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[Media Coverage] West Paradise has a "Silicon Valley" - "in Zhejiang wonderful" series of reports on

Date: 2020-01-07
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After the autumn, the article Xixi Wetland poetic will become a reality among the greenery. Fu embankments someone selling red persimmon, intentionally or unintentionally, to remind people about to usher in 'Fire Persimmon Festival.' Few people care about this a wetland park will be divided into two embankment behind the name of festive profound meaning for people, the share of long festive taste and seamless throughout the park, as few people watching through hidden in the labyrinth paradise Valley asset management Group Ltd. quiet between (hereinafter referred to as paradise Valley) the same.

Siting this, Paradise Valley obviously wanted a 'quiet' - after 19 years of exploration and practice, Zhejiang competitive industries around Paradise Valley, continue with the professional capacity of the strength, potential, ideal Zhejiang delivery of high-quality corporate capital, management expertise and resources upstream and downstream industries. In the face of turbulent financial markets, a lot of standing behind Paradise Valley economic entities must keep the focus on affordable, affordable anti-loneliness, withstand the temptation.

Origin 1999: 20-year span Commission to re-enter the storm

In the office near the river, the chairman of Paradise Valley Xiangdong has greeted visitors in early, he backs straight, smile kindly, low-key and neat.

Long-term roots in the financial sector Xiangdong of Paradise Valley along the way sees clearly. To him, the birth of both chance Paradise Valley, is a historical necessity, very legendary.

'Zhejiang is a province of the private economy, entrepreneurship and innovation in the province of successive governments attach great importance to the enterprise. 1999 years ago, the country's initiation of the first batch of private enterprises, taking into account the economic structure has become more mature, the provincial government has also started brewing, also proposed the establishment of such a mechanism in Zhejiang, designed specifically to support the development of SMEs. '

As explore the market economy, 'bridgehead', the leadership of Zhejiang Provincial Government departments and some entrepreneurs have already realized: enterprises should take the road of innovation and upgrading, relying solely on self-investment and bank support is not enough, into the power of private capital is the general trend. After a deliberation and discussion, the final Paradise Valley was established in 2000. November 11. This is a led by the Zhejiang provincial government, the province more than a dozen co-listed companies, the province well-known enterprises jointly set up specializing in high-tech industries venture capital company, is one of the first in China to set up private equity investment institutions ... ... many labels to make a paradise Valley establishment comes 'hero halo', also means that the body bears more expectations, heavier play - Chinese concept of 'private fund' is now widespread in 2006, and before that milli no success stories can test, 'feeling the stones', that is used in the paradise Valley him appropriately.

'As we all know, 'Silicon Valley' in the world and synonymous with innovation and entrepreneurship in the land of Hangzhou since ancient times in the world 'paradise', and this name, hoping to create a national venture capital sector to support innovative development, as China's Silicon Valley in Hangzhou. '

Explore development: establish a standardized model of a managed fund

'Early Innovation and Technology Entrepreneurship less susceptible to industry characteristics very limited, must pre lot of money; in Paradise Valley appeared before, most of them rely on the free financing, personal financing, bank financing is difficult to provide support, development and management company expanded reproduction are facing enormous pressure. '

Xiangdong after the first five years of the establishment of Paradise Valley regarded as 'the initial trial period' is a 'tuition' stage. In the meantime, Paradise Valley mainly invested its own funds to support innovative small and medium enterprise development. In 2001, Paradise Valley investment 'business software', which listed in 2015, has brought a lot of money income.

May 2005 to August the following year, for a period of Paradise Valley is the process 'to achieve transmutation' of. During this time, Paradise Valley executives assess the situation and propose reforms must be implemented, the implementation of the management contract management, renamed 'Venture Group Limited.' With the implementation of split share structure reform, and national support for the sun private equity fund, Paradise Valley in 2006 established the first domestic company standardized operation of the system of private equity venture capital fund, to pull private capital to support the real economy.

How private equity funds do? What are the rules to follow? There is no precedent in the case, Paradise Valley initiative to find a bank, custodian banks to venture capital funds. In 2006, Paradise Valley and Shanghai Pudong Development Bank to develop a hosted version of the first banks in the country pioneered the policy decisions, custodian bank, external monitor and other venture capital management. The hosted version of far-reaching, significant, after all types of private equity funds managed mode, which is based on the gradual improvement in coming.

The introduction of private sun reflects Paradise Valley custodian banks to investors responsible attitude, as well as their own personnel strict moral control, a move that got the 'Interim Measures on Management Venture Capital Enterprises' drafting group members, China 'Securities Act' 'Trust Law 'recognition and appreciation drafting group' investment Fund law 'leader Wang Lianzhou old man. Paradise Valley for the industry to provide a sample, but also 'entrusted by the people, wealth management,' the duty set a good example for the private equity fund, for future development lay the foundation. Since then, the Ministry of Science and Paradise Valley became the first partner government guidance funds in 2009.

Pro-active reform: the first 'PE + Listed Companies' mode

In 2010, with the rise of National PE boom, the risk of Paradise Valley realized that the primary market is growing, actively seek transformation, from a purely business arrangement extends to the field of venture capital industry mergers and acquisitions. The end of 2010, Paradise Valley board of directors keen to point out: 'The future development of China's capital market can not be just an IPO exit route, will come to mergers and acquisitions, industry consolidation this road,' To proactively proposed industry mergers and acquisitions and integration of direction do exploration and set up a team to develop M & A business. In 2011, Paradise Valley Roland animal husbandry and listed companies set up a 'fund industry consolidation mergers and acquisitions,' This is not only a breakthrough in Paradise Valley M & A business, but also the first of its kind the country 'PE + listed company' modes.

Xiangdong said: 'In the current market environment, whether it is done actively restructuring, mergers and acquisitions or explore new business is not easy to focus on our transformation is to continue to help expand the business transformation means that the listed pains. because people have inertia and inertia; transformation also means controversy, but in the end 'PE + listed companies' M & innovation model has been affirmed and supported the SFC. '

Approval of regulatory authorities strengthened the confidence of Paradise Valley. In 2012, the parent company acquired Paradise Valley Steyr, Austria acquired a new type of diesel engine development team, after loading the domestic listed companies - This is a standard collection of foreign mergers and acquisitions mode, reputed moment. At the same time, we are continuing to explore Paradise Valley in a given field increases, but also set up his own real estate funds, not only provide a wide range of products for investors, but also to create a good income.

From doing a 'responsible shareholder' to 'professional focus'

2013, Paradise Valley business has covered the substance of equity investments, merger integration, private placement, mezzanine investments and other fields, forming a short, medium and long-term complementary multi - product, Zhejiang Province has become the first private-owned asset management Group.

'We hope that through its own expertise, to provide a full range of financial services to partners and investors, to make good fiduciary responsibility. It is also due to business transformation, Paradise Valley to avoid the suspension of IPO capital market during 2012-2014 the passive situation. '

2014, Paradise Valley private equity fund managers to become one of the first batch of 50 in the base of the Association for the record. At this point, Paradise Valley asked to be 'responsible minority shareholders', advocated by the play to their expertise to help companies do more value-added services, and participated in a number of state-owned enterprises reform, the establishment of regional government funds, help upgrade economic transformation .

'From the beginning to provide funds mainly to pay more attention to post-growth companies realize the value of our business and work together, enterprises bigger and stronger, to enjoy business growth 'incremental', continue to produce positive effects.'

2016, Paradise Valley and the merger concept a step further, made to do 'responsible strategic shareholders' - not 'Barbarians at the Gate' from all aspects of the company's strategy combing, internal operations, to help listed companies really do create value, enhance the value, change the value of the final share value increment.

Xiangdong said, capital and industry are complementary and mutually reinforcing, mutually supportive relationship, combining well, and it is a symbiotic win-win. 'Especially in recent years, equity investments as a financial supply-side structural reforms, supporting innovation capital, a key force to stimulate economic vitality of the Chinese economy to transform, core logic is to mobilize enough social and financial resources to the new economy. Private equity funds through a highly fragmented market investment directly to the real economy, bear the investment risk and support business innovation, not only to reduce intermediate links, and lower financing costs, expansion of the company capital, reducing the corporate debt ratio, scientific and technological innovation of enterprises incubators and boosters, is also an important boost new economic development. '

From 2015, with a secondary market arbitrage opportunities simply getting smaller, Paradise Valley for the first time put forward the 'professional focus' strategy - actively guide the lines of the team deep into their familiar industry segments, focus on strengthening the value judgments, project acquisition and the ability to build value-added services. 2017, Paradise Valley to introduce 'industry partner' concept, with the power of industry experts, the development trend of the future of key industries, risk, return form make accurate pre-judgment.

Currently, Paradise Valley has invested hundreds of focusing on large data-based information technology to 'Made in China 2025' referred to new materials, new energy-based high-end manufacturing, biopharmaceutical-based pharmaceutical and healthcare, and consumer upgrade four major areas of business. Accompanied by 'professional focus' mature strategy, Paradise Valley also increasing the strength of investment and overall competitiveness. The company in 2016 with registered capital to 12 billion in 2019 removed the company name 'Zhejiang' word, and to achieve distribution of the country as a business center in Hangzhou, radiation Beijing, Shanghai, Shenzhen, Wuhan and other places.

Create a hundred years old: Enjoy a moral happiness

The past five years, Paradise Valley surviving fund paid under management increased year by year, with an average annual growth rate of 43.13 percent. Management fees increased by 3 times, 4 times the scale of business growth, net profit growth of 10 times, an increase of 25 times the peak. As of the end of August 2019, in Paradise Valley tube 158 fund, paid-in funds under management of 12.7 billion yuan to subscribe size of over 69 billion yuan. Total equity investment in unlisted companies, more than 100 projects, which through backdoor or IPO, mergers and acquisitions successful landing of the capital market more than 36, three new board listed 19.

Xiangdong often joked to colleagues, 2020 November 11 is an important day Paradise Valley, to successfully 'to have a good 20th anniversary of the birthday.' 'The market is good to stay calm when the market is not good transition dare to live longer than other companies for a long time.'

On the one hand, Paradise Valley Hangzhou as the headquarters of the Fund, set up a professional team in Beijing, Shanghai and other places, ready ammunition for those assets end; on the other hand, the Group attached great importance to investment management, risk management and control, etc., do focus on strengthening the front-projection tune, decision-making and investment in services, investment management and other after work, and to strengthen the investment recovery disk and flight inspection, full well, the whole process of risk management, good partners foreground value creation.

'Perfect Paradise Valley wind control system is proud of the capital. Wind control department directly under the board of directors, everyone can play to their initiative, to act in accordance with the system procedures in Paradise Valley, whether a project can invest, chairman not to say, if the research team decided to vote would think not, can veto. '

In addition to the market-oriented means to achieve the optimal allocation of resources, boost the development of the real economy, boosting the state's industrial transformation and upgrading, Paradise Valley also supports environmental education and career development, and actively fulfill their social responsibilities. Such as donations, Zhejiang University, Hangzhou Education Innovation Fund II, Millan Middle School, donated Xixi Wetland Environmental Fund to support development of environmental protection. In addition, a founding Paradise Valley Community Foundation is the Qiantang River Harbor financial sponsor, initiated the establishment of Zhejiang Province, the first Charity Volunteer Association.

Xiangdong said, 'Paradise Valley core values of tolerance, harmony and happiness, we encourage everyone to independent thinking and judgment to keep relying on systems and processes to manage the company, enjoy through their professional competence 'moral happiness', hopes to groups wisdom, will fight the paradise Valley investment community respected and trusted century-old trees of the industry benchmark! '

(Reprinted from: 'in Zhejiang wonderful' Venturing Innovation Record)


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