King of Capital

After seeing off the four potential cornerstone LPs, people came over from the restaurant one after another for individual meetings.

These are professional investors who hold funds ranging from tens of millions to hundreds of millions of yuan, third-party financial advisory agencies, asset management institutions such as trusts, as well as securities companies and social enterprises.

These market-oriented funding sources fill in the gaps between state-owned assets and insurance and banking sectors, and together constitute the main fundraising channels for RMB funds in the domestic venture capital industry.

"Any ideas?"

There was no need for colleagues to talk too much, so they just chatted for three to five minutes and then left promptly. Xie Jingxing took the opportunity to ask about the decision-making during the break.

"The logistics industry in Guangdong is highly competitive. Yunhe Logistics' transition to the M&A stage is more in line with our first phase of development funds. Yuexiu has an advantage in this regard."

Tang Man had already made up his mind, but he said something else: "Jiangsu's electronic manufacturing industry cluster has obvious advantages, but there are definitely requirements for project return investment."

"Ping An and CCB win because they are more market-oriented and do not have special resources." She summed it up clearly in a few words.

Xie Jing Xing did not comment, he raised his hand and looked at the calendar on his watch: "Can the Beijing office be set up in the third quarter?"

"No problem. The post-investment management team is ready at any time. The main problem is that we lack someone who can take charge of investor maintenance." Tang Man confirmed.

"Yuexiu and Jianyin. Try to give some seed fund shares to Yuanhe. Also, ask Ping An whether it is interested in our US dollar fund."

Xie Jingxing made a comment after making the decision: "Guang and Shen have many extraordinary ambitions, it's time to pay respect to the pier."

The final choice was as expected. Tang Man nodded and agreed playfully: Grapefruit itself is also a pier.

At the same time as the battle with Jia Yueting last year, Baoneng's Yao Zhenhua stretched out his evil hands to Vanke's Wang Shi, carrying out a barbaric merger and acquisition operation.

Young Marshal Xie is unrivalled in his reputation and he has been standing alone at the forefront, taking all the heat from regulators criticising financial institutions for their barbaric behaviour.

In fact, the intensity of the dispute between Yao and Wang is far greater than that between Xie and Jia. Vanke's major shareholder, China Resources Group, Shenzhen's local state-owned giants, and even local and top-level regulators have been tearing each other apart in turn, and the dispute has lasted for more than half a year and no winner has been decided yet.

China Resources was ordered to remain silent and not to step out, which shows that the waters here are unfathomable.

The first batch of logistics industrial parks of Yunhe Logistics are gradually being put into operation, and the second and third batches are expanding and transforming along with mergers and acquisitions. If you want to take root in Guangdong and Guangxi, it is essential to make local friends.

"How do you feel about their attitude towards the profit sharing plan?" Xie Jingxing had no intention of distracting himself and focused on himself.

Baoneng took advantage of the stock market crash to release insurance funds into the securities market, so that it had enough funds to leverage and play the snake swallowing elephant game.

As luck would have it, Xiyou invested 5 billion to rescue the market, and Vanke, one of the few high-quality blue-chip large-cap stocks, was naturally covered by the bombardment and bought to the % shareholding line.

Now both Yao and Wang are almost stuck in the 5%-10% voting rights range. The disadvantaged Mountaineer King has tried to "canvass votes" more than once, so there is a saying that they are also at the dock.

Xiyou is just a bystander, and it would be a good thing to pocket the billions of floating profits earned from the merger and acquisition competition and the rise in stock prices. Besides, even if the young commander wants to take sides, he should stand with China Resources, and Wang Shi should take a break.

If this person really makes up his mind to go to Blackstone Group and sell the interests of Vanke shareholders to foreign capital in exchange for personal support...

"If Yuexiu grits its teeth, there's hope that they'll agree to a 40% profit share, and China Construction Bank will lower it to around 35%. We should be able to negotiate based on the actual paid-in shares." Tang Man answered fluently while distracting himself.

Xie Jingxing couldn't help but frown: "Talk to it, if the paid-in capital is overdue by even a penny, it will be immediately liquidated."

"Yan Wenchuang is still capable in this area. I will pay more attention to it in the future." Tang Man quickly responded with a smile and a comforting voice.

“It doesn’t matter whether it’s 40% or 35%. The key is to establish a market-based fundraising and investment standard mechanism for state-owned LPs.”

Xie Jingxing softened his tone and emphasized again: "This thing cannot be achieved with words. If grapefruit cannot be realized in the upward cycle, there will be no market order in the entire industry in the downward cycle."

"Let's prepare the Beijing office well and use CCB to sort out the fundraising relationship."

He shook his hands, stood up and walked to the window, feeling helpless.

Tang Man looked at the back of the man with the suit shoulders supporting his straight and textured figure, and seemed to want to say something but stopped herself and shook her head silently.

The four potential cornerstone LPs mentioned that there are signs of the cancellation of fixed management fees in the market, which is the broad fundraising and investment mechanism brought about by paid-in shares.

If you subscribe to 5 million shares and complete the actual payment in half a year to a year, then do you not need to pay the annual management fee for the funds that arrive later? After all, you did not provide management services for this part of the money.

Furthermore, the entire fund has a management scale of 50 billion. Other companies can transfer money first before you come to me for money.

This is the reason why the old leader of Suzhou Yuanhe just demonstrated his sincerity by paying the full amount first. State-owned LPs prioritize risks and will basically require market-based funds to be received first.

再用高比例出资额倒算管理费，很多中小型风投机构明面2%+20%管理费行业通行，实际被压到1.5%+18%，1%+15%的比比皆是。

Some special funds simply cut the fixed management fees. The projects are ready-made and can be invested as soon as the money is received. Why should they charge me management fees?

Xinhai Industrial Fund, Xiyou and Luzhou local government paid the capital equally, and the latter has not yet paid the full amount.

There is no way to urge him.

I have been a bit tight on cash flow recently, so I will use the money I have in my account first. If I need money, I will definitely pay it back immediately without any discount. Come on, the seafood I bought from the Jiangsu and Zhejiang fishery market this morning is delicious, come and have a try!
The so-called low degree of marketization specifically refers to this set of things. At the business execution level, let’s put aside the contract and talk about feelings. In the future, US dollar funds will completely retreat, and state-owned assets will become the absolute main force of market LPs...

"Market order is not the sole responsibility of Xiyou. The overall environment has improved subtly and has become much better."

Tang Man came closer and spoke feebly to dispel the low pressure. There were different opinions within Xiyou about canceling the fixed management fee and replacing it with a high-yield share and high-investment efficiency.

Regulators relaxed monetary controls the year before last and allowed the banking industry to invest in private equity last year. Overall, the financial reforms were indeed moving in the direction that Xie Jingxing had heard about when he first returned to China.

It's just that the results are slower.

Grapefruit's actions may seem like it is breaking industry rules by lowering its own value to please LPs. It is not easy to be a pioneer in exploring and formulating new standards. Examples of those who pretend to get full management fees are clear.

“When the leading dollar institutions cancel the fixed management fee and only require a 15% profit share, you will find that everyone is on board.”

Xie Jingxing shrugged his shoulders frivolously. How would domestic institutions and LPs respond at that time? It would be a matter of enduring the worst. If they could survive, they would survive. If they couldn’t, they would die.

"What ship? Can I buy a ticket please?" As she spoke, Liu Ying came into the suite and started chatting in a familiar manner.

"Congratulations, ma'am."

Xie Jingxing joked: "The two noble qualities of trust and decisiveness allowed you to board Noah's Ark."

"I thought it was a kayak going out to sea." Liu Ying said with a smile and nodded to Tang Man.

When she graduated from New York University and returned to China, she accompanied her father to attend the Juntai variety show briefing as a major customer and took the initiative to ask for Xie Jingxing to be her WeChat friend.

She then became the LP of Xiyou's first 20 billion quantitative securities fund, and subsequently invested in the first 30 billion yuan venture capital fund. She was present at the company's first annual meeting in Maldives.

He is definitely a senior and friendly partner. Although he can’t keep up with the pace of fundraising now, whenever you meet Yan Wenchuang at an event, you should take the initiative to say hello and offer him a glass of wine.

"You guys chat, I'm going back to the company for a meeting."

Tang Man handled the situation politely and left. The hotel had to finalize the cornerstone LP company and immediately draft the details of the agreement. The subscription channel would be launched three days later on April 4th, so the time was tight.

Xie Jingxing finally emphasized: "Set a fixed deadline."

"rest assured!"

Tang Man cheered up and responded. The leaders of China Construction Bank and other four banks felt that they were looking up to them, and the same was true for everyone from her.

No matter what different voices there are, there is only one North Star above his head. After the Didi and Uber cases, he increasingly fits the definition of a leader.

The door closed, and Tang Man looked at Xie Jingxing through the gap. The speech she made at the variety show briefing was proven by time - he was worthy of the times and worthy of himself.

"It seems like I'm interrupting your conversation." Liu Ying observed his expression.

"No, we just finished chatting." Xie Jingxing raised his hand and gestured to the sofa in the living room to sit down, then turned to the water bar to get some water: "What would you like to drink?"

"Just ice water is fine. I'm a little thirsty after drinking champagne in the restaurant. What's wrong with you? You seem to be in a low-pressure state. It's inconvenient to chat, so forget it."

Xie Jingxing heard that he put the water down in the champagne cup and filled the cup with ice cubes and poured whiskey instead. Liu Ying gathered the hair by her ears and asked with concern.

The last time they met was at the end of the year when she went skiing in Changbai Mountain. In the evening, she saw a video of him and JJ Lin singing together at the Yunshan Annual Meeting on WeChat Moments. They went down the mountain late at night and returned to the city of Jingyue to have a midnight snack.

"Nothing, just prepare for a rainy day, to prevent a downward cycle."

Xie Jingxing handed her the ice water and sat down to take a sip of wine.

Liu Ying was confused: "Is the venture capital industry in a downward cycle?"

"The dividends of mobile Internet have been reaped. We don't know when the node of artificial intelligence will appear in the next cycle. During this period, the entire industry is operating at a low level." Xie Jingxing briefly explained to keep a calm mind.

The interests of the management side are transferred in exchange for the support of the state-owned LP fundraising side, thus forming a new industry standard. Regardless of whether this thing can be accomplished or not, Xiyou will benefit from being the first to try it out in the future.

Liu Ying held the mineral water bottle in both hands: "What about the stock market?"

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

"...It's really good." Xie Jingxing imitated the Trump accent when Lu Xiaobu drank Shenbao.

Liu Ying burst out laughing, leaned sideways, stretched out her arm, patted his shoulder and said angrily: "I thought you were a serious person, you almost choked on the water."

“Only ghosts are serious, but people are not. Anyway, professional institutional LPs who can accept long cycles and have strong risk resistance are the first choice.”

The clean and sweet cedar scent moistened his nose, and Xie Jingxing carefully felt the soft and warm sensation on his elbow. It was almost the end of April, and this perfume, which was suitable for the winter nights in December, would not be used for many days.

Liu Ying paired a white casual shirt with an eye-catching champagne-colored silk skirt today. Her upper body was slightly leaning forward and the hem of the shirt was tucked into the corner of the long skirt. The asymmetrical look highlighted her slender waist.

The silk skirt flowed smoothly and reached down to her ankles, her long legs were stretched straight and together, her stiletto heels were supporting the ground, and she was swaying gently on her toes.

Graceful, bright and free and easy.

"It can be seen that those who came today are institutional buyers. Private LPs cannot withstand the downward pressure of the market and have no ability to survive the cycle. Investing is becoming more and more difficult." She tightened the mineral water bottle and put it aside.

"It is a trend that high-net-worth individuals will hand over their financial management needs to banks in the future. They can either invest in products they are familiar with or just wait and see."

"I'll think about it later. When I came to the site today, I knew there was no quota."

"How much have you prepared?"

"2500. I lost a bit when a brokerage firm's custodial financial product matured and redeemed it. I advised my dad not to buy from him."

"Not bad. I remember you subscribed for 3000 last year?"

"It's OK. My family and my cousin's family jointly opened a new factory, which has reached the first-tier supplier standard of Liugang hydraulic products, and the revenue flow has increased."

"Don't just invest in grapefruit. Spread the risk. I'll find you a project to invest in later."

"Is 2500 enough? The most I can get is 3000..."

Liu Ying leaned her upper body back softly against the sofa, until her clothes slipped off and her silk skirt flipped up, her soft red lips blocked but she was still talking vaguely about serious matters.

The song he and JJ Lin sang was "Those Adventurous Dreams You Had". It was a cold and snowy night, and the roads were slippery. The hotel courtesy car driver was kind and nervous all the way.

She listened to this song with headphones all the way, the first time in Maldives, and later in Singapore's typhoon season, Hangzhou's spring, Boston's late autumn, and Changbai Mountain's snowy night.

I can't tell which one happens more often, by chance or by design. It feels so strange when you come to my city on business trips or travels.

Liu Ying stroked the man's face and back, closed her misty eyes and uttered softly with her body temperature.

That’s right, only dead people are serious, and no one who is alive is serious.

…………

"Wow."

The bathroom door opened, and the mist on the glass turned into water droplets when it got cold, twisting and sliding down, waking me up.

Liu Ying picked up the wine glass and drank the melted ice water at the bottom of the glass. Xie Jingxing refilled the glass with ice cubes, poured the wine, drank a big sip comfortably, and handed the glass to her.

"There is a trendy toy brand that sent you project information. 2000 million is enough. If you don't feel like it, look for other options."

Xiyou’s follow-up investment is very popular, and even cornerstone LPs cannot guarantee that they will have shares at any time. Liu Ying wrinkled her nose and said, “It’s weird to talk about this kind of thing at this time.”

"You can invest in Jinyou, but I think this project is really good." Xie Jingxing was indifferent. Pop Mart's good days are coming soon. If you invest now, you can guarantee a return of more than ten times in three years.

Liu Ying pursed her lips: "Can I have both?"

"Then how do you allocate your funds? Let me talk to Zheng Zhe."

Xie Jingxing's shoulder slammed into the door, and this time it was his turn to have his lips blocked.

A few minutes later, the two helped each other to tidy up their clothes and left the hotel room to go next to the Grapefruit fundraising venue.

The Jinyou Fund fundraising briefing was relatively more popular.

Private equity funds have a short closed period and low performance shares. Last year’s huge profits even attracted regulators to visit them for questions. You can imagine the situation.

However, there are only 40 billion shares and two funds, active strategy and quantitative strategy. It is not a deliberate hunger marketing to pretend to be high-end. There is an upper limit to the funds that the quantitative trading model can carry.

"The strategic factors of models with more than 20 billion are prone to failure." With people coming and going in the conference hall, Xie Jingxing called Zheng Zhe to a corner to give instructions and explained it clearly.

The tall, tough-looking young man with a magnetic, hormonal bass voice calmly accepted the instruction: "Strategic factor artificial selection tracking?"

"We have both manual screening and computer data running. Jinyou has a long-term partnership with the Institute of Economics of Jiaotong University. You..." Xie Jingxing cast an inquiring look at Liu Ying.

She looked at the bass with a gentle smile on her face. "My fiancé, he went to Sydney University to study animation production as a graduate student. He's a programmer and is interested in modeling."

"Oh~ When your fiancée subscribed to the last fund, Jinyou's quantitative model was updated two generations. If you are interested, you can visit the company."

Xie Jingxing raised his eyebrows. Liu Ying never mentioned her fiancé.

The magnetic bass smiled modestly and thanked: "I am now back home helping with the small commodity export business. I haven't played modeling for a long time. I am embarrassed to get the subscription share. I really trouble you, Mr. Xie."

"Yiwu? It's a good place where the people are rich. Please help promote Jinyou if you have the chance. Liu Ying and I are old friends, and I have to thank you for your support." Xie Jingxing said in a light tone.

Liu Ying winked playfully and generously and added: "The university has been a big but not small player in the Chinese international student community in New York for many years."

"At first glance, I thought we were all old."

Xie Jing Xing complained, stepped forward and held out his hand: "I have something else to do, Zheng Zhe, you can make arrangements and keep in touch."

"Okay, nice to meet you today. Thank you very much for letting Yingying help me get to know you!" The magnetic bass shook my hand vigorously and expressed his sincere thanks again and again.

Xie Jingxing opened his five fingers with his other hand and quietly climbed up the perky breasts wrapped in the champagne-colored dress. He also squeezed them hard, leaving wrinkles on the smooth champagne-colored dress.

Liu Ying smoothed out her wrinkles as if she was unaware of it. She stood gracefully side by side with the magnetic bass, waved goodbye and said goodbye with a smile, even though she knew that the goodbye would be a long way off. The journey of those who chase stars always has an end.

Zheng Zhe's face turned pale and sweat formed on his forehead. He kept staring at the unmarried couple beside him. They were not only rotten to the core, but also extremely bold. (End of this chapter)