Chapter 1137 Sovereign Fund
Originally Xu Liang planned to stay in Shanghai for a few more days, but a call from Jiang Xiaoyang made him rush back to the capital.
After getting off the plane, Xu Liang smiled and opened his arms to greet the pretty woman standing not far away wearing a dark blue long skirt with long hair and long hair shawl.
The woman smiled slightly and threw herself into his arms.
A moment later.
"Long time no see, my wife is beautiful again."
Jiang Xiaoyang rolled her eyes at him, "I don't see you beautiful, come back early."
"Hey, isn't this busy.
The lawsuit between SMIC and TSMC has reached a critical moment. If I don’t ask clearly, I won’t be relieved.”
Jiang Xiaoyang said seriously: “Are you sure?”
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Since selling the shares of SMIC and BOE to the Xu Family Charitable Foundation, she has not paid attention to these two companies.
“U.S. law is ultimately about money.
As long as you give enough, you can’t lose the case.
In the past, Zhang Zhongmou relied on TSMC’s big business and strong capital , and the Wanwan government supports bullying Zhang Rujing.
Hanhua does not accept this.
So there is no need to worry, this lawsuit will be settled in the end. ”
Jiang Xiaoyang nodded.
In the five or six years since the establishment of Qinglong Fund, Hanhua has used its huge profits to weave a huge network of relationships around the world.
Its energy and power are by no means comparable to those of TSMC.
“Let’s talk about CIC, is it really going to start? "Xu Liang asked.
"200 billion U.S. dollars."
"It's really a big deal from above."
Jiang Xiaoyang: "The boss asked us to meet in the Great Hall in three days."
Xu Liang nodded, "Has anyone else been invited besides us?"
"Isn't this asking questions knowingly? The boss's style of doing things is to seek stability, and they will definitely not put all their eggs in the same basket." Jiang Xiaoyang said.
"That's right. ...Forget it, I don't want to think about it anymore. Go home and see your son first."
...
Three days passed by in a flash.
Xu Liang and Jiang Xiaoyang deliberately cleaned up and rushed towards the Great Hall at the same time.
After three strict entry security checks, I put on my issued ID and was about to enter the venue when I suddenly saw a few acquaintances in the corridor.
"Why are they here too?"
"What you said is that only we are allowed to receive invitations, but others cannot receive invitations?" Jiang Xiaoyang said.
“I thought we were the only ones today!”
Jiang Xiaoyang said lightly: “With 200 billion US dollars in funds, everyone is staring at it, how could they refuse this temptation.”
At this time, Zhang Fan suddenly looked back, and then noticed Xu Liang and Jiang Xiaoyang not far behind him. He pushed Xiong Xiaoge with his elbow.
"You really guessed it right. The people from Hanhua are indeed here."
Xiong Xiaoge turned his head and glanced at Xu Liang and Jiang Xiaoyang not far away.
"The only global financial giant born and raised in China, it would be strange if the superiors didn't invite them."
There was a touch of envy in Zhang Fan's eyes.
The two of them are just partners of IDG China, and they are very different from Xu Liang and Jiang Xiaoyang.
"It seems that we are going to run with you today."
Xiong Xiaoge said with a smile: "We are not the only ones running with you."
Zhang Fan glanced at several colleagues not far away, " I'm afraid Lao Zhu and the others don't look very good."
After Xiong Xiaoge nodded, "Would you like to go over and say hello? Jin Kaiser is a big shot that is hard to meet."
Zhang Fan felt something in his heart. .
"Forget it, today's occasion is not appropriate.
Besides, Hanhua is in competition with us, so it would be a waste of effort to go up there."
Hearing what he said, Xiong Xiaoge, who originally wanted to go, also Lost my mind.
......
Sun Zhiming, Zhu Linan, Chen Liwu and others also noticed Xu Liang and Jiang Xiaoyang who were about to attend the meeting with them, with different expressions.
Sun Zhiming looked ugly. Last year, Jiyuan Capital had similar talks with Baofeng Technology. When the two parties were about to sign a contract, the venture capital fund affiliated with Hanhua Capital Office ended up picking the loser.
After nearly a year of development, Baofeng Video’s valuation has more than doubled compared to last year.
It made him feel even more uncomfortable.
Zhu Linan looked on with cold eyes. He was the general who was closely connected with Liu Chuanzhi and was promoted by Liu Chuanzhi.
Because of the fierce competition between Kunlun Technology and Lianxin Group in the PC field, both parties dislike the other.
In particular, the media under Hongmeng and Penguin have vigorously promoted that Lianxin’s acquisition of IBM’s personal computer business was a collusion between internal and external parties to transfer the country’s high-quality assets at a low price.
Liu Chuanzhi was also labeled a comprador.
Directly destroyed Lianxin’s marketing plan of ‘National First Nations Technology Brand’.
Almost sent Lao Liu to the hospital out of anger.
The knot between Liangzi is getting deeper and deeper, and now it is even more incompatible with fire and water.
Chen Liwu looked complicated.
Last year, Dangdang’s C round of financing, due to Hanhua’s intervention, caused Dangdang’s valuation to soar, forcing them to reluctantly give up.
From the other side’s point of view, it is perfectly normal to trick them.
But watching Dangdang develop rapidly and its valuation continue to rise, he felt equally unhappy.
“Looking at the eyes of these people, you can tell that the company has developed well in recent years.” Xu Liang said with a smile.
If you are not envied by others, you are a bear.
If your peers don't deal with you, it just means that you are developing very well.
Jiang Xiaoyang nodded, too lazy to pay attention to this group of people, and followed slowly behind.
Walking into the large and solemn auditorium, Xu Liang and Jiang Xiaoyang sat down in the first row under the guidance of the staff.
Most of the seats in the first row are empty, and the names of important figures are written on the nameplates on the table. They are the brains of the central bank, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and other institutions.
Xiong Xiaoge, Zhang Fan and others also sat down in the second row according to the arranged seats.
You can see the company's strength, industry influence and status from a small seat.
After a while, the first row was full, and several people sat down on the rostrum. The leaders were the former second-in-command of the financial department, the current deputy secretary of the cabinet, and the preparatory team member of the Foreign Exchange Investment Company. Chang Lou Wei.
Amidst warm applause, Lou Wei began his speech today. There is only one theme: the cabinet has approved the issuance of 1.55 trillion Chinese yuan in special treasury bonds. This fund will be used as an investment source for the "National Foreign Exchange Investment Corporation".
This institution is independent of any department. It operates foreign exchange in accordance with the laws of the country, uses it for a fee, accepts supervision, and maintains and increases value.
Xu Liang was listening attentively. He was asked to summarize. After the country joined the WTO, the trade surplus was large and the foreign exchange reserves were increasing. It was necessary to find a good place for the money to maintain and increase its value.
This is the same as ordinary people who make money and cannot keep it in the bank. They need to obtain a higher rate of return through investment and financial management.
But because the funds are huge.
There was no corresponding operational experience before this. We need to mobilize the power of society and call on people with lofty ideals to participate together to build Temasek in China.
After the conference, Xu Liang, Jiang Xiaoyang and the heads of domestic venture capital funds were taken to a small conference room by the staff.
The background wall is a picture of the Great Wall, and the white seats are arranged in a circle, just like what you see on the Xinwen Network.
When you get here, no matter how arrogant you are, you will become honest.
“Don’t be nervous, everyone. Today I have gathered all the elites in the investment community to provide suggestions and opinions to the soon-to-be-formed China Investment Group.”
Loui Wei is sitting above. On the chair, behind him was a dignified and beautiful young lady taking notes in a notebook.
The room was very quiet. No one wanted or dared to be the one in the spotlight, for fear of making a joke or breaking some taboo.
Lou Wei turned his eyes and quickly focused on Xu Liang, who had his legs crossed and looked the most relaxed.
“Mr. Xu, Hanhua is well-known in the global financial community.
Qinglong Fund and Pacific Fund have become the private equity funds and hedge funds with the highest returns in the world for three consecutive years.
Hanhua is also the largest financial institution established overseas by Chinese people
You are also recognized as a world investment guru by the Wall Street Journal, The Times and other global media. Why don’t you tell us a little bit about it first? "
Hearing this, Zhang Fan, Xiong Xiaoge and others looked at the man in front of them with great envy.
The achievements that the other party has made in the global financial world in the past few years are really amazing.
Xu Liang looked calm and said a few polite words.
“The overseas investment environment is complex, and I think CIC should focus on military training in the early stage. ”
"How to say?"
"In fact, by observing the development process of Temasek, we can draw many conclusions and references.
This sovereign wealth management fund was established in 1974, and the slope county government at that time Inject all assets held by state-owned enterprises into Temasek. < br>
The purpose is to allow the Ministry of Finance to focus on its core role in decision-making and supervision, while Temasek holds and manages these investments with commercial operations as the first priority.
Temasek operates in a highly market-oriented manner. By controlling dozens of wholly owned subsidiaries
Through external equity investment, it controlled hundreds of companies and gradually formed a large state-owned enterprise group with up to six organizational levels of property management from the government to the parent company, subsidiaries, and branches.
Our country has also learned from this Temasek model in the reform of state-owned enterprises. "
Lou Wei nodded slightly, "We did draw on a lot of Singapore's experience in the process of reopening. "
Xu Liang: "Temasek has been operating for more than 30 years now, and its business tentacles have also extended from domestic to foreign countries.
in the country, they don’t care about holding investment or financial investment.
However, abroad, the status of sovereign wealth funds is very sensitive and they can only play the role of financial investors.
Benefiting from years of business operation experience, Temasek has a mature internal investment team and a full understanding of the commercial laws of various countries, so they generally invest mostly directly. "
Lou Wei smiled and said: "China Investment has just been prepared for establishment. We feel that we lack experience, so we plan to select external fund managers and entrust the management of the funds to them.
The direct investment business will slow down for the time being. We will wait until the team matures and has a certain amount of experience before we can develop further. "
Xu Liang: "Yes, I think this method is extremely correct.
With the size of CIC, it is naturally impossible to invest in start-ups like VC institutions. We don’t have so much energy, so indirect investment is better.
Even if you invest directly, you should mainly invest in mature companies. "
Lou Wei smiled and nodded, and added: "Because the foreign exchange reserves are mainly US dollars, direct investment will mainly focus on large overseas enterprises. "
Hearing this, Xu Liang read out some key information. It should be that he wants to allocate a large amount of overseas assets and does not plan to invest heavily domestically. This is to ensure that foreign exchange reserves are not consumed.
It’s hard for him to comment on this. After all, the above idea is quite good. Foreign investors come to China to make money, and we also go to foreign countries to make money. Foreign exchange reserves will not decline, and will even increase.
But, foreigners are not as easy to make money as they imagine, and there are many pitfalls.
Moreover, the potential of domestic technology companies is worth exploring deeply, and the return on investment is far higher than that of investing overseas.
“Technology entrepreneurship has been very popular in China in recent years, but due to policy and environment constraints, venture capital institutions are mainly US dollar funds.
The representatives of the venture capital industry present today also Including us, the funds and LPs we manage come from foreign university endowment funds and pension funds.
Strictly speaking, most of these technological development dividends have been earned by foreign capital. ”
Hearing this, the whole hall was shocked!
Xiong Xiaoge grinned, this person really dares to speak!
However, with the other party’s current status in the global business and financial circles, he is indeed qualified to say these things.
The smile on Lou Wei's face did not change: "In fact, we are also aware of these problems you responded to.
First of all, as you just said, we have no experience in this area. Experience;
Secondly, the scale of funds managed by CIC is too large and it does not have the energy to make early investments.
China is now opening its market and welcomes foreign investment, and it is impossible to block foreign investment from the field of science and technology.
However, we will definitely take your feedback seriously.
We have called everyone here today because of this consideration. We plan to hand over a small part of the funds to domestic VC institutions for management so as not to miss the development dividends of China's technology industry. ”
Hearing this, Zhang Fan and Xiong Xiaoge were immediately happy. Doesn’t this mean that they also have a chance.
Xu Liangyuan was not as optimistic as some of his colleagues. He did not understand some things thoroughly, and Lou Wei's answers could not be taken completely seriously.
Venture investment has the word "risk" in its name. It requires taking risks with money. Do you dare to take risks with foreign exchange? Who dares to take responsibility?
“In fact, venture capital is not as big an investment risk as the outside world imagines. A fund usually invests in dozens of projects, and the cost is recovered in one or two projects.
Mature After a long period of operation, the VC has a mature approach to pre-investment investigation and post-investment management, and the risks are controllable.”
Hearing Xu Liang still talking about this matter, Lou Wei also agreed. Gradually it dawned on him that the other party wanted to persuade him to invest heavily in domestic VC funds.
He thought for a while and replied with a smile: "We have a set of selection criteria. Hanhua and the investment institutions represented by everyone here can submit application materials to CIC.
Through the preliminary evaluation, re-evaluation, and fee rate After price negotiation and contract agreement, they will all have the opportunity to receive capital injection from CIC.”
When the leader said this, Xiong Xiaoge, Zhang Fan and others all smiled and felt secretly happy.
There is a high probability that you won’t have to make this trip in vain today.
Xu Liang looked smiling on the surface, but in fact he was still a little doubtful.
However, regarding an investment strategy involving US$200 billion in foreign exchange, he only has the right to make suggestions on such a big matter, and even the right to make suggestions is very limited. He cannot decide whether the higher-ups are willing to listen. He can only say that he tried his best.
Even if the superiors finally adopt his suggestion, he will not be qualified to intervene in the selection of external fund managers, and the expert jury will not choose him because he is not independent enough. What if he retaliates against his competitors? ?
Thinking of this, Xu Liang was relieved. Some things couldn't be stopped at all.
But it doesn’t matter. If CIC is not willing to invest heavily in VC and domestic investment, then it would be better to invest more on its own.
(End of this chapter)