21st Century Business Herald(21CBH) announced its 2012 TOP 10 PE/VC list, and CoStone Capital was awarded the title of "Top 10 PE of Competitiveness", in recognition of its diversified exit ability and steady development model. The new honors will encourage CoStone Capital to work harder to create great returns for our LP partners.
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With CEO Zhang Wei’s unremitting efforts over the past 15 years, CoStone Capital has grown from nothing to the scale it has today, with more than 40 funds under management, a total worth of over 30 billion yuan. In the industry, CoStone Capital is known for “would rather make a focused investment than a micro one” Among over 90 enterprises that were invested by CoStone during the past 15 years, only one of them had a loss of principal.
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CoStone Everest Fund was launched in 2011. The capital market fluctuated in the past 5 years, but 6 portfolios of CoStone Everest Fund IPOed, 2 listed through backdoor, 1 queued for IPO and 1 queued for backdoor listing. All the 19 portfolios secured the exit path.
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On June 18, the tenth CoStone Master Forum commenced with the theme of "Behavioral Finance in Investment" in Huangshan, Anhui. Professor Zhu Ning at the Shanghai Advanced Institute of Finance (SAIF) offered wonderful lectures. Kong Xiaohong, Mayor of Huangshan Municipal People's Government, Zhang Wei, Chairman of CoStone Capital, and Qian Li, General Manager of Anhui Credit Guarantee Group and Secretary of the Municipal Party Committee, delivered speeches before the lectures.
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On November 19, an auction of the public offering fund management institution for Anhui Industry Development Fund was held in Hefei. Anhui Industrial Upgrading Fund with a total scale of ¥10Bn won by CoStone Capital.
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From November 26 to 27, 2015, the “Investment Annual Meeting of China Venture” was held in Beijing, at which the "2015 Industry List" was released. Among them, CoStone Capital was named the "2015 TOP10 Healthcare VC Investors" by virtue of its excellent performance in the healthcare sector.
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The sixth CoStone Mater Forum kicked off at Yalong Bay in Hainan on February 11, 2015. The theme of the Forum was "Platform Strategy & Internet Thinking".
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On May 31, 2014, the second CoStone Master Forum opened in Yixing, Jiangsu. The Dragon Boat Festival and charming spring added to the lectures. Prof. Bao Zheng at Renmin University of China (RUC) delivered lectures on Organization & Management. Prof. Bao is the first person who interpreted Peter Drucker in China and is a management master. He summarized the theories and practice of management from Adam Smith to Drucker and introduced some of his classic cases of company management consulting over the past 20 years.
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The third CoStone Master Forum was co-hosted by CoStone Capital and Sunriver, a famous tourist destination builder, in Hefei, Anhui. Professor Shi Wei, a marketing expert, was invited to lecture on Marketing in A New Era.
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On May 15, 2014, the first CoStone Master Forum was held in Shenzhen. With the theme of "Insights on Huawei", the forum invited Prof.Peng Jianfeng, Prof. Bao Zheng and Prof. Shi Wei at Renmin University of China and Mr. Zhang Jianguo to give a two-day lecture on Huawei's enterprise management. Over 100 guests from China's business and academic cycles were present.
READThe year 2019 marks the fortieth anniversary of China’s Reform &Opening-Up, once again, we meet at the turning point of history. What’s the next step for the game, is there any clear guidance? The answer is affirmative.
Our country is enjoying a good momentum of development, which does not come from the Washington Consensus nor the Beijing Consensus. China’s experience has proved that both the visible hand and the invisible hand are crucial: the visible hand, stands for the government-led reform, and would yield benefits for reform and opening up; the invisible hand, stands for the Marginal Power represented by the private sector, and would improve economic efficiency and tax collection, create jobs and employment opportunities.
Provided that we want to protect and expand the benefits form reform, three simple but mandatory agreements are to be made and followed: No.1 Private ownership must be recognized, protected and treated equally with public ownership constitutionally, both ownerships are scared and inviolable;No.2 Make further clarification of the principal position of market economy, “deepen economic system reform by centering on the decisive role of the market in allocating resources”, as President Xi addressed in the third Plenary Session of the 18th CPC Central Committee;No.3 Implement the guiding principles of “comprehensively promoting law-based governance” of the fourth plenum. The rule of law is essential for economic growth, irreplaceable to protect private ownership, and necessary to encourage innovation and entrepreneurship.
Above are three rules for us to avoid falling into the Middle-income Trap. Assuming that we are breaking systematic barriers to private enterprises’ participation in market economy, and boosting innovation and entrepreneurship of our society, then we are heading towards a promoting direction. We are marching in the path of light, regardless of the ups and downs of Sino-US relationship, the drop in GDP growth rate, or the monetary policy.
These principals also apply on knowing how better to run a business: don’t be hedged by rules and regulations at the beginning, pay more attention to your survival, and you’ll learn more when you start your second business.
For many years, Huawei has been the only Chinese company on the list of the Top 50 R&D Spenders. Regardless of the economy and its income, what Huawei has been doing is investing in its future, dedicated to R&D, continuously and resolutely. This provisional work underscores Huawei’s accomplishments, makingHuawei anindustry leader.
So, there are standard answers on how to run a company,which could be summarized as concentration and professional dedication, continuous investment on innovation and trying harder in R&D. Entrepreneurship is also important, every single company needs entrepreneurs to push aside all obstacles and difficulties, to implement strategies and ideas. We, as investors, are destined to look for such outstanding entrepreneurs and their companies, invest in them and partner with them.
At this key point of history, a country, a company, or asingle individual, will all need to find the right path. Four decades after the Reform and Opening-up, it’s time to learn from our experience and stop “wadding across
