On January 5, 2020, "New Development, New Concepts, New Opportunities"-2020 Tsinghua Financial New Year Forum was held. Tsinghua SEM Alumni Association President, Tsinghua SEM Dean, Freeman Chair Professor Bai Chongen, Tsinghua SEM Alumni Association Secretary-General, Tsinghua SEM Assistant Dean, Director of the Dean’s Office, Director of the Alumni Development Center Professor Fang Distinguished Professor Zhang Xiaoling of the PBC School of Finance of the University, Ni Zhengdong, founder and chairman of Zero2IPO Group, Du Yongbo, managing director of Huaxing Capital and partner of Huaxing New Economy Fund, Lao Zhiming of Huatai United Securities, Xu Deqiang, partner of PricewaterhouseCoopers China Transactions and M&A Services Department, and Chen Song, secretary to the board of directors and chief financial officer of Cree International, attended this event.
Feng Linjun, Secretary General of Tsinghua SEM Finance Association, presided over
This forum was hosted by Feng Linjun, Secretary General of Tsinghua SEM Finance Association. Teachers from the Alumni Development Center of Tsinghua SEM, representatives from alumni associations of undergraduate, master's, doctoral, MBA, EMBA, EE and other teaching programs, as well as more than 400 alumni participated in this forum.
Mr. Jiao Fangxing, assistant to the dean, director of the dean’s office and director of the Alumni Development Center of Tsinghua SEM, delivered a speech
Mr. Jiao Fangxing, assistant to the dean, director of the dean’s office and director of the Alumni Development Center of Tsinghua SEM, delivered an opening speech. She first affirmed the various work of the Financial Association in the past two years and hoped that the Association could continue to assist the development of alumni and provide a communication platform for alumni in the financial industry to communicate and share, provide service support, learn and grow, and help each other and love each other. Later, she introduced the basic situation of the college’s alumni association and key activities in 2019 to the alumni. Finally, she said that the financial industry has always been the industry with the largest number of alumni in the school. On the occasion of the New Year, alumni from the financial industry gathered together to discuss new development and new opportunities in the industry. This is the best interpretation of the responsibility and responsibility of Tsinghua SEM people in the general environment. She hopes that this forum can integrate the thoughts of all parties and collide with sparks of wisdom.
President Fang Fang, President of the Finance Association of Tsinghua SEM and founder of Shuimu Investment Group, delivered a speech
President Fang Fang, President of the Finance Association of Tsinghua SEM and founder of Shuimu Investment Group, expressed his welcome and gratitude to the guests. He said that since its establishment on December 16, 2017, the Tsinghua SEM Finance Association has held a series of colorful activities in line with the principle of gathering the strength of alumni and extensively contacting alumni in the financial industry and all walks of life. With the strong support of the school and alumni, and the joint dedication and efforts of the secretariat, it has organized a series of colorful activities. Tsinghua SEM’s alumni friendship and full of positive energy are powerful driving forces that have always encouraged the Finance Association to move forward. Finally, Fang Fang said that the Finance Association will continue to actively serve alumni in the future, continue to strengthen alumni connections, and assist alumni development.
Bai Chongen, Freeman Chair Professor and Dean of Tsinghua SEM, delivered a keynote speech
Subsequently, Bai Chongen, Freeman Chair Professor and Dean of Tsinghua SEM, shared with everyone the topic of "Several Main Factors Affecting China's Macroeconomics in 2020". He started his speech by starting from the fact that the transformation of my country's economic growth mode has posed new requirements and greater challenges to the business environment. He successively analyzed the reasons for my country's economic structural adjustment in the past two years, the internal and external factors that affect the current growth rate of my country's economic development, and some of the financial measures we have taken in the process of realizing a moderately prosperous society in an all-round way. He analyzed that the process of my country's transformation from a high-speed, single-target growth model to a high-quality, more comprehensive development target will bring about some new problems in corporate governance. He then pointed out that the domestic institutionalized business environment has improved significantly in recent years, but the reform of the financial system has not kept pace, and multi-objective management has brought new governance issues.In order to effectively improve governance capabilities, he proposed that efforts need to be made in three aspects in the future: first, to allow market entities and the public to have a greater say in the formulation and evaluation of rules; second, it is recommended to set up a department in the government specifically responsible for the business environment to provide one-stop services; third, industry associations will play a greater role in improving the business environment.
Professor Zhang Xiaoling gave a speech
Zhang Xiaoling, CEO of China Asset Management (Hong Kong) and Distinguished Professor of Tsinghua University PBC School of Finance, shared with everyone the topic of "Overseas Development Strategies of Chinese Financial Institutions under the Background of Sino-US Friction". He made a systematic review of Sino-US relations and globalization, and also introduced the overseas development of my country's financial institutions.
Ni Zhengdong Alumni Speech
Ni Zhengdong, founder and chairman of Zero2IPO Group, gave a keynote speech on "Investment and Financing Strategies in the Face of the Capital Winter". Based on precise data analysis, he systematically sorted out the current development of the domestic equity investment capital market in terms of capital management volume, total fundraising, RMB fund market and foreign currency fund market. Ni Zhengdong said that the capital structure of my country's equity investment market has changed, the penetration rate of state-owned assets has further increased, the investment industry is concentrated in the IT, Internet and medical and health fields, and the number of investment market exits from science and technology IPOs and repurchases has increased significantly. Finally, alumnus Ni Zhengdong pointed out that China's equity investment will still face great challenges in the next ten years and will move towards the path of "precision investment". In the choice of future development strategy, it should adopt a large and strong or small and refined development approach. Finally, he pointed out that funds with state-owned capital, foreign capital and private background will usher in new development opportunities.
On-site alumni questions
The speeches of the guests were brilliant. After the speeches, the alumni asked many high-quality questions to the guests, and the atmosphere was very warm.
Roundtable dialogue session
Subsequently, Du Yongbo, Lao Zhiming, Xu Deqiang, and Chen Song conducted an in-depth dialogue in the form of a roundtable forum around the topic of "Corporate Development and M&A Opportunities under the New Situation".
Du Yongbo said that under the current investment background, cash flow is very important; from the perspective of fundraising, it is more difficult to raise funds in RMB; from the perspective of investment, the overall situation has entered a stage of upward spiral adjustment. Lao Zhiming explained to everyone the current development status of the M&A market: First, with the economic downturn, the number of M&A transactions for development is also decreasing; second, at the policy level, M&A transactions are more difficult to occur due to the impact of policies; third, for industrial integrators, the economic downturn may be a good opportunity for M&A integration. Xu Deqiang pointed out that the data of three types of M&A transactions, namely strategic acquisitions, VC/PE and overseas M&A, are all declining. The main reason is that the difficulty of raising funds for RMB funds continues to increase. On the other hand, Chinese enterprises' investment overseas transactions are also continuing to decline in single M&A transactions of more than 1 billion yuan. However, the investment of small and medium-sized enterprises in many subdivided industries in Europe and the United States is growing. The more capital is in the cold winter, the more it is a period of rapid low-cost expansion. Chen Song pointed out that if a listed company hopes to expand on a large scale through mergers and acquisitions, it must be integrated with its own strategy; secondly, if a company hopes to break through in development, talent is the most important factor.
Finally, several guests conducted in-depth discussions on the types of mergers and acquisitions, opportunities and challenges of mergers and acquisitions, etc. Since 2018, China's economy has faced a series of new challenges. However, judging from the development rules of the global capital market, sluggish market conditions and asset prices have provided rare investment and M&A opportunities for real leading companies and value investors. The M&A market will also move from the original high valuation, high premium, and high gambling model to a new era that focuses on industrial collaboration, industrial integration and upgrading. It can be said that M&A will become a hot spot in China's capital market in the next 3 to 5 years.
Event photo
This forum was co-sponsored by the Tsinghua SEM Alumni Development Center and the School Finance Association. More than 400 alumni gathered together to discuss the historical development opportunities and challenges under the new situation, and actively made suggestions for seeking high-quality development under the opportunities of the new era.
