This week, 365house.com (300295), which was invested by CoStone Capital five years ago, will soon be open for subscription on the ChiNext. However, CoStone Capital Chairman Zhang Wei said in an exclusive interview with China Business News this Tuesday that the high returns from IPO exits were unsustainable. In contrast, he believes that exits through the merger and acquisition market will be more attractive with the adjustment of the valuation system of the capital market.
阅读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.
阅读The 11th China Venture Capital and Private Equity Investment Annual Forum was held in Beijing from December 7th to 8th, 2011. The theme of this forum was “Game · Capital · Changes”. CoStone Capital Chairman Zhang Wei said at the meeting that China’s rapid growth in the past could be attributed to the development of the manufacturing industry.
阅读Everyday Network Co., Ltd., a CoStone portfolio company, has filed for a GEM IPO which was approved by China Securities Regulatory Commission on October 25th, 2011.
Huachangda Intelligent Equipment Co., Ltd., a CoStone portfolio company, has filed for a GEM IPO, which was approved by China Securities Regulatory Commission on September 15th, 2011.
阅读Huazhong Numerical Control has made its regulatory filing for an IPO to list its shares on GEM Board at an issue price of 37.1/share and was approved by China Securities Regulatory Commission on November 13th, 2010.
阅读Xuchang Yuandong Drive Shaft is the seventh listed Xuchang-based company, making Xuchang the second largest city in Henan province in terms of listed companies.
阅读As early as 2000, venture capital enjoyed vigorous development in China. At that time, inspired by the gratifying situation of the NASDAQ and the global growth enterprise market, Shenzhen Stock Exchange prepared to launch the growth enterprise market. Shortly, four or five hundred Venture Capital companies emerged in China and raised about 450 billion, one-third of which were located in Shenzhen. These companies were ready to do something big in full swing. However, due to the bursting of the dot-com bubble and the fact that there were very few real winners in the global growth enterprise market except the United States and Israel, domestic venture capital market then slowed down the development.
阅读几年前,我曾提出一个问题:中国经济繁荣的根基是什么?
我认为是“重商主义(这里借指市场经济)”与“儒家文化”这两个因素的核聚变,只要我们的体制大门开一条小小的缝,中国老百姓与生俱来的聪明、勤奋、奋不顾身,几千年穷怕了的物质主义和实用主义,就能创造一个新天地。
2021年,我见到一个新能源公司的董事长,谈及张维迎所言“直到20世纪70年代,绝大部分中国人的生活水平不比唐宋时期好多少”,他说这是真的,1978年他没有见过电,全家所有家当是一个小木柜。1979年,我的好朋友,一个咨询集团的董事长考上了大学,报到前他勤工俭学,骑六七十里山路卖冰棍,山里的一户人家,用几个鸡蛋和他换了一根,全家人排成一排每个人吮吸一囗。
在改革开放前,这是中国普遍的景象。而我们这一两代人,在改革开放后,怀抱着对美好生活的向往,创造了人类发展史上的奇迹。40多年过去,我们看到,轻舟已过万重山。伟大的中国工业革命,怎么赞扬也不为过!
而另一方面,中国用几十年的时间,走完了发达国家几百年的路,这也就注定了,我们上山的道路,更加的陡峭。同时,中国作为一个有几千年历史的古国,其发展正常就是“孔雀东南飞,五里一徘徊”。作为一个新兴经济体,我们讲究的是实用主义,中国的政策也是因时、因势而变的。
因此,并非一些简单的因素就能够遏制中国的增长,只要不出现战争这样会扰乱经济进程的极端因素,只要中国依然坚定地支持民营经济发展,保护企业家精神,中国经济的前进步伐就是坚定不移的。
如果认同这一点,那么无论是短期的政策、市场变化还是长期的中美对抗,都不会让我们产生太大的焦虑。
具体从我们做企业和做投资来讲,也无需过度悲观。“沉舟侧畔千帆过,病树前头万木春”,在一些行业和企业衰落的同时,也永远有一些行业和企业在崛起。
以半导体产业为例,我们不必纠结于半导体仿佛一年紧缺、一年过剩,因为问题的核心不是这个。问题的核心是第四次工业革命离不开半导体技术,而中美对峙、科技封锁,将进一步迫使中国在所有科技领域谋求自主可控,进一步迫使中国以举国体制解决创新问题。同时,当一项投资吻合科技进步趋势和政策引导的双重影响时,其估值亦将脱离传统财务模型。这些才是中国硬科技投资的重要的底层逻辑。
看待资本市场,我们更不必计较一时的股价波动。回顾历史,在资本市场发生剧烈调整时,那些优质的企业往往也会出现大幅下跌,但不同的是,优秀企业不仅能收复失地,还能再攀高峰。因此,我们继续坚定地布局那些有核心技术、有企业家精神的企业。而从我们的投资经历来看,那些有企业家精神的企业最终都带领我们穿越了周期,并获得了异乎寻常的回报。
莫愁前路无知己,天下谁人不识君!