Chapter 734 Six Funds

"Mom, sister-in-law, someone is so thin-skinned that he won't let anyone say anything even though he's so old."

"Xu Meng..."

Xu Liang shouted angrily.

"Mom, sister-in-law, protect me."

The little girl shouted loudly, just like summoning Ultraman, she was not afraid at all.

Looking at the mother who was staring at her and the wife who was glaring at her.

"Well, if you can't afford to offend, can't you just hide?"

Xu Dalang turned his face and went to find his father.

In the activity room of the villa, Xu Yongpei was playing chess with Zhou Hongyun, the head of Xu Liang's medical team.

See him come in.

"Mr. Xu."

Zhou Hongyun quickly stood up and greeted him.

Waved to him, indicating that there was no need to be polite.

Sat down on the small stool next to him.

Father Xu glanced at him, "Aren't you chatting with them in the living room? Why did you come here?"

"I missed you, so I came to see you."

"Come on, I don't know you yet? You must have been scolded. Before Xiaoyang gave birth, your mother would definitely not be happy with you."

"You knew it a long time ago?"

"I reminded you before, but you refused to listen. You insisted on getting close to them. Now you're at a disadvantage, and you know to find your father?"

"Yeah, why didn't I listen to you before?"

As he said, he scratched the chessboard.

"Hey, what are you doing? I'm about to win."

Xu Yongpei was not happy.

"Old Zhou will definitely not play with you for my sake, let's do it together."

"You are such a bad chess player, how dare you play with me?"

"Comrade Old Xu, you should prepare before bragging. You are such a bad chess player, I'll give you a chariot, a horse, and a cannon, and you may not win."

Neither of them admitted defeat, and they soon fought together.

Happy times are always short.

After New Year's Day, Xu Liang resumed his busy schedule.

The annual reports of all the companies under his control were waiting for him to review. Although he did not attend the company's annual meeting, he could not miss the online video conference.

So the period from New Year's Day to the Spring Festival was his busiest time of the year.

"Here."

Jiang Xiaoyang handed over a stack of documents.

"The revenue statements of several funds that expire this year."

Xu Liang took it.

There were 6 funds that expired at the end of 2004.

Mars 1, 5, 6, and 7 funds.

Indian Ocean 1 Fund.

Qinglong 2 Fund.

Mars 1 Fund raised 1.5 billion Chinese yuan, with medical devices and biopharmaceuticals as the main investment directions.

Mars 5 Fund was managed by Chen Shijun and raised 180 million US dollars.

Skype, MySpace, LinkedIn, etc. are all under his control.

Mars 6 Fund was originally managed by Liu Zhiping.

Later, after he transferred to the larger Fund 8, Xu Liang recruited Shen Nanpeng.

The former Fund 6 managed assets of 170 million US dollars.

It has companies such as Anta, Huaxia Bank, and Datong Petrochemical.

After Shen Nanpeng took office, Xu Liang allocated him $1.5 billion.

This guy is really amazing.

In just a few months, he invested in Home Inns, Hanting Hotel, Ecovacs, Dongyi Risheng, Yezhifeng and other companies with good potential.

Mars 7, originally managed by Duan Yongping, raised $100 million, and has vertical e-commerce ASOS, which mainly focuses on clothing and cosmetics, and Edmunds, a vertical e-commerce company for cars, etc.

Among the four funds, the Mars 5 Fund managed by Chen Shijun has the most lucrative profits. Apart from other things, the Skype order alone has made the company a lot of money.

At present, eBay has officially signed an acquisition agreement with Skype to acquire all Skype shares for $3.1 billion.

In this way, the Mars 5 Fund, which holds 23% of the shares, has earned $713 million.

The nearly 100-fold return rate has also become the signature case of Hanhua's North American venture capital department so far.

In addition, LinkedIn, MySpace, big data company Palantir, and Yelp, which is similar to Dianping, etc.

Fund No. 5 was established two years ago.

Although no company has been listed, it has invested in more than 20 companies so far and exited 3 companies, the most famous case being Skype.

4 investments failed.

Most of the other companies have been appreciated by the previous ones.

Although this part is difficult to measure, the return of Skype alone has brought the return rate of Mars 5 to 200% per year.

It is already the top level in the venture capital industry.

"1 billion US dollars, Lao Chen applied for so much money?"

Jiang Xiaoyang said: "I have communicated with Chen Shijun, he said that the Internet is becoming more and more popular among venture capital companies, and often several companies bid for a project.

Before, a startup company could get 10% of the shares with two or three million US dollars in the A round, but now it has to compete for 5%.

So he needs more funds.

And he also wants to invest in the C and D rounds of some top projects, which requires more money."

Xu Liang nodded.

"Not only American Internet companies are popular now, but also domestic Internet start-ups, and the competition will become more and more fierce in the future.

By next year, there may be more funds than companies."

"The United States has flooded the market with money, and there is too much hot money in the market." Jiang Xiaoyang couldn't help but say.

The Federal Reserve has lowered the federal reserve interest rate to an unprecedented 1%, and no one would be stupid enough to deposit money in the bank or buy government bonds.

The torrent has basically entered the capital market.

The flooding has profoundly affected the global business landscape.

"We can't change the general trend. What Hanhua has to do is to make money along with this general trend." Xu Liang said.

Jiang Xiaoyang nodded in agreement.

"Lu Bingyun applied for a venture capital quota of 800 million US dollars for Fund No. 1. I feel it is a bit high.

At present, the domestic biopharmaceutical and medical equipment industries are still in the early stages, and 800 million US dollars may not be invested.

Moreover, she has managed Fund No. 1 for two years, and the return on investment is only 38%, which barely reaches the industry average.

It makes me doubt her ability."

Xu Liang looked at the information of Fund No. 1.

In the two years since Lu Bingyun took over Fund No. 1, there have been 13 companies invested, plus the companies accumulated by Fund No. 1 before.

A total of 23 medical, biopharmaceutical, and medical equipment companies are managed.

Currently, three companies are listed.

There is no investment failure.

After all, medical, biopharmaceutical and medical equipment companies are not Internet companies, and most of them are supported by physical assets.

Similarly, such companies cannot get the high valuations of Internet companies.

"Have you talked to Lu Bingyun?"

"Of course, she has her eyes on those large domestic pharmaceutical companies that have not yet gone public, such as Huadong Medicine and Xiuzhen Pharmaceutical."

"Is she sure she can get shares in these companies?"

"Of course, she can't avoid borrowing the power of the company and your reputation as a world-class rich man."

With Xu Liang's current status, if he were a shareholder of a company, he would naturally endorse this stock.

Stocks invested by large institutions will naturally make shareholders more trustworthy.

"What do you think?"

"Originally, I was going to refuse. Although these large pharmaceutical companies are good, their growth potential is far less than that of start-ups. However, after acquiring Delong, the company will enter the investment banking business.

These large companies will become the cornerstone of our investment banking business."

For investment banks, companies will make a lot of money when they go public. In the future, the company will issue bonds, buy and sell call options, increase capital and expand shares, and merge and acquire, which are inseparable from investment banks.

It can be said that every large company is a business guarantee for investment banks.

"Then agree to her, it's only about 800 million US dollars.

And Lu Bingyun is a very good fund manager."

"You think so highly of her?" Jiang Xiaoyang said.

Xu Liang nodded affirmatively and smiled.

"Although her average investment return rate in the past two years is only 38%, slightly higher than the industry average.

But don't forget that a good fighter does not have a great achievement.

In the investment industry, it is very rare to be able to maintain stable profits.

The reason why you think she is not outstanding is that she is influenced by Hanhua itself.

If you take the funds I am responsible for out of Hanhua, and then review the return rates of all the remaining Hanhua funds, you will find that Lu Bingyun has done a good job."

Jiang Xiaoyang was stunned for a moment, and after a little thought, he woke up in time.

"I seem to be really influenced by you."

"This is normal. It's human nature. People will instinctively pay attention to those who are more successful.

You see my super high returns of 500% or even 1,000% every day. After a long time, you will naturally feel that 38% is not high.

But in fact, this number is already very good."

Jiang Xiaoyang nodded and looked at the man in front of him.

"People say that 'young people are arrogant'. In just a few years, you have made money that others can't make in several lifetimes. How can you still be sober?"

Xu Liang showed pride on his face, "Because of you, my man, I am a genius!"

He is almost 70 years old in his two lives. He has experienced so many ups and downs. His state of mind has long been polished. Not to mention that he can't change his face when the mountains collapse in front of him, at least he still has basic calmness.

And he is also very clear about the reason for his current success.

Naturally, he will not be stupid and arrogant.

But he still has to brag in front of his woman when he should.

"Tsk, I knew you would say that."

Although he was disgusted, Jiang Xiaoyang's eyes revealed a touch of admiration.

She is also a noble lady from a wealthy family. If Xu Liang's brilliance was not too dazzling, how could she have wronged herself and turned a blind eye to a man's infidelity?

Xu Liang calculated that there were four funds.

Fund No. 1 was $800 million, Fund No. 5 was $1 billion, Fund No. 6 was $1.5 billion, and Fund No. 7 was $100 million.

Hanhua Venture Capital Department needed to raise a total of $3.4 billion in 2005.

In contrast, the four funds of Hanhua Venture Capital Department earned $1.29 billion in two years, with an average return rate of 38.9 times.

Mainly because Skype raised the entire return rate at once.

After deducting 15% long-term capital gains tax and some miscellaneous expenses, deducting 15% fund dividends, and deducting 50% investor dividends.

Hanhua Venture Capital Department made a total net profit of $462 million.

Compared with other venture capital companies, the profit is still quite considerable.

But it is still far behind Sequoia and Kleiner Perkins.

This year, they made no less than $1.5 billion from Google's IPO alone, and they didn't sell all of their shares because Google was still in the IPO lock-up period.

Once the lock-up period is over, they can make more than a billion based on Google's ever-expanding market value.

It's mouth-watering.