Bund Technology overlooks 丨 Sequoia China Cheng Cheng 2021 IPO Enterprise Investment Champion Hard Technology is still the core track

21st Century Business Herald Reporter Wang Xue Shanghai report

On September 27, the 16th Sarawon Global Global Growth, Science and Technology and Leadership (GIL) Summit was held in Shanghai. "In the face of the uncertainty of the environment, how can Chinese companies maintain high -quality development, enhance the motivation of innovation, and seize strategic opportunities? Cultivate new momentum represented by new technologies, new industries, new formats, and new models. Capital empowerment, scientific and technological innovation drive. "Wang Xin, a global partner and president of Greater China, pointed out at the meeting.

In 2021, the global IPO market was ups and downs. With the continuous advancement of the registration system, the science and technology board and the GEM have become the "main position" of the enterprise listing. At the same time, the establishment of the Beijing Stock Exchange has broaden financing channels for the "specialized new" enterprises, and the number of IPOs has reached a record high since 2000.

However, the market performance after the new shares listed are not satisfactory. According to the data of Geli Trading Bao, in the first half of this year, a large -scale breakdown of Hong Kong stocks in the new listing was broken. As of now, 34 of the 46 companies are in a state of breaking.

"The new generation of investment shows the three major characteristics, that is, the black swan and the gray rhino are the norm; the investment logic is looking for new laws in the crushing; globalization is being replaced by sections." Wan Yong, chairman of the cloud technology, pointed out Squeeze, the real estate industry cools down, and the emergence of education, finance, and the Internet industry has changed. At present, many domestic technology companies have been blocked in overseas industrial chains. The result is that the domestic alternative process accelerates, and the trend is to turn to hard technology.

Invest in external cold and internal heat

According to Qingke research data, in 2021, the number of Chinese companies listed at home and abroad reached 645, an increase of 11.8%year -on -year. In the second half of 2021, due to the influence of the regulatory policy of China and the United States, the number and amount of Chinese listed companies in the United States showed a cliff -like decline.

According to the statistics of the Green Specialty Capital, 41 listed companies listed in the United States in 2021 were raised about 14.279 billion US dollars, but nearly 93%of new shares landed in the US stock market in the first half of the year.

In terms of the domestic market, the data released by Fhstana Lavin showed that in 2021, 522 listed companies, a year -on -year increase of 19.7%, the initial financing amount of 524.464 billion yuan, an increase of 15.6%year -on -year. It is worth noting that the science and technology board and the GEM have become the "main position" of the enterprise listing, namely 199 and 162, respectively, with the initial financing amount accounting for 65%of the total amount.

Enterprise IPO is an important manifestation of VC or PE investment capabilities. The "China Private Equity Fund 2021 IPO Champions Circuit" released by Fhstan Sanderia shows that Sequoia China is the 2021 IPO company champion investment institution, and its total market value of listed companies is 2783.8 billion yuan, followed by Huaxing New Economic Fund The market value of investment companies was 2160.4 billion yuan.

Hard technology is still investment trend

"The epidemic has played a catalytic role in the market segment of the market. The changes in the international and domestic environment have made scientific and technological innovation a consensus of the whole people. Hard technology has become the core track. The US dollar fund has set up related teams to increase the layout. Moreover The gradual and clear core industry chain of the core will become the core theme of the future investment layout. "Yuan He Chenkun senior partner Li Huaijie said.

Hard technology is a high -precision technology represented by artificial intelligence, new materials, new energy, and intelligent manufacturing. The "Fourteenth Five -Year Planning of the National Economic and Social Development of the People's Republic of China and the Outline of the 2035 Far View Target" proposed that aiming at the cutting -edge fields of artificial intelligence, integrated circuits, life health, and brain science National major scientific and technological projects.

At present, China has the foundation of development in the field of hard technology. "The number of science and engineering graduates in my country exceeds 3 million, which is five times that of the United States. The demographic dividend has been upgraded to the" engineer bonus'. "Chen Liguang, the founder of Haisong Capital and CEO Rising year by year, from 0.89%to 2.23%, the gap between the proportion and absolute value and the absolute value gradually narrowed. "

It is reported that China has achieved certain results in multiple segment technology fields. Public information shows that in 2021, global new energy vehicles sales were 6.5 million, and China accounted for 49.2%; in 2020, 5G base stations worldwide were built at 2.375 million, accounting for 73.7%; China accounts for 33.4%.

"China has emerged in the field of hard technology, and many global leaders have emerged. The Ningde era has maintained a leading position in the field of power batteries for five consecutive years; Huawei has the number one in the world in the field of communications equipment for seven consecutive years; BYD is the only world in the world at the same time The company that masters the core technology. "Chen Liguang told reporters.

However, in many hard technology fields such as semiconductors, new energy, cloud computing, etc., they still face the problem of "card neck". Data from SMIC and Oriental Securities Research Institute show that China ’s demand for semiconductors accounts for 49%of the world, but it only accounts for 5%of the world on the supply side.

Chen Liguang believes that China starts late in the semiconductor design and manufacturing chain and has accumulated relatively weak accumulation, but it is worth mentioning that in the design and sealing of some chips, Chinese representative companies are chasing.

"A gradual technology that needs to be accumulated for a long time with a chip has a clear technical route. At present, the main problem is that the accumulation of time is not enough. In the future, both the government and the enterprise will invest more funds." Tsinghua University's Chinese economic thought and practical research research research President Li Daokui publicly said. Facing the "double carbon" strategic goal, the energy production end plays an absolute supporting role. According to data released by the State Bureau of Statistics, at present, my country's energy consumption is still mainly based on fossil energy, and non -chemical energy consumption such as water nuclear landscapes accounts for less than 20%. If "carbon neutral" was completed in 2060, the proportion of non -fossil energy consumption will increase to more than 80%.

"A number of new energy industries including new energy batteries, photovoltaic, wind power, hydrogen energy, etc. have broad development space." Chen Liguang pointed out that taking new energy vehicles as an example, its sales and penetration rates will continue to increase in the next 5 years. The production capacity of power battery manufacturers will continue to increase.

According to the China Automobile Association data, from January to June 2022, the production and sales of new energy vehicles were 2.661 million and 2.6 million, respectively, an increase of 1.2 times year-on-year, and the market penetration rate was 21.6%. From the perspective of the model, the production and sales of pure electric vehicles completed 2.108 million and 2.062 million, respectively, a year -on -year increase of 1.1 times and 1.0 times. Zhang Yongwei, deputy director, secretary -general and chief expert of the China Electric Vehicle Hundred People Association, predicts that the penetration rate of new energy vehicles will exceed 30%in 2025.

At the same time, in the field of hard technology, the cloud computing market continued to grow. In 2021, the market size reached 329 million yuan, an increase of 54.4%over 2020. Among them, the public cloud market sang high, with a scale of 218.1 billion yuan, an increase of 70.8%year -on -year; the private cloud market exceeded the 100 billion mark, an increase of 28.7%year -on -year.

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