GGV Founded in 2000, the same time the venture capital business in Silicon Valley and China. It invested in the project include Ali Baba, go, Tudou, little red books. In an interview with "China-EU Business Review" interview, Jixun veterans from the perspective of the investment community, reviewed the key point four venture capital development in China, namely in 2005, 2009, 2011 and now.
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Jixun from 1996 to join the National Science and Technology Board of Singapore, came into contact with venture capital. In 2000, he began to see China project, and invested in Baidu. In his view, from 2000 to 2005, the Chinese venture capital market has not been fully discovered outside world. Until around 2004, including Ctrip, Tencent, Baidu and other companies listed on China's science and technology venture capital industry began to be recognized.
Then, starting in 2005, the first-line venture capital firms, including Sequoia and KPCB, including began to enter China. 2005 is a crucial year China venture capital, the same year the establishment of venture capital, also includes Hillhouse Capital, Northern Light Venture Capital, Capital Today and so on. Jixun himself in by the end of the year his family moved to China.
2009 was another key year. On the one hand, the financial crisis has led to panic in global capital markets at the same time, the Internet company's competitiveness began to show up more strongly, which makes the capital began to tilt the field of science and technology venture capital; on the other hand, China launched in 2009 GEM, its direct result, RMB funds appear as a new force Chinese investment.
Then in 2011. As the development of mobile Internet, millet, drops, Today's headlines and other new companies have begun to emerge. At the same time, there have been O2O such a popular outlet. At this stage, you can use that phrase to describe Lei Jun: stand on the outlet, pigs can fly. Entrepreneurship and investment have emerged boom.
2018 is a period of adjustment. End dividend of mobile Internet on the one hand, the market has entered a period of adjustment, beginning with the "Internet in the second half," saying; on the other hand, Chinese economy has begun to face internal and external challenges, the uncertainty of economic growth becomes stronger. At this time, cautious capital began to enter the stage, or rather, into the rational stage. Some began to face the problem of small and medium sized fund-raising difficult.
However, Jixun said: "excess capital when the efficiency is low, delivery is relatively extensive, because too much money when the return to rational, but is higher capital efficiency when.." His view is that investment should It is a counter-cyclical logic in the market to invest in the apex, get the return on investment will be lower than the trough in the market. Thus, "the next two or three years it will be the best time to invest."