Liu Tingru: Success depends on marketization

Ying Fu is a "hidden in the city" of the famous venture capital company, management of the original information Industry Department of Electronic Information industry funds to invest in High-tech industry funds.　　The most famous case is the investment in Deng founded by the star Microelectronics. In 1999, the Ministry of Information Industry decided to invest 10 million in the Deng Microelectronics company, instead of using the previous model of free subsidy, but to a specially established investment company to operate in a wholly corporate, market-oriented manner and to require return. The company is the surplus of the rich Terry, April 2000, the surplus of the full Thai Venture Capital Co., Ltd. was formally established. This is a completely independent legal entity, the original initiator of the four electronic information industry Group-China Electronic Information Industry Group, Putian Group, Rainbow Group and the Great Wall group, each investment 5 million yuan.　　After that, Panda Electronics Group Co., Ltd., Guangzhou Radio Group Co., Ltd., Hisense Group Co., Ltd., Shenzhen Skyworth-RGB Electronics Co., Ltd., Yunnan South days Electronic Information Industry Co., Ltd., China Electronic Information Industry Development Institute successively joined, become the shareholder of the company. After investing in the Star Micro Company, Trahk introduced the Canadian Bauer Pacific Venture capital fund to the Chinese star Micro, is in the capital shortage of the star micro-won a valuable 3.5 million dollars in the second round of venture capital. At this time, the surplus rich Terry also followed the establishment of overseas structures.　　At present, the company manages three funds, one is to enter the second management cycle of the Electronic Information Industry Development Fund, one is the initiator of the joint collection of private capital, there is a August 30, 2006 from overseas to collect the 75 million U.S. dollar surplus Pacific venture capital fund. In 2005 years after the star microelectronics landed on the Nasdaq, the harvest 20 times returns, the surplus rich Terry investment in the star Micro is called the government venture capital Success Classic case.　　It is precisely because of the success of the case, the domestic government started to guide the fund.　　Liu Tingru, general manager of Trahk, joined the company in 2002, after being an official at the Ministry of Information Industry, who later went to Stanford University in the American venture capital, Silicon Valley, to exchange venture capital, starting his career as a venture capitalist. Liu believes that the successful experience of venture capital companies with the background of government funds depends on market operation. "The investment is entirely independent and will not be invested because the leaders say hello." "While some projects are still based on recommendations from government agencies, but the investment process is entirely to talk about," to its business model, law, team and so on due diligence, think that in line with our investment standards, we will form a document, reported to the Electronic Information Industry fund Management Agencies Ministry of Information Industry and finance, and finally , the government management to decide whether to vote or not to vote how much. After the government documents are issued, we will implement them in detail.　　Of course, our views are the most important in this area. Because of the market-oriented mode of operation, the government departments and venture companiesThe relationship is very clear, that is, the fund's investors, all the investment enterprises in the management of the enterprise is responsible for the venture.　　It is precisely because of the venture capital Enterprise operation mode, income distribution, risk management, etc. are carried out in accordance with international practice, so both sides is a contract relationship. Now, in addition to continuing to cooperate with the Ministry of Industry to carry out the investment and cooperation of the Electronic Information Industrial Fund, and manage their own dollar funds. Since 2005, has been listed in the United States 1, in the domestic A-share listing 2, mergers and acquisitions exit 1, the average rate of return of about 20 times times the brilliant record.