Wuxi Hi-Tech emerging code: invisible Hand of capital

Sun Xiaolin Shanghai reported Suntech's success to Wuxi name Noise World, now the internet and let Wuxi again lead the coquettish. This is China's network of Things, is the core area of China's photovoltaic industry, China's integrated circuit is the leading region, this is Wuxi city, Jiangsu province.　　Behind the development zone, which has been red all over China in recent years, is an invisible hand of capital. "Start-up period when the nanny, into a long-term mentor, maturity when security", Wuxi New District Management Committee deputy director Gao Sanghua said when the government responsibility for corporate finance, this means that from the window stage to maturity, all kinds of financing channels have been basically covered.　　In the local, from equity investment funds, VCPE, technology banks, debt investment, government-led funds, venture capital, intellectual property financing, property rights pledge financing and so on, and large scale.　　More importantly, the role of local government is strictly limited in the construction platform, guiding the external capital sector, not for profit, which directly led to a large number of social capital entry.　　A further escalation of the government's direct investment model if the photovoltaic industry giant, Wuxi Suntech, was a local government and state-owned company when he settled in the new Wuxi new District, the model is now more mature.　　For example, the locally encouraged integrated circuit industry, "for qualified integrated circuit projects, the CMC is not higher than the enterprise registered capital of 10% follow-up investment, and do not exercise the right to vote, do not participate in dividends."　　This ensures that government-level investment is "not profitable", as long as the industry is favorable to follow up, which greatly contributed to the development of local emerging industries.　　For example, Tian Mai source Media Technology Co., Ltd. on the equity pledge to obtain investment, its head Huang Lei said, when Wuxi to find him, he said he needed to provide the hardware, software, "including funds."　　So, the enterprise 2008 years firmly came to the Wuxi district, to 2009 years, the company's cash flow plummeted, at this time, the Wuxi district proposed can "use the enterprise's equity to do the pledge."　　In fact, the equity pledge in Shanghai and other developed countries have been carried out, but not to the outside world, but is not known, the sky is still a light asset of the intelligence companies, "except a few heads nothing."　　This is almost the same as when Shi arrived in Wuxi, where he had nothing but patents.　　But even so, because the government, capital and other sectors of the outlook on its products, equity pledge financing smooth development, now, the sky has been the third batch of financing.　　Just as the local incentive IC industry, the government's participation in the equity is often timely and retreat, there is no competition for profit with the enterprise phenomenon.　　And when Shi founded Suntech, the government's direct contribution is different, the local government has used the equity pledge and other means to further enrich the direct investment model. Government set up: social capital in the opera relative to the government directly funded, Wuxi new District to create more financing channels, including equity investment funds PE, VC and other companies have taken root in Wuxi results。　　In fact, according to the plan of the whole city of Wuxi 2008 years ago, basically a development zone has a VC is enough, but then the whole Wuxi according to the market adjustment program, vigorously introduce emerging investment financing company. Wuxi New District party work Secretary Xu Gang said, "The new district science and Technology financial Services system now has 24 equity investment funds, management company 8, the fund scale of 9 billion yuan."　　"Not only this, Wuxi New district has formed a set of equity investment, debt investment, intermediary services, product innovation as one of the scientific and technological financial services system."　　For a new area only 220 square kilometers, so many financing channels are rare.　　August 19, a micro-electronics enterprises in Wuxi City told the reporter, "here, find money is not difficult, the key is that you have good projects, good ideas."　　The entrepreneur returned from Japan, saying that once your business grew up in Wuxi, "The main task was to elect investors".　　The enterprise financing does not have the stage many regions to think only the incubation stage enterprise most lacks the fund, therefore will focus at this stage, in fact, the enterprise enters into the long-term also is specially needs the fund.　　In the Wuxi district, from the birth of enterprises to the growth of enterprises, to maturity, a set of corresponding financing system has been preliminarily established.　　For example, if a start-up phase of the company, and in line with the Wuxi "530" plan, will provide 1 million yuan of start-up funds, not less than 3 million yuan of venture capital and not less than 3 million yuan guarantee, such as capital.　　In the Wuxi district, the accumulation of capital investment in the scale has been 80 million yuan in 2000, "fission" to 8.9 billion yuan, a large part of which is invested in the start-up period of enterprises.　　Enter the development period, the enterprise will also get different financing, for example, Wuxi City set up the first technology bank in Jiangsu Province, the loan is a large part of these have entered the development period of enterprises.　　Once entering the mature period, the bank chases the enterprise, the loan general question is not big, but in the local, because most enterprises are the science and technology enterprise, the government tries to cultivate the enterprise to go public.　　The statistics of the listing office of Wuxi Hi-tech show that there are more than 100 local listed reserve enterprises, covering IC design, software, cultural creativity, Internet of things and other fields.　　According to our understanding, at present, the entire Wuxi district has 13 enterprises and the local CMC to sign a memorandum of corporate cooperation, and has 23 enterprises to start the reform, in 2011 There are 4 enterprises are expected to land in the capital market.　　And for these listed enterprises, such as land transfer and other preferential measures, from the incubator to maturity, the new area financing channels have been preliminarily established. However, some people have different views, that the local investment in some enterprises more risk, innovative technology enterprises can not each become "Suntech", the government should pay attention to risk, and the first step is to focus on risk control in investment and financing.