King of Capital

Chapter 68 Xiao Xie invites you to drink tea

Tang Man's expression changed visibly. After being silent for a long time, he suddenly smiled and answered the question irrelevantly, "Congratulations."

"She's going to join Taihe."

Xie Jingxing leaned back, crossed his legs, and looked around the small office: "I have prepared a larger office for you at Grapefruit Capital. Do you want to come?"

"Actually, I can fully understand why she joined Taihe." Tang Man calmly declined.

Xie Jing Xing smiled: "I have also prepared a reason for you."

"Thank you Mr. Xie for your recognition. I appreciate the kindness, but I'd better give the opportunity to someone else." Tang Man refused without hesitation.

Xie Jingxing said thoughtfully: "You should have heard the rumors about Didi and Alibaba recently. I will lead the next round of financing for Didi."

"Lack of other investors' participation?" Tang Man was very happy to cooperate in the project.

Xie Jingxing nodded slightly in affirmation. Didi has completed four rounds of financing so far, and investors include GSR Ventures, Tencent, Matrix Partners China, and Grapefruit Capital.

He doesn't understand the situation of Jinshajiang and Matrix China. Tencent and Grapefruit Capital both have spare capacity and are willing to make large investments in Didi, but this will lead to a very annoying problem.

——Tencent and Grapefruit Capital followed up with the investment, and GSR Ventures and Matrix Partners China were either forced to follow suit or wait for their equity holdings to be diluted. At the same time, the equity holdings of Cheng Wei and the founding team were also diluted.

Not to mention whether the other shareholders are willing to see this happen, according to the amount of funds required for the upcoming money-burning war, he and Pony Ma are likely to invest and become actual controllers, and be ranked as the two most unjust shareholders in the financial circle, along with those who bottom-fished and became major shareholders.

By then, the founder Cheng Wei will have become an employee. What reason will he have to lead his founding team to fight Didi? Does he want Pony Ma to personally come out and fight with Teacher Ma in the octagonal cage?
Therefore, new investors must enter the market to continue to strengthen the diversification of equity and maintain balance.

Tang Man knew the reasoning very well. Since the core purpose was not for money, there should be specific requirements for other investors. So he asked directly to the point: "State-owned capital background?"

"clever."

Xie Jingxing gave the answer with an approving look. This was why they wanted to recruit her. She had excellent abilities and a long-term vision.

Tang Man continued to ask thoughtfully: "Do you have any intention to choose?"

“China Merchants Group, CITIC Capital.”

Xie Jingxing casually cited two examples. Most VC/PE institutions with state-owned backgrounds are relatively stable and tend to be homogeneous. It is enough to just hold a high brand name, and there is no need to expect them to do more.

Tang Man probed, "Your phoenix tree shouldn't need a kid like me to invite a phoenix, right?"

She is currently working on SF Express's first round of private equity financing advisory project, which is led by China Merchants Group and CITIC Capital. Taihe Capital and Yunshan Capital, which were originally interested, are about to be eliminated.

As a result, Wang Wei personally called her yesterday and said that after strategic considerations at the business level, he decided to give Taihe Capital a 5% investment quota while keeping the total amount of equity to be transferred for financing unchanged as originally planned.

In other words, this 5% stake was squeezed out from the three state-owned enterprise giants: China Merchants Group, CITIC Bank, and Suzhou Yuanhe.

Considering the few words about the WhatsApp acquisition that have been circulating among the senior leaders of Juntai’s internal board of directors in recent days and the news she had learned from Gusu Yuanhe, what did the rich second-generation man in front of her mean by deliberately mentioning these two companies? Was he offering his connections?
Tang Man was suddenly a little flattered. He was willing to spend a lot of money to poach her.

"You think too much." Xie Jingxing frowned unconsciously.

Tang Man did not comment. Perhaps everyone was overthinking it, but everyone in the system abides by the rule of "better to believe it than not". As long as it is not explicitly said that there is no such thing, then it is there.

Xie Jingxing's expression showed an uncontrollable irritation: "Honestly speaking, if you didn't come to Xiyou, then Su He of the Didi project would be your client, and you would still be a matchmaker, she would disgust you to death."

"...Mr. Xie, chatting like this is boring." Tang Man had a stiff smile on her face. This kind of thing often happens in the financial industry.

"You know her better than I do. You should know that I am just stating a fact. I also know what you think. If Su He leaves, you will have no competitors in Juntai and your future will be smooth. This is too low-class."

Xie Jingxing stood up and walked to the window, pointing at the endless stream of cars and people outside: "It is called a smooth journey only when tens of millions of drivers make money for you. This is the reason I prepared for you."

"How much financing amount has Didi obtained?" Tang Man asked after a moment's hesitation.

Before returning to China, Xie Jingxing had already spoken to Cheng Wei on the phone: "It is expected to be no less than 100 million US dollars, the more the better."

"Is this project mine, Xiyou?" Tang Man stopped pretending and spoke frankly.

Xie Jingxing shook his head and corrected him: "This project is mine, because it is bigger than the WhatsApp acquisition case, you can only help."

Tang Man pursed her lips slightly and felt a little unlucky. Song Anli successfully got the offer from Juntai by working as a maid; Su He was crowned the queen of mergers and acquisitions by working as a maid; it seemed that being a maid was not a bad thing, and she was not worse than Su He.

Xie Jingxing stopped talking here, and left after saying he had figured it out and called me.

He also had to talk to Mr. Chen, the director of Juntai's investment banking business line, about the breakup fee and put it in plain words: ask for Su He's salary.

As a junior executive at the MD level, he quit his old employer without giving it a buffer period and was lucky not to end up making enemies and going to court. But Su He was not at the level of being indifferent to worldly matters and only seeking fame but not money, so he still had to eat.

"I have mentioned this matter at the board meeting. All the thirteenth salary and year-end bonus will be settled in advance in one lump sum for the whole year. You can ask Su He to come and do the handover procedures and sign them." When they met for the second time, Mr. Chen's attitude was particularly enthusiastic. He had none of the calm temperament that talked about obligations and responsibilities when they met last time. He was just short of putting his arm around someone's shoulder and saying thank you and invite you for tea.

There was a cup of tea at a suitable temperature on the coffee table. It was the Mingqian Anji white tea that he had drunk twice in Su He and Tang Man’s office.

Xie Jingxing's irritability vanished and turned into helplessness. Fortunately, there was a two-year buffer period, otherwise who knows what kind of trouble might happen. At the same time, he became more determined that Yunshan could not invest in SF Express.

"Mr. Chen, please Juntai take care of the subsequent Yunshan spin-off and listing project."

Xie Jingxing paused and continued, "And Mr. Ma asked me to thank all the leaders and colleagues of Juntai for their hard work on his behalf. I will contact you via WhatsApp when I have time to facilitate the settlement of the M&A consulting fee."

"It's all your credit. You are worthy of being a good young man of the new era who is committed to realizing the dream of the great rejuvenation of the Chinese nation. You have really fulfilled your promise. I want to congratulate you!" Mr. Chen's tone was very sincere and his face was full of satisfaction.

Xie Jingxing felt like he was talking to a deaf person, so he forced himself to change the subject: "Mr. Chen, if you have nothing else to do, I won't bother you for now."

"I'm not busy. I have something small to deal with. Several universities that cooperate with Juntai want to invite you and the M&A team to give a lecture."

Mr. Chen put away his smile and got down to business. He leaned over to help add tea. "After all, this is the largest cross-border M&A classic case in China. The company has discussed and decided to organize a lecture tour. We will spend a few days visiting local Fudan University, Jiaotong University, Shanghai University of Finance and Economics, and Zhejiang University in the surrounding area. We can also take the initiative to contact Tsinghua University and Peking University in Beijing."

Xie Jingxing thought about the time arrangement and agreed decisively. This was not only a reward for Juntai, but also a way for him to gain both fame and fortune.

Top financial institutions usually have in-depth cooperation with universities. Resources such as talent reserves and professional knowledge require a long time to accumulate. Most of the top institutions on Wall Street have "university public relations resources" departments.

China has done relatively poorly in this regard. Take Taihe as an example. Its current long-term cooperation with universities is only at the most basic level of campus recruitment. Other activities such as filling databases or hiring experts for projects are short-term, and the annual investment is only around tens of millions.

Su He's annual salary alone adds up to several million. Although there are many rotten fish and shrimp among domestic university experts, it is really disrespectful to intellectuals to treat them as poor.

If you play like this, you will just be a monkey inside the wall forever. At this point in time, the level of quantitative trading technology in the domestic secondary market is so terrible compared to that of Wall Street that there is even a generation gap.

Xie Jingxing planned to imitate the cooperation mode between Wall Street and universities and find a university in China to serve as a pilot for in-depth cooperation to establish a financial research institute, which would be a good opportunity for field research during the lecture.

Mr. Chen observed his expression and immediately got the idea. He started a conversation with him and they talked for a long time.

Finally, he asked casually, "Xiao Xie, what do you think of Juntai's management during your time working at Juntai? You don't need to give me face and speak boldly. We must be brave enough to accept criticism."

Xie Jing Xing was so angry that he laughed out loud, and said lightly: "You, do a good job."

After saying that, he skipped the polite farewell and walked away. Mr. Chen was more enthusiastic than before and was reluctant to say goodbye, but he was also more restrained than before and did not dare to force him to stay and continue the awkward chat.

Xie Jingxing walked out of the office and took the elevator downstairs to the administrative department to formally complete the resignation procedures. He was photographed by many middle and back-end administrative girls who had heard the news and regarded it as an internet celebrity check-in spot.

Nothing to say, just order takeout coffee, milk tea, snacks and everyone gets their share, and forget about taking photos.

"I'm Sun Tao, the fund manager of Juntai's direct investment department. I want to talk to you about something serious, not taking a photo."

An old man finally squeezed through dozens of girls to get to him, his hair, which was greasy from being licked by a calf, was now in a mess.

Xie Jing Xing was stunned for a few seconds: "Let's find a quiet place to talk."

Sun Tao took him to the men's restroom to find some peace and quiet: "It's still about the Budu milk tea brand project. The founder Cui Aliu kicked out one of the partners, Peng Chuanming."

"Go on." Xie Jingxing disagreed.

Sun Tao said quietly, "She signed a shareholding agreement with Dr. Wang and also signed additional terms for share redemption, which means she is now the sole founder and is expanding the product development team to dilute Dr. Wang's role."

"What do you think?"

Xie Jingxing perked up. Judging from his personality alone, this person has the qualities of an entrepreneur.

Sun Tao stared at him blankly: "The founder's team has solved the problems, the founder has good character and ability, and the business model and entrepreneurial concept are interesting. Do you want to invest?"

"Hearing what you said, the situation has changed a lot compared to when I went to investigate before. I'm not sure." Xie Jingxing did not give a direct answer.

Sun Tao was in a stalemate for a moment, but then he gave up and had to tell the truth: "The condition for her to accept our investment is that you must be responsible for post-investment management."

"Contact Su He first."

Xie Jingxing has to go home to see Old Xie tomorrow, so he is temporarily unable to go anywhere else.

With Taihe and Xiyou fully staffed, there are several working groups, and it is impossible for all of them to follow the Didi project. Excluding the issue of the founding team, the "no transfer" seems worth further study.

As expected, Sun Tao finally emphasized: "Do it as soon as possible. Now that the founder team problem has been solved, many institutions want to invest in her."

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(End of this chapter)