A8 Music Chairman Liu Xiaosong the two-sided life of entrepreneur and angel investment

"Usually at home, you will see people who are comparing the front lines to make Angel investments. "When it comes to entrepreneurs and angel investors, Liu Xiaosong says," It's all in my job category. "Entrepreneurship is satisfying, investment is sensitive, and Liu Xiaosong is enjoying the current state of work." Liu Xiaosong June 12, 2008, A8 Media Music Holdings Limited (00800.HK, hereinafter referred to as "A8 Music") was listed on the Stock exchange of Hong Kong, offering an IPO price of HK $1.9 and raising HK $173 million. The opening price of HK $2.15 in the first day Rose 13%. A8 Music Chairman and CEO Liu Xiaosong this steadfast, bad words he relaxed over the road. "The company is not ' saying ' big, ' is ' big '.　　Liu Xiaosong Seriously, the company is still not satisfied with the development. Chance to find a breakthrough for the venture capitalists involved, listing means having a definite exit; for Liu Xiaosong, this is just a new beginning. In May 2000, Liu Xiaosong founded the predecessor of A8 flying, and did not want to do digital music services, mainly operating internet-based mobile phone PIM (personal information Management) business.　　After a casual attempt, Liu Xiaosong found a dazzling array of ringtones downloaded from the site as the company's main source of profits. Liu Xiaosong to the internet has been a strong interest in his early drop-out from Tsinghua University, south of Shenzhen to create a letter-Tak System Co., Ltd., in the industry's small reputation.　　After the establishment of A8, Liu Xiaosong feel must find an industry to rely on to develop their content, so that more down-to-earth. Through accidental attempts, Liu Xiaosong selected the music industry.　　A8 officially launched a music strategy at the end of 2004 to sell music content through the internet and mobile operators ' wireless networks, including ringtones, ringtone services (RBTS), and interactive Voice response (IVR). After several years of accumulation, music service has become the most popular business A8, is its absolute profit pillar and source. In the 2007, A8 music revenues accounted for 69% of the total revenue from music content, and mobile music services accounted for 92.4% of them. While the outside world often measures A8 music with the yardstick of SP and internet companies, Liu Xiaosong is more willing to call himself a music company, "Just a definition, The point is that we have to do what is really needed. "It doesn't matter if the final choice is to express it through the Internet or the phone, or the stage," he said.　　Since the SP concept and the music industry were first combined, A8 gained some advantages and remained. To do digital publishers in recent years, many melodies of simple catchy songs through the internet quickly popular. These songs break through the traditional music business process, completely by ordinary netizens original, and through the Internet popular. Liu Xiaosong saw the opportunity, A8 music to launch the original music interactive platform, to the advantages of the network collection of original music-with creators of the song copyright contract-the song sold to the record company, the network to provide fees MP3 download or BellSound downloads to gain revenue. On the other hand, Liu Xiaosong is still trying to work with the record company. A8 Music has now collected more than 50,000 pieces of music, from EMI, Warner Music, SONY BMG and many other record companies to obtain music copyright resources.　　Insist on making genuine music is not easy, because the record company often expensive, A8 music profit space will undoubtedly be greatly compressed. However, Liu Xiaosong still found a breakthrough point, "in the issue of record, the traditional record companies are losing money." We now have an electronic distribution platform that works well. How to influence more people, let everyone through the electronic platform to publish their own works, this is what we do. "In his view, CD media will be phased out, digital music will become the mainstream, in this trend, the way the album distribution will be profoundly changed." "We distribute through the Internet and help record companies reduce their losses."　　"He believes this is the value of A8 music, because traditional record companies are not fluent in the Internet and mobile channels, which is exactly the point of cooperation between Liu Xiaosong and many record companies." Of course, the outside world will generally question the A8 music sales to the mobile operator's channel dependence. Liu Xiaosong said that it was impossible for a company to exist independently in the market, and that the game of mutual interest ultimately depends on the firm's foundation.　　Liu Xiaosong revealed that in A8 box, the music solution will be increased investment, has been working with a number of mobile phone manufacturers, which will help change A8 music too dependent on mobile operators. To find the angel's Angel in addition to A8 Music Chairman and CEO of this widely known identity, Liu Xiaosong in the field of Angel Investment also has a reputation. As early as 1999, he invested in Tencent, which earned him more than 1,000 times the return on the Angel money.　　IDG VC injection of Tencent is also the result of Liu Xiaosong matchmaking. Liu Xiaosong's understanding of venture capital is from the IDG VC partner Shong There began, he was Liu's university teacher. 1996 Shong back from the United States, excited to tell people to bring back a good thing-venture capital. At that time Liu Xiaosong was still doing the letter company, no sense of the term, but soon he was fascinated. In 1999, Liu Xiaosong the angel investment to Tencent, which had not yet found a business model, and Ma was an old friend of his years.　　2000, Liu Xiaosong in 10 friends with the help of 5 million Yuan founder of the flying, but also ushered in their own "angel." By the year 2002, Liu Xiaosong was thinking about the path of A8 music, and met another courageous person, chairman of the Shenzhen-Hong Kong Research and Development venture capital company Wei Wei. Wei Wei was found through a friend's recommendation, and Liu Xiaosong remembered he had brought a long document listing hundreds of due diligence lists. Liu Xiaosong said directly, "I can not answer so many questions, too thin, too much." Wei Wei also simply said, "Do not answer so many questions, this is for your reference." "Two people hit, Hong Kong-Shenzhen research and production soonHammered out an investment in A8 music. Now, Liu Xiaosong has a good reputation in angel investment circles, and he has found some sense of how to play this role. Liu Xiaosong that, with VC, PE eight or ten standards, angel investment more value and the founder of mutual trust, "their own in the industry to do, see the situation, see people, who good who bad, see very clearly."　　"Of course, Liu Xiaosong also has its own three standards: first, the founder, see if he can lead the business to form the climate; second, see whether the investment business can scale, how much imagination space, another is the entrepreneur has no core things, is not mastered the elements of others do not." Stay sensitive "Usually at home, you will see all the people who are comparing the front line to make Angel investments. "When it comes to entrepreneurs and angel investors, Liu Xiaosong says," It's all in my job category. "Liu Xiaosong Angel Investment seems to have a lot of" selfish "ideas. By investing in some early-stage startups, you can first perceive what's going on in the market, what's going on in the technology frontier and the capital markets, so that you can do a better job of your company.　　He frankly, look at some angel investment projects, can inspire themselves, but also to find and A8 point of integration, so as to ensure that they have been at the forefront of innovation, will not be abandoned by the market. In the music industry, Liu Xiaosong think and can not only stare at this one MU three points, on the media, the Internet, 3G, must pay attention to. "Now, digital music is popular, including online music has become a trend, which is very important because the music production technology has been a breakthrough." "It is based on this idea that over the years Liu Xiaosong has been quietly investing in a number of early projects, and has led the establishment of a new music fund, focusing on the music sector Seed project investment." Although the new music fund does not belong to A8 music, A8 concerts have the opportunity to share relevant resources.　　He also invested with IDG VC in the original Warner China President Xu Xiaofeng founded the creation of music, the development of original music. I have always been a start-up, Liu Xiaosong that this more in-depth understanding of technology and market development, can help other entrepreneurs more. "I am satisfied with the combination of these two identities.　　"Because of this dual identity, Liu Xiaosong can always find interesting businesses in various industries," he said. For now, Liu Xiaosong's work is focused on corporate governance. Can not change the environment, he would like to create a A8 music in the small environment of integrity, which is also Liu Xiaosong hope to stay in the spirit of the company, even if there is a more appropriate manager to replace him, this spirit can be spread down.