The History Of A Hidden Champion

In the early summer of this year, a company called Zheng Guang technology became a "star company" with a high exposure rate.

10 years ago, this "star company" was Sichuan gem seed company, and the blueprint for development was unanimously optimistic.

However, Zheng Guang technology has been again concerned by the media. It is not because of the successful landing of the gem that it has been advertised by creditors for reward.

Such a fate is ups and downs every day.

According to the survey conducted by the Shenzhen Stock Exchange, 1/3 of the 30 enterprises who want to enter the GEM board 10 years ago do not exist at all. It is a typical failure case. 1/3 lives are more difficult, but the company still exists; 1/3 of the enterprises are still living well, and some enterprises are really listed.

Over the past 10 years, a large number of companies that have been chasing the gem have died or disappeared, or have been listed on the stock exchange board, or been merged or struggling to survive.

In those years, the four gem of Chengdu listed by the Shenzhen Stock Exchange: Zheng Guang technology, Subei digital, maple technology and Kawashio Zhisheng (002253), what are the destinies in the past 10 years?

With doubt, our reporter recently visited these GEM companies.

In 1999, the 4 Chengdu seed businesses established by the Shenzhen Stock Exchange to sprint gem were one of them.

For Subei digital, the only suspense was the time to market.

But the early death of the gem made the venture investors lose their long held confidence.

In 2003, business partners finally agreed to let SONY Japan buy the original Subei code created by itself.

However, it is the best growth enterprise in SONY China investment sector. It is also the most unique management style.

Subei digital technology, located in Chengdu high tech Zone, is one of the largest manufacturers of professional TV multimedia equipment in China. It has grown into a stealth champion in the past 10 years.

Up to now, the news production system of most large and medium-sized television stations in China has been designed and implemented by Subei company.

However, for the career partners of Yao Ping, Chen Feng, Peng Ziqiang and Wang Yuxing, the past 10 years are full of wonderful life changes.

What kind of story has happened between the "seed of the gem" and the "Chengdu sample of cross-border mergers and acquisitions"?

When the reporter finally saw Mr. Yao at the same time, he kept the artist with long hair, and the 53 year old CEO was able to describe his mental journey in 10 years with a calm tone.

A dream breaking gem

The story also starts from Yao Ping's pioneering work in Chengdu.

From the establishment of the first television station in 50s to the end of 80s, Chinese TV producers can only produce TV programs with expensive import equipment, and the market of radio and television equipment is blank.

Since the late 80s, the local broadcasting and TV equipment manufacturers began to rise. The subtitles and equipment with low technical threshold and huge market demand were the main players to occupy the market. The original accumulation of a number of local enterprises has been achieved. The sales volume of Shenzhen Suo Bei, founded in 1993 by Yao Ping, was about 7000000 yuan in the first year and nearly 20 million yuan in second years.

After 1996, the market of captions machine was gradually saturated, and equipment makers began to pform.

In 1997, Shenzhen Subei Electronic Technology Co., Ltd. merged with the Chengdu Institute of electronics technology, founded the Chengdu Subei digital Polytron Technologies Inc (New Subei), headquarters in Chengdu, turned the development of non line editing system, built the largest technology R & D center in the same industry, for several consecutive years, the growth rate of more than 30%, customers in nearly 4000 domestic TV stations.

China's first professional news production and Broadcasting Integrated Network (Shenzhen cable), the first news production and Broadcasting Integrated Network (CCTV news sharing system), the first set of optical fiber channel video network (Shenzhen Nanshan cable) and other systems are developed by Subei, and its new products are basically launched with world-famous manufacturers.

In 1999, he increased R & D and extension.

During the period of market expansion and capital increase, 6 foreign venture investors attracted about 30000000 of RMB's 67% stake.

At that time, sbay had developed into the largest professional television multimedia equipment system integrator in China, and was the only 500 high-tech enterprise in the Asia Pacific region with high technology and high growth.

"Venture capital came in at that time, the goal is to facilitate us to go public.

The news of the growth enterprise market was very hot at that time.

The entrepreneurs around us are discussing this topic.

Yao Ping lit a cigarette and took a deep breath. He could see that the dreamy fever of that time was still inspiring.

By 2000, all the preparations for the listing were completed.

It should be said that as long as the growth enterprise market is open.

We can start. "

The problem is that policy has suddenly stopped.

China's growth enterprise market died in a way that people never expected.

This is too bad for venture capitalists who are psychologically inadequate.

The short-term investment and the listed value added return originally planned are now no good.

At that time, China was far less than the current capital market exit channels.

"Venture capital has to quit.

They can't play with us all the time. "

Yao Ping said he understood the decisions of these career investors.

In his calm face today, it is difficult to capture the suffering behind the decision at that time.