Xu Dalai has more than 65,438+06 years of experience in equity investment and finance, and has held management positions in many internationally renowned institutions such as C.V. Starr, GIC, AIG and Deutsche Bank. Invest in many industries from start-up to mature enterprises, including Xiaomi Technology, Lilac Garden, Working Together, One Plus One, Jinshan Software, etc.

The most popular and popular entrepreneurs

News viewpoint: There is little personal information about you from outside. Can you introduce yourself briefly?

Xu Dalai: I studied mechanical engineering at the National University of Singapore, and my major was automation research. Master in Stanford University, majoring in industrial management.

In 2000, he began to invest in Singapore and projects in Southeast Asia. He came to China in 2003 to invest in TMT, manufacturing, consumption, retail and logistics. At the end of 2005, he joined Jinshan Company as the chairman of the remuneration committee, where he met Mr. Lei. My biggest interests are work and reading. I like all new things. My wife is from Sichuan, so I like Sichuan food very much.

News viewpoint: How did you come up with the idea of founding Shunwei Capital with Lei Jun?

Xu Dalai: Manager Lei and I have known each other for many years. We trust each other and have a lot of knowledge. The year of 20 1 1 is very good. Let's have tea and chat together. At that time, General Lei just founded Xiaomi and made some angel investments. But he also wants to be a VC and participate in the A and B rounds of risk financing. He started his business for more than 20 years, and I have more than 20 years of fund management experience. So it's natural for us to start together. Our advantages are all related to the internet, so we focused on investing in the internet from the beginning.

At the beginning, we didn't intend to let Shunwei invest with Xiaomi in the enterprises in the Xiaomi ecological chain. Until the beginning of 20 14, Xiaomi grew at a high speed, and Xiaomi began to build its own ecological chain. Just like there are companies such as Foxconn under Apple's ecological chain, Xiaomi also wants to grow with its partners. As a result, Shunwei's investment eyes began to pay attention to the companies in the Xiaomi ecological chain. Up to today, we have invested in more than 60 companies. About half of them are related to Xiaomi.

News viewpoint: Why is it called Shun Wei?

Xu Dalai: It means following the trend. At that time, I also thought of other names, such as names with the word "rice". I thought about calling it "eagle". Later, I thought it was better to let nature take its course. Teacher Lei and I both think VC is the investment trend and team. If you go in the wrong direction, you will be very tired.

News opinion: What's the difference between you and other venture capitalists?

Xu Dalai: There is no essential difference between us and other venture capitalists. We also raised US dollars from foreign investors and institutions and set up US dollar funds to invest in domestic enterprises.

News viewpoint: What kind of entrepreneurs do you like?

Xu Dalai: I personally tend to invest in entrepreneurs in their early thirties. In fact, that is, after 1985, I think entrepreneurs after 1990 still lack some work experience, contacts and resources compared with entrepreneurs after 1980. Of course, there are also many outstanding post-90s entrepreneurs, who have a good innovative perspective and are very practical. Such a post-90 s Shunwei will also invest.

News opinion: What kind of entrepreneurs are you not optimistic about?

Xu Dalai: Some time ago, I came into contact with a group of start-up companies. The CEO of this company is a foreigner. The company works in a high office building, and the office is still deserted. I don't like this company. I think entrepreneurs should have a deep understanding of China's business environment and culture, and have rich network resources. Maybe a foreigner can succeed as CEO, but I think the premise is that the target market of this company is foreign market. The other is a start-up company, which I think is a trial-and-error stage. The cost of this stage is very low. Money should be spent on products and operations, and there is no need to work in prosperous areas.

There is no shortage of money for good projects in the market.

News opinion: Did Mr. Lei himself put a lot of energy into Shunshun?

Xu Dalai: Teacher Lei is very attentive here. He will personally see all the projects promoted by our colleagues. Mr. Lei also basically participated in the activities organized by us, including the gathering of the bosses of the invested companies and the internal gathering of Sunway. Mr. Lei is mainly involved in all investment decisions and recruiting suitable talents. The day-to-day operation of the fund is completed by our team.

News viewpoint: Is the current venture capital market a buyer's market or a seller's market?

Xu Dalai: At present, it is still a seller's market, and entrepreneurs dominate the market. There is a simple reason. Now there are more and more good companies and good quality projects, and there is a lot of money in the market. Good projects are not afraid of not getting money.

News viewpoint: How do you consider when the investment project is the best time to quit?

Xu Dalai: We mainly hope that the companies we invest in can be listed abroad. Before listing, if there is a suitable opportunity to be merged, the founder is willing to be merged, and we will support it. At present, the projects we invested in, such as YY, have been listed, and we have all withdrawn from this project. Sometimes we will sell some old stocks to new investors in some projects to recover the investment cost.

News opinion: Will you invest in foreign projects?

Dalai Hui: At present, we have only invested in one American company. We won't go abroad in the short term, and we won't consider investing unless we happen to find a project and we can help. Generally speaking, our investment in the next three to five years will be mainly in China.

News opinion: Is your RMB fund the same as your US dollar fund?

Dalai Hui: Basically. However, there will be relatively few Internet projects, focusing on other high-tech fields. Such as advanced intelligent parts and some high-tech products.

Journalists who are willing to invest in the transformation from media to entrepreneurs

News viewpoint: What kind of talents do you like to join Shunwei?

Xu Dalai: We welcome young people who are diligent, have high IQ, high EQ and study science. Shunwei is very concerned about the post-85 s and even post-90 s entrepreneurs, and specially recruited several very energetic post-85 s to join our investment team.

News viewpoint: What are your specific criteria for recruiting people?

Xu Dalai: Being smart is definitely a must. I firmly believe that investors must be smart people in this industry. In addition, you need to have high emotional intelligence and good communication and design skills. Finally, be diligent enough. When considering it in detail, sometimes I look at his resume, and sometimes I look at the projects he has invested in.

News viewpoint: where to find someone at present?

Xu Dalai: At present, our recruitment channels are still industry and investment.

News viewpoint: Now many investment institutions recruit media people to make investments, such as Jingwei Venture Capital. Do you have a similar plan?

Xu Dalai: It is true that some investment institutions have found some people from the media, and we have also noticed this practice of Jingwei. We know that Jingwei mainly has an investor from the media. He invested in Momo, and Momo successfully listed in the United States. I think investment needs high comprehensive quality. It's hard to say whether people with financial background are more suitable or people with media background are more reliable. But in general, there are still a few media people who invest in transformation. In Silicon Valley, most successful investors are entrepreneurs and people with pure investment background.

News viewpoint: Now many media people start businesses, will you invest in them?

Xu Dalai: We also invested some money in media entrepreneurs. Lei Jun himself successfully invested in an entrepreneur who was born as a journalist. He is Li Xueling, the founder of YY.

News viewpoint: What do you think of the investment value of new media?

Xu Dalai: Now the new media is developing rapidly. Besides outdoor doors, the biggest new media at present is today's headlines. We put a little information into the new media, which is about $654.38+00,000. At that time, our votes were very, very small. But we are optimistic about the founding team of information. Another reason why I put some information is that there is an acquaintance of General Lei in its team. Investing in acquaintances is an investment principle of General Lei. In short, we have a high investment interest in mobile information clients.

The most unforgettable experience and the most impressive project

News viewpoint: What is the most unforgettable experience of Shunwei in the development process in recent years?

Dalai Hui: The most unforgettable thing is that at the end of 20 1 1, we just raised $200 million. For the next year and a half, I basically couldn't sleep at night because I was responsible for investors. Investors trust us very much. It took manager Lei and I only six months to raise the first money. Most of our investors are internationally renowned sovereign funds, university funds and family funds. At that time, there were only two people in the company, Mr. Lei and me, and there was no office. Both of them are under great pressure, so they can't sleep well for a long time.

News opinion: Which of the projects invested by Shunwei impressed you the most?

Xu Dalai: I am deeply impressed by the company we invested in. At that time, one of our interns went to study the field of online education, and then I asked him to tell me about the current situation of online education in China, and asked him to help me screen some companies that he thought were the best in this field. One of his recommendations is to do homework together. Then I contacted Chang Lu, the CEO of this company through a friend. We met for the first time and talked for more than two hours. In the first hour and a half, my interest in investing in them climbed all the way, but at the end of the conversation, when Liu Chang introduced me to the history and shareholding structure of their company, my confidence was greatly reduced. Because of historical reasons, the shareholding structure of their company is very complicated. I think Liu Chang is an excellent CEO, and he has a good entrepreneurial direction. But the ownership is too complicated, and investors have to make great determination to enter. So after the first chat, my investment interest was very cold. But after two or three chats, my understanding of Liu Chang gradually increased. I appreciate Liu Chang more and more. He is a young man in his early thirties. He has been in New Oriental for more than 65,438+00 years. He used to be the youngest principal of New Oriental, and he made Changchun School of New Oriental exceed 100 million yuan a year from scratch. I also learned about Liu Chang's reputation from Wang Qiang, Xu Xiaoping and other New Oriental veterans. They all spoke highly of Liu Chang.

Later, we arranged for Mr. Lei to meet Liu Chang. After the talk, Teacher Lei asked a question in our hearts: Liu Chang seems to have no shortcomings, which is unlikely, but he is really perfect.

Finally, I choose to invest and solve the complex equity problem with Chang Lu. My evaluation of Liu Chang is an entrepreneur with comprehensive qualities of A or even A+.

News point of view: Are there any failure cases of the projects you have invested in at present?

Xu Dalai: Two investment projects have failed, one is Letao and the other is Taimei, both of which are doing e-commerce. At that time, I voted for them because 20 1 1 e-commerce was very popular, but from 20 1 1, Tmall rose rapidly, which had a huge impact on other B2C e-commerce. At that time, our investment logic in e-commerce was that offline brands didn't understand e-commerce and wouldn't do e-commerce, but they didn't expect Tmall to grow bigger, so that offline brands quickly found an e-commerce platform. Of course, the failure of these two projects is also related to the internal problems of the two companies. Now we are more cautious about investing in e-commerce, especially pure e-commerce projects. But we will still invest in good e-commerce projects.

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