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Exclusive interview with Jinsha River Zhu Xiaohu: the listing of Ying Ke is just the starting point. China's Internet is not short of innovation.

via:博客园     time:2018/7/12 13:17:56     readed:258


RedI net thunder in Jianping in July 12th

The live mobile platform is officially listed on the HKEx today. The issue price is HK $3.85, and its market value is less than HK $10 billion.

Zhu Xiaohu, a venture capital partner and Jinsha River venture partner, attended the listing site today and received a special visit from Lei Di net.

Ying Ke, CEO, said in an open letter yesterday that there were only 700 employees, but he managed the largest number of anchor teams in the industry. BAT did not show up, but he finally laughed in the worst broadcast war.

It is not the same as many live platforms that survive. For example, tiger teeth depend on the time of gathering and the Tencent, and the fight fish rely on the live broadcast of the Tencent and the stranger to make friends with strangers.

In this regard, Zhu Xiaohu said that the audience has a strong ability to obtain users, and the advertising of the release of visitors has been very small, to today are profitable, proving that it does not need to spend money to buy users, the ability of their own very strong hematopoiesis.

Zhu Xiaohu not only cast a guest, but also cast Didi, hungry, OFO and other star projects, known as

Some of the Zhu Xiaohu practices in the industry have some controversy, which, Zhu Xiaohu said to Lei Di net, as an early investor, and the investment enterprise relations are generally very close, for these enterprises to develop and sound, is also very normal.

Of course, this year, a large number of enterprises, such as millet, excellent letter, hunting, Ying guest, Iqiyi, B station and so on, have been listed on the market, as well as the way for the companies to be listed, such as the US group review, Huaxing capital, the search for steel net, and the spelling of many other enterprises, and even the headlines are rumored to be in the market today.

This raises concerns on the market, where the next wave of Internet listing is, and how investors are looking for new investment targets.

Zhu Xiaohu said that people underestimated the strength of the capital market, and the proportion of current information companies to total listed companies is far below the proportion of other industries in their golden age, which will continue to grow in the future.

The following is an interview with Zhu Xiaohu, a partner of Jinsha River venture capital.

Lei Jianping: you are listed in Hongkong today, and are you hungry, OFO, you also found this project early. What do you want to say to the visitors on the listing?

Zhu Xiaohu: congratulations to Lao Feng (Ying Ke CEO Feng Yousheng) team. Their efforts in three years have been rewarded. It is very good.

I think the listing is only a starting point. The three year has just begun. We hope that with the help of the capital market platform, we can bring more development to the customers.

The market value of HK $10 billion is rising.

Lei Jianping: a public letter has been sent to the general. It has not been built by BAT and has been developed independently. And it has survived the thousand sowing war. What is the knack for showing guests?

Zhu Xiaohu: Live itself is a very good point of entry, video must be a big direction, short video, long video, including direct live are different forms of video, these forms are well developed.

The first time is the mobile broadcast, which is very good for the spread of the head. Now, if we need to develop independently, we must be able to get traffic on the Chinese Internet.

Without this ability, BAT is not reliable. The benefit of mobile live is that users will automatically spread it, which is an important reason why it can be listed in three years.

Enantiomer has a very strong hematopoiesis

Lei Jianping: tiger teeth and unfamiliar street do live broadcast with good maternal diversion, which can provide much cheaper traffic than the tourists, and how can the visitors develop continuously?

Zhu Xiaohu: the size of about 25000000 users today is quite a lot in three years, showing that the business model itself has a very strong ability to get users.

And there are so few advertisements that customers have been making profits so far, proving that they really do not need to spend money on users, and their ability to hematopoietic is very strong.

I think there are many opportunities for further development, and we need to try different new formats. We also see that the team has been trying all the time.

Lei Jianping: Tiger tooth has been listed in the United States, with a market value of more than $6 billion, six rooms and 360 flags of Zanthoxylum live in the merger. The fish is also on the market.

Zhu Xiaohu: this market is very big, video is a big direction, including long video and short video, like the American Netflix is a long video, and it's a hundred billion dollars in market value.

The same is true for short video. I think live live is the same, like strangers or tiger teeth, all to $100 billion market value, mobile live also have a chance, today's market value of less than 10 billion Hong Kong visitors, rising space is still very big.

Investment depends on the basic needs of people

Lei Jianping: Jinsha River venture capital is a A round investor. How did you first find this project?

Zhu Xiaohu: that year we found that the mobile live is very fast, I play a play to know it is definitely the direction, there are a lot of people have a lot of leisure time, we spend leisure time, watching the mobile live is a kind of leisure.

And at that time, I felt that time had arrived, and the cost of traffic had dropped significantly, and the performance of mobile phones has been greatly improved. Previously, it was broadcast live by PC, and the PC live broadcast effect was better. After that, the performance of the mobile phone is enough, and it does not need PC.

The mobile phone can be direct live, and the definition, including beauty features have come out, so day, land, and all have, so we take the initiative to see all the mobile live on the market, and finally pick out the guests.

Lei Jianping: you have not only discovered the "Ying Ke", such as ofo, dripping and hungry, are these well-known companies discovered by you very early? What is the middle secret? Like investment, you went directly through micro-blog.

Zhu Xiaohu: it is still necessary to see the basic needs of the people. Why these enterprises can develop so fast will eventually be able to move people's basic needs.

For example, when we travel, it's very painful to not get a car in an emergency. OFO is also a short trip of 1 to 3 kilometers. In fact, a bicycle is the best way to go.

Ying Ke is a very typical way to spend leisure time, so hitting a point can enter.

The block chain still needs to be returned to the value of creation

Lei Jianping: at the beginning of this year, you had an argument with Chen Weixing, the chairman of the pan city capital, but I found that you have recently made a lot of low profile and did not mention the tuyere and the block chain. Where is the reason?

Zhu Xiaohu: I have been looking at the block chain, and I have talked about several chain companies recently. To tell the truth, I still haven't seen a particularly big application point.

At present, it is mainly based on exchanges and issuing currencies, and there is not a thing that can create value.

I think Mr. Yu Minhong is very right. Mr. Yu Minhong said that we are willing to make money for users to create value.

Lei Jianping: after the block chain technology, the original Internet is called the classical Internet, you are also said that Chen Weixing is always alive in the age of the classical Internet, do you think the classical Internet is good or bad?

Zhu Xiaohu: I think back to Yu Minhong, whether it is the classical Internet or the modern Internet, the most important thing is to create value for the users.

In the early 1990s, the Internet was also a bubble at the time, but Netscape appeared in 1994. If 94 years was the first year of the PC Internet, Yahoo came out in 1995 and 1996, which is tens of millions of users.

Many people are using it, and really start to visit the website to get information or do Internet e-commerce. In the two or three years after the first year of PC Internet, there are already tens of millions of users entering practical applications.

Blockchain technology was born almost eight years ago. What blockchain applications are there besides the exchange so far? Is there a large-scale application? No, the only thing the user knows is the exchange and the wallet.

To be honest, there are no apps like Yahoo or Amazon that were really available to users. From this perspective, the Internet contrast is still not the same as in the early 1990s.

It’s normal to speak for the invested company.

Lei Jianping: You are not the same as other investors. The temper is very straight, and there is a dispute with Tencent CEO Ma Huateng.

Zhu Xiaohu: It is not a dispute, a pure discussion of friends.

Lei Jianping: Everyone thinks that your personality is very special. What do you think of the outside world's evaluation?

Zhu Xiaohu: The relationship between early investors and companies is relatively close, and we are completely with them.

And they invested in very early days, and the relationship is relatively tight. Therefore, it is normal to speak for their development.

Lei Jianping: The title given to you by the outside world is the drummer of the unicorn.

Zhu Xiaohu: To be honest, we are still hitchhiking. The most important thing is that the entrepreneurs themselves can create the greatest value, and the investors create limited value.

New technology will continue to increase in the market capitalization ratio of listed companies

Lei Jianping: Today you are in Hong Kong. This is the second IPO of mainland Internet companies in Hong Kong this week. On the same day, there is Qijia.com, followed by 51 credit cards, and a large number of companies such as the US Mission Review. Listing, and even rumors that today's headlines are also preparing for listing, how do you see this phenomenon?

Zhu Xiaohu: This is very normal. In the past four or five years, almost one or two hundred unicorns have been hatched through the Internet. Now these unicorns are relatively mature and gradually move towards the capital market. It is a very correct stage. .

In the same year, there was a map showing the market capitalization ratio of various industries. From the 18th century to the 19th century, real estate companies and finance accounted for more than 90% of the market share. In the hot development era, transportation was followed by energy and new materials. It is.

Starting now, I feel that the new technology will start to occupy the market capitalization ratio of listed companies, and it will definitely rise. Now it is only 20%.

I feel that there must be a big wave of Internet companies going public, so that the new technology, the market value of the company representing this era can account for 30% to 40% of the total market value of listed companies.

Today is just a starting point. There are still many companies behind China and the United States, and there are hundreds of unicorn companies, which will gradually move towards the capital market.

China's Internet will never lack new things

Lei Jianping: There is a kind of worry in the market. After the capital is absorbed by these newly listed companies, it may have a great impact on the next financing, including the market.

Zhu Xiaohu: This is an underestimation of the capital market. As far as we can see, the proportion of market capitalization of information companies is still far lower than the proportion of other industries in the year.

And today these Internet companies are also very strong in blood production, like Xiaomi, the profits are very high. Yingke last year was a profit of 900 million Hong Kong dollars. Today's market capitalization deducted 6 times of cash on the account, which is definitely underestimated.

Lei Jianping: After so many companies listed, there is a worry in the investment market, that is, the number of companies that can be invested will be less and less. How to find the next advantage of the company such as Xiaomi and Meituan has become a difficult point.

Zhu Xiaohu: China's Internet is never lacking in new things. Every year, it is the same, with a valuation of 8 billion US dollars, and 100 million live users in 10 months.

"League of Legends" is a miracle with 20 million daily active users in 2 years. "Glory of the King" is 20 million days in 10 months, but the chicken game is 50 million days in 5 months.

Therefore, there will always be innovation, and the speed of innovation is getting faster and faster.

Lei Jianping: Many star projects you have invested since this year have already withdrawn. Similar to Hungry and OFO, why would you opt out?

Zhu Xiaohu: This is the same as the listing. After a certain degree of development, it is not the investors or who can promote it.

Like the past four or five years, China's Internet has achieved such great development. We have only a few users of WeChat five years ago. Now WeChat has 10 billion monthly users. Basically, all Chinese people are using WeChat.

Five years of development so fast, there must be a large number of excellent companies to go to the capital market today is the same thing.

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