IDG Capital Xiong Xiaoge Video
On the occasion of the second listing, Xiong Xiaoge, an early investor of Baidu and founder and chairman of IDG Capital, lamented: "From 2005 to now, Baidu's 16 years have not been easy."
Baidu is one of the classic investment cases in IDG Capital's early career. At the same time, IDG also participated in the spin-off of three Baidu companies, iQiyi, Xiaodu and Kunlun Chip, which have been together for 20 years.
Xiong Xiaoge 1993 introduced venture capital to China, and successively invested in TMT such as Tencent, Baidu, Sohu, SouFun, Hanting, Home Inn, CreditEase, Xiaomi, Ctrip, Qihoo 360, Legendary Pictures, Storm Technology, Wuzhen, Gubei Water Town, Meitu, etc. as the core investment sectors. Shen Nanpeng founded Sequoia China in 2005, focusing on VC investment; Zhang Lei founded Gaoling Capital in 2005 and is the brother of PE.
The three founders are all top investors, and all kinds of media have argued about who is the first in the industry. 1?
When Xiong Xiaoge was admitted to Hunan University, the college entrance examination resumed on 1977. At that time, Shen Nanpeng, aged 10, was recognized as a master of mathematics in his class, while Zhang Lei was only 5 years old.
1985, Xueba Shen Nanpeng was sent to Shanghai Jiaotong University. At that time, Xiong Xiaoge had been an English teacher for four years after graduation, and was admitted to the journalism department of the Graduate School of Chinese Academy of Social Sciences to study for a master's degree, and then went abroad to study; However, Zhang Lei, an adolescent school scum, was not admitted to the middle school because he got 1 point.
1989, Zhang Lei, a sophomore, finally woke up and began to study hard. In the same year, he graduated from Shen Nanpeng Jiaotong University and went to Yale University to study for a master's degree. 1990, 18-year-old Zhang Lei was admitted to the Department of International Finance of Renmin University as the top liberal arts scholar in Henan Province. After working in Minmetals for five years, Zhang Lei also went to Yale University to study for a master's degree.
Xiong Xiaoge graduated from Hunan University and then studied in Boston. He is handsome and romantic, and an idealist. And Zhang Lei graduated from the National People's Congress, from the scum to the top liberal arts scholar in Henan, and then went to Yale to study. When he was very young, he had the experience of setting up a stall to make money. On the other hand, Shen Nanpeng is an "ordinary mathematical genius". He transferred from the Colombian Department of Mathematics to Yale University to study for an MBA, but he modestly and gently quoted an inspirational sentence: "Many times, people in China will mistake proficiency for genius."
These three investors have different personalities and styles.
199 1 year, Xiong Xiaoge joined IDG. 1993, McGovern, the founder of IDG in the United States, believed that this determined young man could open up a world, so he gave him 20 million yuan: "Go invest, it doesn't matter if there is no return, don't worry, the road is right, people are right, and we will do it slowly." With McGovern's support, Xiong Xiaoge cooperated with Shanghai Science and Technology Commission on behalf of IDG to set up the first venture capital company in China.
Ayman (iask-media.com) believes that although the early "China Venture Capital" was not favored by the outside world, the social trend is a torrent. In China's PC era, IDG Capital found its own way and invested almost half of the Internet industry. In addition to "King of PC" Baidu, there are Tencent, Sohu, Xiaomi, Meitu and other projects. Today, most star Internet companies have IDG capital behind them.
Tang Ning, the founder of CreditEase, once said: "In China, IDG Capital has been a beacon and benchmark for more than 20 years."
Lighthouse leads the venture capital circle in the year of Red Sea. In 2005, top foreign investment institutions collectively entered China, which was called "Wolf" by the industry. Also arriving are Gaolin Capital founded by Zhang Lei, Shen Nanpeng and Sequoia China founded by Sequoia Global.
Zhang Lei, the prodigal son, was awesome, Shen Nanpeng, who became a monk halfway, was young and promising, and top foreign-funded institutions blossomed everywhere. China venture capital circle officially entered the 2.0 era.
Everyone who knows knows that Shen Nanpeng mainly invests in the track, such as investing in the US Mission and being hungry, Tik Tok and Aauto are faster; Zhang Lei focuses on value investing. As long as the enterprise meets the requirements of value investment, no matter how long the time period is, Zhang Lei will invest. For example, it will invest 300 million dollars heavily in JD.COM and spend10 billion dollars to privatize Belle Shoes.
Under the new trend, investment in Xiong Xiaoge mainly depends on people.
Although "talking about feelings hurts money", Xiong Xiaoge thinks it is not: "I think feelings and business are not contradictory. Only when evaluating the project, we must make a rational analysis and judgment on the market and products. "
Compared with sizing up the situation and stock trading skills, the handsome and romantic "lover" Xiong Xiaoge is not on the same level as the rational and realistic "philosopher" Zhang Lei. Zhang Lei believes in three fires, three philosophies and seven formulas under logical analysis, while the IDG investment team under emotional color is better at grasping more opportunities from invested enterprises.
1At the end of 1995, Zhang Chaoyang planned to return to China from the United States. At a friend's party before he left, Xiong Xiaoge sang "Farewell to Comrades" with tears in her eyes. During the period of 1998, IDG Capital, together with Intel Corporation, Dow Jones and Morningstar Capital, invested US$ 2.2 million in Sohu when it was most short of money.
In 2000, the Islamic Section encountered a funding bottleneck. Even if Ma becomes a tycoon in women's wear, chatting online is hard to recover. He even tried to sell it several times until Xiong Xiaoge, which held a lot of dollars, suffered a long drought.
Baidu, which has completed the first round of financing, is in the "weaning period", and Li Yanhong is anxiously looking for the A round of financing. IDG will accompany you all the way in the next 20 years after it is clearly stated that "Baidu should be the world's first Chinese search engine beyond Google China".
This concept is also reflected in the support for Miracle, a serial entrepreneur. 1999-2005, Miracle participated in the establishment of Ctrip.com, Home Inns and Hanting respectively, all of which were strongly supported by IDG Capital, and all of them entered in the seed wheel or angel wheel. In the 2008 financial crisis, IDG Capital supported Miracle and made additional investments. Later, Miracle called this support a timely help.
Xiong Xiaoge has a good eye for people, with GREAT GHOST and imp in his hand. They are all trump cards. According to IDG statistics, the first fund started from 1993, and by 2003, the average annual return rate was 36%. The second fund started from 1999 with a return rate of over 40%. By the end of 2006, IDG*** had invested less than US$ 200 million in China, and its return exceeded US$ 10 billion.
However, although BAT acquired two companies, IDG Capital missed the most important Alibaba after all.
Xiong Xiaoge's "law of judging people" has fixed defects. From the investment cases, it is not difficult to find that IDG Capital likes those entrepreneurs who have been serial entrepreneurs, have the background of overseas famous schools or have served as executives in successful enterprises, especially those with successful experience. And these seemingly correct dogmas above, Ma Yun just does not have one.
Ma Yun's grassroots temperament and strange brain holes are incompatible with the inertial thinking of American "elites". Since then, capital has also looked down on Liu, the diaosi of Zhongguancun.
Taking 20 10 as the watershed, Gaoyou capital began to rise from 10, and China venture capital circle gradually entered the 3.0 era. Xiong Xiaoge, who should be called "the godfather of venture capital", has kept a low profile.
Speaking of "Ali's regret", Xiong Xiaoge is very calm: "I have been saying that investment itself is a regrettable industry." But he also firmly believes that there will always be investment opportunities: "When I first entered the business, the best company was not Microsoft or Apple, but Motorola."
Xiong Xiaoge has high expectations for Stormwind. From June 65438+ 10 in 2006 to the end of 2008, IDG Capital made three rounds of US dollar investment in Stormwind respectively with its early fund and growth fund. In the 20 15 A-share market, Stormwind Technology set off a wave of China Stock Exchange splitting VIE and returning to A-shares with 37 daily limit boards and a price-earnings ratio of hundreds of times.
20 1 1, Stormwind dismantled the VIE framework, the US dollar fund withdrew, and the RMB fund managed by IDG Capital entered. After the IPO was suspended for more than two years, it successfully landed on the A-share Growth Enterprise Market in March 20 15. After Stormwind went public, the company's share price reached 327.05438+0 yuan/share at its highest, and rushed to the valuation of 36 billion.
20 16 1, Hollywood Legendary Pictures was acquired by Dalian Wanda group for $3.5 billion. Hollywood Legendary Pictures once created Batman, Superman, Green Lantern, Neptune, Captain Wonder, Arrow and other iconic Hollywood heroes. It turns out that this project was invested by IDG Capital five years ago. At that time, there were less than 30 people in Legendary Pictures, but the annual box office income was more than that of China Film and Shanghai Film combined. IDG low-key admission, high-profile transfer circle.
It is worth mentioning that at the beginning of 20 17, "IDG Capital Acquires IDG" staged a legendary brand transfer of "swallowing the mother". After the completion of the acquisition, China Oceanwide became the controlling shareholder of IDG's operation business, with a shareholding ratio of 90% and IDG Capital holding 65,438+00%; IDG Capital has become the controlling shareholder of IDG Ventures' investment business, with a shareholding ratio of 60% and China Oceanwide Holdings 40%. For a time, Xiong Xiaoge "feeds back" his mentor McGovern, sweeping in all directions, while IDG Capital "occupies the nest" and sweeps across the fields.
Xiong Xiaoge, with fuller wings, returns to Nasdaq. 2065438+2007, the new forces of car-making attacked violently. Compared with Weilai, the first investor, Xpeng Motors is more like a "son". From 20 17 to 12, the capital began to invest in Xpeng in round A, and continued to invest in rounds B and C. The shareholding ratio was only lower than that of founder He He and strategic investor Alibaba, making it the largest financial investor in Xpeng. In August 2020, Xpeng Auto was successfully listed on the New York Stock Exchange. At the close, the share price of Xpeng Motors closed at $265,438+$0.22, with a market value of $654,380+$0.5 billion.
"Love Man" () learned that in addition, IDG Capital also quietly laid out 18 in the layout of chips and semiconductors: from Core, Amlogic, Hengxuan Technology, and then to the world's leading communication chip company Rideco (20 18, Spreadtrum and Rideco under Ziguang Group officially completed the integration and changed their names to Ziguang Zhanrui. Xiong Xiaoge has created an entertainment territory with feelings and interests: Zhang Yimou's Love of Hawthorn Trees and The Great Wall, while large-scale live performances such as Impression Lijiang River were built by Impression Company with a total investment of 350 million yuan and IDG capital investment of 87 million yuan.
By 2020, IDG Capital has grown from $20 million in cash to more than 900 investment companies, of which more than 200 have successfully listed or completed mergers and acquisitions.
In the past 24 years, although there are many regrets, mistakes, or potential stocks have not been revealed, venture capital itself is gambling, and there must be temporary gains and losses under the long-term doctrine. Warren Buffett also suffered a huge loss of $654.38+000 billion in Waterloo in 2020, and Sun Zhengyi, who voted for Ali, mistakenly believed in the crazy Adam Neumann.
Ai Wenren (iask-media.com) thinks that there is no question of "who is the industry". 1 "is true and unnecessary. Whether it's Zhang Lei's "long-term doctrine", Shen Nanpeng's "gambling track" or Xiong Xiaoge's "love law", all three have the same goal, but they all have the same goal.
Time flies, in the blink of an eye, this industry has been shuffled countless times, and its capital has changed, and Xiong Xiaoge has become more and more calm:
"It's boring to talk about BAT now, 15 years ago."
"Every generation of entrepreneurs has opportunities for every generation. Don't think of BAT as three mountains that can never be crossed. No company can do everything, and there is always the opportunity to invest in the next BAT-level enterprise. "
What are the tiered funds?