King of Capital

Tang Xiaoou felt that Zhou Wei was mentally unstable, so she politely declined the invitation to try playing the piano, and asked for a cup of hot tea and waited quietly in the reception area.

About half an hour later, another front desk employee helped him scan the door to open a conversation room and reminded him that he could start preparing for the appointment.

Just as he connected his computer to the conference display screen to check the contents of the PPT file, Tang Man, wearing a suit jacket and holding a thermos cup in his hand, appeared side by side with a middle-aged man, talking and laughing.

Both of them were in a similarly relaxed state.

What's the problem? The company is going to close down at the end of the year. Tang Xiaoou was secretly suspicious but remained polite on the surface and took the initiative to greet people.

"This is Zeng Shixiong, President Zeng. He is a partner of Xinhai's Beijing office and is also responsible for the financial control of the fund's overall direct investment projects." Tang Man introduced.

Zeng Shixiong was dressed meticulously, and the old Shanghai watch on his wrist was still shiny. He nodded slightly and said hello: "You can call me Simon."

“Let’s communicate about the project first.”

Tang Man casually sat at the first seat on one side of the long table. Zeng Shixiong sat one seat away from her. He restrained his expression and looked serious after exchanging a few words.

Tang Xiaoou felt a little relieved. He stood next to the display screen and got straight to the point: "Two aspects. On the one hand, SenseTime has made great progress in technology research and development in the past six months. At the same time, we have invested a lot in research and development and need to start a new round of financing."

The startup company SenseTime has an excellent background.

Tang Xiaoou obtained his Ph.D. from MIT in the 1990s. He then returned to the Chinese University of Hong Kong as a professor in the Department of Information Engineering. His students are now working in top companies such as Huawei Vision Lab and DJI Vision Technology Department.

Last year, the facial recognition technology he developed achieved a technological breakthrough that surpassed Facebook. In the future, it will be applied to security, beauty and other industries. It can be said that he almost became a saint instantly.

IDG Capital took the initiative to invest 10 million US dollars in Tang Xiaoou, a living godfather in the field of artificial intelligence and vision, to help him establish SenseTime and commercialize his facial recognition technology.

The founding team is excellent, with core technologies and led by a star venture capital firm. At first glance, the potential for imagination is limitless.

However, there is only one Edison who is loyal to whoever gives him milk. Tang Xiaoou is path-dependent and believes that technology is king, but he has no clear idea on how to transform basic technology into commercial products.

The Xinhai Guidance Fund was able to invest US$3000 million at one time to obtain a 13% equity share because SenseTime was sitting on a mountain of gold but couldn't dig out any gold to sell, and had to burn through all the investment funds and was left with no money left.

Today's so-called work report is actually about running out of money again. Of course, the technological iteration is getting more and more awesome. This year, the best record created by Google was surpassed in the algorithm competition, breaking the record by 6% in one fell swoop.

Regarding such a typical investment project personally chosen by the young commander, Tang Man had nothing to say and let Tang Xiaoou do what he wanted throughout the process.

Zeng Shixiong interrupted the discussion several times to ask questions such as how the money was spent, how the new round of financing would be spent, and when the company expected to produce a commercial product.

He had just joined the company and did not have much superstition about Xie Jingxing. Moreover, he himself was a senior financial officer at TSMC and was used to seeing all kinds of people who claimed to be scientists. He knew that he should not be too polite to such entrepreneurs.

Throwing 3000 million US dollars into the water will at least make a sound. You made all of it in half a year. Do you have the nerve to come to me with nothing to ask for money?
"I think so. SenseTime needs to build a theoretical system of artificial intelligence and form a complete set of industry standards. Then, integrating it into smart cities will naturally lead to commercialization."

Tang Xiaoou was a little anxious about the series of questions. His face turned red as he started to debate the company's philosophy: "Visual algorithms are only part of smart cities. We should be more patient and wait for the full development of the AI ​​industry. It is expected that the industry will enter a period of overall commercialization in three to five years."

"Mr. Tang, I just heard you say that the company's finances can still hold on for a few months, right?" Tang Man tried to smooth things over.

Tang Xiaoou shook his head in disappointment and angrily said, "Talent reserve, technical research, building laboratories and publishing papers, there is always a place to go if there is too much money."

"I understand the cruelty of scientific competitions, so Xinhai will try its best to introduce you to the lead investor in the new round. If that doesn't work, we can help solve some of the financial pressure through loans." Tang Man made the decision.

The unexpected surprise came before his eyes unexpectedly. Tang Xiaoou was stunned for a moment, restrained his joy and agreed thoughtfully.

In the last round of financing, Xinhai raised US$3000 million. After tossing and turning at night and pulling out a lot of hair, it finally managed to convince a dozen researchers to go to Luzhou to set up a research center. Subsequently, there were various industry-guided investment terms to be met.

Having learned a lesson from being cheated, Tang Xiaoou came this time to persuade Tang Man to introduce investment from Grapefruit Capital instead of asking Xinhai to follow up with the investment.

But in any case, the Xie group's shareholding ratio will be too high.

The best solution is to invite other institutions to lead the investment and have Xiyou follow in, which can not only avoid the impact on the company's valuation caused by the previous round's lead investor not following the investment, but also ensure a healthy degree of equity dilution.

As a result, Tang Man was more reasonable than expected and was actually willing to provide loan support on this basis.

"The hotel is located on the Bund. You can just go to the front desk to check in. Take a night's rest and think it over. We'll talk tomorrow."

Listening to her kind words, Tang Xiaoou was very satisfied and nodded repeatedly, saying that it was not necessary to send her off. He was thinking about attending the dinner tomorrow to socialize with more investors.

"Proud scientist."

Watching this man leave with a happy expression on his face, Zeng Shixiong made a helpless comment with a smile.

Tang Man smiled knowingly: "There are basically two extremes in the founders' understanding of equity at the beginning of their business. One is to casually transfer large sums to investors and executives; the other is to be stingy and unwilling to spend a penny, thinking that if they can build a $100 billion company in the future, 1% of the shares will be worth $1 million."

"We should take a comprehensive approach and first think about how much the company will be worth in the future, and then let investors agree with this value?" Zeng Shixiong added.

Tang Man shrugged. "That's the essence of valuation. It's just that founders and investors often don't see too far into the future in actual investment, so they compromise and balance expectations at a future time point that both parties can accept."

"It's very thorough, clearer than what I read in the book." Zeng Shixiong gave a thumbs up with half-genuine admiration.

Tang Xiaoou wants a high valuation but is also concerned about the future dispersed equity structure and the loss of power. He is a typical example of the second extreme mentality and regards SenseTime as a treasure worth a fortune.

Xinhai Fund agrees with this. After all, as the godfather of Chinese visual algorithms, he does have the technology, and it is a good project in terms of business and political achievements.

Xiyou Taihe is different. They invested in high-tech enterprises like Goodix Technology, which are purely commercial-oriented and can be seen and grasped.

With the world's best Android front-screen fingerprint touch solution, and with domestic mobile phone manufacturers fully purchasing their chips this year, the company's performance has exploded and it has started the listing process.

It seems that with the help of Taihe Capital, the exchange has opened a green channel, and the company will be able to go public smoothly within this year, with a return rate of at least 20 to 30 times and tens of billions of net profits to be earned.

So Tang Man is not a good-hearted woman who has turned into a female bodhisattva. She simply doesn't need to get entangled with Tang Xiaoou. It would be best if Xiyou didn't lead the investment...

Zeng Shixiong admires and envies him. Xinhai Fund is operating with a burden and has too many issues to consider, which makes it feel quite constrained. Up to now, Changxin Storage has not finalized its technical route.

After the dinner tomorrow, I will go back to Beijing as soon as possible to talk to Zhu Yiming. I may have to use some tricks on him.

"Mr. Xie seems to be going to Beijing in the next few days. You can find time to report your work." Tang Man kindly gave advice. It was just like the Japanese asking for help from their superiors when the war was going badly, and they called it asking for tactical guidance. Anyway, she didn't have the slightest psychological pressure to do so.

Lao Zeng quickly compared himself in his mind and felt that he did not seem to be able to receive such favor from the emperor. He asked tentatively, "Isn't Mr. Xie going back to his hometown in Northeast China to attend the annual meeting of Yunshan Group?"

"He also has to go to LeEco Group to give a heads up for the new year. I heard that the annual party is very lively and many celebrities are invited to sing and dance. Miao Nan even wants to bring his colleagues to join in the fun." Tang Man's tone was a little bored.

Zeng Shixiong said, "It seems that Xiyou's performance this year is really good. At the annual meeting, everyone was very proactive and went to travel all over the country."

"The company is full of young people and the atmosphere is lively. Xinhai is more down-to-earth and steady. Bread and milk are life." Tang Man returned the favor with a faint smile.

Zeng Shixiong smiled and said, "Indeed, at my age, my parents and children come before me."

"How did your daughter's art exam go?"

"She was admitted to the Central Conservatory of Music, majoring in popular music. The teacher likes her quite a lot."

“Good school.”

Tang Man praised with great interest, and Zeng Shixiong enjoyed it very much and felt fulfilled. The two of them returned upstairs while chatting and continued their meeting to prepare for tomorrow's dinner.

The city of Luzhou gave each of the core executives of Xinhai Fund, including Lao Zeng, a house of more than 100 square meters. Other facilities such as family members' work, elderly people's medical care, and children's schooling were all equipped in accordance with the highest standards for talent introduction.

The status of the 100 billion industrial fund is unique, and some welfare resources are hard to buy with money.

In comparison, Xiyou has no other strengths except money. Since Mr. Xie is not at home, everyone can have fun on their own.

He Chuan's team is so rich that they follow Shen Xin's recommendation and decide to go to Africa for hunting and team-building. Miao Nan's team is short of funds, so they go to Greece and Southern Europe for a stroll and have fun.

Zheng Zhe's quantitative trading department has been officially separated from Xiyou Capital. Combined with the investment in Xinhai Fund and other projects, a separate hybrid fund of funds has been established, which is a wholly-owned subsidiary of Jingxing Investment Group.

This team consists mostly of science and engineering guys, and they are going to Las Vegas to play Texas Hold'em.

Finally, there is the Jingxing Investment Group, which manages all of Xie Jingxing's personal assets of more than 2600 billion yuan, specifically covering a large number of stocks, bonds and other portfolio investments.

They have the most money but the fewest people, including Wan Xue and Zhan Yunping, two junior soldiers he had personally led, and several investment managers who were transferred from various departments to join the team.

Xie Jingxing had always been in charge of the decision-making process. When he was not at home, the children were distracted and discussed on their own. Finally, they unanimously passed the resolution to cash in the team-building funds and give them an early holiday.

In a blink of an eye, the framework of Jingxing Investment Group was initially established, with the hybrid private equity fund subsidiary, venture capital subsidiary, and asset management business group as three parallel and interconnected lines.

By the end of February, when the old president Li Renyu retires from Industrial Bank, the license of Jichun Bank will be almost approved. By then, the four lines will run in parallel, and the prototype of the financial empire a hundred years ago will reappear on the horizon.

But all this will not take center stage. Tomorrow night at the thank-you dinner, the protagonist will be Grapefruit Capital, which already has brand reputation, and will receive attention from thousands of investors, founders and the general public.

Jingxing Investment Group will become the afterglow of the setting sun in the sky, the shadow of the city at dawn, touching every corner and being omnipresent, quietly blending into the entire society.

"But the emperor of the empire was singing at the Yunshan Group's annual meeting, and even had a female group dancing with him, but he sent a female official to deal with the investors' year-end assessment. It's unreasonable and incompetent!"

Tang Man sat at the head of the long conference table, resting her chin on her hand and silently listening to the discussion and summary of the executives in front of her.

She thought to herself: 2015 has just passed by, and in 2016, I should be the venture capital queen second only to everyone else, right?

…………

"In the new year, we will thoroughly implement the development concept of innovation, coordination, greenness, openness and sharing. The Chinese dream of you and me will realize the comprehensive prosperity of the Chinese people. This is the common wish of all Chinese people!"

On TV, the host of the Spring Festival Gala was speaking the opening words. Outside the TV, Xie Jingxing was lying on the sofa, holding his beloved daughter high in his arms and imitating the sound of a jet plane.

"Hehe, daddy, daddy." Little Xie Yun kicked his legs and laughed.

Yu Tong leaned over and lectured the father and daughter: "You two should stop making noise, we are watching the Spring Festival Gala."

"My daughter's baby voice is so cute, the Spring Festival Gala is the noise, right, Xiaoman?" Xie Jingxing made a face and shook his head.

Yu Tong mercilessly stretched out his hand to press his head and suppressed him on the spot: "It is clearly the true scripture of teaching how to make a fortune, the sound of nature."

“Young man, remember to always look up at the starry sky and be curious about the universe. The elixir of immortality is hidden in a certain star.” Xie Jingxing stretched out his tone like a charlatan.

Didi, which has created a new type of Internet sharing economy and is building new energy vehicles, is innovative, green and shared, and perfectly meets all the elements of the plan to make a fortune as described in the true scriptures.

But just as the secret of immortality lies in the process of humans achieving star travel, if one cannot overcome the eighty-one difficulties, even if the Buddha made great vows and passed on the sutras to future generations, how many people can become Buddhas?
"Honey, this is an Alipay red envelope, take one."

Yu Tong was fiddling with his phone. Alibaba was really forced into a corner. Alipay spent a huge sum of money to get WeChat's title advertising for the Spring Festival Gala for two consecutive years, and launched a variety of lucky draw activities.

She just picked up Xie Jingxing's phone when her mother Guan Ning happened to send her a WeChat video call. She quickly fixed her makeup and smiled as she answered the call: "Mom, Happy New Year."

"Happy New Year, Mom. I'm going to cook. You talk to your daughter-in-law first."

Xie Jingxing sat up from the sofa with a somersault and stuffed his beloved daughter into Yu Tong's arms. Little Xie Yun was at the age where she could take on responsibilities, and her father was too old to bear the joy of seeing his wife and mother together.

According to the customs of my hometown in Northeast China, we eat fried dishes at noon on New Year's Day, stay up all night and wait until Zhao Benshan finishes his skit, then set off firecrackers and eat dumplings.

Yu Tong's family doesn't eat dumplings. Instead, they have a sumptuous stir-fried meal at normal dinner time, which marks the New Year's reunion.

However, the day after the couple went shopping for New Year's goods, Xie Jingxing flew across the country on a business trip and only returned home this afternoon.

I don’t have time to go back to my hometown to spend the New Year with my parents, let alone what time to have the reunion dinner. It’s okay as long as I can make it through. It won’t be like 2015 and I can’t make it to 2016.

"Happy New Year, hubby!"

Xie Jing Xing wasted no time in messing with the chef hired by the hotel, busying himself cooking a few dishes. Listening to the background music of the Spring Festival Gala, watching Yu Tong raise her red wine glass, he yawned and said, "Wife, can you give me a day off tonight?"

"Hubby, New Year's Eve is very ceremonial and has a good meaning!" (End of this chapter)