Fortune Venture to invest in the latent multiple gem company said the return is inferior to the SME board

"The spotlight is too bright for us, but we have always thought that fortune is not yet successful," he said.　　"November 5, just the end of the meeting with the investment target, Fortune President Liu Day in the telephone interview with reporters still maintain a normal calm." With October 30, the first batch of 28 enterprises collective Landing Gem, a group of latent local wind into the shadow began to show up, of which the single three-billion-Wei Li (300014). SZ), Love Ophthalmology (300015. SZ) and Net-host technology (300017.SZ)--the most dazzling fortune.　　With the closing price of October 30, Fortune's investment in the three companies has earned nearly 15 times times the average rate of return, while the return on investment in Yili lithium can be as high as 43 times times. Interestingly, the gem has been in preparation for ten years, and it is ten years since the establishment of the morning. The initial capital of only 100 million small funds, in the past ten years at a time of hundreds of millions of U.S. dollars of foreign VC "shadow" under the difficult growth, once a huge loss, and once "almost close the door."　　And now, in Fortune investment production following the gem of the soaring stock price soared at the same time, and it constitutes a strong contrast, the Warburg Pincus fund, such as several lonely VC figure.　　Are you celebrating the time of the collective carnival? "Obviously the loneliness of foreign investment is temporary, we have noticed the latest investment trend of foreign capital venture, with the return of foreign capital venture, the competition of domestic VCs will be fiercer."　　Fortune's investment director, Fu Jecuan, is as sane and calm as Liu. Fortune's investment income statement reporters did a rough statistic, fortune in 2007-2008 in billion-Wei Li, ai er Ophthalmology and network technology three companies accumulated investment of 42.95 million yuan.　　October 30, the initial investment for the fortune brought 635 million yuan float, the average return of 14.78 times times, of which investment billion Li energy 5 million yuan return has been more than 43 times times.　　Together with the landing of the board of the same continent electronics, extension information, Fujian San Nong, Fortune from the 6 listed companies have received more than 2.2 billion profit returns accumulated.　　However, behind the infinite scenery is the fortune of the fate of the past 9 years, so that Liu, the founder, is unwilling to recall those difficult years. "We have been insisting on, and have been convincing fortune and the media shareholders, do not have to do VCs overnight returns."　　Liu said.　　March 1999, China Securities Regulatory Commission for the first time explicitly proposed "can consider in the Shanghai and Shenzhen Stock Exchange set up High-tech Enterprise Plate", when the gem is expected to open the board in Shenzhen, the news is spread out, so a group of local venture Enterprises in Shenzhen, which has registered capital of 100 million Yuan fortune venture. Liu Day told reporters, "when the chairman of the Long capital of electric power is very sensitive, fortune venture is in his proposal to build up." "At that time, foreign investment venture is the absolute protagonist of China's VC market, Sina, Sohu, NetEase and other portal sites have landed in the NADuck, foreign investment venture to get the excess profits to the local wind cast envy unceasingly, and rushed in. But the bursting of the dotcom bubble in 2001 and the indefinite delay in the launch of the gem have plunged many local VCs, including fortune, into crisis.　　More than 100 VCs have closed down, but fortune survived with the full support of big shareholders. Liu Day to the reporter recalls: "In fact, we all lack of professional venture investment company's operating experience, in the final analysis, I do not know how to use the 100 million yuan, initially in the electric media to invest two of the radio and television industry enterprises, that is, with the continent of electronic and extension information, but these two projects did not bring profit returns.　　"The hard times have just begun, and in 2003 Fortune did not find a suitable investment, which made the Division within the Board of Directors of the Power media wider and wider." "Although the dragon always supports the development of fortune, other shareholders are pessimistic about the prospects of fortune and even think it might drag down listed companies." "Liu Day told reporters," once the board of directors had passed a resolution to fortune all removed, leaving only one or two people to the aftermath. "2004 a short bull market or let fortune alive, but in 2004-2005, fortune is still in the state of loss, and has affected the performance of the media." At that time, many media on the "electric media deep in the diversity trap", "600 million yuan of electricity and mass media thrown into the bottomless pit" to describe.　　[Page] reporter received a data show that by the end of 2005, Fortune Venture Investment in the net assets from the beginning of the 100 million yuan to 38.8288 million yuan, which means that the establishment of 5 years, fortune cumulative loss of about 139 million yuan. 2003 joined Fortune Fu Jecuan told reporters: "In fact, we have seen the dawn, because with the beginning of the split share reform, as well as the opening of SME board, we saw the local venture to profit opportunities." "With the arrival of the full circulation of the Times and the SME board out of the trough, especially in July 2006 with the state electronic official landing board, Fortune's fate began to change."　　According to the 2006 annual report of the electric media, the net profit of Fortune was 5.438 million yuan from 1 to August in 2006, which was the first time that the morning had been profitable.　　With the state of the electronic listing, fortune ushered in the first through the listing of the successful exit of the investment case, which is the Chinese local venture capital companies in the domestic capital market exit of the first successful case.　　With the state electronics nearly 30 times times the high return to fortune to create a distrust of the shareholder attitude has a fundamental change, fortune this old baggage even became one of the main sources of profit, and in the bull market share reform has also become easy to raise financing.　　In a short span of three years, fortune through with Hunan Finance and credit holding company to set up 5 funds, by the end of 2008, the scale of its funds has reached 2 billion yuan, the beginning of 2009 and the new establishment of 800 million yuan two new funds. Fortune expanding the investment team started horse noStop the hoof to inspect the project.　　4 companies were invested in the morning of 2006, including Fujian Saint-Non, which has already been listed successfully, 12 in 2007, 18 in 2008 and 9 in the first half of 2009, including Huang Huang, which has become the seed of the "morning Corps" of the gem.　　The rate of return is not as good as the plate according to revealed that the current line of nearly 100 gem "preparatory program", there are 5 companies to invest in the morning, and in the middle of 2010, Fortune also plans to wholesale more than 10 companies listed gem board. As many as 100 times times the first-time P/E ratios are now the target, and fortune is the envy of the institutions. "From the current investment of several companies, the gem of the return of the board than the high plate." Fu Jecuan told reporters, "because we invest in these gem companies cost and PE is much higher than in the past, and the gem of the current high P/E can be maintained is still unknown."　　"According to the Fu Zhe wide analysis, at present the gem is booming domestic capital market speculation of the continuation of new customs, at present, the gem market price-earnings ratio has been high, so the future for some time will not rule out the possibility of the early plate of the gem, fortune, such as investment in the current floating profits can not be guaranteed to convert to real returns. In fact, the foreign investment venture before the investment Board is also because of this. Chen, Chairman and CEO of Henkel Investment Group, said in an interview with reporters, "The gem provides the opportunity for foreign investment to enter China's capital market, but my main concern is that the price is too high, because the earlier the risk is higher, the listed companies are more mature, so if the gem of some companies do not fall , it will make everyone lose confidence, investors are also. "Over the past few years, Fortune's placement in the gem has also taken a lot of risk."　　As a result of fortune 2006 years before the start of large-scale investment projects, and at that time the entire a-share, including small and medium-sized market value are high, which makes the investment scale of fortune than in the past have a great increase, high PE also means its high risk. Fu Jecuan said, "The operation of the VC should have been the market downturn when the entry, but we were large-scale entry when the entire share capital market valuation has been relatively high, and the board has also been a 8 consecutive months of deep adjustment, gem launch time is not determined, these are potential risks. "Reporter learned that with the 2001 investment with the State electronics and the extension of information about tens of millions of dollars in investment scale, 2007 Fortune and Shenzhen Innovation Investment in Network technology, the investment scale has reached 40 million yuan, and the second year morning and other venture capital to jointly increase the network of technology 40 million yuan.　　The reporter learned that fortune in the Internet technology investment rate has fallen to 8.77 times times, which has been far lower than the original investment in the same continent of the return on electronic. "The main reason Fortune chooses to invest in the three gem companies is based on innovation and industry status. "Fu Jecuan says, whether it's the healthcare industry's ophthalmology, the internet industry's web-hosting sectionTechnology, or the world's 5th-largest lithium-Asian battery suppliers billion Wei Li, are some of the leading enterprises in the field of subdivision. According to his introduction, Fortune 2006 began to contact with the eye, the hospital at that time the cash flow is very good, has not fortune investment.　　Foreign investors are bullish on the company, but the policy constraints have not been able to enter, and domestic investment banks have not yet understood the industry, "we just in their lack of money at a certain stage of intervention." "In fact, the first batch of listed companies are not our most optimistic, fortune is currently not a success."　　Liu Day told reporters that the next morning to invest in Hengtai April, Huang Huang, the Bosch branch may perform better, including the blue cursor and strong network in line, the latter is also involved in the song Hua Cable. In 2009, Fortune has invested in more than 10 companies, including Jiangxi Huang-Huang Food, Sianda Road machinery, Guangzhou Han letter communication, e-commerce platform Treasure Island Network, Sun Island Yacht Company, covering the new agriculture, infrastructure construction, luxury consumption, 3G, commodity e-commerce and other popular concepts, Apparently becoming a domestic venture upstart fortune is in their familiar areas to step up the enclosure. [Page] It is reported that Fortune will also plan to set up a scale of 800 million-1 billion yuan fund, the investment will focus on its most adept in the cultural media, consumer services, modern agriculture, energy saving and environmental protection of the four major areas, while fortune own funds slowly withdrew from the original investment of the Gem Enterprise,　　Consider enhancing the investment of quality companies in the early stages of entrepreneurship. "We are more concerned about the high growth of enterprises in the segmentation area." "Although there is a certain gap between the innovative capabilities of Chinese companies and those of American companies," Fu Jecuan said. And many new business model companies have been drawn to the Nasdaq by foreign investment, but Chinese companies upgrade space and the market is very large, as long as their existing technology upgrade, can provide investment opportunities for local VCs. "Foreign VCs will make a comeback" fortune is not yet a success, and there has been some luck in past achievements.　　"For the gem and the excellent performance of the SME board, Liu Day has always maintained a sober understanding."　　In Mr Liu's view, Fortune's real success was the transformation that began in 2007, according to the professional venture investment company's model into a lot of market segments, and as other opponents more and more attention to this model, and began to pay attention to the morning, the fortune face of the industry competition will be more intense, including the return of foreign investment venture is worth paying attention to. Liu said, "The 10th and 46th texts of the departments concerned have also limited the penetration of foreign investment in China's domestic market, which also provides a space for local VCs such as fortune, but these are now being phased out for foreign investment in China's domestic capital markets, This means that domestic VCS will likely face more intense competition. In fact, last year, these restrictions on foreign investment has been abolished, foreign investment venture can be a Sino-foreign joint venture to rob the domestic gem and SME plate seed enterprises, we have noticed the investment trend of foreign capital. ” Fu Jecuan told reporters, "an agricultural project in Heyuan, Guangdong Province, we have been with a period of time, a foreign wind threw a higher PE stole this customer, obviously this is just the beginning." "A senior executive at a foreign investment venture said," In the past, China's capital market has a very typical difference between RMB and foreign capital, the investment in the past is foreign investment structure, can not be listed on the gem, but now the situation has changed, we next cast a lot of cases including now see a lot of projects are listed on the gem, or in a shares , not listed abroad.　　"In fact, many local VCs in the Gem resources for the competition, foreign investment venture since 2008, because of the global financial crisis compressed investments, including Sequoia, its and other dollar VCs seem to have missed the golden period to enter the gem." "Foreign VCs are fundamentally based on offshore capital markets, and they are looking for investors in China to see whether they can occupy the highest level of the global innovation industry, and from this point of view, it is normal for them to be skeptical of China's gem market." Fu Jecuan said: "But the success of local VC is only temporary, give us not much time to celebrate."　　Liu Day also believes that foreign investment in the gem after seeing the hot, taking into account the interest of capital, in the future of the gem will certainly participate in the early stage of investment, when the local VCs face the scale and experience are stronger than their own foreign investment, the pressure will be greater. The future domestic wind investment in the field of Chinese and foreign competition will be more intense, and the gem is the most important battlefield. Fu Jecuan said, "Gem currently set the threshold is relatively high, this is the management for the gem for the purpose of the foundation to set up, but in the long run, in the gem to a certain scale, it will be mainly concerned about the ' two high six new ' enterprises."　　"According to the reporter understand, foreign investment venture more attention is also" two high six new "enterprise, as the gem is still in the initial stage and there are a lot of irregular places, so the investment venture in foreign investors still have some doubts, with the gem into the right track, the advantages of foreign investment venture will gradually reflect.　　In addition, in the past, China's best innovative companies want to go to the United States to melt the U.S. dollar, but now more and more companies like to be listed in China, the renminbi has become more and more popular, foreign investment venture has also started to establish renminbi funds in China, such as the Han to set up a total size of 1 billion U.S. dollars in Chongqing fund. For the speed of foreign investment, Fortune venture Investment and other local VCs are also doing positive measures. "We have to adopt a differentiated strategy, find what we are best at and improve the efficiency of our investment decisions," says Fu Jecuan. ”