China venture capital company Grinding Sword ten years to the gem harvest is quite abundant

21st Century Economic Report Yang Yongmin Beijing, a decade ago, the founding of China's Venture capital Co.,ltd (CVC), the then vice chairman of the National People's Congress, Mr. Cheng, called for the creation of a gem.　　This is regarded as "the father of Chinese venture capital" of the "medium" VC, the origin of extraordinary, but the style is not "risk" type, the first six years of establishment, only invested 5 projects, with CVC President Yijun words, is "immersed in study." Beginning in 2006, CVC suddenly exerting force, has been shot more than 20 projects. Among them, 6 projects have been listed in Hong Kong, Shenzhen SME Board, Gem, and 3 have been reported to the SFC.　　And with a decade ago the beginning of the "gem" source, also embodies two gem listed companies-ding long chemical, Ding Han technology successful IPO.　　"Thick accumulate thin hair", in Yijun view, CVC after ten years of grinding sword, has entered the VC nirvana. Six years, five projects, 1998 years, at a meeting of the ninth CPPCC, when the National People's Congress vice chairman, the Central People's Democratic Republic of China, chaired by Mr. Cheng, the central People's Democratic People's government proposed "on the rapid development of our venture capital Enterprise proposal", this proposal was listed as the national political　　It was this proposal that opened China's ten-year journey to start the gem.　　Two years later, in March 2000, with the care and support of Cheng, China Venture Capital Limited (CVC), which was set up by the Central People's Democratic Alliance, was officially set up, at that time the registered capital was only 30 million yuan, mainly by members of the DAB and members of the DAB.　　Today, the Central People's Government has participated in the "Birth" of the gem, and finally the successful birth, and Cheng personally cultivated Chinese venture capital company also from the management of the 30 million yuan to now manage more than 1 billion yuan, and has two projects-ding long chemical, ding-han technology successfully landed gem board. Wall wall of ten years. The Long march of China Venture Capital Corporation (CVC) has an astonishing similar development curve with the birth process of Shenzhen gem.　　After the establishment of CVC for six years, its management team has been in the "exploration and learning" state, as the company's president Yijun said: "The beginning of the gem, many venture capital companies are impulsive, inflated, but now are missing, and we always comply with the requirements of President Cheng, professional focus, prudent investment."　　After ten years honed, pioneering board of birth, CVC also focus on the "endure" ten years later, all of a sudden for the gem dedicated two listed companies. 2003, CVC and the Hong Kong Polytechnic University jointly launched the China Venture Capital Research Institute, mainly in order to carry out theoretical research in the field of venture capital, to explore the way of venture capital suitable for China's national conditions in order to promote the development of venture capital in China. At that time, our team members mainly through learning and exchange, learn from the successful experience of foreign venture capital, study China's capital market,Start experimenting with practical investment and watch the project very carefully.　　Yijun in an interview with our correspondent. From the beginning of its inception, CVC around the energy-saving environmental protection, new materials, renewable energy and bio-medicine in the general direction of the layout. In the second half of 2001, as an early work after hard study, they are in the disturbed after repeated research and argumentation, the experimental betting Dongjiang environmental protection.　　Let the CVC team be gratified that only two years later, Dongjiang Environmental protection is listed on the Hong Kong Stock Exchange gem. "Now that we have more than 35 million shares of Dongjiang environmental protection, we have roughly calculated that our return on investment has reached seventy or eighty times times, according to the book returns."　　"Yijun said.　　It is reported that, based on Dongjiang environmental protection technology strength and high growth, and due to the Hong Kong gem trading is not active, the company has started to transfer to the Hong Kong motherboard scheme. But the same is the training of the work, CVC in June 2002 for the Guiyang Putian Logistics investment but appear placid. This is a major mail sorting system company, but due to the development of the Internet, the ordinary letter postal Service shrinking, the company's development has not reached the desired effect of CVC. "But fortunately Guiyang Putian Logistics, the major shareholder of China Putian to buy back our shares." This is one of the few projects that we are not successful.　　"Yijun said. In 2000-2006, six years before its inception, even if there is such a successful project as Dongjiang environmental protection, but the CVC team still did not dare to open hands and feet, only to invest in the Dongjiang environmental protection, Guiyang Putian Logistics, New Huiyuan, Hayward, vertical technology, Sichuan-rich million potassium six projects.　　One of the vertical technology has been in Zhongguancun in September 2007, "Sanbanxi" listing, and the giant Sichuan-rich million K company also in Hong Kong Gem successfully listed. Two to carry "Ding" but after 2006 years, CVC suddenly exerting force, in now less than five years of time, continuously betting nearly 20 projects. Not only this, but also with the Shenzhen property Exchange and other institutions to launch a focus on the Low-carbon Field of limited Partnership fund-China-Australia capital, Ningbo with the DAB members set up a total scale of 300 million yuan Ningbo Huajian capital, but also with the Beijing government to set up a focus on new materials in the field of investment funds,　　The current fund-raising has been implemented. After the successful launch of the gem, China's large number of original because of the withdrawal of the channel is suffering from the local Yuan investment fund finally "keep the cloud open to see the moon", CVC is the gem harvest quite a few local VC funds. "In addition to the already listed Ding long chemical and Ding Han technology, we have three projects have been reported to the SFC, three are in preparation."　　"Yijun revealed. Interestingly, CVC's two listed items are named in the name of Ding Word, the outside world called CVC gem "double Tripod." As of the press, Ding Han technology of about 50 times times the price, ding long, the chemical price-earnings ratio reached more than 80.　　Although refused to disclose the initial entry of investment prices, but a rough estimate, CVC in these two projects, the average book return should be more than 10 times times. "Is thereCoincidence, but not luck. "Yijun said.　　From the technical understanding of the Ding Han, contact to the final decision to invest, before and after a total of one months of time, Yijun clearly remember the investment date is November 28, 2007, because "is in line with our appetite, very impressed."　　Although before and after contact, do due diligence of only one months, and there have been other investment agencies have advanced contact to negotiate, but the last Ding Han technology selected CVC. "First of all, we at the beginning of 07 years to the National 25 period of great efforts to develop the planning of rail transport in-depth study of the relevant areas of the industry has a more profound understanding, itself has decided to choose and rail transit development-related enterprises to invest." "Yijun said.　　Later, Ding Han technology and Tianjin Beihai Communication, the two rail transport-related equipment manufacturers into the CVC investment camp. "In addition, Ding Han is not very lack of funds, they need value-added services and the industry has an understanding of investors, this is our unique, and we are very optimistic by Gu Qingwei led the Ding Han's management team and Ding Han prominent industry status, so both sides hit."　　Yijun added.　　After the fund entered the Ding Han technology, CVC immediately entered the service state, and proposed the market integration proposal, in the merger and acquisition to rapidly expand the size of the market, CVC also have more participation. In addition to CVC, gem "Double tripod" has a total of investors and Shenzhen Baoan Group, and its board chairman and President Chen also as CVC chairman, at the same time, Chen is the deputy chairman of the Central People's Democratic Alliance. October 2009, through the increase of capital, Shenzhen Baoan Group become a major shareholder of CVC.　　In the "Double tripod" investment, Baoan Group and CVC chose to work together. Yijun introduced that, Ding Han technology investment, is the introduction of CVC contact after the Baoan group.　　Reciprocate, Baoan group in contact with the Ding long chemical, introduced to CVC.　　In the face of Baoan Group's investment business and CVC investment overlap, Yijun revealed that Bao ' an group has turned to industrial investment, mainly holding operations, rather than venture capital, the two will present a cooperation and complementarity, rather than conflict. With the core of innovative technology, double tripod listed, the stock price performance is also very eye-catching. In the eyes of Yijun, the high price-earnings ratio of the gem is not abnormal, to ding long chemical as an example, the company's color printing powder technology has passed the pilot, will be industrialized, is the only domestic market capacity of about 10 billion yuan.　　At present, the market sales of Japanese color printing powder 7,800,001 tons, and ding long chemical costs only a hundred thousand of yuan, huge growth potential will support higher stock prices.　　High P/E is the gem of the original features, the current listing of the majority of enterprises are very good quality, profitability, growth, these enterprises are far more than the threshold of the gem, in a sense, it is these high-quality listed enterprises to ensure the success of the gem. "But we also expect more in the future to meet the requirements of the gem, growth is good, but sales revenue and profit alsoNot very high, smaller companies listed, which will be more beneficial to our venture capital institutions that invest in early projects. "Yijun said.