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英诺天使李竹:专精特新时代的价值投资

Yingnuo Angel Li Zhu: specializing in value Investment in the New era

新浪財經綜合 ·  Jan 15, 2022 10:22

Entrepreneur & I Dark Horse News (Yuan Zihao) on January 14, the 14th Annual Entrepreneurship meeting sponsored by entrepreneur & I Dark Horse was held online with the theme of "sticking to heavy verticality based on specialization".

The annual meeting of entrepreneurs is broadcast live through Wechat video number, Venture Black Horse Nail account, Sina Finance and Economics, Securities Times, Sina Weibo Corp, Sina News, Daily Economic News, Oriental Fortune and other platforms. The total number of online viewers for the annual meeting is 1.8152 million.

Li Zhu, founding partner of Yingnuo Angel Fund, is the winner of "2021 Special New Investor".

Li Zhu's reason for winning the award: he is a "Xiao Li flying knife" who invests in scientific and technological innovation. Since 2013, he has led his team to cast 500 + projects in more than a dozen cities, including 6 national "Little Giant" enterprises and 7 provincial-level specialized new enterprises. Prior to this, Meituan, Desheng Technology and other three enterprises successfully landed on the Hong Kong Stock Exchange and Shenzhen Stock Exchange. This year, a number of companies will be listed on A shares and Hong Kong stocks. He said that to invest in the X era, it is necessary to find "certainty" in the uncertainty.

After winning the award, Li Zhu delivered a keynote speech. He mentioned that specialized and special new small and medium-sized enterprises have the characteristics of specialization, economization, characteristics and innovation, and specialized special new projects are also representatives of scientific and technological innovation in their respective subdivided fields, and many of them are invisible champions with capital value. it can also empower the real economy.

"in the next decade, the most certain thing will be the technology entrepreneurship project." Li Zhu said: "our focus is to make a good choice, according to our criteria to select some specialized and new entrepreneurial teams to help them start their own business."

The following is an excerpt of the speech edited by I Dark Horse:

Specialization and innovation is a new trend and feature of this era. From the recent economic form, the growth of GDP has begun to slow down. If we want to break through the bottleneck, we must focus on improving GDP. The specialization of new small and medium-sized enterprises has the characteristics of specialization, economization, characteristics and innovation, and the new projects of specialization and innovation are also representatives of scientific and technological innovation in their respective subdivided fields. Many of them are invisible champions with capital value and can also empower the real economy. Therefore, China must take the road of specialization and innovation, and we must choose specialized and innovative enterprises to invest.

In the search for specialized and special new projects, we have summed up that, first of all, there are three sources of innovation: the first is the large courtyard, the second is the large enterprises, and the third is the national defense industry. We lay out these sources of innovation and invest in projects prior to round A financing. After the investment, we will also empower start-ups, for example, docking some landing scenes, docking some industrial capital, investment funds and so on.

Now, for investment institutions, the time for projects to reach a consensus is getting shorter and shorter. In the past, it took a year or even more than a year for the angel round to be approved by VC. Now, after investing in an enterprise, it can get the next round of investment in six months.

In specialized and special new projects, we focus on three types of enterprises, the first is subversive innovation, the second is "stuck" type, and the other is import substitution, and the first two categories are the focus of our investment. Let's take a look at the companies listed in gem and Science and Technology Innovation Board (these two sectors have relatively strong scientific and technological attributes). There are about 1400 enterprises with a market capitalization of more than 25% over 10 billion and only 7.8% above 30 billion. This proportion is actually not high, so we need to look for this kind of enterprise with a certain market space, which requires us to combine the non-consensus of investors with the foresight of the founder.

Entrepreneurs with forward-looking projects tend to do better, he has accumulated for a long time, can see what other entrepreneurs do not see, but some forward-looking may not be recognized by all investors, at this time the non-consensus of investors is needed to support these projects.

How do investors choose specialized and special new projects and teams? We have also summed up two points:

First, using top-down industry research, we think that it is impossible for any investor to make money beyond cognition, so it is necessary to study what kind of innovation is the most valuable in the whole industry chain. this kind of research includes the research within investment institutions and the exchange of senior experts in the industry.

Second, we also have our own selection criteria. In terms of entrepreneurs, we will find entrepreneurs who have the pattern, the ability to learn and reflect, and who can find people; in terms of teams, we will look for teams with deep understanding and accumulation of the industry; and in terms of projects, we will look for innovative and growing projects, so we pay more attention to its technological advancement and market growth in terms of specialization and innovation.

In addition, specialization and innovation also have an impact on the venture capital industry: first, it is good for early-stage investment institutions, and the Beijing Stock Exchange provides an exit channel; secondly, it is also of great help to the rise of industrial capital; third, executives and professionals in many industries have also begun to make angel investments. they have understanding and knowledge of the industry, and promote the industry as a whole through investment by entrepreneurs in industries they are familiar with.

Looking to the future, we investment institutions also have two expectations for specialization and innovation:

First, we hope to inject new momentum into the transformation of scientific and technological achievements, and the liquidity brought by these early investment institutions will encourage more and more institutions to participate and usher in a new era of entrepreneurship.

Second, we hope that the registration system will be fully implemented to help these scientific and technological innovative talents to innovate and start businesses. For example, the approval time for the issuance and follow-up financing of the gem is relatively long, so we hope that the Beijing Stock Exchange and Science and Technology Innovation Board will go further in this respect, and we also hope that these enterprises can be listed more quickly, instead of having to wait in line as they did in the past. when the whole capital market is improved, it will certainly bring great help to specialized and new enterprises.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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