with no trust in anyone, and the office system originally built by TOP Group for military enterprises has been directly used in the company, the company information is forbidden to copy, the internal and external network permissions are set seamlessly, and under paperless office conditions, the three small personnel want to obtain important documents, meeting minutes or something, the authority is simply not enough, and the unrelated personnel who want to check it will call the police directly in the background.

This forced the to concentrate on digging for primary information, which was honestly the most difficult company he had ever met in his life to gather intelligence.

"I'm looking at your hiring needs, and you're hiring a lot of people with experience in finance-related software development."

The words of the male pigeon made Qingyun's heart feel uncomfortable.

Damn!

Can he say that the was hit by mistake?!

He did recruit a lot of relevant personnel, but especially for the software project of the housekeeper, not the professional financial software project.

The financial software project is something he plans to continue after completing the housekeeping software, and he is indeed ready to carry out epitaxial mergers and acquisitions in the financial software industry to shorten the time.

The target is the 'new CUHK' proposed by Zhou Yan and them before.

Although the market share of 'New Zhongda' in the entire financial software field is very low, and it is biased towards engineering finance, under the general trend in the next few years, he believes that this area is the mainstream of development.

Some markets are red oceans, some markets are blue oceans, and it is self-evident to merge and acquire a large enterprise in the red ocean and a small and medium-sized enterprise in the blue ocean.

"Kingdee is too big, I just want a team, not a company with thousands of people, which is not good for my integration."

At this point, Qing Yun's mind is very clear, whether it is Qin Tianchuan or Shi Yuzhu, they admonish and admonish him in this regard.

After that, he shook his head, "Don't be tempted, Lao Xiong, frankly, I won't change anything you take."

Cause...... Since you know me, you should know that at this stage, I will not open the equity of Yanhuang Group to anyone. ”

The could only shrug his shoulders when he heard this.

Well, Yang Xu was right.

This kid is sober-minded and terrible, and at this stage he must ensure his absolute authority and absolute control over the company.

The sighed and gossiped, "It's not easy to do business these days." ”

It's not like he's moaning innocently.

IDG Capital has indeed invested in almost all high-tech enterprises in China, and all of them have participated in shares.

But...... According to the tonality of IDG Capital's A round of PE investment, success will naturally earn a lot, hundreds or thousands of times the profit, but failure will also be a complete direct investment.

Equity fund investment, is the portfolio winning rate, with profits to cover losses, this is nothing to say, with the endorsement of the Ministry of Science and Technology, IDG capital will not exist excellent unicorn companies they can't invest in, naturally not too worried about performance.

But Qingyun knew that IDG Capital did encounter problems at this stage.

A fund is usually in the form of '3+2+2', the first 3-year investment period and the two-year exit period are counted as the operation period, and the second 2 is the meaning of deferring the exit for two years.

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

In 2003, not only the performance of China's secondary capital market was not good, but the whole world was also in the recovery period after the bursting of the Internet bubble.

Although the NASDAQ came out of a beautiful market with an annualized increase of 49.7% in 2003, the rise was based on the repair after the bubble burst, and the market performance of the Nasdaq for three consecutive years from 2000 to 2002 was -36.1%, -33.4%, and -37.4%, the bottom was too low, and the rise of nearly 50% that year was still a small base, less than 4% of the peak in 2000.

Therefore, the performance of IDG Capital's first fund in China at this time can hardly be called eye-catching.

The historical performance of the first fund has a direct impact on the subsequent fundraising, which makes the cocks very ...... Depressed.

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

The full name of S Fund is Secondary Fund, that is, the second-hand share transfer fund, also known as the 'relay fund'.

It primarily 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 specifically acquires a share of a private equity investment fund from investors they hold and then reinvests it.

Traditional private equity investments are usually exited through IPOs, mergers and acquisitions, or bankruptcy liquidations. However, each of these approaches has its limitations. The advent of S funds provides investors with a new way to exit, allowing them to manage their investments more flexibly.

Business, it's just chatter.

Many times, a lot of things are just everyone getting together, pulling the dragon gate array out of the blue, and doing things in a flash of sparks.

"I think you're drinking my blood." The raised his middle finger directly.

Qingyun smiled, he remembered very well that all the Internet companies that were familiar to him in later generations include Tencent, Baidu, Sohu, Soufang, CreditEase, Xiaomi, Ctrip, Kingdee Software, Qihoo 360, Baofeng, Homeinns, Hanting, Dangdang.com, iQiyi, Meituan, Bilibili, Kingsoft, Pinduoduo, Weilai...... All of them have investments from IDG Capital.

Moreover, IDG is a first-round investor.

That's a lot more than a righteous cow.

"Don't be so outside, what drink blood and don't drink blood, I'm untying your brother, okay? The problem you are facing now is the performance problem, and in the end, you are not only selling cheaply, an S fund can perfectly solve your worries. ”

The more Qingyun thought about it, the more she felt that it was very interesting.

IDG is not short of money at this time, but lacks performance, otherwise it would not seek to transfer the equity of Penguin at this moment to beautify its own statements.

In 2000, IDG's total investment in Penguin was US$2.2 million (US$1.2 million in investment and US$1 million in convertible bonds), with a total stake of 20%.

In 2001, Pearl Hong Kong sold about 13% of its equity to MIH for $12 million, which was nearly 10 times the return on investment, which was a very good deal.

At this moment, in September 2003, in order to whitewash the statement, IDG is also forcing Pengcheng Ma to buy back the remaining 7.2% of the equity at a price of 12 million US dollars.

After standing for more than ten years, looking back, the Pengcheng Jockey Club was so happy that it couldn't keep its mouth shut, and IDG regretted it.

But at the moment, the feelings of both sides are diametrically opposed.

In 2003, Pengcheng Ma was so angry that tears came out, and when he was drunk, he scolded the capital's bitch behavior.

Life is so dramatic.

Qingyun, who has 20 years of future experience, directly opened the golden finger, "I save an S fund to undertake the investment of your IDG entering the exit period, and you sell it to me at a 10% premium according to the valuation premium of the previous round, and at the same time I give IDG 10% excess return other than 6.5% annualized return, so that you can also share the back-end income, which is much better than you forcing the founder to buy back, right?" ”

"You've heard?" The smiled playfully with a cigar, "So, Pengcheng Ma found you?" ”

Not surprising.

Although this kid is strictly a business recruit, he can't stand up to the fact that he has money.

It was rumored some time ago that a CD player seller in Zhongguancun got an investment of 20 million yuan 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 the door.

Everyone knows that he has a good father-in-law.

This is the endorsement of the capital market.

And his own aura is too dazzling.

That Liu Qiangdong is also the darling of capital because he got tens of millions of investment funds from Qingyun, and countless investors are waving checks, wanting to make a fortune with Mr. Xiaoqing.

Qingyun was noncommittal, just shrugged his shoulders, "I think you don't need to ruin your reputation." ”

The sighed, "Business is not good, I can't help it, choose and choose, penguins are the most suitable now." ”

"In principle, the premium is not lower than the previous round of valuation, and not higher than 30% of the previous round of valuation, including the projects you have invested in. My overall 5-year exit period expires, and after the exit, I will give you 15% excess return of the overall return of the fund except for the 8% annualized part, and I can't do more, otherwise I will buy the same from your next home. ”

Qingyun cut off the eggplant hat, took the cigarette lighter and began to roast.

The felt a toothache.

He knew very well that Qingyun was taking his blood.

But he couldn't refuse this condition, he couldn't survive this performance period, otherwise he wouldn't have forced Pengcheng Ma to buy it back.

According to the schedule, Penguin will be listed on the Hong Kong stock market next year, and the number of shares held by IDG is now 475 million shares, according to 1 Hong Kong dollar per share, which is 475 million Hong Kong dollars, and he let Pengcheng Ma buy back 12 million US dollars, in fact, it is very benevolent and righteous, and he is also forced to be anxious, otherwise the entire performance period statement is too ugly.

Qingyun's S fund proposal is equivalent to covering all his investments that have not yet been withdrawn, transferring all the project risks in an instant, and cashing in the returns while instantly recovering all the investments.

Frankly speaking, this practice is also a niche at the moment in foreign countries, and throughout the 90s, the total size of S funds raised in the world did not exceed 10 billion US dollars, and in China it was zero.

But Qingyun has the ability to do S funds, and it has a reputation in the market.

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

Takeover-disposal-exit, as a financial investor, Shi Yuzhu has made a lot of money, which is a good wealth demonstration effect.

The male pigeon bets that as long as Qingyun releases the news that he wants to make an S fund, the funds he can raise will be calculated in hundreds of billions.

After so many years, Huaguo has gathered too much old money and new money, and there is no need for Qingyun to speak, just his fiancée Qin Manman can easily raise money to buy all the investments of IDG Capital in her club.

……

Ask for a monthly pass~! Recommended Ticket~!

(End of chapter)