The largest single investment in Dachen history: Ling Yunguang IPO

A hardcore IPO was born in Beijing.

In the investment industry, today (July 6), Ling Yunguang Technology Co., Ltd. ("Ling Yunguang") has just successfully landed on the science and technology board. In this IPO, Ling Yunguang's issuance price was 21.93 yuan/share, the opening of 52.67%, and the market value reached 15 billion. In the 20 years of starting a business, Yao Yi, a 57 -year -old Dr. Yao Yi, buried his first IPO in his life.

This is also the sixth IPO harvested by Dachen this year. "In fact, the number of listed companies in Dachen is quite large. Now everyone is not so excited, but this time is still different." Da Chen Caizhi executive partner and president Xiao Bing revealed to the investment community that Da Chen signed 3 fell swoop in 2018 to sign 3 fell swoop The 100 million checks participated in the Ling Yunguang Series A financing. This is the largest round of A -round investment in Dachen's history. It is also a vivid embodiment of Dachen's "betting" investment strategy.

Founded in 2000, Dachen is 22 years old. This local investment and pioneer has always been known to the internal iron triangle combination -Liu Day, Xiao Bing, and Shao Hongxia. Today, nearly 40 billion Dachen has invested in more than 660 companies, and nearly 250 projects withdrew from the project. In the past five years, Dachen's distribution amount has been greater than the investment amount, and maintaining a record of nearly 50%per year on average. In the past week, Dachen's 15 companies' A -share IPO declarations have been declared. In Xiao Bing's words, the era of the RMB fund has come.

After 65, Dr. Bei Jiaotong University started a business

Today IPO knocked on the bell with a market value of 15 billion

Behind Ling Yunguang is the entrepreneurial story of a Ph.D. in Engineering.

Born in Sichuan in 1965, Yao Yi studied undergraduate at the School of Telecommunications Engineering, the predecessor of Xi'an University of Electronic Science and Technology. After graduating from the laser technology in 1986, Yao Yi chose to continue staying in school, which completed the Master of Electronic Physics research here in three years. Since then, he has come to Northern Jiaotong University for a PhD in communication electronics and systems, and the latter is the current Beijing Jiaotong University.

At the beginning of graduation, Yao Yi brought several master's doctoral doctoral research at the school, focusing on the study of optical fiber gyro and sensing day and night. However, Yao Yi slowly felt that only research in colleges and universities, the results obtained could not be implemented, and could not go to the society to create greater value. "I read an article by Professor Liu Songhao at that time. The article mentioned in the article that China's photonology in the future will create a large industry. At the same time, I saw Yang Zhenning's exchanges with Deng Xiaoping that there should be many people who studied physics and engineering and engineering. Company, only this can develop China's high -tech "Yao Yi recalled.

At the time of the 1990s, the domestic waves of business in China rose, and many classmates and friends around Yao Yi also devoted themselves to the industry, which strengthened his determination to start a business. As a result, Yao Yi first went to the internationally renowned optical and optical communications company to do sales and market work. After accumulating a certain experience, he formally founded the company with several partners to use his professional ability to carry out business around the field of machine vision and optical communication.

At the beginning of its establishment, there were only five people in the Ling Yunguang team. They started their own research and development work while starting from the agency business. The reason for doing this is that starting with the high -end products of foreign companies, you can gradually be familiar with customer needs, markets, technology and products; at the same time, product research and development investment is generally large. experience.

Ling Yunguang first cooperated with the China Banknote Printing Corporation to develop the "Internationally the first color RMB large -scale large concave seal online quality testing system"; then joined forces with the Chinese banknote coinning company to develop the "large banknote quality inspection inspection "Machine image detection system", the project became the largest project in the field of visual fields in China at that time. After gradually gaining the heel, the Ling Yunguang team also developed from 5 people to the 130 -person scale in 2006, entered the second stage of development, and increased its investment around advanced imaging, intelligent algorithms, software, and intelligent automation. The process is based on the design capacity of the overall solution, and the scale of the machine vision solution is applied to segments such as printing packaging, display, 3C consumer electronics, railway transportation, and new energy.

After 10 years of time, around 2015, the industry's discussions on Industry 4.0 and smart factories became deeper and deeper, but they were still in a strong discussion and rare. Based on its own technical advantages and the iteration of the needs of customers, Ling Yunguang proposes the industrial artificial intelligence route of "machine vision+ AI" -when we discuss how to truly allow the machine to replace the machine artificially and achieve intelligent production during the production process. The premise is that the machine can accurately identify and detect the objects and patterns. Therefore, the machine vision system has become the prerequisite and basic application of industrial artificial intelligence, that is, "implant the brain and eyes for the machine" -the Ling Yun is also Ling Yun The accumulation of accumulation for many years. Especially with the requirements of industrial customers on the continuous improvement of the micron level, if the accuracy of the accuracy is continuously improved, there will be no help of machine recognition in the future, and it is likely to fall into the stagnation of product production and no profit. At the same time, compared with TO C's artificial intelligence with To C, the industry's big data is more difficult to obtain. Ling Yunguang has accumulated a large amount of data accumulated in the field of display screens, 3C and other fields, becoming a valuable resource for machine visual recognition, and it is also difficult for general computer vision companies to enter High barriers have become the winner of algorithms and applications.

Since then, Ling Yunguang has continued to deepen the layout along the clear industrial evolution path from machine vision to industrial artificial intelligence. On the one hand, it expands automation and pushes fully automatic intelligent visual equipment to the market; on the other hand , Improve the data analysis and algorithm capabilities of machine vision; at the same time, GMQM industrial software is also launched to tap the commercial value of big data to systematically capture, analyze, and then optimize the overall production line design and application of the factory to achieve Industry 4.0 and smart factories really landed. According to Markets and Markets statistics, from 2015 to 2020, the compound growth rate of the global machine visual device market is nearly 14%, and the market size is expected to reach $ 14.7 billion by 2025. On the other hand, the Chinese market has become one of the fastest -growing markets in the global machine vision market. According to the statistics of the China Machine Visual Industry Alliance, it is expected that from 2020 to 2023, the sales of China's machine vision industry will be compounded by 27%. The growth rate increased by 2023 sales will reach 29.6 billion yuan.

To this day, Ling Yunguang has ranked among the head echelons of the machine vision industry. In 2020, it ranked first in the sales of the Chinese machine vision industry. A number of benchmark customers. The prospectus shows that from 2019 to 2021, Ling Yunguang achieved operating income of 1.431 billion yuan, 1.755 billion yuan, and 2.436 billion yuan, respectively. The net profit of the mother also continued to increase, with 37 million yuan, 132 million yuan, and 172 million yuan, respectively.

Today, after 20 years of wind and rain, Ling Yunguang finally stood on the IPO knock on the bell stage. Yao Yi, 57, also won the first IPO of his life.

Yao Yi lamented that the IPO was a new starting point for Ling Yunguang and the company's adult ceremony. "Machine vision + AI + automation, from the past to replace people's hands and feet, to the eyes and brains of replacement people, it can be called the revolutionary progress of Industry 4.0. This golden track of this thick snow long slope is also the history given to us by the times. opportunity."

Dachen for the first time: 300 million yuan in a stroke

Buried the market value on the unpopular track, 700 billion yuan in market value

Dachen is one of the firm comrades behind Ling Yunguang.

Time returned to 2018. At that time, the startups in Beijing were mostly information technology and pharmaceutical companies, and Ling Yunguang focused on machine vision and was a rare investment target at the time. Da Chen's assistant President Wu Xi noticed Ling Yunguang, who was already famous in the industry.

To this end, Xi Xi came to Ling Yunguang and talked deeply about the founder Yao Yi. Yao Yi was impressed by his deep insights on what he did. "If an entrepreneur chats with investors, it is said that how many times of returns to investors, more like just running for money." Xi Xi said, "But Yao Yi obviously has a large industrial structure. He believes that 'implantation of the eyes and brain' for the machine will definitely be successful and can bring huge social value. "And such an ambitious entrepreneurial team is found by Dachen.

As a result, Dachen launched a series of detailed discussions. In addition to the information provided by Ling Yunguang, Xi Xi took the team to contact Ling Yunguang's suppliers, customers, and some industry experts, and even ran to the production line of the head mobile phone manufacturer to see how similar products were applied to the application application to apply the application. of. "We spent more than three months before and after, formed a survey report of more than 200 pages, and at the same time feedback this report to Ling Yunguang."

In fact, Ling Yunguang did not have the intention of taking the initiative to financing at the time, but the report of Dachen's feedback made them see some problems they usually saw, and Yao Yi realized that she had reached the morning in the morning investment and industrial understanding, corporate planning of corporate planning, The professionalism is trustworthy. As a result, Da Chen decided to focus on investing in Ling Yunguang after firmly judging the machine vision and usefulness, and it was 30 billion yuan. Obviously, this was very different from Da Chen's previous investment style.

For the 300 million checks four years ago, Da Chen Caizhi executed partner and president Xiao Bing recalled: "The average investment of our past projects is mostly 50 million to 100 million yuan, and this time it will be signed 3 At that time, the mentality of the 100 million checks was still a little bit embarrassed and tangled. "In his opinion, Dachen decided to invest in Ling Yunguang, paid enough courage, and asked the investment to" only succeed and not fail. " At that time, the Investment Committee discussed very fiercely, and finally decided to make a shot after repeated deduction.

What impressed Xi Xi was that after receiving the morning money, Ling Yunguang's first thing was to announce the middle level above the middle level, from the break for two days to one day on the weekend. "Many companies get their money to get rid of them. They feel that some investors have to take responsibility." Time also proves that Da Chen's choice is correct. As Ling Yunguang successfully landed on the science and technology board, Dachen, as the largest institutional shareholder, created a beautiful return.

Ling Yunguang's successful IPO is a microcosm of Da Chen Chongchang Intelligent Manufacturing Circuit. A month ago, the main board of the Shenzhen Stock Exchange of Langchang Technology, the company focused on the development and development of the phase control array T/R chip, which was split from the leader of the listed company and the controller field. Early morning investment handwriting.

In 2018, and Thai founder Liu Jianwei considers the acquisition of Qianchang Technology and called Xiao Bing. The latter encouraged him to make related industrial layouts and explore the future development path of Lianchang Technology. After completing the acquisition of Hetai, more than a year, the listed companies split the listing related policies of the listing, and Dachen immediately contacted Liu Jianwei, becoming the first round of the first round of the Gongchang Technology. After the listing, Xunchang Technology also lived up to expectations. It won 13 daily limit boards within 14 trading days. The latest market value exceeded 12 billion yuan. The compound profit of Dachen Ecological Investment was once again proven. And Hechuan Technology is also a classic investment of Dachen. "Have we been cheated?" Recalling the scene when I first visited the Hechuan headquarters, Dachen's team still remembered. This industrial automation enterprise is located in Longyou County, Luzhou City, Zhejiang Province. Dachen and his party took high -speed rail, took taxis, and walked across rural trails to come to the enterprise headquarters.

Soon the doubts of Da Chen were broken. After communicating with the Hechuan team, it was found that its servo system products have been pushed to the market in 2016, and in 2017, some domestic customers in Panasonic, Japan have been moved. This speed has been rated as "miracle" by industry insiders.

If the patent technology of a company represents hard power, then the depth of understanding of industrial processing technology and downstream industry applications determine whether technology can "soft land" -the adaptable and complicated and specific industries characteristics and characteristics and characteristics of various types Customer needs, "This is also the most important reason for the most moved us and deciding to invest in Hechuan, because it is the most potential to grow into a high -level industry customized overall solution. At the end of the month, the science and technology board was successfully landed. In just two months, the stock price rose 170%, and once again verified Dachen's insight.

Nowadays, Dachen has invested more than 9.1 billion yuan in the field of intelligent manufacturing, layout more than 300 related industrial chain companies, witnessed nearly 60 companies listed on the market. A number of high -end manufacturing segments such as Thailand, Penghui Energy, Liyang Chip, Zhongwang Software, and Rockchimi have a cumulative market value of more than 700 billion yuan, and there are 17 companies in more than 10 billion market value. Dachen, a huge high -end manufacturing investment map of China is unfolding slowly.

The era of Renminbi Fund is here

Since the beginning of this year, the first -level market has permeated unprecedented anxiety.

"We are not very pessimistic, but more excited." Xiao Bing sighed that few people in the past have always been asked by hard technology circuit represented by high -end manufacturing. The direction of investment is especially suitable for Dachen.

For the US dollar fund, the original path of success may not exist now. The venture capital industry has an eternal reason: the survival of the fittest. When the environmental changes are changed, the importance of the survival of the fittest is even more prominent. As an investment institution, we must actively adapt to changes. Do not make past achievements a burden of changes.

In the past two years, the US dollar funds have started raising RMB funds. In this scene, Xiao Bing looked at it. "There are only a few special heads of US dollar funds that may be successfully transformed, and it takes a certain time and threshold to cross."

Once upon a time, the Renminbi Fund was buried in the excavation of high -end manufacturing tracks and cast some hardcore companies that looked not sexy. These are the areas that the US dollar funds have not seen in the past. In contrast, they still prefer to invest in some platform -type companies. , But this method is difficult to work on the hard technology track.

Xiao Bing often reminds the internal team. Do n’t think too much at the moment, just do it well well. "What we was good at was exactly the most opportunities now." After this year, Da Chen opened it. After recruitment, there are more than 200 people in the team. Some of them have jumped from the US dollar fund. This is a rare scene in the past.

In the first half of 2022, the braking of the first -level market was impressive. Some VC institutions had not shot a project in the first quarter. However, Da Chen did not deliberately slow down on the investment end, but dug a few major focus areas vertically, and shot 26 times. Xiao Bing revealed that Dachen made a subtraction in the direction of investment this year -the core logic is an autonomous controlled import substitution, focusing on intelligent manufacturing, information technology, military industry, innovative life technology, and have nothing to do with the theme of the above investment. I won't drop it anymore.

At the exit, the RMB Fund also ushered in historical opportunities. "We are mainly listed on A shares, so the frustration of U.S. stocks has not affected the morning, and Hong Kong stocks have limited liquidity. Systemic opportunities are still in A shares." Now the US dollar fund team is also studying the A -share listing mechanism. This is the Dachen team's past What has been doing for more than 20 years.

"If there is no major change, the RMB fund has begun to enter the dominant era." Xiao Bing judged that the US dollar fund will not cause much pressure on the RMB fund in the short term in the short term, because the local accumulation is important and it is not achieved overnight. It is necessary to know that high -quality hard technology projects are often not in first -tier cities. Therefore, Darchen began to implement the "industry+region" double -wheel drive many years ago. At present, 18 cities in China have their own ground troops, and they can often be earlier. Digging into underwater projects.

"The times have changed. Investors can not invest in high -quality projects in the office to drink coffee and call." Previously, Dachen team invested 100 billion lithium energy in Huizhou, Guangdong, and began the investment layout on new energy lithium batteries; In the Laiwu, Shandong Laiwu, the golden thunderous power was cast and opened the exploration of the direction of the wind power; I found Zhimingda and Fuzhou Fujian in Chengdu, Sichuan. Successful listing. This is an experience that most US dollar funds can learn. Compared with the competition of the US dollar fund, Xiao Bing admits that he should pay more attention to industrial capital and state -owned investment institutions. Although industrial capital is now aggressive, VC and them still have a lot of opportunities to cooperate. For example, Dachen has joined forces with the domestic semiconductor industry capital to invest in multiple projects. As for state -owned assets institutions, they have shortcomings in terms of efficiency. High vigilance, so often participate in later financing. In the past few years, the phenomenon of industrial capital and state -owned asset -owned institutions is not uncommon. Xiao Bing gives his suggestions: try to invest early and differentiated competition.

VC is a very periodic industry. Investors are sometimes like a crop Han, there are abundant years, there are years, and the weather is going to sow. Essence Looking back at the past 22 years, Dachen can usher in an outbreak after every crisis. This time, there should be no exception.

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