Tsinghua Tongfang'S Pioneering Story

The interaction between technology and capital E-mail filled with Professor Sun Jiaguang's e-mail.

All these mail from Sun Jiaguang's academic colleagues, business friends or his past students have only one theme: congratulations to the academician of the Chinese Academy of engineering as chairman of the newly established Tsinghua Tongfang software Limited by Share Ltd.

When Sun Jiaguang met with a self-employed man, he had planned to write a novel about his own story, and Sun Jiaguang would never forget October 13th.

Seven years ago, Sun Jia Guang stepped up his first step in the development of software industrialization in China. The professor of Tsinghua University, who was worried about money, got an investment from a self employed businessman in Shunde, Guangdong.

Lao's own small business is the production of sanitary ware, want to use CAD software for product design.

At that time, a complete set of CAD products would cost about fifty thousand or sixty thousand dollars.

Rao looks so expensive that he simply doesn't buy it. He thinks he can't make money by investing in CAD.

Wealthy self-employed workers met sun's family with technology.

Sun Jiaguang was already a well-known CAD expert at home and abroad.

Prior to that, Sun Jiaguang worked as a chief engineer in a software company in Silicon Valley in 1986 and worked as a technical manager in a company invested by HP in Boston in 1991.

After returning to Tsinghua University, Sun Jiaguang, who studied CAD technology for more than 10 years and held several scientific achievements at hand, was eager to turn his technology in the laboratory into a marketable product.

After several contacts with labor, Sun Jiaguang, who was "hungry for food", decided to work with labor and set up Gao Hua company.

Lao is a major shareholder in the company's 80% share.

But the first partner Sun Jiaguang found was very superficial about CAD.

The junior middle school self-employed person does not know that CAD is actually very difficult to do, and the first year of cooperation has to be rewarded.

Two years later, Lao found that the water in CAD was very deep, and spent a total of 4 million yuan.

Lao also knew that his financial strength would go on further.

For the first time, the company ended up with its limited capital and its deep technical breakup.

Cologne company also did not play in November 11th 1995, the new investors appear.

This is no longer an individual, but a Kelon Company that makes refrigerators.

KELON's then chairman, Xu Tiefeng, decided to buy shares of Lao yuan for about 15000000 yuan and become a new shareholder with 60% stake in Gao Hua company.

Most of the shares, Kelon did not want to give up the management of Gao Hua company. Although Kelon himself did not manage the software industry, Xu Tiefeng, who was fit for the software business, was put on the battle by himself. He acted as the chairman of Gao Hua company and appointed a general manager from Kelong.

As a well-known private enterprise in China, Kelon's success in refrigerators has not been able to continue to its high operation company.

Sun Jiaguang said: "Kelon is mainly relying on military management to make refrigerators, making software is high-tech, two different things."

At that time, Sun Jiaguang was a technical expert of Gao Hua company. According to reason, Kelon should respect the technical authority of Sun Jia Guang, but there were many differences in the actual technology management and implementation process.

KELON's management in the field of refrigerators has little effect on a group of highly educated technical personnel.

Kelong's monthly salary for the employees of the refrigerator factory is 600 yuan, while for Gao Hua's staff, the monthly salary is not 6000 yuan or 8000 yuan, so it is very difficult to retain people.

More than ten times the gap, Kelon aspect really can not understand.

KELON can spend tens of thousands of yuan for a refrigerator business to invite customers to eat, or spend 200 thousand yuan to hold an entertainment party, but to move this money out to pay for programmers in Gao Hua company, and do not know when to see the return, Kelon is a little reluctant.

KELON's habit of doing business with refrigerators makes it inevitable to make quick profits and quick profits when investing in software.

Although the emergence of domestic CAD products by Gao Hua and other companies forced us Autodesk company to sell AutoCAD software in Europe and the United States for about US $1000, it could only sell five hundred or six hundred yuan in China, but the amount of AutoCAD users occupied by 90% in China, Kelon believes that it is absolutely not the size of a company that Gao Hua can shake.

At that time, Sun Jia Guang, a senior technical consultant, simply stopped questioning the company's affairs and concentrated on taking his graduate student.

The management differences between the industry and the Sun Jiaguang and Kelon are not at the same level of understanding in the two areas. It is destined that the second stages of Sun Jia Guang's time span will not be too long.

Two years later, Kelon's about 15000000 yuan was spent.

KELON invested in software.

Kelong, who is physically and mentally fatigued, found Sun Jia Guang and said, "Lao sun, you must come. We will not play or play."

The capital that once dominated technology is frustrated at the moment.

In January 17th of 1998, Sun Jiaguang and several like-minded colleagues raised their own funds to take over the Gao Hua company, whose wages were no longer available.

In order to maintain the company's operation, Sun Jiaguang allocated some of his research funds to pay the wages of his employees.

418 days of incubation, Sun Jiaguang, general manager of Gao Hua company, is now the general manager of Dingxin company (Tsinghua University and IBM joint venture software company) and the first hand of Tsinghua University software development center and Tsinghua Tongfang "e-commerce city information" business unit.

In fact, having four posts in many places is not what Sun Jiaguang wants.

The ideal state of Sun Jiaguang's expectation is to have scale, see the embryonic form of industrialization, instead of making the best of each other's own affairs. At the most, we can only earn about 10 million yuan a year.

Therefore, Sun Jiaguang wants to integrate these four parts closely related to Tsinghua University and set up a unified management and scale software company.

The first step in implementing this idea is that Tsinghua Tongfang Limited by Share Ltd and Tsinghua University business group repurchased Kelon's shares in Gao Hua company at a price of less than 5 million yuan in 1999.

5 8, Tsinghua Tongfang software Limited by Share Ltd preparatory group was established, Sun Jiaguang is the person in charge.

Subsequently, Tongfang software company entered the incubation period.

In the process of incubation, Tsinghua Tongfang's incubator supports the achievements.

On the one hand, Tsinghua Tongfang put the software development center of Tsinghua University into the same party software through about 10000000 yuan project investment. On the other hand, it unified the brand by injecting intangible assets, and integrated the original discrete assets.

Everyone who knows the software center knows that the software center itself has an incubator department.

This incubator mainly hatches software products and software enterprises.

After more than a year of operation, the incubator Department has come up with some ideas, but because of its lack of independent capital operation capability, its ability to resist risks is weak.

The two software projects that are incubating are less than 1 million yuan, and the prospects are uncertain.

Sun Jiaguang said, "1 million yuan is not enough for software."

Sun Jiaguang hopes to build the software company on the Tsinghua Tongfang who is positioning itself in the incubator of innovation. Only Tsinghua Tongfang can provide broad capital space for its technology industrialization and realize the coordinated operation of "technology + capital".

More importantly, both sides grew up in the common Tsinghua culture. Their mutual recognition has laid a good foundation for development. Since May 8, 1999, Sun Jiaguangqing has clearly remembered that it lasted 418 days before the establishment of Tongfang software in June 28, 2000.

The first 414 days, around the question of how many shares the personal intangible assets occupy in the company, Sun Jiaguang took a thick pile of application materials, moved around, sought the signature of the Minister of finance, signed the Minister of education, signed the mayor of Beijing, and signed up for the signing of the mayor of Beijing, and rushed to the June 24th to encourage the development of the software industry and the integrated circuit industry.

"The next 4 days," Sun Jiaguang said, "I finished what I had not done in the first more than 400 days" - Tsinghua Tongfang software Limited by Share Ltd finally completed hatching and broke out.

At the same time, Sun Jia Guang and his other three colleagues were able to share the personal scientific and technological achievements in the form of intangible assets, accounting for 8% of the shares of the company.

This event is regarded by Sun Jia Guang as its own third level step.

After the establishment of the fourth level stair and square software, Sun Jiaguang said to himself that "the hope of success is greater" because "this fate is in our own hands".

In those days, because of his lack of funds, Sun Jiaguang had been under the influence of others in his cooperation and his technical expertise had not been fully applied.

Today, only technology Sun Jiaguang is the chairman of the company that gives the capital side considerable power. At last, he has the opportunity to run a company in the direction of industrialization, in accordance with his own ideas, in the technical field that he is familiar with and skilled in.

Sun Jiaguang began to think about the fourth steps to be crossed.

That's listing.

Sun and Guang Yuan are not so optimistic about Lu Zhicheng's listing.

Lu Zhicheng is a major shareholder in software company and President of Tsinghua Tongfang Limited by Share Ltd.

At the news conference set up by Tongfang software company, Lu once had "the Tsinghua Tongfang to export hundreds of millions of millionaires", but it was more than a promise or slogan that the operator encouraged his staff, and the necessary and sufficient conditions to achieve it were far from being implemented.

Therefore, Sun Jiaguang believes that when the Tongfang software company was founded, it put forward the assumption that "all the necessary and sufficient conditions are not available", which is a business strategy of the operator.

This is indeed the case: the shares of Tsinghua Tongfang jumped several pieces.

35 years later, the emergence of 100 million millionaires requires two prerequisites. First, Tsinghua Tongfang's own stock can rise from $50 per share to 150 yuan now, and the other companies like Tongfang software can also go public.

But Sun Jiaguang is very realistic about the future of the new company.

The new company integrated the original scattered pieces and joined the two brands of Tsinghua and Tongfang. Using unified brand to expand the market and make use of complementary technology to expand the scale, it only has the possibility of future development.

As for whether or not it can really be done, it is necessary for the Tongfang software company to do more real work later on.

Whether it can be listed is to rely on actual performance to speak.

According to the experience of developed countries such as the United States and India, listing is an important condition for the development of software companies.

If it can not become a socialized listed company, it will be hard for Sun Jiaguang to grow bigger by the development of the same software.

Sun Jiaguang's feeling is based on his past experience.

In recent years, Sun Jia Guang has seen one or more good programmers, including their own students, leave. They have gone to foreign companies or abroad.

Because, "even genius, it is not pure desire."

Sun Jiaguang is deeply aware that today's software development is not like a person who has proved "1 + 1 = 2" in the past, but needs a large number of high-tech talents to carry out long-term group struggle.

Therefore, long-term and stable investment in capital and talent is the two most important factor in the development of software company's industrialization.

To raise funds and attract talents through listing is a feasible way for Sun Jiaguang to look forward to.

Sun Jiaguang badly needs a good incentive mechanism and practical measures to attract and retain outstanding talents.

Including the 8% shares of sun and three other names, some of them will be allocated to the technical backbone of the company in the future.

However, the specific allocation plan remains to be studied and approved.

Sun Jiaguang said, "the document is just a document, and it does not tell you how to operate it.

Therefore, there is still a way to go. "

In the past seven years, he has learned from his own experience that a lot of things are one thing and another.

The same side software is going to be listed on the second board in China.

In accordance with the requirements of listed companies to standardize the management of the "four in one" new company, is the main task before Sun Jiaguang.

After a few years, can Sun Jia Guang get a more grand courtesy in the capital market?