The Chinese wind-Jixun in the way of grasping the opportunity

Jixun, who was born in Singapore in 1968, has attended Ying WA Secondary School and the National Junior College and graduated from the National University of Singapore's Mechanical engineering department with a first honours degree, followed by a master's degree in science and technology from the NUS Business School. After graduating, he joined HP as a research and development engineer and project leader. Jixun joined the Singapore National Science and Technology Bureau (NSTB) in 1996, and since then contacted venture capital and transferred to the Finance and Investment Unit, mainly responsible for the launch of risk funds and assistance to the early stage of start-up technology companies. In recent years, from Baidu strategic investment to where the middle "matchmaker" to the potato cool merger case behind the hand, Singaporeans Jixun investors to grasp the timing of the characteristics of the perfect show.


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Taurus He, the character steadfast, have a say one.





graduated from the National University of Singapore with an honours degree in engineering, and at the same time "English is worse than most Singaporeans and Chinese is worse than most Chinese people".





before VC, he had two consecutive years to write to VC agency, all the cover letter no response.





occasionally in the gym, like playing badminton Jixun, like in the "unpopular" to find opportunities and "stimulation." His recent focus on the "unpopular" is the music market.





has been exposed to many entrepreneurs, he most appreciate the kind of people who can "take up, put down" people.





1996, he joined the investment Department of the Singapore National Science and Technology Bureau and began the first step of the VC road. In the Science and Technology Bureau, Jixun combined its own professional background, learning is the early Silicon Valley VC techniques, to technology, TMT as the center of the project.





to some extent it can be said that this period of experience, laid his later career venture life in favor of TMT investment style: Whether it is to join the DFJ in 2000, or 2006 to join the Atlas Hui Investment (GGV capital of the predecessor) so far, Baidu, where, Tudou, poly-sheng Wan, Beautiful said, All illustrate the Jixun's preference for TMT.





Worth saying is that Baidu is Jixun in 2000 to enter the Chinese investment Market to do the first project, let him a "war" famous.





Of course, Jixun not forget to ridicule himself. Before the VC, he had two consecutive years letter to V C Agency, all the cover letter has no response.





"basketball team" type investment





2008, the main dollar fund investment of the Atlas Investment merged domestic RMB Fund Branch star, and change the name to the capital of the yuan, meaning to create a new era.





GGV is a typical "speak English" and "Speak Chinese" fund, focusing on both China and the United States investment.





Currently, it manages the six-year fund, of which four-dollar funds and two-year renminbi funds, the total size of about 1.6 billion U.S. dollars. Dollar funds, 70% of the L p in the United States, around 20% in Europe, 10% from other regions, including Asia's LP, including pension funds, university funds, government funds are the bulk of L p, and other family funds, FOF (Fund of target, funds in the fund). RMB funds, 30% or so from the Government, or with the government background, such as the national Chuang Yuan Wo, Shanghai branch and so on. The remaining 60% from the Yangtze River Delta, the Pearl River Delta and other private enterprises.





Although in China, GGV partner level team only 7 people, plus VP (Vice President) and associate (investment manager) 5 people, its investment team in China to add up to only 12 people, but undeniably, GGV to the Chinese market has added. "In contrast to the third fund, we are almost 60% per cent in China." Jixun said.




The
team is small, with an average investment rhythm of 8-10 projects a year. But GGV most praised, but is the team "basketball team" type of operation mode.





is so because GGV is the first Chinese VC in the history of the merger of two U.S. funds, while the United States, Singapore, China, three different cultural backgrounds of the team. Merging that year, GGV team experienced a year of integration, complementary, and finally from "one country, two systems" to "basketball team" style.





"Of the 7 major partners in China, plus 3 major partners in the United States, we have at least two partners working on each project." Jixun explained the "basketball team" model and said, before the investment, often two people can see the project clearly, including the entrepreneur, the team's thought, the idea, the ability, all must go to feel, listens to each other to say, GGV often has more than two partners to contact the latent investment project, such, easy to make a judgment by the team form. After the investment, how to help the enterprise, each partner's ability expertise is different, the stage of responsibility is different, also need more than two partners to cooperate with the team.




The investment process of
GGV to Tudou is the case interpretation of its "basketball team".





The earliest time, Tudou was Yugiyuan Capital's original partner Huang Peihua found, she and Tudou founder Wang is an alumnus. After the investment, Huang Peihua, Jixun and so on have participated in this project collaboration. Later, Tudou began to have a listing plan, listing means that the company's capital market operations, how to communicate with investors more focused, and in the United States, the partner H any is more good at this, so GGV's potato project team brought him in, let him become a Tudou's director. From the year before the Tudou IPO, H any has been a director. "In different times for different people, but also in view of the company at different stages of different needs, we also give different help." This is the "basketball team" mode of operation. "Jixun said that the 2006 Ji source Investment Tudou, when the company was only twenty or thirty people, now there are more than 1000 people, the scale is different, the complexity of management is not the same, but also requires investors to provide different value of the helper."





In addition to the internal "basketball team", in the external GGV and domestic counterparts have many partners.





For example with the ID g to invest in potatoes, and sequoia, Blue Chi capital investment Beauty said, and the Sands Jianghe where to vote. "We have a good relationship with our peers," he said. "Jixun said.





from TM T to urbanization consumption





It is no exaggeration to say that GGV started with TMT. This is evidenced by its investment projects.





Alibaba, Tudou, where, YY, excellent view, etc., in Jixun view, "TMT is really the beginning, we have a good accumulation and achievements, mainly early, there are many historical reasons." "including the direction of his own project, TMT has been the center of gravity.





investment figures confirm Jixun's words.





in the first three period of the dollar fund management, if the proportion, from the early Alibaba count up to the later Tudou, where, and the U.S. investment in the T Mt Project, GGV's T-MT Project investment accounted for about 80% of the total fund.





However, China's chances of diversification are clearly more enticing. At the outset, Atlas-Hui alliance with the star, behind the hidden is GGV to the Chinese market, especially TMT outside the field of bullish.





"Now China has transferred from export economy to consumption economy, and urbanization consumption has a chance." Jixun said that before the merger, Atlas Hui hoped to be able to introduce a team, in the area of urban consumption layout, to bring more team experience in this area, to complement the ability of TMT. In addition, the US dollar Fund's Atlas will have to look for opportunities in China, must have the renminbi fund to support.





Zhuo, the founder of the Star Fund, is now the title of GGV Capital partner. In the field of consumption, he has invested many star enterprises, such as Shanghai home, Lianhua, bright dairy and so on. Zhuo and its local team have undoubtedly made GGV's dream of spending fly.





even the urbanization of consumption, GGV is not a catch, but clear a few sub areas, including health consumption, energy saving and environmental protection are the key words.





after 2008 years of Dormancy Running-in, 2009 Ji source new debut. This year's investment list may well reflect GGV's investment path from TMT to healthy consumption, energy conservation and environmental protection.





9 new projects, with a total investment of more than 80 million U.S. dollars, is GGV 2009 in China's transcript. Specifically in the investment projects, to do functional bag tea products research and development, production and management of the green source, focus on L E D lighting and rare earth luminescent materials field of the new power lighting, is its investment in the field of consumer representatives.





from the distribution area, as of the end of 2009, GGV Health consumption, energy conservation and environmental protection, also occupy more than 20% of the proportion, began and TMT comparable.





's 2010-year investment list can also explain the problem.





At that year, GGV invested 5 companies in China, namely, the step-length pharmacy for Chinese Medicine manufacturing, the Tengzhong heavy machinery equipment, online games 7K 7K, the excellent technology of mobile Internet and the Wan based on performance online marketers. It is not difficult to see GGV's attention to China's urbanization investment opportunities.





"If you look to the future, the proportion of healthy consumption, energy saving and environmental protection will be more and more big." Jixun said that with the end of last year's collection of a pure renminbi fund as an example, the size of 650 million yuan will be "73 open", 70%-80% for urban consumption investment.





"RMB funds tend to be more mature, have income, you can see profitable, two or three years or so can be in the SME board, GEM or motherboard listed companies." T M like video, electric dealers burn money, need to scale for a long time, domestic listing is difficult, but abroad may be listed. "he said. Therefore, the GGV Renminbi Foundation is biased towards healthy consumption, energy saving and environmental protection, such as the growth of the late-stage enterprises, not necessarily large scale, but must be suitable for domestic listing requirements. In turn, the GGV dollar fund will be more focused on the T-M field.





basically only cast B round C-round





occasionally in the gym, like playing badminton Jixun, like in the "unpopular" to find opportunities and "stimulation." Recently, his area of concern is seemingly unpopular music, "at the moment, music is a market worthy of attention." ”





"Many people may say that the music market does not have a good profit model because there is piracy." I think the problem of piracy will become more and more standardized and the trend is good. He said that the user demand for music is obvious, in the previous few years, Baidu search, the most searched is MP3, although the piracy problem, competition issues, so that many companies can not use music to cash out, but in the next 3-5 years, these problems will gradually improve. Before listening to music from the Internet to download, MP3 listening, now smart phone plus cloud services, to meet the needs of users, in the fragmentation of time, both to listen to music, but also to share with friends, music on the smart machine will have a better breakthrough point.





not only so, in what is known as the electric power of the cold current, Jixun also have bold remarks, "Everyone said that cold, I think the current electrical business is worth paying attention to, there will be some points." ”





So, GGV has made a layout in these two seemingly inappropriate "timing" areas? Taurus Jixun more sedate, like wrongs, at this time but sell up the right, "the timing is there, specifically what is not to tell you." ”





In fact, the timing of investment is the most frequently mentioned word within GGV. Zhuo often said, "We always say that price is not the most important, time is more important than price." ”





in the previous case, where to go is GGV to grasp the timing of the representative.





Jixun very early with where to go founder Zhungchengsu know where to go in 2006, 2007 respectively did the first and second financing, the investor list is not GGV figure. It was not until 2009, when the third round of financing was to be made, that Jixun felt "the time was right". Because the economic crisis has broken the original market pattern, whether it is the flow ranking or market share, to calculate Ctrip, where to go at this time has been in the tourism category is the second position, at this time GGV to go where a sum of money to help it integrate resources to complete the sprint.





time, GGV in the investment focus on "after" the company.





Jixun said, "later" actually refers to the investment phase, the Ji Yuan basic master into long-term projects, such as a round or angel investment, do not do, mainly in the B-round, C-round to enter. His words are not without figures, according to the current B/C capital in the Chinese market has invested forty or fifty companies, of which the long-term (that is, the number of rounds) is greater than 90%. When we entered, the value of the company in general was 30 million to 150 million dollars. The premise is that its imaginary space is 1 billion dollars, tens of billions of dollars. The key, he says, is a bullish team that determines whether market space can carry a company.





but does it mean that companies can increase their risk by asking for a high price for their investors, without first investing in long-term projects?





Jixun disagree with this view. He has a ledger in his mind: cast a round, 10 projects may succeed two or three, do b/c wheel, 10 will succeed in several? If you grasp well, the proportion of success should be high. It is important that, from the fund level, L P is looking at the overall return.





"Cast early, you must have quantity." He said, for example, now the popular mobile Internet, in the initial stage, do investment must be spread out, not to cast one or two home, may have to vote twenty or thirty or more, because it is early, too many variables. And for GGV, it is more willing to find a good company after a round of the fittest, and then to promote it, the project is not much, but the phased need for more money. "100 dollars, early in the cast is to give 5 people uncertain future flowers, GGV way is to wait for the stronger to come out, and then only optimize to 2 of the most likely to succeed the flowers." ”





This idea is reflected in GGV investment, GGV in Mobile Internet Only a company, that is, excellent view. But Jixun revealed that the next year or two should be a good time to invest in mobile internet.





investment is the tacit understanding





in contact with many entrepreneurs, the most let Jixun appreciate a class of people, is "affordable, put down" people, foreigners Dafory is one of them.





Dafory in NetEase and news group for some time, he founded the first company is the Chinese sports website Shark, after sold to the T O M Group. 2005, he founded where to go. Jixun recalls that there is not a lot of success in Chinese entrepreneurs, and that there is an American, very interesting. Dafory's Chinese is generally the same, and Zhungchengsu initial pioneering two or three years, the market is not clear at that time, it is very difficult to stick to it. GGV came in before, where to go less than 100 people, and then expand to three hundred or four hundred people, now there are nearly thousands of people. Among them, Dafory has maintained an open mind to let Jixun quite appreciate "to a degree, I am willing to retreat."





last year, when Baidu to 306 million U.S. dollars strategic investment to where, Dafory in Jixun and other investors in front of the attitude is, OK, I retreated, let Zhungchengsu take over. "I think a lot of people are not that easy," he said. This, I admire Dafory. "Jixun said.





a lot of V C will say, they pick a company, actually is a fancy company's entrepreneurial team. They did not lie when they said the words. However, they rarely talk about it, actually they are working with a company more hard, but also because of the entrepreneurial team.





is well versed in investment that is Jixun, not shy of the experience in the cast, "and entrepreneurs must have a tacit understanding." ”





He hisoft Software as an example, Hisoft is GGV's partner Jenny directly responsible for the company, do software outsourcing, initially served Japan, after doing some mergers and acquisitions, slowly transformed into the United States, the Chinese market. Among them, let Jixun feel the most laborious, is the management layer of communication adjustment. Later, "We changed the company's C E o from one original to the original HP China president Yaw." He said that at that time, the Hisoft software, investors more, leading to the source and the cost of communication is higher, which also let GGV in investment to see more people on the heart, investment must be with the entrepreneur to achieve tacit understanding, rather than a simple trust.