Finishing / Zhou Junjie
On October 19, 2009, during the Guzhen Light Fair, the 2009 China Lighting and Lighting Industry Fortune and Capital Forum was held. When the lighting industry and venture capital institutions shine together under the spotlight, everyone’s eyes are gathered in the capital. Operational.
In China's lighting industry, there are too many companies with annual sales of more than 100 million yuan, but they can successfully operate the capital market and get few listings. What is preventing them from going public? Is the current Chinese lighting industry suitable for capital entry? How can we attract venture capital? How can Chinese lighting business owners succeed in financing? ... For this series of questions, investment experts can be described as "the benevolent see the benevolence, the wise see the wisdom."
Venture Capital Accelerates Lighting Industry Reshuffle Li Zhenghui, Senior Economist, Deputy General Manager of Guangdong Centennial Investment Holding Co., Ltd.
At present, the lighting industry is still the most promising industry. Although the technology, scale and production capacity are relatively mature, the level of industry management and capital operation is far behind the growth of production capacity. Therefore, how to improve the management level and capital operation of enterprises The level of the company is the key to making the company stronger and stronger. After strengthening management and capital operation, it will accelerate the merger and integration between industries.
The only way for venture capital to be unlisted
Some people think that listing must find a venture capital. If the funds are insufficient and the management level is low, the introduction of venture capital is correct, but if it is not lacking, there is no need to introduce venture capital. Snow Wright and many companies did not introduce venture capital before they went public.
In China, some lighting companies with annual sales of more than 1 billion yuan have long been listed, and have been working hard for many years, and have introduced capital. So far, they have not yet got on the market. There are many reasons for this. I think that enterprises must seek to go public, must comply with the requirements of the company law, and must start from two aspects: First, the selection of targets, the main business is outstanding, in line with the national industrial policy, that is, to select their own main objectives, they have exceeded The business advantage of the same industry; the second is to improve the management and organization of the organization, a good corporate culture.
Introducing venture capital, only due to lack of funds and management
For a company, if there is no shortage of funds and management, there is actually no need to introduce venture capital. Without lack of funds and lack of management level, enterprises can still introduce venture capital. Of course, the introduction of venture capital must bring advanced management concepts to enterprises, integrate enterprise resources, and build teamwork. If neither of these can be done, then the company will only attract a speculator. In fact, a well-developed enterprise is not lacking in investors. It is “not bad moneyâ€. What is lacking is the concept of capital operation and management. What is lacking is long-term planning. The lack of team building is lacking in corporate culture.
In the following three cases, companies must introduce venture capital:
The first is the lack of funds for enterprises. When the company's channel construction and sales are good, but the production capacity can't keep up, and it is very short of money, it is necessary to actively introduce venture capital. Although venture capital does not bring management, the addition of capital is only a kind of speculation, but without this money, enterprises cannot grow rapidly and lose development opportunities.
The second type of enterprise does not lack money and management. If I am a business leader and know that a certain venture capital is an expert in corporate management and capital operation, and it is very good to improve the overall level of the enterprise, it can be introduced. Although the capital investment is not important, management is urgently needed by me. of. After venture capital comes in, my company has developed rapidly or successfully listed, and it is worthwhile to make money for venture capital. Because it enhances the overall level of the enterprise: soft power and hard power.
The third is the lack of corporate funds and management. The premise of this situation is that companies must have good projects, such as products and technologies with huge market potential to attract the attention of venture capital.
Three requirements for venture capital to the enterprise
First of all, to look at the growth of the company, its own growth is good, or its future growth is good; secondly, the potential benefits of investment have been visible, or the future can be foreseen, its benefits are higher than the industry level; the third point is the enterprise The management team has certain potentials, but lacks the strengthening of some advanced management concepts. After capital and management enter, the company can grow rapidly. Most teams that lack both products and management concepts will not be considered by venture capitalists.
Working with a company is like falling in love
Idgvc Senior Partner Yang Fei
The lighting industry is a traditional industry with huge market potential and a new area for fund investment. The combination of the two will give birth to some new stories. Investors' choice of enterprises mainly depends on: 1) the market size of the enterprise; 2) the threshold of competition, which mainly includes technology, management, and market. These ultimately come down to the growth of the company. Investing is actually like falling in love with a company. It is not a one-step thing. It is based on the basic situation of the company and the common philosophy.
Capital favors Wang Shu, a senior partner of the forward-looking corporate CDH Venture Capital Fund
Investors are more focused on the enterprise: 1) Forward-looking, able to grasp the basic trends and development direction of the industry, have a keen sense of the market, and be able to integrate technology and talent into the enterprise in a timely manner; 2) can learn from the international Some excellent experience in the market; 3) have a senior technical talent team; 4) have brand awareness. In these aspects, companies can be more likely to be favored by investors if they have long-term planning and better deployment.
Capital focuses on market size and innovative company Aurora Venture Capital Partners Li Lixin
The lighting industry is an emerging industry. There are two types of lighting companies that investors are more interested in: 1) there is a certain market size, the market size of products and services is very large; 2) there are innovative business models and good technical thresholds, and the Chinese market is very large. The ceiling is high, and the driving force for the future growth and long-term sustainable growth of the company lies mainly in the innovation model and technical threshold.
The introduction of venture capital into the link is a game of high IQ. Lin Haiying, Chairman of Southeast Light Lighting Co., Ltd., Nanhai District, Foshan City
Venture capital is an investment behavior in which investors look at the stability and profitability of an enterprise and obtain benefits from it. Specifically, it refers to: 1) the possibility of listing a company, whether the capital's interests can be maximized after the company is listed; 2) if the company cannot be listed because of various reasons, the venture capitalist can choose to take it smoothly after exiting Return the principal and get a certain amount of financial compensation. The stability of an enterprise is generally considered in terms of the size of the enterprise, the fixed assets, the sales ability, the IQ of the business leaders, and the pursuit of goals.
In general, companies that need venture capital are: 1) have projects, but lack funds; 2) introduce venture capital as a springboard to enter the capital market; 3) companies with sufficient confidence to be able to go public, or able to bear the risk of loss . If the company does not have a good project, and there is no plan to enter the securities market, and the level of culture of leaders and managers is normal, there is no need to introduce this venture capital. Otherwise, once introduced, venture capital will be transformed into “high-interest loansâ€. Trouble is not a school. From the perspective of funds, venture capital is not to send money, but to make money. It is a game of high IQ.
Take the lighting industry as an example, the acquisition of venture capital is different from the original stage of capital accumulation. When a company enters the capital market and implements capital operation, it is equivalent to entering a capital game stage of high intelligence. The venture capital institution invests funds into the enterprise, and the enterprise must be listed within 5 years. Otherwise, the venture capital institution will withdraw the principal and obtain compensation according to 20% of the annual interest rate.
Listing companies, introducing venture capital or bank loans are all a means of corporate finance, not necessarily. This is related to some problems such as the development planning and business strategy of the enterprise. It does not mean that the company must be listed when it reaches a certain scale.
Enterprises that choose venture capital must also have a high-intelligence management team. The two sides have the same thinking and are suitable for cooperation with venture capital institutions so that capital can play a more effective role and achieve a win-win situation. Otherwise, it will not be worth the candle. For companies, choosing venture capital is more important than attracting venture capital. Venture capital is a game of high IQ.
On October 19, 2009, during the Guzhen Light Fair, the 2009 China Lighting and Lighting Industry Fortune and Capital Forum was held. When the lighting industry and venture capital institutions shine together under the spotlight, everyone’s eyes are gathered in the capital. Operational.
In China's lighting industry, there are too many companies with annual sales of more than 100 million yuan, but they can successfully operate the capital market and get few listings. What is preventing them from going public? Is the current Chinese lighting industry suitable for capital entry? How can we attract venture capital? How can Chinese lighting business owners succeed in financing? ... For this series of questions, investment experts can be described as "the benevolent see the benevolence, the wise see the wisdom."
Venture Capital Accelerates Lighting Industry Reshuffle Li Zhenghui, Senior Economist, Deputy General Manager of Guangdong Centennial Investment Holding Co., Ltd.
At present, the lighting industry is still the most promising industry. Although the technology, scale and production capacity are relatively mature, the level of industry management and capital operation is far behind the growth of production capacity. Therefore, how to improve the management level and capital operation of enterprises The level of the company is the key to making the company stronger and stronger. After strengthening management and capital operation, it will accelerate the merger and integration between industries.
The only way for venture capital to be unlisted
Some people think that listing must find a venture capital. If the funds are insufficient and the management level is low, the introduction of venture capital is correct, but if it is not lacking, there is no need to introduce venture capital. Snow Wright and many companies did not introduce venture capital before they went public.
In China, some lighting companies with annual sales of more than 1 billion yuan have long been listed, and have been working hard for many years, and have introduced capital. So far, they have not yet got on the market. There are many reasons for this. I think that enterprises must seek to go public, must comply with the requirements of the company law, and must start from two aspects: First, the selection of targets, the main business is outstanding, in line with the national industrial policy, that is, to select their own main objectives, they have exceeded The business advantage of the same industry; the second is to improve the management and organization of the organization, a good corporate culture.
Introducing venture capital, only due to lack of funds and management
For a company, if there is no shortage of funds and management, there is actually no need to introduce venture capital. Without lack of funds and lack of management level, enterprises can still introduce venture capital. Of course, the introduction of venture capital must bring advanced management concepts to enterprises, integrate enterprise resources, and build teamwork. If neither of these can be done, then the company will only attract a speculator. In fact, a well-developed enterprise is not lacking in investors. It is “not bad moneyâ€. What is lacking is the concept of capital operation and management. What is lacking is long-term planning. The lack of team building is lacking in corporate culture.
In the following three cases, companies must introduce venture capital:
The first is the lack of funds for enterprises. When the company's channel construction and sales are good, but the production capacity can't keep up, and it is very short of money, it is necessary to actively introduce venture capital. Although venture capital does not bring management, the addition of capital is only a kind of speculation, but without this money, enterprises cannot grow rapidly and lose development opportunities.
The second type of enterprise does not lack money and management. If I am a business leader and know that a certain venture capital is an expert in corporate management and capital operation, and it is very good to improve the overall level of the enterprise, it can be introduced. Although the capital investment is not important, management is urgently needed by me. of. After venture capital comes in, my company has developed rapidly or successfully listed, and it is worthwhile to make money for venture capital. Because it enhances the overall level of the enterprise: soft power and hard power.
The third is the lack of corporate funds and management. The premise of this situation is that companies must have good projects, such as products and technologies with huge market potential to attract the attention of venture capital.
Three requirements for venture capital to the enterprise
First of all, to look at the growth of the company, its own growth is good, or its future growth is good; secondly, the potential benefits of investment have been visible, or the future can be foreseen, its benefits are higher than the industry level; the third point is the enterprise The management team has certain potentials, but lacks the strengthening of some advanced management concepts. After capital and management enter, the company can grow rapidly. Most teams that lack both products and management concepts will not be considered by venture capitalists.
Working with a company is like falling in love
Idgvc Senior Partner Yang Fei
The lighting industry is a traditional industry with huge market potential and a new area for fund investment. The combination of the two will give birth to some new stories. Investors' choice of enterprises mainly depends on: 1) the market size of the enterprise; 2) the threshold of competition, which mainly includes technology, management, and market. These ultimately come down to the growth of the company. Investing is actually like falling in love with a company. It is not a one-step thing. It is based on the basic situation of the company and the common philosophy.
Capital favors Wang Shu, a senior partner of the forward-looking corporate CDH Venture Capital Fund
Investors are more focused on the enterprise: 1) Forward-looking, able to grasp the basic trends and development direction of the industry, have a keen sense of the market, and be able to integrate technology and talent into the enterprise in a timely manner; 2) can learn from the international Some excellent experience in the market; 3) have a senior technical talent team; 4) have brand awareness. In these aspects, companies can be more likely to be favored by investors if they have long-term planning and better deployment.
Capital focuses on market size and innovative company Aurora Venture Capital Partners Li Lixin
The lighting industry is an emerging industry. There are two types of lighting companies that investors are more interested in: 1) there is a certain market size, the market size of products and services is very large; 2) there are innovative business models and good technical thresholds, and the Chinese market is very large. The ceiling is high, and the driving force for the future growth and long-term sustainable growth of the company lies mainly in the innovation model and technical threshold.
The introduction of venture capital into the link is a game of high IQ. Lin Haiying, Chairman of Southeast Light Lighting Co., Ltd., Nanhai District, Foshan City
Venture capital is an investment behavior in which investors look at the stability and profitability of an enterprise and obtain benefits from it. Specifically, it refers to: 1) the possibility of listing a company, whether the capital's interests can be maximized after the company is listed; 2) if the company cannot be listed because of various reasons, the venture capitalist can choose to take it smoothly after exiting Return the principal and get a certain amount of financial compensation. The stability of an enterprise is generally considered in terms of the size of the enterprise, the fixed assets, the sales ability, the IQ of the business leaders, and the pursuit of goals.
In general, companies that need venture capital are: 1) have projects, but lack funds; 2) introduce venture capital as a springboard to enter the capital market; 3) companies with sufficient confidence to be able to go public, or able to bear the risk of loss . If the company does not have a good project, and there is no plan to enter the securities market, and the level of culture of leaders and managers is normal, there is no need to introduce this venture capital. Otherwise, once introduced, venture capital will be transformed into “high-interest loansâ€. Trouble is not a school. From the perspective of funds, venture capital is not to send money, but to make money. It is a game of high IQ.
Take the lighting industry as an example, the acquisition of venture capital is different from the original stage of capital accumulation. When a company enters the capital market and implements capital operation, it is equivalent to entering a capital game stage of high intelligence. The venture capital institution invests funds into the enterprise, and the enterprise must be listed within 5 years. Otherwise, the venture capital institution will withdraw the principal and obtain compensation according to 20% of the annual interest rate.
Listing companies, introducing venture capital or bank loans are all a means of corporate finance, not necessarily. This is related to some problems such as the development planning and business strategy of the enterprise. It does not mean that the company must be listed when it reaches a certain scale.
Enterprises that choose venture capital must also have a high-intelligence management team. The two sides have the same thinking and are suitable for cooperation with venture capital institutions so that capital can play a more effective role and achieve a win-win situation. Otherwise, it will not be worth the candle. For companies, choosing venture capital is more important than attracting venture capital. Venture capital is a game of high IQ.
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