“We blazed a trail in TMT industries. We brought in professionals of telecom, chemical engineering, electronics and other emerging industries since 2012. Our effort finally paid off. CoStone was able to penetrate into the whole industrial chain and make arrangement for every stage within four years, instead of only touching upon the late-phased projects. The projects we invested in the last couple years fully embodied our style in TMT industry. These arrangements are different from what we do in the racing tracks. We have our own way. We will invest those projects that are promising and are related to capital markets and our core capabilities.”
阅读From December 6 to 8, 2016, the 16th Annual Forum on China Equity Investment hosted by Zero2IPO Group was held in Beijing, attracting over 3,000 industry insiders. Based on its high-quality exit performance in recent years, CoStone Capital ranked China top 10 VC firms. Meanwhile, Zhang Wei, chairman of CoStone Capital, was named one of the top 10 Chinese venture capitalists.
阅读As Howard Marks stated in The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor, "first-level thinking is coming to a simple obvious conclusion and making a bet on it, while second-level thinking is deep, complex and convoluted and involves many factors." To obtain excellent investment results, one has to take an extraordinary but correct view towards value.
阅读On November 18, the medical giant, Asymchem Group (stock code: 002821), landed on the A-share market. The company’s trading started with a 44% increase to the high end of its price range.
阅读On November 22, Kexin Communication (stock code: 300565) landed on the Growth Enterprise Board of Shenzhen Stock Exchange. Mr. Chen Dengzhi, president of Kexin Communication, and Mr. Lin Ling, Mr. Wang Shouwen, CoStone partners presented the bell-ringing ceremony.
阅读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.
阅读TMT has become the latest darling of investors over the past five years. It is helped by the fast-developed smartphone and mobile internet industries and the inclusion of O2O. The digitalization of traditional Chinese manufacturers and their new business models are also part of the reason.
阅读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.
阅读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.
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!