How did Xu Xin, a salaried employee earning a few hundred yuan, become the billion-dollar queen of venture capital? The key lies in those early steps.

After graduation, she initially worked at a bank as a teller, spending three years there to become an assistant manager, during which time her income likely did not exceed a thousand yuan.

The most important step: obtaining a certification

After work, she self-studied from scratch to pass the UK accounting certification, successfully securing a job at PwC Hong Kong, where she worked from 1992 to 1994 for three years.

During that time, the annual salary for a PwC accountant in Hong Kong was around 300,000 to 500,000 HKD—which was terrifyingly high compared to living standards in mainland China at that time.

After deducting living expenses, she likely saved a few million yuan in those three years, becoming a solid little wealthy woman.

The second step: switching careers

With such a high income as an accountant, and a comfortable lifestyle, she herself said that her life during that period was "playing golf on weekends, watching movies, and going on vacation to Europe twice a year."

But she switched careers again.

During her time at the investment bank Barings (1995-1998), her salary doubled, but the company went bankrupt in the third year.

The third step: switching careers again and taking off

This time she joined another investment institution, Barings (1998-2005), and things started to get interesting. Her title was "Managing Director for China" and "Partner," which meant she had a share of the profits.

In those seven years, her profit share might have approached ten million dollars.

However, her rise was not just due to this, but rather two investments that changed her life.

The first investment: ChinaHR. Barings was unwilling to invest, so she personally put forward 600,000 USD to become an angel investor in ChinaHR. This investment earned her over 800 times the return, making approximately 480 million USD.

The second investment: Tencent. In 2004, while she was still at Barings, she borrowed 300,000 USD to buy five stocks, with most of the funds allocated to Tencent and BYD. This also yielded hundreds of times the return.

So when she left Barings to found Jiyic Capital, Xu Xin's personal wealth was likely already in the tens of millions of dollars range. This was the material foundation that allowed her the confidence to not work with international top-tier VCs and to choose independent entrepreneurship.

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