note: hunting cloud under the a-share market boom, the market value of listed companies jumped sharply. Partners China founding partner zhang ying at huatai securities sponsored “reconstructing the third power of the Internet + peak BBS” speaking, warp/weft was founded over more than 230 enterprises, of which more than 110 enterprises is $architecture, but in the past months, of which more than 40 being demolished structures, ready to return to the domestic capital market.
in the meeting, he Shared the following points:
1, long-term bullish on China high quality Internet companies to return to A shares or in a-share listed;
2, the Internet is the new three board or plate in the a-share market, attracted A group of the best Internet company founders return to A shares, down the structure;
the number 3, A stock market in the future the Internet will have 10 times or even 30 times than the current growth;
here is zhang ying spoke at the scene of the BBS transcript:
host: very zhang always welcome to visit our huatai + Internet congress, prime minister, recently also in entrepreneurship, in cafe in all kinds of entrepreneurs to take a plan for the vc, you are very busy recently, have time to ride a motorcycle?
zhang ying: still have time, I think work is for a better life.
host: come here to find more entrepreneurs, what are we going to contact type startup is more, could you share with us the business model and the direction?
zhang ying: we established 08, mainly I told bo shao and had worked for a friend, this year has been more than seven years, we put our simple understanding into the angels and the movement of the early Internet investment and medical institutions, in addition to these two industries, we almost don’t do any other areas of investment, so we are still in the mobile Internet, 80% of the focus points to the field of mobile Internet now we invested nearly 150 companies. Recently, I think we go to the mobile Internet some more niche industry continue to power, such as mobile social, O2O, we are very bullish on, including games, we are continuing to do the Internet finance, trading platform, I have been think trading platform is also what we are doing good, for some good company. Do slightly ignition, the market now a line like us funds last year, nearly all beauty should be better invested more than 100 companies, sequoia’s boss also in, I don’t know how is sequoia data, we invested nearly 90 new companies, so the rhythm is terrible.
I add, I remember that at the end of 2010 started early systemic layout mobile Internet companies, power is at that time there are some risk investment institutions to laugh at us, like they laughed at some of the fund, said we don’t understand the disorderly throw of the industry. Our own original idea is that this is a big wave of China’s whole economic structure is changing, the role of the Internet will be more and more important, the mobile Internet is one of the most important piece of the Internet domain, we didn’t say much, it is hard work, now three or four years in the past, when our funds are also afraid to laugh.
host: you have been a-share investors very admire, how can we know the dollar funds, we want to A shares in A particular investment story, often to mark A company have to compare good, found in your hands. Recent online have A joke said area, all the way on the way back home, we are all the way to fry, so A shares very fire, and on this situation we VC is what kind of feeling, what do you think of this phenomenon?
zhang ying: from the gem produced by now, I think most of the second line dollar fund’s attitude towards Internet companies in the a-share listed, behind closed doors is arrogant disdain and don’t understand. They all think many Internet companies listed a-share again now, is all garbage company, they are not up to A lot of people in both the ridicule. I think it is inherently wrong, essentially these people earn less than A shares A lot of money in the future. Our own internal think so, the Chinese company, A Chinese brand, should be listed in China’s capital market, in the short term if you see the volatility of the capital market, a-share market, I don’t have much, I just talk to jiang, we two people who are more cautious, I didn’t drop A penny in the A shares. Metaphase I cautiously optimistic, but in the long run, very bullish on China high quality Internet or return to A shares in the a-share listed company, I am very bullish. And we have in the fabric into the system to do the layout and change, so I want to do in this way many fund economic future will see more and more fabric of a-share listed company.
host: hear this passage is doing a lot of people in the secondary market investment are very encouraging and excited, because we feel good chip, kids will come back, as we said in the report, the bubble in stimulating the good company landed in China.
zhang ying: you this other words very, very good, I might add, in the past three months, such as the new three board or Internet sector in the a-share market, no matter that reflect today’s status quo of health, there is A bubble, but he still attracted A silver dollar fund industry for many of the best Internet company founders, began to deep thinking, and then one of the most people already action to return to A shares, the open structure. The trend is very terrible. Our internal work, in a month and a half since is many, many, also when we go to the founder of endorsement, plus some more aggressive and excellent brokers, actually they consciousness change very, very fast. So I don’t know this bubble attract high quality company, can achieve a balance, lead to our capital market can be a smooth transition, but if I go to guess period and long-term will inevitably is a benign result.
host: just have a little friends send WeChat messages, when the market fell 4% yesterday, as no one can judge the short-term tendency, reflect short-term bear, for medium and long term, the direction is very clear now, I tell a friend, the Internet that a wave of big bull market, structural bull market has just begun, now still in the hazy stage, kids haven’t come back, when good children come back, it was such a mammoth Internet market.
zhang ying: I think we are so far seven years in the 230 plus company, which is 120 RMB, $110 is architecture, there are more than 40 in the preparation of systemic structure, 120 and 40, I think in the coming three to five years there will be A wave of A wave of warp/weft is A company, including sequoia is the best mobile Internet companies will be listed on the a-share, this thing is no doubt that, we’ll wait and see.
host: we see zhang jingwei always throws a lot of excellent enterprise, this round, including the typical representative of the second generation of Internet companies, such as drops quickly, such as hungry, this kind of company, because this round of Internet company growth path and the valuation model and before us is relatively familiar, or be able to learn from the United States is not exactly the same, there is a point in the report, we called our VC for secondary, such situation, times above our view is to say, we can learn from our early investors good more and more mining company’s vision and mining the subject matter of the eye, can give us to share our projects more attention in selection and, how to dig up so many good company?
zhang ying: three points by effort, seven points by destiny. Early, we actually do a lot of people after the success, he kicked the ladder in the roof fall, in presenting their cattle B, I feel today of I, diligence is said how much you like this today, how much is the luck, I think seven points is luck, three points is our own efforts and the efforts of the team, this is 80% effort is likely to be three design ghost efforts, the rest is my. But on the other hand, we focus on three points, I think is more of the focus of the industry, then play a little bit different. Such as our investment team of more than 40 people, almost all come from inside the Internet industry product managers, technical guidance, never any from of VC company poaching, the cattle most cases are not suitable for our company. You go to our company website, many of our core investment partner, look at his record of formal schooling and background, laugh loss of teeth. Not too many famous universities, the real is pragmatic and hard work. I think industry dedicated to do things, is hard work over the past seven years, in their early investment is small three hard work in the fields as we vote for the amount of more slowly, from the perspective of a probability, the excellent company started out, I put the 7 into due to day. Well, on the other hand, the angels and investor, the live very, very difficult, now tens of thousands of angels, all edges and differentiation may son here too optimistic, may subsequently probability.
the host: for the A shares in the secondary market, secondary market of whole risk appetite is not the status of the early angel, you think about the next round of the wave of the a-share Internet companies, how many companies have A chance to grow up to be like, we can expect the BAT of the same great company make a-share investors can share such benefits, can you to share how to measure the good of the company’s standard?
zhang ying: everybody today put Letv, Oriental wealth, the video of this category now compare of vc Internet companies, as a number, I think the future can be multiplied by 10, 30 times. There are many fund managers analysts, many most too see in front of Numbers, did not look to the future of forests. A lot of people are paying attention to at present data, didn’t really see the future in the fellow users based on realized commercialization.
another point, people don’t have enough time in the founders themselves, actually for us, if you look at today’s Oriental wealth, le jia always see, the storm’s boss, including the focus today to pay, you only have to see if they still try very hard to do things, as long as it is in hard work, but the accumulation of wealth for them aren’t so important, it is really my career to struggle. As long as the a-share listed company bosses Internet is such A person, you go in and have A more long-term vision is not bad, I just talk to jiang, he and I are very good friends, I did seven years director in the focus, I haven’t seen for several months now, we do more than talk in micro the letter and telephone, and we lived in the same neighborhood, but he in the A shares some thinking, some rhythm he to do with the future, I think will make A lot of people below glasses, don’t want to become A simple advertising platform, I am not to help him do advertising and promotion, I now also is not his investors, I also have no A penny in focus, no participation and a-shares, was one of his judgment. But he had a couple of years ago began to think about the direction of the future, the future O2O layout, we went to more than 30 companies, this 30 plus O2O enterprise, he almost all know or seen boss, 90% of the cases is not me, so he thought in this regard, the future of O2O layout will bring focus spring of the second or the third spring, hard-working people like him, rhythm in a job like this every day, if he failed, I don’t know who can become. And initially focus on sale in America and experience the ups and downs, return to A shares today, all people know that the focus is to do what of, any of his O2O layout have begun, everyone can see the effect, can understand.
you vote listed Internet companies, in fact, what data logic are important, but take a look at the real founder is not in doing things, you go to see the Letv jia, I met with him 1 surface, you will see the person from all aspects in try very hard to do things, not see him in order to raise cash, doing all sorts of actually. I don’t understand Letv future will develop into what kind, I only know that jia always at work, I know the boss of Oriental wealth also in hard work, these people you put eyes on long-term point, they will do better and better.
the host: I understand that a product is the total share with us the first space card of good, person especially for management, leading to such very strong execution and adhere to the entrepreneurial spirit, is an important examination we compare or reference point.
zhang ying: I think investment firm is also like this, as long as you are still in the work, we are not bad in the investment institutions, will be better and better in their own fields, let us more desperate rivals.
host: because time is limited, I only had A problem, we voted for the cheetah companies such as before, this is to get listed overseas, after been playing globalization, we will also logged A shares of the company, for this round of internationalization of the Internet, including two days before the thunder booth video on the Internet, Internet companies like this round of internationalization and localization to take root, you is how to look at two direction? For our report inside point of view, we said that this round of China have the opportunity to lead the world, do you agree?
zhang ying: for many listed in any stock, americans don’t understand, confident on their own business, and will come back. Each company’s founder, has his own thinking, such as we have more than 100 of the VIE structure companies, really start interested in this item, there are 50 to open structure, really moved today this node has more than 20, I think every boss in the node’s own thinking is, indeed, very solid, and sometimes it is suffering. Because he is not capital, on the other hand the cheetah, we cast the stranger the stranger, I also have a personal involvement sequoia of beauty, the boss of everyone is different ideas. There and design to the listed company, I can not say more, the future now that if americans don’t understand, you underestimate my company, if I have the opportunity to privatisation, come back their country own capital markets show my charm, it should come back. But the case for their thinking, their suffering is not easy.