Xiong Xiaoge: At Present, The Biggest Fear Is Confidence.

2010

The following is Xiong Xiaoge.

It seems that the older generation is a curse, as if to retire, to withdraw from the stage of history.

The most brilliant decision I made today is to apply for the last speech. I was the first to speak. I thought the first speech was rather dangerous. Then I also boasted myself there. I think in November 6th this year I went to IDG20, IDG's main business was the media, and in 1992, China began to do venture capital, and it took a longer time.

These two industries are changing jobs more fiercer. I have created a record. I may not have seen second people in China in these two industries at present.

Another blow, I said that there are no PHD in the two industries in the United States, one is a journalist without a doctoral student, and another is an investor without a doctoral student, but China has, I don't know how to come, because it shows that the industry has not written much rules, but only the experience and experience that the industry keeps learning.

In journalism, there are journalism laws, news history, journalism history and so on in the United States.

In investment, there are doctoral students in economics and law. It seems that there is no Ph.D. student who reads PHD. But there seems to be a doctoral student in journalism in China, but I think we can study it again.

Explain the rules, not to say no, but more can not be written down, many of the market is changing, technology is changing, management is also changing, so "change" is a very important feature of these two industries. If you want to remain competitive in these two industries, the only thing you can do is learn, keep learning to find out the rules, and find opportunities for investment when finding rules. This is my opening speech today.

Just now, I listened very carefully to the four speeches in front of us, which was very good. I repeated it as if I wasted everyone's time.

But one thing I think is a common point.

First, investing in China and investing in other countries are very different, because our most important point is that the domestic market does not need exports. Basically, the scale of the domestic market is very large. Not only do we need to do anything but export, we are more fortunate than our foreign counterparts, which is China's domestic market demand.

Second, service.

Like Liang Xinjun and others, more talks about services have been made in China in the past few years, and later on the creation of China. Services in China now and in the future may be an important matter.

The service industry is the third industry. Yesterday, I had a meeting with some leaders in Beijing. They talked about Beijing's GDP constitution. In Beijing, the third industry is over 70%.

I have an idea. Every one you talk about is like an economist. The third industry of GDP services in China is only about 30%.

Looking back again, in many parts of China, there is no way to compare Beijing with the government's services to it, because Beijing has the largest number of government agencies.

In addition to this, some good service methods and concepts in Beijing will be a good market for other provinces and cities.

We do not have to stare at the foreign countries. If we gaze at the Chinese capital Beijing or some good practices in Shanghai, we can get second tier cities and three tier cities.

{page_break}

Third, from this year's perspective, great changes have taken place in the world market.

Last year, one of China's economic highlights was the launch of the growth enterprise market. At the same time, many new companies and small companies went public, and the money was shared. Foreign colleagues said it was unbelievable that such companies were not new in technology, and the business model was not so great that the price earnings ratio was more than 100 times.

At that time, they were also asking us, because we used to talk about more overseas listing. Indeed, Feng Shui has taken turns. This year we also have several companies listed on overseas NASDAQ. For example, in March this year, we listed a company called Hanting Hotels. We all know that this company is the third company founded by Mr. Ji Qi in the middle of ten years. The first one is Ctrip, second are like home and third are Hanting. I say Ji Qini has created a world record, ten years, three companies listed on Nasdaq, and each market value exceeds $1 billion a year.

Today, our Hanting company has only been listed for more than half a year, and its market value is about $1 billion 500 million. How much is its P / E? Hanting management is very good, but after all, it is still a traditional industry with a P / E ratio of 110 times on NASDAQ.

This shows that foreign investors are very optimistic about Nasdaq's service industry in China, even in the traditional service industry.

Therefore, I feel that for us, as VC or PE, we can manage funds in China and look for these opportunities. I think we are very lucky, because we have great demand, and at the same time, when the service industry grows very fast, it is not only China's model, but overseas models can find many growth points.

Fourth, we still have a company. I need to mention it again. I often feel very proud.

As we all know, this year, the hottest company in the middle of a listed company has been talking for a long time. It is the shelf between Gome, shareholders and management team that has not yet been completed and has been wasted for a long time.

We have invested in a company, Soufangwang, and SouFun is also listed this year. Before its listing, the largest shareholder was Australia electricity, which accounted for 52% or 53% of the shares.

Motianquan is also the first company we invested in, probably the company founded in 1996, which has been in the middle for a long time. After Australia electric holding company, he has many ideas, that is, there are many contradictions between management team and major shareholders.

After a long time of communication, our SouFun network has also been listed, and has also made a good return. At the same time, the most important point is that AAO is not a controlling shareholder. Everyone has received a good return. At the same time, he has created two records, one of which is the most successful NBO that I think is realized through capital market.

The two is the longest held company listed on Nasdaq, with a market capitalization of around us $1 billion 500 million.

I wonder if Gome should ask us to be a CEO to solve their problems.

In fact, the headquarters of Ao power is also in Australia, which is almost the same as in prison. He will not come and talk with him, so this is all very interesting.

In China's market, every human miracle can be created. As long as you study hard, keep a close eye on the market, and communicate well with entrepreneurs, I think it's a lucky thing for an investor.

Finally, I would like to say that for 20 years, we have also invested in more than 200 companies. Our team has been together for a long time and feels that it has accumulated a long experience.

I just said that I am an old timer. We feel that we still do not want to retire. At the same time, I think the opportunities ahead are very good. In the past few years, I have paid close attention to two fields, one is the media, and the most important opportunity and challenge for the traditional media is the opportunities brought by the Internet and digital media.

Last year, the market value of Apple Corp has surpassed Microsoft. In other words, when we first started to do VC, the most successful one was Microsoft Corp. But as we all know, Mr. Bill Gates is very great. Now he has done charity work and retired, and I have not retired to do charity.

It's a great thing to watch Apple Corp, although its market value has exceeded Microsoft, but his p / E ratio is

At the same time, I think what we lack most and what we need to do in China is not so much tourism, culture and leisure just now. I think how the industry can think about the time of leisure and family entertainment in China, and the cultural industry is a very important development direction.

We have been working with Zhang Yimou and Wang Zhaoge and fan Yue from several teams in 2005, and have been doing impressions. I feel very good, creating a lot of job opportunities. At the same time, it brings a lot of entertainment and leisure time and travel time to many places.

Corrections here, all those who did not have the three directors, some time ago, an official in Hunan wrote a blog, and I corrected them here. All the copyrighted versions without the impression of the three directors were the three directors.

Several places are still very good.

At the same time, we worked together with CYTS to make a very successful investment in Wuzhen, Zhejiang, which brought us a lot of consumption and other good practices.

{page_break}

I am more happy about myself. I began to put in a movie "college entrance examination 1997" in the past year, and this year I voted two movies "Hawthorn love" and "Snow Flower Secret Fan". The film industry itself has more than 30%-40% healthy growth every year.

Since 1998, I have introduced a magazine from the United States to cooperate with the fashion magazine in China. The editor in chief of this magazine is the international editor in chief, Helen, now more than 90 years old. Her husband is a legend in the American film industry. Spielberg's first movie, the great white shark, was also hired by him. He hired Spielberg, the last big film of the old man, "big sky and big collision". This old man died last year, I and he are also very good friends. Every time I go to the United States, I have dinner with him and ask for advice.

He told me that he had Oscar's lifetime achievement award.

I said, how did you win this award? He said, if you invest 10 films in Hollywood, if you can make money, you can't pay for it. Two movies will make money. You will do well. If you make three money, you can get Oscar's lifetime achievement award.

I said, you are almost the same as VC. I want to use this method to solve the problem that we are not investing enough in Chinese movie entertainment industry at present, because the main investment in the past is still a country, so we see more films on the theme.

There is no one professional team to invest. Recently, I am glad that many friends have sent me a text message, saying thank me for letting them cry.

I used to think that this film was probably only a few cultural revolution of our generation. I like a friend who was a very good investor last week. They watched the movie with three children and 8 years old. My wife wrote me a short message saying that his son cried the most.

He said he thought the old woman was the most ideal idol for women. When he grew up, he wanted to be an old man. He was the best man and pure man. His father said I was the best man. I was so good to your mother.

He said I don't think your teeth are so white.

So whether the movie was successful or not, it made the 8 year old boy grow up and want to be a man who was so innocent.

I would like to add the question of guerrilla and regular forces. Just now, we said that tie is a joke.

In fact, we all started with guerrilla forces. When we did VC at that time, people said we were cheats and fools, that is, the purse company, running everywhere, but also a small shareholder.

I think this is nothing. Of course, the so-called guerrilla forces will eventually become regular troops.

Just like my father was fighting in upper ridge, my father and Huang Ji Guang were comrades in arms. My father was injured in upper ridge. This year he entered the war for 60 years. Not long ago, I accompanied my father to Xiaogan to participate in the 60th anniversary formation of the Chinese paratroopers. It was the 15th army. For the first time, I went to see the growth history of an army. There was no paratrooper in the war to resist US aggression and aid Korea. It was a very regular army.

Now it has become the most mobile force in China, and now it is the 15 army, because it moves very fast.

So I think it will gradually become a regular army.

The most important thing is that you have to constantly grope for your way out of China's path and not copy the foreign stuff. You must have your own set of practices. This is the most important point.

The above talks about VC PE and so on. In fact, VC and PE give people a feeling that PE is more cattle.

But at least our company and others are doing a lot of VC stuff, but these early stages of VC don't let it speak out, just do the job well.

PE will soon be on sale, which is easy to attract attention.

It's like I cast a movie. It's PE's PE. That risk is higher than all the investment. Why is the risk of the movie high? If a movie is taken out without anyone watching it, it becomes a pile of film.

Unlike a company, if equipment breaks down, it can sell some money.

I think the most exciting thing in China is that you can find out what is needed in the Chinese market. At the same time, we need to learn from some of the domestic and foreign learning, especially in the service industry, to use fast money and find very competent people to make it come true and realize dreams. I think this is the most exciting place in the Chinese market.

I just talked about the fear of bursting. This is my biggest worry at the moment, because we have more money, because then you will feel that you are afraid of nothing. This time is the easiest time to make mistakes. If I want to say something to people who are willing to enter the field and peers, and say that I am an old timer, I feel that when the market is cold, you should never lose enthusiasm and confidence in the market, because this time may be the best investment opportunity. This is the time when the market is cold.

I think your heart must be hot when the market is cold.

When the market is hot, you have to look at opportunities calmly. This is a dialectical truth.

I think the United States is very good. Attitude decides everything.

I think as a good VC or PE investment manager, always maintain a healthy, healthy and rational mentality in the changing market, I think this is the most important.