Ji Qing: The perfect is not the pursuit of perfection

--Murong Chen Ji Qing, CEO of Paradise Silicon Valley Venture Group Co., Ltd., a famous local private equity investor. The early summer of Hangzhou, has been wooded, heat flow surging.　　From Heaven Silicon Valley venture capital company's rooftop look out, surrounded by mountains, lush, the sunset shines, Leifeng pagoda hidden therein, is a paradise on earth scene. "We often meet on the platform and chat with clients. Or--"Paradise Silicon Valley President Ji Qing points downstairs a few more than a few decades old sweet-scented osmanthus trees," in the autumn, under the sweet-scented osmanthus trees smell the flowers, tea, discussion.　　"In this seemingly relaxed state, Ji Qing led the venture team, created a Xin Fu pharmaceutical, lai Bao Gao Ke, such as many of the industry's legendary wealth myth."　　Hold on to the opportunity Ji Qing has always been proud that the Paradise Silicon Valley venture capital company launched its first private equity investment fund in 2006. "It was May 2006, on the 3 floor of the small conference room, did not expect to come so many people, even the door is full." "Ji Qing specifically brought a reporter to visit this ordinary meeting room which can only accommodate dozens of people," although the scale is small, but this fund has the milestone significance. At that time, the NDRC's Dr. Liu Jianjun also flew in from Beijing. "Interestingly, the first private-equity fund printed 300 manuals, and now they have left a copy of it, others are missing," said someone who was buying at a high price. Ji Qing laughed.　　Indeed, it can be said that after all the company's private equity funds are derived from this template. The first fund was Hard-won.　　In Ji Qing's words, they used "persistence" to wait for two great opportunities. First, the "Venture Capital Management Measures" March 2006 formally implemented, "although only a ' management approach ', but there is a ' law ' can be."　　"Ji Qing that for the financial sector, the financial industry, the better the norm, which is why the Securities Investment fund development so fast, is because the first legislation." The second opportunity is the reform that began in 2005.　　Because the market is not fully in circulation, often the stock price is very high, and the legal person shares are priced very low, for VC companies, investment in equity often only with industrial investment, in the vicinity of net assets price transfer equity. "After circulation, especially in a very good business, the market will give the assets very full pricing, or even overestimate, the exit mechanism to become more efficient, this is a significant opportunity not previously foreseen."　　Ji Qing until now still feeling, the impact of the full circulation is not only in the two-tier market.　　Look at enterprises such as Blind Date if, Ji Qing put their own project as their children to help cultivate words, then in the negotiation process, Ji Qing it as a "blind date." In the Valley of Heaven, the general investment process is as follows: first, the project manager to visit, generally two people go at the same time, they have absolute veto; if through the project manager, the project team will be set up, including wind control, financial, legal personnel, and so on, start to the enterpriseConduct a detailed investigation, and finally form an investment report, then submit to the investment decision members, after the adoption, then enter the business negotiation process.　　For Ji Qing, most of the "quantitative" work is delegated to each responsible employee, and himself, is more the use of experience and the boss of the investment enterprise to communicate. Ji Qing The process to a "blind date."　　Like a blind date, two people with a specific purpose to sit together, will inevitably try to show their good side, or even exaggerate, if once on the surface of things, into the "marriage" hall-for investment, is to reach the investment intention, and then find the problem, may regret. "When I visited the Austrian chemical AG in the northeast, my boss and I ate for 3 hours, and my assistant was amazed and said, ' Never seen me drink like this '. I appreciate the head of this team and think he has the potential to bring good business. Ji Qing said, "Just after we invested, the chairman of the company was elected as a member of the CPPCC, which means that the position of the enterprise has taken another step." At that time he had a visit to the CCTV news and sent me a message to see it. "Reverse investment when you invest in these enterprises, you will find that these enterprises have more or less problems, and let a lot of VCs, equity funds missed." As Ji Qing said: "The pursuit of perfection, must do bad investment."　　"Many people know that the 2005 Paradise Silicon Valley to more than 40 million yuan stake in the high division, the early 2007 listing, the highest market value reached 1 billion yuan!" But many people do not know that it took only two weeks to invest in the high tech division. "The team is good, the business model is good, and other aspects are problematic but not critical, what do they do?"　　According to Ji Qing, at that time even went to the Ministry of Commerce for approval some matters are they go to, finally to twice times PE got the project.　　In fact, at that time, a Hong Kong company has reached a preliminary intention with the other party, but has been hesitant to confirm the final, by the Valley of Paradise "Rob first." "You know, in 2005, the market was close to its all-time low and the market was very cold, and many people felt there was no chance." Also because of this, we feel that it is time, so decisive to invest in this business.　　"It turns out that Ji Qing's" contrarian "rule has brought dozens of times times the profit.　　But if asked, is this not the most successful investment of Ji Qing, or the Xin Fu pharmaceutical industry, more than 2 million of the investment, the highest market value of more than 300 million?　　He doesn't think so. "Depends on the unit time unit capital income." For example, a project is 1 Years 5 times times, the other is 2 years 10 times times, in fact, the former higher. "Ji Qing Stress is the capital" efficiency ", but this is not the most important," in fact, especially in some start-up enterprises, a little bit of the enterprise to nurture, like watching children grow up, such an investment is the highest gold content. If you invest in a company like Microsoft, it is the most successful, not only the benefits, but also the spiritual satisfaction. "Ignorance of inaction Ji Qing his investment philosophyKnown as "ignorance of inaction", quite the meaning of old Zhuang. He explains that there are three stages of human cognitive experience, first, ignorance and inaction, then knowledge, and ignorance.　　At first, I didn't know what I was going to do, there is no ability to do, very dazed, and then know what to do, the brain deliberately directing their own to do, and then back to the ignorance of inaction, not brain thinking, but instinctively to do, extended to the investment, is a encounter investment projects know how to do, do not think. "Just like playing golf, you don't play at first, then the coach will teach you, and even take a video to show you what's wrong with your actions and deliberately correct it every time you hit it." In the end, for example, to the level of coaches, athletes, they do not have to go through the brain, but to produce muscle memory, instinctively know how to play.　　Ji Qing for example. "If you're constantly thinking about how to do the action and how you invest, it's easy to make a difference in detail," he said. So, someone succeeds, someone fails, the difference is whether every detail has been put into the blood. Ji Qing also took Buffett and Soros as examples. "Two of people's investment methods, investment philosophy is completely different, but the investment habits are identical, they follow their own investment philosophy, know when to do what period, different is only investment direction, investment angle." "Precisely so, Ji Qing hope that their investment can become a habit of" thin water flow "