This is the first question in Chinas investment circle on the sudden changes in the chip and semiconductor industry since the American sanction eight days ago, and whether the investment industry should take the necessary responsibility for the innovation of science and technology. The time is very coincidental. The business model innovation company, such as the Mo Bai and the United States group, has just transferred its equity with the valuations of bad tongue, and ZTE has been sanctioned, so that the public opinion has raised questions and criticisms on the investment circle, especially the venture capital community, who are too chasing the business model innovation and dropping the technological innovation. In the discourse context of venture capital big coffee, supporting business model innovation has almost become the opposite of supporting technological innovation. At least half of the speech and discussion guests mentioned the chip and the ZTE event at the 2018 annual meeting in Shanghai. No matter whether chips and semiconductors would be the real investment vents in the PE/VC world, at least it allowed the venture capital to return to 20 years to invest in or not invest in semiconductors, and to reflect on the venture. The responsibility of the community for the hatching and support of technological innovation. Chip investment heat Shenzhen Hengtai Hua Sheng Asset Management Co., Ltd. Hao Dan, chairman of the information also revealed that the information is also confirmed only a few days, the investment market has appeared chip heat: two days before the Heng Tai Hua Sheng to participate in a semiconductor project bidding, found a good semiconductor project, the moment is 1-2 times the price. This market (semiconductor) has become a monk less meat market. In the short term, this will continue. Many investment circles believe that this is a correction to the excessive pursuit of mode innovation in the past. Xiao Bing, chief financial officer of Da Chen, thinks that in the past few years, a lot of money has been invested in a narrow track business model innovation. Because the venture capital industry is always short-sighted in the hope that investment will be effective quickly. I wish I could fatten up a business in a few months, and be ready to go public in a year or two. While a large number of technology innovation enterprises are crying for feeding, (technology innovation enterprises) need us, and when we are a great player, our institutions ignore (to them) investment, which is what we need to reflect on, Xiao Bing said. A common example is to share a single car, a lot of PE / VC big cafe, sharing a single car, group buying and other model innovation has consumed a lot of money in the venture industry, as well as social resources, now rethinking is in time. Qiming venture is the investor of the C bike and D wheel of the motorcycle company, which is mentioned by big coffee. Gan Jianping, the chief partner of Qiming venture capital, did not take the job. As a shareholder and investor, Gan Jianping is trying to clarify the Misreading of the morbie bike ride from the perspective of capital returns: morbai is a successful case, and it gives us a hundred percent of our IRR (internal rate of return). As a shareholder, I would like to give thanks to the Mobais management team. It gives us very good returns in a very short time. Ma Juns chip investment question has attracted big coffee investors from the history of investment and the status quo of Chinas semiconductor industry to explain why PE/VC does not invest in the chip industry. Zhou Zhixiong, the chief executive partner of the semiconductor specialty, pointed out that around 2000, semiconductors were a good industry in the eyes of American investment, and by 2010, the VC industry in the United States had not voted for the semiconductor industry. This is because the application level of chips is in China and Korea, and the capital market in the US does not support the chip industry. As far as Chinas investment community is concerned, Chinas capital market needs profit, so China has also ignored the basic chip companies. The original IDG capital partner and the founder of the volcano capital, Zhang Suyang, believed that the cold was normal, and the PE/VC industry was morally condemned with ZTE. Historically, 20 years ago, Chinas VC industry just started, 100 million dollars of funds are big funds, chip industry investment, capital concentration requirements high, so today saw the chip enterprise VC ambush is not much. At the same time, the chip industry produces average profit, no industrial monopoly profits, and other industries are more likely to produce returns than chips. As long as this situation (low input-output rate, especially low relative investment) still exists, PE/VC investment chip enterprises must be less, (investment in chip technology) It must belong to the state and the government. Capital is profit driven and beyond reproach. Zhang Su Yang defends investment circles and appeals to public opinion to understand the PE/VC industry. DaoCloud co - founder Chen Qiyan has raised the foundation industry represented by the chip to the status of big power, and he mentioned the unrealistic nature of such industries as private enterprises: information technology and electronic technology are the investment of heavy assets, any private enterprise, or even a state-owned enterprise. In the face of great financial risks, the more realistic is that there is no effect of talent gathering, so the input of a great power should be a countrys will. For the basic R & D industry, even if the state led development and investment, the path is also particular. Yang Xiaodong, the former president of the United States, has shown an example of the NASA (NASA) project to illustrate the ecological model of colleges, NASA, enterprises in Golden Triangle. NASA will give the project to the school and study it well, then apply it to the enterprise. The whole ecosystem is perfect, and in terms of high technology, the US government is the biggest buyer. Yang Xiaodong did not agree with the direct investment of high-tech industry to the state. What the country wants to do, he says, is to provide the innovators with the cultivation of soil in terms of tax and intellectual industry protection: really use the money on the blade. It is the state that is given to VC by the fund to find and invest the people who want to change the world and the human destiny through the VC. The hope of technological innovation in the future is in China Zhu Xiaohu, the director general of the Jinsha River investment director, is more focused on the future. He believes that business model innovation enables us to make money and give back to the industry, thereby giving back to technology, the old road of trade technology, this is a more realistic path. Trade technology (foreign trade) - (- circulation link) - Factory (production link) - Technology Research (scientific research link) is a strategy of enterprise development in the 80 and 90s of last century, after Chinas superiority overtook the developed countries in Europe and America. In the field of circulation, that is, the field of trade is promoted, by obtaining the demand feedback information on the market, let the factory adjust the product in the production link, and then push forward the R & D and innovation of the technical department. HUAWEI is a typical company that started with trade technology and later transformed into high technology. The experience of Han Yan, a founding partner of Chinas light speed, in Silicon Valley proves the rationality of Zhu Xiaohus optimism. He saw that enterprises such as Didi, HUAWEI and other enterprises will have a month to stay in Silicon Valley after they have gained the advantage of innovation. Interview, interview more than 20 times a day. So I foresee that in the next 10 to 20 years, there will be a large number of Chinese high-tech talents returning to China. The hope for technological innovation in the future is in China. Han Yans knowledge is just in line with Zhu Xiaohus first to make money and then to rob people, so as to occupy the logic of the commanding heights of technology. The innovation of investment mode or technological innovation reflects the different views of investment circles on short-term returns and long-term returns. Xiao Shuilong, chairman of the founding of the East, is more interested in the investment community. The wave of investment in business mode innovation is over. Venture capitalists have a lot of corporate backgrounds. They should not be afraid or afraid of technology. Making money is important, but its more important to stick to it, because persevering can be rewarded.