Focusing On Lou Yun Li: Ten Years Of A Female PE Founding Partner

In April, the C wheel has been set up for just a year.

One of its investors is Mton.

Investment bank

Lou Yun Li was born in Beijing.

When I was little, my dream was to become a doctor.

At the age of 17, he went to the United States as the pioneer of studying abroad today.

In fact, she entered Harvard University and later won.

Career orientation is very important. Lou Yun was very clear from the beginning. In 1992, she entered Goldman Sachs.

In the same year, the speech of the South inspection conference showed that China's economy began to take off, and the GDP growth this year reached 12.8%.

In October 9, 1992, brilliance motor entered the New York stock exchange with the stock code of CBA.

Thus opening the prelude to the overseas listing of enterprises.

Or just like CBA's players entered NBA.

And Lou Yun Li is experiencing the initial accumulation of new investment in the banking sector, which corresponds to high income, and investment banking is not easy.

At that time, she worked in the investment banking department of Goldman Sachs securities in New York and Hongkong.

In another perspective, former US Treasury Secretary Henry Paulson wrote in his memoirs: whenever I tell a story about the balance between work and life, people will say, "Paulson, you bastard, you are calling on others to be more ruthless than anyone else in Goldman Sachs."

At this time, Wall Street undoubtedly felt the pulsation of China's economic growth. Paulson wrote: I like challenges.

Asia, especially China, has entered an unbelievable boom in recent years, and at that time we still did nothing in the Asian continent.

In 1993, Merrill Lynch became the first US securities company to set up an office in China.

In 1995, Lou Yun went to Merrill Lynch responsible for Merrill Lynch's direct investment activities in Greater China.

At that time, there were few institutions to make PE in the mainland, such as the direct investment department of CICC, which was the later Ding Hui. Softbank had no organization in China at that time.

Then she met her colleague, Qiu Liping.

Correspondingly, Qiu Liping's experience was much richer. In 80s, he received a master's degree in systems engineering from National University of Defense Technology.

One of the students in this period was Chen Zhiwu.

From this point of view, it is not surprising that he later turned to the financial industry.

Qiu Liping's experience includes university teachers and software engineers.

Qiu Liping recalled, "at that time, Merrill Lynch's Greater China Ministry of direct investment was the two of us, and we invested money in Merrill Lynch."

Lou Yunli's two item was later mentioned by the media. Mrs. Shenzhen's pharmaceutical and crankshaft manufacturer Wen Deng Tian ran.

Also in 1992, Zhu Baoguo founded the Shenzhen Madame Health Food Co., Ltd.

In 1995, we entered the pharmaceutical industry and renamed Shenzhen Madame Pharmaceutical Co., Ltd.

In 1997, Shenzhen Haibin Pharmaceutical Co., Ltd. was completed to complete the pformation from health products enterprises to pharmaceutical enterprises.

Zhu Baoguo bought $20 million from Merrill Lynch to buy seashore pharmaceuticals.

But 97 years later, the Asian financial crisis, overseas listing stranded, the company turned to A share listing, the two sides have different understanding, so Zhu Baoguo bought back these shares, $25 million.

In 2001, Madame pharmaceuticals listed 70 million shares on the Shanghai stock exchange and raised 1 billion 700 million of the funds.

The crankshaft is the core component of the engine, and its accuracy determines the performance and life of the engine to a certain extent.

In 1996, Shandong crank General Factory and Merrill Lynch formally signed the contract on joint investment in Wendeng Tianrun crankshaft Co., Ltd., the total investment of the joint venture company was 29 million US dollars, and the registered capital was US $21 million, of which Merrill Lynch contributed 8 million 400 thousand US dollars.

Not limited to the domestic market, it actually invested in a semiconductor packaging company in Philippines.

Qiu Liping later said in an interview about PE's positioning: I think foreign capital PE is much better than those so-called strategic investors. China's introduction of foreign capital should introduce more foreign PE.

Because foreign funds like us are from abroad, but managers are Chinese, and the biggest advantage of PE is that it will not control a company.

Madden investment

Lou Yunli and Qiu Liping launched the establishment of Milestone Capital in 2002.

First is the "China Investment Opportunity Fund I".

Yun Li and Qiu Liping, the founding partners, have their respective work focuses. Lou Yun Li is stationed in Shanghai and is responsible for the overall management, investor relations and investment projects of the company. Qiu Liping is stationed in Beijing and is responsible for the development, execution and investor relations of investment projects.

More often, Qiu Liping talked about the idea of the fund before the media. Of course, their understanding should be consistent.

The Mton fund of Mton investment management mainly invested in China's steady growth and high growth enterprises to achieve medium and long-term capital returns by providing capital for business development or project acquisition.

In November 2003, Mton investment led the first round of financing of Beijing Haier Medical Technology Co., Ltd.

This is an enterprise that produces, sells medical equipment and provides after-sale services.

De Haier produces its own brand of medical devices, such as sleep breathing therapy machines, patient monitors, air compressors and oxygen generators.

The company also has many international medical equipment suppliers in China. Its products include anesthetic machines, monitors, ultrasonic instruments, imaging products, etc.

"The first round of VC is more to help enterprises find growth points and find a direction for development."

In 2010, Liu Zheng, chief financial officer of Haier, reviewed the interview with chief financial officer.

With the entry of funds, the company's business has shifted from medical product agents to production and research and development.

In the second half of 2002, Jiang Nan Chun persuaded the first 50 offices to install 300 screens.

The initial advertisers were China Merchants Bank and Hennessy foreign wine.

The new media mode of building television has gained the attention of venture capital soon.

Focus Media company records: in March 2004, UCI Wei Zhong investment, CDH international investment and TDF fund joined hands with well-known investment institutions such as DFJ, WI-HARPER, and Mton international investment to jointly invest tens of millions of dollars in Focus Media.

Jiang Nan Chun did not speak fluent English. It was difficult for foreigners to judge Jiang Nan Chun and his business model was unique in China.

This case is very special.

Later, in an interview with computer world, Lou Yun Li recalled, "we believe Jiangnan Chun's team has this ability."

In May 2006, Mton investment led Trina Solar's first round of financing.

The other two investments are Good Energies and Merrill Lynch.

Qiu Liping later reviewed the details. The first round of investment was US $40 million, and a single institution was not easy to vote. It gave 10 million share to Merrill Lynch.

Trina Solar has evaluated Investment: these investments have opened the door to the internationalization of Tianhe and play a crucial role in improving productivity and brand promotion.

At the end of 1997, Gao Ji fan and his colleagues set up Trina Solar limited.

Inspired by the "million solar roofs" program of the Clinton administration, Gao recognizes the trend of PV market development.

In August 2005, Trina Solar began expanding upstream to produce the first batch of single crystal silicon rods.

In October of this year, the silicon bar factory was put into operation.

Silicon wafers were made in February 2006.

In December 19, 2006, Changzhou Trina Solar Limited was listed on the New York stock exchange, which is the second Chinese private photovoltaic enterprise listed on the NYSE after Wuxi Suntech.

In March 2007, Mton investment led the completion of the second round of Vision China financing.

In an interview with investment circles in September 2010, Qiu Liping reviewed the introduction: Vision China needed 40 million dollars at that time, and Mton paid 28 million dollars.

Because there was a difference in money, Goldman and Goldman Sachs worked together.

The seat of the board is also by Madden.

Founded in 4 in 2005, Hua Shi media uses digital mobile TV technology to support the outdoor digital TV with mobile reception as the carrier. In December 2007, it has covered 26 cities, involving 95 thousand TV terminals, reaching 80 million urban residents every day, covering 270 million audiences.

In December 6, 2007, Vision China set up for 2 and a half years, listed on Nasdaq, and the stock code VISN, set the fastest record of NASDAQ from scratch.

In fact, Vision China, the first fund has been completed, belongs to the limited partners to invest money.

In the second half of 2007, second funds were raised. The total size of the fund is US $310 million. "China investment fund II", so the total amount of management is about US $four hundred million.

The company's Web site points out that the Advisory Board of the fund has been established by many industry experts in China, Asia and the world.

Among them are Chen Zhiwu, Chen Zhiwu, a lifelong finance professor at Yale University. He enjoys a reputation in stock valuation, stock and options investment strategies, options pricing, and valuation and investment strategies of fixed income securities.

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Few but fine

Forbes, 2007 China's best venture investor list, Lou Yun ranked tenth.

Forbes launched this list in 2006, and in 2007, Forbes enthusiastically recalled that 2007 was a year when Chinese venture capitalists were successful.

Such as Alibaba, Suntech solar and so on, more than 20 venture capital backed Chinese enterprises have been listed successfully, making the investment of investors get several times of capital returns, among which new energy, online games and pharmaceutical enterprises are the most rewarding.

In fact, a new change in 2007 is that CITIC Securities has obtained the pilot qualification for direct investment business.

CITIC Securities announced that the company now invested 831 million yuan, the establishment of golden time investment limited, to carry out direct investment business pilot.

In September 2007, at the Investment Summit for revitalizing northeast China, Qiu Liping talked about solar energy: I think solar energy has great potential. In the long term, in the infancy, according to the European forecast, solar energy accounts for 64% of the total global energy.

Today's ratio is 1% to 2%.

In June 2008, Mton investment led the equity financing of China's silicon industry.

In July 2009, poly GCL-Poly Energy Holding Ltd acquired all the shares of Jiangsu Zhong Nan Silicon Technology Development Co., Ltd. with HK $26 billion 350 million.

In fact, indirectly listing overseas is equivalent to loading the company.

Both sides have a common controlling shareholder, known as the "king of electricity" Zhu Gong Shan.

The main business of poly co Xin is the operation of environmental protection power. The company holds a number of thermal power plants, 1 waste incineration power plants and 1 wind power plants.

Jiangsu Zhong Nan Silicon Technology Development Co., Ltd. was founded in Xuzhou, Jiangsu province in March 2006. It is currently the largest single polysilicon production base in the world, and its capacity output ranks first in Asia and third in the world.

In 2009 3, the Ministry of science and technology torch high tech Industrial Development Center was approved and established, and Xuzhou became the only national torch plan new energy characteristic industrial base in Jiangsu province.

In January 2008, the 2007 annual meeting of Chinese institutional investors, Qiu Liping said: basically, we can say that PE, or VC, because when we voted, he was not profitable, and Huashi was also the case, but most of the other items were quite mature. As the host said, we mainly invested in the latter part of the project.

At this time, the market is talking about the launch of the growth enterprise market. In an interview with Qiu Liping in April, I pointed out that in the last two to three years, especially after 2009, there will be a large number of RMB VC/PE coming out, because the enterprises they started to enter the market, especially the launch of the gem, will lead many small investment companies to come out.

Their return on investment may be very high, so it may attract people's attention and promote the continuous development of RMB funds.

2008, China's best venture investor list, Lou Yun Li was re elected. "Her successful exit from Focus Media, Trina Solar and Vision China shows her steady investment style."

In the introduction of the list: the investment of Qiu Liping, founded by Lou Yun Li and Mr Ma, tends to have mature technology and non startups with a certain market prospect.

The common feature of these enterprises is that they have already made profits, but they need more funds to grow and expand.

In the second half of 2008, the Wall Street financial crisis intensified, and the private equity investment field was obviously more sensitive.

"Our second raised funds currently only invest in three projects, one of which has been IPO, and our LP has already made the cost of the original investment, so they have not given us any pressure."

In 2009, Qiu Liping reviewed the interview.

But he still stressed that "in the face of a year full of opportunities, we will adopt a more positive attitude to look at the project, hoping that we can have good luck, and the total investment of 200 million dollars in our hands is our biggest goal."

Unlike many institutions that spread the net in general, during this period, investment in Mton only invested ten projects. Of course, as mentioned earlier, a considerable number of them have already withdrawn.

According to the company's website, the Mton fund adhered to less and more in choosing the quantity and quality of the invested enterprises, so that the invested enterprises could get more support from the investment of madden.

field

"There is no fixed limitation in the investment field of Madden investment. We focus on high growth, sustainable business model and strong management team, requiring enterprises to have good financial and operational records, and have achieved a leading industry position."

2009 China's best venture investor list, Lou Yun Li was elected again. For the industry, the opening of the list pointed out a new trend: behind the 28 GEM companies, 20 Vc firm, which invested 689 million yuan in the market before these companies went public, won an average of 5.76 times the return.

Madden has not yet taken part in the market. "We are a US dollar fund, so there may not be too professional opinion on the listing of small and medium sized boards and gem."

In March 2011, Lou Yun said.

The capital market corresponds to the change of economic level. During this period, it is obvious that the economic level can provide more investment opportunities.

In September 2009, it became an exclusive strategic investor of Watson group.

Watson is a mineral water and beverage company headquartered in Shenzhen.

According to reports, Madden invested 130 million yuan in cash to share the Watson group, focusing on the Huangguoshu Waterfalls drinking water brand.

"Before the investment of Madden, the investment was mainly in technology media, such as Focus Media, Vision China and so on. Watson is the first company to invest in FMCG, and what we are looking for is its brand and natural water superiority."

Lou Yun Li pointed out in an interview.

The sales area of Huangguoshu Waterfalls brand mineral water includes Guangdong, Guizhou, Yunnan, Chongqing, Sichuan, Guangxi, Jiangsu and Hubei. These areas cover nearly 40% of China's population.

Tang Chenguang, chairman of the board of directors of Huasen group, said: with the planned investment of 300 million yuan, the two phase water works will start construction and put into operation in stages.

We have the advantages of water resources, brand advantages, product packaging advantages, and financial support. We are confident that Huangguoshu Waterfalls's natural spring will become the leader of China's drinking water brand.

In April 2010, he invested in the company as an exclusive investor.

The Shanghai based company was founded in 1995.

Bela Vera's women's clothing is mainly targeted at 25-40 year old urban white-collar women.

At present, there are about 500 stores in the country, covering most municipalities, provincial capitals and two or three line markets.

In the same period, Haier medical, which invested for many years, completed IPO in April 22, 2010, and officially launched the NASDAQ Capital Market in the NASDAQ capital market, that is, the original "NASDAQ small capital market".

The Nasdaq market is divided into four levels: global selection, global market, NASDAQ capital market and OTC pfer market.

Solar energy is a fairly long industrial chain. As an interface device between photovoltaic cells and power grids, the inverter converts the electrical energy of photovoltaic cells into alternating current power.

In September 2010, Mton invested as an exclusive investor in Nanjing Guan Ya power supply equipment Co., Ltd., and its products are mainly sold to integrators and developers of grid connected or off grid photovoltaic systems.

The new year is coming. In December 29, 2010, Vision China announced that the company and its subsidiary Vision Best had filed a lawsuit against the former shareholders of DMG in December 27th.

This event goes back to a year ago, and on October 2009, 15, Hua Hua media announced that it would buy DMG at a price of 160 million US dollars.

It paid $40 million in cash and $60 million in stock, paying $30 million a year for the next two years.

The Digital Media Group, or DMG, was released in February 2009. It points out that DMG provides entertainment, information, advertising and patented passenger information system services to over 14 million passengers in 9 major cities across the country, including Beijing, Shanghai, Tianjin and Hongkong, through 30 subway lines and public pport information screens.

After the completion of the acquisition, the new network has 160 thousand TV terminals, occupying 76.8% of the total number of TV terminals in China's vehicle wireless digital signal pmission, covering nearly 400 million of the audience.

"Simply speaking, we buy expensive, DMG's business is no problem, but it is not worth the initial paction price."

Wang Hanyu, director of investor relations at Vision China group, said in an interview.

This will undoubtedly become the focus of public opinion.

Earlier, "the Tenth China venture capital and private equity investment annual forum", Lou Yun said from another angle: we bought a DMG in Shanghai last year and advertised in the subway. In fact, the acquisition is now a big burden for the company and our listed company. Now the company is still digesting the acquisition, so I think there is still a lot of experience in the acquisition between Chinese enterprises.

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Internet logic

On October 19, 2010, in the 2 Waldorf hotel in the Bund, Shanghai, the new online ceremony was launched.

The official blog of the elite web site wrote: "Ms. Lou, for today's press conference, will hold an important board meeting in Hongkong a day early, and she is going to the the Bund conference scene just after the plane."

"She predicted that the net would be another classic case on her hand to go on the market."

Subsequently, the net announced the completion of the first round of financing, including the investment of Mton, and the investment in Richmond, which had been invested in eBay.

You Shi net is a business social networking site.

A similar website is LinkedIn, LinkedIn receives revenue through advertising, business payment and website members.

Web site is self introduction: it is a private business social networking platform with invitation invitation system.

Through mobile phones and computers, she brought together a group of influential business leaders and entrepreneurs in China.

It enables users to easily find new customers, partners, employees, work and experts, and can exchange information on this platform for discussion.

Lou Yun Li pointed out in an interview that "there are many high-end business social networking sites in foreign countries, while China is basically not mature, while excellent people have launched their brands at the right time."

"There is also a very important competition threshold for you," he said. "Today, you will not reimburse your friends for dinner, but you go to the best people to talk about business. This is a business expense. The company is willing to bear the cost if it sees savings or profits increase."

The founder, Mr. Lu Han, said in an interview.

The story about handshake net started in March 10, 2010: all the registered users and handshake net donated 5 yuan hand in cash coupons during the promotion period from March 10th to March 18th.

In April 22nd, the handover network announced that it had invested in the Taishan Angel Fund.

Since then, the capital level has expanded rapidly, or another word, in short, a lot.

In May 14th, the handover net revealed that it had been injected into the European group buying website Daily Deal founder and investors.

In June 5th, the handover network announced investment in Jinsha River investment, and the company said it had accumulated a total of $5 million in financing.

But shortly thereafter, the handover network announced that it was once again awarded $5 million to Jinsha River.

Jinsha River partner Zhu Xiaohu told ChinaVenture interview: the second round is also from long-term equity cooperation, the first round is our pricing, the second round is the deposit we pay ourselves, first give him five million dollars, and then wait until the end of the year, the formal second rounds of financing, the loan will become equity.

In December 2nd, the handover network announced the second round of venture capital, which amounted to US $50 million.

Investors include Tenaya Venture, Norwest Venture Partners, Jinsha River venture capital and Rebate Network.

CEO Wu Bo explained Valuation: Groupon's valuation is two times the sales volume next year. We expect sales to reach US $250 million next year. According to this calculation, the 500 million valuation is reasonable.

Later, the Taishan angels announced that they had partially withdrawn from the handover network, and said that the withdrawal from equity earnings reached 180 times in half a year.

In April 11, 2011, the handover network announced the completion of the $111 million C round of financing, corresponding to the handover network valuation of $1 billion 100 million.

This round of financing is jointly invested by Madden investment, Reinet Fund SCA FIS and Remgro Limited of Richemont group, and Jinsha River venture capital.

The Group operates Vacheron Constantin, Cartire, MontBlanc and other brands.

Qiu Liping once said, "when we hesitate, it is very difficult to decide. If we prove it, we will have no chance."

"The most important thing is that all services can rely on technology, data analysis, and provide best services to businesses and customers."

Lou Yun Li pointed out in an interview with Forbes.

In March, in Shanghai, "2011 Forbes China potential business investment forum", Lou Yun Li attended. She changed her hairstyle and her hair was tied up back.

Of course, the important thing is content. Round table two is "sustainable entrepreneurship", which involves the high valuation of the company under ample liquidity.

Lou Yunli said: this will be a headache for investors. All entrepreneurs believe that their enterprises can be listed in one or two or two or three years. Many of them are listed on their own counterparts. Most of the enterprises are proud of their enterprises, and even better than the listed companies.

So when it comes to valuing, investors and entrepreneurs need to have a process.

epilogue

Lou Yunli once pointed out: as an investor, I want to see the profitability of the real enterprise, and its continued profitability, rather than whether such an industry, or whether this concept is very popular in the market today, and then we put it in.

Because it may not be popular when it comes public.

"Finally, as investors see, it may be the sustained growth and profitability of enterprises."