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Paradise Silicon Valley He Xiangdong: Science and Technology Board is worth looking forward to firml

Date: 2019-04-15
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On the occasion of the work of the science and technology board, Paradise Silicon Valley Asset Management Group Co., Ltd. (“Paradise Silicon Valley”) was accepted by the Science and Technology Bureau for its investment in ArcSoft Technology, Danghong Technology, and Ningbo Rongbai, which the parent company invested. And received market attention. Recently, He Xiangdong, chairman of Paradise Silicon Valley, said in an interview with reporters in Hangzhou that the company will bring more growth opportunities to many high-tech start-ups in China. In particular, the pilot registration system is worthy of attention and the development prospects are expected. He Xiangdong said that whether Paradise Silicon Valley is doing venture capital investment, or doing industrial mergers and acquisitions around listed companies, or doing government industry funds, it is to invest capital in physical enterprises. 'Paradise Silicon Valley's 'gene' is to support entities by means of private equity investment. economic development'.


According to public information, He Xiangdong has nearly 30 years of experience in financial industry and has served the real economy for a long time. He used to be the assistant to the president of China Construction Bank Zhejiang Branch. Founded in 2000, Paradise Silicon Valley is the first asset management group established in China.


Introducing the science and technology board in one fell swoop


Talking about the fact that many projects invested by Paradise Silicon Valley were accepted by the Science and Technology Board, He Xiangdong said that this is the result of Tianyuan Silicon Valley's many years of insisting on investing in science and technology creation entities; and for the establishment of the science and technology board, he believes that this is a multi-pronged approach. Good things at the right time. “Many information technology, smart manufacturing, medical health projects that we have been paying attention to, technology and team are good, the market demand is very large, and it is also a key development area of the country. However, the project has large investment and high probability of failure. Do, because the risk is too great, a few private companies have done it, but after all, the situation is weak, and most of the projects have failed.' He Xiangdong said, 'If you let him go public when the project encounters difficulties, get blood transfusion and support in the capital market, It may be successful, but it lacks such a mechanism.'


He Xiangdong said that in recent years, the industry has been rethinking that many high-quality new economic enterprises are unable to list in China because of the limited hard conditions such as the scale of profit, and eventually went overseas. “The final result is that we provide markets, teams, technology, foreign countries. Investors take profits.' The outflow of high-quality enterprises will result in the lack of national scientific and technological innovation capabilities.


He Xiangdong believes that the establishment of the science and technology board is good for start-up technology enterprises, equity investment institutions, investors and the country. It can be described as “getting more at one stroke” and will stimulate the vitality of social innovation. At the same time, he expressed his expectation for the landing of the registration system. 'From the approval system to the registration system, it is in line with market expectations.'


He Xiangdong also believes that the establishment of the science and technology board 'is just the right time.' 'In the past three years, some domestic listed companies have encountered some difficulties in their operations. Some enterprises are head enterprises in the sub-sectors. From the situation in Zhejiang, there are indeed some listed companies with major shareholders and actual controllers. Take the stock pledge for money, go to the secondary market to engage in speculative activities, and after the stock price falls, the company is hurting.' He analyzed that science and technology enterprises represent the future direction of the national economy and are a group that can influence and change the economy. In the growth mode of enterprises, when the market lacks confidence and the capital market is sluggish, the country launches the science and technology board and encourages the most dynamic enterprises in the market to obtain capital market support, which is “just in time”.


Focus on the real economy


Our business headquarters is in Hangzhou, but the focus on Internet projects is not enough, so we missed a lot of high-quality targets. But don’t forget the original heart, always have to focus on the real economy, invest in projects we can understand, invest in the country. Encouraging projects is still the investment logic of Paradise Silicon Valley.” He Xiangdong said that Paradise Silicon Valley was born out of state-owned enterprises and still has more than 40% of its state-owned shares. Since its establishment nearly 20 years ago, it has insisted on investing capital in real enterprises and upholding such investment. The concept has its own advantages and disadvantages, but it is in line with the corporate values and business mission of Paradise Silicon Valley.


He Xiangdong believes that the development of the country must be supported by a strong real economy. For private equity investment institutions, there are a lot of opportunities in this field. 'There is no right or wrong to choose what kind of industry to invest in, different institutions. Have different preferences, but firmly optimistic about the real economy.' As one of the first batch of 50 private equity fund managers in the country, Paradise Silicon Valley insists on supporting the real economy, focusing on key industries such as information technology, medical health, smart manufacturing, and large consumption.


In the field of venture capital, Paradise Silicon Valley has invested in more than 100 small and medium-sized enterprises, and invested in a number of high-quality projects such as Cao Cao special car, Zhisheng intelligent, Aopu shares, and entrepreneurial software. It has been listed on the main board and Hong Kong stocks 34 times. In the past four years, a total of 16 projects have been successfully listed. In 2017, the number of listed PE institutions in China ranked eighth, the listing amount ranked sixth, and the listed comprehensive IRR ranked third. Since 2019, Weimeng Group and Binjiang services have been listed on the Hong Kong Stock Exchange. The projects of Ningbo Rongbai, such as ArcSoft Technology, Danghong Technology and the parent company have been accepted by Kechuang Board. In addition, Paradise Silicon Valley participates in the development of government guidance funds and industrial funds, with a subscription scale of more than 50 billion yuan.


The government’s guiding role in private equity investment institutions is also what He Xiangdong is concerned about. “In terms of discovering high-quality investment targets and tapping corporate value, private equity investment institutions are more efficient, but industry development still needs government support and guidance.” He Xiangdong said that there are too many institutions in the industry, and there are mixed investors, investors and invested companies. Both believe that there is a lack of an evaluation system for institutions in the industry. He Xiangdong appealed that the regulatory authorities can design an industry evaluation system and select competitive institutions through diversified standards such as past performance, establishment time, number of personnel, and management scale. “This is a solid support for the private equity investment industry. It can spur equity investment institutions to discover value and help investors choose excellent equity investment institutions for cooperation.'


For the future development of Paradise Silicon Valley, He Xiangdong said that he is most concerned about the construction of the modern enterprise system. “Paradise Silicon Valley has been established for nearly 20 years. Compared with domestic counterparts, time is not short, but if you want to become a century-old store, then 20 years may be the first threshold. Any organization that wants to live long will have to The establishment of a modern enterprise system, the core is the system management, process management.'


(Reprinted from: China Securities Journal; Author: Chen Yiliang)

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