January 10, 2008 Life Week
IDGVC150 model of multiple projects 100 billion power
20-year-old venture capital
VC and PE: risk-free bonanza of Take the express the appreciation of investors are continuously added, resulting in an objective the expansion of PE and VC.
writer Xing Ocean
2007 by the end of a series of domestic business enterprises listed as blockbuster, frequent ; the Chinese mainland, Hong Kong and the U.S. stock market, the result is totally different.
11 6, Alibaba official visit Hong Kong Stock Exchange, skyrocketing nearly twice that day, became China's Internet Jieshou a market capitalization of more than 20 billion U.S. dollars of the company. Meanwhile, 200 billion market value makes Alibaba second only to Google, the world's second largest Internet companies. Alibaba to its investors a satisfactory explanation, obtained from Goldman Sachs in 1999 and other $ 5,000,000 of the Angel Fund began, Alibaba has completed five funding, of which the first 4 times the money received only 1.1 billion U.S. dollars, the fifth round of the acquisition of Yahoo China Alibaba all of the assets, while investment by Yahoo's $ 1,000,000,000. These investments ultimately be amplified several times and even hundreds of times.
2007 年 12 月 26 listed on the Shenzhen SME Board of wind power equipment manufacturer Goldwind richer registered capital of small businesses, small board today, but in the listing, but a day to create a 28 billionaires, more venture capital investment in China's m the Belgian Fund for two years, 25 times magnification, the book profit of up to 50 million. This venture The myth appears only in the last century occurred before the Internet bubble. with 51 billion dollars in revenue, an increase of 408 times the value. Goldwind, there are also people with a shrewd investment in equity transactions, investment in the two years it turned mad 326 times. The godfather of venture capital is to Google but the results are quite different, 10, the two have a listed below the issue price, and the remaining eight after the listing has little to good performance. The most striking of the 1 times the same online game company, now fell under the issue price. more to reduce the number of companies prior to listing the issue price, ; miracle never fails to reproduce the listing, expected through the IPO (initial public offering) to exit the venture capital experienced no small trouble. Of course, the trouble does not come from China concept stocks, but from the U.S. capital markets, subordinated debt and the double impact of the recession, Wall Street at stake, China has no concept of high-energy songs.
reversal of the U.S. stock market occurred in the spring, the summer market decline has been entirely clear, it is this time from China Listed companies began intensive hearing and roadshows. at counter market, are not afraid of fire sale behind, there must be unknown reason. this reason, I am afraid that is the business behind the venture capital market expectations for the future. If the stock market reversed The best time to exit, they would rather make less money, but also first on the market risk onto investors. so there is only a third quarter the company listed in the fourth quarter to zoom into the phenomenon of 10. And, IDG International Veteran Data Group, as investors will be successful more than a month out from the four companies.
contrast on both sides of the market so strong, you still is not difficult to sigh over and over here is gold, earned good money. Perhaps, it is make good the money, the foresight of the capitalists was a crisis in advance of departure. Alibaba Ma in explaining why the market when stunned, r time or the next ten years or even 20 years, if the policy direction the government big change, no major international economic, political and military change, China has good economic situation is overwhelming. but . investment management business again and see what type of value creation are, not directly related. The first modern sense, is the establishment of venture capital company in Boston whose mission is to invest through organized activities in support of a large number of scientists around, put them in scientific research in the laboratory into consumers as soon as possible acceptable to market products. only to the venture capital market exit mechanism provided to enable funds to flow quickly. But the fortunes of the capital market, or modulate the behavior of investors. Internet bubble in 2000, the world's total venture capital investments hit a record, reaching 206 billion U.S. dollars, but by 2002 the world total amount of venture capital investment was reduced by half, only 102 billion U.S. dollars.
2000 Silicon Valley prior to the year, everyone is talking about the business, venture capital , venture capital and business concepts, and today, a similar scenario is restaurants, supermarket chains and even the possibility of city feet. the recent incidents, including venture capital in October 2007 to 30 million yuan investment IDGVC Massage fufu overseas entrepreneurs, access to capital investment, this enterprise ready in 2009 GEM in the country.
2006 years later, more and more overseas venture capital withdrawal from the high-tech, in the VC (venture capital)-intensive traditional industries do not find space for development, the chain of Chinese fast food, and teahouses more and more to attract foreign investors. not take many years, I believe that every little city in the country copied the U.S. town of commercial pattern, with a chain of pharmacies, with a supermarket chain, with a cinema. a process of national wealth risk the possibility of attracting the huge investment to replicate their experience in developed countries, and in the traditional labor-intensive service industries, thanks to the support of venture capital, expansion of McDonald's style is almost preordained. relative to the high risk Investors will profit less risk.
psychologically, investors need to completely change a generation to forget the painful lessons of the last bubble, can be in the country, even from overseas investors need not wait 30 years to dare to underestimate risk. because there's venture capital and equity investment blurred, while the equity investment without risk-taking Stock Exchange expressly provided, IPO market is fully competitive market, investors buy the stock primary market, secondary market can be profitable if the game is a risky process. The A-share market, with the initial offerings will be received can not lose the capital. If equity investments in enterprises, and then support the market, equity investors and enterprises equal division of labor, finding a common dividend policy.
not even need to wait until the PE (private equity investment companies) representatives Two years ago, more than 50 billion investment in Carlyle Pacific Insurance, net profit of 600 billion yuan after the listing of, and need not wait until the VC (venture capital) and the Belgian Fund for two years on behalf of China m net 25 times, has long been a national venture capital boom the advent of .2006, due to the share reform stalled for two years issued A-share market from the SME board, begin to take the lead in new shares, to the end of 2006, five venture capital firms to achieve the SME board in Shenzhen IPO,UGG shoes, which included a number of venture capital Han's Laser companies to invest their venture capital shareholders after the expiration of the Restricted Shares also sold on 16 January .2007, Han's Laser announcement shows that shareholders of the Company, Shenzhen Venture Capital Co., Ltd. Dongsheng the Shenzhen Stock Exchange through the sale of the company stocks, real cash out, get out of .5 at home, far from the light IDGVC investment software companies in Guangdong has become the A-share market withdrawal of foreign capital from the first single.
share reform before the sale of all non-IPO stocks are can not be in Shanghai and Shenzhen markets transactions, venture capital can not exit in the A shares. tradable wiped away the obstacles, but also attracted investors in the global market, a handful of high-valuation of the desire to quit. And out of the premise, first of all is entered. According to statistics, the first three quarters of 2007, 47 new world can only be invested in private equity funds in China, the total amount of up to 230 billion U.S. dollars. In China, the third quarter of 2007 alone, the newly established local business there are eight investment funds, the funds raised 330 million U.S. dollars, the amount of new capital increase of more than 2 times the previous quarter. various types of risk on the Chinese market has reached more than 300 investment funds, which are active in more than 60 . and unregistered, as a partner or company in the form of venture capital firms are just countless. Moreover, the RMB appreciation and the appreciation of RMB assets go hand in hand, eager to take the overseas investors are continually express appreciation to join in, objectively led to the expansion of PE and VC. And when the A-share market expansion to 32 trillion yuan, the market trend has become blurred, when the money began to chase limited unlimited profit opportunities, equity investment is the best choice.
IPO from the start in 2006, just a short time, coupled with the rise in the stock market effect of new shares to make money, IPO market to attract funds explosive expansion. but a sudden change in policy brought about the over- dividends, but also tilt the balance of the market and rapid decline to the business side. Two years ago, looking for funds or business holding the project, and now it is too much money to raise the price for the enterprise, in addition to the policy under the control of one, two spread between the market level, supporting public may no longer be easily stake a year ago, 20 times earnings. and the relative scarcity of venture capital professionals to become hot, many funds are not too clear on the industry standards under the hasty admission. the long term, venture capital law is industry to bring the crisis. can just make a lot of money, used the > December 1, 2007, the Commission Chairman Shang Fulin SME Financing Forum in the sixth, stressed that capital markets can and should be supporting an important platform for independent innovation, the current focus on promoting the GEM Construction of multi-level marketing conditions are more mature. venture and even equity investments, to foster the technological transformation of enterprises, looking for future economic growth point initiative to help enterprises bigger and stronger. or even in traditional industries and improve the company's core technical capacity to create high value-added, thus helping the state's industrial restructuring, and improve a country's overall competitiveness. In this sense, our venture capital market was just too late, especially in the capital, only year with the success of the share reform was developed. I only hope mushrooming growth of venture capital continued to go on, grow out of local Morui Ci, a few years later, Goldman Sachs and Carlyle emerge domestic .-
Shong and IDGVC sample
China as a founding Shong Vice Chairman and partner of IDGVC (IDG Venture Investment Fund), was the first American to make technical information services in China's venture capital firm. and the last two years into the new venture capital fund different, one of the 100 private enterprises, most of its investments are around the computer and information technology as the core expansion, the company's business development is a robust, long-term. We are not listed, so investors do not have to do things to please .
so proud that Shong, IDGVC the first fund in China, over 36% annualized return, the second even more than 50% of the Fund. In this partner of more than 100 years of professional experience in the team, there have been several return on investment projects more than 100 times hh
gambling
$ 1,000,000, accounting for more than 20% of the shares, and later acquired SouFun 51% of Telstra shares, which we sold 10% of the shares, received approximately $ 45,000,000 in cash. In addition our investment, more than a dozen companies in the United States and Hong Kong listing. Shong said, VC is always looking for a better return on investment in the industry. has always been, IDG pay more attention to the Internet, communications, software, new media and other industries. is a general reference, in fact, it the difference between investment strategies. In short, more eyes on short-term venture: a company and then sell the investment package, access to appropriate benefits. but I prefer to identify strategic investment works , that is the main business of investment within the scope of the objects to choose their own conditions, invest. due to known risk investment business in China. By 2004, the personal net worth of wheat has more than two billion U.S. dollars. IDG in the U.S. main media publishing and IT information services, in 1980 the first joint venture in China Media Group, has always been very interested in China, Mr. Mai moved the Chinese people with sincerity, as the only foreign partner .1993 IDG's venture capital business into China, then filled with a variety of seemingly chance opportunities.
Life is like a journey, your box filled with your knowledge and experience, carrying a box full of wisdom, and ultimately back to the beginning. Govinda, the only U.S. and English teacher, was admitted to the Chinese Academy of Social Sciences graduate students to work In 1986 the International Department of the Xinhua News Agency Shong to Boston University, received a Master of Mass Communication into Fufeilaiche studying Law and International Economic Diplomacy and Ph.D. in business management.
news in the U.S. do when Shong responsible for running the Silicon Valley, that many entrepreneurs, this company is the Chinese people doing real technology, they melt any money, because the technology into the mainstream of American society is not enough, more hope to get his money, then I think risk fund is great, but for China, there is no risk fund such a mechanism. several contacts Shong passion and ideas so interested in the old Jimmy. analytical reports. I wrote a 4 page report, he was very satisfied with what I specifically asked wages. I was raised with him two things: First, I do not know how much wages should get, I Review and you are the most understanding. Mak comparison surprised me the idea, he said his career interviewed hundreds of people, I was the only one not talk about salary, but only the opportunities for people. l, since you dare to bet to, I bet. r It now appears that Mr. Mak sure bet on, I was more at stake that the more calm person. Shanghai Cooperation Science and Technology Commission, established China's first joint technology venture companies, Shong himself president. In the same year co-operation with Guangdong Bank to set up another joint venture technology October 27 .1998 IDG signed a cooperation with the Ministry of Science memorandum, plans to provide China with 7 years to establish a venture capital fund to support small and medium sized technology companies. Shong said: one of the biggest bets. only a small shareholder value is not so profitable, but also a timely exit, they do not believe that the world is there such a fall out of a good thing? blank, with the government more confidence in some of. IDG respectively in Guangzhou, Jiangsu and other governments, but the pattern in the concrete implementation of some of the problems encountered, said, with a regional government signed a cooperation agreement, the investment subject to geographical limitations, and potential venture capital industry in value is a good project, does not want financial constraints in some areas. and in accordance with prevailing government regulations, foreign investment accounted for 25% more enterprises can enjoy tax exemptions. IDGVC with the Government, the Fund has only accounted for 50% to the ratio in more than 25%, but many companies do not want to, difficult to talk down.
know
in any occasion mentioned risk investment, Shong regarded it comes down to three things: make investments, the first is to assess the market, this market has great scope, think of ways to do this talent. Second, select a product, Which product is more appropriate, and what time of the choice, it is difficult to judge. Another point is the investment team.
how to choose the ideal entrepreneurial team, which is the most interesting venture is the most important topic. , the technology is too important to see so often with little success. we vote for the most successful companies, the most important point is that the investment team, if the team is very powerful, they could eventually succeed. listed companies, there are two common features, one is not the same business model, and the other is the core team does not change.
investors in assessing the project when a lot of work to do. For example get some market research reports, to find some experts, access to market information on the project. You can also use some trust company data, IDG's advantage is that they have a market research company, a number of studies on the IT aspects of the data is authoritative.
description of the selection of business team, does not sound like a business, more like retain them. Experience is very important at this time, just like young people have found to bring home to your parents the same, because the prospective parents Man. Good Man to prospective investors.
the core of the entrepreneurial team character study, more critical. to deal with the business. each person's time will 24 hours a day, which requires him to sleep less than others, more work, managers have become a necessary prerequisite for good health. content, And bloom Express. We always say that your car Do not drive too fast, he said his life's most important is the son of one of his cars, his wife are on the outside. Then he died a car accident, this is the risk you keep track of cast, why? not because I think his ability, the first he could not trust others, he can not be a good leader, his own aunt all got seven Regardless of the company eight years, you can not put some genius move over. , venture capital is to create successful companies, not to cultivate the rich. successful product. in a different era, venture capital and create a different success story. The second fund, both the traditional industries, such as portal, then investment in search engine, it is a very fine cast of community sites, portals, etc..
Shong just returned early, most domestic enterprises do not believe the risk of investment. The second round of the fund was much better, ; Zhang already up such a company, the power of example is the infinite . VC and the entrepreneur's relationship is the metaphor of space. For the start of the company, the boss of the individual traces of very heavy. we have almost no way to manage all day, only when the start-up companies in trouble, I can go to that place as soon as possible to it. In the U.S., investors cast by the general rules of the project is the radius of no more than 200 miles range. other words words, 200 miles 4 hours also arrived early to meet to communicate. 2 pretty good success. IDG investment in China, about 10 of 5 was a success, , there are early warning mechanism. able to fulfill the task, this person will not trip. Venture capitalists have to keep learning, to look at successful examples of why it is successful, but also of many unsuccessful examples, know how it failed. what kind of technology must-line, or what kind of technology will not necessarily be wrong to say.
patience as another venture capitalist quality, Housing Network, about 4,500 million U.S. dollars. a project even insisted for 10 years, based new media will be a hot spot for investment. IDG generally will choose the content, services, investment in related industries. generally higher return on investment high-tech industries, IDG is considering investing some of the core technical aspects of the upstream companies, such as consumer IC design of the electronics industry. Web2.0 in the Internet, new media delivery methods changed, trend. In addition, there have been many developments in China point, in addition to Beijing, Shanghai, Guangzhou, Shenzhen, IDG will also have to open up new regional consciousness.
fight
the past two years the field of venture capital influx of foreign capital, an endless stream of new funds. With the improvement of investment environment, more money, more projects, competition is increasingly fierce. Currently, VC no longer limited to the withdrawal of share transfer and overseas listing, the state share reform carried out after the establishment of the capital in the country better exit mechanism.
enough, the fund will raise the fierce competition between the investment price, the original short, market research, business research team and the product less time than before. This year the new fund, the investment team is very new, very fast decision-making, the product of market research, team research, etc. are not fine, investors may not be able to take into account the project. In addition under the pressure of price competition in the investment price is too high, there will be the final impact of the rate of return; services provided after the investment may not be comprehensive.
Shong said that the Chinese have a saying called But for investors, more money, a good number of business groups is not enough. until now is more investment funds, investors, competition is fierce, only hard skills, to see who of the industry analysis goes, see who voted for sure.
IDGVC in China in 1999's second fund, the investment return of more than 50%, , the others are false, and ultimately return on investment can best illustrate the problem European and American models. early success of the enterprise, Chinese enterprises have more on the original model, such as Hugo Shong, analysis, evaluation of an investment team, a partner of the fund depends on the second team of investment managers to look at, and the third is the number of investment projects. IDGVC Although more than 150 projects around the cast, but which has been out more than 50 , more adequate funding. with background knowledge are quite understanding. we are the largest office investment institutions, even in the United States, few have a fund set up offices in different cities, because different people think different investment, hard to communicate. but we Beijing, Shanghai, Guangzhou, Shenzhen has offices, investment managers have a wealth of local experience, it is easy to manage. out of a lot of management know-how. The purpose of mm for good, which is like to have an exciting business culture, objectives are clear. Song Jiang Although there is no clear strengths, but can tolerate different personalities and bring them to mobilize the military advisor of Wu with, fight with Li Kui hh Second, the business emphasis on timing, 108 l hero to do to send a high risk of fire, wind, etc. on black murder r. passed, it is difficult to put a fire burning; moon came out, people burned to get away. do business, too, when the shot to shot, miss the opportunity to disadvantage. Third, the Liangshan heroes have l large pieces of meat, drinking bowl to reward r brother, do business, too, to give in return, to people a chance. Finally, Song Jiang was toward Tingzhao An, the company is the market doing amnesty, for listing or merger. technical challenge is too obsessed with other people. But do not the company's most important R & D capabilities, many of the same type of product differentiation is not large, is more important is sales ability.
can only say sorry, entrepreneurs bet on their youth, and we bet our money. . Early IDG ...
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