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Sequoia Capital Shen Nanpeng: Guangdong, Hong Kong and Macao Dawan District is full of vitality, the future can be compared to the US Bay Area

via:博客园     time:2018/11/30 22:32:37     readed:143

图片来源:视觉中国

In yesterday's Fortune Global Technology Forum, Shen Nanpeng, global executive partner of Sequoia Capital, and Clay Chandler, co-chair of the Fortune Global Technology Forum, held their first one-on-one dialogue focusing on the global technology market, China. Consumer Internet, opportunities in the Greater Bay Area of ​​Guangdong, Hong Kong and Macau and opportunities for the development of artificial intelligence.

Talking about the investment philosophy of Sequoia Capital

On June 27 this year, Sequoia Capital has completed the first round of $6 billion in fundraising, and plans to raise another $2 billion in the future. This is the largest fundraising of Sequoia Capital since its inception.

Fourteen companies have been listed by Sequoia China this year. These 14 companies include iQIYI, Pinduo, Xiaomi Eco-chain Company Huami Technology and Yunmi Technology listed on NASDAQ. It also includes a US group listing to Hong Kong and a Weilai car listed on the NYSE.

However, most of these companies suffered share price declines after listing. Faced with this problem, Shen Nanpeng said: “The stock float in the short term is not our concern. In the long run, an IPO is not the most important time node for a business. ”

We invested in the public comment network 12 years ago and invested in the US group 8 years ago. Later, the two merged into an amazing company and successfully listed. We have been holding and raising for the past 13 years.

Listing is a milestone in the development of the US group reviews, they can get more financial support, we will hold their shares for a long time. Frankly speaking, the US group commentary is in the early stage of the continued expansion of the Chinese takeaway market, and the market space is still huge. We are optimistic about its growth prospects and hold the longest patience for this.

“Our one has the advantage that our LP (Limited Partner) fully accepts our longer-term look at the company's development, rather than chasing short-term liquidity. ”

In Shen Nanpeng's view, China, the United States, India, and Southeast Asia are all important investment markets. From the perspective of investment, Sequoia will continue to increase investment in security software, allowing these companies to help mobile Internet companies improve network security and reliability. Because every company must have social responsibility and value privacy and security. Mobile Internet companies will encounter this problem and must be careful.

No one likes to do so much …… looking at a business or company, there should be a long-term perspective ……

Shen Nanpeng, the global executive partner of Sequoia Capital, pointed out in the dialogue that compared with the United States, Chinese companies are getting bigger and bigger, and their products are becoming more and more complex. “For example, there are so many people who don’t have much to do.”

“I am very fortunate, I have seized the opportunity of rapid Internet growth in 13 years.” Shen Nanpeng said that capital has continuously flowed into China over the past few years, looking for a good company. “Between China and the United States, in terms of consumer electronics, China has come. In the first place, enterprise applications may be somewhat backward. If you really focus on this area, I think you are afraid to have something to gain."

Shen Nanpeng pointed out that for the company's IPO, he does not care about the time point and pays more attention to the long-term development. “In the past 13 years, we have not sold any stock”, Shen Nanpeng said that looking at a company or company should have a long-term view, “not in the short term, not to say that we have to cash in quickly”. .

Shen Nanpeng said that compared with the United States, Chinese companies are getting bigger and bigger, and the products are becoming more and more complicated. “For example, there are so many people who don’t have much to do.”

When talking about the US group, Shen Nanpeng believes that this company is very remarkable. It is a long-term advantage company in the Internet field in China. “Frankly, they are now in an early stage of infiltrating the Chinese market, but China’s The market is huge, and if the price drops by 10%, we won't worry about it.

Talking about the opportunities in Guangdong, Hong Kong and Macau

Guangdong, Hong Kong and Macau Bay Area is the fourth largest Bay Area in the world after the New York Bay Area and the San Francisco Bay Area and the Tokyo Bay Area in Japan. In this dialogue, Shen Nanpeng also expressed his views on the development opportunities in Guangdong, Hong Kong and Macau.

As a consultant to the Hong Kong SAR Government on innovation and technology, Shen Nanpeng witnessed the development of the Greater Bay Area of ​​Guangdong, Hong Kong and Macau. In his view, the efforts of the Hong Kong SAR Government and the Guangdong Provincial Government are generating good synergies and enabling the coordinated development of urban agglomerations consisting of nine cities in the Greater Bay Area.

“For example, Hong Kong has a good foundation for scientific research. There are several excellent universities around the world, especially in life sciences, robotics, AI, etc. In cities like Shenzhen and Guangzhou, it is the center of manufacturing and supply chain. ”

He compared the Dawan District to the “launching station” and thought that the Guangdong, Hong Kong and Macau Bay Area could be compared to the US Bay Area in a few years.

“Any emerging company, if they want to commercialize technology and become a real application and product, I think Dawan District is a good “launch station”. Companies can have their headquarters in Hong Kong, and supply chains can be built throughout the city. I believe that Dawan District is full of business opportunities. In a few years, the Guangdong, Hong Kong and Macau Bay Area can be compared to the US Bay Area. ”

(Titanium Media Editor Lu Yi Comprehensive)

The following is the content of the live dialogue:

Qian Kelei: You were born in the cradle of Chinese entrepreneurs in Zhejiang Province, and are fellow with the novelist Mr. Jin Yong. There are three very important changes in your life: during your school days, you studied Applied Mathematics at Shanghai Jiaotong University and Columbia University, but you made a very landmark decision to reorient your major and transfer to Yale University School of Management. After graduation, he became an investment banker. After that, you resigned from the investment bank and became an entrepreneur. You have founded the famous Ctrip Travel Network and Home Inns Group. After success, you decide to change direction again and become a venture capitalist. As the global managing partner of Sequoia Capital, you are also very successful. What did you do mainly this year?

Shen Nanpeng: We are very fortunate that in the past 13 years, we have seized the opportunities and trends of China's new economy, the rapid development of the Internet, especially the consumer Internet, and this trend will continue.

In the field of consumer Internet, China is slightly ahead of the United States. And in recent years, more and more capital has been flowing into China to find good companies in this field.

China's consumer Internet companies are becoming more and more mature, and the products they offer are richer and more diverse than those of similar companies in the United States. In fact, many people have discussed social e-commerce before, but no one has actually done it, and it has not done as much as it is. In the United States, at least we have not seen a large social e-commerce company like the United States.

China's consumer market has achieved a better combination of online and offline in many areas, constantly complementing each other, and many new changes have taken place. For example, at the beginning, Alipay and WeChat payment were paid online. Slowly, consumers pay by mobile phone to the physical store. From the offline to get the customer to the online order, and then from the online customer to the offline order, the combination is very good. From this perspective, China is ahead. If we said that China's offline development was not as good as that of the United States, now China can leap forward and lead the development of new global retail models.

Qian Kelei: This year is a good year for Sequoia China. There are already 14 companies listed. In addition, Sequoia has raised $8 billion in global funds, the largest fundraising in Sequoia history. On the one hand, it is harvesting, on the other hand, it is ready to move on to the next stage. But we also saw that many companies have experienced stock price declines after listing, how do you think about this problem?

Shen Nanpeng: The stock float in the short term is not our concern. In the long run, an IPO is not the most important time node for a business.

We invested in the public comment network 12 years ago and invested in the US group 8 years ago. Later, the two merged into an amazing company and successfully listed. We have been holding and raising for the past 13 years.

Listing is a milestone in the development of the US group reviews, they can get more financial support, we will hold their shares for a long time. Frankly speaking, the US group commentary is in the early stage of the continued expansion of the Chinese takeaway market, and the market space is still huge. We are optimistic about its growth prospects and hold the longest patience for this.

We have a very good advantage, that is, our LP (Limited Partner) fully accepts that we look at the company's development with a longer-term perspective, rather than chasing short-term liquidity.

Qian Kelei: You are very optimistic about China's high-tech field. The US market is not as fast as China's development. As a global executive partner, do you have the same optimism about the US technology field as China?

Shen Nanpeng: Looking at the global science and technology field, which country and region are in our investment vision are decisions made ten years ago or even longer ago.

The United States is a market that continues to be important, and China is continuing to catch up and surpass. In addition, India and Southeast Asia are also very important emerging markets. Some common factors in these regions will make them potential markets in the future: first, there is a huge population size, and consumption levels are constantly improving. Second, the Internet The penetration rate is very high, and the use of smartphones is very extensive. Third, there are very great entrepreneurs and high-quality engineers.

We have some investments in Europe and Latin America, but we only have dedicated localization funds in the three countries and regions of China, the United States and India (including Southeast Asia), although some markets such as India are still in the early stages of development. But the future will definitely be great. We must be prepared for the development of global technology in 5, 10 or even 15 years.

Qian Kelei: From the historical experience, what should we think of China's market in the transition stage? Your next 80In which areas is the US$100 investment?

Shen Nanpeng: Today's competition among Chinese companies, especially in the field of information technology, is much more intense than in 10 years and 15 years ago, and even more intense than in the United States. There are many competitors in a good business model. And big companies like Tencent, Alibaba, Baidu, etc., have entered many fields and continue to expand their business.

Young companies have become more difficult to develop. — Because the Chinese Internet has been developed for more than 15 years, although it has not grown into a mature industry, it has become very competitive. However, every year or every few years, we can see new business models appear. To some extent, they can subvert some existing companies and gain market share.

Entrepreneurs still have the opportunity to create more differentiated products with unique technology applications, especially unlike big companies. For example, today's headlines and fights are all in this way, and we have developed unique products that users have not used in the past.

At the same time, every Internet company must bear the corresponding social responsibilities, whether in the United States, Europe or China. Privacy and security are two of the biggest problems. Mobile Internet companies will encounter this problem and must be careful. We are constantly investing in security software that helps mobile Internet companies improve network security and reliability.

Qian Kelei: We see that the intensity of supervision and supervision of enterprises is increasing now, such as financial payment, content output, mobile travel, etc. What do you think?

Shen Nanpeng: If it is in the online vertical field, entrepreneurs must understand and adapt to the supervision of that corresponding field. Regardless of whether the company is online or offline, there are some regulatory rules and regulations, and companies must meet regulatory requirements, which is the case in every country. Over time, regulatory rules will become clearer and clearer, and CEOs must spend time ensuring that they follow the rules to grow their business, which is the same for both online and offline companies.

Qian Kelei: In the trade friction between the United States and China, the technical field is also involved. Will these affect the development of Chinese technology companies?

Shen Nanpeng: For Chinese technology companies, there are actually two major forces driving their development.

First, many Chinese technology companies have benefited from the rise of the consumer economy, and the percentage of the consumer economy in GDP is rising every year. There has been no change in this area. China is still in the process of urbanization in the early and middle stages, and consumers are becoming mature. Although there may be some uncertainty in the external environment in this process, the trend is clear, and Chinese leading companies will continue to benefit from the consumer economy.

Second, many companies will gain market share from the competition because they offer a variety of new products, or empower existing industries, or subvert some outdated industries. Regardless of the growth rate of the market, they can continue to benefit from it and have the opportunity to grow from a small company to a large company.

In the United States, for example, Silicon Valley has produced very good companies almost every year, but at the same time, US GDP has only maintained an average growth rate of 1%-2% for a long time. This has not prevented those amazing technology companies from creating breakthroughs. Products continue to expand market share.

Qian Kelei:Artificial intelligence is an amazing enabling technology. Many people think that China will not only keep pace with the United States in the future, I am afraid that it will be in the future 5-10.The annual meeting will surpass the United States and become a leading country in this regard. Do you agree with this view? What does this have to do with your long-term investment theme?

Shen Nanpeng: Looking at the AI ​​market, there are actually two components. First, the frontier of technology, in this regard, the United States is slightly ahead, but like many areas, China has excellent local talent reserves. In areas such as speech recognition and image recognition, China has done a good job. In terms of autonomous driving, the United States may lead for a few years, but China is struggling to catch up. The second is the application layer, which requires a lot of data at the application layer. Chinese smartphones are very popular and generate a lot of data. If the technology company can apply this data well, it can continuously improve the AI ​​technology level. Therefore, China will be an ideal market, which can well realize the application of technology.

Many companies are using technology to empower companies, AI products are sold to financial services companies, hospitals, and so on. At the same time, some of the consumer services and products we use every day actually have artificial intelligence technology. For example, today's headline can be regarded as an artificial intelligence company. You can say that it is a short video company or a news aggregator, but the most important difference behind them is that they provide A highly personalized service that provides a better user experience through algorithms, machine learning, combined with user browsing behavior and content preferences.

The same is true of many Chinese e-commerce companies. I don't know if you have bought something online recently. If you compare the e-commerce in the US with the e-commerce in China, you will find that Chinese e-commerce can now provide a better user experience. They understand your shopping history and preferences and can provide customized information. There is a saying in China called “Thousands of People”, which provides customized products and information for each user.

Qian Kelei: More and more science and technology companies were born in the Greater Bay Area of ​​Guangdong, Hong Kong and Macao. In your opinion, what opportunities will Dawan District bring?

Shen Nanpeng: As a consultant to the Hong Kong SAR government on innovation and technology, I am also fortunate to know more about and witness the development of Guangdong, Hong Kong and Macau. In the past few years, we have seen that the Hong Kong SAR Government and the Guangdong Provincial Government have made a lot of efforts and are producing good synergies, which has led to the coordinated development of urban agglomerations composed of nine cities in the Greater Bay Area. For example, Hong Kong has a good foundation for scientific research. There are several outstanding universities around the world, especially in life sciences, robotics, AI and so on. In cities like Shenzhen and Guangzhou, it is the center of manufacturing and supply chain.

Any emerging company, if they want to commercialize technology and become a real application and product, I think Dawan District is a very good "launch station". Companies can have their headquarters in Hong Kong, and supply chains can be built throughout the city. I believe that Dawan District is full of business opportunities. In a few years, the Guangdong, Hong Kong and Macau Bay Area can be compared to the US Bay Area.

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