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CoStone: Golden Investment Prize of CVCRI 2020 China Venture Capital Annual List

2020.12.12 CoStone Capital Views:


CoStone Chairman Zhang Wei was honored 2020 China’s Influential VC Investor Top10, and he was also invited to give a speech titled “Embracing Institutional Reform, Investing in China’s Hard & Core Technology”.



On December 11th ,the 2020 China Venture Capital Annul List·Golden Investment Prize List was announced. Through data analysis, performance assessment and industry influence review, the list was established by CVCRI based on its decades of expertise in the field and immense market research data. It is designed to commend institutions and individuals who have made positive contribution to China’s VC industry to the society as a whole, and was jointly announced by world leading investment platform--Annual Investment Meeting in Dubai. CoStone was awarded 2020 China’s Influential VC institution Top 20, 2020 China's Best Medical and Health Investment Institutions Top 20 and Special Contribution to Shenzhen’s 40th anniversary of Venture Capital Top5.

CoStone Chairman Zhang Wei was honored 2020 China’s Influential VC Investor Top10, and he was also invited to give a speech titled “Embracing Institutional Reform, Investing in China’s Hard & Core Technology”. Zhang Wei said that under the backdrop of confrontation between China and the U.S, technology blockade and the Whole Nation System, the largest technology bubble in China’s history is about to come, but it is exactly such bubble that moves us forward. The STAR market is a vital approach for China to make technological breakthroughs under the Whole Nation System, it is also an important practice of the asymmetrical competition, and is playing an indispensable role in the development of China’s hard & core technology. CoStone has been heavily investing in SenseTime tech, MGI tech, Royole tech and other domestic world-class technology platforms to support the new economy growth of China.


The awarded institutions and individuals will be announced to over 160 countries around the globe through the AIM.

Rewritten by: Xue Guanda, Edited by: Du Zhixin, Li Yunzhen

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


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