King of Capital

Chapter 446: Valuation of hundreds of billions?
"Thousands of beauties will be in shock for another year."

At Sheshan Manor on the outskirts of the city, colleagues gathered in groups of three or four to socialize and chat indoors and outdoors. Xie Jingxing leaned against the corridor railing and thought of a poem with interest.

"How do you interpret it?" Tang Man stood side by side with his arms propped up.

Xie Jingxing just smiled: "We have been here for team building."

There are always outstanding talents emerging every year. Three years ago it was him, and three years later it is the turn of the newcomers.

Tang Man looked down at the hall and glanced at the entire audience, and couldn't help but smile.

Xiyou now has two junior partners. In addition to Miao Nan, there is another fundraising director named Yan Wenchuang, who performed brilliantly last year and is about to launch a fundraising plan this year and will be promoted to the title of partner.

MD He Chuan, Zeng Shixiong; VP Zhou Wei, Jin Xiu and others need no further introduction.

The Internet, hard technology, pan-entertainment, and consumption, the four tracks have a balanced allocation of resources and many star projects, and the team can be said to be complete and talented.

For Tang Man, the symbolic meaning of the so-called venture capital queen's reputation is becoming increasingly blurred. She is gradually retreating behind the scenes, taking control of the company's overall operations and handling complex post-investment management projects such as LeTV.

The same is true for the benefits given by Xie Jingxing. As the founding partner of Jingxing Group and Grapefruit Capital, his annual salary and bonus of several million are negligible, and his income is the 40,000 shares of group options + dividends exercised over seven years.

After removing all the water and calculating based on the group's existing assets, one share is worth 11408 yuan, and 4.56 shares is worth million yuan.

But how could stock options not have a valuation premium? Tang Man felt he had no way of estimating how much this 0.2% share would be worth in seven years.

The investment income and dividends of projects like Meituan are even more unimaginable. She is completely bound by it and has infinite beautiful subjective expectations for the group, making it difficult for her to make objective and rational judgments.

Truly transcending the workplace and ascending to heaven, he will only be responsible for Xie Jingxing in the future.

"Let's go down and play with everyone for a while?" Tang Man took sips of red wine to dilute the excitement in her heart.

"Go ahead."

"Drink less. Alcohol doesn't make you drunk, but people make themselves drunk." Tang Man smiled and shook her head jokingly.

The scenery in her eyes is in the lobby downstairs, and the scenery in Xie Jingxing's eyes is in her. It is also in Zheng Zhe of the Golden Pomelo team, Liu Qiming of the Green Pomelo team, Shen Xin of the primary market, and Zhan Yunping of the secondary market...

The biggest advantage of a young king is his youth. He does not need to trust the wisdom of those who come after him, and he has plenty of time to achieve everything by himself.

For this reason, the ministers had no worries and could devote themselves to his work without hesitation, implementing his will 100%, and giving the young marshal unparalleled absolute power from the bottom up.

A fifty-year-old king cannot complete the strategic reorganization in one and a half months, a sixty-year-old king will be infamous for a thousand years after his death, and a sixty-five-year-old king will immediately pass the throne to the crown prince.

Xie Jingxing, who was 2 years old, only paid % of the group's shares to establish an employee stock ownership platform. Tang Man got % of shares in seven years, Liu Qiming got % of shares in ten years, and the rest of the colleagues got hundreds or thousands of shares.

Everyone believes that the pie in his hand is solid.

Xie Jingxing had reason to compare himself to Li Erfeng, recite a line of Yuan Zhen's sour poem, admire the millions of beauties that belonged to him and be intoxicated by them.

"How's your combing going?" Tang Man asked as he walked into the hall.

Liu Qiming was calm and composed: "Everything will go smoothly, it all depends on Xiyou's fundraising performance."

"A rough estimate is that it's no problem to over-allocate by twice." Tang Man reported a number that was enough to make countless colleagues drool with envy.

Liu Qiming thought for a moment and said: "The group should be able to strive for a valuation of 3-5 times."

"Yu?" Tang Man raised her wine glass to cover her lips and whispered a surname.

Liu Qiming raised his eyelids and glanced upstairs: "Not necessarily, the door is open to those with the highest bid."

Xie Jingxing formulated three plans to improve cash flow. The fundraising for the two funds registered by Xiyou was openly displayed, while the reduction of stock market investment and the pursuit of group financing were quietly promoted.

The stock market reduction began as early as the fourth quarter of last year. He forcibly took over LeTV, purchased two office buildings in Lujiazui and the Bund, and established Jichun Bank. He also decided to buy a private island in a few words. The required cash flow did not fall from the sky.

The group began to accelerate the reduction of holdings in mid-February. Currently, the group's proprietary business stock holdings are around 1600 billion yuan, including an investment portfolio of blue-chip stocks such as Moutai and Gree.

In the future, we should continue to reduce holdings by 200 billion yuan and gradually allocate them to bonds, fixed income, currencies and commodity futures.

The total investment allocation for primary market business is about 600 billion yuan, which means the entire group’s own assets are 2200 billion yuan, including 250 billion yuan in cash reserves.

Overall, almost 1200 billion yuan of assets were cut, including a large amount of leverage borrowed from the central bank during the stock market crash. Reducing stock holdings is equivalent to automatic deleveraging.

In fact, only 400 billion in cash was sold, and Xie Jingxing withdrew it and injected it into Taihe.

After such an operation, what Liu Qiming and Tang Man can see is: How much valuation should a group with RMB 2200 billion in owned assets and RMB 503 billion in managed funds get?
During his recent trip to Beijing to promote LeTV's debt restructuring, Xie Jingxing spent every spare moment hanging out with Yu Nian.

Putting aside the seemingly unusual details of the two people's interaction, Tang Man thought that the group would most likely introduce China Merchants Capital or related state-owned assets to invest.

After all, a private financial enterprise with more than 200 billion yuan in assets cannot move forward without a little bit of state-owned capital, and everyone has tacitly understood this.

This matter is not as simple as the general public imagines. There is no anthropomorphic saying that such a large company like yours needs to be managed better and that Big Brother can just wave his hand and invest in it.

Jingxing Group has to take the initiative to touch it. For example, if it wants to invest in a real estate infrastructure project, the investee may study it carefully and feel that it is not appropriate to use pure social capital. The relevant regulatory authorities also think so.

It is difficult to make any progress, but over time you will find ways to integrate into the larger environment, raise your awareness and keep pace with the national strategy.

It is obvious that it is not a good deal to rush in. Compared with seeking conventional channels to introduce state-owned capital, there is more room for negotiation among one's own people.

You know, last year Alipay introduced the social security fund, and the investment valuation was half the price...

"How many potential investors are there?" Tang Man asked after a long silence.

Liu Qiming smiled helplessly: "Social Security Fund, CITIC, Construction Bank, China Merchants Group, these are the four for now."

“…So confident.”

It took Tang Man a long time to catch her breath. She had approached CCB, which she only intended to act as a "companion bidder" to show support, but it turned out to be a potential investor.

Liu Qiming raised a finger and pointed upward: "This is the only righteous way."

Tang Man did not comment, but compared with the P/B valuations of similar financial companies, the 3-5 times range is more reasonable.

After deleveraging, Jingxing Group's debt ratio is very low, that is, a valuation of 5000 billion to 8000 billion, which can only be higher than lower using any valuation method.

Counting on one's fingers, the transfer of 5% of the shares would amount to 200-400 billion yuan. There are only a handful of state-owned enterprises that can afford to invest independently. If we exclude those that are not interested, there are really only a handful left.

Thinking about his 40,000 stock options, Tang Man felt as if there was a slot machine in front of him. The gold coin pattern flipped rapidly but could not stop and the winning sound rang out.

"That's right, keep calm!" She took a big sip of wine to convince herself.

Xie Jingxing did everything he should do, including establishing the group's long-term development strategy and adjusting internal asset allocation and organizational structure. All of this was to show potential investors that the company was a high-quality investment target.

Instead of worrying about gains and losses, it is better to focus on the fundraising of Xiyou and use the over-allocation data to add icing on the cake. Liu Qiming changed the subject and asked, "Do the cornerstone investors have any intention?"

"Let's choose two. Suzhou Yuanhe, Ping An Insurance and Jiantou are more interested."

Another figure from CCB appeared. Tang Man used a lot of resources from her family, from Pony.com to LeTV.

In the entire private equity investment industry, if a single fund raises more than 3 billion, it must have state-owned LPs, and 5 billion bank LPs are indispensable. If it goes above that, it must have insurance funds.

By bringing in one or two big investors as cornerstone investors to lead the investment of half of the shares, providing both financial support and endorsement, other funds will be willing to join in such a large-scale fund.

Xiyou is different. The rich people in the parent company of the group have enough money to become cornerstone investors. Each fund invests 20% of the shares and plays the role of subordinated capital.

If there is a loss, external investors will run to their own company to cover the loss. Of course, if there is a profit, they will also get a share of the profits first. This is the core of being able to get 5% more profit share than peers.

It is highly favored by state-owned assets. It doesn’t matter if you make less money. The main thing is that the risk is low and it is not easy to lose money!

As an old friend of Suzhou Yuanhe, it and China Merchants Capital are the cornerstone investors of Xiyou's first RMB fund; Ping An Insurance participated in the investment of the 10 billion RMB fund last year and the cooperation was harmonious; China Construction Investment has relatively fewer restrictions.

The specific choice will depend on tomorrow's investor meeting. Tang Man has the confidence to pick and choose 90 billion from the to billion investment.

Read the error-free version at 69shuba! 6=9+shu_ba is the first to publish this novel.

——This is what over-allocation means. LPs would rather fight for institutions that have too much money to fit in than look at institutions that are short of money.

RMB fund raising, US dollar fund raising, and group financing are ranked last. I will be numbed by the amounts for some time to come.

Liu Qiming sighed secretly and looked at Tang Man inconspicuously.

This woman, who was about the same age as him, was working as an intermediary in a securities firm three years ago and was scheming against Su He. Now she has risen to become a big shot in the industry just by farting. Where can he seek justice?

"If I had known, I would have never gone to Yunhe or Meituan. It would be the truth to hang out under Mr. Xie's nose at a close distance."

Liu Qiming looked up at the second floor, the bitter wine went down his throat and his heart ached. It was clearly me who came here first.

…………

“The latecomers win.”

Xie Jingxing refilled his glass, his tone slightly harsh: "How do you feel?"

"It's okay. I'm just starting to adapt." Shen Xin said sullenly.

Xie Jingxing raised his eyebrows: "He Chuan is going to hold a wedding, has he sent you an invitation?"

Shen Xin frowned and showed her determination to resist in a non-violent and non-cooperative manner. She had already been captured from Taihe, so what else could she want?

Xie Jingxing had no choice but to drink alcohol as a punishment to apologize. When a person has limited ambitions and is content with what he has, he will not know where to start even if he has plenty of strength and means.

"Will I follow up with LeTV?" Xiao Shen Dianxin has a strong ability to self-regulate and doesn't even blink when he says something nice.

All financial derivatives other than direct shareholdings are held by the group's proprietary business. Tang Man's responsibility for debt restructuring is a historical legacy, and she will definitely be the one to take charge as the organizational structure becomes clearer.

Moreover, when the whole plan was finalized, Xie Jingxing personally went on stage and wiped away his tears. There was no need to elaborate on the follow-up, and all that was left was to kill time and wear down the creditors little by little.

In short, even if O'Neal's grandmother did this job...it still wouldn't work.

But the work intensity taken over by Shen Xin can be said to be at the retirement level. She has been in a retirement state at Taihe for the past two years.

With Su He above him, there is no hope for promotion, but with a lot of star projects as a backup, he can wait for ten or eight years for the project to retire, and depending on Xie Jingxing's mood, he can get tens of billions or even hundreds of millions of dividends. He can retire early and that's how his life will be.

Hu Zhifeng, the former MD of Taihe's Internet group, jumped ship last year and set up his own venture capital firm.

Xie Jingxing felt a little sorry, and took the time to ask another MD of the medical industry group, Wang Kan, for his thoughts. This guy was personally recruited by his mother Guan Ning when Taihe was first established, and he is almost fifty years old this year.

If he wants to leave and start his own business, he is willing to be a cornerstone LP. If there are good projects in the future, he will contact you.

My brother said that he has earned enough money at his age, and unless the young commander doesn’t want me to do it, I will work until I retire.

Shen Xin didn't rely on either side. He was not old and did not take the initiative to fight for it. He watched He Chuan, who changed jobs with him, catch up and get married and have a successful career. He was indifferent and just lay there quietly.

Xie Jingxing blamed himself so much that he simply communicated with her in depth, coaxed her and threatened her to come to Qingyou.

It doesn't matter where you retire, Taihe's investment dividends will be kept for her, and if she does well here, she can also get stock options. I thought that the training could get her back on her feet, but the facts proved that...

"Jichun Bank's capital operation center will move into the Bund office building at the beginning of next month. You will be responsible for post-investment management." Xie Jingxing arranged another pension job.

At the beginning of the year, Li Renyu, the former president of Xingye Bank, retired and joined Jichun Bank. The regulatory approval process was smooth and unimpeded, and the business approval was obtained after the preparation and establishment of the employee team step by step.

Shen Xin nodded obediently. Most of the investments in her proprietary business are concentrated in the secondary market, while the primary market is composed of long-term alternative investments such as real estate finance and FOF funds. She is not just investing in retirement.

"In 2019, the group launched asset management business." Xie Jingxing's thoughts suddenly jumped.

Shen Xin was slightly stunned: "2019?"

"Three years." Xie Jingxing confirmed without a doubt.

The company has RMB 2200 billion in assets but only RMB 503 billion in funds under management. Such a bizarre operating situation is unique in the world, and the deformity was further exacerbated by last year's stock market crash.

With the vision of becoming an alternative investment giant, asset management business is indispensable and only then can more money be raised.

Shen Xin smoothed the hair beside her ear: "So I want to train a team?"

"We need to train them all, and in three years we will be able to develop a complete asset management team that can cover all markets and all business types."

Xie Jingxing turned his gaze from the hall and looked at her: "You can live in your old age and go back to Taihe."

"I... won't leave." Shen Xin avoided looking at him.

President Xie Jingxing breathed a sigh of relief. The stock market is undoubtedly the fastest way to make money, but he has been competing in the venture capital market for three years. The venture capital market can undoubtedly satisfy the most sense of self-achievement in life, but he has allocated his assets to bonds, fixed income, currencies and futures.

All these actions will eventually be reflected in his financial career itself.

Capitalists try every means to make employees create surplus value, while slave owners squeeze out all the value of slaves. So looking around, how many billionaires are there in this hall?
Xie Jingxing considers himself a generous and tolerant capitalist. He likes to address people as colleagues rather than employees, provided that they really work together.

He cherishes millions of beauties, and millions of beauties deserve the honor of meeting him in their lifetime.

Intoxicated by it?

Ah.

(End of this chapter)