The Millennium Semiconductor Survival Guide

"We are not in a hurry to invest. This year, we are mainly accumulating strength, that is, going more and seeing more, and accumulating more projects.

I always have a premonition that the entire Internet bubble is too big and will burst sooner or later. Whether it is US stocks or domestic Internet companies, their own value is limited, but the price is very high.

This is an unreasonable phenomenon, but the Internet itself is valuable, and it will subvert traditional industries in various fields. What we need to do is to find those Internet companies that can subvert traditional industries, and then invest in them.

After the bubble bursts, we can make a move. "

Before Wu Shiqiang returned to China, Zhou Xin had a strategic dialogue with him about what to do after returning to China.

Zhou Xin didn't tell Wu Shiqiang directly, you help me find Jack Ma and Pony Ma, anyway, it's over if you invest in their business without thinking.

Goose Factory and Ali are there, and they won't run away. Zhou Xin is not in a hurry to invest in them.

He intends to let Wu Shiqiang rely on himself first to discover Internet companies that he thinks have potential.

1999 can be said to be the first year of venture capital investment in Huaguo. From this year, overseas capital began to land in Huaguo on a large scale.

Maybe these overseas capitals got the news in advance that Huaguo will eventually join the WTO, or maybe Huaguo's economic development has reached a certain stage.

IDG, Sequoia Capital, Morningside Capital, Temasek, and Softbank China, all of these well-known venture capital institutions in the Internet industry in China, entered China in 1999.

In the same year, after Wu Shiqiang returned to Huaguo, he rented two offices in the International Trade Center in Yanjing, and then obtained the company license through his relationship, and Xinxing Investment was officially established in Huaguo.

At that time, China Zun, Kingkey 100, Financial Street Center and other well-known financial office buildings in later generations either did not start construction, or only had a plan.

A large part of the reason why Yanjing was chosen instead of Shenhai was that at that time most Internet companies were concentrated in Zhongguancun, and there were very few Internet companies in Shenhai.

Lujiazui is very famous, but Shenhai's Internet industry is really lackluster.

After Wu Shiqiang returned to China, he went to Shenhai twice, and wrote a survey report on two relatively large Internet companies in Shenhai and sent it to Zhou Xin.

Shen Haiqingniao and Huasheng Computer.

Zhou Xin only replied to him with one sentence: "These are ToB-side Internet companies, and they don't have much investment value."

Then after thinking about it, I replied to the second email:

"ToB-side Internet companies died in China in 1999. It doesn't mean that these companies are not good at technology, but that they don't have the demand. In this era, most private companies and even state-owned companies don't have this demand, let alone the awareness of informatization.

What they don't realize is that the Internet can be an enabler of productivity, or even productivity itself.

When considering investing in Internet companies at the moment, we only need to consider the companies on the ToC side. The number of users, user growth rate and user retention rate are the three things we care about most. As for whether they can make money, it doesn’t matter. "

Wu Shiqiang's current dilemma is that good Internet companies can't get his turn, and well-known companies like Sohu and Sina won't give him a chance to talk at all.

Even if Zhou Xin is behind Wu Shiqiang, the problem is that Zhou Xin has been active in Silicon Valley and has only fame but no influence in China.

And when it comes to business negotiations, Wu Shiqiang will definitely ask a lot of very sharp questions.

You must know that at present, even for listed companies on Nasdaq, many of their key data will not be disclosed.

For example, online shopping companies such as CDNow, Buy.com, and Etoys.com listed on NASDAQ have not announced how many users they have, and only claim that their sales are growing rapidly.

As for the chain compared with the same period, there is no such thing.

Even listed companies do not need to publish these data. When Wu Shiqiang was chatting with Huaguo Internet companies, he insisted on asking the other party to give him the specific number of users and the specific data comparison results from the previous month to the previous year.

Originally, there is no shortage of people to invest in Internet companies that are slightly better at present. Naturally, these Internet companies are not interested in investment institutions with a lot of business such as emerging capital.

This refers to Lianzhong Games. Bao Yueqiao graduated from Yanda University with a bachelor's degree, and then went to the University of California, Berkeley to obtain a master's degree in computer science.

The background experience of Zhou Xin is very similar. As the founder of Lianzhong Games, I heard that behind Xinxing Capital is his direct apprentice Zhou Xin, and Zhou Xin has achieved great success in Silicon Valley.

Naturally, I don't mind meeting Wu Shiqiang and chatting about investment.

Lianzhong Games is also short of money, and it needs to spend money in all aspects of expansion.

As a result, after the chat, Bao Yueqiao complained to Wu Shiqiang in private, saying that the other party did not understand the Internet at all, and was always concerned about some trivial issues.

After chatting once, Bao Yueqiao declined Wu Shiqiang's invitation in various ways. You must know that Bao Yueqiao had just received financing from IDG and Sequoia Capital at that time, and he felt that meeting Wu Shiqiang was for the other party's face.

As a result, Wu Shiqiang didn't give him any face when he asked him the question.

Wu Shiqiang also wrote an investigation report on Lianzhong Games to Zhou Xin. Many of the data in it were unknown, estimated, guessed and other vague words.

Zhou Xin also replied an email: "Ourgame can consider investing, and the valuation depends on the price offered by the other party.

Ourgame itself is definitely valuable, but the model will definitely be eliminated by the times. When we invest in Ourgame, we only need to earn a wave of dividends from its future listing, and do not pursue long-term holding. "

Zhou Xin didn't explain to him more about why the mode of Lianzhong game was eliminated.

Because there is no way to explain it now, can it be said that the user stickiness of the product model of the online game website is absolutely inferior to the user stickiness of the instant messaging model? After qq enters this market, will Lianzhong Games be defeated like a mountain?

In January 1999, "China Business Times" announced the top ten domestic websites, including Sina, 163 Electronic Post Office, Sohu, Netease and so on.

These websites are all portal websites, and the judging criteria are traffic, content and aesthetics.

The media is such an evaluation system, and investment institutions are also such an evaluation system.

This is too unfriendly to Wu Shiqiang, who values ​​the number of users and user stickiness.

He stayed with Zhou Xin for three months to half a year, counting the beginning of getting to know Zhou Xin, it would have been almost a year.

Witnessing the magic of Riot Electronics Community and NewPay with his own eyes, although Wu Shiqiang did not sum up the word user stickiness, he believes that the user stickiness of users to Internet companies is crucial.

This is related to the growth of this Internet company.

After returning to Yanjing, Wu Shiqiang, whose work was not going smoothly, was very depressed, which was different from what he thought.

No slack today!