Shenzhen Venture Investment Association Wang: Gem is my 20 years of complex

"Gem for me is the 20 complex."　　"Have not sat down, Shenzhen Venture Investment Association, executive vice president and Secretary general Wang told reporters such a sentence. Wang came to Shenzhen in 1984, and then with the city's financial development bond. 1999 he participated in the preparation of Shenzhen Innovation Investment Group Co., Ltd. (hereinafter referred to as "deep venture)."　　The following year, Wang as the president of Shenzhen Venture Capital Association, managed hundreds of ventures in Shenzhen, and fully promoted the construction of China's venture investment policy and law system and the early launch of the gem. Wang nearly 7 years, but still work every night until 2 o'clock midnight, almost smoke.　　First-time people will think he has a violent temper, because he often in some seminars on the policy of relentless criticism and advice, familiar people admire his dedication, he almost every day with the head of the venture to meet, discuss industry affairs.　　Water Finance in the early 1980 's, the state consciously studied how to adjust the economic direction of China. In June 1984, Wang was sent to Hong Kong to attend classes to examine various sectors such as the Hong Kong Stock exchange market.　　Hong Kong through the issue of shares to raise social funds, the construction of undersea tunnels, the strength of the securities market in Wang mind lingering.　　Three years later, Wang, who served as Shenzhen government policy advisor, was promoted by Liao Xiwen, the first chief executive of the Shenzhen, and sidelines, the first general manager of the Hong Kong Special Administrative Region Securities company, and founded the first Special Administrative Region counter trading market. In 1993, Wang once again set foot in Hong Kong as the chief economist of China's Agricultural Development Trust.　　At this time, the scene of Hong Kong Wang to the mainland's prospects for development, the Hong Kong people have set up a group of funds for China's power plants, highways, the frequency of investment, including Hong Kong and industry invested in the Guangzhou-Shenzhen Expressway. "To learn from the Hong Kong market, the U.S. Nasdaq market. That was the idea.　　Wang the idea of making a venture. Wang thought of the middle-peasants letter. The middle-letter relies on the World Bank's 300 million loan to create modern agriculture. Just as the National Ministry of Agriculture set the "seed revolution" goal, hope through seed improvement to stimulate industry growth.　　Wang hurriedly in the middle of the letter come up with a set of plans, hope to use Hong Kong platform to raise funds, investment in the mainland High-tech agriculture. The middle farmer is not here, the plan miscarried. Wang in partnership with the Canadian Fund, and with the Guangdong Overseas Chinese Federation to discuss the Chinese High-tech industry revolution in Guangdong province. Some programs got China, but failed. Wang is psychologically prepared: "After all, the planned economy." Despite repeated trials and defeats, Wang still had some gains. 1998, the country began to implement power plant transformation, Wang ran to Henan and Germany partnership to transform power plants.　　Germany came to two people, a set of financial investment, a set of strategic investment, a total of 2.7 billion yuan. "To engage in equity investment, we must introduce strategic investment." At some point, strategic investment can be profitable to withdraw. "Wang into the ventureand exit deepened the understanding. In Wang with the German Fund for the seventh time talks, Shenzhen then deputy Mayor Juang Cen a call to Wang back to Shenzhen, to build deep venture investment.　　Time is July 1999, the Gate of the venture is finally opened. Chuang Wang introduced the introduction of the founding of the investment industry in Shenzhen, the preparation can be traced back to 1994 years.　　At that time, the Ministry of Science and Technology will be Shenzhen as a model base for venture capital, the Shenzhen government has set up a special research team, the party committee organized by the Organization of Masters, PhD to the United States to study risk investment. December 1998, the Ministry of Science and Technology to the leadership of the State Council submitted "on the establishment of China's scientific and technological venture investment mechanism of the report", was given instructions, the State Planning Commission also submitted to the Cabinet to study the establishment of the stock market.　　January 15, 1999, the Shenzhen Stock Exchange to the CSRC formally presented the China Securities and Futures Commission on the development of the board market Research Project Report, and the implementation of the plan. The gem appears to be starting soon.　　From June 1998 to June 1999, the national establishment of the creation of investment institutions reached more than 130. Deep venture investment at this time to build.　　It has been placed high hopes: to cultivate innovative enterprises, for the upcoming gem to train listed enterprises, to enlarge the scale of the financial industry, so that the Shenzhen after the shrinking of the Shenzhen financial market can quickly enlarge. August 1999, rushed to the first China international technology and High-tech Fair (hereinafter referred to as "High Fair") held in Shenzhen, deep venture into a company system was established. October 6, the company signed the first batch of seven project investment agreements and two project cooperation agreements, the amount of the agreement reached 71 million yuan. [Page] In Wang's view, "The high rendezvous is not a high-tech outcome, but High-tech investment and financing, although not listed, but it is also a exit channel." "In 2000, the country's first local venture capital regulation," the interim provisions of the Shenzhen entrepreneurial investment in High-tech Industries, issued a lot of breakthroughs at the time: to reduce the threshold of start-up investment companies, venture capital investment companies can invest in full;　　The regulation became a model for the country's subsequent introduction of similar regulations. In the same year, Shenzhen high-tech property exchange and Shenzhen Venture Capital Association were established.　　Wang, who is the Secretary-General of the founding Association, is responsible for the founding and operation of the VC Association. "At this time, Shenzhen has a scientific and technological enterprises, as well as venture capital institutions, guarantee enterprises, equity exchanges and the high fair, the initial establishment of the framework of investment and financing, in the country can be said to be unique."　　"Wang said. After the establishment of deep venture, the Nasdaq-represented technology stocks rose.　　The 2000 Hong Kong Gem opened, but also soared. "That was the time of the tech bubble, and even the US couldn't identify High-tech companies." By the first half of 2000, Nasdaq began to fall.　　"Wang said. When the gem was discussed in 2000, it was a pessimistic sentiment from the theorists to the government. At that time due to the networkStock bubble burst, Nasdaq is considered a failure, "even the Nasdaq is a failure, we do what the gem?"　　Many experts questioned at the meeting. Holding Regiment winter Gem then stranded.　　In order to meet the gem stopped new shares Shenzhen and venture investment industry are affected. In the second half of 2002 years, the venture investment industry is struggling, the creation of investment institutions have diverted. Deep Venture Investment is a state-owned enterprise, do not dare to do anything else, it is entrusted to finance to feed the company. On one occasion, Chen, the president of the Deep venture, joked with government leaders: "Can we do something else?"　　"At the same time, Xinhua news agency to the state to submit conforming, reflecting the investment institutions in Jiangsu Province to take only 30% of the funds to do" Zhengye ", the remaining fry stock, government officials as chairman, general manager. Premier Zhu  conforming, to the State Council Economic Research Office deputy Director Chen, let him take regiment in Beijing Research. Wang realized: "This is a big knife to the whole industry." "Beijing did not dare to receive, an idea, let the investigation team to the same" Aihongbianye "Shenzhen.　　Wang participated in the reception. But Wang has the clout to persuade Chen. Despite the downturn, Shenzhen venture capital has its unique place.　　Later, the government "open one eye" to let venture capital institutions to engage in stock investment, "No seizing, no fault son." "We are holding the regiment." Wang said, "Shenzhen's venture has formed a force, a social culture." At that time Juang Cen a mayor, Shenzhen all venture investment institutions, we all have the unanimous opinion. That is, the industry has just started, special times require special care. "Wang to Chen for example:" People on the barren mountains to plant trees, you want someone else in the mountain to build a shack to sleep? Do you want someone to plant a vegetable in the mountains? You can't let people die when the trees don't grow. Chen listens to nod, turn to ask: "Wang How do you always stand on the industry side to talk?" "Of course it's standing here talking. If you don't fix me, you'll still be your senior official.　　"Wang is not polite." Wang's "You are welcome" by the Shenzhen municipal government "accustomed" out. 2000 municipal Government promulgated "Shenzhen venture capital investment in High-tech industry interim provisions", the establishment of the Association of Venture capitalists and confirmed its legal status, to give the founding of the association a considerable authority. The Shenzhen municipal government will certainly invite the association to participate in any policy formulation involving VC business.　　Wang that does not conform to industry development rules, all top back. In my view, the government's financial support is still secondary and more importantly, it is indeed commendable for the government to transfer part of its functions to non-governmental organizations. Wang is grateful and appreciative of the Shenzhen government's approach. The city government listened to the guild's advice and canceled the governing body in the guild.　　[Page] ushered in the spring trading mission reduction, in 2002-2005 for 4 years of winter, Wang and Shenzhen financial industry "big guy" did not stop, for the gem again on the journey to accumulate strength. The currentDirector Chen, former general manager Yujun, has led the team to the World Survey, a large number of research reports. In addition, people are sent directly to university for further study.　　Then the growth of domestic small and medium-sized enterprises to conduct research, the Secretary for the training, before and after more than 1000 times held. "There was a time when the Shenzhen were empty, and Chen Dong did not stop, which is very commendable." Wang exclaimed, "for the new things persisted for 10 years." "2005, Shenzhen in the country 54 innovation Park for small and medium-sized enterprises market cultivation." As of 2007 has accumulated with more than 80 local government agencies signed a memorandum of cooperation in the development of listed resources, with the Certification and regulatory Bureau, the major regional listing office, financial office, Small and Medium Enterprises Bureau to establish a contact system, and Zhejiang, Shandong, Fujian, Jiangsu, Chongqing and other provinces and cities,　　The certificate and Regulatory Bureau and related institutions set up a joint training center for small and medium-sized enterprises. Wang also not idle down, the enterprise financing difficulty let him anxious. He has been thinking: "The original prosperous Huaqiang North Step industrial Zone, now most of the enterprises have gone, if you do not seize the construction of gem, and so on Nasdaq restored, the fourth time the science and technology revolution, we are still running in the back." "He described the gem as a Venus, because the gem chasing what kind of industry, enterprise, to venture capital to provide a direction."　　If there is no gem market, enterprise investment is not clearly pointed, emerging industries are not effectively supported.　　Wang put a lot of energy into the Guild, formulate guild rules, organize special training, and guide the internal management and operation of the enterprise. Today, the Shenzhen local investment agency exchanges and cooperation is far stronger than other provinces and cities. Deep Venture Former President Chen that this is the first of the association's credit: "Shenzhen is the first to set up a trade association, and very active, so more united institutions, we also more recognized it, under its banner to explore some things together." "The trough period is to hold the regiment to keep warm, later everybody formed a kind of custom, more union than other region's venture investment."　　"Chen said. October 29, Gem listed in the evening before the listing, Wang can not help feeling: "Shenzhen's biggest advantage lies in the concentration of financial strength, and there is a relentless pursuit of artificial." ”