Tatin'S Hard Technology Harvest Season: 3 Companies Voted On The Same Day

In October 23rd, the Guangdong Municipal Committee of science and technology passed the first listing application of the Limited by Share Ltd, the Guangdong gas Limited by Share Ltd, the Amethyst information storage technology Limited by Share Ltd, the environmental protection Polytron Technologies Inc of wanders, and the Beijing long soft Polytron Technologies Inc.

Among the four enterprises, Amethyst storage, Wan de si environmental protection and long soft technology is the investment company of Tatun Chi Chi. Prior to that, Wald's financial investment, Wald, Ann Broadcom, and hot view creatures had landed on the science and technology board.

"Chuang Chuang plate has opened the spring of hard technology investment. Independent control and import substitution will become the main theme of equity investment in the future." Liu Zhou, the founding partner and chairman of Da Chen financial intelligence, said at the 2019 morning Economic Forum.

Tatun financial intelligence is the first domestic venture capital institution established in accordance with the market approach. At present, it manages a total of 23 funds. The total size of the management fund is nearly 30 billion yuan. Nearly 500 investment enterprises have successfully withdrawn from 146, of which 84 companies are listed, and 65 enterprises have withdrawn through mergers and acquisitions or repurchase.

In twenty-first Century, the economic report reporters learned from the forum that Tatun Chi Chi not only continued deep tillage in the field of hard technology and consumption upgrading in 2019, but also made new explorations in the way of fund management and exit.

As Xiao Bing, executive partner and President of Da Chen financial intelligence, said, "we only want to be the best, not the largest venture capital institution, and invest every penny of the fund as our own money."

The spring of hard technology

In July 22nd of this year, Wald, a superhard tool supplier, struck the bell at the Shanghai Stock Exchange as one of the first companies in the company.

Wald was founded in 2006. Its main products and services are located in the global high-end super hard cutting tool market, focusing on R & D, production and sales of ultra high precision and high precision superhard cutting tools and superhard material products.

In 2011, Da Chen financial intelligence invested in Wald, through its managed morning silver mine fund, was the second largest shareholder before the listing, and the shareholding ratio before this issue was 6.27%.

Hot spot organisms are also representative in the investment portfolio of tatchen. In September 30th of this year, the hot spot bio was listed on the science and technology board, becoming the first in vitro diagnosis of Ke Chuang Chuang.

Tatun's financial intelligence is the earliest institutional investor of hot landscape organisms. Through its management, tatchen Chuang Tai, Da Chen Chuang Heng and Da Chen Chui Rui hold a total stake of 16.47% of the hot spot biology, ranking the second largest shareholder of the company.

According to the twenty-first Century economic report reporter, Tatun financial intelligence has achieved a small proportion of exit through the transfer of old stocks before the listing of hot King biology. The cash return has already covered the cost of investment earlier. At the end of 2017, when the investment was made, the company was valued at 850 million yuan. According to the closing price in October 23rd, the value of the shares held by tatchen is still over 500 million yuan.

2019 is the "first year" of the science and technology board. It is also the 10 year of the growth enterprise board. Among the first 28 listed companies in the gem, Tatun's financial intelligence, which relies on billion power lithium energy, eye care and network technology, is the biggest winner of the opening of the gem. "Three yuan alone".

Nowadays, the growth of the revenue and net profit of the foregoing enterprises is the leading position in the gem enterprises listed on the same period. In terms of market value, the market value of eye ophthalmology has exceeded 100 billion yuan, and the market capitalization of billion power lithium and Internet technology is 32 billion yuan and 24 billion yuan respectively.

Time friends

Earlier, there were institutional statistics. The average time of the first batch of listed companies from founding to IPO was 12 years. Xiao Bing concluded that this is the process of long-term hard struggle and thick accumulation and thin hair.

The science and technology board has opened the "spring" of hard technology investment. The dazzling performance of the Department in the past four months has been based on the deep tillage of the team in the field of scientific and technological innovation in the past 19 years.

In the investment principles of tatchen, whether there is a real core technology is an important condition for selecting projects. Combing the investment portfolio of Da Chen Chi Zhi can find that this old VC has already laid out a large number of hard science and technology projects, which is highly consistent with the "three oriented" and "six industries" of the science and technology board.

Financial intelligence focuses on TMT, consumer services, health care, energy conservation and environmental protection, as well as military, intelligent manufacturing, robotics and other niche industries. These industries can be classified into two themes: technological innovation and consumption upgrading.

As of October 18th this year, there were 165 enterprises in the science and technology board, of which 10 were investment enterprises in morning, accounting for 6%, ranking the highest in the industry. 34 listed companies were listed. Among them, there were 3 Wald, Ann Broadcom and hot landscape enterprises in the morning business department, accounting for 9%.

Liu Zhou disclosed that at the end of the year there are still many enterprises to declare, and dozens of enterprises will declare after the next year.

In the related track of hard technology investment, with the 5G and AI entering large-scale urban application stage, new investment opportunities are still emerging. Dou Yong, a partner in artificial intelligence and information security industry in the East China region, said that investors did not escape from the AI track, but they were more rational.

Dou Yong specifically said, "investors will pay more attention to the essence of AI enterprises, that is, the ability to apply landing scenes, including what scenarios, whether they can be replicated, and what kind of business models the scene presents to the public."

Innovation of fund management

A great advantage of PE/VC is that it provides the choice of exit channels for early technology investment, giving investment institutions the opportunity to allocate funds to a wider investment stage and industry track.

According to the twenty-first Century economic report reporter, in addition to continuing deep tillage on two major themes of hard technology and consumption upgrading, tatchen is making new attempts in the way of fund management and exit.

In 2019, with the continuous difficulty of raising funds for RMB funds, DPI (capital contribution rate) became another core index of RMB LP consideration of GP fund management team, which corresponded to the liquidity demand of investors in the current market environment.

Facing the investor's psychology of "bag for safety", the investment reopening of Da Chen Chi Zhi this year will break the past industry team reporting mode, and start with "fund" as the unit to analyze and summarize. This means that through different funds in different rounds of investment in the same project, Da Chen will choose to withdraw in a more diversified way.

In the exit management of the listed projects, the exit strategy of Da Chen is to allocate profits as soon as possible after the lifting of the ban and strictly abide by the new rules. The remaining shares will be withdrawn from the market according to the performance of the market. In the future, the team is also expected to "relay" the long term promising projects after the completion of the project has been completed by LP. In terms of specific exit ways, in addition to the regular IPO exit, Tatin's financial intelligence seeks to achieve the possibility of exit through mergers and acquisitions through more extensive cooperation with listed companies, and is also exploring the possibility of achieving the exit of the old stock through the PE two tier market.

"We are working with different funds to improve market liquidity. Although we have not yet set up a special S fund, we have maintained close cooperation with the mainstream S fund. The private equity fund has a long cycle and weak liquidity, but we are improving the DPI and liquidity of the fund through some innovative ways. Liu Chang, general manager of Tatsu financial intelligence investor relations department, added.