Focus On Wu Jia: The Most Profitable Venture Investor'S Road To Wealth Creation

Forbes 2010 China's best venture investor list, Shen Napeng won the championship.

However, in retroactive history of the list, since the launch of the list in 2006, Wu Jia Jia was first in 2006, first in 2007 and second in 2008.

Over the past ten years, he has been the focus of the industry.

Venture capital

Wu Jialin (Thomas Ng), a founder of Ji Yuan capital, gives the impression of a purely technical person, like a Chinese software engineer who works in Silicon Valley at noon.

The pronunciation of L, N, Qi, ancient horse.

Wu Jia Jia also belonged to returnees, which was earlier. He was born in the mainland and lived in Hongkong for a while. Later he went to the United States to study.

In the city of Madison, the capital of Wisconsin, there is a lake of Lake masto, where young people are often trained in American football, and some are wearing sportswear with a mascot badger.

Nearby is the University of Wisconsin Madison campus.

In 1975, Wu received the highest honours degree in bacteriology at University of Wisconsin at Madison, and then received a master's degree in bacteriology and a Ph.D. in bacteriology and biochemistry. This is 1981.

Compared with family expectations, doctors are obviously stable.

However, he has gone in the direction of enterprise. He once served in DuPont Solar Energy Research Institute and Genelabs Technologies.

In fact, Wu Jialin has published numerous works and has a considerable number of invention patents.

At present, his three patents are in use.

In the early 90s of last century, he went to Singapore and eventually settled down. Wu Jialin said that the Chinese culture there attracted him.

On the economic level, Singapore, as the four small dragon in Asia, promoted innovation investment very early in the context of industrial upgrading.

In 1985, Singapore established the economic development board venture capital fund.

"He proposed to the Singapore government to develop technology start-ups and be a member of the Advisory Committee of the new government."

In 1996, very young Fu Jixun (Jixun Foo) joined the Singapore National Science and Technology Bureau. After some time, he joined the investment and Finance Department of the Ministry of Finance and investment, which was responsible for fund delivery and assistance to companies in the early stage of start-up.

Fu Jixun recalled Wu Jialin, "he joined science and Technology Bureau almost in the same period."

Fu graduated from the Department of mechanical engineering of National University of Singapore, and received a master's degree in science and technology management from National University of Commerce.

After graduation, he entered HP as R & D Engineer and head of the project.

The reality is earlier, in October 1995 TDF Management Co., Ltd. was established, that is, the predecessor of Venture TDF, Wu Jialin is the founder of the fund, the word TDF is the first letter of "Technology Development Fund".

It is well understood that the fund's fund is clearly a more efficient way to promote innovative enterprises. In fact, in April 1999, Singapore established a $1 billion investment fund for scientific and technological venture.

As a contributor, it supports venture capital like TDF.

The environment of 90s is different from that of today. Although the media is interested in technological innovation enterprises, it reflects that the valuation of emerging companies in the capital market is still just beginning.

When Amazon was listed in 1997, its market capitalization was only more than 400 million dollars.

How can the value of venture capital be embodied?

At that time, the general recognition was that important innovations were driven by Motorola or SONY.

Of course, people have seen Microsoft, but also stressed that this is based on the more mature market environment in the United States.

To some extent, it is true.

Another problem is that at the time, at least in Asia, people knew little about venture capital. It was reported that Wu Jialin's earliest project in China was a fish farm.

So, you can ask him for details in person.

However, the progress of the era speeded up quickly. "Singapore's TDF fund is one of the earliest fund investors in our year."

The man who said this is Ma Yun.

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Hi, Ma Yun.

The story of Ma financing is usually simplified to a few minutes with Sun Zhengyi, which highlights the length of the report, but the facts are more abundant.

It was a morning in 1999, a restaurant in Silicon Valley, where the marine climate was particularly pleasant. Squirrels looked through the grass and looked curiously.

Wu Jialin, Ma Yun and Cai Chongxin sat around, and Ma Yun talked enthusiastically about his vision.

In fact, he didn't understand much. Wu Jialin recalled that the first meeting was obviously pointless, and he thought Cai Chongxin was more interesting.

Cai Chongxin served as vice president of Investor AB, an investment company. He took the initiative to join the Alibaba and paid hundreds of yuan a month, which also led to interest in the start-up company.

So the two sides may have been in the saddle. But a few months later, he met Ma Yun again in Hongkong. It may be the cause of the environment. Now that he is talking about a trade website, this time, the two sides have exchanged for five hours.

"At that time, the traditional view was that China could not do business with small businesses.

Ma Yun's vision for Alibaba is to eliminate the barriers between small businesses and potential customers and to achieve this goal globally.

In October 1999, Alibaba introduced the initial $5 million investment including Goldman Sachs, Fidelity Investment and Singapore government technology development fund.

"We will bet on a huge market and an outstanding management team."

Wu Jia - Hui reviews.

Wu Jialin has a lot of work to do this year.

He has a lot of ideas to practice, including the introduction of TDF into China and the establishment of a new fund.

In September 1999, Ru Linqi left Deutsche Bank, which had been working for two years.

She plans to greet her new family members and rest for a while.

But soon, her friend Privy Link's founder wanted her to join in, including financing.

Naturally, Ru Linqi met Wu Jia, since TDF is one of the investors of Privy Link.

Rare talents, Wu Jialin invited Ru Linqi to join in, continue to develop TDF, and expand the business in North Asia.

In the middle of 2000, when the technology venture capital fund managed by Singapore Science and Technology Bureau and the Shanghai venture capital company reached an agreement, Shanghai Huaying venture capital fund was jointly established.

Pay attention to the period of time. At that time, the bubble of the Internet share was shattered, and financing became difficult. Six months later, the fund with a commitment of $33 million was set up.

This is Venture TDF Fund III, or Venture TDF China Fund.

Also in 2000, Scott Bonham, Joel Kellman, Hany Nada and Wu Jia Wei co founded the Granite Global Ventures (referred to as GGV). The atlas is the Hu Ventures, which is the meaning of the vast area, the so-called global and global.

Scott Bonham worked as a vice president of Capital Group Companies and worked in SGI before.

Joel Kellman was the founder of Fenwick & West LLP (a Silicon Valley law firm).

Hany Nada worked for ten years in Wall Street before joining venture capital and worked as an Internet software and electronic infrastructure analyst at Piper Jaffray.

He was awarded the Wall Street journal's "All Star analyst in computer software industry".

GGV: introduce yourself: focus on investing in expanding enterprises in the US and China.

The company's founding partners and limited partners identified the vision of the company in the late 90s of the last century: making full use of pnational expertise and connections to invest in high growth technology companies in the United States and China.

In February 2004, Alibaba completed the largest private placement of $82 million in the Internet field.

Investors include Softbank, Fidelity Investment, global investment and TDF, of which Softbank is US $60 million.

Ru Linqi recalled: I think the first round of investment is lucky, but after the second and third round of investment, after we finished the Alibaba, we continued to check other B2B enterprises. I basically saw more than 10 of China's Asian companies doing B2B, and after that they became more determined.

"They made many forward-looking decisions in the course of development.

For example, in 2003, when the company was relatively small and faced with numerous competitors, they launched Taobao. "

Wu Jialin later looked back.

The first phase of the investment was 160 million US dollars, the ratio of investment to China was 30%, the two phase fund was 230 million US dollars, and the ratio of investment to China was 50%.

Look at what Ma said: we highly appreciate the skills and insights of the GGV global team in helping Alibaba understand the mainstream Internet mode and capital market expansion.

At the same time, we are particularly grateful to GGV for the help and management of the Alibaba's 4 billion 250 million dollar deal with YAHOO.

Best venture capitalist

In 2000, Fu Jixun joined the Silicon Valley Vc firm de Fung Jie.

Since he is the only Chinese in the group, he often travels to China Liaison Office, including Baidu.

Later, in an interview with Lianhe Zaobao, he recalled: during the period from 2004 to 2005, Wu Jialin and I talked about the platform of the investment, and expressed the desire to expand investment in China.

At that time, I shared the same idea that I wanted to invest more in China, and I hope to work side by side with him.

In 2005, Li Hongwei (Jenny Lee) also left Asia to join the global investment.

They all arrived in Shanghai.

In October 2006, it announced that the third phase of venture capital was successfully raised, amounting to 400 million US dollars, that is, GGV III.

The fund managed by this way amounts to 800 million US dollars.

GGV III has attracted university endowments, pension funds, foundations and financial institutions.

At the end of that year, the Chinese version of "China's best venture investor list" was published in the Chinese version of Forbes: the 52 year old Wu Jia Wei ranked first, Yan Yan, who was investing in Softbank fortune, second, and Chen Liwu of warden's Pacific venture was third.

The list is twentieth, and the last one is Shen Napeng.

He was pformed from angel investor to fund manager.

"Together with Zhang Fan, we created the Sequoia China, which is enough to make investment addiction."

This is the first time to launch, when the list maker is Wang Shuang, "we only consider their investment projects in China, and only those projects that have been listed or acquired through mergers and acquisitions in the past 3 years have been included in the scope of venture capital fund performance inspection."

The list is to introduce Wu Jialin: Alibaba's early investor, before last year's Ya Ba merger case, served as a member of the Alibaba board for 3 years.

He successfully invested in AAC acoustic technology and Hua You century, and invested in Baidu in the early days.

He is also the founder of Huaying Vc firms.

Office in Singapore, but frequently fly to China to see the project.

AAC acoustic technology is a project often mentioned.

Ruisheng group was founded in 1993, its headquarters in Shenzhen, and listed on the Hongkong stock exchange in August 2005.

"Our competitive edge and existing capabilities allow us to focus on the growing field of cell phone acoustic components and the expanding consumer electronics market."

"GGV's business capabilities in China, global perspective and understanding of the public market provide important help for AAC's recent public listing in Hongkong."

AAC acoustic technology CEO Pan Zhengmin review.

At this stage, the RMB fund is obviously an important direction. "GGV is also considering making RMB funds, but I am sorry that there are no specific plans to disclose at the moment."

In an interview with China business newspaper (micro-blog) in 2007, he pointed out:

One problem is that when a fund management company operates more than two foreign currency funds, it must consider the distribution of interests between them.

For example, when investing in a project, how much is the local currency and how much foreign currency is invested.

In December 2007, the Chinese version of Forbes again released the list of best entrepreneurs in China.

The runner up of the list is still 53 year old Wu Jia and Yan Yan, who ranked third in the IDG venture.

The list will undoubtedly point out that in November this year, Alibaba listed on the main board of Hongkong and became the first China Internet Corporation company to have a market value of more than 20 billion dollars.

At the same time, he hints that: at the beginning of this year, he invested in the Boston power company of lithium battery company for $15 million 600 thousand, and was full of expectation for this project. "Boston power company has the ability to take the lead in the global lithium battery market of 10 billion dollars."

The company is led by the battery system innovation and design authority Christina Lampe-Onnerud to lead the company team.

The company provides laptop batteries.

The latest news is that the automotive industry is enthusiastically interacting with it and looking for more efficient batteries.

In the list, the company rose nine places last year, ranking eighth.

In an interview with Lianhe Zaobao, he said, "the advantages of Singaporeans in China have gradually weakened.

China is developing rapidly and is going to succeed in China. We must not stop and learn to make progress. "

In March 26, 2008, a major event in the venture capital industry took place.

Including sing capital's Sino-foreign joint venture fund, Ke Xing venture capital fund.

Zhuo Fumin, founder of SiGe capital, joined.

The GGV phase third fund was re raised from existing limited partners and expanded from US $410 million to US $610 million.

At the same time, the Chinese name changed from "Huan Hui" to "Ji Yuan".

Next, we call it Jiyuan capital.

About 70% of the three phase will be used to invest in the Chinese market.

Hany Nada said: "the rapid development of China's consumer market has brought huge opportunities for us to focus on expanding our investment strategy.

The expansion of this fund will help us constantly strengthen our market position, increase investment in emerging consumer and traditional industries, support innovative enterprises, and achieve long-term value for our investors.

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GGV Capital

GGV points out that the concept of "a team focusing on the world" requires our team to make a solemn commitment to provide a unique perspective for our investment enterprises and bring returns to our investors.

Fu Jixun explained the merger in an interview with the Economic Observer (micro-blog): in China, the earliest I saw was the Internet, the media and the technology industry.

But then we found that there are many opportunities for China. We should expand to other areas, such as consumption and energy.

But we only have a limited number of people at the beginning.

Later, in 2007, we contacted Zhuo and his colleagues.

We hope that their backgrounds, experience and resources will complement us. "

Zhuo Fumin once served as chief executive officer of Shanghai Industrial Holdings Ltd, including Bright Dairy, Shanghai Jahwa, Lianhua supermarket, SMIC.

Shanghai Industrial Holdings Ltd is Hongkong Hengsheng composite index constituent stocks.

Later became chairman and CEO of Xiang Feng (Vertex) China Investment Co.

We have invested in technology companies such as exhibition, sky and credit.

In 2005, he founded SIG Capital.

Its VentureStar, one of the first approved Sino foreign joint venture funds, was founded in November 2006 by Shanghai science and technology investment company, DBS Bank of Singapore and Hongkong SiGe capital group.

In May 2008, Wang Jiafen, a well-known entrepreneur, joined Jiyuan capital as a partner.

Wang Jiafen has been the chairman and general manager of Shanghai Guangming dairy Limited by Share Ltd since 90s. In ten years, he has built a Regional Firms into a national Brand Company.

Guangming dairy also invested in the convenience store chain corporation.

However, in 2008, Jiyuan capital investment, which had more partners, slowed down significantly, and invested only 3 new projects throughout the year.

Corresponding to the sentiment of the capital market at that time, Zhuo Fumin said in an interview with investment and cooperation, "in the past year, we often met a good project and several VC competing for it. If we saw this happen in the course of the project, we would definitely no longer participate in the investment."

Although the market environment is disturbing, he also talked about the characteristics of China's venture capital in the interview: China's investment field is relatively scattered, high-tech investment is not too much, originality is less, most investments are in traditional industries, pparency is relatively high, valuation is inflated, and fluctuation is not too intense.

However, in April 2008, Ji Yuan capital took part in the fourth round of financing of Tudou.

Apart from market judgement, the new team has a running in problem. Later, the image explains that after the "dormant period", the tacit understanding of team members has been cultivated, and has become accustomed to "matching".

At the end of the year, the new "list of best entrepreneurs in China" was released.

There are some changes, the scale of the list has increased from 20 to 50, and the scope of research has also expanded to IPO and acquisition projects over the past 5 years.

Wu Jia Jia changed the order with Yan Yan. He is the top spot.

Introduction to the list: as a Chinese American, Wu Jialin values the local team more.

Last year, he invested in a lithium ion battery manufacturer, Shenzhen Huayue Bao Battery Co., Ltd.

Wu Jialin, who has rich investment experience, is now the last gatekeeper of GGV investment.

The products of Huayue Bao battery are used in notebook computers, wireless communication terminals and all kinds of portable devices.

Coherent, Wu Jialin is doing the layout of the wireless field.

If PC is only a terminal in the Internet era, wireless will greatly change the current information architecture.

(voice over, or hardware and services will have a more prominent opportunity, since people change the terminal very frequently.

)

To make a long story short, in the capital market, it is very important to comply with the rhythm. In 2009, the market environment improved. Jiyuan capital reflected its activity and completed the investment of 9 new projects, with a total investment of more than 80 million dollars.

State of the world, its overall solution has enhanced the commercial value of low-grade ore and tailings; Xinli lighting is committed to R & D and manufacturing LED outdoor lighting system, subway lighting system and commercial lighting system; Hippo animation, 3D animation and video production company; Qingdao LDK, third party national chain electronic product service enterprise; long entertainment, Chinese arcade developer; multi play, an online game portal.

What is particularly worth mentioning is Shure, the "Bisheng source". Beijing otter Shure health products development Co., Ltd. has two main products, "Chang run Cha" and "slimming tea".

As of December 31, 2009, the company had 83 sales offices and nearly 10 sales terminals.

TMT is still very important, especially for Internet entrepreneurs who need capital. "Li Hongwei is a partner of Ji Yuan capital and is responsible for the company's investment in the world, especially in the TMT field of China."

This woman is very eye-catching. She first worked in Singapore's Aerospace Science and technology department.

"She loves the upgrade of fighter systems. She likes to explore technology and future trends with fighter pilots and engineers."

Li Hongwei received a Bachelor of engineering degree and a master's degree in engineering from Cornell University, and received an MBA degree from the Kellogg School of Northwestern University.

How does a startups who need capital match her?

In fact, she likes playing golf and outdoor sports.

In an interview with "financing China", Li Hongwei pointed out that "09 years of games and community websites have attracted a lot of investors' attention, and I think it should not be confined to such online entertainment. In order to take care of the entertainment needs of all ages, we should invest in the offline and wireless entertainment projects."

At the end of the year, Ji Yuan's capital invested in the third round of financing, and Fu Jixun, who joined the board of directors, said: "online tourism accounts for less than 10% of the total market share of China's tourism industry, and has huge room for growth. Where to go is absolutely leading in the field of vertical search in China and even in the Asia Pacific region."

GGV points out that our investment scale for expansion phase is usually between 5 million and 25 million US dollars.

Investment pactions were led by local partners and supported by the global team.

GGV invest in enterprises with good performance, strong management team and seeking venture capital to accelerate growth.

In fact, Fu Jixun had always been in touch with where he went, but he did not decide to intervene until the third round, which reflected Ji Yuan's grasp of the investment stage.

The beauty of continuity

GGV said: we expect to establish long-term relationships with the team we support, not only this investment, but also the next round of financing.

The most important yardstick of whether we succeed is the success of the enterprises we invest in.

"The place where the sun first shines is the building of the East. The most successful place in the world is Shangri-La on the banks of the milk river."

James Hilton wrote in the book "Lost Horizon".

One problem is that Wu Jialin seems to be out of the media view. In fact, he does have important things to do. Since 2005, he has invested in some hotels in Shangri-La.

Of course, he will not forget the forward-looking layout.

In his investment directory, including Spice i2i.

Spice i2i, or MediaRing, is an Internet phone technology communication company.

The company has 5 US patents and more than 12 patents are under examination and approval.

MediaRing provides high quality voice services for communication operators, enterprises and service providers.

In an interview with Global Entrepreneur, Pan Zhengmin talked about a view: simply offering products according to the requirements of customers, and providing technical services to customers.

If a large number of downstream manufacturers become customers, they will be less affected by changes in downstream market share.

Wu Jia and his cooperation invested in Singapore's Xenon Technologies.

This is a lighting solution provider, that is xenon lamp.

It provides services for nearly 600 imaging devices to meet users' demand for digital camera, digital SLR camera and other cameras for mobile phones.

In 2010, first of all, the United States team worked hard.

In February, QuinStreet landed on Nasdaq, and QuinStreet's online marketing services and technology support consumers bought many brands at a lower price.

In the same month, Ironwood Pharmaceuticals also landed on NASDAQ. The company is currently promoting the development of several clinical candidate drugs for the treatment of irritable bowel syndrome, such as constipation, chronic constipation and other functional gastrointestinal diseases, as well as a new generation of cholesterol steroid inhibitors for the treatment of hypercholesterolemia.

In the evening of June 30th, Hai Hui software (International) group company landed on NASDAQ.

Sun Zhenyao served as chairman of Hai Hui software since March 2008.

He served as chief executive of HP China.

In 2009, IDC was the 10 largest offshore software development provider of local IT based on sales, and Hai Hui software ranked second.

"In 2004, it is a new market, but you can see its potential, and Hai Hui software is one of the leading brands."

Li Hongwei, a director, recalls.

"We see a huge global opportunity to enable China to quickly become a leader in outsourcing services, as India did in the late 90s and early in the new century."

In 2006, Hai Hui hired Lu Zhequn as CEO.

Lu Zhequn said: "Li Hongwei and GGV have played a catalytic role in helping us identify and improve strategies, and also help us strategically execute several key acquisitions.

Next, Bisheng, Meihua group and Daquan new energy three enterprises have been listed.

Mei Hua group is a leading manufacturer of condiments, and is one of the largest monosodium glutamate manufacturers in China.

Daquan new energy Co., Ltd. specializes in R & D of polysilicon.

Combined with the accumulation of Daquan Group in the electrical equipment industry, the photovoltaic industry chain is extended to silicon chips and photovoltaic modules.

"At the time when GGV capital was set up 10th anniversary, we were very pleased to see that our team's efforts over the years have yielded fruitful results."

Fu Jixun said: no matter in the high tide or low tide period of the market, GGV Ji Yuan capital always focuses on the high growth enterprises in the period of investment expansion, and always adhered to the long-term investment concept that was shared with the invested enterprises.

In another year's announcement, Forbes commented that Wu Jialin, GGV Ji Yuan capital, won the top spot. He had a huge impact on the investment style and investment direction of the GGV team.

In fact, Ji Yuan capital had three people on the list this time, and the managing partner was seventeenth, while managing partner Zhuo Fumin ranked thirty-sixth.

Liu Ruiming, the founder of the list, pointed out that the channel that had been largely exited by overseas IPO was greatly broadened by the gem and the small and medium-sized boards. The venture capital institutions that originally invested in high-tech and Internet have already been fully rolled out in the fields of consumer goods, medical health, clean technology and so on.

GGV points out that our global team strategy is unique in venture capital.

Of course, this strategy sometimes brings challenges, but it can be rewarded from the value we offer.

We focus on working with management teams to bring mature and influential resources to every investment.

There is no doubt that Ji Yuan capital already has an imaginative framework for the future.

Wu made a contribution, which is just as important or more important as a successful investment project.

...

In April 21st, Internet data center service provider Century Internet landed on NASDAQ.

epilogue

Data from financial data provider Dealogic show that among the ten best IPO companies in 2010, there were 7 Chinese companies, 6 mainland enterprises and 1 Taiwan enterprises.

Wu Jialin once referred to an investment, but logic can also be extended to a larger extent. "I see two facts clearly: a huge macro trend is sweeping the globe, and an excellent management team is effectively implementing its vision goals to lead this trend."