Venture investment Together "quasi-gem Company" is not to be taken

The imminent opening of the gem has triggered a boom in investment in gem companies, and recently many of the investment companies that have not heard of it have sprung up overnight. The main objective of these companies is to "beat one" for the companies that are ready to list on the gem and scramble for the listed resources. This phenomenon is familiar, I remember in 10 years ago appeared once, when the gem was first ready to open the time. So many investment companies to focus on the gem before the IPO project, I think this phenomenon is not normal, which hidden a greater risk.

The risk comes from two aspects. The first is the risk of valuation. The proposed gem is now a very high P/E, 10 times-fold, 20 times-fold or more common, some even put forward a concept called "City Dream Rate", not exactly according to the price-earnings ratio method of estimating, is actually a dream, in the future do not know how many times. Such a high valuation, even if the company's future listing, there will be the risk of valuation bubbles, the second is the gem listed companies operating instability risk and listing risk. At present, the domestic gem reserve resources are very rich, many enterprises can meet the gem listing requirements, in the process of waiting for the listing of some enterprises may also change, perhaps not until http://www.aliyun.com/zixun/aggregation/ 18152.html "> Listed companies can not, in the past such examples are many."

From my personal experience and our past investment in some cases, venture capital or to look forward, do not stare at these mature immediately to the listed enterprises, do not faddish the current hot spots, I was a bit of cold water poured. In any respect, as a VC or to focus on early start-up enterprises, to support these enterprises to start, to innovate, to grow and develop, venture capital can also share the fruits of enterprise growth, to obtain relatively high investment income.

Some of the projects we have done in the past have amply illustrated this. A number of cases such as the previous years, such as Shenzhen High-tech investment in 2000 before and after investing in a group of relatively early small technology companies, like Han's laser, with the Continent electronics, Dongjiang environmental protection, Aviation Sheng Electronics, Bridge Communications, science and electronics, and so on, an average investment of 3 million yuan, the total investment of less than 50 million yuan, access to the return of nearly 500 million, The average yield is 10 times times and the highest is 60-fold. These early and medium-term projects, because of the time to intervene early, the price is cheaper, the risk is relatively small, and once successful, it is possible to obtain a high return on investment.

We enter the price of Han's laser is very low, at that time, Han's laser is facing financial difficulties, but research and development has a certain scale, in the product market development has encountered some resistance, liquidity also appeared a larger gap. We went in basically with net assets as a bargaining base, cast 4.3 million, founder Gao Yun gave us 51% of the shares, became his major shareholder. We also sent the Chairman to run the company. In addition to the investment of more than 4 million funds, we also promised to help companies to finance, in this case we can be hit. Before the listing, we have transferred 46% of the shareholding to the enterprise agreement, which is also in accordance with our commitment to cooperate with Gao Yun, that is, when the company developed to a certain extent, large shareholders can repurchase part of the shares, but also our support for the company it.

Start-up enterprises in the entrepreneurial process to introduce venture capital, not in the general sense of the transaction, but to attract and your common venture partners. Venture investment is not only the capital, but also various forms of value-added services, which for the growth of enterprises and even the successful listing of the future is very beneficial. The above mentioned Han's laser can be regarded as an example: The founders of the year to 4 million yuan to transfer half of the assets of the new High-tech investment, High-tech investment to join not only timely bring valuable venture capital, but also provide a series of value-added services, the company quickly through the difficulties, into a rapid development track, Four years later in the SME board successfully listed, the current market value of 7 billion yuan. It can be said that without the original 4 million, it is impossible to have today's 7 billion, the success of Han's laser is a pioneering enterprise and venture capital close cooperation and common development results, their experience is worthy of all aspiring entrepreneurial enterprises and entrepreneurs for reference.