Hua Ying Capital Ji Wei: Attack Without Hesitation

? ? ? ? In the early summer of Nanjing, the founding management partner of Huaying capital, Ji Wei, is playing the drum. She said that Huaying capital wants to attack.

? ? ? ? In May this year, Huaying RMB 6 growth fund with a scale of 2.12 billion yuan (hereinafter referred to as "Huaying RMB 6 phase") was raised, becoming the first sub fund in the first batch of sub fund management institutions of the National Development Fund for small and medium-sized enterprises.

Together with the angel fund and industrial fund that will soon be raised, Huaying capital has raised more than 3.3 billion yuan in RMB this year.

"The establishment and operation of the sub fund managed by Huaying capital in the same batch of sub funds fully proves the excellence of Huaying capital and the trust of all investors in Huaying." State small and medium-sized enterprise development fund Co., Ltd. Chairman Ma Xianghui said.

In addition to the over raising of Huaying RMB phase VI fund, it is the local RMB fund raising environment that has not recovered yet. According to the data of China investment research, more than 30% of the funds (33%) did not raise funds in place in 2020.

The market environment after the outbreak of new crown pneumonia has not become better for the managers of RMB VC Fund.

Chen Wei, chairman and founding partner of Dongfang Fuhai, recently pointed out the four major pressures faced by local GP: LP nationalization, lp-gp nationalization, Hong Kong stock ownership of China's capital market and intense investment.

In such a market environment, the GP of RMB VC has stressed that it is necessary to invest early, invest new and invest differently. However, if we want to invest early, how can we find the project earlier? How to define innovation if we want to invest new? What kind of differentiation can form the core competitiveness?

In May this year, the reporter interviewed Ji Wei at the launching ceremony of the sixth phase of Huaying of SME Development Fund (Nanjing).

Self iteration of Huaying capital

Ji Wei grew up in southern Jiangsu and studied in Shanghai. In her early years, she gave up her job in state-owned enterprises and went to Imperial College for further study. Such a growing environment and educational background make her seem to have a quiet and unconventional attitude. More than ten years of experience in venture capital industry has just achieved her insight and independence.

"From one track to another, we are constantly breaking through the comfort zone with a track to follow." Ji Wei has said before that the external world is constantly changing, passive acceptance of change, called "adaptation"; Only actively embracing change can be called "iteration".

Today, Huaying capital has a stable position in the RMB fund market. It is only occasionally recalled that the two funds originally managed by the institution were Singapore dollars, and soon after its establishment, it formed a local team to return to the Chinese market. 21st century economic reporter learned that Huaying capital team has put the management of US dollar fund on the plan.

In 2010, the first phase of Huaying capital's RMB fund was established, with a fund scale of only 172 million yuan. After 10 years, the scale of single period fund is more than 12 times of that year.

"If you don't recognize the direction, value and conduct of Huaying, you won't use" real gold and silver "to continuously add Ms. Ji said it was "the highest level of praise" from fund funders (LP) to the fund management team.

The reporter learned that the six phase growth fund focuses on new consumption, enterprise services and technology driven.

In the new consumption sector, Huayin capital has already invested in new brands, new platforms and service providers such as weinian (Li Ziqi), zihaiguo, Maia active, Sangu, master Bao, and Gome.

"The outbreak of these projects is not achieved overnight, but is based on the team's years of understanding of traffic, understanding of content and insight into the crowd." Wang Jipeng, partner of Yuanhe chenkun, told the 21st century economic report that the fund management team of Huaying capital has been able to constantly find new entry points in the process of industrial transformation and technological iteration, and both sides have truly achieved mutual achievements after years of cooperation.

Huaying capital's understanding of industrial change and technological iteration has been reflected in their investment layout. Not only in new consumption, but also in the fields of culture and digital content, SaaS and general enterprise services, its team has captured the changes very early in recent years, and has invested in star projects such as micro alliance, boss direct employment, and jinyou.com.

Ji Wei sees that consumption and technology have become new investment themes of the times. "In the future, we will continue to move along with the two underlying logic of population demand iteration and technology upgrading. In a new round of technological change and consumption driven, we will boldly seize the dividend of the times and move towards the star sea of the next decade," she said

Leverage all stage investment

Since the second half of 2020, there are two obvious changes in the RMB VC market: first, the scale of the fund has become larger, and there are fund raising information of more than 10 billion yuan in the market from time to time. Second, the boundary between PE and VC funds is vague, and the "full cycle" and "full strategy" investment modes appear on a large scale.

When new changes occur, Ji Wei and her team need to make a choice: do you want to follow up and make the fund management scale larger? When the power of super fund is omnipresent, how can the broader GP layout with higher capital efficiency?

"In the past, we said to invest in good projects, today we talk about the pursuit of excellence." Huaying capital has always done enough in the key layout of the track, so there is not too much anxiety. Jiwei also put forward new requirements for the team, "as long as you do a track, you only rank in the top three."

The foundation of Huaying capital comes from the recognition of fund funders and the recognition of invested entrepreneurs.

From the first closing to the final closing, Huaying RMB six phase less than five months, the original investor's re investment rate reached 45.7%. Since the first closing of the fund, Huaying RMB phase VI has completed the investment in 11 projects, and many of the new projects have completed a new round of financing.

13 years after its establishment, Huaying capital has assembled the puzzle of angel, growth and industrial funds in the investment stage, and its layout ability is complete in more investment stages.

"Huaying capital will be more and more complete in the future. Our investment in the track is focused, and our ability at different stages of the track will expand. " In Ji Wei's opinion, the motivation of expansion in the investment stage is the self evolution of the organization, which focuses on the head project, rather than a passive response to the change of wind direction in the market stage.

It does not mean that it can not continue to provide ammunition for the invested enterprises.

In May this year, since hi pot disclosed more than 100 million yuan of C + + round financing, the investor is Beijing Taikang investment. The 21st century economic reporter learned that Huaying capital was the earliest external institutional investor of zihaiguo, and Beijing Taikang investment was one of the investors of Huaying capital.

It is reported that Beijing Taikang investment will, with the advantages of funds and resources, promote Taikang's channels and customer resources to empower zihi boiler and become its long-term strategic partner. It can be seen from this investment transaction that Huaying capital is leveraging LP resources to provide long-term capital and resource empowerment for the invested projects.

In many people's opinion, LP's project investment in the form of direct investment will squeeze the return space of GP fund. Ji Wei is looking at LP investment from the perspective of value-added services. She explains: "if you don't look at this from the perspective of" obligation ", but from the perspective of win win (win-win), GP is very suitable for FA (follow-up financing of enterprises)"

An attack without hesitation

"Be quick and handsome." Entering the new year, Ji Wei and her team partners said.

In the past five months alone, Huaying capital has invested in 11 projects, including baixiaot, Chongxing, Yuki, duoyanshou and Lingxi.

Such a quick move is a continuation of the investment rhythm in 2020. In this year, Huaying capital accelerated the pace of business against the trend, and the amount of contracted investment increased by more than 186% year-on-year; The scale of subsequent round financing of invested projects increased by 453% year on year; More than 17 projects were withdrawn, with a year-on-year increase of 336% in the amount of withdrawals, with various data reaching a record high.

"When the market is most uncertain in 2020, our team agreed after discussion that" we should attack, and we should not hesitate to attack. " Ji Wei, who manages an investment institution with a history of 13 years, said, "what I think most about these years is" survival. ". Now, the definition of the word has changed. "

Behind the attack, Huaying capital not only has ammunition support from fund funding institutions, but also comes from the invested enterprises and enterprise allies of subdivided track.

At the end of 2019, Huaying capital and Weimeng group jointly launched Nanjing Huaying micro alliance fund, focusing on the investment layout of start-ups serving SaaS at enterprise level and upstream and downstream industrial chain. Earlier, Huaying capital invested in Weimeng A and B rounds of financing in 2014 and 2015 respectively, accompanying Weimeng group from vigorous development to successful listing.

In another star project, Huaying capital is the discoverer and a-round investor of micro idea. Although the company's valuation continued to rise, the team still maintained its initial shareholding ratio through continuous follow-up investment.

The deep connection between Huaying capital and the invested enterprises is based on deep industry insight and mutual understanding and patience between industry and capital.

In September 2020, Ji Wei invited Zhang Yong, founder of white small T, to give a speech at the annual meeting of the company. Many participants thought that this was the value-added service of Huaying capital to the invested projects. In fact, it was a typical "post investment front" in Huaying capital.

In any industry, entrepreneurs are the first to perceive the changes in the industry. The reporter learned that, in addition to the idea of "pre investment after investment", Huaying capital is also establishing a founder exchange platform, so as to understand the founders' cognition of the industry at the first time, and really use the fund resources to solve problems for them in a more effective way.

"The team is in a very good state, which is the re entrepreneurship of Huaying more than 10 years after its establishment." Ji Wei disclosed that the team is building a "Huaying ecosystem" based on its existing capabilities and resources to connect the government, financial institutions, platforms and start-up enterprises, and provide normalized, productized and effective post investment services.

As with the past self iteration, Huaying capital is expanding its boundaries at its own pace. Talking about the future, Ji Wei said that the market change is always in, as long as we believe in the established track and playing method, "do yourself well! Use track record to prove it. "（ Editor: Lin Kun)

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