Angel investor Lei: No fool, just invest in acquaintances

May 8 News, the fifth session of the Global Mobile Internet Conference (GMIC) was held at the Beijing National Convention Center on May 8, the theme of this gmic is "redefining mobile interconnection." Lei, an angel investor, said in a roundtable discussion this afternoon that entrepreneurs must not be fools of investors and that they would only invest in people who are recommended by acquaintances or acquaintances.

Lei said that when entrepreneurs look for Angels to invest in the General Assembly do not pass the plan, investors do not actually read. Now look for angel investors the best way, the first is to find friends around, colleagues, leadership, is your superiors, to find everyone to help you. Because people are familiar with you, they may not need to know what you are doing completely. "I do not know what the company is going to do when I cast a lot of projects, I just think this person can do things, I support him, this is the core idea of my investment." ”

If an entrepreneur must look for an investor, there is only one way to see if any of your friends are particularly familiar with the investor, and that person will vouch for it. Lei said that this simple way to solve the credit problem, "I only vote for acquaintances or acquaintances, only two-tier relationship." ”

This year's gmic blockbuster guests gathered, Tencent board chairman and CEO Ma (Micro Bo), philanthropist, one fund founder Jet Li, Millet Technology CEO Lei, where the founder and CEO aged (micro-blog) and impression notes CEO Phill Libin, and so on nearly hundreds of domestic and foreign guests to attend the conference, and give a wonderful speech

The following is a round-table discussion transcript:

Li Jing: Good afternoon, I am very happy to attend today's meeting, I am Li Ulrich of JPMorgan Chase. We are now at the stage of the round-table discussion, and we are honored to have four guests today, including the founder and CEO of the Regunle. There is also an outstanding investor, the managing partner of the fund, Xiaoping Xu. Just now I heard Zhang Ming, a lawyer at Sunland law firm. Then there is "entrepreneur" magazine editor-in-chief New Wengwen (Micro bo) president, please president Niu.

Welcome to the guests, today we are concerned about a very interesting issue, is that entrepreneurs and investors to rebuild the sense of trust and rules, we have guests here have different backgrounds, but they are very concerned about the fate of Chinese investors and entrepreneurs and future prospects. And they understand the opportunities and challenges they face, and the four guests have different backgrounds, but they can share their different perspectives, as well as the theme of the roundtable, how to re-establish trust for entrepreneurs and investors. First of all, let's give Ray a question, because Ray is always a very well-known entrepreneur in the country, but also a former investor, he has 27 companies, the total schedule of thunder is always very full.

Now the schedule is for Ray to talk, how to bring the rules of international success into China, because in the course of the game between investors and entrepreneurs, this rule has not been fully formed, because China's internet business or emerging business, how can we bring the rules that have been formed abroad to China?

Lei: Thank the host for giving me this opportunity, I introduce myself, I am now the main focus on shun for the Fund and participate in the establishment of millet technology. In addition I also in the Tube Jinshan software, at the same time I have an investment company called Shun for the fund, this is a standard VC in management, 225 million U.S. dollars, so this is my own core business.

When I talked about this topic, I actually wanted to share with you what is the biggest confusion as an investor? I think the biggest puzzle is persuading an entrepreneur to understand and comply with these rules. What's the problem with this interview? For example, I saw a project some time ago, we have a lot of meetings, we also talk about the conditions with the entrepreneur. After one months, I asked what happened to the project, and they said it was not settled. I said, why not? He said that this entrepreneur is the first time to start a business, the investment terms of VC is not particularly knowledgeable, he almost with our every article talk. We know that a VC standard terms have thirty or forty pages, if each clause is discussed, one months down without any results, and talk about the process is very depressed in what place? It's a common sense for all of us that there's nothing to talk about because every company is the same, And these terms are the Western society after decades, hundreds of years of entrepreneurs and investors between the formation of a consensus, is how to restrain entrepreneurs, how to restrain investors.

But many entrepreneurs do not understand this, the first financing, may be the first family met me, this is troublesome. After talking for one months, I have no choice, I would like to vote for this project. I told my colleagues that he would accept all the conditions. It is important to make it clear that our abandonment of this clause is a common provision. After one months my colleague told me that he didn't want to vote. I said, why? He said he talked about a contract and thought it was too hard to work with, the company's project was difficult to manage, and finally gave up. I believe that I am involved in the founding of Shun for the fund, we have positioned ourselves in a good fund. is always standing in the perspective of helping the entrepreneur to consider the issue, so our terms are the weakest of the peers, the limit clause is the weakest. I said that if the terms of the fund like ours are not discussed, it is almost impossible to get the money from VC. This thing let me think deeply about this problem, I think the whole business of the link to popularize the rules, is what the rules are. It is difficult for everyone to talk about the rules before the rule is not universal, the most important question is what is this rule, I participate in the forum today is to take this opportunity to communicate with the entrepreneurs here, including the president of the cattle to increase the publicity and popularization of the rules, not just Zhang lawyer such people, The most important thing is that the law industry wants to teach entrepreneurs what's going on, the media is going to advertise the rules, and the most important thing is to take these rules out and look at the rules from both the entrepreneur and the investor's perspective. Because this is the result of a game, not one-way, not to say is to help entrepreneurs or investors, it must be the balance of the game.

I think the ox president should do something here. These rules should be taken out from the affirmative and negative to see. I have invested more than 20 companies in the past and I feel that after talking about the most critical price and the important terms, the rest of the matter is not much and should not be caught in these things. The first reason why entrepreneurs encounter this situation, the first is to investors distrust. The second is that every clause is discussed until 谈崩 is made. I think we should start letting entrepreneurs know the rules.

New Wengwen: I think China's entrepreneur investors are the same as China opened the door to the United States more than 30 years ago after the first opening of the pattern, the Americans fear that the Chinese put him there not to let go, everyone beware of each other. It's a very mature rule. The two sides in each other's left hand and right hand in the game, one thing without entrepreneurs, investors, if two are elephant, like 30 years ago, like China and the United States, some strategic mutual trust is not needed to talk about. I'm glad we're doing this as a Sunland law firm in "entrepreneur" magazine. For early entrepreneurs and investors, some basic legal templates should be free to open, let everyone know if you want creative financing, this is ABC, you have to learn, you want to see, this does not require advanced knowledge, You learn this knowledge before you can start a business and invest with others.

Our I black horse site to the community to release this basic rule, free of basic rules.

Lei: I think not only is the release, but also to explain clearly behind.

Xiaoping: Let me say a few words, what questions do you want to ask?

Jing Ulrich: Teacher Xu to ask you, we talked about how to popularize the rules, just now cow president also said investors and entrepreneurs have distrust feelings. In fact, it should be a win. From your point of view, you are the national famous angel investors, in the past is also one of the three carriages of the new Oriental. What is the way to make the interests of investors and entrepreneurs a common interest?

Xiaoping: Let me first talk about the history of the investment, I began to invest in 2006 when there is no contract, I have only two terms, how much you want me how much shares in the section. Now it seems that the name of the United States is a trust, and finally there are a lot of problems, such as he got a round, I said I want to talk with a little, is the man should let me follow the vote. But the other side including the third party a round of people said don't want me to vote on the problem, this time I as a great investor, I said I do not talk to vote, my heart is still very difficult to suffer.

Second, the relationship between me and the entrepreneur is a problem. For example, when he made money to be liquidated, I had a heated argument about priority, he said. After all, we are both sides.

Lei: The priority is also the result of the game, such as cast Xu teacher 1 million yuan, accounting for 10%. Mr. Xu declared bankruptcy the next day and lost 90% directly if he had no priority. There is no problem if there is a right of priority.

Xiaoping: This is a common sense, the great business is also such a common sense of the terms, so we met in 2010 of years. At that time, Zhang Mingjo brought five or six lawyers to my home, and spent three days and three nights before I sorted it out.

Because the whole business economy of China is in the construction of the entire rule, on the other hand, entrepreneurs should understand this thing at first, so I highly agree with the whole venture, entrepreneurs, investors are the community of interests, let us pursue this rule together.

Ulrich: Very well said. Please Rei explain, in the process of your years of entrepreneurship and experience accumulation process, can you share some examples of the importance of the rules have a new understanding?

Lei: I think in fact the core problem in China is that China's market time is relatively short. VC This word, I contacted the VC was the first 1995 RDG, the real word was a large-scale acceptance of the 2000 Internet in China, the Rise of 1999, 2000. The industry has just been introduced in China for 10 years, a short time. Here, like Mr. Xu's vivid example, Mr. Xu as an investor in the early days do not understand the priority of the right to pay, also feel that this seems to be bullying entrepreneurs, in fact, is to protect the extreme situation. What is the meaning of the right of priority settlement? Is that your company is sold, or if your company closes, the investor has the right to a limited settlement, which is the right to deal with what happened? For example, I have just cited the example, I invest in Xu 1 million yuan, 10%, this is the standard Angel investment practice. When I believe that Mr. Xu did 1 billion dollars, I made 1000 times times. If teacher Xu will not do tomorrow, we closed today, according to China's "company Law" account has 1 million yuan, Xu teacher has 90%, I have 10%. If there is no agreement to see only in accordance with China's company law, I immediately lose 900,000. I have encountered one of the biggest difficulties in what place? That is how we can deeply understand the context of each rule formulation. If I can give this rule to the entrepreneur will be acceptable, if you are an investor what do you think you do? Tomorrow he said no, quit, I will pay 90%, why should I compensate 90% ah?

I think it's a good thing that lawyer Zhang's job has made the rules a free template. I think it's reasonable to talk about the rules in every situation.

Jing Ulrich: This rationality can be accepted by society because it is a good innovation, the template is disclosed to the public and has transparency.

Lei: This template I have not read, but I listen to a lawyer introduction, is today the VC industry Standard template for the Chinese version and simplification. It's a standard template.

Li Jing: What do you think of Mr. Xu from your point of view?

Xiaoping: Just said the case just won a round, there is no doubt that the other party is a priority to pay off, as the development of entrepreneurs will learn this thing, naturally solved.

I want to say another question about how much money I have invested in my early investments. Once two founders were very excited to tell me, Xiaoping, we entered a COO, gave 20% of the shares, great, the company will take off. I definitely support this as an investor. But I went through the new Oriental equity evolution to ask him, I as an investor, my shares were diluted 20%, you give me a hello can not, he did not say, but they are very sincere to tell me this matter, in fact, they are illegal. Later wrote a letter to them, solemnly pointed out! I said I understand that you do not understand the rules, do not understand the procedure, so Zhang Mingjo: You should know that in this case, if there is a lawyer in the words, any change in equity, any significant changes in the company, we have the protection of the law.

Li Jing: Mr Zhang has spoken very well just now. From the introduction of the template, you can talk about whether society can accept, because it is new innovation. How is the operation mode in Silicon Valley, similar to China, what is the difference?

Publicity: Just now my speech and the discussion there are two problems, one is to respect the rules, the second is not to understand the rules. The second thing I really want to do, because I am in my work a lot of this problem, clearly is very good entrepreneurial, but really do not understand, do not understand the emergence of not new, and then there is the story of Xu said. Take this opportunity to set up with the cattle to make a better understanding of the process, is how each of the provisions of the evolution of how to produce, why reasonable, this thing very want to do.

Jing Ulrich: From the media point of view, how to let society understand, how do you educate investors and entrepreneurship, how to understand and accept the new rules of the game?

New Wengwen: The United States is known as a legal state, a lot of lawsuits. Often I can't afford a lawyer, I think Zhang Ming, a Sunland law firm, is an entrepreneur's lawyer. In a nutshell, the problem we face 90% all have a common template, but it is due to the knowledge of the basic rules. If there is a standard template, if it is free, 90% of the controversy is not at the moment of signing the agreement. I particularly want to say that for entrepreneurship and investment is a great psychological test, often have the endgame. There are many such stories, such as the story of PPG, that has been played by entrepreneurs and investors. The last of the rules I think is to prevent the endgame. But the tragedy of all the tragedies is that the two sides ignored the basic rules, did not write it, did not talk about it, or understood it differently, so many of the tragedies of entrepreneurial and investor conflict were caused by ignorance of the rules.

Our Entrepreneur Magazine to 2008 to now do two cover is the endgame, the first is false entrepreneurs, selected five entrepreneurs, including PPG. I found that all these failed cases were because the founders were not real entrepreneurs. Because in the moment of failure is mainly to investors irresponsible, entrepreneurial failure priority to consider the interests of investors can be a comeback. In the five failed cases in 2009, entrepreneurs protected their interests by failing to protect their investment interests. We don't think they are real entrepreneurs.

To last 2012 when the cover, is true or false VC, is the entrepreneur does not respect the behavior of VC, we pulled 11 options, most do not like the VC behavior behind all because of the meaning of each article behind the law, the spirit of the law do not understand. Some of the provisions of the protection of what is behind, any one does not like is the prevention of a behavior of you. By 2012, it was found that many entrepreneurs are very difficult to accept the behavior of VC. The most important thing is the tax evasion, when the economy is not good when the entrepreneur financing sometimes one months, two months, three months of the dead, not melting will be problematic.

Xiaoping: It's not dead, it's the company.

New Wengwen: The most afraid of entrepreneurs is very strong VC drag you three or four months, or even half a year, the last significant changes in activities, or to give up investment, so that other financing opportunities are not. I mean, there's no respect for entrepreneurship and investment, or it's a time for a mess, or a time to go to court, or to use public security to solve a problem. Finally, there is no understanding of the original legal terms and spirit. From my point of view, I think a venture capital failure case, must be to the aftermath of both sides of the problem, last year many of the electric dealers, buy will be very fierce mutual accusations, in the end is the company can not do, who has the right to the company, in the closing of the company when the procedures, many cases are actually laws, All basic laws. I'm very happy that Sunland law firm is a private law firm in the entrepreneurial world that can get the template out and be released for free at the same time as it serves the vast majority of entrepreneurs. Just now, Ray always said, we as entrepreneurs of the magazine, when this set of basic norms are accepted, don't have so many pieces.

For example, we crashed in China because insurance companies don't fight, they don't fight like they used to, and now they have insurance companies, and then it's settled. It doesn't matter now that the start-up company has failed. Sunland do is when the venture in the aftermath of the mess, very simple to finish, let's start from the beginning, I think you do this thing.

Xiaoping: The role of the insurance company.

Zhang Mingjo: Just said Zhang Mingjo is a civilian lawyer, this is a successful example, just said more of the mess, the failure of the examples are everywhere. But there are also examples of success, see We are always sitting on the stage ray, Ray always talk about the success of entrepreneurs and investors, we are more interested in a little more, do not talk too many failure cases.

Xiaoping: In the words of child-care Stan, happy families are the same, and they all have perfect terms to protect. Unfortunately the company is because the terms are not strictly prohibited. Lei, go on.

Lei: 90% will die, happy people are few, most people are not happy. But how to turn unhappiness into happiness? I've been talking to entrepreneurs and entrepreneurs about the idea that companies can fail and people can't fail. How do you get a good reputation when dealing with a career failure, and then you get the next chance to make a comeback. I do angel investment success rate is relatively high, this success rate is higher than the secret generally will not speak, that is our home of the treasure, only with teacher Xu Exchange.

In fact, what is the most important investment experience? I have more than half of the projects lost I will give a second money, or the company can not turn over I will borrow money, I think failure is the most likely problem. But the key question is how to handle it, and you can start again after you lose. I recently had a startup company that was having trouble closing the door. I finally agreed to lend him the money again, I said why did I think I agreed to give him the money? Because of the simple thing, I voted him 1 million RMB accounted for 15%, initially do not know what the reason for registration with me after 500,000 registered capital. After the registration after 500,000 has not yet, then I hurried after the 200,000, still owe 300,000. After the 1.8 million spent, the company soon closed, he borrowed a lot of money in the company. I said that more than a year sad is not that you lose 1.8 million of the company, I lost the absolute trust in you. When you borrow money from me, you think you this person credit is not good, he regretted, entered my apology after. I said I'd like to help you again.

I would like to share what this example, entrepreneurs stumble Trust is very fragile, in the trust problem must be serious. It's really easy to pick up another 1 million and I'm willing to help entrepreneurs. If you borrow my registered capital with me, will you give it to me when you are done? is to register to borrow 500,000, after registration returned to me, but more than a year did not return to me. I'm not feeling well, I'm sure you'll understand. The key is how you deal with everything, when it comes to credit, credit is invaluable to every entrepreneur. We see a bunch of companies die every day, the company dead is normal, this success is not normal, failure is inevitable.

New Wengwen: It's not normal to fight.

Ulrich: Mr. Xu's investment in various industries, from e-commerce to education, social networks have been voted, each industry has different rules, you think the rules have what characteristics?

New Wengwen: I say a word, I tell you a word, we know a lot of entrepreneurs think Xu is very heroic, very emotional, is you can impress him he immediately give you money, so there are many entrepreneurs think Xu teacher is "good cheat". I think a lot of entrepreneurs have this misunderstanding, I understand Xu teacher is very uninhibited, according to his passion for entrepreneurs. But Xu teacher is very careful, many entrepreneurs will be like Xu Teacher angel investors, is more simple extensive, but he will think good cheat, cheat finish once again. I tell you teacher Xu is very difficult to cheat, cheated Xu Teacher's price is very heavy. Because of this I know that no investor will double the trust to another person.

Ulrich: Has Mr. Xu been cheated?

Xiaoping: The Ancients have a word is foolish, I was just too clever. I think then lei just said, in fact, to know that things can fail, a person can not fail. Credit this thing lei most know, in English it is the same as money, credit card. Credit card is Money card, no money can be used? The most important thing about entrepreneurs is credit, and VC is a small circle. We are talking about the protection of entrepreneurs, in the venture between the founders need to protect, but for the entrepreneur, what is the real life gate? Is Credit, is in front of the society's credit. For example, the company sold fakes have no credit, it is over. If there is a credit problem between the partner and the investor, it is frankly fatal.

Bull has just said the spread between entrepreneurs, about my legend, in fact, we are also in the market to make money. The thing we have to do is just a little more trust, but a little loss of this trust, in fact, life is very long.

New Wengwen: Because teacher Xu was deceived after unwilling to say, so everyone thinks he is good to cheat.

New Wengwen: I've been tweeting.

Zhang Mingjo: I as teacher Xu's lawyer, Xu teacher has not been really cheated. The so-called cheat before Xu teachers know, he is willing to spend that money, is willing to be deceived.

Xiaoping: I met with Zhang Mingjo now investment standard procedures, talk about half an hour, one hours decided to vote, and then went to find Zhang Mingjo, find Sunland law firm. Now with free online resources, this is China's investment environment, a major progress, an important contribution. So I think it's a very good thing.

Jing Ulrich: Very much agree with teacher Xu, Lei always said before only vote people do not vote items, only to vote for acquaintances project, is it. If there is a stranger, suddenly a meeting under the table to give you a information to say investment, you have never seen him, you will be new to him? As an entrepreneur and an investor, will you give money to strangers?

Lei: I was careless to tell the truth, we must understand that angel investors are really not fools, what is the nature of angel investors? Angel investors are the essence of the six-color, a friend to start a business, 10 or so friends a person gather together a member, in case of Tencent we will be rich, do not we also support the business, support the friend, Support the friendship, this is the angel investment the core thing.

Xiaoping: I'm inserting a phrase and creating the GDP of the year.

Lei: I finally understand that GDP growth is so high, mainly by angel investors such as Mr. Xu. When you look for Angels to invest in the General Assembly do not pass the plan, whether it is me or Mr. Xu, these programs in fact do not look. Xu teachers do not see I do not know, anyway, I am very little to see. Now look for angel investors the best way, the first is to find friends around, colleagues, leadership, is your superiors, to find everyone to help you. Because everyone is familiar with you, they may not need to know what you do completely, I cast a lot of projects do not know what this company to do, I just feel that this person can do things, I support him, this is my core philosophy of investment.

If you have to look for me to invest, there is only one path, is that you see if your friends and I particularly familiar with, is that I need that person to guarantee you no problem. Anyway, if you run away with my money, you'll find my friend. I say how you recommend this to me, no credit at all. We use this simple method to solve the problem of credit, I do not know how Xu teachers to solve the problem of trust, I only cast acquaintances or acquaintances, only to do two-layer relationship.

Ulrich: From a legal standpoint, from a lawyer's point of view, Zhang Ming if you think that only acquaintances, not incarnated, from the legal point of view can protect angel investors or entrepreneurs, if you do not know that people do not invest there is a lot of business does not, from the legal point of view can restrain, Or to increase the trust of investors and entrepreneurs?

Zhang Mingjo: I'm here to tell you a secret as a lawyer. Is the legal document is to prevent the gentleman and not the villain, so the protection of this legal document must also be in a minimum of morality, or at least on the basis of trust to be able to protect. I think venture capital, including our circle is actually the most valuable is trust, trust can only believe once, you to a certain person this time he consumed, and finally there is no chance, and the people around no chance. We have a list of people who have voted and distrusted. This circle is very small, two or three people to find out how this person, quickly can inquire clearly.

Xiaoping: I tell a question about the investment acquaintances, in fact you think you want to start a business, you have to find millions trust, if you do not have an acquaintance, friends, colleagues, teachers, leadership can guide a certain, no one can help you, you do not do. We took part in all kinds of meetings, and everyone had a business plan and said, "Xu Zong, cast one." Don't you have someone to help you with a little resources. In the United States such a developed venture country, the Angel of three F of the argument is a profound reason, the so-called three F I say again, some people may not know, is friends, family and fools. You think the fool can not find, get a lunatic asylum to find. To investors must think about what resources are, the second great idea is that no one knows you, it is wrong, precisely you do not.

Ulrich: Mr. Xu, I'm going to change the subject a little bit now. We're talking a lot about the relationship between investors and entrepreneurs. Now talk about the relationship between the entrepreneur and the customer, remember that some time ago said not to the customer when the number, the customer as a person, that is, the trust of customers how much, or customers on your product trust degree how much. Also said not to regard customers as God, the Chinese do not have God, customers as friends, customers are your friends?

Lei: This problem turns too big, I said a little help millet company advertising. If people don't scold me, I'll say it again. I made millet, yesterday I made a little grumble, the result of a report came out later let me depressed, said I do it, ready to dry restaurant. I envy Tencent, also envy Baidu, also very envy Huawei, also very envy Lenovo. But I do not want to do another Huawei, Lenovo, Tencent, Baidu, I do not feel the need. I said, a small restaurant, there are queues at the door, often people call me Redknapp to save me a seat, I think this is the most successful realm of life.

Think about it. I run a small restaurant, more than 10 dishes are made by myself, I often see guests eat. The small restaurant and the boss are friends, my new dish you try, if there are problems I immediately change, they are friends. In fact, I realized from this thing that we can see all the users as friends, the first one should not be God to see, because there is no one in China to believe in God. If you look at the user as God, that is to help the user as a silly x. A look at the sign above, feel that the boss is certainly not the user as a friend to see, must be deceptive. Our business in China is to cheat and seldom to be friends. Just talked about trust, today in China's trust is the most important is the trust of friends, if the user as a friend, you think of your products out of the question how much pressure ah.

I have cited an example, a friend bought Millet mobile phone a little problem, two hours did not repair, my clothes are wet. If a friend uses your product, when there is a problem, how much pressure you have.

2nd, I talk about the drawbacks of the Internet, the Internet has 400 million users, 900 million users, or even 5 billion users, how many registered accounts. The big advantage of our internet company is quantitative management and digital management. But what happened after the quantitative management? We only care about the active, only the month active, only concerned about the growth of GDP, we do not care about people. What are we going to do about these numbers? After the mobile phone installation of your product from the start, and then automatically wake up every day in the background secretly start, this is what to do? This is all active, this is the beginning of GDP. What is the core problem? If the user is your friend, if the user is a living person, you can reluctantly let his mobile phone on the table on a half-day on the battery, no electricity after the scold Samsung, Millet, Apple, who did it? didn't the entrepreneur do it?

Yesterday's meeting did not talk about the special, I think we must think today in the curse of GDP problem, we must think that our KPI is not a problem. So I do in the time, I run a small restaurant when Millet no KPI, I said we must give up the KPI, there are KPIs when we will become secretly awakened, secretly from the start, secretly networking. Not how noble I am, but I want to understand that the user can be a friend. This is my little experience, I am not diverted to do the restaurant, I cook is very poor, will only fry potato silk. But with the business of small restaurants to let everyone understand what is millet, millet pursuit of the goal is to run a restaurant, not how big, every day there are queues, each staff to enjoy the time apart from friends. That's what I'm going to do, not great, but I like it.

Ulrich: Can you elaborate on this? Because we have 55 seconds left in the time period.

Xiaoping: Lei said that the customer when God is a hoax, the Chinese do not believe in God, the Chinese trust friends. Millet is a new enterprise culture.

Jing Ulrich: Again, asked a word, how to achieve self. Your goal, investment goals, entrepreneurship so much mucus is very successful, your goal, what is your next goal?

Xiaoping: When we have unlimited trust and expectation for entrepreneurs, I believe that entrepreneurs will also create unlimited miracles. I next if can cast to lei such person, next lei, next millet, I think this is an investor's biggest dream.

New Wengwen: I am very simple, I think let the business is not so simple, it is best to let China's business is not so complex, difficult in the back, not difficult in front. Let China's entrepreneurship simple, do not in those basic rules of quarrel and fight, people put their minds on products and users, I am the idea.

Li Jing: finally please Zhang Mingjo to answer the last simple question, we talked about a lot of the most important word is trust, if investors, entrepreneurs shake hands, is not more effective than signing contracts?

Zhang Mingjo: No, after holding hands, you must sign a good contract.

Xiaoping: Sign the contract and shake hands.

Zhang Mingjo: I emphasize one thing, just a lot of examples are not just beginning without integrity, to my experience many later differences are based on misunderstanding. How did the misunderstanding come about? It is the prophase rule did not say well, did not understand thoroughly, turned very good friend to mutual distrust enemy. This is my special care as a lawyer, but also the original intention of the contract.

Li Jing: Thank you, our time has come, the Congress to thank the guests to participate in the Forum's wonderful speech, but also thank you for your attendance, thank you!