They captured two underwater super IPOs

"Your" cold bench "finally sat warm." This is a sentence that I have recently seen Zhao Feng, a partner of Fengnian Capital, often mentioned.

Just in the past June, Da Meng Data submitted a prospectus of Da Meng Data Database, which is expected to become the first share of domestic databases. The industry forecast the market value of 50 billion yuan. Capital will usher in dozens of times within 3 years; unique, the other company's investment company and semiconductor equipment leading company Silicon Electric shares have also submitted a prospectus to the GEM, and this company has developed into mainland China scale. The largest probe desk equipment manufacturing enterprise. It was also in June, and Fengnian Capital, as the first intensive investment in institutional investors, completed the fifth round of financing within two years, achieving rare overspeed financing in the industry.

In the past, few science and technology tracks represented by high -end manufacturing have always been asked. Fengnian Capital Team has been in the "cold bench", which has been sitting for almost ten years. They have experienced the real journey of Chinese technology investment from silence to fiery.

In 2014, Zhao Feng led a team to establish Fengnian Capital, taking root in the unpopular industry of technology. In 8 years, before the excavation of other institutions, Fengnian Capital has recovered the underwater star enterprises such as Dameng Data, Dali Kaipu, Silicon Stocks, Half of Silicon, and Shengko Nami in advance. Among them, multiple investment projects have received investment in many first -line institutions such as Huawei Hubble in subsequent financing. Why is this team? Recently, the investment community has a dialogue with Zhao Feng, a partner of Fengnian Capital.

"Cold Bench" is finally warm

One month, two hard -core IPOs ushered in the rich year

Fengnian Capital and Dimeng data began 5 years ago.

It was around 2017. When domestic institutions were still in the mobile Internet crazy, Fengnian Capital had already studied the Chinese Xinchuang Industry, sorted out a complete industrial map, and set up several key concerned companies. Among them, Dameng data is included.

The database is undoubtedly the key component of the data infrastructure, and it is also an important prerequisite for ensuring the security of key information infrastructure. At that time, although Da Meng data was one of the leading companies in the domestic database, it was still a "underwater project", and few investment institutions asked.

After a preliminary understanding, Fengnian Capital Team was deeply moved by the feelings of teaching the industry behind Dameng data. As early as 2000, Feng Yucai, then a professor at Huazhong University of Science and Technology, led a team to set up Dream data and officially embarked on entrepreneurial journey. In more than 20 years, Dimeng Data "knocked" the code of self -study by a line of self -study. Data show that since 2019, Da Meng Data has ranked first in China's domestic database management software rankings, and the product market share has ranked among the top.

Since knowing Dimeng's data, Fengnian Capital Team has started a lot of research work, and has visited upstream and downstream companies in order to get the most authentic data feedback. In Zhao Feng's words, "Before the capital team officially visited the company, we already knew Dammeng's data." In 2019, Dameng data released the only time to introduce external investors to the rich year. The capital team immediately came to the door to communicate immediately. Relying on the rare industrial thinking and advantages in the investment industry at that time, in this extremely unpopular field at that time, Fengnian Capital quickly invested in Dream Dreams with a valuation of more than 500 million.

As a result, Fengnian Capital became one of the few industrial institution investors behind Dameng data. It is necessary to know that Da Meng Data chooses investors has high requirements. Since its establishment, most investors are Chinese software, CLP Tianjin, and China Net Investment. Starting from the capital investment, the net profit of Dimeng data has increased significantly, of which 2020 and 2021 net profit reached 144 million yuan and 438 million yuan. Pi Yu, the general manager of Da Meng Data, once commented: "Fengnian Capital is an institutional investor with industrial thinking that Dameng Data has been exposed to the past. He understands the industry and is willing to do things for the industry." Today, Da Meng Data Station arrived at the IPO Da University. In front of the door, Fengnian Capital is expected to create a beautiful return.

Through Dimeng data, we see that Fengnian Capital is entering the IPO harvest season. Also in June, another semiconductor leader -Silicon Silicon shares officially submitted the prospectus to apply for listing on the GEM of the Shenzhen Stock Exchange. According to the prospectus information, Silicon Power shares has become the largest probe platform equipment manufacturing enterprise in mainland China. It is the first industrialized application of 12 -inch wafers in mainland China.

As early as 2019, Fengnian Capital participated in Silicon Electric Stocks, and has been with him to this day. The prospectus shows that Fengnian Capital holds 5.48%and 2.42%of the company's shares of the company through Feng Nian Jun and the Biography of Feng Nian Jun, and a total of 7.90%of the company's shares holds one of the important institutional shareholders of Silicon Power shares. Once Silicon's shares are successfully listed, it will bring a considerable return on investment to Fengnian Capital.

The hard -core faucet went to the IPO, becoming the most vivid portrayal of Fengnian Capital Heavy Warehouse Technology Circuit. As the earliest batch of investment institutions focusing on the science and technology industry, Fengnian Capital has deeply integrated the "industry" into the team's genes since its establishment in 2014. Before the wave of science and technology, the full layout of the track was completed.

It is not difficult to sort out the project library to find that Fengnian Capital has repeatedly invested and dominated multiple star projects as the first investor or an important institutional investor. So far Electric semi -conductor, half -strong conductor, Shengko nano, core vision, Kaixun Optoelectronics, Boya Seiko, Western Test Test, Aurend, Yuchen Airlines, Australian Central Group and many other hard -core companies and stealth champions. This month, the Western test of the GEM is about to land in the GEM. In the IPO, the capital of the IPO holds nearly 20%of its shares, which is another victory of "heavy warehouse". After many years of "cold bench", now the capital capital has begun to enter the harvest time-currently 2 companies have been listed to withdraw, and 7 companies IPOs are tried. It is expected that more than 10 companies will apply for IPO in the next 1-2 years. Essence Not only that, Fengnian Capital also completed the first round of the first round of science and technology and high -end manufacturing funds in the environment of the RMB -fundraising cold winter. It is reported that the fund's plan to raise a scale of 1.2 billion yuan, currently the signing scale has exceeded 70%, the repeated investment rate of historical investors exceeds 40%, and there are many national well -known mother funds such as CICC. While harvesting and reserving ammunition, Fengnian Capital entered the next journey.

This team's unique gene, industry, industry

When the wind of technology investment was blown up, the potential underwater projects have become the key targets for institutions. Recently, some friends and friends of US dollar funds often come to communicate with Zhao Feng: "How do you find those unknown underwater projects?"

"We should be a group of investors who have seen the most high -end manufacturing and technology projects in China." Zhao Feng's computer has a document recorded more than 2,000 scientific and technological projects in his more than ten years of science and technology investment. Under his influence, Fengnian Capital Team has been deep enough in these fields, and he has a deep understanding of the characteristics of industrial, policies, and capital markets.

Around 2014, China ’s Creating Total Rivers and Lakes entered the fission era of 2.0, and a beautiful resume investor left the old owner to establish a new fund, and the capital capital came into being at this time. However, compared with many counterparts who choose TMT, consumer tracks, and quickly "fame in World War I", at the beginning of the establishment, the capital capital bypassed the hot track at that time, and a high -end manufacturing field that was on the marginalized manufacturing field at the time was at that time. Essence

The confidence of this choice originated from the Zhao Feng and Fengnian Capital team's extremely calm judgment on the market. Since 2015, my country has published and revised important documents such as the "Made in China 2025" and "Science and Technology Progress of the People's Republic of China". The policy has begun to support the technology and high -end manufacturing industries. At that time, Zhao Feng was very clear that in the next ten years, it must be the most important development window of the Chinese technology industry.

At the same time, the RMB funds at that time were not industrial and professional, and there were few investment institutions concerned about technology. "Our core team has been soaked in this environment since entering the industry, and is willing to focus on high -end manufacturing and technology." The team believes that Fengnian Capital has confidence and the opportunity to make one of the head investment institutions of this track.

In this way, a group of young people with high education were far away from the popular mobile Internet, O2O, and sharing economy, which was hot at that time, and sat up to the "cold bench". After years of years, Fengnian Capital Team has carefully practiced internal skills, forming a set of effective play -the investment in the industry leader and moderately heavy positions. Fengnian Capital is extremely restrained. A fund only invests in about 20 projects, and most of them are the leaders of the industry.

Zhao Feng compared this method of playing to -picked out "good tree seedlings" in the subdivided track, and quickly developed the development of enterprises by empowering the running enterprises until it was growing. Obviously, this method will bring a good success rate, but it tests the judgment and vision of investment institutions as well as subsequent industrial empowerment capabilities. It is not that the general team can easily implement the landing.

Therefore, every time Fengnian Capital will systematically sort out a detailed industrial map, and scores each segment industry for its own advantages and investment styles, focusing on layers, and finally screening 3-5 alternative companies. For target enterprises, Fengnian Capital has a clear portrait: it does not matter the investment phase of the A, B, and C rounds, but the company must be in the inflection point of the basic mature growth of products and technology, and it is hoped to grow into a world -class company.

Half of the strong conductors reflect the investment strategy of Fengnian Capital to the fullest. Founded in 2015, the strong half of the conductor was the first company in mainland China to have an independent design vertical probe card research and development capabilities and the first enterprise with a 100 -level cleanliness FAB workshop. At that time, when Fengnian Capital had half a strong conductor, the latter had not yet made a large -scale profit, and the valuation was relatively high. Many investors were dismissed. However, Fengnian's capital team was very decisive and became the first institutional investor in half of the conduct.

In fact, before investing, Fengnian Capital Team used their industrial resource network to go to a key big customer in the lower reaches to do due diligence and get the most authentic user feedback: "Only their products can be used by their products, not watching it, not watching it, not watching it. To other competitors. "It was this evaluation that strengthened the confidence of Fengnian Capital. In March 2020, half of the conductors completed 50 million yuan in financing, and the exclusive investment in the capital of the year.

In the following two years, half of the conductors completed 4 rounds of financing and obtained a number of institutions such as Yuanhe Puhua, Huawei Hubble, and Cornerstone Capital, and the corporate valuation has increased by more than 5 times. At the same time, the strong half of the conductor has been rooted in the field of probe cards for a long time, and has entered the production and delivery stage of small batch products. It has grown at high speed. There are many cases of such investment companies in Fengnian. The leading company Kauxun Optoelectronics, the earliest focus on the optoelectronic coupling and its core chip R & D enterprise, Olunde, and the domestic lithium battery tape adhesive leading enterprise Aozhong Electronics ... It is difficult for a lot of investors to grab a share of entrepreneurial entrepreneurship. The company can see the figure of Fengnian Capital.

As technology investment has become the Red Sea market, industrial resources and insight may become the admission ticket for investment institutions. After many years of evolution, Fengnian Capital System research and deployment of automotive and new energy, 5G communications and consumer electronics, industrial automation, aerospace and military industries such as industrial research have tapped the leading enterprises in various segmented tracks through industrial research.

Today, the investment tentacles of Fengnian Capital Team have continued to go deep into the industry and build an industrial resource network covering upstream and downstream. Fengnian Capital proves one thing with practice: only by sufficient understanding of the industry, have sufficient forward -looking and acuteness in the relevant policies of the local industry, and do not shift due to the air outlet. Potential underwater leading enterprises. All in all, two words -industry.

There is also a secret weapon

Since technology has become a popular track, every investment institution has emphasized post -investment management. But what kind of post -voting empowerment of Chinese technology companies? On this topic, Zhao Feng and colleagues have frequently discussed many years ago.

As we all know, in the Internet era, the underlying logic of the development of enterprises is inseparable from the word "traffic". As long as the traffic password is mastered, Internet companies can find the key to profitability. The technology and high -end manufacturing enterprises are distributed in various segments of the manufacturing industry. It is complicated and scattered, and it is difficult to find an underlying logic that runs through. This also puts some pressure on the investment institutions to empower enterprises, and it is often unable to start.

However, Fengnian Capital discovered a common characteristic in contact with tens of thousands of entrepreneurs: the overall age of entrepreneurs in the field of high-end manufacturing is concentrated between 40 and 50 years old, and the basic awareness of management is not high. Based on this, Fengnian Capital Team found the fulcrum of leverage the entire technology industry -management.

Especially at the stage of high-speed development of hard technology companies, most of them will encounter problems such as business management and organizational processes. The experience of Fengnian Capital is that Chinese technology companies usually attach great importance to technology, but it is easy to ignore the importance of corporate management, or lacks good methods to solve management problems scientifically and effectively. Operating management seems to be very false, but affects key competitive elements such as company cost control, product delivery, quality consistency, etc., which leads to a strong market competitiveness in the company. company of.

In 2016, Fengnian Capital began to form a strong management empowerment team -Fengnian Operation Management Center (HMSC). Through in -depth industries and in -depth management, it can help Chinese technology companies improve their management capabilities. In order to polish this method system, Zhao Feng went to Dannah China Headquarters to visit the "King of Global Industrial M & A and Integration" many times to thoroughly study the latter's investment and management two -wheel drive strategy. , Nuo and Nord's international manufacturing giants have dug several executives.

"We always think that we are a complex for investors and entrepreneurs." Zhao Fengru concluded. Today, this post -enable enabled team composed of digital industry backgrounds has become a special force of Fengnian Capital, which often helps technology companies solve various management problems. Among them, Silicon Electric Stocks of Semiconductor Detection Equipment Equipment are typical cases of Fengnian Capital through lean management.

Founded in 2003, Silicon Power Co., Ltd. has been focusing on the semiconductor probe test technology field. Semiconductor equipment that has independently developed a variety of types of probe testing technology. The products have been widely used in integrated circuits, photoelectric chips, separated devices, and third -generation compound semiconductors. Such as related industries. Beginning in 2021, due to the increase in the demand for end demand for smartphones, consumer electronics, and data centers, China's semiconductor industry has shown an upward trend as a whole, and the orders of silicon power shares have doubled.

Faced with the sudden order volume, the traditional management system of Silicon Power shares cannot be cope. At this time, Fengnian Capital sent an industrial empowerment expert group to the factory to go in -depth production. At first, the front -line workers of Silicon Power Co., Ltd. did not adapt to this "foreign" team, and did not think they could solve how much problem. Until the empowerment expert group of Fengnian Capital listed the existing problems in the factory in detail, from material placement, staffing habits to managers' thinking, Fengnian Capital directly hit the pain points in Silicon Electric Stock Management, and developed solutions one by one.

It took half a year, and the silicone shares after Fengnian capital renovated were reborn, and the management efficiency increased significantly. With the increasing or decrease of personnel and equipment, the company's production capacity increased by more than 100%year -on -year, and the space even saved 50%. The improvement of these issues is directly manifested in the company's performance. The prospectus shows that from 2019 to 2021, the compound growth rate of Silicon Semiconductor revenue was 106.82%, and the net profit of 5.2888 million yuan, 32.8538 million yuan, and 960,700 yuan were the same period. The compound annual growth rate was 326.34%. Based on this system, Fengnian Capital has enabled the invested enterprise to empower, and all have good results. For example, helping a number of invested enterprises improve research and development efficiency, solve R & D and sales issues, from the perspective of strategic direction and management and management, to make suggestions for enterprises. This is the most obvious difference between other investment institutions: the management and empowerment of Fengnian Capital can solve the most fundamental pain points of the enterprise, help enterprises form a management barrier, realize the two -wheel drive of "technology+management", promote the rapid development of enterprises in the future Essence

Zhao Feng has a more magnificent goal in his heart. In the next 10-20 years, it is an era of the rise of science and technology. Chinese technology companies need to have more rights to speak on the world stage. "We hope that this industrial empowerment system created by Fengnian can help more emerging local technology companies to grow into companies with world -class competitiveness."

Nowadays, the enhancement system for Fengnian Capital is still evolving, and the moat that has been managed to empowerment is getting deeper and deeper. "After all entrepreneurs chat with Fengnian Capital for 10 ~ 20 minutes, they will immediately feel the differences between Fengnian and other investment institutions. We understand the industry more, go deep into the industry, and help in the critical period of growth. Together and go hand in hand. "In such a fierce environment in the first -level market, Fengnian Capital killed the siege with this" sharp knife ".

Science and technology heat is declining

Far away from star companies with valuations and no income

In the past two years, the former US dollar fund team has also begun to pour into the hard technology track.

Recently, Zhao Feng often encountered some investors in US dollar funds when watching the project. "In a few years ago, the US dollar funds will definitely not watch these projects. But now, the science and technology track seems to have no projects that are not competitive. Almost every project will have 8-10 investment institutions staring at it. The competition is fiercely competitive. ","

Once upon a time, the USD Fund and the Renminbi Fund kept their own "waters", and each derived a set of distinctive "fishing methods". Today, the US dollar fund is actively embracing the science and technology track represented by high -end manufacturing, and strives to explore and understand the rules of China's local industrial market and capital market.

In unfamiliar industries, the US dollar funds have begun to occur in "not accepting soil and water". For example, in the field of science and technology, the US dollar fund's high -ranking model has gradually failed, and the investment logic of Bailing Pay Ling needs to be adjusted urgently. Taking the AI ​​track that is currently dying and drums, the US dollar fund's set of "burning money" is not suitable for the long -term technology track. "Compared to Internet companies, the growth cycle of hard technology companies has a long growth cycle, and it is not possible to solve it by smashing money."

How to deeply understand the local market is not only a top priority of US dollar funds, but also the moat that is urgently needed to consolidate the RMB fund. In the future, in the Chinese capital market, RMB Fund will definitely play an increasingly important role. "After all, this group understands China's industrial rules, corporate characteristics, and capital market rules."

Of course, investment in scientific and technological investment requires a longer accumulation and precipitation, which is a new challenge for each institution. Without many years of deep cultivation, VC/PE can easily "step on the pit" here. Zhao Feng said frankly, "There are many segmented markets and segmented products in high -end manufacturing. Don't blindly chase hot spots, or sink down, do deeply, carefully sort out the relevant industry chain, and deeply dig into the needs of the industry."

Some startups with money -burning models and no positive cash flow are facing huge challenges. Zhao Feng often reminds team members not to chase hot spots. Inside the capital capital, the increase in valuation is never the first priority, and the growth of corporate income profits and performance is the key. "Historical experience tells us that companies with no valuations and no income, or even profitable companies will soon 'collapse'."

Zhao Feng clearly felt that after 2021, the popularity of the entire technology investment this year is "cooling". "The popularity of some industries has been almost the same until the second half of this year, and rational investment has gradually returned." In recent months, many investment institutions have fallen into anxiety of fundraising and reduced the number of shots.

After many rounds of industry cycles, Zhao Feng couldn't see too much anxiety. The science and technology industry has captured many tracks in consumer electronics, semiconductors, automobiles, and aerospace, and tens of thousands of segmented industries. "If some tracks are overheating, we will take the initiative to find cool places and the next growth point. No matter how the outside world changes, we will firmly invest in the technology industry in the rich year."

The colder the winter, the better the investment institution to cultivate internal skills. When most peers are still adjusting, Fengnian Capital still maintains a state of hunting at any time. "Once the market price of the target target comes to a reasonable range, we will not hesitate to shoot." In this thick snow long slope gold, we will not hesitate. " The track, the capital of Fengnian is ready to go.

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