2016 Investors concerned about what air

Jun Capital, founded in 2001, is a subsidiary of Legend Holdings, an independent venture play Barbie Cooking Games capital firms, the current total amount of 30 billion capital management. For over a decade we have gone through a few changes now, TMT is a major and innovative consumer orientation, health is a direction, in addition, modern manufacturing and modern service industry is the direction of our attention. Last year, we made some changes in the framework of the Fund, we have a comprehensive fund, covering a wide range of areas of some investment, but also set up a special fund culture and sports, as well as a medical fund, invested medical attention, medical devices and medical services. Back to the topic today, talked about the concept of outlet, in fact, we all know that China's Internet investment is very lively, past 2014, 2015 you can see, we are talking about air Ye Hao, Ye Hao speak investment hot spots, there are a lot of hot air turn to go, such as the Internet financial outlet, educational outlet. I remember last year, I saw a forum, some people say that Chinese Internet is now essential to the flow of depleted state, and why? Because such a large flow of new mobile terminal to a flat stage, it was not after the Internet business is not easy out? There is also heard a Qiang East end of last year there is a saying, after the Internet is no outlet, and they should be passed consumer goods outlet. In fact, although everyone in this industry, but each person's point of view may be different, to stand out his own perspective may have different views. We also have offices in Shenzhen, we saw a lot to do intelligent hardware company, we still feel the overall hardware to solve the so-called Internet such a thing. More data is collected, and the collected data online, there is a fuss when you have to buy a standard chip others to do things, in fact, difficult to have your own original stuff in there, a lot of hardware companies do not invest the reason is, you are tied to the upstream of Europe standards, in non-standardized on the basis of its own after the break before they can form their own independent product, and the second, which had accompanied a fast-growing market, in order to out of one or two companies, or you go to Shenzhen to do a lot of intelligent hardware is made basically the same. There are two levels of consumption, a consumer product, the electricity supplier to bring a more convenient consumption path, so this company has done a lot of the very good, along with economic development, per capita income, there may be a view that more people from the consumer products and services to the consumer such a state, what is the kind of service the consumer? As an example, such as health care, transportation, education, culture and tourism. There have also mentioned a topic of cross-border investment, in which about a year or so, most of us talk about the past ism, the American model to take over China to do, and now we find more and more cases, China's mode to go overseas, overseas Chinese team made a number of products, in Latin America to do a lot, but also to do play Dora Games some business applications, some of the browser business has been very successful. Recently we found that some programs directly hit the United States. Ko Yung high capital market size from a few thousand to two hundred million trillion in future have a greater market space Rong set up two years of high capital, the main cast early and Internet-related projects, and now we have the dollar and RMB private equity funds with a total capital of about US $ 800 million management. Rong set up two years of high capital, the main cast early and Internet-related projects, and now we have the dollar and RMB private equity funds with a total capital of about US $ 800 million management. From our point of view, of course, we have to consider the opportunity, or we do not do this line, just like two years ago, we did an independent high-Yung, we believe that the future of new opportunities for points should be at least five to ten years, so it out of their own funds will do, why do you say? Just said outlet, in fact, over the past decade may be the Internet age can use air as well, because most of them are blank, which is the site where the wind is yours, but in 2014, the next five to ten years has been unable to use of the word in terms of air may blow a little ahead of traditional industry barriers encountered, because the industry people have been formed, a number of industry heavyweights have been traditional, the place is not blank, you have to pay a lot in the past price. In fact, there are many great opportunities in the last decade of the Internet age of information we are doing, the main business model is advertising, market advertising we also know, about the size of a two hundred billion, and today go to these traditional industries when everyone is actually traded, the size of each sector is a few trillion, we see a bigger market space. Now to get the money to get inside these markets share or want to do some change, your difficulties are much greater than in the past, this process may take a very thorough look at you, you have to prepare enough money, more than enough resources, a good enough team to do this thing, is purely a thin team holding a little money want to make a big thing in those industries to be difficult, and this is our high Rong main direction of investment, which in the industry to find enough good team enough money to let them go in this industry which occupied his position. So sometimes you have to use the service cuts, each of the different sectors of your cutting method is not the same, so that's why we see the surface more and more difficult chance. Like this year we also see mobile medical, turn around you will find that there is no way to vote, if we look closely they are actually still spinning outside, no one has to find the real direction, this time to look closely when you find that there is some opportunity to go cut point, so each different industries need different point of view it. We are particularly concerned that the various parties are not satisfied with the industry, such as real estate agent, whether it is to buy a house or sell the house, or do you live intermediary state is not good, buy a house is a lot of telephone harassment, the agency they will misunderstood by everybody said you harass me all day, social status is very low, so these industries, including health care, whether doctors or patients, or regulatory agencies, in fact, all aspects are not satisfied, there are many such industry when, in fact, this is the so-called entrepreneurial opportunities. You have the opportunity through a method, so that all parties can be satisfied, including the drops, go to these traditional industries, because you like our example, we also voted in real estate, we also voted in education, finance also cast a lot, we also found in the actual operation of our companies, we will find excessively underestimate the capabilities of traditional industries, although there are so many problems, but it is after all a market ten years established, the original traditional industries in which they have their own Internet resources and strengths, as a new company with a new way to do it, when, in fact, we think this is just mentioned above, we may use your platform way to cut the time in these areas you will find it difficult, because people too old, he will not follow your ideas to work, you end up only in accordance with their own services, I can do better than Hello service, efficiency higher than you, I do not do internet, I just do some real estate companies, we use a better match, a better way to meet the user, and then set up an ecological, I think this is a pioneering idea in these traditional industries inside of. But this idea does from our past experience is the need for financial resources to support full and strong, because your opponent is very strong, we are now in these areas start when, in fact, will be more concerned about the overall quality of the team. I think this matter from the perspective of the entrepreneur as long as the capital as a tool, this thing a bit like playing cards, two hands, that is your strength, the following five is your market, top brand Canada that your success rate may be higher, the US capital market may be below five cards have been turned over. But the domestic brand has not turned finish, you thought it would turn over A, but will turn over 2. Probability of success and would have been very small. I say mean for us on the two is that one is trying to put into good company, the second is trying to make a good company to lay the cards on the end market. Qiming Christine Wong: Chinese Internet has been copied from the American model to the unique pattern to overseas Chinese Qiming Venture Partners was established in 2006, the amount of capital managed about twenty hundreds of millions of dollars, recently we have just completed the fifth team to raise US $ 650 million dollars in the fund, now mainly invested intelligent hardware, the Internet, health as well as economic. Qiming Venture Partners was established in 2006, the amount of capital managed about twenty hundreds of millions of dollars, recently we have just completed the fifth team to raise US $ 650 million dollars in the fund, now mainly invested intelligent hardware, the Internet, health as well as economic. From the previous flow rate may now be directed to us to see if there are any from the connection, such as community economic well can cut a company, such as Luo Zhenyu Luo Ji thinking is a good case, he is to use a huge platform for the establishment of a unique community, which realized, I think this is a direction. We also value the whole pan-entertainment industry, first of all young people to promote their willingness to consume, purchase or spiritual experience products they consume relatively high, unlike Gao Xiang 06, 2005 Investment potatoes, At that time it is quite hard, at that time no one is willing to pay for content, you can now see young people willing to pay for content. In addition, we are more concerned about the market is the overseas market. For example, recently we look at a company, the main users from the United States, and now business is relatively low cost, international borders are vague, there are some new opportunities can indeed produce, then there are many countries may mobile Internet penetration is still not so high such as Southeast Asia, Indonesia is also an opportunity for these countries. Here we see more Internet projects before more is copy the American model over the past few years but fortunately there are Chinese model, relatively unique, such as our beautiful anchor that is more distinctive Chinese model. We also have a intelligent hardware, including many people now look at the AR, VR, which also play Baby Hazel Games requires strong entrepreneurial team, now there are many companies that the blind is not in China can help them, so we are exploring a number of cross-border investment projects . Chinese team to kill the overseas market tool is relatively easy to do, do not care about the local culture, a lot of local things operational aspects, like the cheetah has done very well, and we also voted to do a desktop, its users abroad, these places like India. Recently I went to Indonesia saw a number of projects, a lot of people really do Indonesia headlines today, Indonesia's small coffee show, China's mode to move overseas. Like you said Chinese people are very diligent, very brave, do not speak the local language are killed in the past, you want to succeed, we must see that they are not to understand the local market, after all, still a relatively heavier models, including some on local content supervision, etc., should pay special attention. Dollar fund now uses this line is vague, and many of our projects are dollar investment structure, the yuan can come RMB funds can cast structure dollars, dollar structure here is also trying to turn into a GP, this certificate increasingly the more easily able to take, in general, still feel that the entrepreneur is still good, we will consider more especially in some areas are suitable for the domestic market, such as cultural industries, it may be more suitable for the domestic market.