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Dialogue Jiuhe Creative Wang Xiao: The Venture Fund is excessively pursued, it is difficult to reward | next five years

via:新浪科技     time:2021/11/30 12:02:24     readed:292

Wen | Sina Technology Liu Na

Edit | Han Dapeng

  ★ Venture Agency

Jiuhe Ventures were established in 2011, currently manage four RMB funds, a US dollar fund, and management scale of about 3 billion yuan.

  ★ Star is thrown

Qingyun Technology, Eye Technology, Explore Technology, Zhonghe Yunke, Momenta, etc.

  ★ was launched

36, Qingyun Technology, Eagle Technology, etc.

In the investment community in the changing, Jiuhe Created, the king, Wang Xiao, has a different "play".

He is not willing to chase the air, which is more willing to pay attention to some long-term tracks. He even believes that the "finger" crisis is also good, at least let the truly powerful chip enterprise "have a chance to run."

In the face of the next five years, Sina Finance "Tao" proposed 5 questions and explored "the way of survival of the nozzle".

  "Tao": How to look at "Flex"?

Wang Xiao: The chip is the basic ability of a country. If continuous shortage, it will have a long-term effect on the digital and intelligent in the domestic industry. Therefore, the shortage of filling is a problem we have to overcome.

The shortage of imported chips makes the chance of domestic chips, and there is a variety of scenes including mobile Internet, smartphones, Internet of Things, smart vehicles, and the production, circulation and consumption scenes of these scenes are almost all in China. Domestic demand is The development of chip companies opened up a new market.

As a long-term, the global chip supply and demand imbalance is just a short-term phenomenon. It does not have to worry about the short-term chip shortage. There are not much external competition in this market. As long as China's chip is in this market, it is possible to develop growth. And achieve a further breakthrough.

  "Taoism": What changes in investment circles in recent years?

Wang Xiao: The past VC circle that has become a little calm, and many investment agencies are also out of business.

On the one hand, China's fund rushed in the road of pursuing scale. There are two drawbacks of the pursuit of scale. The larger the fund, the greater the rewards, and the difficulty is also increased. Second, the management difficulty of the fund also increases with the size of the fund. That is to say, when the fund disk is very large, how to invest, and how to ensure return on investment, the management is facing challenges.

About three or four years later, some investment agencies may feel pressure. Experience that you will find that the funds managed by a fund are capable. The agency fund pool is too large. If there is no matching investment ability, it is difficult to cast a high return. Therefore, the scale route is impossible to go, only a part of the fund can go.

On the other hand, the overall volume of the crest circle is serious, and the early VC rounds are continuously moved, and the post-state institution has also begun to invest early. In terms of fundraising, resources, funds, talents are gathered to the head risk fund; investment, head business companies often chase the fundamental "not bad money", and investment institutions also need "struggle" company equity share.

From the perspective of fundraising, the funds in the last two years have gathered to the head fund, and the Matthew effect is more significant.

From the perspective of scale, the fund is being laminated to present a polar differentiation. 54.7% of the fund scale is less than 100 million yuan, and the small fund is increased year by year. At the same time, the number of large funds is not reduced, and more than 5 billion funds, the total fundraction amount is 34.9357 billion yuan, accounting for 29.2%.

  "Tao": Which track is better than 5 years?

Wang Xiao: I am more willing to pay attention to some long-term opportunities. We lay out in the chip field, the Chuxi Technology, the Non-noise Socius Technology in the Decoction Chip field in the field of automobile sensor, the NOTS field in the field of noise chip field in the field of IoT communications, gas sensor chip development Business Hui Wen Technology and other chip projects.

In the past, driving, smartphones are more inclined to use imported chips, "Flexing" crisis opens the market demand of domestic chips, and prompts that some real-strength chip companies will run out. Global refinement makes the promotion of domestic chips become easier, and companies have changed their attitudes of domestic chips, and more willing to use domestic chip products, therefore there is a chance to have a certain chance.

In the future, China's cutting-edge technology ecology is likely to be a global technical ecology. At present, China is absolutely leading in technology applications because the market is large enough, so the maturity of technology is very likely to be the highest, and the possibility of future output to globalization is also the highest.

  "The Tao": What is most important when excavating investment?

Wang Xiao: When screening is investing the company, we don't only look at the company's profitability, but find the company that is commercialized and social value. I have seen a very profitable financial company, but there is no long-term logic, nor has social value. Finally, there is no investment in this company, go back to see is the right decision.

Great company, first of all, it is possible to provide huge social value for the society, while needing to have business value. Looking for great companies, social value and business value is not available.

Nine-in-style venture has no main reason. First, the logic behind it is not recognized; second, it is more willing to spend energy in a company capable of promoting progress in the times, and also recognizing such companies have a longer period of growth. force. The so-called wind in the two or three years, no necessarily change. Technology is the core power of society.

  "Tao": What experience is there in the management fund?

Wang Xiao: Doing investment is hard, can drive the team for a long time is the value of investment. To a large extent, the excess returns and values are the driving force of investors, the latter is the key to the cohesive team.

Make money this motivation can only last for a while, but it will not last too long, because when you earn enough money, you will lose a strong driving force. And values, can drive teams and funds for "correct and difficult" long-term, and will also cause the team to more cohesive.

In addition, in avoiding risk, doing investment needs to restrain and borders. The investment agency is more active every 3 to 5 years. We are still active in ten years, and it is also our survival.

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