When many financial institutions with the obsession of copying the 'US pattern' to the Chinese market. Zhang focuses more on investigate the niche market between Chinese and foreign markets and investing in the Chinese economy with unique logic.
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Nowadays, the industry is widely distributed globally, especially in a large economy like China. Although each industry's growth space is huge, it is essential for venture capital firms to choose the industry of the greatest potential during the entrepreneurial process, then investigating the enterprise in the industry and the team in the enterprise. It is the same for an enterprise to choose an industry wisely because many industries have already saturated with limited development opportunities. But we already found some markets in crisis available for future exploration, and many 'hidden champions' in Dongguan probably perform well suddenly.
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On October 31, the 2012 China Venture Annual Conference-Beijing organized by ChinaVenture (China’s leading financial information service organization) was grandlyheld in Beijing JW Marriott Hotel. Tao Tao, apartner of CoStone Capital, delivered a speech at the annual meeting. The following are the main points of Tao Tao’s speech.
CoStone Annual Meeting 2012 kicked off at MGM Grand Sanya, Hainan on March 23, with nearly 300 investors and entrepreneurs being present.
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At the “Venture Investment: Industrial Upgrade Drivers and New Strategic Decisions Summit Forum”, CoStone Capital chairman Zhang Wei said that the venture capital industry was facing a big test and needed a more rational atmosphere.
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The fourth CoStone Capital Management Forum and the Launch Ceremony of the Wuhu Navigation CoStone Fund commenced on September 15. The Wuhu Navigation CoStone Fund, with a scale of over ¥600m (approx. $91.8m), is the tenth fund launched by CoStone Capital and invests in the growing SMEs. This forum focuses on the topics concerned by entrepreneurs and the investment industry, such as the macro economy, the micromanagement of enterprises and social science.
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On August 24, 2012, the China investment annual conference held by China Venture, was held at the Ritz-Carlton in Shenzhen. In this annual meeting, CoStone Capital won the honor of "2011 TOP10 Most promising PE firms in Shenzhen".
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In retrospect of 2011, the venture capital industry in China has experienced a fruitful year. The fundraising, investment amount, and investment quantity have reached a new high, which fully demonstrate the Chinese economy's viability and the vitality of the venture capital industry.
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The 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, making Huawei 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
