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Sometimes the ups and downs of mentality make Zhang Ying feel that he is very immature, but there is no way."Very good to win, I want to win, I am very eager for the continuous excellence. Sometimes I feel panicked when I think of it."Nagpur Stock

Zhang Ying, the founding partner of Jingwei India, will throw some interesting views.

For example, in the middle of 2014, the "Public Letter of the CEO of Jingwei", he wrote in the letter, "You should also feel that the venture capital circle is becoming extremely crazy.The plot of the listing is rising ... Today, I want to talk to you about the other side of the coin: the market is only between the key nodes of greed to fear from greed to fear.

On December 5th, Jingwei Venture Capital Public account published an article "Is this round or this round?" Also attracted attention.In the article, Zhang Ying made 7 suggestions for the startup enterprise:

1. All light companies will be heavy in the future, and they must be heavy. Only by doing heavy can the giant can effectively resist the entry of the giant.

2. This market now does not lack funds. An increasingly obvious trend is: the continuous sources of funds are gathered in the head company;

3. The founder must think about it.For the convenience of scale, more and more companies at all stages have begun to have a trend of active mergers;

4. Don't get the number of users in inefficiently;

5. If the company is in a smooth period and no effective breakthrough method is found, the expected funds on the account are only 12 months, and your promotion and other costs cannot be slowed or suspended.Set more sufficient financing time;

6. BAT war investment is now a very popular thing, which will also make the future financing easier, but you also have to think about the time point of standing teams and whether it will lose business resources because of the standing team;

7. Business monetization means increasingly richer, and business monetization certificates are becoming more and more important. Today, investors must see the signs of business logic/reliable business early, so that they will be keen to bet on.

On December 6th, at a event, Zhang Ying and the founding partner of Jiacheng Capital Li Li talked to talk to Li Li and mentioned 4 times that he was "anxiety" as an institutional investor.He said that when competing with fund competitors for good projects, when he saw the agency's Portfolio company intensive listing, anxiety would emerge."I sometimes feel very immature in this mentality, but there is no way. I want to win very much. I am very eager for the continuous excellence. Sometimes I feel panicked when I think of it." He said.This anxiety made the Jingwei team tight and very fierce at the same time.

This anxiety comes from the blowout situation of investment institutions.As of the end of October 2017, the Indian Securities Investment Fund Industry Association has registered 21,628 private equity fund managers, and 63,248 private equity funds have been recorded, and the size of the management fund is 10.77 trillion yuan.

In this context, Zhang Ying believes that the founding talents are now a real scarce resource. "We are now grabbing the founder to grab you to die.Can pry over the price (during the investment process) all kinds of things happen. "

Speaking of grabbing the project, Li Li said that he had a deep experience.A few months ago, Jiacheng Capital and Jingwei grabbed a very popular project.At 10:30 pm, when Li Li was running, he heard that the project was in the Jingwei Office, and he took a car from home to Jingwei. He saw Xiao Min and analysts of the management partner of Jingwei.At 11 o'clock in the evening, Zhang Ying sent a WeChat to everyone, saying that he would accompany everyone to help this project.Zhang Ying also met this project early the next morning."The grabbing project is online from top to bottom, which makes me very emotional." Li Li said.

On the one hand, the style of Jingwei is "human sea tactics, with quantitative quality", and on the other hand, "continuous bullets, continuous investment, and focusing on India". The core goal is to keep digging a team like OFO and Guazi in the future.

From the investment bank employees who were hid in the men's toilet at 2 pm in the early Friday pm to grow to the founding partner of a front -line investment institution in India, Zhang Ying naturally also had many regrets and missed projects, including JD.com and Vipshop.Hui, today's headlines, fast hands, Xiaomi and so on.Zhang Ying said: "In fact, these missed today have given me greater motivation and greater desire."

The following is a record of Zhang Ying and Li Li (deleted):

More and more anxious, grow from competition

In 2017, which items are the most proud of?

Zhang Ying: In the past year, we have some achievements. In addition to impressing entrepreneurs, no matter whether it is investing or not, many entrepreneurs will slowly like us.From a brand perspective, it is becoming more and more recognized.But as a front -line fund, I am still increasingly anxious in myself.If you do not have a certain share in the best companies every year, it is very ridiculous.The possible results in the past two years are okay. Live.me, car and home split from VIPKID, ofo, melon seeds, and cheetahs are okay, but the inner fear and anxiety are getting stronger and stronger.

In December, there were various conferences, the protagonists were the leaders of investors and investment institutions. In fact, I felt relatively absurd.We stood here to communicate with you, or these companies have achieved us.Who can make us make money, I have always thought about it.

Which items make you annoying?

Zhang Ying: I can't say, we are still a company that seek and quality, and this year has invested more than 70.We are all competing with more than a dozen front -line fund competitors that we are very respectful to fight every week. Sometimes we win and sometimes others win.In fact, in the past few years, it is a real time. As long as you do good things, there are good teams, it is easy to integrate money, and try to achieve your dream with the power of capital.The founder is a real scarce resource. We are now grabbing the founder, you die, we signed a family. Others went to the founder's home or even waited for one or two o'clock in the office.occur.The entire team is still very tight, very anxious, and very fierce.

The new fund is constantly emerging, and the competition is very fierce. What are the strategies for competition? What are the strategies for robbing popular projects?

Zhang Ying: As an excellent investment institution, for us, there is only one goal from top to bottom. This goal is to continue.In any year, it is normal for any fund to return to the latitude from a comprehensive cash back to the latitude and latitude, and it will happen every year.But you can really stretch time, three years, five years, and you can stand in the top three, the first two, or even the first one in the early investment field. This is the continued excellence I define.

Jingwei was established in 2008 to the present for ten years. We scored up to 70 points for ourselves. I won't say a lie. This is my inner thought.If you do 90 points, we need three times or more effort.

Many colleagues say that this is cooperation. Everyone makes money together. I think this is nonsense! Early investment is basically a zero -harmony game. There are you without me, I have no you.%Of the shares, each of which has the desire to win.We do n’t lack money, and we all have enough bullets. If we seize a founder, we think he is an excellent founder and will become a very good company in the future. Why should I divide with you?Everyone does not say that we only do it. In each case, we must pursue the highest top, and encounter cooperation between the Friendly Foundation, but the original intention is still won.There are more than a dozen funds we respect, and everyone's competition is still very friendly and well -known. Everyone grows up from competition and respects each other.It is normal for us to compete with Sequoia, IDG, and DCM.

Continuous bullets, continuous investment, focusing on India

Many air outlets have appeared this year, such as Internet finance, artificial intelligence, unmanned cars, new retail, what kind of mentality is Jingwei India for air -type projects?

Zhang Ying: I don't care about the wind at all. We have divided into several industries. Medical, entertainment and mobile Internet, new technologies, corporate services, new retail, and new services have huge opportunities in these industries.

As an excellent investor, Fengkou still needs to think independently and independent judgment.In each industry, any time in India has very good founders and founding teams in India, which has no distinction between me.My work today is to cooperate with the partners to dig a good person in these industries, keep laying up early, try as much as possible, take the excellent founders earlier, patiently accompany them to grow. I hope they can do it in the future in the future.Very good, let's share another share, it's that simple.

Some time ago, there was a topic that was very hot. "Early investment was dead". I know that Jingwei first started from early investment. Now it is made from early to middle and late stages. What do you think of the "early death" argument?

Zhang Ying: What do you think I say? How do you call early investment? The wave of entrepreneurship in India is now intensifying, and more and more outstanding founders have begun to be.How do they get funds in the early days? How to develop? How to become future headlines, future Tencent, and future Ali? It is completely shit.

This is also the case logically. What is the early investment that is dead? I didn't read that article, and I didn't know who wrote it. Everyone had their own freedom of speech, but for me, this kind of public opinion was shit.We held a partner meeting once a month. Just two days ago, our internal conclusion was to increase early and increase angel investment.Our advantage has always been human sea tactics and quantitative quality. It invested 60-80 companies each year. Our 12 words "continuous bullets, continuous investment, focusing on India".Too much, first, except for India, we do not put a penny elsewhere in other places, we only focus on India; second, the bullets continue, because of today's brand advantages, because of our previous achievements, financingSince there are funds, our investment rhythm continues, maintaining this amount, and constantly digging out teams such as OFO and melon seeds in the future.

There is another point. At the end of the year, everyone is exposed to how many of them have been listed and how many IPOs.Using an IPO to judge that a fund is indeed one of the most important indexes, but it is not the only measuring criterion, which is completely past.For example, ofo's money may be several times or ten times the recent listing of some companies. It can be said that the use of funds is more efficient, and this model is a bit different.It is equal to several IPOs of many companies.I also firmly believe that if you can integrate enough money in the first -level market, there is no need to go to the market, and we should drag the listing back. Our VIPKID has merged hundreds of millions of dollars this year.In this money, you can fight very calmly, grab more market share, grab more users, make more money, and wait until the company is more mature and stable.

For a while, several companies were listed densely. It was not from Jingwei. In the past few days, I was really anxious.On the one hand, I think congratulations to those friends with each other; on the other hand, I am very unhappy in my heart. Why did we not invest in listed companies?

This unhappiness caused me to return to the office the next day to force our team to invest in what companies we have invested in and show me the data. Let me know how many cards I have and how many excellent star companies have.How much money is developed in a good development, I will calmly be more calm.I sometimes feel very immature in this mentality, but there is no way. I want to win very well. I am very eager for the continuous excellence. Sometimes I feel panicked when I think of it.

Speaking of your personality and mentality, I have seen that you have had a work experience in Solomon. This is one of the most wolf culture companies in Wall Street. The whole culture is bloody and cruel.Has this experience brought you a brand? Did you bring this culture into Jingwei India?

Zhang Ying: There are simple answers.I said correctly in the Solomon brother that it was SSB. Later, I was acquired by Citi shortly after leaving, and now it becomes an investment banking department for Citi.I have worked there for two years, and I do n’t want to give birth. It ’s 100 hours a week or 100 hours.Go to dry cleaning and send it back.You can just click on you. When you have a chance to go home, you can use a good car to send you a good car. Paralying us with this kind of thing, so that we do n’t have any concerns in life.

It was very young, and it was really painful.It is more like a bone like me. It is not Xueba, not a model worker from the heart, nor is it a workaholic. I can't do it.What impressed me most was insulting by my boss every day, because I did n’t do well. Not only did I be alone, we threw our heads when I looked at our PPT.The fear of fear is about to explode every Friday. I often hid in the men's toilet at five or two, for one or two hours, two or three hours. At that time, they sometimes inspected.Arranging your work, you will abolish it on weekends.Our investment bank has a character that specializes in tasks, and finally come directly to the toilet knocking on the door. "I know you are inside, you can come out, you can't hide it, the work of this weekend is allocated."At that time, we spent more than ten hours or twenty hours of recommendation for a companyNew Delhi Wealth Management. Our bosses, MDs, and Deputy President will accompany the child next to the pool in our home. The courier is for him.After that, Hook Hang fork was sent to us again, which was very painful.

On the other hand, in the past two years, I have also helped some of my work habits and ideas in the future.I am more rigorous than many colleagues, grasp the details more accurately, and have higher and more careful requirements for many basic requirements.I think it's pretty good. Although it is painful to think about it now, it is really good.

But I added that when many people who came out of the investment bank one day did a company, they would treat others as their own growth or the natural extension of the workplace growth. I feel that I was abused like this. I am going to abuse you now.EssenceI am not like this. I put a lot of pressure to invest in my colleagues, yes! Because I think that any colleague who joined the latitude and weft has the opportunity to make the core within two or three years.But we have a essential difference with many other funds. We kept deducting the trigger. Many people held a gun in the training ground, but there were no real bullets and no bullets.Everyone in Jingwei has a chance to deduct trigger.Although I put a lot of pressure on everyone, I am not abused in words, not torture in behavior, and will not ask them to waste their time in the office.

There is a slogan in Jingwei that "the same cool money is different". What is different "cool"?

Zhang Ying: This is a good issue. This problem will make me offend many peers.In simple terms, many entrepreneurs recognize us is different from others.Where is really different from others?Chennai Investment

There are two main reasons for Jingwei to this day, one to one to the outside.The inside is the infinite space for young people. They do better. I will expand their boundaries with a few partners and let them assume more boundaries.Many of them have changed from analysts to partners. Wang Huadong is a case; from a few years of ordinary audit from the four major, it becomes our CFO, and some have become the heads of the capital market.We have been for six years. None of the little girls at the front desk were lost, and all of them were distributed to the post -voting group, turning into backbones, and becoming one of the most important members.This is the opportunity to give you a chance.

On the other hand, we do the details in the actual operation of the Jingwei, and we do it in place than many people.Maybe some people say that you are extremely confident, maybe some people say that you are extremely arrogant, but you will never see that I am arrogant to entrepreneurs or make fun of entrepreneurs or is a high attitude towards them.It will be more arrogant or more strange and "two", but never like this.My heart is very clear about who our food and clothing parents are.Maybe my philosophy cannot perfectly instill everyone who is eloquent, but this concept is mandatory and reminds myself every day.

The last point is cool.The annual large -scale activities we do with the music festival together and the entrepreneur's consultation meeting. Some people say that cool and some people say it is not cool, we are cool.

Entrepreneurs' recognition of our brand is also a great pressure for us.How to keep maintaining our reputation? The value and the correct attitude of treating people are actually in fact for a long time to let us carry a bag or carry a lead bag step by step, but your year of cultivation and years of cultivation always have always been in the years of cultivation and years of cultivation.To a node a day, the persistence of this incident will make us thousands of miles a day or you travel thousands of miles a day.It can bring us benefits, brands, and help. When each of our colleagues go out to talk to others with the business card of Jingwei, we can do everything every time.

You have revealed that your idol is the founder of DFS, as well as Bill Gates. They are all super rich. Now they are devoted to charity. What do you think about your future ideas and ideals?

Zhang Ying: The founder of global duty -free stores, FENEY, created a global chain duty -free store. At the highest level, it was cash out and was worth more than $ 8 billion.In the process of doing things, he was extremely strong and fierce, and he was not soft at all, and his style was similar to me.After making money, he did a lot of things in obscurity, and then giving back to his own country.He came from Ireland, and he also set a goal for himself. Before he hung up, he donated all his worth of $ 8 billion to 0.He is not inherited like many other charity funds. He also needs to make money every year. He uses the money to roll more people. His philosophy is that I am stronger than those who care about my money in the future.Seventy or eighty years of birth, donate all his net worth.

I am not a poor man, coupled with latitude and weft, and the influence of latitude and longitude, I can do a lot of things in the future. I hope to learn from them and donate all my wealth on the day when I hang up, or through efficient methodsSupport more people to do more beneficial to society.He is my role model, not the leader of the business community, not the star that everyone is recognized.In terms of charity and doing beneficial things to the society, these two people have done this better through the sensitivity of businessmen, doing business thinking and execution, and make me very much admire.

The Jingwei was established in 2008. It will soon usher in the first decade next year. How can we summarize and lose in the past ten years, and how to look forward to the next ten years?

Zhang Ying: Since we want to make money, we will earn more thoroughly. In the past ten years, we gave ourselves 70 points, and they did it, but I missed a lot of things, missed JD, and missed Vipshop, Toutiao, Kuaishou, Xiaomi and so on.I think these missed I have actually given me greater motivation and greater desire today.I chatted with a person that day, and he said that it might be called "regretful art."Anyway, in the next ten years, our goals will continue from top to bottom, which can maintain the advantages of the brand, cherish the care and recognition of our entrepreneurs, and continue to have such good results to return to investors.Good investment, do meaningful things.Today, the influence of the fund or individual is what I have never thought about for me. Since there is these influences, the work has become extremely important.