Porter Bi Bo, Sun Yafei's boss and mentor in the United States, is very optimistic about Sun Yafei's project. He is a senior investment banker on Wall Street and has 40 years of investment experience. He lent Sun Yafei some venture capital.
First introduced by friends, and then developed by himself, Sun Yafei directly cooperated with brand dealers to help them develop online sales channels, which has an exclusive advantage in price. Buy out products that are expected to sell well in suppliers. If you are not sure, cooperate with the supplier, put it on the website first, and then pay the supplier's payment after placing the order.
At the beginning of Fifth Avenue, we set up offices in new york and London to contact local suppliers.
Li Kaifu told Sun Yafei in the Hall of Fame that the product line must be rich. Sun Yafei is contacting the agents of well-known domestic brands. Every contact with the agent is planned by Sun Yafei's family, and there is no other shortcut.
After two to three months of negotiations with a top leather brand agent in China, it finally succeeded. The difficulty is that agents are worried about affecting the business of physical stores. To this end, Sun Yafei changed the plan several times before and after, and promised to only make the other party's discounted products, and only make overall planning under the guidance of the other party's price.
Fifth Avenue guarantees a 24-hour hotline and unconditional return. The first thing a new customer service staff should learn is to dress.
Sun Duofei learned how to dress from the most upscale luxury stores abroad. She went directly to the printing house with the delivery note of LV, so the delivery note of Fifth Avenue was as high-grade as LV.
Sun Yafei still remembers that a female customer ordered a small balm of 100 yuan, which was delayed for 4 or 5 days because of the logistics delay. The female customer was very angry and called to say no. When she got it, she saw the product she bought at 100 yuan, and Sun Yafei carefully tied two bows with the standard ribbon of Tiffany store. She called to say that she was very happy.
Sun Yafei still clearly remembers his first real venture (which was supported by friends before). On the day 13 was launched, a female lawyer ordered a pair of underwear made in 38 yuan, and her phone was transferred to CEO Sun Yafei. She said, I saw that your website liked it very much, but I was worried that it was a fake, so I tried to buy a pair of underwear first, and even if I was cheated, I only lost 38 yuan. A month later, customers began to buy bags on Fifth Avenue.
Even though they were ready to lose money, the sisters were forced to open an offline experience center because most customers asked to see the goods on the spot. Up to now, the experience center has expanded to 100 square meters, with professional shopping guides. "If online shopping can also make customers enjoy luxurious services, then we can snatch customers from specialty stores." Sun Yafei said.
Sun Yafei accidentally received a phone call from Minsheng Bank to customer service and then transferred it to her. The e-commerce department of Minsheng Bank very much hopes that Minsheng Mall, a subsidiary of Minsheng Online Bank, can get luxury goods suppliers. Comparing several websites, it is considered that the website of Fifth Avenue is the most professional product line. The head of the other department took the initiative to come to Sun Yafei's office and talked for three or four times before signing the contract.
In this way, Sun Yafei received China Merchants Bank, China Everbright Bank and Industrial Bank successively. Last week, the staff of China Bank personally came to ask for cooperation. Among them, China Merchants Bank is seeking to provide luxury sales activities for its high-end customers, and specially approved the payment channel of Fifth Avenue.
Sun Yafei didn't advertise directly. She thinks that invalid advertisements are a complete waste of money. She bought keywords, made full use of Internet resources, and signed contracts with more than a dozen portals to exchange resources. Fifth Avenue provides the latest fashion information and articles for the fashion channel or women's channel of the portal. Netease's sensational article "Thousands of dollars to play big cards" came from Sun Yafei's employees.
Fifth Avenue also cooperated with Global VIP magazine to launch the promotion activity of "Online Prize-winning Reader Survey Winning LV Gift Package", and collected more than 6,000 questionnaires.
In addition, Sun Yafei also won the contract of Zihexin, the largest gift card sales center in China, so that customers can use their cards to shop on Fifth Avenue. Prior to this, Zihexin only cooperated with physical stores such as Guangxin Tiandi. Realizing that 50% of China's luxury consumption goes to business gifts, Sun Yafei tried his best to win this cooperation.
The number of registered members of Fifth Avenue has grown from a dozen friends at the beginning to 1.2 million, and the monthly turnover has increased by 10 times compared with the initial period. 1 more than ten thousand investment has been recovered and started to make profits.
Sun Yafei is planning an activity to cooperate with websites and magazines to find local designers in China through sea selection, and then set up a special area on Fifth Avenue to display and sell the works of these designers.
Up to now, more than 60% of luxury goods consumption in China is done in specialty stores and shopping malls, and 20%-30% is done overseas, leaving only a few outlets in Beijing and Shanghai. However, Sun Yafei found that with the increasing popularity of Fifth Avenue, some customers said that they had just compared the prices from Guangxin Tiandi and chose online shopping, which made the two sisters very confident. It is estimated that online shopping will occupy 10% of the whole market in the next 3-5 years.
What Sun Yafei considers most now is how to develop more cooperation opportunities and accelerate development. Sun Duofei thinks more about how to recruit professional luxury talents, but both of them expect to meet the right venture capitalists next.
Sun Yafei often uses Ma Yun to motivate his sister and employees. "Every difficulty we encounter now must have been encountered by Ma Yun in the past!"
Fifth Avenue Luxury Discount Network: Online Fifth Avenue
cbnweekly
On Fifth Avenue in the central block of Manhattan, new york, brightly lit high-rise buildings stand on the roadside, and famous shops such as Chanel, Gucci and Tiffany line up in the street. Few streets in the world can gather so many well-stocked and highly sought-after luxury stores as Fifth Avenue.
Sun Yafei used to work for a Wall Street investment company, just next to Fifth Avenue. She is well aware of the attraction of Fifth Avenue to luxury consumers. Therefore, when he decided to combine his interest in e-commerce with fashion-opening a luxury discount store online, Sun Yafei wanted this store to have many luxury brands like Fifth Avenue, so that more people could afford it.
However, making luxury goods is not Sun Yafei's personal interest, and his past experience has nothing to do with it. Before he went to study at the University of California, Berkeley in 2004, Sun Yafei had been engaged in media-related work. In 2005, she won almost a full scholarship from Dartmouth College, an ivy league school in the United States, and started her business school study, during which she became interested in the Internet and e-commerce. Two years later, she worked in a fund management company on Wall Street, mainly engaged in investment analysis in the Internet and new media industries. Until March 2008, she was stationed in Beijing by the company as the investment director of China District. Sun Yafei was surprised by the crazy desire of domestic consumers to buy luxury goods, but she also saw business opportunities about luxury goods. "China is now in the stage of crazy consumption of Logo. If the network is combined with luxury goods, it can not only reduce the cost of opening a store, but also save shopping time and satisfy people's fun in Taobao online. "
I'm not good at luxury goods, but Sun Yafei has the support of his sister Sun Duofei. The latter studied fashion-related courses in the United States. This increased her confidence in the entrepreneurial direction she chose. However, luxury goods is an industry with high entry threshold, which not only needs a lot of money, but also needs reliable purchase channels.
Sun Yafei thought of his mentor and friend in the United States, Porter Bi Bo. The senior Wall Street investment banker with 40 years of investment experience approved Sun Yafei's entrepreneurial project. He not only provided angel investment for Sun Yafei's entrepreneurship, but also introduced many brand agents in the luxury goods industry. She was initially supplied by marc jacobs, DKNY and Jones new york brands. Sun Yafei told CBN Weekly that in Europe and America, there are two main channels to digest a new out-of-season product-outlets (physical discount stores) and professional luxury discount websites. However, there is still a lack of professional and formal luxury discount websites in China, so from the beginning, she referred to successful luxury websites abroad, and her specialty in website design is easily recognized by brands.
Therefore, on the Fifth Avenue luxury discount website, you can see many big brands such as Coach, Gucci, Prada and Burberry. However, you can't see what these brands sell in foreign counters-all the goods sold here are out of season, with an average discount of 3-20%. Launch the off-season of luxury goods, offer preferential discount prices, serve those who have the desire to consume luxury goods but can't afford the regular-priced goods in specialty stores, and make a website with different discounts throughout the year-Sun Yafei pointed out the goal for the Fifth Avenue luxury discount network.
After intense preparations, the Fifth Avenue luxury discount network was officially launched on June 65438+ 10/. The two sisters decided the director of each exhibition. Sun Yafei contacted suppliers to publicize the exhibition, and Sun Duofei was responsible for sales management and selection of goods. At first, faced with the list of out-of-season goods provided by the brand, Sun Duofei was not completely sure which ones would win the love of members, only by feeling. Buy out the goods that are sure to sell well if the price is right, and cooperate if you are not sure-hang the product information online, and someone will pay the brand to pick up the goods after placing the order. Even so, buying goods still occupies most of their funds.
And how to let more people know about Fifth Avenue? Sun Yafei found that the search keyword he bought had no effect and quickly stopped. Sun Yafei chose to do some low-cost publicity activities: cooperate with global VIP magazine to engage in Christmas promotion activities of "online prize-winning readers survey to win LV gift packages"; Cooperate with He Xun and Sina's related channels, participate in some activities and "show up" in the media. These promotion measures really made the website gain some popularity, and consumers who saw the report came to the door one after another.
Up to now, the registered members of the website have soared from 4,000 in March 2009 to nearly 654.38 million+. The number of brands operated has increased from 20 at the beginning to more than 150. However, the number of members of 65438+ million is not much in Sun Yafei's eyes. She believes that consumers' distrust of luxury goods sold online has greatly slowed down the growth of the number of luxury goods consumed online. "Your things are true? Will it be a fake? " Sun Yafei and her employees are the most frequently asked questions. At first, in order to solve this problem, Sun Yafei specially opened a room in the office as a showroom for goods. This can really meet the requirements of potential customers for "seeing is believing" and "paying with one hand and delivering with one hand", but it goes against the essence of online trading of e-commerce, and the endless stream of guests every day makes it difficult for a few people to parry. Later, with the increase of media publicity, the credibility of the website improved, and the number of members who asked to pick up the goods at home gradually decreased.
"The core of e-commerce is consumer service", which is advocated by Sun Yafei. She will even carefully tie an extra bow for each product she sends out. But sometimes beautiful bows may not be enough to calm customers' dissatisfaction. After payment, it was impossible to deliver the goods and the packaging was crushed, which made Sun Yafei receive angry complaints from the guests. Although I have negotiated with logistics companies many times, it is difficult to put an end to it. For customers, she can only apologize and propose compensation measures, and provide extra discounts when she consumes again next time. Fifth Avenue promises to support national cash on delivery, but it often happens that logistics companies can't pay back the money on time, and the unit price of goods is high, which affects cash flow. In addition, the restrictions on the daily payment amount of credit cards by third-party platforms have also caused them to lose some orders.
Fortunately, some good news will give her the motivation to move on. Commodity purchasing is developing in an ideal direction-cooperating with more China brand agents. Among the brands sold on Fifth Avenue, 65,438+00 brands have achieved direct cooperation with China District. Although this will increase the purchase price of goods, it can reduce the purchase cycle and save the customs duties and long-distance freight from Europe and America. However, Sun Yafei believes that when the business is big enough in the future, "it must be global cooperation, because there is likely to be insufficient goods in the future."
However, that was a long time ago. At present, in order to attract more customers, Sun Yafei has rented a 300-square-meter office and is going to set up an exhibition hall, where more goods can be displayed. Sun Yafei, who still can't love luxury goods until now, also confidently stated that "this startup company should be made into a listed company".
90% of China people have a positive attitude towards luxury goods under the lens of the economic cold current.
A joint survey recently released by China Mobile Global Magazine and Fifth Avenue Luxury Discount Network, China's largest online luxury goods sales network, shows that the enthusiasm of the vast majority of China consumers for luxury goods has not subsided, and more than 90% of the respondents said that they "like" and "are willing to buy luxury goods", an increase of 20 percentage points over the previous year.
These surveys were completed in Global magazine and the Fifth Avenue luxury discount website, which lasted for two months, and nearly 6,000 people from more than 0/00 large and medium-sized cities in China participated in the survey. Of these people, 42% are men and 58% are women. More than 92% of the respondents have received college education, and nearly two-thirds of them earn more than 3,000 yuan a month, which is a typical representative of white-collar workers in China. Among nearly 6,000 interviewees, only 1% said "I don't like/reject and seldom use famous brands", and about 8% said "it doesn't matter". The remaining 965,438+0% of the respondents showed recognition and acceptance of brand-name luxury goods, and nearly half of the respondents said that "they appreciate (luxury goods) and occasionally buy them". The most popular brands are concentrated in several European brands such as LV (Louis Vuitton), Chanel and GUCCI. It is worth mentioning that the proportion of people who buy luxury goods through the internet is close to the number of people who shop in big shopping malls or brand stores. At least three interviewees said that they had "shopped online and were willing to buy luxury goods online through electronic payment".
The survey report shows that the consumption of luxury goods of fashion brands is growing rapidly in China. In 2008, the annual sales of fashion luxury goods exceeded $3 billion, a year-on-year increase of more than 20%, nearly ten times that at the beginning of this century. It is predicted that by 20 15, the annual growth rate of luxury goods in China will be 108%, and the sales will exceed11500 million dollars, which will replace Japan as the largest luxury consumer in the world. Sun Yafei, CEO of Fifth Avenue, said that the fast-growing demand for luxury goods in China is inseparable from the speed of economic development, and it is an inevitable process from the pursuit of food and clothing to the demand for quality of life. Luxury consumption in China is on the rise. While paying attention to the quality of goods, people pay more and more attention to the personalized feeling brought by brands, which brings opportunities for the development of luxury goods. China is undoubtedly called "the paradise of luxury goods". Sun Yafei said that as the largest online luxury discount sales platform in China, Fifth Avenue has gathered tens of thousands of registered users in just over two months, which is an important manifestation of the great vitality of China consumers.
Li Kaifu dispels doubts: Can you still make big money by selling luxury goods online?
Guest:
Chairman and CEO of innovation works.
Entrepreneurial confusion
Is it feasible to locate "online outlets" when buying luxury goods online?
Sun Yafei, founder of Fifth Avenue Luxury Discount Network, said: We are a luxury discount sales website founded by overseas students' entrepreneurial team. We provide more than 65,438+050 discount products from top brands to first-line brands for urban white-collar workers in China, including Gucci, Chanel, Coach, CalvinK lein and Guess. 20% to 20% discount every year. All products come from Europe and America and are directly provided by brand sellers and suppliers. Mainly women's bags, clothing, shoes and hats, but also cosmetics, perfumes, accessories, watches, gifts and men's fashion. , 100% original authentic.
Our advantage is first of all the supply of goods. We directly cooperate with brand dealers to help them develop online sales channels and have an exclusive advantage in price. The second is that our entrepreneurial team has more than a dozen people, more than half of whom have studied abroad, and have high entrepreneurial enthusiasm and high work efficiency. The third is our service. We can deliver goods to our big customers in person, and our account manager will provide one-on-one personalized service, which means buying luxury goods online and enjoying them at the same time.
Our philosophy is "to be an online outlet". Our website has just been online for one year and is developing well at present. I want to hear the opinions of people in the industry.
Open and closed strategy
Find a purchase model suitable for the high-end women's clothing market.
To be a high-end women's clothing market, I suggest you start with understanding the online consumption patterns in Europe, America and Japan. E-commerce in Japan and the United States is different. The United States is more about electronic products or books, while Japan is more about women's products, such as cosmetics and fashion. Americans buy things on computers, while Japanese buy things on mobile phones. So should China be more like Japanese or American? I think it will be helpful to your company's development after understanding and comparing the differences between these two purchase modes.
Such as positioning as an online outlet, pay attention to user experience.
It's a good idea to be an online agency. The price advantage and convenience of purchase can attract many groups who spend in physical stores or can't spend in physical stores often. However, customers may be more cautious because they sell goods with higher unit prices, so they will have a longer inspection period for your website. But for you, it is also a process of guiding consumption behavior. During this period, you should focus on the user experience and do a good job of branding Fifth Avenue, so that when people mention Fifth Avenue, they will associate the words "fashion, authentic products and fair prices". Only in this way can they have a chance to expand their business.
Service categories are also indispensable.
The stability of supply is also an important guarantee for you to become bigger and stronger, which needs to be expanded vigorously. Generally speaking, women's consumption, especially middle and high-end consumption, has great potential in the China market, and the prospect is beyond doubt. If you can do a good job in service and enrich the product line, I believe you can become a company that can make money quickly and make a lot of money.
Moderator: Our reporter Zhang Jia.
Beijing can provide a platform for arrogant people.
In the process of starting a business with his sister, Sun Yafei felt that he was changing the attitude of the city people bit by bit.
■ Guests "play" in Beijing
Reporter: If the Wall Street Fund had not been stationed in Beijing, would you have returned to Beijing?
Sun: Although new york is good, it has no roots. Only by returning to Beijing can we be practical. When I was studying and working in the United States, I went to many countries all over the world, no less than 30 large and small, but only new york and Beijing wanted to live in them.
Reporter: Why only new york and Peking?
Sun: There are many similarities between new york and Beijing. They are all extremely tolerant cities. On the streets of new york, people of all colors and accents can always be seen. New york is extremely tolerant in both culture and nationality. The same is true of Beijing. In this political and cultural center, people from all walks of life are working hard and can find their place.
I remember going to Northeast Net to interview people who engage in underground rock and independent art. Their living conditions are very poor, but they think they are awesome. I think they are great, too. At least in this city, there used to be a platform for them to realize their dreams.
Reporter: Having been a reporter in Beijing for so many years, you should know this place like the back of your hand, right?
Sun: My American friend came to Beijing to play and asked me where I should go. His question puzzled me a little. Finally, my friend took out his travel brochure and told me in turn what places I had to go. To tell the truth, I have never been there. After so many years in Beijing, all the places I went were work-related and purposeful.
Reporter: Is it the same in new york?
Sun: No, I'm going to new york to look for classic scenery, architecture or museums.
Reporter: Why does Beijing, a famous historical and cultural city, not care about these things?
Sun: new york is very tolerant and energetic, but there is always a passer-by mentality, knowing that you will leave one day, so you should see everything you need to see. Beijing is different. I think of myself as a master too much. I am not so much a Beijinger as a master. Going back to Beijing is just like going home. Get things done first. I will have enough time to see the scenery and places of interest in the future. What's the hurry?
Luxury eastward: the battle of post-territory
Text is too long, omitted.
Record changes with words and change Beijing with fashion.
Source: Beijing News
Sun Yafei thinks that both Beijing and new york are extremely tolerant cities. People from all walks of life can find their place.
Taking studying in the United States in 2005 as the boundary, Sun Yafei's role in Beijing was "cut" into two parts, which seemed to correspond to two gender roles. The former is a political reporter with rigorous logical thinking and sharp writing style, while the latter is a fashion middleman dealing with top brands in the world.
After returning home, Sun Yafei put a picture similar to "shopaholic" on Weibo. A colleague she had never met "questioned" her why she put a photo of a woman. Sun Yafei laughed and cried, "I'm a woman!" " It turned out that because of her rational and meticulous manuscript, colleagues always thought she was a male reporter.
Knock on Beijing's "door"
200 1 summer vacation, Sun Yafei, a graduate student in journalism department of Sichuan University, wants to find a media internship. She ran to Beijing without thinking. Prior to this, after graduating from the journalism department of Sichuan University, her first job was as an accountant in a provincial organ, and the leisure work of the organ made her choose to go back to school for postgraduate study.
In China News Agency, Sun Yafei found that China Newsweek was recruiting, so he went to knock knock and asked him if he could practice here. The other person's answer is simple: "Yes, we are short of hands now." Sun Yafei was surprised by Beijing's tolerance for the first time: "Knock on the door yourself and others will let you stay."
Sun Yafei volunteered to participate in Yan San's internship and wrote a letter to the person in charge of Newsweek, attaching three reports during the last internship, which once again knocked on the door of Beijing.
Because he wrote many cover stories during his internship, Sun Yafei was nicknamed "Chief Intern in China" by his colleagues.
Workaholics who have witnessed Beijing's urban progress
No matter in China Newsweek or later Southern Weekend, Sun Yafei made an in-depth report on current affairs or major emergencies. She feels that she is a witness to the progress of this city, because most of the contacts and interviews are policy makers, executors and elite scholars.
What Sun Yafei is most familiar with should be the long nights in Beijing.
Almost workaholic, she came back from the interview during the day to sort out the recording and interview records and conceive the framework. Usually, she will watch the light on and go out. In the early morning, others are sleeping soundly, but she feels that "the day has just begun."
The hard work and excitement of staying up late to write a manuscript, as well as the hearty words, "only the night in Beijing will know," Sun Yafei said.
After work, Sun Yafei likes to have dinner with media friends in Beijing. "I talked about national affairs with boiling blood, and went home to wash and sleep after dinner." In retrospect, Sun Yafei was happy himself.
The quiet power of Beijing makes people practical.
In 2005, Sun Yafei applied for a scholarship to study for a master's degree at Dartmouth College. Two years later, when the American financial crisis appeared, she submitted thousands of resumes, left hundreds of companies and finally entered the Wall Street hedge fund next to Fifth Avenue in New York. In 2008, she was sent to Beijing as the investment director of China District.
Back in Beijing, Sun Yafei felt very warm and finally settled down to see the city. When taking a taxi through Chang 'an Avenue, she would stare at the wide streets and buildings on both sides. "Very quiet and beautiful." At this time, she can feel that there is a quiet power in Beijing, which makes people feel practical.
After returning home, Sun Yafei's life suddenly became leisurely. With a high salary, he rented a "mansion" and raised two cats. His daily task is to find investment projects, and have coffee, chat and talk about projects with entrepreneurs in the coffee shop in Guo Mao.
This kind of life is somewhat unacceptable for Sun Yafei, who is used to being busy. Based on her judgment on the explosive development of e-commerce and her sister Sun Duofei's professional fashion vision after studying fashion courses in the United States, the two sisters decided to start a business in Beijing and founded the Fifth Avenue luxury goods network. For Sun Yafei, Fifth Avenue somewhat misses new york.
Guest file
Sun Yafei was born in a small town in Sichuan in the 1970s. From a civil servant to a well-known media reporter, and then from the head of Wall Street hedge fund to the establishment of his own luxury website, his ever-changing life is full of freshness and challenges.
News from Beijing
Small changes are taking place in this city.
Many friends don't understand my resignation as a Wall Street fund executive, but in this city, I have bigger dreams to realize. Although I sold my car and gave up my mansion, I took my two cats and lived in the attic of the office for half a year, and my sister and I put all our savings into my career. I am so busy that I only sleep for a few hours every day, but I feel very happy. As long as you are in Beijing, you will feel at ease.
When I was a reporter before, I participated in the process and transformation of this city. I feel that I am changing the city bit by bit, changing people's attitudes towards life and consumption habits. Even the slightest changes, even if the results are not clear, are all in progress and happened in Beijing, which is enough.
This edition was written/Our reporter Pan Bo This edition of photography/Our reporter Li Fei
Sun Yafei, CEO of Fifth Avenue, is a guest at Sina.
At the end of 2008, Sun Yafei changed his life course again, resigned as the investment director, and founded the first "online outlet" in China-Fifth Avenue with several other returned students, selling world-famous fashion products and luxury goods at a discount online. Her goal is not only to "bring this fledgling startup to Nasdaq one day", but also to provide middle-class consumers in China with "affordable luxury goods" and "let every white-collar woman in China have luxury goods" through her own participation.
Sina women talked to Sun Yafei and asked her to share with us how she changed in many professional roles, how she set her own goals and directions in life, and her understanding and feelings about fashion and luxury goods.
Guest introduction:
Sun Yafei, a 70-year-old from Sichuan, graduated from Sichuan University and later obtained a master's degree from an Ivy League school in the United States. He is a former Wall Street investor and now the CEO of Fifth Avenue Luxury Online Sales Center.
Sun Yafei 12 years' career can be described as brilliant, from a civil servant in a provincial government to a chronicle of first-line current affairs, to the head of an investment fund on Wall Street, and finally to the CEO of Fifth Avenue, the first online luxury discount center in China.
After resigning as a civil servant, Sun Yafei made his mark in the media field while studying for a master's degree in journalism at Sichuan University. She worked as an editor and current affairs reporter in Tianfu Morning Post and China Newsweek. Later, at the invitation of the Legal Daily Group, he founded a half-hour daily legal TV program "Legal Broadcasting" and served as the editor-in-chief.
At the beginning of 2003, Sun Yafei joined Southern Weekend, responsible for current affairs reporting and published many influential investigation reports. Therefore, he won the "International Scholarship for Media Scholars" from the School of Journalism, University of California, Berkeley, and went to the United States for a one-year study visit.
In 2005, she won the highest scholarship from Dartmouth College, one of the eight Ivy League schools in the United States, and studied international business and investment, and obtained a master's degree in arts. Later, he worked in Wall Street investment banks and hedge funds, and was sent to China as the investment director, responsible for private equity investment projects in China.