@sourcecodecapital
创造持久真实价值
Mr. Wu Di joined Source Code Capital in 2016, focusing on consumer sector investments. Prior to Source Code Capital, he worked at BDA, serving top-tier USD hedge funds and private equity firms, and accumulated extensive research experience in e-commerce, gaming, and internet advertising. Mr. Wu holds a bachelor's degree in management from the University of International Business and Economics.
On September 20, Source Code Capital portfolio company Yijiupi announced the completion of its Series D funding round at a valuation of $1.1 billion, officially joining China's internet "unicorn club." Yijiupi had completed its Series C round in October 2016; nearly two years later, it launched a new funding round in June of this year and quickly signed the Series D capital increase agreement.
In the spring four years ago, we hastily launched version 1.0, beginning to document our green years. Back then, we were brave, exhilarated, and filled with boundless hope — also somewhat green, reckless, and restless. That year, our website, media coverage, and the "Code Meet" annual conference were all attempts to gain the industry's recognition, validation, and partnership. Based on the hazy impressions formed by these modest visions and aspirations, we also earned the trust of many friends from all walks of life. Thank you for this "brave" trust.
On September 4, 36Kr released its 2018 China Top 100 Most Founder-Friendly Investors / Investment Firms list, compiled after sending research invitations to **3,700 venture capital institutions** and surveying 800 startup founders.
Four years since Source Code Capital's founding, the many portfolio companies in its extended family have grown into a thriving forest. The "Ma Hui" has also become a platform for Source Code Capital's LPs, partners, and entrepreneurs to connect and exchange ideas. *Ma Hui Journal* is here to record the small steps of progress made by our friends, share the joy of growth, and look forward to an even brighter future.
**"Code Brain"** is a key component of Source Code Capital's post-investment service system, and also an offline, small-scale gathering for the Code Club community. Held monthly, each session brings together Code Club CEOs and external expert advisors for private, in-person brainstorming sessions on the topics and sectors that entrepreneurs care about most at that moment — creating networked learning that strengthens both the value of the Code Club community and each founder's individual growth.
Preface: ESOP is not merely a business, legal, or tax issue. What CEOs truly need is a comprehensive solution. To this end, Source Code Capital has invited four teams of experts, each of whom has handled multiple equity incentive cases in the TMT sector within their respective fields, and who are appearing together on a single platform for the first time. They will provide a full-process, multi-dimensional analysis of ESOP from four perspectives — management, legal, tax and finance, and dispute resolution — to help everyone make the most of this
Preface: ESOP is not merely a business, legal, or tax issue. What CEOs truly need is a comprehensive solution. To this end, Source Code Capital has assembled four teams of experts, each having handled numerous TMT industry equity incentive cases in their respective fields. It is also the first time they are appearing together on a single platform. They will provide a full-process, multi-dimensional analysis of ESOP from four perspectives — management, legal, tax and finance, and dispute resolution — to help everyone make the most of this tool.
Preface: Source Code Capital recently surveyed founders on ESOP (Employee Stock Ownership Plan) topics and discovered that CEOs face many shared challenges. How large should the option pool be at different stages of a company? How should ESOP be granted? To whom? How much? How can companies communicate with employees to achieve real motivational impact? As companies grow, how does ESOP connect with capital markets? When liquidity opportunities arise, how are ESOP gains taxed — and how can taxes be minimized? When employees depart, how should their ESOP be
Preface: Source Code Capital recently surveyed founders on ESOP (Employee Stock Ownership Plan) topics and discovered that CEOs face many shared challenges. How large should the option pool be at different stages of a company's growth? How should ESOP grants be structured? Who should receive them, and in what amounts? How can companies communicate with employees to achieve genuine motivational impact? As companies mature, how does ESOP integrate with capital markets? When liquidity opportunities arise, what are the tax implications for ESOP, and how can tax efficiency be optimized? And when employees depart, how should their ESOP be handled?
