A decade has elapsed in the twinkling of an eye
Looking back to the afternoon in the autumn of 2007 in Quyuan Lotus Pool in Hangzhou, due to a lucky chance, we resolutely determined to initiate the undertaking of venture capital investment. Now, a decade had elapsed and we’ve never changed our original aspiration. Adhering to the dream of “inheriting Zhejiang merchant’s spirit and boosting national industry”, Zheshang Venture Capital has been forging ahead with passion and determination despite of all the ups and down in the past decade.
Inherit the spirit of Zhejiang merchants—we dare to try and innovate, actively explore the road for innovation management and continuously improve the efficiency of investment management. At the beginning of the company’s establishment, corporate fund was still the main fund form chosen by domestic Venture Capital institutions. However, we sized up the situation and trend and actively prepared to launch the first partnership fund in Zhejiang province—Haipeng Fund, which was well received by the investors. Afterwards, our experience in partnership fund management gradually became mature while partnership fund became a widely adopted form in the industry.
We were the first in the industry to establish a separate post-investment management department to provide follow-up and considerate post-investment management and post-investment value-added services for the investment enterprises; We were the first to obtain the qualification for support and management of funds under guidance of local industry and participated in the preparation and setup of local guidance funds in Beijing, Shenyang and Hangzhou; We were the first to strive for mixed ownership reform pilot and succeeded in exploring private holding and state-participating Venture Capital management mode; We were the first to be listed in NEEQ and became the first private holding venture capital institution listed in NEEQ in Zhejiang Province; We were the first to be selected the first batch private market making pilot institutions in NEEQ.
Boost national industry—through meticulous work and careful selection, we gradually clarified the investment theme of “health + happiness” and have substantially assisted a large batch of enterprises to become leaders of the respective industries. We’ve invested many excellent enterprises, such as Innovative Medical and Bright Vision, to vigorously support the development of medical and healthy industry; we invested Huace Media, Wasu Media and many other successful cases and have established investment brand in cultural and entertainment fields; we invested Zhengzhou Coal Mining Machinery Group, Lianchuang Electronics, Sleemon, Chunghsin Technology, Zhejiang Yueling, Cixing Technology and other enterprises in advanced manufacturing industry to support the development of the high-end manufacturing industry; we invested Micro Loan Network, Miss Fresh and other outstanding emerging enterprises to actively involved in the comprehensive consumption and new economic field.
When the industry was booming, we were prudent and rational in planning; when the industry was slack, we were full of confidence and actively sew seeds.
A decade’s journey of struggling. This was a hardworking decade when we forged ahead despite of setbacks as well as a brilliant decade when we’ve made fruitful achievement
In the past decade, the size of the staffs has increased from only more a dozen to approximate one hundred. We’ve established branch offices in Beijing, Shanghai, Shenzhen, Shenyang and Silicon Valley;
In the past decade, the funds managed by us were increased from one to several dozens and the scale of management was increased from 400 million Yuan in the beginning to tens of billion Yuan at present.
In the past decade, the number of projects invested by us was increased from several to more than one hundred. More than 30 of the projects managed by us have gone public, or been merged or dropped out. We have successfully supported a large batch of industrial leaders, such as Huace Media, Oriental Fashion, Prolto, Micro Loan Network;
In the past decade, we have developed from owing a single office in Gongyuan Mansion to being the first in China to have our own Venture Capital building—Qianjiang Zheshang Venture Capital Investment Center with a floor area of 80,000 square meters.
In the past decade, we have grown from a newcomer in venture capital to a public company with standard regulation and efficient management;
In the past decade, we’ve built “Zheshang” brand in venture capital industry, created abundant return on investment for the investors and made positive contributions to the local society.
The achievements we made today certainly owes to our diligence and hardworking , but owes more to the great era, to the country’s implementation of innovation and entrepreneurship strategies as well as to the country’s concern and support of venture capital industry. Zheshang Venture Capital took advantage of the best time for venture capital. “Strong venture capital results in strong innovation, strong innovation results in strong industry, strong industry results in strong economy and strong economy results in a strong country”. Looking at the trend of venture capital industry, although the industry is booming now, the competition is more intense and the regulation is even stricter. Standardized and healthy development is the key to long and sustainable development of the industry. In face of the new change of the industry, Zheshang Venture Capital shall try best to build its internal strength, consolidate and enhance efficiency. Venture Capital industry shall concert efforts, collaborate in development and strive to build a harmonious and healthy development pattern and make contribution to the realization of the great Chinese Dream. As for Zheshang Venture Capital, we will further strengthen the company value of being “inclusive, sharing, fair and win-win” and the investment philosophy of being “rigorous, standard, professional and efficiency”, made in-depth business layout in “comprehensive health, comprehensive culture and creativity, comprehensive consumption and new manufacturing” industries and always take it as the highest standard to enhance the earning rate of LP and the success rate of the project. Last year, the State Council issued “Several Opinions on Promoting Sustainable and Healthy Development of Venture Capital Investment”, which was deemed as a milestone in the development of Venture Capital industry. It pointed out a specific direction for the sustainable and healthy development of venture capital industry. This year, the 19th NPC of CPC was held successfully. With the guidance of the spirit of the “19th NPC”, we believe that Venture Capital industry will usher in a new spring for development.
The pass ahead is firm as iron, but we manage to across it with steady steps. A decade is a milestone as well as a new starting point. In prospect to the next decade, we are in high spirit and full of confidence. Although the road ahead is full of difficulties, we’ll keep historic mission and responsibility in mind, keep to our original aspiration, look forward to the future, make concerted efforts to forge ahead while remain grateful and cherish every step in the process.
A decade is neither long nor short. Inspired with emotions, I wrote the following poem:
For decade we travel despite of rain and wind
Bear in mind the aspiration, we gallop freely
With proud we stood on the tide head of Qiantang River
With concerted efforts we are forging ahead