Chinas capital dividend is coming and the market will welcome more surprises

category:Finance
 Chinas capital dividend is coming and the market will welcome more surprises


Behind the exploration and breakthrough

henzhen spirit

At that time, many people who came to Shenzhen had the spirit of adventure, and now it is the same. Since Chinas capital market has been opened in Shenzhen in 1990, the first batch of crab eaters bought Shenzhen Development and Vanke shares and made money. The power of example is infinite, and later comers want to follow suit. Zheng Weihe said.

At the end of 1990, Zheng Weihe, who had not graduated from the Shenzhen Stock Exchange, had just tried to open its business at the end of 1990. In the tide of marketization, Zheng Weihe left the comfort zone of the system again. In 1993, he became one of the first batch of securities lawyers in China, helping Vanke, Shenzhen Development Bank, Tibet Mingzhu, Guanghui Xincai and other companies as legal advisers for listing and refinancing.

When talking about the original intention of founding Tongchuang great undertaking, he said that the idea was actually very simple. Copper money can walk thousands of families without feet. he was deeply impressed by such a sentence in the movie Sanjie Liu that through investment, you can let others work for you, and you can realize a lot of ideas.. In the tide of reform and opening up, with his original simple thinking, he began to explore the investment road of localization fund.

The period from 2000 to 2004 is a difficult process of exploration. In 2004, Tongchuang Weiye caught up with the times train of the small and medium-sized board, and gained two listed companies, Daan gene and axis research technology, and became famous at one stroke. Three years later, with the implementation of the new partnership law in 2007, Tongchuang Weiye was the first to eat the crabs, and the Shenzhen Nanhai growth fund, the first limited partnership fund in China, was established, with a fund-raising scale of 250 million. This is also the first attempt of cooperation between Shenzhen municipal government and market-oriented investment institutions. Since then, limited partnership RMB funds have gradually become popular in China.

In October 2009, the launch of the gem launched a real harvest period. In the next year, 8 IPO achievements were among the best in the local venture capital institutions. In 2011, the first VC Fund was set up, and the investment stage moved forward to enter the early, middle and early stage of the subdivision industry. In 2015, it took the lead in listing on the new third board and was the first private equity institution to list on the new third board. Prior to the establishment of Tongchuang US dollar phase I fund, it became the first batch of investment institutions to set up dual currency funds.

Behind the constant attempts, explorations and breakthroughs is the spirit of Shenzhen that dares to be the first.

Tong Chuang great business is a typical epitome. In the same period of Shenzhen, a number of representative local venture capitalists emerged, such as Shenzhen Venture Capital and Tatun. They have left the unique Shenzhen brand of local institutions: sensitive market sense, favor of local high-tech projects, circulation of local RMB funds, and withdrawal from domestic capital market.

Zheng Weihe believes that this is related to the open and inclusive market environment created by Shenzhen. Shenzhen has unique advantages in terms of policy flexibility, innovation atmosphere and the overall layout of regional industries.

Good projects come out of it

Due to the impact of the epidemic, Zheng Weihe also unexpectedly slowed down, read a lot of books, and tried many firsts: the first live broadcast online, the first online summit, but spent more time to think deeply. If we want to sum up Tongchuang Weiyes investment in the past 20 years in one word, he thinks it is suffering, that is, Tongchuang Weiye adheres to the long-term principle. On this basis, it makes forward-looking judgments on trends, fields and industries, and patiently accompanies the growth of the enterprise.

We have invested in some projects for 10 years. When we invested, we may have a valuation of 20 million or 30 million yuan. Now we have a valuation of 1 billion yuan. If we go on at this time, we may really become 10 billion yuan. He sighed.

Take Zhenyou technology in Shenzhen as an example. This team came from Huawei. When Tongchuang invested 10 years ago, they felt that they had the temperament of special forces. Although the company is not big at present, in the field of core network, in addition to ZTE and Huawei, it may be the third company following closely. As the core investor, we also experienced various twists and turns during this period. Many investors withdrew. Its really a sword sharpening in ten years for us. Now its time for the clouds to clear up.

Zheng Weihe believes that we should realize that there are not only Huawei and ZTE, but also a new generation of science and technology enterprises in Shenzhen, which are also constantly emerging.

According to public information, as of the end of June, Tongchuang Weiye has managed assets of more than 20 billion yuan and has invested in nearly 500 enterprises. There are about 80 listed enterprises, including 57 direct IPOs. These enterprises are distributed in the fields of big health, big science and technology, big information and large consumption, which are regarded as the invisible champions of emerging industries. In fact, the emerging industries supported by the state have always been the key investment direction of Tongchuang Weiye.

Its not hard to make fast money. The hard thing is to make some meaningful money and valuable money. Moreover, it takes a long time. We must have such feelings and dreams.

Chinas capital dividend is coming

In the past 20 years, from the era of PC Internet to the era of mobile Internet, the emergence of trendsetters including Tencent, Alibaba, meituan and todays headlines has also brought huge returns to the capital market and investors. In particular, the rate of return of foreign capital far exceeds the RMB fund.

In the past, RMB funds have encountered some good projects, many of which have been missed. It may be because there is no US dollar fund at the beginning, so they cant invest in them. However, there are still many cognitive problems and their own attention problems. Zheng Weihe concluded.

In fact, the RMB fund has its own advantages. In recent years, especially in the face of the historical opportunities of the scientific and technological innovation board, the growth enterprise market and the selected level, it has made very excellent achievements. Through continuous learning and observation, we can find that some main battlefields of RMB and us dollar are gradually approaching. Zheng Weihe believes that the dividend of Chinas capital is coming, and the capital market will usher in more surprises, striving to seize the opportunities of 10 times and 100 times in 10 years in the future.

And how to seize the investment opportunities of Unicorn level companies? He said: first of all, we should have a good project in the right track. Secondly, we should intervene in the early stage and hold a large proportion of shares. But the premise is to lay a good foundation for what we should do and do well in what we can do. Once we encounter such an opportunity, we should try our best to seize it.

Taking Santan medical, an early project invested by him, as an example, Santan medical, headquartered in Hangzhou, is the market leader of domestic orthopedic robots. The smart micro sky eye surgical guidance and feedback system developed by him can achieve more accurate positioning in orthopedic surgery, and help achieve more minimally invasive and convenient effects. We invested in Santan medical very early, and our shareholding ratio is relatively high. If we can hold it for a long time, the future development space is very worthy of looking forward to.

From the invisible champion of investment in emerging industries in the past to the high cold and hard black favored by the latest investment science and technology innovation era, mature investment institutions will continue to follow the changes of the times and environment, iterate investment strategies at different turning points, and finally step on the investment rhythm. The secret of Tongchuangs great cause is to establish a management system, empower the people below, form a trust relationship with the investment manager, and form a good communication and communication mechanism, so that the younger post-80s and 90s can rush to the front line and explore the opportunities brought by the new economic belt. The decision-makers in the 1960s and 1970s need to think about how to cross the age and age factors, Evaluate new projects like bilibilibili. Zheng Weihe said. In addition, he believes that new knowledge is emerging every day in various sub fields, such as biomedicine and communication technology. It is necessary to constantly learn, enhance cognition, and iterate their own knowledge system, so as to patch in time. All success requires strategic thinking and directional insight, as well as an open attitude and the courage to accept failure. The year 2020 is also the 20th year of Tongchuang Weiyes establishment. Zheng Weihe shared his greatest understanding of adhering to dreams and believing in beauty in many occasions. This is not only a reflection on the past but also a message to the future of an outstanding investor growing up with the times. Source: Securities Times editor in charge: Yang Bin_ NF4368

From the invisible champion of investment in emerging industries in the past to the high cold and hard black favored by the latest investment science and technology innovation era, mature investment institutions will continue to follow the changes of the times and environment, iterate investment strategies at different turning points, and finally step on the investment rhythm. The secret of Tongchuangs great cause is to establish a management system, empower the people below, form a trust relationship with the investment manager, and form a good communication and communication mechanism, so that the younger post-80s and 90s can rush to the front line and explore the opportunities brought by the new economic belt. The decision-makers in the 1960s and 1970s need to think about how to cross the age and age factors, Evaluate new projects like bilibilibili. Zheng Weihe said. In addition, he believes that new knowledge is emerging every day in various sub fields, such as biomedicine and communication technology. It is necessary to constantly learn, enhance cognition, and iterate their own knowledge system, so as to patch in time.

All success requires strategic thinking and directional insight, as well as an open attitude and the courage to accept failure. The year 2020 is also the 20th year of Tongchuang Weiyes establishment. Zheng Weihe shared his greatest understanding of adhering to dreams and believing in beauty in many occasions. This is not only a reflection on the past but also a message to the future of an outstanding investor growing up with the times.