A New Pole Of Diversification Of Enterprises In Wenzhou - E Investment In Tu Eight Road

　　電器、服裝、皮革、制鞋、打火機……，這些是曾讓溫州商人鵲而群起的產(chǎn)業(yè)集群，但在完成早期積累之后，幾乎所有企業(yè)都在尋找新的產(chǎn)業(yè)機會，雖然只是“邊試邊做”，僅幾年之內(nèi)，涉獵多元化，已幾成溫州企業(yè)的普遍現(xiàn)象。

Wenzhou private enterprise leader CHINT Electric Group has begun to enter the second generation of thin film solar energy field in 2007, after becoming the leading industry electrical manufacturing industry chain. It can be regarded as entering the field of concentric diversification. Before that, CHINT had dabbled in clothing, drinking water and other industries, but finally chose to withdraw from these unrelated industries.

The same is the electrical industry started the German Group West, announced the fade out of real estate, to environmental engineering, renewable energy, modern logistics and other new areas to enter.

The AOKANG group, which is the shoe industry, has removed the huge real estate business. Biopharmaceuticals have become a new business segment with rapid development. The explanation given by Wang Zhentao, founder of AOKANG group, is: "at that time, if we chose to cross the field, almost the same as the shoemaking industry, the meaning is not big, so we have to choose a biological vaccine in the selection of so many industries."

The costumes and mining industry have already surpassed the proportion of clothing.

Hu Zhixing, chairman of Xin Ling Electric Company in Yueqing, Liuzhou, is now the chairman of Wenzhou Xin Shun shipping group.

He has entered the shipbuilding industry for 6 years. Now, Xin Shun is the largest shipbuilding group in Wenzhou. Hu has been elected president of the Yueqing Shipbuilding Industry Association.

In the understanding of Hsin Shun Ho Hsing, "what to make money to do" is a natural impulse of some private enterprises.

Similarly, in these impulses, equity investment as a new industrial opportunity for diversification has also become a common phenomenon.

In recent interviews with reporters, 2/3 of Wenzhou's private enterprises in Wenzhou have invested in equity investments, including those mentioned above.

Rough and vigorous equity investment industry

Shipbuilding, real estate, mineral, stock and energy investment are still "too slow" for some enterprises. To find a way to break through traditional industrial investment to achieve new "opportunity to make money", equity investment is one of them.

Compared with the natural investment sensitivity of Wenzhou people, Wenzhou local enterprises can use "rough" two words to describe equity investment.

In 2007, 8 private enterprises in Yueqing, Wenzhou, such as Yu Li group, Huanyu Group and Zhuang Ji group, jointly established Donghai venture capital company.

But the Donghai venture capital, known as "Wenzhou's first partnership PE fund", was the first to eat crab, but it didn't become the last laugh. Due to the contradiction between LP investor and fund management team, Donghai venture capital was finally sealed. LP investors set up the Asia Asia venture after divestment of Donghai venture capital, which was directly taken over by LP investors.

In fact, before that, these LP investor enterprises had experience in multi industry investment.

For example, Huanyu Group has expanded from industrial electrical appliances to real estate.

But President Wang Tuoyu always felt that "compared with the famous enterprises in China, the pace of development is still too slow."

He hopes to "enter the capital market and break through the traditional investment mode".

Therefore, he took part in Donghai venture investment and set foot in equity investment as a "breakthrough for finding the development of enterprises".

For Hu Xucang, President of Uli group, he set foot in equity investment in order to "find a way of investment that is different from coal speculation, real estate speculation and gold speculation".

Hu Xucang, who thinks he knows more about project than professional GP management, also serves as a GP administrator when he invested in Asia venture capital.

There is also Wen Bangyan.

In 2007, Wen Pang Yan also set up a venture capital firm, which was fully invested in equity.

Wen is chairman of Zhejiang permanent science and Technology Industrial Co. Ltd., speaking of the origin of equity investment, he had to mention his triumph in Minsheng Bank (600016).

In 1994, as one of the earliest sponsors of Minsheng Bank, Wen Bangyan joined about 1000000.

With the development of Minsheng Bank (market, information, commentary), the original stock of about 1000000 yuan at the beginning of the Qing Dynasty was worth hundreds of times after splitting and sending shares. It also made Wen Bangyan gain 100 million yuan from it.

"If I had invested 20 million yuan at that time, I might be completely different now."

Recalling the investment of that year, Wen Bangyan was somewhat regretful.

After considering it in 2007, he decided to become a professional equity investor.

At present, Wen Bangyan, more than 60, spends most of his energy on investment. So far, he has invested more than 2 billion in 8 projects.

Even CHINT group, which is most dedicated to its main business, has many shareholders who are "very excited" about professional equity investment.

In 2008, the CHINT group established the spruce fund. In order not to affect the main business, CHINT hired returnees to join the team to form a special management team.

In the same year, deli also began to set foot in equity investments, set up the Xinfeng capital management center, and invited Chen Weiguo, President of the Yueqing branch of the former CITIC Industrial Bank, as the principal consultant.

Almost the same period, the Wenzhou Shenli group also joined hands with the Piao Lai dress to set up a national venture.

In the wealth center opposite the Times Square in Wenzhou, 20-30 Vc firms are gathered in more than 20 floors.

It's just the tip of the iceberg.

The data provided by Zhou Dewen, President of Wenzhou SME Development Association, is that there are about 300 Vc firms registered in the Wenzhou industrial and commercial bureau.

Among them, a large part of the funds come from private enterprises in Wenzhou. In fact, many of them are registered in cities outside Wenzhou, such as Shanghai and Beijing.

The introduction of limited partnership has their unique advantages in raising funds.

In fact, before the launch of the partnership law, Hu Xucang had been thinking about the way out for private capital, and wanted to make equity investments, but he never did.

"Because there is no reasonable legal framework," Hu Xucang said.

In 2007, shortly after the launch of the partnership law, the venture capital of Donghai (immediately after the conversion to the Asia Pacific venture capital) was announced immediately, and the first 1 billion of the fund was also quickly put in place.

And spruce, Dexin Fengyi, Wen Shang venture capital and so on, all funds are made up of "enterprise own capital plus other private capital in Wenzhou".

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Compared with the GP managers who came to Wenzhou to raise money, the advantage of these local equity funds is that they are more likely to get the trust of Wenzhou's private capital.

"We are local people, and Wenzhou people are more significant than others," Chen Weiguo analyzed.

"Wenzhou style PE"

The "eight road PE" composed of these private enterprises also has "Wenzhou characteristics" in investment style.

First of all, from Wenzhou's private enterprises, on the project, the initial investment style, preference from the industry related to their own industries and other traditional industries.

For example, the Delhi XXX Fung Yi capital management center has invested in 6 projects such as "Guangxi green city two phase", "Xinhua union land", Dalian machine tool and so on, and "mostly traditional projects".

CHINT's spruce fund is biased towards energy and energy related industries, as well as large power equipment manufacturing, such as CHINT and its shareholders.

The company has even listed "high-tech enterprises, mineral resources, characteristic real estate and equity investment" as investment direction.

Secondly, in the investment stage, they prefer pre-IPO projects.

In Chen Weiguo's view, Wenzhou private enterprises are engaged in PE investment, sometimes even "lack of foresight" and "risk awareness is too strong".

He cited such an example.

There is a cochlear company in Hangzhou, the technology strength can be called the international frontier. At the stage of not yet profitable, several brokerages have acquired tens of millions of shares of 10%, and at the same price, many private enterprises in Wenzhou have failed to venture millions of dollars, because they feel that they have not yet made profits.

It is said that CHINT also asked the team of spruce fund to invest not only a good profit model, but also a considerable income and profit.

Hu Yungeng, President of the spruce fund, has made it clear that "we absolutely do not invest in companies that have just been established and have yet to generate profits".

In fact, "Wenzhou PE" also has some "alienation" characteristics.

LP, a Vc firms in Wenzhou who is also a GP at the same time, "is the boss who is involved in investment".

For example, there is a project in Henan, their practice is: first look at this industry who is more familiar with it, and then see how many people are free.

"Look at it. Make decisions. We think we will vote in it."

In the view of a LP executive, it is "a conceptual approach and not standardized".

It is said that the spruce fund is invested entirely in accordance with the mode of "GP output and LP money", which is considered by local PE people to be "not localized enough".

The PE personage thinks that the way that suits Wenzhou should be pparent operation, LP must understand every item fully, every LP can even do the due diligence investigation for each project in person, and finally, "whoever is willing to vote will vote".

In the interview, reporters found that some local LP investors also hoped to have a trusted professional investment team to participate in management, because the relative shortage of LP investors' own team, experience and professional knowledge has become the plagued development of PE funds with this characteristic.

Wen Shang venture's team is currently "less than 10 people," Wen said. "We are not big investment companies. Large investment companies must be matched by all kinds of people. We try our best to use good intermediaries, which can be outsourced in investigation and law."

In terms of project judgment, a Wenzhou PE believes that "we can only follow scientific principles as much as possible", but "some things are intuitively judged and everything is very clear and impossible."

Many times, they can only choose to borrow "borrow brains".

Hu Xucang hired many experts in many fields.

And Wen Bangyan's common practice is to "follow the investment" and become a small shareholder.

"When you vote, everyone will look at this enterprise from their own perspective, and the analysis can be more thorough." Wen Bangyan believes that this helps to reduce risks.

Wen Bangyan revealed that he had worked together in Shenzhen Venture Capital and venture capital in early morning.

Wen Bangyan also asked the son who came back from the United States to apply for venture capital work. "First, we should spend more time in the PE fund like this, and learn it well, and do it again in the future."

And when he has his own investment opportunities, he will "share some" with others. He thinks, "next time someone else will think of you".

It is interesting to note that in the interview, reporters found that after trying to make equity investment sweetness, these entrepreneurs who participated in investment decision-making began to find that equity investment should be done in an industry, but it is not as simple as originally imagined.

According to Hu Xucang, there is no more than 6 hours of sleep per day in nearly 8 months after venture capital.

Sometimes, in order to grab a project in front of others, there are 3 days and 3 nights without sleeping.

Wen Bangyan also admitted that at present, compared with professional VC and PE, there must be a "gap" between them, whether professional or various resources, especially when they encounter good projects.

Although some people insist on investing in their own investment decisions, some PE investors are changing their minds.

Wang Zhentao, AOKANG group, told reporters that in recent years, no matter with the local entrepreneurs in Wenzhou, or the internal personnel exchanges, "they have realized that if they really want to make long-term investments, they need strength and need to give them to a professional team."