The Chinese-jingwei bet: Can you bet on a 1 billion dollar mobile internet company?

"I black Horse guidance" micro-letter a single big, China's internet bosses are quite nervous. Ali as the representative of the Giants, began to split the company, which is famous for investing in early mobile internet projects, the Jingwei is a good opportunity. Jingwei Zhang Ying and Lei, Fu, Jiangnan spring between the story, will also add a new play for this big game.

April 15, Hangzhou Xixi Resort Hotel a meeting room, "Jingwei China" is held here. Jingwei China has invested hundreds of companies to come to the party.

Jingwei China is one of the most famous early investment institutions in China, and the event is a grand gathering of 5 years since its inception. Take a look at the list of hundreds of Chinese-listed companies in China (Boehner, Century interconnection, Ribon instruments, housing guests, flight Butler, Mo Mo, Egls, pocket shopping, friends, Dolphin Browser, Camera360 ...), I black Horse author in the Heart of a word "Jingwei"--5 years of cultivation in China, Jingwei China has quietly become a system, just like Sequoia (China), Lei department. And Sequoia China's investment style is not the same, Jingwei China these two years to give the deepest impression, the number of 10 investment managers "sea" and "sea" cast, gambling mobile internet.

Jingwei China has a dream: a mobile internet company that casts 1 billion of dollars in valuations. Last summer, Jingwei China's founding management partner, Zhang Ying, when communicating with a black horse author, proposed that under China's powerful carrier system, there are so many opportunities for mobile internet demand and when can a mobile internet company with a market value of more than 1 billion dollars be released? But now there is no very profitable O2O company, " So that's a problem. "

Mobile Internet generally does not make money, or at least a little distance from the scale to make money, the founder of the latitude and longitude department's mobile internet companies how to help them find a way out.

I black horse According to the public information and investment in the medium investment and financing database collation of a Chinese not fully investment transcripts. We found that in the latitude and longitude of China's investment companies, has been listed in the Bo na film, Century Interconnection, Ribon instruments, the highest market capitalisation is the Bo na film, 503 million U.S. dollars, century interconnection, Ribon instrument market value of 392 million U.S. dollars and 280 million U.S. dollars respectively. Although the Jinshan network did not go public, but at the end of 2012, the value of the international exchange is HK $3.5 billion, equivalent to 451 million U.S. dollars. In the past 1 years, the stars of the company's 200 million-dollar valuation.

It can be said that the party is the 5 years of the establishment of China's investment in a consolidation of the project, in particular, the consolidation of mobile Internet projects: Which companies have been shot, which companies have the opportunity to get big companies or bosses to take over, which companies can melt into the next round, which companies have the opportunity to go downstream in the upcoming IPO trend?

Zhang Ying, lei and Fu

In the "Jingwei China Hundred sinks" agenda, in addition to three GP (Shao Yipo, Zhang Ying, David David) A short speech, the morning is basically the founder of the Millet company Lei and Focus Media CEO Jiangnan Spring, the two people each have 40 minutes speech. Jingwei China This arrangement is also painstaking: lei in the mobile Internet layout is very far-reaching, and Jiangnan spring of the media is the mobile internet company's high growth is essential to help. Jinshan Network CEO Fu is also one of the important people of this gathering.

Jingwei China three GP, Shao Yipo almost not appear, Zhang Ying also rarely appeared in the domestic public meeting activities of the scene, so it is rare to see Zhang Ying and Lei, Jinshan Network CEO Fu Public in a venue. Just today they are all three, Zhang Ying is one of the Masters, Lei is responsible for encouraging "the new trend of mobile internet", Fu is responsible for imparting "from 5 to 500 people's management experience", Zhang Ying is responsible for watching under the stage.

Five years ago, they had 3 people.

Zhang Ying

Zhang Ying

March 19, Fu in the multi-bay network to share his entrepreneurial story, which he told the story of Zhang Ying: "I Was (2008) August 16 departure, why remember so clearly, because August 15 is the day of the Japanese surrender." Leaving the afternoon I received Jingwei (China) founder of Zhang Ying's phone, that time Jingwei just started in China's business, Zhang Ying asked me to Jingwei, I feel more suitable for entrepreneurship. Zhang Ying said, you can learn to invest first, then find the right direction to start a business. People say that life meets the noble, Zhang Ying is my noble, very lucky to meet him at that time. In this way into the creation circle, began to communicate with the people in the circle. In this way, two weeks later, Fu joined Jingwei China as vice president.

At the end of 2008, Fu pushed for the establishment of the Jingwei China Fund (USD 275 million) in January 2008, and now the Storm audio and video has lined up in the domestic capital market. Storm audio and video founder Fengxin 1998-2004 worked in Jinshan, 2004-2005 briefly in Yahoo China, was Zhou 祎 dug past. (Fengxin, CEO of Storm Video: I was kidnapped by a storm)

Fengxin 2005 Entrepreneurship, Zhou and Lei, a busy search, a busy game, can not see what fengxin to do. At the beginning of 2007, Fengxin official storm audio and video, 2008 at the end of the former boss Zhou Fu led to his 10 million dollars. Two of the cattle who left the former boss were quite a bit of a taste of kinship.

After the story, more people marvel at the fate of the magic. At the end of 2008, Fu was summoned by Lei. Insiders know that Lei and Zhou these two intelligent Hubei people have "Yu Liang plot." Fu such a member do 360 security guards of the general left the old weeks, Lei nature is to see. Lei asked Fu, 360 development so quickly is his credit or Zhou 祎 credit? Fu said it was weeks of credit, although weeks did not care about him, but the company framework is still very important, let him in a sound environment wholeheartedly into the product above. Ray to this answer more satisfied, in Fu later entrepreneurial process to give a lot of advice.

Shao Yipo

Fu in Jingwei China, a small team of two or three people to do personal software-can cow software, announced on September 9, 2009 to leave Jingwei China, and took the Jingwei China 30 million yuan exclusive investment. Can be the cow to do the image, look at the software is basically failure, was cast storm Fengxin Cai victory to do the beauty Mito defeated. Forced, 18 months after the expiration of the Non-compete, Fu in 2010 before and after the spring festival back to do, can be cattle safety, to kill into the former boss Zhou's backyard.

And from the 2010 Spring Festival, Tencent QQ Doctor and 360 security guards between the fierce war, finally on November 3, 2010, Tencent staged "difficult decision", forcing users to choose one of two, which triggered the entire Chinese network of shocks, the history of the "3Q" war. Looking back, the biggest beneficiaries of the 3Q War were Lei and Fu, and of course, Zhang Ying.

Tencent in the 3Q war in the unconscious recruit repeatedly, was 360 dozen. In the antivirus business is 360 constantly squeezing Jinshan poison pa, can cow software, then decided to unite. November 10 that year, Jinshan Security and can be merged into Jinshan Network, the new company by the Jinshan Group, Jingwei Venture Investment and management team shares, the proportion of 72.22%, 7.78%, 20% respectively. Jinshan Network announced also a comprehensive free strategy, the original bull CEO Fu will become the CEO of the new company. July 2011, Tencent through the equity transfer of Kingsoft software shareholder investment Jinshan Software 15.68% Equity. This series of capital movements shows that Tencent to use Jinshan network strategy to contain 360. And with the help of Tencent Resources, Jinshan poison PA's Daily active amount from Fu took over about 7 million up to now 50 million, and a succession of Golden Hill security guards, Cheetah browser and other products, income from the beginning of free when the sudden decline rebounded to more than 300 million in 2012.

In the second half of 2012, 360 High-profile announced the search, once in the short term to win over 10% market share, Baidu is considered the biggest threat. According to public reports, Baidu plans to buy a strategic stake or purchase Jinshan network, let it to curb the 360 expansion. Jinshan Network once to Tencent when "trip Zhou So", once to Baidu when. No matter what lei and Fu think, Jingwei China's shareholding has appreciated and benefited greatly. Jinshan Network valuation from 2011 Jingwei China's shares of 163 million U.S. dollars, rose to the end of 2012, 451 million U.S. dollars.

In the client market, Zhang Ying and Lei, Fu story is interesting. Now, Zhang Ying can consider with Lei and other internet big guy on the mobile internet staged a new drama.

Internet Big guy's new game, Jingwei's new opportunity?

China's first line of internet bosses are moving the Internet in the card position. This kind of card position, for Jingwei China is a very rare opportunity to sit "profit".

Micro-letters have recently been fired up by the media for operator fees. To say, the first "tease" micro-letter and the operator of the relationship is Zhou.

"The Internet will kill telecom operators and the traditional mobile phone industry," the old Zhou said in June 2012 at the 2012 Mobile internet forum held by China Telecom. On the September 11 of the Chinese Internet Conference, Zhou and Ma same station PK, Old week first praised MA with micro-letter to get mobile internet tickets, but changed a turn, said micro-letter leather operator's life, "in fact, the product is actually in the destruction of traditional operators and traditional SMS business, on this basis to create a new communications business." "The subsequent evolution, really caused by the Ministry of Management and several major operators to pay attention to the Ministry of Wei and China Unicom chairman Chang have to charge.

Recently, the old week added a fire, April 11 about the old week of the interview article "timely" in the Forbes Chinese network issued, the network spread the title called "Micro-letter spirit has been the operator killed."

Micro-trust alone, has made Sina Weibo such a one-time mobile internet innovation business has been greatly squeezed, the Chinese internet bosses are generally nervous. Baidu and Ali are in dire need of finding killer business on the mobile internet. The practice is different, MA Yun's core strategy is the big Ali Group, let 25 business units compete with each other, fast and flexible external, maybe really can bet a "micro-letter business"?

I black Horse author April 13 had the privilege of selling the company to Ali the founder of a chat. He believes that Ali split is Ma Yun and Zeng play together to make each department resources more effective sharing of a trick, split after the company's KPI 50% is designated as the support of other companies.

In fact, the micro-letter is also the case, before I a black horse net finishing a paragraph of Ma's summary: "When there is a new business opportunity, you may also be difficult to determine whether this is not important, is the temptation to do or to who to do." When the micro-letter came out, many teams want to do, but the action and investment are different. At that time we said there were three teams, the last two teams did it, and the products were all the same, called micro-letters ...

It can be foreseen that Baidu, 360, Renren and other companies will have a split in the near future, the core meaning with Ali, Tencent similar. After the big companies split the company, each subsidiary has product and business pressures, which, in turn, will proactively demand strategic investment or acquire some of the innovative companies and businesses they fancy. This bottom-up demand has changed dramatically compared to the Top-down strategic investment strategy of the past boss.

This is meaningful to Jingwei China. If it is a top-down decision, the boss will usually only buy or invest in larger companies, this is relatively mature business is more appropriate, but the negotiation cycle is relatively long, more easily in the form of resources + prices to invest or mergers and acquisitions, such as Baidu strategic mergers and acquisitions to where; Jingwei China recently sold to Ali's friends, because of the large volume, Integration into the original team and business will be a relatively large conflict. Under this strategy, the earlier projects will be hard to sell.

The strategic investment promoted by each subsidiary, the volume is small, the negotiation cycle is shorter, after selling the past more easily into the team, success rate is higher. This should be a new situation that China prefers to have a large number of early mobile internet projects.

Micro-letter A single big, internet big guys are in a panic, this may be Jingwei China's best times. The early days of massive search and massive investment in the layout of mobile internet projects have finally reached the time when they can be harvested.

On the other hand, many mobile internet entrepreneurs are worried about how to get over the mountain by Tencent Weibo. The mobile internet entrepreneur of the Jingwei department also has this problem. For example, if the micro-letter to do with the latitude and longitude cast flight butler similar flight information services, how to do the flight steward? In this sense, Jingwei China's interests are in line with the interests of many internet giants.

Therefore, "Jingwei" is also a pep and Harvest Conference.

Zhang Ying before the experience, let him have enough contacts and resources to the major investment department (another GP David David has successfully invested in Baidu). Whether it is Baidu Investment Department of Soup and Pine, or Tencent Investment Department of Peng Zhijian, are born big investment bank. Zhang Yingang to the Citibank investment Bank after graduating from university, and later worked in the ABN Amro Bank, a relatively early man.

Now need to tie tighter, instead is lei, Zhou and other more local internet big guy. Lei is naturally preferred. Apart from the above mentioned client close cooperation, lei in the mobile Internet layout also let both sides have more cooperation points.

Jinshan has been doing tepid, holding the Yigujin lei is the layout of mobile Internet one of the first big guy. Back in 2004, Lei and Sun Yu, Lenovo investment Lakara more than 16 million yuan, the two-year Lakara gambling mobile phone card reader, 2012 invested tens of millions of yuan in the audience advertising. 2006 Lei again voted Mobile internet browser company UC 2 million U.S. dollars, the recent UC sold to Baidu News more and more true. Of course, the more symbolic significance of the 2010 Lei founded Millet Technology.

Millet technology has risen to 4 billion dollars in just two years, becoming the biggest winner in the new mobile Internet competition, with the exception of micro-letters. To Millet for the banner, plus Lei Investment and the leading mobile Internet Exchange platform, the Great Wall will, the Science and technology blog Lei Feng, mobile business services business guests, Lei has become China's internet important mountain, and Tencent, Ali, Baidu, Zhou 祎 tied. More importantly, Lei is really betting on the rise of mobile internet.

Jingwei China if not with Ray boss good relations, close interaction, it is unwise. So, let Reylo do opening speech, to the full face, down and then introduce some good projects to Reillo, is sold to Reillo or with Reillo together again, can talk about.