What is the heat of VC this year? With the retreat of .com, VC lineup is also quietly differentiated. It is said that VCs are with a keen sense of smell to decide whether to invest in a certain project, now their sense of smell seems to have some problems. Tropied with the panic of the US investment market technology stocks, VCs have also been adjusted in investment strategies in private. At the moment, .com has become more and more far-farther back, then in 2001, venture capitalists will discover what kind of hotspots, please see that the reporter invited a few domestic famous investment experts to make this year's IT capital market Bold prediction.
Communication: the biggest highlight
After 2000. COM came, and after going to the farce of the bears, venture investors had come out of the scene, and the .COM did not suffer from the words. Asked what they will invest this year, all VCs have only one voice: wireless interconnection, broadband, optical communication ... In short, any of the basic industries related to high-speed or wireless network transmission has become the largest investment hotspot in 2001. Asiaxin CTO Mandan believes that this year's VC hottest investment sector will focus on wireless Internet and business management and network management software based on broadband basis, specifically, more and more.com companies are far from the current narrowband internet. Try using wireless technology or high-speed broadband network systems to carry out business operations, and for many software developers, I believe that a series of companies such as similar service management, security services, and large data stock reservoirs, may provide companies with value-added services for online users, may It is easier to get favored by VC.
Now in China's IDC field invests correct, but the company is not optimistic about the company's bamboo shoots, the company, who is engaged in the bamboo shoots, because in broadband and wireless environments, providing low-end IDCs such as host hosted this business, The threshold is getting lower and lower, and how to carry out new online users in high-speed broadband and wireless interconnections, online netizens are becoming the content considered by many IT manufacturers, and for technical providers, engaged in optimization network, improve online operation efficiency, value-added The development of network management software in customer management, and the financing will be relatively easy. Not long ago, an enterprise ARIBA developed by Softbank's online business software was officially announced to settle in China. He also set off an uproar in the industry. The goal of the world's largest focusing on the network management software company is to provide users with ASP services in China. On the basis of forming joint ventures, the localization of software, I believe that more and more domestic IT industry will also have more and more Companies engaged in such business, for them, the current prosperous capital environments provide the best development opportunities.
Fufan: Wireless Internet and broadband-based enterprise management and network management software will become the brightest investment hotspot this year.
Industry investment hot
For the VC, Yikai Network Capital Co., Ltd., who is under retouching the tide, believes that they are not enough to constitute the leading power of the domestic capital market. With the maturity of the domestic Internet business environment, a group of VCs who have been in the early days of the Internet will gradually fade, and industrial investment and financial capital will stand out under the drive. In fact, it is not difficult to find this from some of the most active manufacturers in the domestic capital market. Domestic IT manufacturers like Lenovo have also begun to show their hands in the capital market, Wang Hao believes that Lenovo said that the industry has always called Xiong in a very strong implementation ability, Shenzhou Digital is established, and believe that its movements in the capital market will also make People look at it.
On the other hand, it should be seen that due to domestic special policy barriers, now many well-known IT industry giants in the world have not entered China, as Loyus, AOL, Yahoo, ESDUS (the world's largest IDC service provider) begins slowly Entering the Chinese market, and they enter this market strategy will become the leading hotspots in the capital market. There is no doubt that the VC accompanying the Internet is only the first wave of domestic capital market, the industrial capital and financial capital of Boxing can induce the emergence of the domestic capital market. In fact, although many in the second half of 2000.Com companies suffer from cold winter in the capital market, the whole capital market is still very active, and more represents the combination of foreign financial capital and domestic industries that serve the core competitiveness of the enterprise. Venture investment: away from plagiarism
In the traditional Chinese capital market, entrepreneurship investment is only a new thing. With the rise of a large number of Internet companies in recent years, venture capital is gradually entered into the vision of the Chinese people as a small risk, high profit technology investment. Entrepreneurship investment is a kind of investment in specialized management in the national capital investment market. According to Wang Zhijian, Vice President, Han Dating, in the Global Fund Market, the past approximately 5% of funds have been invested in non-stock, non-real estate and non-bonded projects, and now this ratio has increased to about 15%. In the 1980s, the annual entrepreneurial investment in the United States was about $ 5 billion, reached $ 100 billion in 1999, 20 times greater 20 times in 20 years, and compared to the past 20 years, NASDAQ market value growth Nearly 14 times, which can be seen that the growth of entrepreneurial investment has been driving the growth of technology.
The United States now accounts for about $ 100 billion in entrepreneurial investment accounting for 40% of the world science and technology research and development funds, which is already a quite digital. At present, China IT industry has no exact numbers in science and technology research, but according to the statistics of the biochemical and chemical industry, this industry is invested in R & D in R & D in R & D every year, but in 1999 The investment in the research and development of the biochemical field reached 26 billion US dollars, which is estimated that the domestic IT industry's research and development investment in the United States will be around 100 times, one of the results of the results is bound to be more and more. Increase.
Wang Zhijian believes that if only products such as VCD, DVD, the US family has, and the Chinese family will have, and the product model may be more new than the US family, to measure China's technology level. It's a big mistake. Because of relatively speaking, these products are for consumer markets, which are the economic benefits generated by some technologies in the consumer market. The cost profit produced is not high, and one is created. High profit, high-level technology products must invest a large number of R & D funds. In this regard, most of the form of many technical research and development companies in China is in plagiarism, lacking very original, advanced product development, for such " Me Too "Enterprise, risk investment will become more and more fled, but have concentrated on high-tech enterprises.
In addition to entrepreneurial investments for new technologies, Wang Wei is also optimistic about IT companies with policy resources. As ISPs have benefited from its unique authorized resources, Wang Hao believes that such companies that occupy unique resources will become the next round of investment hotspots, and even some capital enters the barrier industry. Breakthrough. The background of some shareholders' colors will become some of the content priority when some foreign capital runs in the Chinese market.
Private equity: Chinese VC debut
The huge gap in R & D funds has also become such a real problem. We must use 1% of funds to narrow the gap or even chasing each other, which means that this process will be more difficult. In China, perhaps we can achieve the same effect at a cost of 1/10, China has relatively cheap human resources, or people's heavens are high, and the support has greater support, prices and peripheral equipment, but Regardless of how the angle is measured, we may expect the cost ratio of 1/10, but we can't expect the cost than reaching 1/100 or more. Therefore, such a gap will only increase without shrinking, to compensate for such gaps, how to effectively attract more and more R & D funds into this market has become an urgent problem. Wang Wei also believes that many people in China now put high-tech development in the capital market in China's second panels, is not correct. The time and listed enterprise standards are now unknown. It is also difficult to expect after the opening of the market. Therefore, the development of domestic capital markets still needs to wait for the rise of private equity. It is worth noting that according to industry insiders, the State Planning Commission is also prepared to promote 50 new entrepreneurial funds in China to absorb a wide variety of domestic capital entries, and the news of the Songdians said that these entrepreneurial funds will request RMB 100 million, investors can't exceed 100. Such a private equity market can enable investors to enjoy the benefits of China's legal persons, saying that it is true Chinese-style VC, which is unaffected in the fields such as telecommunications, etc., thus truly promoting domestic Progress in the IT industry.
Institutional construction: biggest investment barrier
On the other hand, it should be seen that although the funds investive in R & D are 100 times China, these funds are not just from the United States, but the concentration effect of global capital. The premise of mass funds into the United States is that it can get quite high rewards, but Wang Zhijian believes that high returns is not the most important reason for global funds, and a country established in the capital market is the most important. Because even in the US capital market, investors will make money when investors will make money when they are in good time. Although the current NASDAQ has fallen from the highest 5000 points to more than 2,000 points, but for many companies, they are still more willing to choose to list in Nasdaq, because the daily transaction volume is the largest, and the funds are the most free. As long as there is a very attractive theme, a good company is listed there, attracting investors' attention, global funds will flock.
Senior people from the domestic investment sector also held the same view. She believes that the emergence of domestic Internet industry has brought a lot of funds to enter the domestic IT market, so that the property rights structure in this industry is more complicated, exhibiting diversified, disperse. In turn, it further promoted the improvement of domestic investment environment and the institutional innovation of traditional IT companies. If the capital market is not a circulating market, the market system is not a very sound system, and the result can only look at another fund for this market, watching them in other places, the loss is just Closed market itself. For investors, they will only choose the most freedom of circulation, the highest return, although sometimes there is no risk of paying money. One way to enclose yourself in the region and environment other than the global capital market, and finally you can lose the opportunity to attract capital in white.
Call "Open, Transparent, Flow"
Wang Zhijian believes that today's capital market has been greatly different from before. The conventional capital flow is mostly regional, and there is a time difference, and the flow rate is also relatively slow because people's investment methods and information flow methods are different. 10 years ago, people buying and selling stocks usually only adopted two ways, one is to put funds in a certain fund, which is common in the European market and the US market, and the other is through the stock agent, but in the past five years, This trend has changed very much. First of all, with the development of the Internet, most listed companies' first-hand information can be reviewed online. Take Intel as an example, it will not be announced in the first quarter to decline in the next quarter. Within 3 hours, the company's market value dropped by $ 100 billion, and the decline was as high as 30%. According to estimates, the market value of the entire stock market in China is about $ 600 billion, which is equal to the loss of Intel's 3 hours in the 3 hours of China, which is 15% of the entire stock market in China, in iStant Information Flow (timely information) In the case of, a company's profit warning can trigger the changes in the entire world capital market. Similarly, a company success will also affect the pulse of the world capital market.
It can be seen that a public, transparent and flowing market can attract a large number of funds to bring abundant R & D funds to a country and enhance its scientific and technological competitiveness. Similarly, if a market is closed, opaque, non-public, will only block investors with large funds worldwide. In this regard, many experts in the investment community believe that the establishment of domestic GEM has created favorable conditions for attracting international large venture capital funds into the domestic market, providing an excellent opportunity.
Line up, domestic wholesale listing
Since industry insiders are not optimistic about NASDAQ in recent recovery, the rebound of Na will inevitably be in this year. For many domestic companies, today's NASDAQ can only be a reference, not the target market. Wang Wei believes that some of the first round of network companies have been eliminated. China IT, which is listed in Nasdaq is around one or two this year, so the domestic GEM may be a more realistic choice. In contrast, the listed company entering the GEM will not have too much burden. It is not two of the companies under the market economy. It is just to pursue profit, and the only requirements for the shareholders are the only requirements are the company's operation. It is necessary to meet legal and moral requirements. On the other hand, the GEM allows investors to flow freely from the company's legal personnel to achieve capital. Wang Zhijian also believes that such a funding into and launches a very smooth mechanism will attract a lot of funds into the domestic capital market. If you can attract abundant capital, add a huge attraction in the domestic market prospects, the GEM may become a reality tool that changed the current situation of China's science and technology research lack of funds, which gives geometric levels to domestic high-tech companies. The number of jumps is no longer moving forward in the past step.
Nowadays, some high-tech companies have went to NASDAQ to go public. After the listing, the stock price is not satisfactory. Wang Zhijian believes that this does not mean that China's quality is poor than other foreign listed companies, on the one hand because of the net in NASDAQ From being estimated to fall back to a natural adjustment process, on the other hand, in general, the US investors are only concerned with the local market, and the information and sensitivity they can get are also relatively concentrated in the US market, China After the company is listed in the United States, how to attract US investors for a long time has become a huge challenge, because the Chinese market is completely detachment of Americans in the general sense. In such a sense, a good Chinese company ideal capital market should still be in China, unfortunately, China's capital market is still closed, it is difficult to attract large funds. For these companies' investors, they choose to go public in China, and their investment cannot circulate, so this market will lose attractive, only to be approaching and far away. After launching abroad, the general foreign investors don't know much about the company's business, development and market, slowly lose interest, so the company's share price will fall, give some Chinese companies future development and follow-up financing It is inevitable to bring a negative impact. For longer, this company is very worrying. Therefore, the ideal state is of course China's ability to attract the capital market that attracts world funds to support China's local enterprises. The biggest capital of IT companies attract venture capital is its high value-value, technical requirements for absolute innovation. If there are more complete legal guarantees in intellectual property protection, the capital market and IT will have the effect of complement each other.
VC selection: Looking for high added value investment
The changing changes in the investment market also affects the subtle changes in investors role and mentality. Bao Fan believes that some VC's short-term behavior of this year's venture capital market has also enabled them to reflect on their mistakes, and they have improved their choice criteria. For investment companies High technical requirements. Wang Zhijian believes that more and more VC industries have begun to find high value-added investments. From the 1985 Han Ding Asia-Pacific Company, in the current 15 years, the return of Han Ding Asia Pacific has exited, and its return on investment exceeds 30%. When there is hot, some companies can be in a short time. Create a miracle and achieve hundreds of rewards, but for long-term investment, 30% of the return rate is quite good. At present, Han Ding Asia-Pacific management is $ 1.7 billion, including more than 20 projects in mainland China, with a total investment amount of $ 200 million, some of which have successfully realized exit, an important experience is the high value added to pursue investment. Sex.
Wang Wei: After VC retreat, industrial investment has become the leading power of domestic capital markets this year.
Regarding the principle of investment in venture capital, Wang Zhijian believes that in general, VC first pays attention to the quality of talents of a company. Second, the company must become the potential and quality of the leader in itself, the third point is required to accept The investment company has a considerable technical door, rather than a number of competitors to join in any time, everyone is a harrow to enter a certain industry, and now VC wants itself having a high value value for investment itself, and can provide additional funds Many help, such as providing constructive recommendations in the company's organizational structure, helping to build an excellent strategic alliance in investment companies, expanding the company's product market, accelerating company market expansion and technology. It is possible to provide a higher value for companies. For investors, the chance of investment success will increase.
Investment environment: different regional competition conditions
Very strong investment interest is also planning to raise new funds to increase investment in China's high-tech enterprises. However, Wang Zhijian believes that from regional funding management perspective, the competitive conditions in each region are different, from the early stage in Taiwan, come to South Asia, the third step to China, fourth step to South Korea, Japan. In fact, the changes in investment in Han Ding Asia Pacific are also moved according to a certain market competitiveness, because funds are always looking for a most suitable investment market. Compared to China, South Korea and Japan's conditions are more competitive, a large amount of funds began to flow into these two markets, especially in telecommunications such as wireless communications, like Japan's I-MOOD has been recognized as global development. Successful wireless communication business. South Korea's advancement in telecommunications is also very fast. As for China's progress in fiber optic communication, Bao Fan believes that although the market will truly start after or two, it has become a very concerned that foreign investors are very concerned. However, it is worth noting that very stringent policy restrictions on China's communications market also hinders foreign investment. With the release of this market, many investors are still very optimistic about this market. The formation of the telecommunications market is starking is the domestic biopharmaceutical industry. Han Ding Asia Pacific invests in a company named Co-Pharmaceutical, soon it will be listed in the GEM. Wang Zhijian believes that China's biological industry is an industry that is very competitive. It is not long compared to industry such as telecommunications. In 1982, the first production of insulin biopharmaceutical companies in the United States; in 1992, China's first production interferon biopharmaceutical company appeared, and the front and rear gaps were only 10 years, and China's international students developed from abroad. It is called the world's first-class, and the domestic reserves have been reserved in this area. Production capacity should be more than enough, but in terms of research and development need to attract a lot of funds to enter, there is a truly promotion of domestic enterprises to enter the world's first-class biopharmaceutical industry. However, in such a industry in telecommunications, policy barriers are still huge, and it will become a focus of many investors' attention in this year.
