"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 opportunity of the times.
In general, Shengjing Jiacheng has carried out the layout of the whole industry in six tracks, including big consumption, medical and health“ The master fund, direct investment fund and industrial incubation support each other to form a "troika", which is ecological and supportive to each other. "
Registration system brings inspiration to investment industry
For a long time, investment institutions have been playing the role of behind the scenes heroes. However, since last year, Shengjing has decided to "go ahead" and participate in the incubation of more high-quality projects to become the co-founder of the enterprise. It is reported that the company has excellent participation projects and replicable experience in the field of live broadcast e-commerce.
Information from Shengjing group shows that the company has the gene to grow into an excellent enterprise based on some projects in the field of large consumption“ In China's venture capital market, the more serious problem than lack of money is the lack of high-quality projects. It is the general trend for the front-line venture capital to pay attention to the forward project investment. " Peng Zhiqiang thinks.
"The registration system is a good thing for the company, and investors will inevitably face the possibility of loss in the future for the post project with high valuation. Under the registration system, good companies will be the biggest beneficiaries. From the investment situation of Shengjing group, we can see that the overall quality of listed companies harvested in the later period is higher than that before. " Peng Zhiqiang told the "Securities Daily" that the registration system has brought great excitement to the investment industry. "The long cycle of the registration system is a predictable policy, and we are confident that we will enter a medium and long-term structured bull market. The registration system will bring sustainable development opportunities for good companies, and will make excellent enterprises become the mainstream of a shares. Investment institutions are confident in the future returns. And the new LP will also join the industry to make investment capital abundant, and eventually form a virtuous circle in which capital helps industry and industry returns capital. "
The market is changing rapidly, and investment is an industry that is hard to "eat the old capital." sometimes, if you miss three months or even two weeks of an industry, you will never have a chance with this field in the next five years. Only by digging a project earlier and empowering the enterprise at a deeper level can you help the enterprise develop by leaps and bounds and get considerable returns for the fund. "
(editor Zhang Wei)