Zhongguancun, money bag and head exchange
On May 13th, Zhongguancun's CEO gathered in the national library, began to reflect on capital operation, reflecting in Zhongguancun's positioning, therefore, there is a high-tech company and the capital market. What is Zhongguancun missing? Lack. Because of the lack of money, Zhongguancun has struggled on the death line; because of lack of money, it is not possible to engage in infrastructure construction like Silicon Valley; because of the lack of money, a large number of high-tech enterprises that have emerged in 20 years ago, there is still no industry Advantages and core competitiveness ... However, Zhongguancun seems to not lack money. For 20 years, many companies still stay in funding operations, and have not yet been involved in capital operations; so far, there is no investment banker and venture investors to "village"; so far, there are no technology and capital two wheels interaction. Venture investors said: "The money is", while licking the money bag. They are still waiting to wait and see in Zhongguancun, which is complicated to Zhongguancun. The CEO of the Capital Entrepreneurship Group broke their voice: love you hate you Zhongguancun. Zhu Xi: Who is not willing to hold the capital? He graduated from Zhu Xi, who was in Tsinghua University, entered the four pass in 1987, and the top four pass presidents in October 1999. He is now the biggest feeling, when CEO is more difficult than the factory manager, technical knowledge should be understood, management knowledge should be understood, the knowledge of capital is also understood, he summed up a sentence: "Every day, every day is in a study state Talent. "Zhu Xizhi filled the history of the four-way, and I felt that in Zhongguancun is very representative. In the 17th year, the four-way four-way experienced entrepreneurship, expansion, self-renovation and improvement, still in the stage of improvement. The business model of the entrepreneurial phase is the trade type, measuring the company's indicators are profit margins, cost rates, and capital turnover speed. At this stage, this stage is mainly expanding the flow of liquidity, and it is "unsoun". The expansion stage pursues size, our slogan is "not afraid of being big, not afraid of large scale", so it is a business model of market share, and the company is basically a liquidity fixed funds. It is now facing the challenge of new economy, global integration, how is companies seek how to be in line with international, and the business model is turned into a technical service type, which has become a liquidity of liquidity fixed funds technology accumulation talent investment, current capital The composition has been diverse. Zhu Xi said: "High-tech enterprises have now specially needed capital markets." According to the development of four-way, there are four contradictions at this stage, breaking through these four contradictions can be in hand with the capital market: First, the new and old contradictions. In the past few decades, it is considered a very successful old system and has become an obstacle to starting business. The new entrepreneurship should be restructured, and the capital is re-accumulated and started. Moreover, this startup is almost all relying on capital means, rather than borrowing 20,000 yuan to others in the past. The second is the contradiction between long and short. Nowadays, shorter market change cycle and long investment in the technical field have highlighted, high-tech development and industrialization require 3-5 years, such as our system integration, investment of more than 30 million yuan, 5 years I just had a profit. The third is the contradiction between light and heavy. In the past, high-tech enterprises are very lightweight cost structures. In the past, they used to use low technical investment costs, with very low market costs, low human resources costs, and won a little hair profit. It is now emphasizing the establishment of human cost and research and development center, which is heavy mode. The fourth is a single and multi-contradiction, a singleness of the business chain and the multiple contradictions of resource organizations.
In the past, I used to reach my own circle, based on the company, the highest cost, the lowest efficiency; now the resource allocation is the integration of all resources, this integration is cross-owned, cross-enterprises, cross-industry, and even Cross international. Zhu Xi has now had a great trouble: "Who is not willing to share the hand? Can practice Billion is here, but it needs a standardized intermediary. Otherwise, hundreds of billions will have problems here. "Zhu Xi's distressed is the common distress of Zhongguancun, and most of them feel that Zhongguancun's intermediary, consulting company has not played Role. "Some associations have received membership fees, but the official is full, and the activities are mostly conveyed, and the desperation and other words are specified." So many good projects in Zhongguancun need a standardized intermediary recommendation, bridge. Xiong Yan: Silicon Valley is the President of Zhongguancun Baihe Information Garden Co., Ltd., which is piled up. President of President of Silicon Valley Successful reasons, but the most important thing is two: one is talent, the other is funds, Silicon Valley is money Pile up. According to statistics, Silicon Valley 1993-1998, annual investment in high-tech enterprises to $ 30 billion, with $ 50 billion in 1999, 2000 to 1 million, and falling this year. A more than Zhongguancun, how much is there? It is not enough to have enthusiasm. Therefore, "I invite all the tricks, how to use the capital market in China?" Liu Xiaoguang: I want to say that you don't easily say that high-tech enterprises and capital markets, the first CEO Liu Xiaoguang is a bit embarrassed, he is both the first of the country and also It is an investment banker. I don't know which perspective he wants to stand, but it is because of this double identity, so that he is more clear and interacting between the two. The lack of business is distressed, who knows that rich people are also distressed. Liu Xiaoguang is such a distressed rich man. He believes that good technology, if there is no catalysis of funds, it is difficult to succeed. I am the largest investor in Zhongguancun, I vote Zhongguancun Software Park, Zhongguancun Life Park, etc. We have an investor, I have a lot of trouble, not that we don't want to cast, the key have you have anything good. Where is our distressed? Everyone knows that the entire investment market changes very fast. We have been tossing in the capital market in Hong Kong in 1992, the debt, the commission is very fast, in 1992 we wanted to invest consumption products, electrical appliances and food markets; in 1994, I wanted to invest in the power plant, the power plant is not stable; By 1996, the power plant is not, chasing the highway; in 1998, it has changed again, chasing Chinese medicine Hong Kong; in 1999, it has changed again, chasing the network; now there is a change, put to sewage, garbage, eating forever, investors Lee, more willing to pursue high technology, doing a Microsoft, eat it. Our distress is: one of the other China does not have a fair company to evaluate the reliability of technology. If there is such a company, tell me that it is true, I am willing to spend money, Zhongguancun should have such a company, it is a technical expert And economists, any science and technology project, it can be a fair evaluation, not a deception.
The second distressed is to find a project process. It is actually to buy this team. Sometimes the project is very good, the team is not working, get Wu Dalang, what do you do? The third distress is that we have some projects may be very good, but the process is not good, and it is easy to be plagiarized in the market. The fourth big distress is management problem. As an investor, there is a group of real high-tech professional managers, who collect money? Without this, I will come in trouble. As an investor, the money is, as long as you have 10% of the return, you have a profit of 3 billion, I dare to catch 30 billion, the key is where "set" is? What is the things that I really sell after I bought it? Chen Hong: Who is investing it? Chen Hong, a CEO of the US Gric Company, is reflecting in Zhongguancun as an outsiders. He works in Silicon Valley, understands Silicon Valley, and as a president of the American Human High-Tech Association, he also understands China Guancun. Chen Hong said last year, many venture capital has begun to pay attention to China. When this trend is going to the brilliant, the NSDKEQ has fallen all the way, and China's concept stocks are extremely poor. In addition, China 's relationship is tight, leading to foreign venture capital to China. Slightly reduced; in addition, the launch of the two board market is dragged, and the foreign risk investment confidence is shaking. It is more critical. How do you take it out? In China, venture capital is basically not exiting the channel, and there is no export of a profitable export. It is understood that there are many exports in the US venture capital: stocks are listed, participate in M & A, bankruptcy liquidation, and share repurchase. Each exit has different benefits. Chen Hong believes that foreign venture capital will come early. Many risk investments are optimistic about the Chinese market. They have the willingness to set up a division in China. This is still to be changed by China's policy. At present, China does not allow foreign-funded ventures to set up venture capital, but this will slowly improve. Zhongguancun environment urgently needs to improve CEOs that the environment of changing Zhongguancun is a top priority. Zhongguancun's international environment, real business rules, business rules, and credit systems should be established soon. This is the periphery software, and it is dependent on the enterprises in Zhongguancun. Because, if you want to intervene in the capital market, you must have a foundation, a certain business model, a certain income mode. Zhongguancun is now in the capital market with high-tech two wheels interaction. This is transported from blood, and technology companies continue to transport milk (profits), so that the capital market will prefer Zhongguancun. For Zhongguancun, it is important not to make money, but it needs venture capital packaging, guidance, planning and counseling. Zhongguancun is Zhongguancun, Chen Hong said that many countries and regions in the world want to build Silicon Valley, Japan, Singapore, Taiwan, India, Silicon Valley, have special places, it gathered from the world's technical talents, gathered High-tech management talent. At the same time, Silicon Valley is also very rich, these are not compared to other places. If Zhongguancun is set to China's largest high-tech center, venture capital aggregation, investment bankers center, these can be done. It is also reality. Step by step, one day in the future will exceed Silicon Valley, it is possible. However, many people believe that Zhongguancun has surpassed the regional concept, which has become a high-tech brand. It is a densely intensive place in education, information, technology, and intelligence.
