Looking at the development history of the domestic venture capital industry, Junlian Capital , established in 2001, should have a place. As one of the earliest professional venture capital institutions established under Lenovo Holdings and one of the "three horses" of Lenovo Holdings in the field of private equity investment, Junlian Capital currently manages a capital scale of more than 50 billion yuan, investing in nearly 450 companies, ranking among the best in the industry in terms of scale and growth rate.
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Changes brought about by the development of the venture capital industry
junlian Capital Management Co., Ltd. (referred to as "Junlian Capital"), formerly known as Lenovo Investment, was established in April 2001. It is an independent professional venture capital company under Lenovo Holdings. It was officially renamed Junlian Capital in February 2012. Headquartered in Beijing, Shanghai office was established in 2003. Junlian Capital’s core business is positioned as venture capital in the startup stage and growth investment in the expansion stage.
At present, Junlian Capital is under management of US dollar and RMB funds totaling more than 50 billion yuan, focusing on China's innovation and growth opportunities. As of 2020, Junlian Capital has invested nearly 450 enterprises, of which more than 70 have successfully listed/listed domestically or overseas, and more than 60 enterprises have withdrawn through mergers and acquisitions.
Nineteen years ago, when Lenovo began to expand its diversified business, Liu Chuanzhi drew a team of more than 20 people into the venture capital field and founded Lenovo Investment, the predecessor of Junlian Capital. Junlian Capital's first phase of fund was a US$35 million investment from Lenovo Holdings, hoping to " use funds and management to help and promote the growth of Chinese startups ". In 2012, Lenovo Investment was officially renamed Junlian Capital.
Looking back at the past twenty years of the venture capital circle, it can be said that the development history of Junlian Capital is a microcosm of the entire venture capital industry. As one of the three core members, Chen Hao has witnessed this soul-stirring history. As he said, venture capital began to start in China in the late 1990s and achieved rapid expansion with a very vigorous trend. "Looking at the world of , except for the United States, only China's venture capital industry has achieved such development ."
The development of the venture capital industry and the number of venture capital institutions have also brought about some significant changes. On the one hand, funds will gather faster to leading institutions and funds, which puts higher requirements on the professionalism and uniqueness of the venture capital team; on the other hand, the evaluation standards for projects also show a trend of "rise and rise".
is the first step to improve technical standards. Twenty years ago, entrepreneurs often brought advanced technologies back to China from overseas, and these technologies are relatively scattered, and they are not integrated with the actual industry enough, and there is also a lack of new business opportunities. In contrast, many entrepreneurs today directly join local innovative startups in China, participate in R&D and application, and are undoubtedly closer to the industry.
The second is the change in commercial standards. Chen Hao said that this dimension is more about judging the market potential and scale of a company, as well as the possible income, profits, industry competitiveness, etc., and these will become an important reference standard for institutions to measure whether to invest in the project. Take the Zhuoyue.com, which Junlian Capital invested in early years as an example. Its revenue in the first year of its official operation was only a few million yuan. Today, e-commerce is facing a trillion-level market with amazing market potential and of course more opportunities.
The third is the management dimension. In other words, investors' standards for judging corporate people, finance, materials, supply chain management, company team, culture, etc. have also changed a lot. Chen Hao admitted that the current entrepreneurial environment, including the quality of entrepreneurs, is incomparable to previous ones, so "our requirements for these corporate management are definitely improving, and this ruler needs to be improved."
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Junlian Capital's investment philosophy
When using a keyword to summarize his investment career, Chen Hao did not hesitate to speak out Junlian Capital's investment methodology: " comes first, artificially value ". This is the most real feeling he and his team have come up with in-depth exchanges with front-line entrepreneurs over the years.In his opinion, only by better cooperation with excellent entrepreneurs and helping them grow better can capital achieve greater returns.
1. First things first: You must prepare for investment
What is "first things first"? In Chen Hao's view, any investment institution must first have certain strategies and strategies before investing, and how to do this business? How to make a good investment? How to raise funds?怎么找项目？ How to help with the project? Thinking about how to withdraw in the end. In addition, there are three prerequisites that are very important before investing, and you must think about these things clearly.
First, you should have a long-term investment mentality. Of course, the mechanism and architecture setting is very important, that is, your fund should have a relatively long investment cycle setting. Chen Hao admitted that the most successful and best-reward projects that Junlian Capital has done are continuous investments, and it only takes more than eight years of sustainability to achieve the richest returns. For example, iFlytek, Shenzhou Car Rental, etc.
Second, you must have your own persistence. Many come from large institutions and have their own background and characteristics. It is very important to summarize these characteristics and strengths, how to stick to them well and how to make your characteristics and competitiveness in the investment industry.
Third, focus. is now whether it is the focus of the industry or the focus of its own. Only by persisting in focusing can we build a brand, achieve special competitiveness, and gain a special position in the competition of projects.
2. Artificial importance: We must learn to cultivate talents and retain talents
Regarding "artificial importance", Chen Hao said that this is very important. Because whether it is an investment company or an investment institution, the most fundamental thing is to rely on people, the founder himself, and the batches of investment professionals brought out. So how to cultivate and retain good people? Chen Hao summarized three aspects to share.
First, the mechanism for cultivating people. must place training people in a very important content management position, whether from the perspective of concepts or internal settings. In this regard, Chen Hao believes that the traditional Chinese way of masters taking apprentices is very suitable for investing in this industry.
In addition, the venture capital industry will definitely have to pay a certain price to cultivate talents. As a VC, there will definitely be some failed projects, but failure is the mother of success. As long as you do a good job of reflection and review, some poor investment projects may become projects that make people learn more and grow faster.
Also, we need to organize the creation of a learning atmosphere. Sometimes colleagues outside the project can participate in the discussion. This is very important for the master to train people with his apprentice.
Second, teamwork model. has various investment models in the venture capital industry, and Chen Hao believes that the best model to date is to encourage cooperation. This model means that a workflow is cut into several sections, and people from different roles join in several sections, emphasizing that there are multiple people participating and multiple people taking responsibility in a project.
In addition, in terms of mechanism settings, individual projects cannot be absolutely fixed to the person responsible for the project, but more incentives for everyone are completed by the entire fund according to the allocation mechanism. This means putting all the benefits of everyone into the entire fund, rather than just staying in your own project.
From the development history of Junlian Capital, the settings of these mechanisms have a very positive impact and effect on team cooperation.
Finally, incentive mechanism culture. A good incentive mechanism culture is crucial for cultivating people or staying people. Chen Hao mentioned that in the past, the incentive mechanism of partners was learned from abroad, and the implementation in China was done well, but it was not enough, because the partner mechanism was more about the fund. If you are a partner in this fund, you may become a partner in the next fund, and there will still be a cycle.
Chen Hao shared that Junlian is exploring the desire to combine the partner mechanism with the equity distribution mechanism of the management company, with medium-term incentive constraints and long-term incentive design. Such an incentive mechanism allows major partners and backbones to become both sharers of fund interests and shareholders of the management company in the future. Chen Hao believes that this is a more Chinese-style incentive mechanism setting.
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Investment layout
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Zhu Linan · Chairman
Mr. Zhu Linnan joined Lenovo in 1989 and is the main promoter and implementer of Lenovo's many major strategic transformations and upgrades. In 2001, Mr. Zhu Linan founded Lenovo Investment, the predecessor of Junlian Capital. He is currently the chairman of Junlian Capital, a director of , a member of the Board of Directors’ Strategic Committee, and a director of , a director of , and a director of , a group of , in .
As the founder of Junlian Capital, Mr. Zhu Linan's entrepreneurial experience, deep accumulation of corporate management and extensive connections have accumulated rich experience in Junlian Capital's business development, investment management, financial management, human resources management, information construction, etc., and provided unique value. Mr. Zhu Linnan is also the institutional designer of Junlian Capital. The proposed "like-minded partners create their favorite cause together and share success" and the "rich and righteous" he upholds have laid a foundation for Junlian Capital's long-term development concept, and its successful investment practice has also laid an important foundation for Lenovo Holdings' investment transformation.
At the same time, since 2001, Mr. Zhu Linan has served as executive vice president, president and director of Lenovo Holdings Co., Ltd. With a deep understanding and rich experience in industrial operations and investment practices, Mr. Zhu Linan led Lenovo Holdings to creatively build a unique business model driven by "strategic investment + financial investment", continuously promote the continuous development of the company's strategy and business, and achieve solid accumulation in many aspects such as talent, organization, investment and investment management.
Mr. Zhu Linan holds a master's degree in electronic engineering from Shanghai Jiaotong University and a senior engineer title. He is currently an expert who enjoys special government allowances from the State Council.
Chen Hao · President
Mr. Chen Hao founded the predecessor of Junlian Capital, Lenovo Investment, together with Mr. Zhu Linan, Mr. Wang Nengguang and others in 2001. Since May 2015, Mr. Chen Hao has served as the president of Junlian Capital, responsible for the promotion and coordination of the company's overall business.
Mr. Chen Hao has more than fifteen years of experience in the IT industry, has accumulated rich business operation and management experience, and has extensive and in-depth cooperation and exchanges with industry authorities, governments, and large enterprises. Mr. Chen Hao has been focusing on investment in IT and related fields for more than ten years. The projects that have led and participated in the investment include: Spreadtrum Communications (NASDAQ: SPRD), iFLYTEK (002230.SZ), Yiche.com (NYSE: BITA), Anshuo Information (300380.SZ), Tianya Community and other projects, and has served as directors in listed companies such as Jinyu Medical (603882.SH), Purui Semiconductor (4966.TWO), Fuhan Microelectronics (300613.SZ).
Mr. Chen Hao joined Lenovo Group in 1992. From 1992 to 2000, he served as general manager of East China, general manager of the network center, vice president and director of the planning office of Lenovo Integrated Systems Co., Ltd., a subsidiary of the group, respectively. He was responsible for the company's strategy formulation and supervision implementation, planned and implemented the transformation of the company's structure to the management model of the industry business department, and participated in and presided over the implementation and development of the company's large and medium-sized system integration projects in the fields of government, finance, taxation, telecommunications, etc.
Li Jiaqing · Managing Director/Chief Investment Officer
Mr. Li Jiaqing joined Lenovo Investment, the predecessor of Junlian Capital as the first batch of employees in 2001. He is currently the managing director and chief investment officer of Junlian Capital.
The projects led and participated by Mr. Li Jiaqing include Anshuo Information (300380.SZ), Yunnan Hongxiang Yixintang (002727.SZ), La Chapelle (06116.HK), Anjie Technology (002635.SZ), Yingjia Gongjiu (603198.SH), Pioneer Intelligence (300450.SZ), Kanglong Huacheng (300759.SZ), Lihua Animal Husbandry (300761.SZ) Longyan New Energy, Dianhong Pharmaceutical, Haichen Logistics, etc.
Mr. Li Jiaqing joined Lenovo in 1998 and is engaged in business development at Lenovo Group.
Mr. Li Jiaqing has a dual bachelor's degree in mechanical engineering/economic management at Tsinghua University, a master's degree in management engineering at Tsinghua University, and an MBA in the School of Engineers Paris, France.
PV Wang · Managing Director/Chief Operating Officer
PV Wang officially joined Junlian Capital in May 2019 and currently serves as Managing Director and Chief Operating Officer of Junlian Capital.
PV Wang served as co-chief investment officer in Noah Holdings Hong Kong, and was responsible for the company's private equity investment business. Before joining Noah, PV Wang served as a partner at Adams Street Partners, was responsible for global fund investment, participated in the company's formulation of private equity strategies in Asia, and served as a member of the Fund Investment Committee, allocated more than US$3 billion, and has more than 20 years of global private equity investment experience.
Before joining Yaden Investment, PV Wang served as manager of corporate mergers and acquisitions consulting department at Arthur Andersen, investment manager of Nikkei Capital ( Singapore ), and investment manager of Indosuez Asset Management Singapore.
PV Wang graduated from Nanyang Technological University with a bachelor's degree in accounting and holds an international chartered financial analyst (CFA). He is a member of the Singapore CFA Institute and a founding member of the China Limited Partners Association.
Wang Junfeng · Managing Director
Mr. Wang Junfeng joined Junlian Capital in 2004 and is currently the Managing Director of Junlian Capital, with nearly 14 years of investment management experience.
Mr. Wang Junfeng has more than 10 years of industrial background in the fields of high-end manufacturing and medical and health, and has accumulated rich investment research experience in the field of growth-stage investment. The investment projects led and participated by Mr. Wang Junfeng include Kebao Bologni, Hanwha SolarOne (formerly Linyang New Energy) (NASDAQ: HSOL), Hekang New Energy (300048.SZ), High Energy Environment (603588.SH), China Products CUHK (600704.SH), Shenzhou Special Vehicle (838006.OC), Innovent Biologics (01801.HK), Huicheng Environmental Protection (300779.SZ), Kerui Technology (002957.SZ), Kaiyin Technology, Liuhe Ningyuan, Hebo Pharmaceutical, T-cure, etc.
Mr. Wang Junfeng has an EMBA degree in finance from Wudaokou, an MBA degree in international finance from McMaster University in Canada, and a bachelor's degree in polymer chemistry from Lanzhou University.
Ouyang Hao · Managing Director/General Legal Counsel
Mr. Ouyang Hao joined Lenovo Investment, the predecessor of Junlian Capital as the first batch of employees in 2001. He has served as a senior legal counsel and chief legal counsel. Currently, he serves as the managing director and general legal counsel of Junlian Capital. He is fully responsible for the company's legal affairs, including fund establishment and legal affairs, project legal due diligence, transaction structure design and negotiation, and provides relevant legal support during post-investment management and exit, and also participates in fund raising and investor relations affairs.欧阳浩先生是公司合伙人。
Mr. Ouyang Hao has more than 20 years of corporate legal experience and 18 years of experience in the venture capital industry. He has a comprehensive understanding and profound understanding of the legal environment for Chinese enterprises. He has accumulated rich practical experience in venture capital, corporate investment and financing, mergers and acquisitions and listing.
Mr. Ouyang Hao joined the Lenovo Group's Legal Affairs Department in 1997.
Mr. Ouyang Hao received a bachelor's degree in engineering from Chengdu University of Technology in 1990 and a master's degree in law from Peking University School of Law in 1997.
Zhou Hongbin · Managing Director
Mr. Zhou Hongbin joined Junlian Capital's predecessor, Lenovo Investment, in 2005. He has served as investment manager, vice president, director and executive director of investment, and is currently the managing director of Junlian Capital.
Mr. Zhou Hongbin focuses on project investment in the fields of medical health, supply chain services and consumption. The projects he led the investment include Kanglong Huacheng (300759.SZ) (03759.HK), Jinyu Medicine (603882.SH), Yingjia Gongjiu (603198.SH), Lihua Animal Husbandry (300761.SZ), Milkwei (603713.SH), CATL (300750.SZ), Meizhong Yihe Hospital, Shanghai Cell, Jiangeng Pharmaceuticals, Kemei Biology, Yado Hotel, China Eastern Airlines Logistics and Xinrongmao.
Before joining Junlian Capital, Mr. Zhou Hongbin was engaged in strategic investment work in Fosun Group .
Mr. Zhou Hongbin holds a bachelor's degree and a master's degree from the School of Surveying and Mapping of Wuhan University and a doctorate in Management Science from Fudan University.
Chen Rui · Managing Director
Mr. Chen Rui joined Junlian Capital's predecessor, Lenovo Investment, in 2005. He has served as investment manager, vice president, director and executive director of investment. He is currently the managing director of Junlian Capital.
Mr. Chen Rui has rich investment experience in the fields of TMT and innovative consumption. The projects he led and participated in include NetEase Youdao, Zuoyebang, Siddi International, Urban Construction Design (01599.HK), Renrui Group, Haofang Technology, Weimeizi, Jucheng.com and other companies.
Before joining Junlian Capital, Mr. Chen Rui served as deputy general manager of Shenzhen Lingke Industrial Co., Ltd.
Mr. Chen Rui has a degree in Electronics and Information Systems from Shanxi University and an International MBA from Peking University.
Shao Zhenxing · Managing Director
Mr. Shao Zhenxing joined Junlian Capital in 2008 and is currently the Managing Director of Junlian Capital, mainly responsible for investment in the fields of culture, entertainment and sports and leisure.
Mr. Shao Zhenxing has rich investment experience in the fields of consumption and services. The investment projects he leads and participates in include:
- Leisure and Tourism: Shenzhou Car Rental (00699.HK), Shenzhou Special Car (838006.NEEQ), Phoenix Travel, Tongcheng Travel;
- Culture and Entertainment: Beiyang Media, Duke Books, Yujia Entertainment, Xiangshang Pictures, Longjie Media, Cheyu Media/Koala FM, Ruhan Holdings (832887.NEEQ);
- Others: Linglong Tires (601966.SH), Yutong Technology (002831.SZ), etc.
Before joining Junlian Capital, Mr. Shao Zhenxing had engaged in management and operation work in many fields such as IT, international trade and project management at home and abroad, and had rich practical experience.
Mr. Shao Zhenxing holds an MBA from the Chinese University of Hong Kong and communicates with Booth Business School of the University of Chicago. Currently studying at the EMBA of Tsinghua University Wudaokou School of Finance and serves as the director of the Senior Executive Education Alumni Association of Tsinghua University School of Economics and Management.
Park Yucheng · Managing Director
Mr. Park Yucheng is currently the Managing Director of Junlian Capital. Mr. Park Yusung is mainly responsible for Junlian Capital's investment in consumption, e-commerce, entertainment, IT services and other fields in Japan and South Korea. He led investments in Dexter Studios (KOSDAQ:206560), Zinus (KOSPI:013890), L&P Cosmetics, Big Hit Entertainment (BTS BTS), Bespin Global, ECIS Cosmetics, C-Channel, LUNIT, SUNVIP, Mathpresso, Healing Paper, Ichikara and Vedantu.
The remaining projects invested in China include Chuangmeng Tiandi, Ledong Excellence, Shangpai Software, 21CAKE, Shiqu Interactive, Le Elements, Imer, Cheyu Media, Weiying Times, etc.
Before joining Junlian Capital in 2005, Mr. Park worked as an analyst at Accenture Consulting's Tokyo office.
Mr. Park Yusung graduated from Yonsei University in South Korea and studied at the University of Pennsylvania Wharton School for a year as an exchange student. He also received his MBA degrees from Keio University Business School in Japan and the China Cheung Kong Business School in China. Mr. Park is a Korean and speaks fluent Chinese, English and Japanese.
Hong Tan · Managing Director
Mr. Hong Tan is currently the Managing Director of Junlian Capital, focusing on investment in the medical and health field.
Mr. Hong Tan has rich medical industry resources and investment experience in the field of medical and health. The investment projects he leads and participates in include Kaiyin Technology, Innolux Biotechnology, Paige Biotechnology, Baiyang Pharmaceutical, Xianweida Biotechnology, Ruibo Biotechnology, Dimai Biotechnology, etc.
Mr. Hong Tan’s professional experience includes Shiyu Capital, Nanjing University of Traditional Chinese Medicine, Bayer Pharmaceutical Health Co., Ltd. ; he has a bachelor’s degree from China Pharmaceutical University and an MBA degree from Tongji University.
Wang Jianfei · Managing Director
Mr. Wang Jianfei joined Lenovo Investment, the predecessor of Junlian Capital in 2006. He is currently the managing director of Junlian Capital, focusing on the medical and health field, focusing on investment in sub-sectors such as medical services and medical IT.
Mr. Wang Jianfei has rich investment experience in the field of medical and health. The investment projects he leads and participates in include Mingde Biological (002932.SZ), Kangda International, Gairui Technology, Health Insurance Technology, Johnson Medical , etc.
Mr. Wang Jianfei worked as an investment manager at Tsinghua Lihe before joining Junlian Capital.
Mr. Wang Jianfei holds a bachelor's degree in engineering from Shanghai Jiaotong University and a master's degree in management from Tsinghua University.
Zhou Ying · Managing Director
Zhou Ying is currently the Managing Director of Junlian Capital, focusing on investment in the medical and health field, and has accumulated many years of outstanding investment experience in this field.
The medical and health projects he led the investment include Axonics ((NASDAQ: AXNX), Guoke Hengtai, Suzhou Xingtong, Shanghai Aohua, Nohui Health, Tengrui Pharmaceuticals, Huagenanbang, etc.
Mr. Zhou Yongda’s professional experience includes Morningside Venture Capital, Blueprint Bioinformatics Co., Ltd., etc.
Mr. Zhou Yongda has successively obtained a bachelor’s degree in biophysics of the University of Science and Technology of China, Master of Neuroscience from the National University of Singapore, and MBA from the China International Business School.
Ge Xinyu · Managing Director
Mr. Ge Xinyu joined Lenovo Investment, the predecessor of Junlian Capital in January 2011. He has served as an investment manager, vice president of investment, investment director, executive director, and current managing director of Junlian Capital.
Mr. Ge Xinyu focuses on investment in intelligent manufacturing and modern service fields. The projects he has led and participated in investment include Pioneer Intelligence (300450.SZ), Yingjia Gongjiu (603198.SH), CATL (300750.SZ), Putailai (603659. SH), Milkwei (603713.SH), Lihua Animal Husbandry, Shanghai Cell Therapy Group, Yaduo Hotel, etc.
Before joining Junlian Capital, he worked in ZTE , Huawei technology and investment capital.
Mr. Ge Xinyu has an international MBA degree from the University of Hong Kong and a bachelor's degree in electronic information science and technology from Nanjing University.
Fan Qihui · Managing Director
Mr. Fan Qihui joined Lenovo Investment, the predecessor of Junlian Capital in 2007. He has served as investment manager, vice president, director and executive director of investment. He is currently the managing director of Junlian Capital.
Mr. Fan Qihui focuses on investment opportunities in the fields of smart equipment, services and smart hardware. The projects he participated in include Harmony Automobile (3836.HK), Guodun Quantum, CATL (300750.SZ), Putailai (6 03659.SH), Kaijin Energy, Zongmu Technology, Byton, Pegasus Robot, etc.
Before joining Junlian Capital, Mr. Fan Qihui worked in the investment banking department of United Securities and served as a senior manager; later joined Hengxin Securities and served as executive director of the M&A Department.
Mr. Fan Qihui has bachelor's degree in economics from Hangzhou University of Electronic Science and Technology and a master's degree in management from Fudan University.
wang wenlong · Managing Director
Mr. Wang Wenlong is currently the Managing Director of Junlian Capital, focusing on investment in the consumer and TMT fields. Projects leading investment include:
- consumption fields: ABM brand management, Aikucun social e-commerce, Tongcheng Life Community Group Purchase, Angel Egg Orange Unmanned Production, Haomai Wealth Management, Qigege Network Women's Clothing, Yulianlou Chinese Desserts, etc.;
- TMT fields: Hanshuo Retail Technology, Jiangrongxin Digital Credit Card, Anshuo Risk Management, Yidai Financial Services, Eggplant Quick Transmission, Tangdou Square Dance, ZAKER, etc.
Before joining Junlian Capital, Mr. Wang Wenlong worked at Lightspeed Venture Partners and Accenture Consulting.
Mr. Wang Wenlong has a bachelor's and master's degree in applied mathematics from Shanghai Jiaotong University.
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