My 1999

"The reform of Torch Group is mainly divided into three points.

First, in addition to the new energy department, Torch's auto parts business will be sold to Wanxiang Group.

Second, garden machinery and power tools will form a company and be listed on the A-share market.

Third, Torch's new energy department will separate battery research and development and production and sell them to Kunlun Industrial Group, and the remaining part will continue to study electronic control and motor systems.

Not only the electronic control and motor systems of micro-cars, but also all models under Torch."

Under Xu Liang's sharp eyes, Peng Zhiyu said bitterly.

"Mr. Xu, I will obey any decision made by the headquarters."

He had such a big mess in his management, and he didn't have the face to bargain.

Xu Liang nodded slightly.

"Don't be stressed. The company's reduction of business margins is not simply to reduce the company's scale. The main purpose is to strengthen Torch's strength in the two major fields of trucks and construction machinery.

So, the headquarters will not take any money from the sale of the auto parts business, and you can use it to acquire influential truck and construction machinery companies at home or abroad."

Peng Zhiyu's eyes lit up.

Although the auto parts business was sold, the meat was rotten in the pot, so it was not a loss anyway.

After thinking for a moment, he gritted his teeth.

"Mr. Xu, since you want to sell, just sell all the auto parts business, garden machinery and power tools."

"Are you so determined?"

"The market for garden machinery and power tools is limited, and the total domestic market is less than 50 billion Chinese yuan.

Although we also occupy a part of the foreign market, the proportion is not high.

The development prospects are limited.

Overall, garden machinery and power tools are chicken ribs.

It is tasteless to eat, but it is a pity to throw them away.

In this case, it is better to sell them in exchange for precious funds and continue to strengthen Torch's market in trucks and construction machinery."

Xu Liang nodded slightly, "Do you have any acquisition targets you are optimistic about?"

"JAC Motors."

In the current domestic truck market, although the models are different, the company rankings remain unchanged.

But in terms of overall revenue, Dongfeng, FAW and Torch are basically the top 3.

Torch is divided into two major brands, Shaanxi Automobile and Shancheng Hongyan.

Behind the three giants are Huaxia Heavy Duty Truck, Beiqi Foton and JAC Motors.

Each of the three has its own focus. Huaxia Heavy Duty Truck is self-evident. Its strength in the field of heavy-duty trucks is comparable to that of Huoju.

Beiqi Foton's trump card is agricultural machinery. It is the only one in the country in the field of agricultural vehicles and agricultural harvesters, and its light trucks are also developing rapidly.

JAC is a giant in the field of light trucks and micro trucks. Later, it entered the field of medium trucks and heavy trucks, but its strength is relatively weak.

The six major companies basically occupy 80% of the truck market in Huaxia.

If Hongyan can acquire JAC Motors, it can make up for the company's shortcomings in light trucks and micro trucks, and suppress Dongfeng and FAW.

"JAC is indeed a good target. Give it a try. I will help you at a critical moment." Xu Liang said.

Peng Zhiyu nodded subconsciously and his eyes soon lit up.

"You mean BOE and SMIC..."

Xu Liang smiled and nodded.

"Don't worry, I will definitely take down JAC Motors as soon as possible."

Looking at Peng Zhiyu's confident and enthusiastic look, Xu Liang was relieved.

With such a big adjustment in Torch, what he was most worried about was that it would hit Peng Zhiyu's spirit.

Without the spirit, and just living a muddle, Torch's future would be bad.

"Don't be too happy yet. Before talking to JAC, you should talk to Lu Guanqiu and sell the three business segments to him.

Remember, we don't want equity, we want cash.

If he doesn't have enough cash, let him contact Standard Chartered or Hanhua.

Also, let him hand over Wanxiang Group's brokerage business to Hanhua Securities.

If he agrees, we will sell it.

If he doesn't agree, we won't sell it."

It will be subprime soon, and cash is more valuable than equity.

"Yes."

——

"Xixi, what do you think of me wearing this skirt?"

Shu Chang turned around with her feet up, and the pink floral long waist skirt of Burberry slowly rotated like a windmill with her movements.

The sun was shining, and the light dance was flying.

The flowing long hair exudes a refreshing fragrance.

"So beautiful. Changchang, this skirt suits you very well."

Shu Chang, with a smile on his face, glanced and saw Master Xu sitting on the sofa next to him.

He pulled Liu Qianqian, who was wearing a white floral dress, over.

"Brother Xu, do you think our clothes look good?"

Liu Qianqian's pretty face also showed hope.

Xu Liang looked at the two beauties.

Liu Qianqian is undoubtedly a top beauty.

With a height of 170cm and a stunning face, as well as a well-maintained figure, she is definitely a top clothes rack.

Although Shu Chang is also a great beauty, she is still inferior.

"In my eyes, the clothes are ordinary, but they become luxury goods when worn by you!"

Xu Liang praised generously.

Women dress to please themselves.

The two women smiled instantly.

Xu Liang waved his hand, and the two women sat on his lap obediently.

With more and more times of sharing sex in bed, all kinds of positions have been unlocked, and the embarrassment and awkwardness in the past have basically disappeared.

Xu Liang hugged the two women's slender waists.

"Where did you go today?"

"Go..."

Liu Qianqian was about to speak when there was a knock on the door.

"Mr. Xu, Mr. Shen from Hanhua is here."

Li Jinling's voice sounded outside the door.

"Have you arranged everything?"

"It has been arranged according to your instructions."

"I'll go there in a while."

"Okay."

He patted the buttocks of the two women in his arms, "I'll come to accompany you later."

Liu Qianqian and Shu Chang stood up obediently.

They also knew that business was important.

...

Xu Liang has three properties in Shanghai.

Lilac Garden, No. 5 Courtyard of Tan Palace and Yan Family Garden.

Lilac Garden was bought the earliest, and now it is basically occupied by Liu Xiaoli, Liu Qianqian, Shu Chang and others.

Then there is No. 5 Courtyard of Tan Palace, where Lv Hui and her son live.

The newly purchased Yan Family Garden has been under renovation since it was bought last year. It has not been officially completed yet, but it will be soon.

Today, he invited Shen Nanpeng and all the senior executives of the entire Shanghai office to Lilac Garden. Everyone had a barbecue by themselves and kept in touch with each other.

When eating, they couldn't help talking about work.

Especially the education industry, which has become a hot spot for investment recently.

"In addition to Xueersi, we recently invested in a civil service exam training company called Offcn Education."

Shen Nanpeng smiled and said, "Tutoring children is a business, and training adults in exam skills and helping them find a good job is also a business.

The two companies belong to the education and training industry, but the subdivisions are completely different.

But they are definitely good tracks, with a broad market and a gratifying growth rate."

Xu Liang nodded. Since New Dream and New Oriental went public one after another, domestic education and training companies of all sizes have been launched.

There are good and bad companies, which is a test of investors' vision.

But Xueersi and Offcn Education are undoubtedly two golden beans.

Both companies have been established for only a few years, but their development speed is not slow. Their annual revenue has reached the level of tens of millions of yuan, and they have a certain reputation in a small range.

Xu Liang glanced at Shen Nanpeng, "Did you find this Offcn Education?"

"I am now rarely responsible for venture capital business below the C round. It was Zheng Lei."

The two subconsciously looked at the young man with glasses and rolled up his sleeves, who was flipping skewers not far away.

"You have a good eye. He is indeed a talent." Xu Liang said with a smile.

Xueersi and Offcn Education were educational companies worth hundreds of billions in the previous life. Although the stock price collapsed due to the overall environment, it was due to force majeure and was excusable.

"He graduated from Peking University and has a master's degree from Stanford. I spent a lot of effort to dig him over." Shen Nanpeng said.

Xu Liang smiled and nodded.

"Since he has the ability, give him some responsibility."

"With the examples of New Dream and New Oriental, the education and training industry still has great potential, and funds and talents are constantly flowing into this industry.

So I plan to set up a new venture capital fund focusing on the education and training industry and let him be in charge."

Xu Liang nodded: "It's a good idea. Continuously deepening and taking a professional route, with rich experience, can greatly improve the success rate of investment."

"I think so too."

The two smiled at each other, with a taste of mutual understanding between the monarch and his subjects.

"Are there any other good projects?" Xu Liang asked.

"Lei Ming of Kuwo Music recommended me an employee named Chen Hua, who left the company not long after starting working.

Last year, he founded a train ticket search and purchase website called Kuxun.

At that time, we were a step behind, and United Venture Capital invested in us first, and then SIG Haina Asia invested in the B round.

Kuxun is developing very well now and is about to become the first in the industry. I plan to see if there is a chance to grab the investment opportunity in the C round."

Xu Liang raised his eyebrows. Kuxun is not particularly famous, but several founders and key employees have made a name for themselves.

"Go and have a chat. Even if the investment doesn't work out in the end, it's good to get to know more people and expand your network.

Venture capital is like headhunting. You need to have a wide network of contacts to get by.

Maybe someone will quit their job and start a business in the future, or start a second business, and the first investor they think of is you.

This is the difference between having connections and not having connections."

"That makes sense. It seems that I have to go to Zhangjiang High-tech Park and Huaqing Garden more often, and go door-to-door and hand out business cards."

"Zhangjiang High-tech Park is okay. If you go to Huaqing Garden, Liu Zhiping will come to me to sue." Xu Liang said.

Huaqing Garden is a holy place for entrepreneurship in Beijing. Xiaonei.com used to work in a residential building in Huaqing Garden. Now there are startups everywhere in that place. There are dozens of CEOs living in one building. It can be called the folk Silicon Valley. In the future, many star companies will emerge.

But door-to-door and handing out business cards is pure nonsense.

Investing is not like selling insurance or credit cards. At present, the buyer's market of investors still dominates.

Shen Nanpeng smiled and said that going to Huaqing Jiayuan was just a talk.

Although the major offices under Hanhua did not explicitly prohibit crossing the boundaries, everyone tacitly guarded their own piece of land.

Occasionally, companies from the other side's territory came to the door.

If I have not contacted you or you are not optimistic about it, it's fine if you invest.

If you come to steal business, you must have a good talk.

"Mr. Xu, I am optimistic about someone and want to dig him to the Magic City office to be responsible for a private equity fund."

"Who can make you think so highly of him."

"This person is called Zhao Jun..."

As Shen Nanpeng narrated, Xu Liang's past memories also surged.

Zhao Jun holds a bachelor's degree in mathematics and a master's degree in finance from Nankai University. He has served as an analyst in the asset management department of CITIC Securities, a fund manager, research director, institutional investment director, and assistant to the president of Harvest Fund Management Company. He has rich work experience and a good resume.

However, these are not the highlights of his life.

The real peak was after Zhao Jun resigned from Harvest Fund, founded Danshuiquan Private Equity, and built the fund into an industry-leading company with an asset management scale of 100 billion Chinese yuan.

This person is undoubtedly a top talent in the private equity field.

"From your description, he is indeed the talent we need and can be poached."

"The other party's conditions are relatively high." Shen Nanpeng said.

"How much?"

"5% of the project dividend."

Xu Liang nodded slightly.

At present, the industry general standard for dividends of private equity fund projects in China is 20%*20%.

That is, about 4% of the overall profit share of the fund.

Because when some funds are liquidated, they will require the profit part to deduct management fees first, as well as deduct 6%, 8% and other guaranteed returns.

The remaining money is called excess returns, and GP and LP take 28% of it.

The portion that the GP investment management institution gets will be divided with the fund manager and the team in an 80:20, 70:30, or 60:40 split.

The dividends that the fund manager gets in the end are usually lower than 4%.

For example: the asset management scale of 1 billion Huaxia currency, the fund duration of ten years, 2% management fee per year, and the guaranteed annual rate of return of 6%, will reach 10 billion yuan when the fund is liquidated ten years later.

It does not mean that 10 billion minus 1 billion principal, the remaining 9 billion will be divided 2:8.

Instead, it is based on priority: regardless of the fund's profit or loss, 200 million management fees will be deducted first, then 1 billion principal will be returned to the investor, and then 600 million guaranteed returns will be deducted, and finally 8.4 billion will be left, GP will take 20%, that is, 1.68 billion, and LP will take 80%, that is, 6.72 billion.

The fund manager and team will take 20% of the 1.68 billion, that is, 336 million.

336 million, divided by the book profit of 9 billion, the number is equal to 3.73%, less than 4%.

This data is still good, because the book return is high enough, nearly 10 times.

For those with low book returns, the data is terrible. After deducting the management fee, returning the principal and issuing the guaranteed income, it may be found to be negative...

That is, the guaranteed rate of return has not been achieved. Sorry, there is no dividend. It depends on whether the management fee can support the company.

Management fees are collected every year regardless of whether the fund makes money or loses money.

Powerful investment institutions directly waive management fees and rely on dividends to survive. This is full confidence in their strength.

Smelling the aroma of barbecue, Xu Liang asked with a smile.

"Do you think Zhao Jun's talent is worth 5%?"

"I think he is worth it, or even more." Shen Nanpeng affirmed.

Xu Liang nodded slightly, "Although I don't know him very well, I believe in your vision."

After giving affirmation to his old subordinates.

"Since you think he's worth the price, then agree to it."

"Thank you, Mr. Xu, for your trust."

"You're welcome. You've earned your trust. ... The meat is ready. Eat it first. We'll finish the rest later."

"Yes."