Jinsha River Unites Pan Xiaofeng: Investment Is Competition And Cooperation, Not Zero Sum Game

        In recent years, the competition of venture capital industry has been intensified obviously. On the one hand, multi oligarchy funds win more chips when raising funds and become "ubiquitous" when investing. On the other hand, many leading enterprises in the industry have also set foot in industrial investment and become an important force in the investment industry relying on their own industrial resources.

    “ We believe that investment itself is a competition and cooperation rather than a zero sum game. Multi form institutions jointly promote the development of the industry in the process of competition and cooperation. At the same time, we believe that institutions that continuously accumulate cognitive ability, resources and brands in their focus areas, and carry out multi strategy allocation, still have great development space and can strive for better returns for investment. " Recently, pan Xiaofeng, managing partner of Jinshajiang United capital, said in an interview with 21st century economic reporter.

      It is understood that Jinshajiang United capital focuses on equity investment in high-tech industries, focusing on investment and M & A opportunities in Pan artificial intelligence, industrial Internet, intelligent transportation and environmental protection. Since its establishment in 2009, Jinshajiang United capital has been supported by domestic market-oriented master fund, government guidance fund, wealth management institutions, global top 500 enterprises, listed companies and other institutions. At present, the institution manages three phase RMB main funds, with a total fund management scale of 5 billion yuan.

In the past decade or so, the management team of Jinshajiang United capital has invested in nearly 100 innovation projects in the field of hard science and technology, such as carbon yuan technology, Tianzhun technology, huizhiwei, Nippon technology, Meichang new material, Xiaoniu electric, Alte automobile, Jingneng optoelectronics, Feixin electronics, Boli 3D printing, Cathay environmental protection, Boqing technology, Luoshi robot, c3nano, etc.

In recent years, the team has also made active layout in the field of industrial Internet and digital enterprise service, and invested in Yizhi intelligent, Xingyun group, energy chain group, code cow, Lianlian technology, Huoyan cloud, Alipay, SaiFeng and other projects. Specifically, in the first half of this year, Jinshajiang joint capital has successively invested in projects such as LB Kece (medical robot), Xinyue (audio and video basic cloud operation platform), Huahui detection (transient electromagnetic innovation technology and application), good friend Technology (Intelligent ore sorting robot), etc.

      In addition, it is worth noting that after several years of preparation, the Jinshajiang joint capital has continued to lay out in the original field, and has also followed the trend, expanding its organization and capability circle to enter into new investment fields. This year, it set up a special biomedical investment team and began to enter the big health industry“ You can miss a project, but you can't miss a plate with systematic long-term opportunities. At the same time, everyone needs to continue to grow. " Pan Xiaofeng said.

The reform of automobile industry is far from over   Systematic layout of the whole industry chain

Pan Xiaofeng said that the investment layout of Jinshajiang joint capital will be comprehensively considered in combination with market demand and national policies. On this basis, it matches the ability circle of the team and combines the team's own cognition and resources to determine the investment areas to be focused on.

In recent years, with the continuous progress of technological innovation, the promotion of national policies and the growth of the team, the investment direction of Jinshajiang joint capital has been constantly adjusted. The intelligent transportation field with automobile industry as the main part is one of the investment fields that Jinshajiang joint venture focuses on at present.

Behind this is not only the importance of market opportunities, but also related to pan Xiaofeng's previous personal experience. It is understood that Pan Xiaofeng had previously worked in Nortel Networks and Dongfeng Motor, and he was also the founder of wireless technology in Asia, so he has rich experience in the telecom and automotive industries. Since the establishment of Jinshajiang joint RMB fund in 2009, he has focused on the automobile industry for more than ten years.

Under his leadership, the joint capital team of Jinshajiang has carried out a relatively complete layout of the whole industry chain in the field of automobile, involving automobile design, automobile parts, electric vehicle, electric vehicle, automobile aftermarket and intelligent transportation. Specifically, Jinshajiang joint capital has invested in more than 20 enterprises, such as automobile design company Alte, digital instrument display supplier SpeedMicro, intelligent driving solution service provider and product supplier Freetech, vehicle lidar technology provider Feixin electronics, electric vehicle manufacturer Zhidou automobile, automobile consumption service platform four wheel technology and so on.

"Our layout in the automotive sector has formed a good foundation, but the changes in the industry are far from over, and the investment opportunities are still great." Pan Xiaofeng said.

Facts have also proved pan Xiaofeng's judgment. Since this year, with the influx of a number of large companies such as Baidu, Xiaomi, didi and Skyworth, the new car building campaign has set off a second round of upsurge“ I think this heat will continue, and we will see more new forces pouring into the automobile industry chain, far from closing the window period. " Pan Xiaofeng said.

He analyzed that the evolution of technology has brought innovative power to all walks of life over the past few decades. However, there are few industries like the automobile industry, where new energy, automatic driving and other technological changes are coming almost at the same time, bringing huge venture capital opportunities for the industry. Moreover, the automobile itself is an industry with a very large volume. The superposition of the trends of electrification and intellectualization brings great innovation potential for the development of the industry.

"So in the next few years, we will devote most of our energy to the field of intelligent transportation, especially the automobile industry." Pan Xiaofeng said, "in addition to the existing investment layout, there are still a lot of investment opportunities in car smart chips, smart sensors and so on."

Build learning organization, build medical team and expand ability circle

VC investment is not a one-off transaction, and it usually takes five years, ten years or even longer to get the return on investment. In the process of looking for long-term investment value, we need to match the long-term stable team. So what kind of team can go further?

Pan Xiaofeng believes that, first of all, we should believe in the power of partnership rather than advocating individual heroism. Secondly, trust mechanism should be formed among team members, and there should be a suitable benefit distribution mechanism. Third, team members also need to have the ability to learn, keep pace with the times, constantly grow and evolve.

Building learning organization and growth fund are the key words that Pan Xiaofeng has repeatedly emphasized. Jinshajiang joint capital is expanding its capability boundary circle, and has set up a special biomedical investment team this year to enter the big health industry“ You can miss a project, but you can't miss a plate with systematic long-term opportunities. " Pan Xiaofeng stressed.

On the one hand, technological progress has made the biomedical industry a hot spot for entrepreneurship and innovation. On the other hand, the policies of the science and technology innovation board and the Hong Kong Stock Exchange have brought good exit channels for biomedical investment. Under the superposition of dual factors, the biomedical plate ushered in a long period of good development.

As a fund that has been active in the market, Jinshajiang United capital has also focused on the biomedical field for 5 to 10 years. In the above multiple favorable circumstances, Jinshajiang joint capital has established a biomedical investment team to systematically arrange investment in the field of biomedicine“ We need to constantly evolve our capabilities and embrace change. At the same time, we have recruited professional investment talents to make professional judgments on investment in biomedical field. " Pan Xiaofeng said.

In addition to formally entering the biomedical industry to make investment, the consumption field, especially the technology driven consumption upgrading, has gradually entered the vision of Jinshajiang joint capital“ Ten years ago, we basically didn't have to look at consumption items. Now for Jinshajiang United capital, we will not rush into projects in the field of pure consumption, but we will continue to pay attention to them. Because it is not a short cycle phenomenon, it may be a long-term opportunity in the coming decades. " He said.

At present, the consumer sector is becoming a golden track for more and more institutions. For the time being, Jinshajiang United capital has not carried out systematic investment layout in the field of consumption, but it has always been paying attention to the changes in the consumer market and consumer groups, and has made a small number of project investment attempts from the perspective of enabling science and technology that it is good at.

For example, in August 2020, Jinshajiang joint capital invested tens of millions of yuan in Nahuo music, a new guitar brand. The company uses carbon fiber composite materials to replace traditional wood to make guitars, which solves the pain points of traditional wooden guitars and improves the playing experience. The product design is highly scientific and technological and popular with young consumers at home and abroad.

"Guitar is a consumer oriented company, and we look at it more from the perspective of new materials. We like this company very much and look forward to its development potential. At present, the company's development situation is also very good. " Pan Xiaofeng said.

Settling down in Suzhou, embracing resource investment and driving the adjustment of local industrial structure

It is worth noting that although Jinshajiang United capital is headquartered in Beijing, it is actually a genuine Suzhou fund. The fund is registered in dongshahu fund Town, Suzhou Industrial Park. Pan Xiaofeng explained that the settlement of dongshahu fund town is mainly to get closer to resources, including LP resources such as Yuanhe chenkun, as well as local industrial resources and human resources.

"Yuanhe chenkun is our cornerstone LP, they have been adhering to the innovative approach of market-oriented operation." Pan Xiaofeng said. For example, Yuanhe chenkun didn't have strict requirements for anti throw, but it actually achieved a very good effect. Because when the mechanism of LP is flexible, GP can search for good items in a wider range. Suzhou itself has a good industrial foundation and services, which promotes the landing of foreign projects in Suzhou and the investment of local projects.

It is understood that Tianzhun technology is the first enterprise of Jinshajiang United capital to participate in investment in Suzhou, and it is also the first batch of enterprises listed on the science and technology innovation board in 2019. There are more than 10 projects related to Suzhou in the third phase of Jinshajiang United capital's RMB fund. Among them, 7 projects are local projects in Suzhou directly invested by phase III main fund, and 4 projects are subsidiaries or branches established by foreign enterprises in Suzhou. In terms of investment scale, of the 1.6 billion yuan fund, about 200 million yuan of investment is related to Suzhou.

More and more funds like Jinshajiang United capital are gathering in dongshahu fund Town, helping to form an investment ecosystem. According to the data, by the end of July 2021, 237 equity investment management teams and 465 funds have been established in dongshahu fund Town, and the scale of accumulated funds exceeds 259.2 billion yuan. The attraction of Suzhou Industrial Park to talents has been greatly enhanced. Taking dongshahu fund town as an example, 139 of the entrepreneurial enterprises it has served have been selected as national entrepreneurial talents and 8 as national venture capital talents.

The entry of capital further promoted the development of local real economy in Suzhou. As of the end of July, among the private equity investment fund invested enterprises settled in dongshahu fund Town, a total of 190 enterprises were listed or passed the meeting, of which 43 enterprises landed on the science and technology innovation board.

"Venture capital institutions are a force that can bring incremental growth to emerging enterprises and at the same time promote local industrial restructuring." Pan Xiaofeng said. At present, Suzhou's advanced manufacturing industry and biomedical enterprises are developing well, while the Internet and the new economy are developing slowly. After the entry of capital, it will drive the Internet, artificial intelligence and other technologies to enable the traditional vertical industries, which is necessary for the development of new economy in Suzhou in the future, and has brought the local development increment and industrial structure adjustment assistance.