Liu: Entrepreneurship and venture investment have become part of Lenovo's main business

On June 1, after Lenovo Group handed over an annual report to return to growth, Mr Liu had more time to talk about innovation and entrepreneurship. In an interview, Liu revealed that entrepreneurship and venture capital has become a part of Lenovo's main business.　　Referring to Lenovo's listing, Mr Liu said the listing helped strengthen core management holdings. The following is the full text of Liu's point of view: public welfare and entrepreneurship incubation into Lenovo holding one of the three major areas Lenovo now divides its business into three big chunks, one of which is the promotion of entrepreneurship-oriented public activities, coupled with our incubator and angel investment.　　This is called Lenovo Star class, this Lenovo Star class is dedicated to some scientific and technological institutions of scientific research personnel preparation, have good scientific research, for their talent training, is not able to become the CEO, or how they put their good scientific research to sell and so on. When we do it, we find that it is still very popular, but everywhere we go, we feel like we are expanding rapidly. In fact, we have a problem, that is, at most we are in the third phase of two classes, because this is still a lot of energy and manpower, but many places put forward with the way of the big classroom, such as hundreds of thousands of scientific and technological entrepreneurs and even the general entrepreneurial staff, the general traditional industry entrepreneurs, the course compressed after the introduction.　　At the same time can also combine a two-day short course, such as three or four classes, the most important content to speak out, with the angel investment to keep up with, such words may be on the local High-tech enterprises, private development will be promoted. In addition, we may be the third part of this, may later also think with greater power to promote the common traditional areas of entrepreneurship. Because now in our country, urbanization is an important content to solve the growth of our country's consumption, after urbanization, migrant workers will live a more stable place, in the town, consumption will be very large, but to solve their employment problem is a major problem, and in this, medium scale,　　The problem of how to do business in a small town will be more important, and we feel that we have the responsibility, or that we are willing to support it, as part of our work. From Lenovo to a certain extent, in fact, social responsibility is inevitable, this social responsibility such as where we should do their own efforts?　　I think the best thing for us is that we can actually combine our professions to do some work in addition to the capital, and we are now actively preparing for them. I always adhere to the business and staff services in the beginning, an enterprise he continued its survival and development is placed in a very prominent position, I think I am very practical to say, I am in the process of creating Lenovo, to their own enterprises and staff services well, so that our staff have a better standard of living, like Bill Gates, Like Buffett they are very early attention to public welfare undertakings, a lot of their own profits accumulated money into the whole society,I think what I'm doing is that I would rather have some of the things that I should have given to our employees, to make us more motivated, and that's what we need to do. Now that the company has invested in business, together with Lenovo Group's business more and more stable, we like the branch intellectual, real estate business more and more good, these stable after, I think we will, so have the energy and ability to specifically mobilize people to do this public welfare undertakings, so I think it is time. So I think that's what we call the armed forces linkage, the public welfare undertakings, Angel Investment, venture capital and future PE private equity investment can be linked together to a region to carry out investment work, to give local entrepreneurs some help, so that the local feel that there is a benefit, but also more willing to support us,　　I think this is more energy and ability to do than before, the passion is certainly not reduced. Entrepreneurs really want to take the road of entrepreneurship, I really hope that they think more clearly, because the road of entrepreneurship is still more difficult to walk, will encounter all kinds of difficulties, here side he unsuccessful reasons, some people may really is innate character or have, he is not necessarily suitable for entrepreneurship, such as his own feel very passionate,　　But he is not a mind, I have met this, when he did this thing, think other projects good, do other things and feel good, like such people, he is easy to do this today, tomorrow do that. There is a time when difficulties, setbacks, will be determined, this is a strong will, these are with the innate character has a certain relationship, the person itself did not know, I do not know, I think I quite fit, really do after the discovery, can not withstand great pressure, this still have to consider good,　　Because the start-up failure will give you the original funds or something, the funds will suffer some losses, you try to be the first to consider clearly, I think this is the first. Second, it is really important to strengthen the learning ability, in their own entrepreneurial process, to continue to sum up, to listen and understand more, how others do, to see how the book people do, but more important is the combination of their own situation, to come up with a way, so in this entrepreneurial process a number of major difficulties,　　When this person is fit to start a business, to solve the problem of capital, and then is to solve the management problem, the management of the problem is how to make their business in the operation can be made more profound, can do well, there is a team of their own, how the interior can be very cohesive, these are management issues. The state's policy of supporting the private economy should be consistent. China's private economy should say that in this reform and opening-up over the years, played a major role in the country's economy, the performance of our country's market economy, indeed has a very huge impetus, in the following development, Maybe the new 36 allows the private economy to go into a lot of monopolistic industries, and I guess there's a process here that says there's a policy bookThe problem of how to implement the body concretely. And one of them is real. After the state-owned enterprises were squeezed, how they deal with, because they have a large number of employees, relatively speaking, the competitiveness of private enterprises will be stronger, the reason is that they are in the competitive industry when they will cost accounting, will be the entrepreneurial spirit of the enterprise are a bit different, really open up the big words,　　But the state-owned enterprises also have a large team, this time what will happen, the country is not a profound consideration of this, what will happen when the real problem, this is a. Second, when you really want to do it, monopolistic industry is likely to belong to the larger amount of investment in these areas, and the return cycle may be a little longer, in this case, private enterprises can borrow from the bank, or can have more private equity investment to this side, in the stock market can not gather to the capital,　　These questions are some real questions to do. There is also the question of consistency of State policy, such as real estate industry, real estate industry is now I think, the development of a major bottleneck, we must first solve those who need housing, such as the most common people, these young people, you have to give them to solve even simple, the house rough place, but to let them have a place to live,　　The solution is the form of low-rent housing, because there is no housing rights, so you have the money to say, you want to use the right to invest is always not, this is actually to the state to take money to subsidize. Take this money, should like to take out a part to do for the low rent, let the common people live on, this time other parts can let go. What's the benefit of letting go? As long as someone invests, but casually, the most basic guarantee of the people has been guaranteed. Why do I mention this, because the real estate industry and other relations too much, and too many industries have links, really want to shrink down and bring other trouble.　　You are like building materials, steel cement, electricity, etc. all connected together. Lenovo's listing will strengthen the management of the master status of Lenovo in the strategic formulation, divide your business into three parts, the first part, we call it the operation of core assets, the meaning of the core assets, Lenovo Group we call the core assets, he developed, no matter how good, we will not sell his shares, We are willing to serve the country, this is our assets, in addition to this, we have to invest in, in addition to this also has real estate, financial science is our, such a few areas.　　In these areas we want to make it bigger and do the equivalent tonnage, is to have investment, plus our management to make it, this is the first chunk.　　The second chunk is our own investment, like we have Hong Yi Investment, Lenovo Investment, we will be his biggest LP (limited partner), he raised the fund when we will account for their 20% to 25%, always the case. They're also going to be in the program they're pitching, and that's our huge source of revenue, we're their GP (general partner), involved in their management, dividends from them, etc.Our piece.　　Today, we talked about Lenovo's core asset investments. The main piece is two, Hong Yi and Lenovo Investment two have done nearly 10 years of time to accumulate a lot of money for us, we use this fund to invest in fixed assets, so that we have a solid source of money, this is the second block. The third block is just the one I introduced, Lenovo star to do the public good this, three large blocks together. Why go public?　　To solve two problems, the first problem is that in the future, when you invest in core assets, you can not rely entirely on the return of investment, but hope that after the stock market to raise money, we are more stable source of money, and I believe this will be more and more, this is a big chunk. There is another important reason for listing, and I don't mince it is in Lenovo Core management layer, now the new Lenovo Core management is not those with me to start these old colleagues, they will do the core management, they must have the owner's consciousness and feeling, in order to put the enterprise good business, formulate a good strategy　　, but how can this master be regarded as? I think there are two parts, and part of them is really going to have a certain stake here, proportion of size, although small point, 2%, 3%, a also can, the enterprise of A is also not small, another culture, the company overall done, at this time they will produce the owner's feeling, but from where the equity?　　We're probably talking to three of our current shareholders, our old employees, and we're telling them that later, young people, they need shares, they want to give up a piece, we've had a meeting and everyone says yes. And the pan-Sea is a private enterprise, when the first came in, the pan-Sea Lou is very generous, he is a private enterprise deeply know is the owner and not the owner is what feeling, he is willing to give out a piece of the future, so that if the shares, they want to borrow money to buy, after the listing, they can return the account,　　So that their own stable sitting in the owner's position, this is the development of Lenovo is the need for property rights mechanism reform.　　Time Why 5-7 years, you really only 5-7 years our new core asset can build 7788, can withstand the market capitalisation of stock markets, otherwise, Lenovo Group has been to the market, and in the future when the branch of the land also went to the market, at this time he supported the company's listing price/earnings will be problematic. Lenovo Group itself, should have.　　Because he is an international enterprise, Lenovo in the future will never be reconciled to the fourth position in the world, must have a higher rank, and hope that the whole international vision of a greater move, if all are Chinese faces, foreigners can not think you are an international company.　　Culture lets them feel they are from the enterprise to fight out, they have the host identity, have the right to speak, in Lenovo Group they should also try to increase the proportion of equity. Yang because he is the master, he now he is also with Lenovo in life, his mind isVery broad, you are a master, you don't care about that, he treats the international staff, the backbone of the staff I think he is very cohesive, not long ago, we in the summary of the time to listen to the international backbone of the narrative, talked about how well they unite around the yang, how positive ideas, What kind of treatment and so on, so we are quite confident in this respect, my work is mainly to persuade the board of directors, or even major shareholders come forward to try to improve the core management of the equity ratio.