20 12 Top Ten VC Investors Most Respected by Entrepreneurs _ Venture VC

Zhang Ying organization and position: founding managing partner of Jingwei China Investment preference: Internet, IT and mobile Internet Personal profile: Zhang Yingsheng was born in 1973, 1987 and immigrated to the United States. He holds a bachelor's degree in biology and chemistry from California State University and a master's degree in biotechnology and business from Northwestern University. He has worked in the investment banking department of Citibank and the direct investment department of ABN Bank of America. In 200 1 year, he joined WEC as the investment manager of its San Francisco office. After returning to China in 2003, he became the managing director of WEC Beijing office, and invested in Focus Media, Cardiva, ikang, 3G portal, Maxthon, Wang Daqi and Tuba. In 2008, Jingwei Venture Capital and WEEE China team jointly established Jingwei China Fund, with Zhang Ying as the founding managing partner, which is fully responsible for the operation of the fund in China.

Representative projects: Bona Film, Century Internet, Edan Instruments.

Institutional/individual investment style: mainly in the early stage, investment managers who invest heavily in finding projects have a deep understanding of the industry in the investment field and will not give an investment letter of intent easily, but once they decide to invest, they will keep their promises. Zhang Ying's personality is straightforward, and he doesn't beat around the bush about people and things.

Don't toss entrepreneurs

Zhang Ying believes that every investor has his own unique investment style, and the essence of investment is to make money first, which is true in business, but he can't agree with some behaviors and practices in the VC industry:

1. Lack of patience contributed to the forced intervention in enterprise development. Venture capital is an industry that needs great patience and risk-taking ability, and can't be mixed with the slightest speculative mentality. However, a few investors don't have enough patience to give enterprises a chance to fully explore trial and error, blindly wave the banner of high-speed growth, forcibly interfere with the development of enterprises, and force entrepreneurs to expand at an inappropriate time and at an inappropriate speed. The wrong pace of expansion not only makes the development of enterprises inefficient, but also may disintegrate the future of the whole enterprise.

2. When investing, it accounts for a large share of the enterprise, and even regards the enterprise as its own. Compared with entrepreneurs who take great risks and rush to the forefront in the most difficult circumstances, individual angels or institutional investors should not occupy a majority stake in the enterprise in any case. There are even some people who, without justifiable reasons, squeeze the original soul entrepreneurs out of the company and take the company for themselves, which in essence damages the reputation of venture capital.

3. Expressed positive investment intentions to entrepreneurs, but suppressed the valuation of enterprises by delaying the signing of the final agreement for a long time. The most important thing for the founder is the time cost, that is, after completing the financing in the least time, concentrate on developing the enterprise itself. However, after signing the exclusive investment letter of intent with entrepreneurs, a few investors slowed down the conclusion of the investment agreement in good faith, took advantage of the trust and time cost of entrepreneurs, blindly lowered the price, and even dragged the enterprise into the point where cash flow dried up.

Zhang Ying particularly hates that some funds are particularly troublesome to entrepreneurs, and they often break their promises. He refused to cooperate with such an institution. He believes that the pressure, risks and challenges that entrepreneurs need to bear are hundreds of times that of investors who take management fees from the first day and have little personal bankruptcy risk. "When you think about this, you can naturally think more about them."

He said in the Weibo that some investors live in luxury houses and drive good cars, but they are too harsh on entrepreneurs. Therefore, he supports entrepreneurs to sell some old stocks at an appropriate time and cash out to improve their lives. When entrepreneurs can take some money home, tell their families not to worry about the necessary family expenses. I believe entrepreneurs will work harder and concentrate on making the company stronger!

Hans Tung

Organization and Position: Managing Partner of Qi Ming Venture Capital (Beijing)

Investment preference: Internet, mobile Internet, consumer goods.

Personal profile: hans tung graduated from Stanford University. He is the co-founder of two Internet companies, Asia2B (Hong Kong) and HelloAsia (Silicon Valley). He has worked in new york and Hong Kong offices of Merrill Lynch's investment banking department, Asia Kunzhong Private Equity Company (founding member) and BVP Baishang Investment (in charge of China business).

Representative projects: Xiaomi Technology, Vanke Eslite, and Ehi Car Rental.

Institutional/individual investment style: focusing on BC round investment, carefully selecting projects and being friendly to entrepreneurs.

Experience the mood of entrepreneurs

In fact, it is relatively easy to deal with entrepreneurs. As long as you know how to do it and the price is reasonable, entrepreneurs will accept you more easily. If entrepreneurs come to me to complain, I will listen and try my best to help them solve their problems. They sent me an email, and I replied as soon as I saw it. I have had entrepreneurial experience myself, and I can understand the feelings of entrepreneurs. So many founders who cooperate with me think that I am a VC investor who is more like an entrepreneur.

After doing VC for a long time, I found that the information between investors and entrepreneurs is often asymmetric. Entrepreneurs can't fully understand investors and don't know where investors' concerns are, so entrepreneurs can't understand some decisions of investors. At this time, you need to understand each other through terms. Actually, there is a balance between investors and entrepreneurs. Entrepreneurs need investors to help them avoid making mistakes, because entrepreneurs usually rush forward wholeheartedly, and investors must tell him when to rush and when not to rush.

If there are differences (with entrepreneurs), we can exercise the veto at most. For example, if entrepreneurs want to give up their main business direction, we will vote against this major issue, but basically there is only so much we can do.

(Oral/Han Dong finishing/trainee reporter Shi)

Jinhantao

Organization and position: Chairman of Shenzhen Innovation Investment Group

Investment preferences: Internet, cultural creativity, chain services, new agriculture, new energy and environmental protection industries, etc.

Introduction: Jin Haitao graduated from Huazhong University of Science and Technology (now Huazhong University of Science and Technology) with a master's degree in engineering. He used to be the executive deputy general manager of Shenzhen SEG Group Co., Ltd. and the general manager of SEG Co., Ltd., a listed company. So far, he has directly managed five well-known listed companies in China, and has nearly 30 years of experience in enterprise management, investment and financing, and capital market operation. He also served as the Special Representative of Global Strategic Investment Fund in China, and joined Shenzhen Innovation Investment Group in 2004.

Representative projects: Qinshang Optoelectronics, Mingyang Wind Power, I miss you so much.

Institutional/individual investment style: familiar with IPO rules of small and medium-sized board and growth enterprise market, and the exit channels of domestic capital market are smooth. There is project investment in the early, middle and late stages, but more investment is in growth enterprises. Even if you invest in an early project, the business model of the project should be basically formed. We invest more in modern manufacturing, which is more in line with the tastes of local governments and has a good relationship with them. Many local guidance funds have been jointly established. Generally, each project is a deep venture capital investment, and the local guidance fund will invest some more money.

70% of energy is spent on service.

Jin Haitao believes that for the venture capital industry, self-discipline is very important-the spirit of contract, paying taxes according to regulations, and not taking the wrong road. He believes that the most important thing in investment is to do a good job in post-investment management. When the interests of investment institutions and investment enterprises conflict, we should ensure the overall situation, and follow the principle of being conducive to the development of enterprises except for major directional issues.

He believes that as more and more enterprises join the venture capital industry, the competition is getting bigger and bigger. The most important thing for Shenzhen Venture Capital to consolidate its position as a leader is to establish and improve its service system (including post-investment value-added services), not how many cases it successfully invested, how much money it earned and how much capital it managed. Service is a difficult and time-consuming thing. If you put most of your energy into investment, the position of Shenzhen Venture Capital will be in jeopardy. Shenzhen Venture Capital requires investment managers to devote 70% of their energy to service and 30% to investment. Service comes first.