This article comes from WeChat official account: China Economic Weekly (ID:ChinaEconomicWeekly), author: sun Tingyang, editor: Xie Wei, editor: Zhang Wei, head picture from: Oriental IC, illustration: Liu Yifang
After the opening of the science and technology board, the venture capital fund can reduce its holdings from the secondary market, and the exit mode of venture capital funds is more flexible. According to the statistics of China Economic Weekly, as of July 8, there were 142 companies in the company, and the venture capital funds of Ma Ke, Lei Jun, Ma Huateng and Shi Yuzhu were all on the list of shareholders, or It is early into the early ambush, and now has been profitable several times; or assault shares, waiting for the harvest after the listing. They have not been absent from the feast of the board.
Some senior equity investors introduced to China Economic Weekly that there are two main ways for venture capital funds to invest in non-listed companies: to subscribe for new shares or to transfer shares of old shareholders, both of which have advantages and disadvantages. The addition of shares will reduce the shareholding ratio of the old shareholders, dilute the income, generally need to improve the company's valuation in order to obtain the consent of the old shareholders; transfer the shares of the old shareholders, facilitate the early investment of the shareholders to recover the investment early. Ma Yun and Lei Jun and other big coffee participated in the pre-IPO investment of the company, both the old shares and the new shares.
First, Ma Yun layout ahead of time: investment in Anheng Information for 4 years, has made a profit of 1.94 times
Alibaba, a subsidiary of Ma Yun, invested in Hangzhou Anheng Information Technology Co., Ltd. (hereinafter referred to as “Anheng Information”) four years ago, according to the latest transaction price before the listing of Anheng Information, even before the listing, Alibaba four years later. The investment has already earned 1.94 times.
The products of Anheng Information involve data application security, big data security, cloud security, etc. The main customers of the company are government departments, financial institutions, educational institutions and telecommunication operators.
From the establishment in May 2007 to the listing, Anheng Information had a total of 29 rounds of capital increase and equity transfer. Ali Ventures entered during the 14th round of capital increase and equity transfer. In November 2015, Ali Ventures entered both the capital increase and the transfer equity. The specific operation is that Alibaba invested 46.4 million yuan to increase the investment in Anheng information, and at the same time, it took part of the equity from the old shareholders of Anheng Information Controller (15) and spent 1.6941 billion yuan. In total, Alibaba invested a total of 210.81 million yuan in share capital and obtained 34.46% equity of Anheng Information.
Ali Ventures is a pure financial investment. Anheng Information replied to the Shanghai Stock Exchange and said that when it entered the stock, Ali Ventures signed an agreement with Anheng Information and the original shareholders. The agreement made detailed regulations on the standard operation of the company's financial and taxation operations. Compared with other shareholders, Ali Ventures has played a more active and positive role in improving corporate governance and promoting the company's standard operation.
Just two years later, Ali Ventures recovered some of its investment costs. In September 2017, new investors wanted to take a stake in Anheng Information. "mainly for financial gain," Ali Venture Capital reduced its stake by 20.02 percent by "reducing its holdings of a certain proportion of its shares to achieve investment returns and withdraw funds." By this time, the valuation of Anheng Information has increased 55% compared with Ali Venture Capital. Ali Venture Capital in the recovery of 202.5 million yuan, still holding a 14.42 per cent stake, a total of 8.008337 million shares.
According to Anheng Information's last share transfer before the listing, the company's trading price is calculated, Ali Venture Capital is now holding a valuation of 432 million yuan, plus the previous recovery of 2.025, the income is more than 634.5 million yuan, compared with the cost of taking a stake in November 2015 (215.81 million yuan), Ma Yun's Ali Venture Capital made 1.94 times a profit in four years before Anheng Information went public.
Second, Lei Jun's "temporary holding of Buddha's feet": the two companies will apply for a creative board as soon as 16 days after taking a stake in the two companies.
Compared with Ma's "early layout", Xiaomi's soul, Lei Jun, took a stake in the company, and the company had a temporary foot. According to the prospectus of each company, the Lei Jun is mainly through its Hubei Xiaomi Yangtze River Industrial Investment Fund Management Co., Ltd. (hereinafter referred to as" "Xiaomi fund" ") to realize the stock-taking company.
On January 31 this year, in the 9th equity transfer of Shenzhen Chuangxin Laser Co., Ltd. (hereinafter referred to as “Chuangxin Laser”), the 4 original shareholders of Chuangxin Laser transferred 3.266 million shares to Xiaomi Fund. For 112 million yuan, Xiaomi Fund became the 7th largest shareholder of Chuangxin Laser, holding a total of 4.42%.
According to reports, Chuangxin Laser is the second-largest domestic fiber laser manufacturer in the domestic market. Its main competitor in China is Ricoh Laser (300747.SZ). The prospectus did not disclose whether Xiaomi Company has any business relationship with Chuangxin Laser.
In 2018, before Xiaomi Fund took a stake, Chuangxin Laser had become "hot" and equity prices continued to rise. In a share transfer in May 2018, Chuangxin Laser made a price of 23.97 yuan per share, and in another transaction only two months later, the share price was 26.73 yuan per share. And Xiaomi fund shares in the price has risen to 34.17 yuan / share.
On April 2 this year, two months after Xiaomi Fund took a stake, Chuangxin Laser reported Science and Technology Innovation Board's application for issuance. As of July 8, the Shanghai Stock Exchange has conducted four rounds of inquiries on Chuangxin Laser, in the first round to inquire about the details of Xiaomi Fund transferable shares, why should the original shareholders reduce their holdings before the listing? Chuangxin Laser replied that "one is that employees are interested in improving their personal lives; the other is that some external investors and directors have a demand to reduce their holdings," and Xiaomi Fund is "willing to take a stake." More details about the stake, the exchange did not inquire, the company did not disclose.
Compared with Chuangxin Laser, Xiaomi Fund’s shareholding in Fangbang (688020.SH) is “short and fast”.
The Xiaomi Fund's stake in Fangbang (688020.SH) is too late, but in the process of the listing, the company will be listed on July 22 of this year in the first batch of the company's first company's listing.
Fangbang shares were changed to a joint stock company in 2015. Before March 2019, there have been five equity transfers and capital increases. On March 26 this year, the original shareholder of Fangbang Co., Ltd. “has urgent need to raise funds for operating other industries, so it transfers some shares of the issuer it holds to obtain funds”, and will total 2 million shares at a price of 25 yuan per share. The total price of the yuan was transferred to the Xiaomi Fund, and the Xiaomi Fund became the company's 8th largest shareholder. The transfer price, and in January of this year, another institution received the same share price from the old shareholders of Fangbang.
On April 10, only 16 days after the Xiaomi Fund's shareholding, Fangbang shares reported the application materials of the Science and Technology Board on the Shanghai Stock Exchange. In response to the inquiry of the Shanghai Stock Exchange, Fangbang disclosed the basis for the pricing of the equity transfer, no disputes, and the Xiaomi Fund has the qualifications for shareholders. The Shanghai Stock Exchange did not ask questions about the time when the “shareholding” was so close to the submission materials.
Fangbang shares and Xiaomi have business relationship. The company's electromagnetic shielding film is widely used in smart phones, computers and wearable devices. It is mainly used in terminal brands such as Samsung, Huawei, OPPO, VIVO and Xiaomi.
3. Shi Yuzhu and Ma Huateng indirectly hold Guangyun Technology
Different from the venture capital that Ma Yun and Lei Jun directly control, Shi Yuzhu and Ma Huateng mainly participate in the venture capital fund, thus indirectly investing in the science and technology board.
Shanghai Yunfeng New Investment Center (hereinafter referred to as “Yunfeng New Presentation”) is a venture capital fund whose shareholders bring together many celebrities. Shi Yuzhu became a new shareholder of Yunfeng through Giant Investment Co., Ltd. Ma Huateng also indirectly through Tencent and Huayi Brothers (300027.SZ). Hangzhou Guangyun Technology Co., Ltd. (hereinafter referred to as “Guangyun Technology”), which invested in Yunfeng's new investment, applied for the landing of the Science and Technology Board. Shi Yuzhu and Ma Huateng indirectly invested in Guangyun Technology.
Guangyun Technology changed to a joint-stock company in 2016. In January 2017, it became the fifth largest shareholder in the first round of financing. Yunfeng newly subscribed for the new shares with 111 million yuan, holding 5.26 percent of the shares.
Guangyun Technology provides e-commerce software and services, providing software-as-a-service products and value-added services on Taobao, Tmall, 1688, JD.com, pinduoduo, ele.me, 3500 and other major e-commerce platforms. Taking Taobao platform as an example, Guangyun Technology provides commodity management software, the number of paying households for order management ranks first, and the users who use its traffic promotion rank fourth.
After the latest transfer of share capital, the cost per share of Yunfeng’s new holding of Guangyun shares fell to 6.26 yuan.
Recently, the person in charge of the China Securities Regulatory Commission clearly stated that when the first shares were lifted, in addition to the existing centralized bidding and block trading, venture capital funds can also adopt non-public transfer and placement to implement reduction. In order to facilitate the withdrawal of investment capital, promote the formation of innovative capital.
This article from the micro-channel public number: China Economic Weekly (ID: ChinaEconomicWeekly), Author: Sun Tingyang, Editor: Xie Wei, editor: Zhang, Illustrator: Liu Yi Fang
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