Chapter three hundred and ninety seventh unselfish
The meeting with Luo Zhuo, the founding partner and chairman of Qingkong Ginkgo, was at the Entrepreneurship Incubator in Qingmu Science and Technology Park.
Zhang Yida walked through the incubator hall where countless small start-up companies were scattered, and looked at the young faces in the shared office, feeling as if he was in another world.
More than three years ago, I, Lin Zhenyang, and others were sitting in the incubator of the Peking University Mass Entrepreneurship Center, working hard on starting a business.
But I was lucky, I got financing and moved out within two months.
Aoki, like Beijing University, also has its own science and technology innovation park and incubation center.
One of the four sub-funds of the National Small and Medium Enterprises Development Fund, the National Small and Medium Enterprises Development Fund (Jiangsu Nantong Limited Partnership) has its Beijing office address on the 17th floor of Building C next door.
Qingkong Ginkgo Fund is the manager of this fund.
The year before last, the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Science and Technology, the National Development and Reform Commission, and the State Administration for Industry and Commerce issued bids as bidders for the "National Small and Medium-sized Enterprise Development Fund Sub-Fund Management Agency Public Bidding Project" and publicly invited fund managers nationwide.
Qingkong Ginkgo stood out among 55 bidding agencies across the country and won the bid with excellent results.
In addition to the 1.1 billion yuan invested by the central government, the other 3.4 billion yuan was all invested by Qingkong Ginkgo and other social capital to jointly establish this sub-fund with a management scale of 4.5 billion yuan.
Tsingkong Ginkgo is a venture capital institution jointly established by Tsinghua Holdings Co., Ltd. and the fund management team.
The specific model is that the school provides money to serve as LPs, outstanding graduates of Aoki University, and private equity tycoons serve as GPs.
Aoki University ranks first in the country in terms of scale of school-run enterprises. In addition to various investment funds, its school-run enterprises also include many well-known companies such as Ziguang Group and Tongfang Group.
On the Peking University side, Peking University Founder, Peking University Resources, and Peking University Jade Bird are relatively well-known.
Among school-run enterprises, the largest and best are Peking University and Aoki, with total assets of hundreds of billions and net assets of several tens of billions. Their listed companies can be counted on one hand.
But this is all superficial prosperity. Officials show that school-run enterprises have become the hardest hit area in anti-corruption campaigns in colleges and universities.
School-run enterprises let the vice president of the university concurrently serve as the chairman of the school enterprise, and the professors also serve as senior executives. The scientific researchers are not like scientific researchers, and the professors become profit-seeking corporate executives.
Zhang Yida is very disgusted with this approach. Wouldn't it be better to invest the financial allocations and donations received by the school as an LP? The school should be engaged in learning.
However, in this society, everything is about money and making a lot of money. It’s hard to say.
Under the guidance of the front desk, Zhang Yida came to an office of the incubator and met the silver-haired Luo Zhuo.
"Mr. Zhang, hello!"
Luo Zhuo stood up to greet him and extended his right hand.
Zhang Yida shook hands with him and said, "Mr. Luo, hello."
After sitting down, Luo Zhuo looked around and said with a smile: "Don't be surprised, Mr. Zhang, because we chose to meet here. First, it happened to be here to discuss the project.
The second reason is that the environment here is very consistent with the topic discussed today."
Zhang Yida was in a daze and didn't quite understand the second point.
Luo Zhuo didn't explain too much, stood up and said, "Let's go out and take a look!"
Zhang Yida followed Luo Zhuo, wanting to see what medicine he was selling in his gourd.
Walking to the lobby, Luo Zhuoxiao asked: "What do you think of the environment here?"
“It’s okay, it’s spacious and bright, and it has the opportunity to create a great company.”
"Haha, don't dare to set such a big goal. It would be good if many small startups can survive."
Luo Zhuo took Zhang Yida around again, visited several small startups, and chatted with several founders.
"The National Small and Medium Enterprises Development Fund focuses on investing in small and medium-sized entrepreneurial enterprises in the seed and start-up stages.
Strictly speaking, the size of Ruixin Group is no longer a small and medium-sized enterprise."
The two returned to the office, and Luo Zhuo got straight to the point.
Zhang Yida nodded, Ruixin Group's revenue and net profit can already beat many listed companies, and it is really not relevant to small and medium-sized enterprises.
"However, we are still very interested in Ruixin Group and can invest."
Zhang Yida guesses it's not that simple?
As expected, Luo Zhuo added: "In addition, we hope to reach a strategic cooperation with Ruixin Group."
"What cooperation?"
Zhang Yida asked calmly, and he knew that things were definitely not that simple.
"Isn't Ruixin Group engaged in corporate credit reporting and corporate finance? We hope that Ruixin can provide certain credit support to the companies invested by the small and medium-sized enterprise fund."
Zhang Yida did not speak, but began to think quietly.
After a long while, he asked: "What about the number of companies and the specific credit amount?"
Luo Zhuo waved his hand, "The number is not large. Currently, there are less than a hundred projects invested by small and medium-sized enterprises.
As for the specific amount, please use your Ruixin review as the standard."
The corner of Zhang Yida's mouth raised. He finally understood what this person was thinking. It was another ingenious plan to "kill two birds with one stone", and it was a good calculation.
"The state has regulations that the amount of money P2P platforms can lend to enterprises cannot exceed 1 million."
"1 million."
Luo Zhuo frowned, "A little less, it should be enough for the companies settled in the shared office.
But for companies that have received millions, tens of millions or hundreds of millions in equity financing, it may be a drop in the bucket."
"Mr. Luo, one company of Ruixin Group cannot support the development of dozens or hundreds of companies.
It stands to reason that companies that can obtain financing should be of considerable size and should seek credit support from banks!"
Luo Zhuo smiled bitterly, "We have talked a lot with banks, but most of them dislike startups without R&D results.
In other words, there are research and development results, but commercialization has not yet started.
The SME Development Fund invests in companies that currently cover advanced manufacturing, new energy and new materials, biomedicine and other fields.
These technological fields all require spending money and time to achieve results.
For most domestic start-up companies, equity financing plays a role in the development process.
The small and micro enterprise lending market has always been a development problem. I heard that Ruixin Group has a very mature solution, so I wanted to see if you could solve it?"
Zhang Yida has a headache, how should he answer this question?
“Xinglong Dai has been focusing on the supply chain finance market before. After acquiring Weizhong Tax Bank, we entered the tax loan market.
But for the technology sector, to be honest, we don't have a mature credit solution."
Luo Zhuo nodded, "It's really difficult to evaluate companies in the technology field."
He turned to look at Zhang Yida again, "But I heard that Ruixin Group intends to launch an intellectual property platform after acquiring Tianyancha?"
"Yes, I have this idea, but I haven't implemented it yet."
Luo Zhuo asked again: "Can we use this knowledge product platform to evaluate the value of technology companies' R&D results and patents, and then grant corresponding credit lines?"
"Mr. Luo, are you talking about "intellectual property pledge financing"?"
Luo Zhuo smiled, "Yes, that's it. If Ruixin Group can launch corresponding credit products, it can benefit thousands of small and micro enterprises."
Luo Zhuo's suggestion is indeed good, and it coincides with the strategy of the intellectual property and enterprise service resource sharing platform that Ruixin Group will launch next.
Provide enterprises with the creation (application, registration, registration, etc.) and protection of intellectual property rights such as trademarks, patents, and copyrights, as well as the sale and purchase of intellectual property rights, pledge financing, licensing and cooperation, rights protection litigation, etc.
This is what Zhang Yida wants to create, a one-stop full-chain service platform that integrates intellectual property rights from ownership to protection to transaction.
In addition, we will cooperate with Tianyancha to provide one-stop enterprise services such as company registration, domain name transactions, CRM system, marketing SaaS system, cloud services, mini program customization, financial and tax agency, equity incentive plan planning, etc.
Anyway, the services are very complete. Whether it is a start-up, development or mature enterprise, Tianyancha and the intellectual property platform can provide corresponding services.
"This is possible, but it will take a certain amount of time to build the platform and production plan."
Luo Zhuo nodded, this was what he wanted.
The SME Development Fund will invest in hundreds or even thousands of companies in the future.
With so many companies, as a fund manager, he must carefully care for the growth of the company.
Ruixin Group is the nanny he found to accompany the growth of the investment company.
Luo Zhuo was very selfish, and Zhang Yida also saw this.
But this is not important. Ruixin Group would have entered more fields to support small and micro enterprises.
Even if Luo Zhuo doesn't mention this matter, Ruixin Group will still explore and try it in the future.
It is now proposed that companies invested by the Small and Medium Enterprise Development Fund should be used as guinea pigs.
The two had another conversation, and Luo Zhuo decided to invest 230.8 million yuan in Ruixin Group.
The current valuation of Ruixin Group is 22.85 billion yuan. After receiving this 230.8 million B+ round of financing, the post-investment valuation will reach 23.080 billion yuan.
The Small and Medium Enterprise Development Fund just acquired 1% of the shares of Ruixin Group.
Luo Zhuo originally decided to invest the 130 million from Tianyancha to Ruixin Group.
Zhang Yida did not agree. Ruixin Group lent funds to technology companies under the Small and Medium Enterprises Development Fund. He planned to use this financing amount...
Anyway, I don’t feel bad if I lose, it’s just a kindness to others.
Luo Zhuo thought about it and decided that investing 130 million yuan in small and medium-sized enterprises was an astronomical figure.
If you invest in Ruixin Group, you won't even get 1% of the shares.
In the end, he decided to invest 230.8 million, occupying exactly 1% of the shares.
In fact, Zhang Yida wanted to deceive more people.
But Luo Zhuo was unwilling. The original intention of establishing the Small and Medium Enterprise Development Fund was to invest in small and micro enterprises.
The total scale of their sub-fund is only 4.5 billion. If they really invest 1.8 billion in Ruixin Group, they will not be able to play any more and it will defeat the original intention.
As for the fraction of 800,000, Zhang Yida wanted to erase it.
But Luo Zhuo insists that official matters should be handled as much as possible.
Zhang Yida didn't know whether to laugh or cry. He felt that Luo Zhuo was very contradictory. Sometimes he had small calculations, and sometimes he was selfless.