Wind Rises 2005

Chapter 404 I Don't Agree With You

"Leaders, ladies and gentlemen, good morning!

Welcome to the sub-venue of the first China Private Equity Summit Forum. Today we specially invited several heavyweight guests to discuss hot topics in the private equity and investment industry.

First of all, please allow me to introduce some guests of this roundtable forum:

The first one is Mr. Yan Yan, a pioneer in the China Venture Capital industry and chief partner of SAIF, everyone applauds."

The six guests were introduced by the host one after another, including Ma Liang.

It's just that when he was introduced, the reactions on the scene were obviously different.Some were curious, some were surprised, and some even showed a hint of disdain.

After all, the scale of this private equity fund summit is not too large, and it is not open to the public as it was more than ten years later.

Therefore, those who can come to the meeting are basically very powerful bosses.

And Ma Liang is too young, it is normal for some people not to look down on him.

"Seeing the lineup of guests in our branch venue, I believe everyone is also very curious about today's topic.

Then I won't be a joke, and let's officially enter the roundtable forum.

Today's topic is: the future development trend of China Private Equity Fund and which industries will be most favored by capital in the next few years.

Mr. Yan, you are a veteran in the investment field, why don't you share it with everyone first! "

The host didn't talk too much nonsense, and directly guided according to the process, and the microphone was quickly handed over to Yan Yan, the chief partner of SoftBank SAIF Fund.

After all, this boss has seen the big world, so the small round table forum is naturally no problem, he picked up the microphone and started talking.

"In the past ten years, in the China venture capital circle, US dollar private equity funds have been playing a one-man show.

However, I believe that from this year onwards, more and more RMB funds will be launched, which will not only play an extremely important role, but even occupy a dominant position.

This is also the result of years of hard work by our older generation of investors, and I believe that day will not be too far away.

We also firmly believe that local capital strength can play a greater role in industrial development.

In the future, the fundraising methods of private equity funds will be more diversified, and the operating model of funds will also have more innovations, and even create a way ahead of US dollar funds.

……

As for the industry that will be most favored by capital in the next few years, it must be the IT industry that will bear the brunt.

Especially in the Internet industry, the development and breakthroughs in these years are obvious to all.

We at Softbank SAIF are optimistic about this field for a long time, and will continue to make heavy bets in the Internet industry and invest in more unicorn companies. "

Brother Tianqiao voted for Shanda and won the title of the richest man in China, so Yan Yan's speech was naturally more strategic.

Moreover, this boss strongly separated SoftBank SAIF from SoftBank Asia, which was called the "VC Independence Movement" by the industry and created a myth in the private equity circle.

Therefore, it is normal for people to speak louder.

It was after the separation of SAIF from SoftBank that more and more independent VC institutions became involved.

Sequoia, IDG, etc. followed suit one after another, not only becoming independent one after another, but also setting up their own RMB private equity funds.

It can be said that thanks to the big guy Yan Yan who has found out the direction for the big guy, the elites in the venture capital circle have a new choice, and they will not have to work for foreign capital.

However, Yan Yan's speech still dissatisfied many people.

Especially the three investors sitting on the other side of the host, with obvious disdain on their faces, eager to express different views.

Only then did Ma Liang understand why the organizer made such an arrangement.

After working for a long time, the side he sat on was full of guests who preferred the Internet industry, while the other side was capital tycoons who were fond of investing in the industry.

For example, Jiao Zhen, the president of Dinghui Investment, just invested in the small electrical appliance brand Joyoung.

Moreover, the mergers and acquisitions of Hanting Hotel and the whole industry chain of many industries are also led by this boss, which shows his investment preference.

Li Wei of Songhe Capital has a semi-official background, and its funds have always been vigorous practitioners of industry, education and research.

When Ma Liang chatted with this big guy yesterday, he didn't realize it at first.

After thinking about it carefully, I recalled the opponent's fork.

In the previous life, the angel investors of a group of benchmark companies representing the future of the industry, such as BGI, Guangqi Science, Defang Nano, Royole Technology, and Ruiling New Materials, were precisely this boss.

Not to mention Mr. Deng Feng of Northern Light Venture Capital, who just sent a real technology company to go public.

Therefore, the organizer must have carefully prepared, and the guests on both sides were divided into different camps.

Ma Liang was speechless on the spot, you arranged Yan Yan from Softbank SAIF to be with Xiao Ma, why did you include him?
Just because he voted for Twitter, does he think [Gale Capital] also prefers to invest in the Internet?

Nonsense, isn't it, you must know that his little brother Ma is a loyal supporter of the industry, and in terms of investment preferences, he is definitely inclined to invest in the industry.

Otherwise, why would they rush to invest in [Dajiang UAV].

After Yan Yan's speech was over, the guests on both sides began to take turns to express their views.

But because Softbank SAIF's investment record is crushing level, coupled with the influence of the goose factory Xiao Ma, Ma Liang's side quickly gained the upper hand in the discussion of the topic.

Especially when Brother Xiao Ma talked about the next layout of the goose factory, it made the investment bosses present even more envious.

After all, the goose factory is no longer what it used to be, and Brother Xiao Ma is no longer at the mercy of others like a few years ago.

Holding the super product of QQ in hand, coupled with the increasing revenue from games, Goose Factory has already surpassed the level of ordinary enterprises and has become a detached existence in the Chinese business world.

Even Ali, who is still in the development stage, is much worse than the goose factory.

So when Brother Xiao Ma talked about the Internet, especially when he thought about the mobile Internet, most of the guests agreed with him.

Even though the three investors on the other side kept analyzing the potential of many industries, there were very few responders.

No way, the most important thing in investment is the rate of return.

In terms of return on investment, traditional industries are indeed inferior to the Internet industry at present.In particular, the payback cycle is not even close to a star.

As the last guest, the host finally passed the right to speak to Ma Liang.

"Mr. Ma, as a new generation of investors in China, they have achieved good investment results especially overseas. What do you think about these issues?"

Ma Liang held the microphone, still debating whether to keep a low profile.

But after hesitating for less than two seconds, he quickly made a decision.

So he turned on the microphone and said loudly: "Actually, the organizers put me together with Yan and Pony, it's a bit of a misunderstanding.

Personally, I don't agree with both of them.

We [Gale Capital] prefer to invest in real industries, especially emerging companies with technological innovation.

For example, [Dajiang UAV], which we invested in not long ago, is such a company.

Anyone who invests knows that returns and risks are directly proportional.Although the Internet project is good and the return on investment is high, it is also accompanied by huge risks.

Although the returns of physical projects are relatively low, they win in a word of "stable" and the risks are relatively controllable.

Therefore, although we [Gale Capital] also invested in Internet projects, we still pay more attention to real companies, especially some innovative companies in advanced manufacturing.

Because industry is the foundation of a country, and manufacturing is the foundation of a strong country.

If the two do not develop well, the economy will lose its real power and become virtual.

In that case, even if the Internet industry develops well, it will be like water without roots. What's the point? "

Ma Liang is also going all out at the moment, he is so unreasonable that he can't stop talking, he doesn't care how much commotion will be caused at the scene when these words are spoken!

(End of this chapter)