Qiming Venture Gan Jianping: Do not agree with VC survey entrepreneur private Life

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In the past year, several cases of qiming ventures have been obtained by bat. For example, in May 2013, they invested in PPS and Baidu Archie Art complete merger. In February this year, the public reviews the 470 million US dollar financing from Tencent, and the Tutorabc, who invested two years ago, also received a 100 million-dollar B-round financing from Alibaba and Temasek earlier this year. In addition, qiming a round of investment of a hi car rental also received Ctrip 100 million U.S. dollars investment.

In the past 12 months, the amount of financing and selling shares in Qiming Ventures has amounted to 2 billion dollars. Gan Jianping, an independent director of Ctrip, said: "Recently, we have done a single business with every bat." We also hope that these start-up enterprises can use the resources of Bat independent listing, to become the dominant segment. During the year, 1/3 or 1/4 of the major Internet-related investment events were attended by Qiming Ventures.

Founded in 2006, Qiming Ventures, the current management of the total size of the fund has reached 1.6 billion U.S. dollars, has invested more than 90 companies. The internet, the consumer sector is half the size, and other investments in health and clean energy. In the early, medium-term investment-oriented. At present, there are 8 listed exits, 9 mergers and acquisitions exit, and 30 companies are the last two years of investment projects, the growth rate is gratifying. Century Jia Yuan, rice net, public comments, roaming Holdings, Tiger Medicine and a series of cases are coming from their hands. In addition, they have invested in one of China's fastest growing companies, millet technology, the company currently valued more than 10 billion U.S. dollars, Qiming received a hundredfold return on the book investment.

Now, Qiming Venture announced the completion of the fourth issue of the U.S. dollar Fund 500 million of dollars in financing. Gan Jianping said that the overall market economy environment rebounded, investors are very confident of China's development. From last November to the LP announced the financing, within a short period of three months, Qiming completed 500 million U.S. dollars to raise funds, the new phase of the Fund's fund-raising process is very smooth. The main investors in the fourth phase of the dollar Fund are the old LP of the top three dollar funds. Princeton University is the largest investor in the fund. In addition, Robert Wood Johnson Foundation, New York University, Rock foundation of the United Kingdom, Caimans Capital, Chui Shan Foundation, Utimco (University of Texas Fund Management Company), the Matthew Clinic (Mayo Clinic), the Dietrich Foundation (the Dietrich Foundation) and so on; There are 4 LP contributors, including Massachusetts Institute of Technology and University of Pittsburgh Medical Center.

In addition, their third phase of the renminbi is being raised. Qiming VC Yuan Funds invest more in the medical field. such as equipment, new drugs, medical services and so on. The first two renminbi funds have been recognized in the market, their investment in Tiger Medicine has been listed on the gem, Gan Li Pharmaceutical industry has become the Chinese gene recombinant insulin development and production leader.

Venture capital: Which of the companies that Qiming Ventures is expected to IPO this year?

Gan Jianping: Almost 10 companies are expected to go public. 四、五家 companies are coming or already submitting applications in the country, and companies have launched the U.S. listing, and two companies are trying to list in Taiwan. Our first phase of funding has been invested since 2006, and the second phase begins in 2008. Investment, and return to the LP book on a large proportion of the funds. LP is very satisfied with qiming venture.

Pioneering state: How to understand the so-called "sound", "focus" investment style?

Gan Jianping: We maintain an annual investment rate of more than 10 to 20. Do not go crazy when the environment is good or too cautious, not chasing the boom. This LP is more acceptable. They don't want us to have too much volatility in our investment, but we want a stable input-output model every year.

Focus on:

(a) Early and medium-term investment. The first investment scale generally from hundreds of thousands of U.S. dollars, to 35 million U.S. dollars to more than 10 million U.S. dollars mainly;

(b) In addition, also focus on the internet, consumer, medical, clean energy four areas. Investment in the Internet and consumer sectors accounted for half of the total, with healthcare accounting for 30%, and 10% per cent of information technology and clean technology.

Entrepreneurial state: How do you understand your so-called rational investment?

Gan Jianping: There are many theories and practices in our investment circle that have no scientific basis. I do not agree with VC to do due diligence intervention in the private life of entrepreneurs. This kind of investigation is not scientific. Investing in a company is actually investing in a team that invests in the core team of CEOs, COO, and CFOs. We believe that if a member has problems, other members can replace it.

For example, Murdoch divorced four times, more than 80-year-old and 40-year-old wife divorce, such people can not vote? China's real estate sector in the tyrants, there are three wives four concubines, it is difficult for them to get investment? Investment is a rational thing, bo is the probability. In each of our investment processes, scientific analysis, rational analysis are included in the investment model, the probability of failure to minimize.

Pioneering state: What are the red lines that will not be touched by Qiming Ventures?

New agriculture, mining, modern equipment manufacturing, real estate and other unfamiliar areas will never invest. Even if we can squat down and pick up gold, we will not invest in projects with a high return on investment. If you are really good, you will be introduced to a friend.

We are now concerned about the four major investment areas, are in the policy of more transparent, competitive and relatively fair areas, will not involve too much government interference factors, these areas of enterprises more dependent on technology and enterprise management capabilities.

In addition, for some segments of the project, less than a billion of of the size of the renminbi, will not invest. Must be required to achieve a growth rate of more than 30% per annum. Because China's current GDP growth is 7%~8%, we require that the growth rate of the project must be several times of GDP growth. Because of the requirement IRR (internal rate of return) will reach more than 30%, if the enterprise income difficult to get 30%,IRR also difficult to achieve 30%.

For early-stage business investment, we look more at growth space, users deny growth data, and access to user costs and other indicators. In addition, such as Peer-to-peer, Hai and other policy factors are not clear, we will not vote.

Entrepreneurial state: What types of Internet projects do you prefer?

Gan Jianping: We are bullish on the UGC community to produce content-led websites. Have invested in the knowledge, the public comments, Mushroom Street, MA Honeycomb, and so on, their user experience is quite good.

Our team is good at analyzing the market trends and trends, and is willing to find the leader in the vertical subdivision area, as long as the team is more reliable in their career. VC look at the trend is very important, in addition to the courage to act as the leader, the speed is fast enough. For example, the online education sector, the current industry to see the largest single financing should be TUTORABC, we have invested in this company two years ago, relatively speaking, leading the trend. We are more decisive, clearly understand that the investment is the probability of the game, as long as the probability is high enough, input-output ratio is high enough, dare to do this thing, dare to take the case before the upsurge.

2011, investment in the public comments, they are only the PC side to do local restaurant reviews the first, just started to do wireless, group buying has not been online. At that time, we felt that the location service and product model were very suitable for wireless, so we decided to invest. In fact, later did not realize that China will appear hundred Regiment war, and become the Thousand Regiment war. Before investing, the team spent a long time doing industry research and analysis. Therefore, good managers encounter a good industry, must be able to do well, if the poor industry, usually the industry beat managers.

When we first invested in the rice net, we saw the trend in addition to the team of rice. At that time, the game is from the end of the tour to the page, from the heavy game to a mild casual game. In addition, there are rice for young people positioning, this positioning was in blue ocean. When we invest, their products just on line, the growth curve is very good. After the investment is finished, the rice has a revenue, two years on the market. Qiming is also the only institutional investor of rice.

Venture capital: What are some of the most promising star cases in qiming ventures?

Gan Jianping: Next to the network is a stranger to make friends with the voice of software, every day there are 900,000 active user size, personal finance, accounting tools dug wealth and Shanghai's big data companies, data merger, the future growth of space is very large. Mushroom Street in three months ago on the online shopping platform, already has thousands of businesses settled in, now a single month of goods has reached billion scale. In addition, video site aggregation site to open video development is also good.

Appendix: At present, qiming venture investment in some enterprises:

Millet, one of the fastest growing companies in China

Tiger Pharmaceuticals, (szse:300347, listed in the third quarter of 2012), China's leading clinical research institution

Blue Flood Technology, (NASDAQ:CCIH, listed in the fourth quarter of 2010), China's leading application infrastructure network service provider

Century Jiayuan, (Nasdaq:date, listed in the second quarter of 2011), China's leading online dating website.

Rice net, (Nasdaq:taom, listed in the second quarter of 2011), China's leading children's network community

Roaming Holdings (hkex:484, listed in the third quarter of 2013), China's leading online gaming company

Pps.tv (has completed the acquisition with Baidu/Archie Art), China's leading peer-to-peer video site

Citic Medicine (Shanghai Medicine), China's leading drug and vaccine distributors

Public comments, China's leading food and beverage and living information exchange website

A car rental, China's leading integrated chain car rental company

Inc Medical, China's leading provider of medical imaging technology and product solutions

Courier Dental, China's leading high-end oral medical service provider

Gan Li Pharmaceutical, China's leading company focused on the development of bio-synthetic insulin

Haixing Electric Power, China's leading intelligent meter manufacturing provider

The energy conservation Company, a leading Chinese energy environmental company dedicated to reducing emissions and improving efficiency in coal-fired power plants

Lanzatech, a leading eco-fuel company. (Joint venture with China Baosteel Group)

TUTORABC, the leading online education platform in mainland China and Taiwan

Mushroom Street, China's leading women's shopping sharing community website.

Mito, a leading mobile image processing and product service provider in China.