Chengdu 80 million Yuan Angel investment Fund to support science and technology enterprises Entrepreneurship

"The most difficult thing now is to be the investor information gathering process," said Ping Hing to our correspondent, "we will even investigate what kind of car the person drives, if it is Mercedes Benz, perhaps his business does not need our investment." Ping Hing is the chairman of Chengdu Hi-tech Investment Group Co., Ltd. (hereinafter referred to as "high-investment group").　　June 12, the first scale of 80 million yuan, by the local financial capital of Chengdu, "Angel investment" fund officially began to operate, the High investment group is the executive side of the fund.　　Chengdu High-tech zone currently has 3,000 science and technology enterprises, the annual rate of 10% increase, 300 enterprises are facing the start-up period of funds shortage problem.　　Pingxing said the fund was designed to make up for the fund gap in the start-up phase of the companies, and to explore how the government can support the growth of enterprises.　　Market operation learned that this set up the first 80 million Yuan Angel fund will be completed within 2-3 years of investment, is expected to invest in innovative entrepreneurial projects will be more than 60. The fund by the local Finance bureau one-time allocation of 80 million yuan to Chengdu High Investment Group's wholly owned subsidiary-Chengdu High Investment start-up company, by the company set up a special account management and operation, and holding the corresponding equity.　　Its investment target is Chengdu High-tech zone business scope involves electronic information, biomedicine, precision manufacturing, environmental protection and energy-saving start-up enterprises. "Because it is all local financial allocations, the funds actually have the concept of state-funded," Pingxing said, "but different from the general financial subsidy, it is to the government under the state-owned venture capital enterprises to carry out investment management, is a market-based way in operation."　　"In the investment decision-making process, Chengdu High investment start-up company will set up 5 members of the decision-making committee, if necessary, will also introduce external experts to review the project, and thereafter investment management."　　In addition, investment is only the first step to support these enterprises, the follow-up will have investment subsidies, and the formation of VC, PE to participate in a complete investment industry chain, to solve the technology-oriented SMEs in all stages of financing problems. In the area of risk control, according to the provisions of the management measures of Venture Angel investment Fund of Chengdu Hi-Tech Zone, the cumulative investment amount of the investment fund to the individual enterprise is not higher than 2 million RMB in principle, in addition, although it is involved in the way of equity, the above management method stipulates " The Angel Investment fund can not become the controlling shareholder after the investment of the start-up enterprise. In fact, after the establishment of the Investment fund, the High-tech zone has completed the "ladder financing" system of "angel Investment, venture capital, debt financing, equity financing and listing financing".　　As of the end of 2011, the High-tech Zone has 24 enterprises successfully issued a listing, of which 5 of the gem.　　Angel investment driven by marginal effect because the target is often in the start-up stage, its investment failure rate is often very high, Chengdu 80 million is not guaranteed to be able to obtain investment income. However, in Chengdu High-tech Zone Planning Development Bureau Director Tang Jichang, 80 million of the role is not only to obtain investment income, more should be "Huge stone drowned cause lofty waves.　　"The significance of success is not limited to the ability to achieve a 80 million value added," Tang said, "If we can form an atmosphere, we create a good entrepreneurial atmosphere through the establishment of angel investment, the marginal effect will be great, this is also a success."　　It is still worth trying to support the start-up period by the Government, which is not the first in Chengdu, and the effect observation of the 6 years since the establishment of Tianjin Binhai Angel Venture capital fund.　　Yesterday, as Tianjin Binhai Angel Venture capital of the implementation of the main body-Tianjin Venture Investment Co., Ltd. Media department head of the reporter said that in recent years, Tianjin Binhai Angel Venture Investment fund has invested 30 enterprises, and successfully supported the red Sun pharmaceutical and other three enterprises in the A-share listing.　　On the other hand, Chengdu High-investment start-up companies are also looking to minimize investment losses. "We're in the screening business, the first is to pay attention to the growth of enterprises, the second is the creativity of the team, the third is the authenticity of enterprise information," Chengdu Gao Tou, chairman of the venture company Huang said, "Foreign angel investment failure rate is usually between 70%-80%, we also allow a certain rate of failure. "However, Huang also said," in the investment process is most concerned about asymmetric information, we can tolerate because of technology, market risk caused by failure, but not tolerate the information asymmetry caused by the investment risk. This requires us to be screened. "Chengdu plans to complete 80 million of the 50% part of this year." "2-3 years later, the high investment start-up company will be through its management of a number of market-based investment funds to help these entrepreneurial teams to obtain relay investment, until the future landing in the capital market, or through the integration of mergers and acquisitions to become stronger and bigger."