Shengjing Netcom Peng Zhiqiang: won Alibaba's 4.5 billion yuan financing, huitongda leads the new mode of "industrial router"

On April 17, huitongda announced that it completed the 4.5 billion yuan financing invested by Alibaba group. As an investor earlier than Ali, pengzhiqiang, co founder and chairman of Shengjing Internet Alliance Group, believes that the "industrial router mode" of Huitong realized the sharing of stock flow through SaaS tools, products and communities, In the real sense, it has achieved the "empowerment" for 80000 small B (small merchants) in rural areas. Shengjing network has become China's largest innovation and entrepreneurship service platform, and has grown into China's largest global parent fund. By the end of last year, the top 60 science and technology venture capital funds in China, the United States and Israel have invested more than 10billion yuan. And this time Ali's investment in Huitong Da will explore new rural retail samples through cooperation. In the retail market with more than 30trillion levels, with the National Rural Revitalization Strategy entering the golden period of development, the giants represented by Ali and JD have already entered the rural market, but there has been no breakthrough in the past few years. Why does Ali make a huge investment in foreign exchange? What profound impact will the rural e-commerce ecological model constructed by remit have on the future industrial Internet? On April 18, chuangbang exclusively interviewed pengzhiqiang, co founder and chairman of Shengjing Internet Alliance group. Some sharp points of view were excerpted as follows: 1. Why is it more and more difficult to be an e-commerce now? Because the flow is too expensive, the increment is basically gone. Why do bat go offline to buy? Because they have finished the online war, they will go to grab the traffic off the line. So from the stock flow age, the mode of the exchange access is of great significance - based on the offline and fragmented flow, the value reconstruction is realized. 2. There is a special core to do empowerment, it needs SaaS. Why do many of them do B to B trading platform, which is doing transactions, but the value of the company is not released? Because these platforms do not have a set of SaaS to serve and empower those small B. 3. SaaS is dead; Baas has come (business as a service)“ SaaS is the foundation of baas - if you don't have a SaaS, say you want to build an "industrial router", which is selling the concept. The following is the dialogue: On the mode of "industrial router" Venture state: as an important investor, how do you think of the rural e-commerce ecological model constructed by huitongda? Peng Zhiqiang: we have the direct investment (the first mock exam), and the parent fund has been voted through Huaxing Heshun. The main reason is that it is optimistic about its business mode. We call this mode "industrial router mode". In fact, Zeng Ming, chairman of Alibaba group academic committee and head of lakesian university education, once called this type s2b2c model, which he thought was a particularly important business model in the coming years. Our ideas have different points, but there are also new upgrades. Industrial router is a new vertical platform, which has the characteristics of traditional platform mode, but in a broader sense, it is a new platform based on sharing economy. The so-called sharing is that it is not the only one of its own, but fully mobilize the subjective initiative of stakeholders of all parties of the platform, even in a certain sense, make the other party earn more and the platform makes less. So "industrial router" is to maximize the efficiency of all parties with the best efficiency and the lowest cost model. Specifically, huitongda has united 80000 rural "husband and wife stores" in the country, and then empowered them through tools, products, finance, communities and other ways to realize sharing. We think this is called "empowerment industry community", which is a new business logic. The first mock exam city is different from the urban electricity supplier. This mode has solved the demand of rural residents in the fast and good province when they consume, which is a business mode suitable for the characteristics of rural electric business. Venture state: why does Ali choose to invest and exchange to reach? Pengzhiqiang: the reason why Ali will invest in it is because in the field of "new countryside", huitongda is basically not lost with the giants like Ali and jd. The "enabling industry community" formed by the formation of the original whether to B to B, SaaS or join, why are they actually very difficult? And remit, now is a profitable company, which is almost unimaginable in the traditional e-commerce field. For example, Jingdong, when Gmv (total transaction volume) exceeds 100 billion, it still loses a lot. Why can the Huitong reach realize this business logic? Because it is shared traffic, that is, the traffic of 80000 "husband and wife sto

Why can 7-11 get more than 90% gross profit?

First launch of the whole network, complete notes and new retail Why does Alibaba run offline? How to realize online and offline Omni channel marketing? How to achieve the ultimate single product management, to create a single product popular? Hello everyone, today we share a real super species 7-11.    Recently, we are studying a popular term, which is called "offline business technology".    When a large amount of traffic is still in the hands of offline enterprises, is still widespread in the society, and even must exist for a long time in the future, how to strengthen the offline business technology, so that the efficiency of offline business is no less than that of online business?    1、 Gold flow under the United line The first step in the upgrade is undoubtedly traffic.    Today, Internet companies scramble for both online and offline traffic. Why does a pure e-commerce company like Alibaba go offline? Because offline accounts for 80% of the traffic.    The biggest invisible asset on hand of offline enterprises is offline traffic, and so is 7-11. Of course, the so-called offline technology focuses on traffic.    How can 7-11 unite offline traffic? The most important thing for offline stores is location. How to get the best position?    The mom and pop shop just needs to do your job well, you just need to come to me with the golden position. Because your golden position is my professional manager, even if you go to expand, you may not be able to get it, or you may not be able to get it. Even if I have the ability, the position is yours, and I can't get it if you don't sell it.    All in all, you can get the golden position, which is the biggest invisible asset. But why didn't you do it well in the past? Because your genes and abilities are not enough, it doesn't matter. I'll empower you. I'll teach you how to do better and more efficiently, so that we can work together to achieve the maximum resource sharing. I share your golden position, you share my business technology. Why can 7-11 get more than 90% gross profit?    It's hard to imagine that selling a bottle of water can make a gross profit as high as 90%? Can you make a 90% gross profit by selling a loaf? How is it impossible to subtract cost from income? However, this is a typical self-management thinking. When 7-11 is no longer self operated:    Water is still on sale in the mom and pop shop, bread is still on sale in the mom and pop shop, but you are sold out. On the basis of my empowerment, I will teach you how to manage commodities, how to manage logistics, how to manage big data, how to improve business efficiency... Make a single store's all abilities and skills to the extreme, and your profitability will be far higher than other mom and pop shops and small street stores. At this time, the higher part of the profit will be shared between us. What kind of company is 7-11?    Is it a company selling goods? no It's a training consulting company. Its cost is not the cost of those goods, but the ability to train and consult. So we know that training and consulting is the cost of personnel, it does not have the cost of operating cash flow. The coverage rate of personnel can be very wide, because a 7-11 OFC (we call it political commissar) can also be understood as a 7-11 consultant, trainer and supervisor. He can see eight stores by himself. If you run eight stores by yourself, how many people do you need? And he can see eight stores by himself, which is why the gross profit rate of 7-11 is far beyond your imagination.    On the surface, 7-11 is a very traditional retail industry, but on the core, it is the most popular thinking logic today - the industrial router designed by the sharing economy.

Liu Yan of shengjing.com: SaaS is needed for enterprise services to achieve turning point growth+

Digital is a new word, but if we mention another word, I believe you are not unfamiliar with it - enterprise service. In the past, we often talked about enterprise services. In the future, we will talk more about "enterprise digital services", which will be the general trend of entrepreneurship in the field of enterprise services. On May 28, the "2021 truth conference · Digital Economy Summit" initiated by pencil road was held in Beijing. At the summit, Liu Yan, CEO of Shengjing Netcom and founding partner of Shengjing Jiacheng, delivered a keynote speech entitled "super track and typical mode of enterprise service". Liu Yan was the founder of Tsinghua Ziguang IT business group, a well-known listed company in China, and was the chief operating officer of Tsinghua Ziguang it group, bringing the company to 5 billion scale from scratch. She is proficient in the comprehensive operation and management of large enterprises, and has profound insight and experience in business model innovation, strategy formulation, lean entrepreneurship, fine operation, etc., helping hundreds of listed companies and high growth enterprises realize business model innovation. He is the author of the best-selling management book "excellent execution - how to improve the execution ability of Chinese enterprises". The following are some of the cream ideas: 1. In the past three to four years, only about 10% of China's capital market has invested in enterprise services, but now it has risen to about 15% - 20%. After the epidemic, the enterprise service track ushered in the spring. 2. In China, there is another term for enterprise services, which is called "industrial Internet". In the future, there will be the rise of companies whose market value and scale are no less than or far more than that of a large number of consumer Internet companies. 3. In the course of enterprise service, the greatest certainty is the certainty of demand. The common demand of 2B service is "cost reduction and efficiency increase", which means that the investment in this track will have the opportunity to obtain a higher market value investment ratio. 4. It is possible to provide SaaS services for large enterprises, but it is very difficult to provide SaaS services for small and medium-sized enterprises. If enterprise service companies want to achieve more large-scale turning point growth, they need to develop SaaS +, + trading, + consulting, + operation, + training and so on. …… The following is the text of the keynote speech, organized by the pencil path. Enterprise service enters into super stage In the past 20 years of innovation and entrepreneurship development in China, a large number of investment is devoted to consumer categories. But we have noticed that, after the outbreak, more and more funds have begun to focus on the business service track. This is the inevitable experience of innovation and the inevitable experience of capital market. We can see today that 50% of the U. But, now it has become higher and higher, rising to about 15% to 20%. Although the epidemic has brought pressure on many tracks, it brings spring to the service track of enterprises. Everyone here, if your business is doing business services, congratulations that you have entered the tuyere stage of super track now. Enterprise service has a very important feature, is long. Long means that, in the future, if new business model design is adopted, the enterprise service companies will have market value and scale no less than or far beyond the large amount of consumer Internet. Today, we share the super track and some typical models of enterprise service. We hope that we can learn from them, so that our enterprises can achieve faster and more stable development. First, we briefly introduce our grand scenery network. The location of the grand scenery is a new economic service platform, in other words, we are also part of the enterprise service track. In the past decade, tens of thousands of entrepreneurs have been gath

Another 50 trillion new direction: 12 billion capital tycoons entering

Like SaaS“ Generally, it faces three high and two low problems: high R & D cost, high sales cost, high customer maintenance cost, but low annual fee and low renewal rate. Many small and micro businesses are difficult to grow. " How to solve it? Let's talk about it today. Peng Zhiqiang, chairman of Shengjing wanglian, founding partner of Shengjing Jiacheng, President of a company with a market value of 10 billion, was once vice president of Tsinghua Ziguang, a well-known listed company. At present, the scale of managed master fund and direct investment fund exceeds 12 billion, covering and investing nearly 150 listed companies. How should tob entrepreneurs get out of the prisoner's dilemma? According to the data of ecosoc.com.cn, the scale of enterprise service market is about 50 trillion (in 2020). What are the opportunities for this pangran track to break this year? Pencil road recently interviewed Mr. Peng Zhiqiang. He shared 1 best paths. 1. The investment trend of Tob? In recent years, the proportion of enterprise service investment in China is increasing. About 10% 3-4 years ago and 15% - 20% recently. 2. What are the verified directions of SaaS? SaaS services for medium and large enterprises are likely to be established, while SaaS services for small, medium and micro enterprises will be more challenging. 3. The current trend of SaaS entrepreneurship? From SaaS to SaaS +, namely SaaS + trading, micro consulting, operation, training and other services. 4. The best mode of SaaS +? SaaS + deals. SaaS + transaction = baas (business as a service), which is the logic of industrial Internet trading platform, such as Guolian shares. 5. What is the more successful model of baas? Two types: B2B e-commerce and s2b2c (there are detailed cases in the text). 6. The core problems and misunderstandings of enterprise service? The core value of enterprise service is to make customers succeed. Only selling tools is of little value, and operation, consultation, training, trading and other links need to be added. However, these practitioners are unwilling to do it, and think it is too heavy and difficult to copy. 7. What is the starting point of enterprise service? It's going public. Enterprise service track (customers) pay attention to the right match. ... ... More essence is in the text. If you are a tob entrepreneur, read on and you will get something.     To   B more certainty in investment Pencil: every investor has his own understanding of the connotation and extension of enterprise service. As an expert who has been working in this field for 20 years, what does Mr. Peng think of this industry? And because of what kind of thinking and recognition of this industry? Peng Zhiqiang: the United States likes to use the concept of enterprise service. In recent years, in China, there will be more changes in the concept of industrial Internet, but the characteristics of their to B are unchanged. There will be a to B merchant, organization or enterprise. Shengjing is recognized for this industry, because we can see that about 50% of the investment portfolio in the United States today is to B investment, while the investment portfolio in China has increased to 15% - 20% in recent years, compared with about 10% three or four years ago, and the investment proportion is relatively low. In fact, we can find that the development trend of the United States is a direction of China's investment, and enterprise service is a relatively high degree of certainty. Nowadays, the consumer Internet has encountered a bottleneck, and the dividends have been fully exploited. However, there are many new formats and fields in tob's industrial Internet, which have achieved rapid development in recent years. The logic behind this is that the labor cost is more and more expensive and the cost of getting customers is higher and higher. Therefore, from the perspective of cost reduction and efficiency enhancement, enterprise service is a highly deterministic demand, and the growth space of to B is very large. From the perspective of investment, industrial Internet and consumer Internet are also very different. For example, the capital efficiency of some representative projects in the consumer Internet is relatively low, which is the so-called relatively burning money. However, tob's companies generally do not, and the ratio of investment to market value is relatively healthy. For example, some consumer Internet projects have a market value / valuation of US $60 billion, but VC alone may have invested more than US $10 billion, and the ratio of investment to market value is less than 1:6. However, tob may invest a few billion, and it can run out a company with 10 billion or even tens of billion. The ratio of investment to market value output is dozens or even hundreds of times that of consumer Internet projects. In fact, after the capital market has gone through the hundred regiments war,

Liu haofei, founding partner of shengjingjia chengmu Fund: experience and thinking of incubation innovation in digital economy

Editor Xu Bi Duan   Jiangqianjun On December 8, the "Foshan City Industrial Innovation exchange conference of wise 2020 new economic conference" was opened in Beijing International Conference Center on the occasion of the new decade of new economy. This meeting is jointly hosted by Foshan Municipal Bureau of Commerce and 36 krypton. Nearly 200 Unicorn enterprises, well-known investors, science and technology innovation entrepreneurs, etc. discuss the historical opportunities under the double cycle around the track of advanced manufacturing, new energy, biomedicine and new materials. Liu haofei, founder of shengjingjia parent fund, was invited to share the theme of "incubation method of digital economy combining industry" for us. Liu believes that technology is the trend of the general situation, digital will permeate all industries, and industrial Internet will reconstruct all industries. From experience, Shengjing Jiacheng puts forward the development direction of incubator of "empowerment + investment", and extracts the "five one" methodology combining entrepreneurs, industry leaders, local governments and parks. ▌ the following is the full text of Liu haofei's speech, which was edited by 36 krypton: Dear leaders from Foshan, distinguished guests, and 36 krypton partners, good afternoon. I am very glad to share some of our experiences here. My topic is "incubation method of digital economy combining industry". This is some experience we have summarized in the whole incubation innovation and investment process of the past decade, and some thoughts on how to combine entrepreneurs, how to lead industries and how to combine local governments and parks. We have just mentioned the review of the past and the future. We think that the next ten years, 20 years or even have a big and directional trend. This trend is irreversible: we call technology down, and all the problems we talk about about neck clasp are to find the foundation at the bottom. Consumption is the direction of the development of a better economy. Our consumption is changing constantly, in stratification, upgrading and changing. In this direction, we think that to put it together is that digitalization will permeate all industries, and industrial Internet will reconstruct all industries. Especially in this case, we see many stores that have not been operated online in the past, because the epidemic has digitized (educated) and online (drained) users and put the operation online. Up to now, although offline stores operate during the day and open online stores at night for live sales, this is a big trend. We think that the industrial Internet solves the problem of digitalization and Internet based on the consumer Internet, from consumption to upward, called "consumption and supply". In this way, we can improve a large number of supply side efficiency, and reconstruct many structures, thus completing the Internet of the entire industrial chain. It's a big trend. In this trend, we talk about one of the points, is how to combine the industrial digital leaders to carry out digital incubation. Why can we talk about it? We Shengjing Jiacheng has been the parent fund in the past six years, covering the world's best innovation projects, including China, the United States and Israel. We are also the indirect shareholders of 36 krypton. We think that investors in the U. We also see that in China, especially in the reform of capital markets, we have enjoyed a huge dividend of registration system. In the third quarter just ended, Shengjing Jiacheng's direct investment and parent fund completed 22 projects listing in 90 days, including A-shares listed in China, listed in the United States, listed in Hong Kong, including American companies and Israeli companies. It is very difficult for Israeli companies to complete IPO. Many projects were earlier, and we had started layout. Our investment is "parent Fund + direct investment". In the direction of direct investment, we prefer early heavy empowerment and incubation. When we had a discussion with ZhongGuanCun last week to discuss how to do a good job in the development of incubator, we put forward a view: to help incubators armed to face the future and make business adjustment in the way of "empowerment + investment". Shengjing has some practice. In addition to Shengjing Jiacheng, Shengjing Jiacheng's brother company is called Shengjing Internet association, which has done a lot of comprehensive empowerment of innovative enterprises, including training, capital, financing, brand and so on. All of these are all we have done. It seems scattered. The way we do it is to generalize the following: to make the enabling product. After making it into a product, it makes the product itself profitable, so that it can form a positive incubation. The poverty alleviation of viah is poverty alleviation and innovation. In the past, she only "gives", but she does it by selling and donating. We do empowerment, we are not only to give

Liu haofei, founder partner of Shengjing Jiacheng: Investment methodology behind 118 listed companies of Shengjing Jiacheng

On September 14 and 15, under the guidance of Nanjing Municipal Bureau of Commerce; Sponsored by Nanjing Investment Promotion Center and shengjingjia chengmu fund; "2020 China LP Fund Investment Summit, Shengjing Jiacheng 2020 investment annual meeting", CO sponsored by southeast fund and Shengjing Kefu, was successfully held in Nanjing Zijin villa. (Liu haofei, founding partner of Shengjing Jiacheng) 　At the meeting, Liu haofei, the founding partner of Shengjing Jiacheng, made a wonderful speech on the theme of "Shengjing investment methodology: early lead investment, strong empowerment + select the best from the master fund". The following is a transcript of the speech: For LP, the core concern is earnings. Income is a result, but we often think about a problem. The result of income is composed of many factors. Which factors are accidental and which are inevitable? The key to investment is to find the factors that can ensure success, make them work continuously, and avoid the factors that make people step on the pit. The return of investment is not always positively correlated with the quality of investment decisions The return on investment is not always positively correlated with the quality of investment decisions. It may be like going to a casino, where you don't know anything and just win a lot of money when you make a bet. It's also a reason to buy lottery tickets. Which dimension should be used to distinguish necessity from contingency? Income, the most important dimension, must have a time axis to test. In the long run, if the return of investment is to be good, the quality of investment decision must be high. But in the short run, the correlation may be very low. There is a saying that "money earned by luck can be lost back by ability", which is what it says. High yield law: high yield = (safety) × (Sustainability) ÷ Low cost. This is our understanding and precipitation of investment. It's different from the expression of some investors, but it's actually the same thing. Since the essence of investment behavior is the realization of cognition, we should have enough in-depth cognition that can link many problems together to form a basis for our decision-making. A successful investment is always a friend of the trend A successful investment is always a friend of the trend. At present, the general trend of the times is in the field of science and technology, and the development of science and technology is the biggest driving force of social change. Based on this cognition, we develop our investment behavior and research behavior to achieve sustainable and repeatable success. Therefore, there are two necessary conditions to judge whether the investment method is of high quality: one is long enough time, and the other is enough samples. Only in this way can you prove the validity of your investment methodology. With an investment scale of over 12 billion yuan, Shengjing Jiacheng has cooperated with nearly 70 head agencies, with 100 direct investment projects, belonging to the sniper type and powerful enabling projects. 118 projects are listed today. The increasing number of listed projects shows the sustainability of our effective investment methods. The value-added of Shengjing Jiacheng's many direct investment projects is not only because we have the vision to select good entrepreneurs, but also because we study the business model together with entrepreneurs to help empowerment and construction, so as to obtain a better growth multiple. "Early lead investment, strong empowerment" + "select the best from the best of the master fund" First, in the early days, leading investment was powerful. This is an investment strategy that was applied before Shengjing Jiacheng became the master fund. It has been 10 years since this strategy was applied. Second, after becoming the master fund, the master fund will choose the best from the best projects and make joint investment. Due to the strong direct investment ability of Shengjing team, many high return projects have been selected. Shengjing Jiacheng's leading investment and powerful empowerment actually stems from the accumulation and cognition of the enterprise's business methods. The training and consulting business of brother company Shengjing wanglian has a long history. The training and consulting method comes from the original methodology of the team, namely original research. This is a very difficult way to start. However, today's successful companies and companies recognized by the market, even if they have strong external competitive pressure, still insist on doing things with high threshold, only in this way can they have a chance to achieve greater success. The precipitation of the team's ability and methodology in enterprise management is the basic skill of Shengjing Jiacheng in leading investment and powerful empowerment. This basic skill has been fully reflected in the real "capital battlefield" and has formed the investment st

"Three carriages" mode of Shengjing Jiacheng investment shows chairman Peng Zhiqiang: "benign interaction" between enterprises and institutions under the registration system

Our reporter GUI xiaosun "Master fund investment is not like what the outside world thinks. Just take the VC and PE rankings and find the top investments. For example, after the success of a star company, all the 100 fund managers you met would say that they have invested in the company. But when did they invest? Lead or follow? What was the status of the investment committee at the beginning? All of these determine that the ability of this investor to control the industry and the project is extremely different. " Recently, Peng Zhiqiang, chairman of Shengjing Jiacheng, said in an interview with Securities Daily. With its fund investment projects covering 120 listed companies, Peng Zhiqiang described his investment logic over the years, Shengjing Jiacheng's "four complete and four decentralized" investment strategy, and its "three carriages" business layout. The appearance of "three carriages" mode "In 2015, shengjingjia chengmu fund realized relatively large-scale operation and participated in investment with scientific and technological innovation as the main line. In 2020, the outside world saw that the company had recently harvested 120 listed companies, but in fact, the previous investment had entered the harvest period. With the launch of the gem registration system, the number of listed companies covered by the fund is expected to reach 200 in the future. " Peng Zhiqiang introduced. Looking back at the investment logic, Peng Zhiqiang believes that today's gains come from the strategy of "four complete and four decentralized" and the mode of direct investment round a leading investment, strong empowerment and master fund joint investment. "A round of leading investment and strong empowerment means that the company becomes the first institutional investor of excellent enterprises through a round of leading investment, which is the typical investment logic of the world's top VC. Shengjing Jiacheng discovers the obvious advantages of excellent projects through the founder's high-end community for the first time, and then creates value for the invested enterprises through systematic and deep empowerment, It also increases the attraction of high-quality projects; At the same time, through joint investment with the top funds invested by shengjingjiacheng master fund, namely "select the best from the best of the master fund joint investment", shengjingjiacheng gains a high hit rate of direct investment. " Peng Zhiqiang said. In addition, at the level of shengjingjia chengmu fund, it will "get" high-quality projects online in the way of "four complete and four scattered" and hedge risks“ All star fund, full cycle coverage, global risk hedging, industry wide strategy. " Peng Zhiqiang told the "Securities Daily" reporter, "all star, that is, Shengjing Jiacheng selected the top 1% of the whole industry and the top fund managers at the top of the pyramid; Globalization, that is, except for China, Shengjing focuses on the layout of global innovation highlands - the United States and Israel. Shengjingjia chengmu fund is the first and only LP of many Silicon Valley and Israel's top VC in Asia; Shengjingmu fund covers the whole stage of equity investment, from joint venture incubation and angel investment to VC stage and growth stage investment, and then to listed companies' fixed increase M & A; The whole industry, that is, through the master fund, is well positioned in a number of emerging industries with sustainable development, such as cutting-edge science and technology, industrial Internet, health care, new energy and new materials, and pan consumer entertainment, so as to seize the opportunity of the times. " As for the control of risk, Shengjing group balances the risk through "four dispersions"“ Industry dispersion can cover different industries in the new economy to disperse risks; Stage diversification, that is, covering different investment stages in the early, middle and late stages to disperse risks; Geographically dispersed, covering different countries and currencies, so as to disperse risks; Managers are decentralized, that is, they cover more than 60 top fund managers in the world to spread risks. " Peng Zhiqiang explained that in his narration, the "four complete" and "four decentralized" strategies can not only support each other, but also ensure the controllable risks. For example, the full coverage investment stage can better screen high-quality projects, while the multi-stage investment with the same decentralized characteristics can control the risk within a certain range. Peng Zhiqiang has previously said publicly that as an investment institution, opportunities for opportunism are getting fewer and fewer, but the possibility of long-term strategy is growing. How to maintain China's core competitiveness under the background of registration system and domestic circulation? This is a new test and challenge for the five-year team under the grand scene, and also ushers in a greater opportuni

Peng Zhiqiang, chairman of Shengjing Jiacheng: 118 listed companies, Shengjing Jiacheng has become a powerful industry benchmark

On September 14 and 15, under the guidance of Nanjing Municipal Bureau of Commerce; Sponsored by Nanjing Investment Promotion Center and shengjingjia chengmu fund; "2020 China LP Fund Investment Summit, Shengjing Jiacheng 2020 investment annual meeting", CO sponsored by southeast fund and Shengjing Kefu, was successfully held in Nanjing Zijin villa. At the meeting, Peng Zhiqiang, chairman of Shengjing Jiacheng, shared with you the achievements and future prospects of "Shengjing Jiacheng ushers in the milestone of 100 + listed companies". The following is a transcript of the speech: Shengjingjia chengmu fund welcomes 118 listed companies Shengjing has a very close relationship with Nanjing. In June this year, Shengjing joined hands with Zhang cymbal, a leading man in the field of artificial intelligence in China and an academician of the Institute of artificial intelligence of Tsinghua University, to settle down in Qingzhan Institute of artificial intelligence, and was strongly supported by Jiangning Economic Development Zone. Today is a new beginning. With the opportunity of the annual investment conference, I would like to share, exchange and link with you. I hope there will be more opportunities for cooperation in the future. At this special moment, Shengjing ushered in the success of 118 listed companies of master fund and direct investment fund. We not only want to thank the founders and entrepreneurs of listed companies; At the same time, we also want to thank our LP, whether it is a government LP or an entrepreneur's individual LP. Thanks to our unremitting efforts and persistence, Sheng Jingcai has made great achievements today. With the current portfolio, we can see that there are more than 200 listed companies in the market. There is still a lot of work to be done in the future to create better returns for our LP. From the progress of Shengjing's quarterly listed companies, we can see that after this year's epidemic, it has ushered in the harvest year of withdrawal. In this process, it is estimated that 50 companies will be listed this year. Whether it is A-share, Hong Kong stock or US stock, this year will be a big year for listing in the global market. China ushers in the medium and long term structural bull market under the domestic big cycle At this moment, I would like to thank the state for its macro policy of launching the capital market. Without the registration system, we could not have achieved so much. Objectively speaking, with the registration system, it is believed that there will be a medium - and long-term structural bull market. Not only the number of listed companies, but also the quality of listed companies have been significantly improved and improved. The really good companies and the growing companies will also stand out. Therefore, today is not only to see the number of listed companies, but also to see that it is ushering in a medium and long-term structural bull market under the domestic big cycle. This is a historic and epochal opportunity. Strengthen benchmarking to build core competitiveness Today's achievements are the fruitful achievements we made five years ago. In the next five years, Shengjing Jiacheng will put more emphasis on the ability of empowerment and form the core competitiveness. As an investment institution, the chance of opportunism is less and less, but the possibility of long-term strategy is more and more big. How to maintain China's core competitiveness under the background of registration system and domestic circulation? This is a new test and challenge for the five-year team under the grand scene, and also ushers in a greater opportunity of the times. How to form strong core competence? There must be benchmarking, so in the new five years, we are committed to forming benchmarking projects and brands in the field of strong empowerment. First of all, help ten ecological platform enterprises with a market value of 100 billion. It is expected that Shengjing's direct investment projects and the projects covered by the master fund will grow into platform and ecological enterprises in the future. In addition, it helps start-up companies develop and promotes ten 10 billion level joint venture companies. We hope that by empowering, assisting and linking them, we can form a benchmark, integrate resources at a deeper level, produce chemical reactions, form a win-win and multi win ecosystem, and help enterprises develop. Second, from the perspective of empowerment, we should help enterprises and constantly strengthen and improve the all-round empowerment system. The first is the capital strategy. Whether it is industrial research, CIC industry incubation or Danaher mode integration, there are a lot of space and opportunities. Second, new marketing global live broadcasting (s2b2b2c private domain live broadcasting + B2F public domain live broadcasting); Third, incubate super single products through super single study club and incubation fund; Fourth

Shengjing Jiacheng Liu haofei: an investment institution that appreciates independent thinking and pursues "non consensus" high quality projects

This is the 5th LP conference of shengjingjia chengmu fund, and it is also the fifth time for me to share with you. In the past five years, all friends here have witnessed the development of science and technology and new economy in China. At the same time, I also recall that four years ago, when we held the first LP conference in May 2015, the market atmosphere at that time was totally different from that at present. At that time, the Shanghai stock index was more than 5000 points, and now it is about 3000 points. At that time, everyone was very enthusiastic about speculation in stocks, and the liquidity of currency was also very high. Today, however, we are more cautious. We have just recovered from our pessimism and digested the bad news of the Sino US trade war for more than a year. With the passage of time and the change of the external environment, we continue to cycle in this cycle, but we are still relatively rational optimists, not blind optimists. We should rationally remain optimistic, embrace positive energy, and be full of confidence in the future, which is completely consistent with our long-term investment and investment in scientific and technological innovation as the master fund. -01- The harvest of five years This curve is not completely accurate and started in 2016. That is, in addition to the targeted issuance projects of listed companies, the projects we invested in in 2016 have gradually entered the listing stage. Only one project was listed in 2016, but by 2017, we had gained 16 projects to go public. 2018 is the most severe year in the external environment. In the context of serious price decline in more than 90% of assets, our assets are still continuously increasing value. Although the IPO number of a shares is 80% lower than that in 2011, Shengjing Jiacheng's IPO number in 2018 has reached 25. By 2019, the potential energy will continue. By the second quarter, 12 projects have been listed and 6 projects will be met. After listing, it means that it can be traded, liquidity will become more and more expectable, and the possibility of withdrawal will be closer and closer. So why can we get this? Shengjing Jiacheng has always been taking technology investment as its own responsibility. Since 2014, it has been the same as the parent fund business, and has always emphasized the investment in scientific and technological innovation. At the LP conference in 2017, the theme was "reaping the future of science and technology and intelligence", which aims to convey the view that "technological progress will promote great change in the whole society". This is a survey report of iResearch. The top 100 Internet enterprises in China in 2018 are in the top 100, and 21 are in the top 100. The proportion is already very high. Any harvest is not achieved overnight, it takes time to precipitate, just like a tree to take root deeper, and then harvest the dense forest. Therefore, Shengjing's investment purpose is to "pursue medium and long-term compound interest under the premise of safety" under the guidance of internal value. When the market is very hot, everyone wants to speculate in stocks. But there is always the possibility of recession and depression.    Why has Shengjing Jiacheng achieved so much in the past five years? All the gains come from the change of trend, there are both positive and negative changes. First of all, we use GDP and broad money (M2) as data reference In 2014, the nominal GDP was 64.1 trillion, and in 2018, the nominal GDP reached 90.0 trillion, with an overall growth rate of 40.4% in five years.