My Age of Investment

"...Take Russian money, that's just a self-depreciation.

Do you understand now? Do Russians understand VC? If you accept their investment, Facebook will be the laughing stock of Silicon Valley. "

After listening to Blayer's words, Xia Jingxing understood.

Americans not only despise Russians, they despise their money.

It's not that I really despise money, but I think that Russians don't understand venture capital, they are "stupid money" and cannot bring resources or help to startups.

Thinking of this, Xia Jingxing suddenly admired the "strongest investor on earth", a Russian who actually bought half of the Internet in China and the United States.

It is good for China to say that Americans are basically as arrogant as Breyer, disgusting this and that.

When Yuri Milner first came to Silicon Valley, he didn’t know anyone, and he was rejected countless times for investing in Facebook. Take a stake in Facebook.

Later, the facts also proved that everyone is trying to make money. I bend down and can earn more than you, so you will be envious!

Xia Jingxing told Blayer about the "Russian Internet Market".

Breyer frowned, "You want to connect with DST to enter the Russian market?"

Xia Jingxing nodded lightly, "Yes, if you rush in without anyone making a recommendation, I'm afraid the result will not be much better."

Blayer frowned even more.

It wasn't that Xia Jingxing was wrong, but it was too right.

Wall Street investment banks such as Goldman Sachs and Morgan have recruited a large number of descendants of powerful rabbits, so they can underwrite the listing of so many large projects.

In Blayer's view, it is impossible to do business in these countries without knowing a few powerful figures.

"Is the Russian market so important? Can't you go in later?"

Xia Jingxing shook his head, "In the European countries, only Russia has a population of more than 100 million, and there are tens of millions of Internet users, which is more than the total number of Facebook users.

If it enters the market two years later,

I think homegrown social networks may have developed.

You know, there are many talents in Russia. "

Breyer nodded, this has to be admitted, Mao Xiong has been able to confront them with the United States for so many years, there is still some background.

"Okay, then I'll ask someone to contact you."

In the end, Breyer did not forget to remind: "But you'd better be mentally prepared, Facebook's valuation is not cheap, and the Russians may not be able to afford such a large sum of money.

And this is for the Internet, not their favorite industries like oil, energy, etc. "

"Well, ask first!"

Having said that, Xia Jingxing knew that Yuri Milner was an outlier and had great confidence in this person.

…………

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As a fast-growing startup, Facebook works efficiently.

A few days after deciding to set up a European branch, Luo Li took the lead and flew to the United Kingdom one step at a time, and began to approach several headhunting companies to find suitable talents for the company.

At the same time, Facebook has also started a selection process internally, preparing to transfer some people to work in Europe.

Xia Jingxing attached great importance to this matter, participated in the selection process throughout the process, and selected the most capable team.

Then, he personally led the team and brought more than a dozen overseas dispatched employees to the UK.

Facebook leased a 5,000-square-foot, about 500-square-meter office in London's CBD.

After setting up a dozen dispatched employees in the new office, Xia Jingxing and Luo Li participated in the interview for the management of the recruitment branch.

The European branches of Google, Yahoo, eaby and other companies with hatred have become the hardest hit areas for Facebook to dig its corners.

After staying in the UK for half a month and completely setting up the framework of the branch, Xia Jingxing was ready to return to the United States.

Just then, he received a strange call.

"Is it Daeron? I'm Yuri Milner from DST."

Hearing the English male voice on the other end of the phone, Xia Jingxing, who had become a little tired due to the busy work these days, was instantly refreshed.

"Hello, Mr. Milner!"

"I heard from a friend, do you want to chat with me?"

"Yes, I'm currently in London, is it convenient to meet and talk?"

"Okay, I'm in Moscow, and I'll visit you tomorrow."

...

The conversation between the two was very simple, and Milner did not ask Xia Jingxing what his purpose was.

…………

…………

the next day.

A short, middle-aged bald white man in a suit showed up in Facebook's London office with an assistant.

"Daren, your youth and handsomeness are truly enviable..."

Milner smiled and shook hands with Xia Jingxing and kept praising the latter, looking very talkative.

"Haha, Mr. Milner, you have won the prize."

Xia Jingxing and Milner exchanged a few words and greeted the latter and his assistant to sit down in the office.

Milner turned his head and glanced at the office. "Daren, is Facebook planning to open an office in Europe?"

"Yes, the operation has been in operation for half a month, and there are not many employees at present, only about 30 people."

Milner nodded, "The speed at which Facebook has grown is truly amazing.

Even though I was in Moscow, I heard a lot about Facebook. "

Xia Jingxing became interested and asked, "Oh, what did the Russian media say about us?"

Milner smiled. "They all praised Facebook as the most promising company in Silicon Valley. It broke many records in the Internet industry in less than three years after its establishment..."

Xia Jingxing smiled lightly. He didn't believe it. Russian media would sing praises to American companies? It's good not to be black.

However, Milner is not an ordinary person, and there are naturally more channels for understanding information.

Milner, born in 1961, is of Russian Jewish descent.

His father was an economist and his mother was a doctor, and he grew up in a privileged family.

After graduating from Moscow State University in physics, he worked as a researcher in particle physics at the Union National Academy of Sciences before the disintegration, and he was also a doctor in particle physics.

A year before the disintegration of the alliance, Milner and his father changed from scientists and economists to grandfathers, activating the hidden business attributes in the bloodline factor.

Through the business of importing or smuggling old electrical appliances and computers from the United States, I made the first pot of gold in my life.

Then, Milner's father, who studied economics, saw the decline of the alliance, and persuaded his son to give up physics and go to the Wharton School of Business to study for an MBA, and became the school's first student from the alliance.

After graduation, Milner, who was working at the World Bank, met Mikhail Khodorkovsky, a Russian oil and banking oligarch, and entered the investment bank of the other party, officially starting his investment career.

Later, he quit his job and started his own pasta factory, and established a multi-million dollar small venture capital fund "Bridge".

But they didn't come up with any big names. The only bright spot is that they have invested in the portal website of one of the three major Internet companies in Russia, and also served as the CEO of this company.

At present, Milner has just founded DST, and has not yet started the real glory of his life.

DST likes to invest in mid- and late-stage Internet companies, and often sells for hundreds of millions of dollars.

Because the investment is in some emerging companies, the probability of success appears to be very high.

Also because the investment is late, the return on investment does not seem to be high, but the absolute return is very considerable.

For example, the US$200 million took 2% of Facebook’s shares, the rate of return was only 20 times, but the income was as high as US$4 billion (the company withdrew shortly after the listing).

Looking at the world, Facebook, Twitter, Shengpotian, Ali, JD.com, Xiaomi, Meituan, Didi, ByteDance... all have been voted by DST.

From the Chinese market alone, DST has earned at least tens of billions of dollars.

Among them, JD.com, Xiaomi and Meituan Dianping have book returns of US$4.289 billion, US$3.18 billion and US$763 million respectively, with a total of more than US$8 billion for the three orders.

In the words of the industry, this report card made Sun Zhengyi cry, Buffett was ashamed, and Shen Beipeng was in awe...

The reason why DST can play so much is mainly because of the strong support of a Russian oligarch named Alisher Usmanov.

In addition, many well-known companies such as Penguin, South African Newspaper, Tiger Fund, etc. are also shareholders of DST, so this company can enjoy the Internet in China and the United States.

However, in the early days of DST, there was only Alisher Usmanov as a sponsor.

This person has been the richest man in Russia for a long time. As an oligarch, he has not been liquidated, mainly because he has a good relationship with the polar bear government.

This is also a point that Xia Jingxing valued more. Pulling DST into the car will make everyone a family, and can also provide certain care for Facebook to enter Russia.

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