Lightspeed Venture Group Managing Director of Mi, in a recent interview with this newspaper, said in the China market investors tend to act against the background of a rational, risk investment has appeared best time. He also said that with technological content as a core competitiveness, that is, have some barriers to competition in the enterprise, will be most likely to be risk investors of all ages. It is learnt that the speed of light Eighth venture capital fund for 800 million U.S. dollars to raise funds have been completed, and in the next 3-4 years of investment.
Interest in China's middle class
Reporter: It is reported that the speed of light has to raise 800 million U.S. dollars of the end of the eight funds will be mainly to India and China's enterprises to invest in, then the speed of light China's main concern is those industries »
Mi Group: First of all, I hope to clear, the speed of light of the eight major investment in the Fund or the United States. Of course, we also Europe, Israel, including India and China to do some related projects.
In China, our main concern is the early IT industry, including the Internet, new media, mobile at the same time, we are in traditional industries in the development of growth-oriented enterprises as part of our investment, not too much concerned about those restrictions, and In a rapid growth in the enterprise.
Specifically, we have high value-added manufacturing, have input, for example, in Nanjing, engaged in the production of oil equipment company MSP at the same time, we also concerned about clean energy and environmental protection industry, it is necessary to know that clean energy investment in the United States is the speed of light The key industries in China, our work is related to wind energy, solar energy, methane gas, clean coal and now in the Chinese market more energy-saving management, we are also vocational education sector input to the main line, for online Des Voeux. As education sectors are generally pre-delivery costs, funds linked to that while the education sector return on investment cycle is longer, but the speed of light has a long-term investment and rational characteristics, and vocational education because it can ease the social employment pressure on society is A good thing; addition, we have taken note of in China's rapidly growing middle class, rather than consumer-related industries such as automotive and other high value-added manufacturing industry in China has a vast domestic market.
Reporter: In determining the direction of investment in industry, you choose the specific investment enterprises, which will follow the principle of «
Mi Group: First of all this is a market-oriented enterprises to large, the growth rate to exceed the industry average at the same time, enterprises with outstanding entrepreneurial team and the management team, and the size of the market is equally important to one of the major factors; In addition, we Preferences with certain technical content of the enterprise, has a strong core competitiveness, will have a certain competitive barriers, enterprises will therefore expected to go further.
In particular, the early enterprises, many of which are not profitable, this time, we need to study its existing level of development and determine investment risk, as well as whether these enterprises have mature products, technology and business model, while the growth - Oriented enterprises, because of its multiple channels of financing, we need to analyze the market at all levels.
It should be stressed that, despite our goal has always been that the industry's leading enterprises, but because the Chinese leader in certain sectors of the mechanism was not ripe for the shareholders, under such circumstances, we may choose to trade the second third of private enterprises.
Reporter: For the speed of light by investment companies how to conduct pricing, the general scale of investment is what »
Mi Group: Under normal circumstances, growth-oriented enterprises, the scale of investment in the 1-2 about 10 million U.S. dollars, early enterprises have several million dollars. The difference in pricing is a very complicated matter. With its business growth, profit-related, but also with the specific needs of companies operating on the capital. Only in investment over time, the return on investment will be reflected.
In fact, because the speed of light is not worried that the return on investment projects by the longer cycle, we will have 10-year general fund, for example, is currently the only such fund. We will give every part of a project for funding at any time to prepare for the next round of financing to ensure that in their development process by not diluted shares. Ultimately have to wait until after the listing enterprises invested by the withdrawal.
Favorable wind for the stock market down
Reporter: GEM listing will soon be possible, in your opinion, how will the venture capital market impact »
Mi Group: We are cautious, because Hong Kong's GEM is not very successful. Investors will also depend on specific provisions, some companies in the domestic market, investors may be asked to exit after three years, but in the meantime the company will also need to do a good job at least 2-4 years, the general venture capital funds A certain period, usually from 7 to 10 years, this will allow investors concerns, many investors have therefore chosen the overseas listing.
However, if Hong Kong can be avoided by taking a detour, the first batch of listed companies of high quality, the GEM is a good thing Generally speaking, I am also quite good. This is because many companies were not the funds, the exit mechanism for small investors, will be listed on the GEM of enterprises and investors to promote a mutual benefit.
Reporter: How do you evaluate this year's stock market crash of the impact of venture capital field, for example, through the IPO to investment from companies may encounter difficulties »
Mi Group: second quarter of this year, the United States do not have any wind for a listed company, and now global stock markets was also strong correlation, in China for the impact of wind must exist.
But I think, is precisely the best time to invest. Reason is that the stock market has experienced a sharp Change, the environment makes investors more rational market behaviour, and not the result of a money-losing effort. IPO is likely to encounter difficulties, but is not listed in fact a good thing too early, before the listed companies will make a profound, is good.
China's economic environment and on the whole, China's economy Despite the challenges, but still maintained a high growth rate. China has some very good segment, which includes a considerable investment in space. Reason is that China's middle class is growing rapidly, and a corresponding increase in spending power, their lives become the current demands of the main driving force of China's economy