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Build a dream in the black stone China hunan barbarian walk capital river's lake

They are a bunch of calling himself "soil terrapin" person, but no one dared to question this group of "to be" high efficiency;

Ten years ago, they all kinds of vc, also on the BBS in only when the audience a, after ten years, they have become the often invited guests on the speech;

They don't like to pay a high price, but always can win a and a "ONLY ONE" good projects;

They hope to become the chairman of the board of the Chinese black stone, the President made Chinese redwood dream, at first glance that "not related to the", but actually it's a piece of iron, praise highly the path of different does not prevent the ultimate goal is consistent, because all the "copycat" are just in order to better learning and used for himself;

They, is called "throws the yangwu revolution" of the venture. "Xiang" the qing era of names of zeng guofan originated from, now is another hunan led a group of vc people have received. From hunan province leader liu day, he led the yangwu revolution has a loud venture under the banner of: the morning.

"The left hand a chicken, the right hand be one duck"

The fate of the irresistible, lies in its unpredictable. Like liu day did not think of to morning can so rapidly in China market place for venture capital, 10 years ago, he also didn't think fate will push him over to the venture investment the industry.

Before the establishment of the company, believe in luck liu days and get someone to take the company name. Talk outside he was looking for is geomantic division, in fact it was his solution is found a master the I ching. Supposedly, because liu day "from the radio and television, the anger is very prosperous", but five line lack of soil, so after several brewing, company name identified as of the morning. "The implied meaning of good, then we developed into the world of good morning, 'see the future of the company, and as a" phones. Traditional Chinese characters in the' at up to 'word, not lack of soil and sit on the money." Liu day not proudly told reporters.

On April 19, 2000, shenzhen of morning venture investment Co., LTD. Was registered formally, liu day began to appear. ShaoGongXia is the first morning of recruiting staff, it is said that is the only team to morning executives can use English fluently. To this, liu day very calm, in his words, others are a little soil, "whether and dressing, or way of life." This, however, does not prevent "soil. 8" success. Liu day said, of the early morning of the agriculture development investment projects are some "local", or even by the industry laughingly called "left hand a chicken, the right hand a duck", "I think from China's current situation, soil terrapin tactics may be more suitable for, also the most vitality."

Rely on soil terrapin tactics to repeatedly pushed the taste. However, the stuff in front, also planted too small heel head.

"The first morning of venture capital project network is a failure. The west wind" The vice President XiongRenJie of venture capital said. Liu days and was dubbed "the morning of working manager" XiongRenJie, bai, sven, soft-spoken, working carefully seriously-apart from hunan accent, he may be the least of the team as the people in hunan people in hunan. According to XiongRenJie introduction, the first project failed, investments in the very little money, only 100 yuan. "That we all don't understand, our team, in addition to the total do investment, shaw other although all are dealing with money, but does not understand." XiongRenJie said, in the morning of internal 1:00 also not to avoid the failure of the west wind network, still ranks in the investment project failed the first, "a little warning mean."

From the "four big king kong" to "10 big king kong"

A moment for 10 years, a period during which the hunan lineage name soared to ChenSheng, as the surprise.

The morning's chief executive of liu day also become vc industry heavyweights. And liu dealt days and the people, to the impression of him evalsuation always little not humility. He will each visiting guests to the elevator, and journalists to open trade secrets, never share said any ill with... He also modestly will reach to the success of the morning, end is "more is luck".

Liu days and believe in luck, and luck is indeed care to him. Such as gem hung in the air, the venture capital company almost into despair, equity division reform saved is still in the starting of morning a life; And as bird flu is rampant in, of the morning on the agriculture development investment put all your eggs in one basket, but the fruits; For another example in the morning of PE hottest smoothly to raise the largest RMB funds at home, and many venture fund after it had a heat industry plunged; And by the end of 2010, for example, has just established 3 billion a fund, October 18, 2011 the CPC central committee for deepening the reform of the cultural system to promote socialist cultural greater development and prosperity on major issues, through, the cultural industry in investment boom...

In the morning of five years development planning, set the total number in "158". To this, liu day explained: "when we do of morning in the next five years development planning, executives suggest the scheme, one of which is about the ideal personnel structure. At that time, a lot of people are more conservative filled in are dozens of people, XiaoBing fill in more than 90 people, is what I write is 120 people." Although liu days and think that the figures "conservative", but in two years ago, in the industry is still be regarded as more radical. "Everyone said PE is a work of art industry, like the United States, and move that crowd doesn't fit, I think tactics may not fall. At the current stage, China to universal coverage, or must have certain personnel." Liu day said.

Is also based on this concept, put forward the mode of the landing. "At the start of the controversial." Liu day said, when ShaoGongXia is opponents, that if comprehensively launches, front too long, management may appear problem. President XiaoBing very cunning, don't approve of will not oppose. Finally liu day took board, be born mode mount.

Soon, in addition to Beijing, Shanghai, shenzhen, a line outside the city, one of the morning sitting in xinjiang, zhejiang, tianjin, hunan, has opened several branches and more than 20 branch offices. "From what we see, be born mode gradually began to appear effect." However, the layout of the present day liu is not very satisfactory. In his office, there is a map of China, liu days and the layout of the ideal is to cover the country most of the second city, the initial is probably layout 35 points or so.

"We are now the scale is 110 people and for the two this years to reach 158 people planning toll. Middle managers in the traditional 'king kong' big four this year, based on its' king kong '10, XiongWei, QianWenHui, YeXian friends, YuZhiHong, TuZheng, TianXingYin, etc. Will consider more market incentive mechanism, but are not necessarily partners." Liu days and think, only personnel neat, complementary with certain mechanism, the company can stay alive, just can evade arm gets a.

But now, with the company employees broken hundreds, of morning began to enter "three hundred" era, namely management capital size of yuan, over investment projects, number of employees over one hundred people.

"Of the more do morning, the greater the pressure as the founder of I also increased." Liu day to tell a reporter, relative to the changes in the external environment, and the more the crisis from itself. "I worry about most now is the backbone of the old money, will be lost to the first of sex Wolf, no vitality". Liu day said.

Tang's monk and the wu is empty, the fascinating journey

Obviously, in many venture is still try very hard to do when the mass, the morning has started thinking deeper things, how to maintain the vitality of the inner venture, at the same time as low as possible to go wrong.

In liu days and opinion, in addition to properly to staff the wake-up call, the best solution is to establish the reasonable mechanism. So, despite the morning for the national layout of now, but in the management of the branch, insist on emphasize "two in the central" : one is the choice is the central, 2 it is right at the central finance.

Right at the central financial is hard to standard, this is not be moved. In recent years of morning there's no plan in raising funds to make branch, the brand influence remains to be seen whether there. And the choice is the central, due to the commission's personnel structure for relatively fixed, will make the project selection standardization level higher, the error rate can also lower. Liu day don't agree with at present some PE organizations BaoGanZhi partners, that is some of the regional partners can raise fund company headquarters name, investment project, etc. In his view, this may lead to an unappreciative each other between the partners, the other is the project colour of individual character will be very strong.

In order to will go wrong to a minimum, in the morning of the first proposed the risk control concept in 2006, and established a special department. In the present company for the council, a total of five people, the wind took control for three seats. This fall very fit and liu's character, slow and steady, covet petty.

The attention of the control of the wind, are thought to come from and liu. Financial background, let liu to control has been staring at the day is very tight. However, the industry also so some evalsuation of the investment decision-making process is not enough flexibility.

However, liu day says, it is standard of morning in standardization road will more and more comfortable. He told reporters in the darfur morning, from investment manager personal discovery project, to project department, to prepare a due diligence materials, general 3 working days, ministries will make a decision whether the project can be decided. Once the company decided to project, and the wind will be charged with carrying out a detailed investigation into, and then submit council decision for case. "In the company, I have cast council; in ministries will exercise a veto with only one vote, shaw has the power, general I don't participate in." Liu day to tell a reporter, the use frequency XiaoBing exercise a veto with only one vote, more than he, strict a the close.

According to information, so far, liu day veto is two times, and it is the Internet project. "I do this, it is in order to liberate active thinking, mind open XiaoBing, make as President of the he focused on investment, focus on the quality of projects, not for errands to succeed." Liu day said, XiaoBing is a very along with the gender, often late for the meeting, and let him ask management is not too much of his strengths, "he call names will be embarrassed."

And has been schooled by the wind of the management and control to along with the gender and creative XiaoBing added a insurance lock. It is said that in the meeting for committee, director of investment XiaoBing, and wind control of previously competent HuDeHua and the current total wind control division LiuXuFeng, wind control department is the general manager LiangGuoZhi quarrel, often this time liu day as peacemakers appear, balance the sides, solve conflicts.

The combination of the team reached the morning, outside someone joked that is like a journey to the west, liu day like tang's monk, XiaoBing like the wu is empty. Reporters will this joke to XiaoBing to listen to, he XiaoErBuDa. XiaoBing hobby is not much, except for the most often do sport is swimming, he explained: "only in swimming brain wouldn't think, or it will sink."

Liu days and think, because of this, the morning of the stability of the management team has been praised for the industry, "internal friction less, set is big, can effect more energy to make more pressing more important things".

Not "write emperor," judge half time

For half of the morning's judgment, for the company that has been up and down about.

About half of the morning for the accurate judgment, have to mention two letter. A letter to all is widely spread, it was 2005 to cut the DianGuang media rumours of morning, liu days and believe that there will be the prospects of the development of venture capital letter said reserve force, saved at the morning of the single "golden seed".

As for the second letter, not too known for. The end of October 2011, liu day and XiaoBing the attorneys write down "to a letter of entrepreneurs," sent to the morning entrepreneurs to members of the club. The share of letters to the international and domestic economic and financial judgement of the situation, remind you entrepreneurs to meet after the sun "to prepare, and puts forward relevant Suggestions. "The letter of entrepreneurs in by widespread praise, now come to us for the judgment of the market, is undoubtedly correct, which is a relief." Liu day said, for example, then suggest enterprise need to keep at least two years of cash flow, keep an eye on their own pocket, the enterprise according to the cash flow condition, determine the pace of expansion and whether or not to make B or C rounds of financing round.

Liu day is not "write emperor", but apparently, the two letter value is dye-in-the-wood. It is with the accurate judgement of half, from a morning of the little-known small company for a growth industry attention large venture organization.

The morning of the first half of 2011 the company completed so far the largest a fund raising, the scale achieved 3.5 billion yuan. In charge of finance and morning and investors relations management of the ShaoGongXia vice-president of a dinner party, there are people ShaoGongXia click to sit at the same table admiration: it is said that the morning of fund raising, despite the threshold, set up to 20 million yuan, but the market is still unusually hot, and even a friend's relationship to find the limit.

Talk about the success of the fund raising, liu day not proud, "at the time of the morning internal is divergent, someone won't raise so much, with up to now, the appeal of the morning for offering also don't try so hard. The"

But according to liu day of judgment, PE industry in the second half of 2011 the very likely plunged, whip round inflection point to then. Now, things seem to be toward the expected development in liu day. To the second half of 2011, PE market with the change of the economic environment and raising money became more and more difficult, especially a few small fund whip round encounter cold winter. And out of the hand of the hands is a food, and is not in panic ", just adjust the investment with rhythm, waiting for the best shot the arrival of the time.

Indeed, of the morning to market conditions turn soon by high low cycle judgment in the industry is relatively early. As early as in the middle of last year, the investment industry scene also hitting its stride, to judge whether the second half of the internal overall economic situation will have change, PE/VC (private equity/risk investment) high valuations of investment is unsustainable. In view of this, the morning since the second half of last year from decisively slowed investment rhythm, began to avoid high valuations project.

However, for now the market situation, to judge of the morning seems to have different. They think that the second half of last year effective control rhythm, keep ammunition to avoid high valuations period, in this year of the decline of the valuation of the market in the process of asking just investment. "The primary market investment must walk in front to just go, the second half of last year, this year is a rhythm so ready to increase investment as well, don't vote to its lowest point. Fantasy" Liu day said.

And many venture faced by organizations, good project excavations becomes more and more difficult. However, liu day considered to be the most difficult is not here. He thinks, with the years of layout of the morning the spread of implementation, more than 100 investment manager, on average 50 projects a year contact calculation, a year come down at least 5000 project optional, through layer upon layer can choose finally average investment 50 ~ 70 projects, and the vote of more than 150 project has, to the morning already can well face market adjustment ups and downs, grasp their own pace.

"In my opinion, and in 2006 ~ 2008 is not investment venture industry's biggest risk now than in vc industry's biggest risk has turned to the quality of the project risk." Liu day not without regrets ground say.

"Along with the southeast coastal and a line for the increasingly intense city project, the venture capital not only in the project should go to source early in the project, looking for should also sink deep into the region, more." Said this, liu day in a determined voice.

To work, the independent. At present, the accumulative total of listed and the enterprise to 25 number will house, just four months of this year, and the number will be listed enterprises have five.

Make our modernization and step out "the yankees up"

An established just full 10 years of institutions, with excellent performance and "look, with foreign capital project domestic technique do project" way to establish the river's lake status. Liu day sum of "six JunGui" and "10 DNA" is to let the mode of play on the success of the distinct labels.

However, always emphasized that walk in front of industry of morning are clearly not meet so a "depend spectrum" throws the such evalsuation, this group of hunan barbarian has more far-reaching ideas.

As more than one hundred years ago as zeng guofan yangwu revolution founded scholar in hunan, according to liu day plan, he will play a venture of morning by the elite forces, the following set the captains of the host, teachers and layers of the band, every staff are chosen men. In this plan, how to go to the next step, they put forward his modernization construction:

Specialized in the investment field, will focus on the cultural media, consumer services, modern agriculture, energy conservation and environmental protection, the four major are neck-and-neck. In the cultural industry investment as an example, take the lead in was established at the end of 2010 in hunan culture industry investment funds have eight single sitting and, to some extent, established the leading edge.

The channel, in investment channel, completes the layout of the 35 points, work closely with the government, the bank, the intermediary, chamber of commerce, contact, further expand channels.

The brand, the more in the current venture industry under the background of good and evil people mixed up, the greater the spare the feathers, value the brand effect. This, most local agencies also only stay in daily propaganda stage, to the morning is to consider crisis public relations and is likely to affect the enterprise brand.

Internationalization, although there is only one partner can communicate in English, but still don't hinder their pursuit of internationalization. Liu days and think, venture capital, personnel and even technical models of the TuYangJieGe, compatible and bag is the inevitable trend of development, and has always been considered a little "soil" of the morning the next step must step out "the yankees up", the first phase of the fund raising and $successful operation to be just the beginning. The future will intensify the mobiles Internet project investment.

In addition, the merger and acquisition (m&a) market for the future, to the morning will have his own judgment and understanding, "this year should be the acquisition investments in venture capital to fund a few years ago, with due arrival, in time there must be some project on the city, this is not for merger and acquisition (m&a) market ferment opportunity." Liu day revealed that morning is planning to set up related fund.

To end the interview, the reporter please liu day for yourself and to score in the morning, he reported the answer is "75 minutes". The rest of the 25 points, liu days and hope that through expansion team the knowledge structure and broad face, and intensify the mobiles Internet, new media, information technology, industry investment to make, "that's all we are lack of".

"One step ahead though may become martyrs, but later generations could only step to follow." Liu day said this although relaxed tone, but eat too bitter, the pretty is, bear vexed hunan image but instantly clear.

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