Sniper investment logic behind unicorns like Ningde Era

category:Finance
 Sniper investment logic behind unicorns like Ningde Era


On July 23, the 2020 science and technology innovation board one year summit held under the guidance of Shanghai newspaper group and Minhang District Peoples government, sponsored by interface Finance Association and organized by science and technology innovation board daily, ended in Shanghai Hongqiao fund town. With excellent exit and investment performance, Yunhui capital won the 2020 science and technology innovation star best scientific and technological innovation investment institution.

24 projects in five years, DPI more than doubled

Yunhui is more inclined to mid and late stage projects. We will not invest dozens of projects in one stage, like early investment. Xiong Yanbin explained to the reporter of science and technology innovation board daily.

In addition to the investment stage, the low frequency of sales also reflects the strict control of the project by Yunhui, and the high and fast listing rate also shows the accuracy of its teams judgment.

Xiong Yanbin said that many projects may not be listed when they are invested. In order to reduce such incidents, Yunhuis evaluation of the prospect of listing and withdrawing enterprises will be advanced to the investment stage. All this is also based on in-depth research and judgment of the industry and the companys fundamentals.

Hard tech Unicorn sniper

We have many years of experience in the capital market, at the same time, we have years of accumulation and accurate judgment of the industry. Xiong Yanbin told the reporter of the science and technology innovation board daily that there were many investment directions for starting a business in those years, but they only focused on the transformation and upgrading of Chinas industry and the investment fields of hard science and technology from the beginning to the end, and this choice was largely related to their experience in investment banks.

It is understood that after combing the resources, industry accumulation and project experience of investment banks in the past, the founding team of Yunhui capital found that in the capital market experience of more than 70 years, half of the nearly 120 IPO and M & A projects carried out by the founding team were concentrated in the industrial technology track. Xiong Yanbin admitted that the experience and resources accumulated in the past, as well as the knowledge of advanced manufacturing industry, are very helpful to the cause today.

First of all, Yunhui has an unrepeatable network of people and a wide range of project resources, which can deeply cultivate the industrial map and capture the unique unicorn.

For example, in the acquisition of Zijian electronics project, as the battery industry is one of the most in-depth areas of Yunhuis layout, and lithium battery is the key layout direction of Yunhui. Through research and summary, Yunhui finds that the micro lithium battery of consumer wearable devices has the potential of explosive growth in the future, and Zijian is the leading enterprise in the domestic micro battery industry. After determining the project, contact the project accurately through the partner network resources. Xiong Yanbin said that after the investment, Yunhui has enabled it from various aspects of business, capital and financing to help it become a key supporting enterprise to be listed. Zijian Electronics will submit its IPO application on the science and technology innovation board at the end of July.

Secondly, based on the existing investment layout, Yunhui has joined hands with strategic investors who have long-term cooperation to scan the industry map, conduct in-depth technical adjustment and joint investment on investment targets, and obtain investment opportunities by introducing industrial resources, government resources and investor resources to invested enterprises, and obtaining investment opportunities with the same valuation as strategic investors.

In fact, the investment logic of Yunhui capital is robust driven. Yunhui capital investment strategy can best reflect its layout in the field of new energy vehicles, and Ningde era is undoubtedly the most dazzling investment.

It is understood that around 2017, after analyzing the overall industrial chain of new energy vehicles, Yunhui capital investment team believes that vehicle enterprises oriented to TOC end not only need large amount of capital, but also have high risk and low success probability, so they avoid investing in such enterprises.

Yunhui capital believes that compared with the whole vehicle, the investment in core parts will be more stable, because it has nothing to do with the sales volume of individual brands. As long as the overall market demand is rising, they can live happily.

From the perspective of components, because batteries account for 60% of the cost of new energy vehicles, and cathode materials account for about 30% - 40% of the cost of batteries, it is the highest value-added subdivision track in the automotive industry chain. Therefore, in 2017 and 2018, Yunhui capital invested in Ningde era, which ranked first and second in the industry at that time, and Funeng technology, which was listed on the science and Technology Innovation Board recently, in a better time window.

In the field of hard science and technology, Yunhui also has a small layout, including the GPU venture company Biren technology, which is composed of a team of well-known Chinese scientists. The chip design software EDA, automotive intelligent driving chip, 5g mobile phone RF chip and cloud inference chip start-up companies are involved.

When a reporter from the science and technology innovation board daily asked if he would try his best to avoid investing in multiple companies in one track, Xiong Yanbin believed that, from the perspective of a financial investor, the purpose of fund managers is to create maximum value for investors, so they will not worry that the invested enterprises are in a state of mutual competition. In her opinion, new energy vehicles are a market of more than one trillion yuan. According to the concentration of automobile industry chain and core parts supply chain in the past, it is enough to support 2-3 furniture competitive enterprises. From the perspective of financial analysis, this logic is also feasible. However, if the ceiling of an industry is very low, for example, the market size of the whole industry is only 5 billion yuan, and one of the leading enterprises has already held 70-80% of the market share, then we will not lay out the second one, because its imagination space is relatively limited. Xiong added. Source of this article: Yang Qian, editor in charge of science and technology innovation board daily_ NF4425

When a reporter from the science and technology innovation board daily asked if he would try his best to avoid investing in multiple companies in one track, Xiong Yanbin believed that, from the perspective of a financial investor, the purpose of fund managers is to create maximum value for investors, so they will not worry that the invested enterprises are in a state of mutual competition.

However, if the ceiling of an industry is very low, for example, the market size of the whole industry is only 5 billion yuan, and one of the leading enterprises has already held 70-80% of the market share, then we will not lay out the second one, because its imagination space is relatively limited. Xiong Yanbin added.