Rongqiu-Guang Media: Make strong venture capital and enlarge the main media industry

"Ganoderma lucidum in the cliff, can be picked up by people, in addition to a certain courage, but also need wisdom." Our venture investment business, can break out today this piece of heaven and earth, is not a result of emotional.　　"--Long gem", The Electric Media (000917) and its fortune in China's capital market is "First World War fame." Blink of an eye, the gem board has been nearly one months, the two-tier market of various types of funds will be the first batch of 28 gem listed companies fired in full swing. And at this time of the electric Media (000917) Chairman Long is calmly thinking about the company's venture investment business next development strategy and direction.　　Behind him, a huge trans-media ﹑ ﹑ Integrated media industry group has become increasingly clear. Participation, not emotional "the company's venture business has been to the harvest. "Long when talking about venture investment business, showing a kind of pride," Ganoderma lucidum long on the cliff, can be picked up, in addition to a certain courage, but also need wisdom. Our venture investment business, can break out today this piece of heaven and earth, is not a result of emotional.　　Perhaps, courage + patience + wisdom is the best annotation for the development of the electronic media venture business. March 1999, the SFC for the first time explicitly stated that "can consider the establishment of the Shanghai and Shenzhen Stock Exchange of HIGH-TECH enterprises plate." At the end of this year, Shenzhen successfully held the first high-tech achievement fair.　　The state has high hopes for the fair, hoping to promote the development of China's high-tech industry, as one of the supporting measures of the gem, but also at the Shenzhen Stock Exchange to open the board. When Ren Guang Industrial (Electronic media predecessor) chairman of the Long sense of smell sharp, to the company board of directors put forward the idea of venture capital. The company's board of directors decided to take action after a full demonstration.　　When the assistant general manager of Liu Day with 100 million yuan of cash, as well as the company's board of directors and Long Chairman "can be for the listed company reserve items, and then make good may also earn a lot of money" dream, stepped Shenzhen, set foot on the road of venture, and in April 19, 2000 registered the establishment of the Shenzhen Fortune Venture Capital Co. The 2000 Shenzhen high-tech Fair is the first gold-mining area of the electric media. In a dazzling array of High-tech enterprises, the electronic media Group has selected only the same state electronics, and to Fortune venture as the main body to the same continent electronic investment of 9.6 million yuan, holding the same state electronic 10% shares.　　With the continents of electronic media to become the first venture into the project, and later became the power of the media in the venture into the business of the first bucket of gold. Capital markets are not just a drum of courage to play, it is more time to test the resourcefulness and patience of participants. 2002, the international capital market downturn, the domestic stock market by its impact, a a-share financing from the 2001 118.21 billion yuan quickly reduced to 77.98 billion yuan, at the same time, the total value of the stock market, circulation market value, the amount of transactions are significantly reduced, gem also for a variety of reasons to die in the womb In the blink of an arm, once ambitious for nearly 200Home to Shenzhen, the local VC body disappeared, the rest of the majority was shuffled or transformed. [Page] as the main body of the electric media fortune Venture has also encountered the biggest difficulties since its inception--the majority of fund-raising projects are long-term projects, short-term return is not obvious, and the downturn in the capital market, but also make the exit channel of investment funds blocked, the company's performance declined year by year, and the talent also began to lose.　　Under internal and external pressure, for venture investment business, the inside of the electric media also began to have the voice of discord, and even suggested that it be withdrawn to Changsha. At this critical juncture, Long Lipaizhongyi, fully supported, persuaded the company's management, and encouraged Liu to continue the venture investment. At the same time, Long proposed that, in view of the uncertainty of the capital market, it is recommended to slow down the pace of investment, strengthen internal strength cultivation, improve the company's management system, strengthen the analysis of the industry and Project research. Under the guidance of this thought, from 2002 to 2005, Fortune investment in only two or three projects, but Fortune venture to the management system, incentive system innovation, set up a good risk control system, formed an efficient investment decision-making process, at the same time cultivate and build a professional lean Investment management team,　　Also for the rapid development of the future laid a good foundation. 2005, the dawn finally emerged, the Securities and Futures Commission this year began to implement the split share reform for the field of investment to open up the exit channel, so just germinated the Chinese local venture industry has been full of vitality.　　But at this time, can sit down to enjoy a feast of local venture capital institutions, in Shenzhen, the business association record only 10, Youyongyoumou's fortune is one of them, and is one of the few successful people. June 27, 2006, with the Chau Electronics (002052) in Shenzhen stock market listing.　　Fortune ushered in the first through the listing of the successful exit of the project, which is China's local venture capital companies in the domestic capital market exit of the first successful case, with the state of the IPO is known as the China Venture milestone event. Since then, the wide media has been out of hand: July 2008, the extension of information (002261) boarded the SME board, the wide media held more than 24.01 million shares, with the current average price of 33 yuan/unit calculation, Its holding stock market value of 790 million, compared with the original investment has achieved more than 50 times times the return on investments; in October 2009, the San Nong Development (002299) listed, Fortune a total of 29.52 million shares, only two years, the return on investment of more than 1500%; October 2009,　　Shenzhen Gem officially opened the board, the first batch of 28 listed enterprises, fortune, including billion Li (300014), Ai er Ophthalmology (300015) and the Net-bed technology (300017), became the first batch of gem listed enterprises to be the largest VC companies. The successful listing and circulation of the above projects make fortune venture into the most domestic VC/PE (venture capital and private equity investment)Eyes of the stars. In view of the increasingly significant social and economic benefits of venture capital, and the income in the company's operating performance accounted for a growing proportion of the electric media in September 2009 on the "Company charter" has been modified, will venture investment business as one of the company's main business, the company's venture into a high-speed development period. [Page] transformation, rapid and big to do strong in the field of investment in the unlimited media not only not satisfied with the existing results, instead, it accelerates the development of venture capital business, but the pace is more focused on the transformation of Venture Management mode--using the brand of Morningside venture, through cooperation with international capitals,　　Set up a limited partnership to create funds and other ways to raise funds and professional management, to achieve "brand + capital" of the dual integration, fortune into a pure VC fund management company.　　As of the first half of 2009, Fortune has managed the Fortune venture, Fortune Societe Generale, Fortune Growth, fortune Finance, Fortune Wealth, Fortune Banre, Fortune, and other seven-year fund, entrusted with management funds nearly 3 billion. Funding is plentiful, and fortune investment in the project has increased.　　At present, Fortune has invested more than 50 projects, reserves and and Thai, Chinese laborers, Jin Baize, Strong network, Think, love, modern logistics, blue cursor, Tongji with the Czech Republic, gold and Silver Island, Xi ' an Dagang, South China Publishing, Huang-Huang and many other segments of the industry leading. Long expected, from the management scale, Fortune Venture investment in the next 5 years is expected to become an annual investment capacity of 1 billion yuan, capital management scale of 10 billion yuan domestic first-class VC fund management company.　　Among them, the investment of listed companies is expected to be only 51 billion, more is the form of private equity funds, individual investors, institutional investors and other investments to manage. By providing professional and market-oriented management, the high risk of fortune in the effective control of venture capital has also been achieved by professional management. At present, fortune can obtain the fund management fee stably from the fund which is managed each year; On the other hand, if the project is successfully withdrawn, the company can take the management performance as a proportion of the fund manager, which is generally more than 20%. [Page] success, emphasis on hard skills "it should be said that the 2002 to 2005 capital market downturn, to create a good opportunity to cultivate the internal strength, we caught, so we developed." "Long said," Fortune can have today's achievements, mainly thanks to the dormant period of the internal management system to improve. "At present, Fortune Venture investment projects in about 20 per year." And these 20 projects, are fortune from thousands of companies were selected from the enterprise.　　For the project whether to meet the requirements of investment, fortune investment within the "six rules", from the personnel, industry, technology, business model, industry status, there are no legal obstacles and mishap and other six aspects of the proposed investment enterprises to filter. Within the power-wide mediaA complete set of decision-making mechanisms, the ultimate power to determine whether or not to invest in the company's board of directors and management. At present, the project investment of electricity and mass media is divided into four levels, the top level is the company's board of Directors and Management, responsible for the final decision of the project; the second layer is Fortune Investment decision-making committee, is the company's investment management, decision-making and the permanent leading body; the third layer is the 4 ventures under the Fortune (Beijing company, Shanghai company, The venture capital department, the Gem department, to co-ordinate the operation of the project; The fourth floor is a single project manager, responsible for the specific work of the project.　　Fortune Venture to set up an independent risk control department, the project to carry out a special independent judgment. After the project manager finds out the project, the VC business organization is responsible for forming the project team, the project team carries on the detailed due diligence to the project company according to the company's guideline, then can report to the Fortune Investment Decision-making Committee application company to project. After the project, the risk control Department of the project to carry out independent special investigation, and issued a Risk control report, the main focus on the project risk points. The risk control Department also needs to entrust a third party to issue legal submissions from lawyers and an accountant's audit report. After these procedures have gone, Fortune investment decision-making committee to the project Democratic decision-making, and according to the project involved in the amount of investment to report to the Media board and Management, the final decision whether to invest.　　Such investment decision-making process allows the company to see from the positive and negative two aspects of the project, do know. Because the audit is very strict, a project from the establishment to the completion of investment, generally need 3-6 months, and some even will be tracking more than two years or longer. In order to invest in Jiangxi Huang Huang Food Company, Fortune Investment director Fu Jecuan for a full follow-up of 3 years.　　The other is a family business, the beginning of the listing is not intended, and then through exchanges, training, and slowly encourage it to go public, and finally become "dependents." Strict project review, decision-making procedures, to protect the fortune investment projects of good quality. Of the more than 50 VC projects it has invested, in addition to the successful landing of the board and the gem of the same continent electronics, extension-dimensional information, the development of Saint-Agriculture, Yili Li, Ai er, network technology, other projects are operating well, 80% of enterprises have reached the domestic plate or gem of the listing standards, At present, many companies have submitted to the SFC listing application materials, access to the listing process. "So far, the success rate of the company's venture investment projects is very high, in addition to listed companies, there is no exit from the investment mistakes."　　"Talking about the investment projects, Fortune Founding partner, Chairman Liu Day is full of confidence."　　Motivate and build a first-class team through the dormant period of Fortune venture, in the solution to raise funds and investment problems at the same time, embarked on the staff compensation system and incentive mode for reform, and carried out a large-scale talent introduction work. In order to retain the existing management team, and comprehensively improve the attractiveness of fortune to the outstanding talent, the 2006 morning venture investment in accordance with the special circumstances of the investment industry, developed a series of awardsThe quality of the project is closely related to the interests of the venture personnel.　　This makes the investment personnel have a clear expectation, undoubtedly to a large extent to improve the enthusiasm of the venture and work efficiency. August 27, 2008, the mass media announced the formation of Fortune Venture Investment Management Co., Ltd., the company registered capital of 10 million, by the Fortune venture capital of 5.5 million yuan, Tatsu morning company management team to contribute 4.5 million yuan, through the management team shareholding, so that individual interests and the interests of the company closely combined,　　It is an important measure to realize the rapid development of VC company. The implementation of rewards and punishments and equity incentives not only stabilizes the existing team, but also attracts many talented people, fortune has become one of the most competitive ventures in the talent market, with over 10 outstanding investment managers joining Fortune Ventures in the past two years. At present, the company specializes in venture capital employees have more than 30 people, including famous Doctor 2, master 18 people, returnees 5 people, other major business personnel have a university degree. Covers the financial, management, investment, technology, law, finance and many other professions, with securities companies, large enterprises, law firms, accounting firms, foreign enterprises and other industries related work experience, this young, professional, high-quality personnel, to ensure the company's venture investment business healthy and rapid development,　　This elite team also makes market peers envy. Media, the core business of the company "venture Capital" as the company has been cultivating one of the main business, has grown into the company's new profit growth, but this will not change the company to network as the core of the development of media services.　　"Long said," The two business will be interrelated, mutual promotion, forming a ' media + venture ' complementary development model.　　After nearly 10 years of listing, the company has formed a pattern of media industry based on cable television network, advertising agency and distribution, program production, and is now moving towards the "two leaps" and "super conventional development" direction.　　Peng Yi, deputy chairman and general manager of the media, said that the company's advertising and program business relatively stable, development is also relatively good, the company's current media development focus on the integration of cable television network and digital television business. As the capital operation platform of Hunan Radio and Television, the subsidiary of Electric Media-Hunan Cable Television (Group) Co., Ltd., took the lead in implementing the whole province-wide two-way digital TV conversion in China.　　Up to now, the cable TV users of all the cable networks and subsidiaries have reached more than 3 million, among which the number of digital TV users has been more than 2 million. At the same time, by Hunan Cable group to build a powerful and technologically advanced integrated digital TV business integrated platform has been put into use.　　Through the implementation of the platform "two-way interactive" digital television development model, can realize many new functions, new business, the user "watch TV" into "TV", this model in the national leading position. "At present, the company is going all out to carry out the integration of the cable TV network in Hunan Province, optimistic estimates that the end of this year can complete the provinceIntegration。 "Long for reporters depicting his network blueprint," the integration of outside the province has now started, and has been with some provinces have had early communication, mainly in the south of the region. "He said the company will feed the network business by leveraging the huge gains from the venture capital, and provide financial support for the development of major industries, including network mergers and acquisitions and expansion."　　The company's current venture investment projects after the listing, in addition to some of the company's media industry closely related to the future development potential of a huge company, most will choose to exit in the two-tier market. For the future development of the company, Long said that in the long-term perspective, the network business will contribute to the company stable, sustained growth of profits. But in the past two years, with the launch of the GEM, the profit growth rate of venture investment will exceed the network business and become the main profit point.