My Age of Investment

People entered the arena one after another, and the seats in the conference hall were gradually filled up. Media reporters set up long guns and short cannons, constantly debugging, and the host began to "bang bang" to tune the microphone.

Seeing this, Xia Jingxing, Zhu Min, and Deng Feng stopped chatting, and after making an appointment to drink together in the evening, they each sat back in their seats.

At nine o'clock in the morning, the meeting officially started.

A round-faced young man in his early thirties, wearing a black suit and gold-rimmed glasses, came onto the stage, held a microphone, and spoke the opening remarks in a deep and steady voice.

"Everyone, investors, entrepreneurs, and friends from the media, good morning, first of all, on behalf of Zero2IPO Group, I would like to welcome you all..."

off stage.

Fu Jixun turned his head and introduced to Xia Jingxing: "This is the founder of Zero2IPO, Li Zhengdong. In 1997, he and a few classmates established the Entrepreneurs Association in Tsinghua University, and began to invite some entrepreneurs to give speeches, such as Wang Zhidong, Zhang Chaoyang, Tian Suning, Ding Lei Wait, gradually become famous.

At the beginning of 1998, he founded the first business plan competition in Asia - Tsinghua University Business Plan Competition, which immediately became famous, and because of this, he began to serve as the president of Tsinghua University Technology Entrepreneurs Association and the editor-in-chief and writer of many well-known professional magazines ..."

Xia Jingxing nodded, his family background was not very legendary, so he organized an entrepreneurial competition for college students in his school, but just because the school was Tsinghua University, and he also served as Tsinghua University's president of entrepreneurs, the contacts, connections, and fame gained were not as good as those of ordinary colleges and universities. The entrepreneurial president can't keep up with the flattery.

Fame and a network of relationships are both indispensable in order to match entrepreneurial media and information.

Li Zhengdong on the stage said with a smile: "I remember that when the first China Venture Capital Forum was held in 2001, the number of participants was no more than a hundred people, and there were more than ten investment institutions.

Today I saw nearly a thousand guests, hundreds of investment institutions, bright stars, full of VIPs, and a thriving industry.

Before 2000, China's venture capital industry ushered in a golden period of development, when the number of institutions skyrocketed and reached its peak in 2000.

Since then, catching up with the Internet bubble, the industry has entered a long period of silence.

At the least, the number of venture capital institutions in China was less than 200. "

Speaking of this, Li Zhengdong's voice paused,

Then he said passionately: "However, this year, our VC industry ushered in a turning point.

A large number of outstanding start-ups such as Baidu, Focus, Vimicro, DXN Wireless, Suntech Solar, etc. have listed on NASDAQ and NYSE, and their exit cases have reached a new high since 2000.

In addition, Mr. Xia Jingxing from Facebook, Mr. Deng Feng from Netscreen, Mr. Zhu Min from Netcom and other successful Silicon Valley Chinese entrepreneurs have returned to China and entered the field of venture capital, becoming an important force in China's venture capital circle.

World-renowned venture capital institutions such as Sequoia, Axel, and GGV Capital have also chosen to land in China and open branches this year.

What is reflected behind this is the optimism about our Chinese venture capital market.

This year, the entire VC industry is recovering. I call it the VC2.0 era. There are opportunities, but also various challenges..."

Li Zhengdong talked about it, and the history of China's venture capital was picked up by him at his fingertips.

The audience is also very powerful, and every time the exciting part is mentioned, there will be a burst of thunderous applause.

After talking for a while, Li Zhengdong suddenly slowed down his voice, and said rather mysteriously: "This year, I also discovered a particularly interesting phenomenon."

Everyone raised their heads and stared at the stage intently.

As expected of eating this bowl of rice, after arousing the curiosity of everyone in the audience, Li Zhengdong began to reveal the answer.

鈥淏efore, VCs in China mainly relied on investing in IT, such as game software vendors such as Shanda.

And this year, with the success of Suntech and Focus, venture capital is no longer limited to the TMT field, but has gradually expanded to traditional fields, empowering traditional companies and injecting new growth momentum.

This is a good thing, and I think it means that VCs in China are gradually maturing.

For example, in the United States, many traditional industries such as biomedicine and consumer brands can obtain VC investment. And when these enterprises grow up, they will feed back to VC, forming a good cycle..."

TMT is the combination of the first letters of the three English words of telecommunications, media and technology (, Media, Technology), and refers to an emerging industry that links high-tech companies and the telecommunications industry based on the Internet and other media.

In the audience, many investors, entrepreneurs, and media people, including Xia Jingxing, were listening carefully to Li Zhengdong's report of detailed data one after another, as well as the investment trends deduced from the data.

Zero2IPO, as the largest venture capital content provider in China at present, has more complete information than all of them and all institutions, and has very high reference value.

Li Zhengdong spoke for about half an hour, and then started today's awards.

"Before the official awards, I would like to introduce to you the evaluation index system of the Zero2IPO ranking list, which is comprehensively evaluated based on five indicators including total capital under management, fundraising, investment amount, post-investment management, and exit return level. The highest horizontal weight...

In addition, the asset management scale and investment cases of foreign dollar funds outside China are not included in the evaluation;

Funds other than VC under alternative asset management companies and comprehensive investment platforms are not included in the evaluation. "

While speaking, Li Zhengdong also glanced in Xia Jingxing's direction.

Noticing this scene, many people will smile heartily, because they are afraid of offending young investment predators!

After explaining the rules clearly, the awards ceremony officially began.

The best exit case of the year was awarded to Baidu, with a market value of nearly 4 billion US dollars on the first day of listing, killing all Internet companies in China in seconds. DFJ Fund and IDG became the biggest winners, and both achieved returns of more than 50 times, earning hundreds of millions of dollars .

Robin Lee, DFJ and IDG representatives went to the stage to accept the award together, and also delivered some acceptance speeches.

The best investment case of the year was awarded to Suntech Solar Co., Ltd.

In May of this year, world-renowned investment funds such as Longke Venture Capital, Goldman Sachs, and Actis invested US$80 million in Suntech, completing the withdrawal of state-owned assets.

Then, on December 14, 2005, that is, a few days ago, Suntech successfully landed on the New York Stock Exchange and raised more than 400 million US dollars in funds, becoming the first Chinese private enterprise listed on the New York Stock Exchange.

The difference between the NYSE and NASDAQ is that the companies listed on the NYSE have a larger market and generally have a higher market value.

Suntech founder Shi Zhengrong took to the stage to accept the award with a happy face. He holds a large number of shares in listed companies and is worth more than two billion US dollars. He is one of the strong contenders for the richest man in China this year.

"I heard that in May of this year, Suntech's valuation was only US$288 million. According to this valuation, Jiang Provincial State-owned Assets sold 75% of the shares to several foreign venture capital investors and Shi Zhengrong?"

Seeing the boss's question, Fu Jixun nodded, and then sighed, "The sale is at a loss, and the loss is huge. If you hold on for another half a year, the valuation will become the market value, and the investment will increase in value dozens of times.

I heard that when Suntech was established in 2001, several state-owned enterprises in Jiangxi Province jointly invested US$6 million in cash. Shi Zhengrong personally contributed only US$400,000 in cash, plus US$1.6 million in technology shares, taking away 25% of Suntech's shares.

This year, Suntech is about to go public. Because of state-owned holdings, it is not convenient to enter the U.S. stock capital market, so he introduced foreign capital and added some bridge loans to acquire all state-owned stocks.

However, without this person, whether Suntech can succeed is still unclear.

But one yard is worth one yard. Jiang Provincial State-owned Assets really sold at a loss this time. Even if you keep a little equity in your hands, it is better than selling all of it. "

Xia Jingxing nodded, it's none of his business, and he can't control it, there are too many such things at the turn of the century.

The award ceremony continued, and SoftBank Asia Fund II, with a single fund size of 643 million US dollars, overwhelmed all VCs and was elected as the best fundraising agency of the year;

IDG, Softbank Asia, and Vision Capital China were selected as the most active investment institutions of the year.

The LED screen on the stage lit up, showing the investment data of the three institutions in tabular form, including which companies they invested in, how much they invested, and so on.

Ali was invested by Envision Capital America and did not appear on the screen.

But even if Ali is not included, Jingzhe Fund with a management scale of 200 million US dollars has invested nearly 50 million US dollars, second only to IDG and Softbank Asia, which are notoriously active.

In fact, the Waking of Insects Fund has only been in operation for a few months, so it has suffered a bit in the selection process.

Xia Jingxing didn't expect that Envision Capital would still win an award. When Li Zhengdong announced the name of the company, he was stunned for a moment. He glanced at the screen and found that he had indeed won an award.

Then he got up quickly, adjusted his suit, and walked to the stage.

Two people walked out of the center of the first row, one was IDG Xiong Xiaoge, and the other was Softbank Asia Yan Yan.

The three of them waited for each other, came to the stage together, and then gave way again in order to stand.

In the end, the senior Xiong Xiaoge, who had been in the industry for more than ten years, stood in the middle, and Xia Jingxing and Yan Yan stood on the left and right sides of him.

The three stood side by side on the stage and took the crystal trophies presented by Li Zhengdong one by one.

"President Xia, congratulations!"

The round-faced Li Zhengdong smiled very kindly, and handed the trophy to Xia Jingxing with both hands.

Xia Jingxing nodded, said "thank you" with a smile, and took the trophy with both hands.

The three winners gave acceptance speeches one by one while accepting photos from the media in the audience.

Unlike the speeches of the two old men, Xia Jingxing's speech was very brief.

"Going forward, Envision Capital will continue to unswervingly implement the investment strategy of Zhongcang China, walk with entrepreneurs, and build dreams together! Thank you everyone!"

While speaking, Xia Jingxing noticed that Zhang Fan not far from the stage was staring at him firmly. If his eyes could kill, he would be cut into pieces.

Xia Jingxing smiled at him, he did not provoke him, after all, he could not lose his demeanor.

Shen Beipeng was not next to Zhang Fan, but was placed in the left corner next to Tong Shijie, Deng Feng, Zhu Min and others.

There are only more than 30 seats in a row, and Ma Yun, Robin Lee, Xiong Xiaoge, Zhang Fan and others sat in the middle.

Xia Jingxing has basically figured out the rules for seat arrangement. The first row is filled with the founding management partners and top entrepreneurs of various leading funds.

However, I, Deng Feng, Shen Beipeng and others are considered newcomers in the domestic VC industry, and have not made any achievements, so they are arranged on both sides of the first row; in the middle are famous domestic investors such as Zhang Fan, Yan Yan, and Xiong Xiaoge. Individuals have several successful cases that went public this year.

In other words, the ranking is based on the influence of the domestic VC industry, and has nothing to do with personal assets and wealth.

Vision Capital has been split into several halves. Purely measuring the scale of domestic VC and PE, Vision Capital currently has a scale of 700 million US dollars, which is neither small nor particularly large.

The domestic exit case is only Frame Media. At present, the bet has not been completed, and the stock price of Focus has not yet taken off. The return of Frame Media is less than 300 million yuan.

The return rate of less than five times is far lower than the tens of times return cases of Focus, Baidu, and Suntech.

Under applause, Xia Jingxing stepped off the stage holding the trophy.

Awards continue.

Robin Lee, Ma Yun, Jiang Nanchun, Sun Tongyu, Shi Zhengrong, DXN Wireless Dong Defu, Vimicro Deng Zhonghan, VeriSilicon Dai Weimin, Blog.com Fang Xingdong, and China Blog.com Hu Zhiguang won the title of "Top Ten Entrepreneurs of the Year".

"Why did the blog network also get in here?"

Xia Jingxing was puzzled and asked Fu Jixun beside him.

He felt that the first few still had gold content, and the latter ones were just to make up the numbers.

It is worth mentioning that among the top ten entrepreneurs, Robin Lee ranks first, and his industry status is even higher than Jack Ma at this time.

Fu Jixun said with a smile: "Blog.com's Series B financing is a financial consultation provided by Zero2IPO Capital. China Blog.com was brought in to show fairness, you know."

Xia Jingxing understood that Qingke also had to eat properly, and if it wasn't particularly biased, he definitely had to take care of his own people.

At this time, the blog has not yet declined, and everyone thinks it is a good outlet, and it is not particularly eye-catching to be included in the list.

"Next, we announce the top ten most active venture capitalists in 2005."

Li Zhengdong read the list of winners in a passionate voice, and the LED screen behind him displayed each name.

"Yang Fei, partner of IDG, represents investment cases: Baidu, Focus."

"Sequoia partner Zhang Fan, representing investment cases: Baidu, Focus."

"Longke Venture Capital Shao Jun, representative investment case: Suntech."

...

Xia Jingxing took a look, and the ten people on the list were almost all related to several large-scale IPOs this year, with high gold content.

And the ten people on the list, together with the top ten entrepreneurs, sit in the middle.

This is similar to what he guessed, Qingke gave the guest of honor seats to the group of award winners.

Vision Capital, the most active investment institution, is not a grand prize, but a consolation prize.

Vision Capital has not yet obtained an IPO, which is in the seeding period. Although it has invested a lot, it has not yet seen great results, and it is far away from the return period.

In the venture capital industry, the most important thing is to look at the return!

The top ten most active investors, the title is used very cleverly. In fact, it is the "Top Ten Most Outstanding Investors". Just giving the title of "Most Outstanding" will inevitably give other people who have not won the award an uncomfortable feeling.

In fact, everyone knows the way to do this, and Qingke deliberately made such fancy things, no one can offend, and at the same time, it ensures the smooth launch of the list.

As the time approached noon, the last big prize was announced. IDG won the highest score for several large-scale IPO exits this year, and became the "Best Venture Capital Institution of 2005" in one fell swoop.

This was well deserved, everyone including Xia Jingxing gave applause.

Then, Zero2IPO released the list of "Top 50 Venture Capital Institutions in China in 2005".

IDG, Softbank Asia, Huaying Venture Capital, CDH, DFJ, Softbank China, and GGV ranked the top seven;

Intel Capital and 3i Capital invested in Dexin Wireless and Focus Media respectively, ranking eighth and ninth, overwhelming Vision Capital;

Vision Capital ranked 10th due to the withdrawal of Frame Media and its large asset management scale;

Sequoia China has made no achievements, but because of the world's number one brand of an American company, it ranks fifteenth;

Shenzhen Venture Capital and Legend Capital ranked 18th and 19th; HSBC Direct Investment (Asia) ranked 22nd; Northern Lights ranked 40th, and Axel China ranked 42nd.

Xia Jingxing took a closer look, except that the top ten were somewhat gold-rich, the rest of the ranking basically belonged to "sit in a row and share the fruit".

Interestingly, Northern Lights, Axel China, and Sequoia China have basically not voted for their first company yet, but the rankings vary greatly.

Sequoia China has a little more assets under management, at US$204 million, while Northern Lights and Axel China are US$121 million and US$100 million, respectively.

Xia Jingxing guessed that Sequoia China had the honor of the US headquarters.

After all, when Sequoia America was at its most glorious, the combined market value of the companies it invested in accounted for 15% of the total market value of Nasdaq.

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