CONGQING, China, Oct. 29, 2020 /PRNewswire/ — The previous three days have witnessed one opening ceremony and essential discussion board, one closed-door assembly, 5 thematic boards, one venture roadshow, exhibitions and demonstrations by the entire occasion, almost 100 VC business leaders from China and different international locations, delegates from 500 enterprises of various industries and sectors, an internet viewers of almost 10 million professionals, 15 VC initiatives signed with a complete contract worth of as much as RMB 67.555 million, and 118 enterprise initiatives with financing wants matched with funding establishments. On October 24, Chongqing Worldwide Enterprise Convention (CIVC) 2020 got here to a profitable shut at Western (Chongqing) Science Metropolis.
The convention took the theme of “Intelligence• Innovation• Entrepreneurship: Discover Western (Chongqing) Science Metropolis”. It was hosted by Western (Chongqing) Science Metropolis, co-organized by Chongqing Science and Expertise Bureau, Chongqing Native Monetary Supervision and Administration Bureau, and the Individuals’s Authorities of Shapingba District, Chongqing, and applied by IDG World Expo China.
Experience and Consideration from World VC Establishments Drawn to West China
Opinions on worldwide VC kinds, the development of the Chengdu–Chongqing financial circle, and funding alternatives in Chongqing had been shared by delegates from worldwide and home VC organizations and establishments, together with Hugo Shong, founding chairman of IDG Capital; Haitao Jin, chief managing accomplice of Qianhai Fund of Funds; Jim Breyer, founding father of Breyer Capital; Michael Yi, accomplice and co-CIO of Hillhouse Capital Group; Bing Xiao, president of Fortune Capital; Wenzhong Zhang, founding father of Wumart Shops, chairman of Dmall, founding chairman of Taikang Group, and angel investor of Mashang Shopper Finance Co., Ltd.; Guangfu Cui, accomplice of IDG Capital; Hao Chen, president of Legend Capital; Ruigang Li, founding accomplice of CMC Capital Group; Zhengdong Ni, chairman and founding father of Zero2IPO Group; James Shen, vice chairman of Qualcomm and managing director of Qualcomm Ventures; Wei Li, founding accomplice and chairman of Inexperienced Pine Capital Companions; Min Wang, Changjiang Scholar, distinguished professor, deputy director of the Educational Committee of Central Academy of High-quality Arts, and founding accomplice of Huajin Huiyuan Administration Fund.
On the convention, delegates from funding establishments similar to IDG Capital, Qualcomm Ventures, and Hillhouse Capital Group famous that greater than listening to Chongqing, they had been working to introduce quite a few enterprises to develop within the metropolis. Furthermore, they are going to facilitate the matchmaking between the main corporations that they’ve invested in and Chongqing, to increase the ecological improvement chain of the businesses to Central-West China. They may additional increase their funding presence in Chongqing and enlarge their funding scale to know the event alternatives of the Chengdu–Chongqing financial circle.
Mr. Ran Peleg, Consul Normal of Israel to Chengdu, made an in depth introduction to the modern improvement and VC scenario in his nation. In his eye, Chongqing is an brisk metropolis pushed by innovation and the central metropolis within the improvement of West China, which enjoys and can get pleasure from nice improvement area and alternatives. He stated, Israel will additional deepen the cooperation with Chongqing, to develop mutual exchanges and cooperation in expertise and enterprises based mostly on the nationwide and regional improvement traits of industries and sectors, collectively selling nice improvement and cooperation.
Figuring out VC Tendencies and New Visions from A number of Views
As an outdated saying in Chinese language goes, “One ought to by no means be unduly elated by victory or depressed by defeat.” CIVC set 5 thematic boards, particularly, VC Discussion board, Enterprise Progress Empowered by PE/M&A, Capital + Chengdu-Chongqing New Financial system, Fintech Innovation Funding & Put up-investment Enterprises Progress, and “Cloud Discussion board”: Exploring Chongqing to Uncover the Energy of Innovation, the place delegates from funding establishments mentioned new VC traits.
On the VC Discussion board, Mr. James Shen, vice chairman of Qualcomm and managing director of Qualcomm Ventures, delivered a speech titled “Funding Technique of Qualcomm Ecology”. He famous within the speech that in 5G utility and empowerment, there are 4 features value of consideration, particularly, terminal AI, XR and multimedia, autopilot and robots, IoT and IoV. The funding in terminal AI emphasizes vertical platforms, typical utility, and key expertise. By way of XR and multimedia, Qualcomm favors scenario-based funding and pays consideration to new enterprise fashions. In autopilot and robots, consideration needs to be positioned on the applying situations of distant websites; whereas in IoT and IoV, on the situations of corporations’ non-public community. Western (Chongqing) Science Metropolis can present some situations to facilitate such form of entrepreneurship. Qualcomm’s VC fund within the 5G ecosystem is valued USD 200 million and the corporate is prepared to change with startups in 5G and 5G-related industries for frequent improvement.
In his speech on the discussion board on Enterprise Progress Empowered by PE/M&A, Mr. Dave Chen, founder, CEO, and managing accomplice of Oceanpine Capital, famous that the majority purchasers of exhausting and core expertise are in conventional industries, representing markets value of over RMB 1 billion. To fulfill the wants of every of those markets, one should actually perceive the business and the sector. Exhausting and core expertise start-ups should be related to sources and expertise of the business. Regardless of excellent merchandise and expertise, many younger entrepreneurs fail to match with these large purchasers and firms as a consequence of an absence of expertise within the business; in consequence, they go on a tough highway and are even tougher to achieve success. Subsequently, you will need to perceive industries and match sources.
On the discussion board on Fintech Innovation Funding & Put up-investment Enterprises Progress, Mr. Ge Yang, founding accomplice of Sky Saga Capital, delivered a speech titled “Market Funding Alternatives and New Tendencies of Scientific and Technological Innovation”. In his view, “New Infrastructure”, the brand new time period created by the state this yr, refers the development of elementary atmosphere for AI, clever manufacturing, biomedicine, and different industries to develop within the subsequent 50 years, together with the atmosphere of finance, sector science and expertise, R & D, industries, which is value listening to.
On the “Cloud Discussion board”: Exploring Chongqing to Uncover the Energy of Innovation, Mr. Steve Hoffman, entrepreneur from Silicon Valley, U.S., angel investor, and founding father of the Silicon Valley incubator Founders Area, delivered a speech in VCR. He stated, when selecting an funding goal, he is not going to concentrate on the expertise. Mr. Hoffman is not going to advocate an entrepreneur to develop expertise, because it requires years and even many years. What he cares is whether or not an entrepreneur is ready to uncover – to find some expertise and put it into use, use it in new methods, to unravel the enterprise issues that basically matter.
Collectively Selling Industrial Improvement in Chongqing and Wanting Ahead
Because the venue of this convention, Western (Chongqing) Science Metropolis launched related monetary insurance policies within the Implementation Plan for the Monetary Help for the Development of Western (Chongqing) Science Metropolis on the opening ceremony. In keeping with the insurance policies, long-term funds similar to these of wealth administration subsidiaries of banks as sources of VC funds are inspired; loans + forwards are supported; there will probably be modern science and expertise lending; and it’s inspired to hold out particular examination for monetary establishments. The required proportion of native funding of government-shared funds will probably be decrease; pilots of fund share switch within the regional fairness buying and selling market will probably be carried out; and pilots of tax concession for VC corporations are within the pipeline. Rewards will probably be granted to establishments that acquire home monetary licenses; subsidies will probably be granted to getting into banks, insurers, and fairness funding funds; danger compensation of as much as 50% will probably be granted to fairness funding establishments that fail in funding. For an enterprise, it’ll obtain curiosity low cost for loans within the early stage, subsidies at totally different milestones within the processing of going public, and rewards for the discharge of IPO and follow-up refinancing. With 64 insurance policies and opinions in 4 features, Western (Chongqing) Science Metropolis has made probably the most honest gesture, offering coverage ensures in guiding monetary capital to spice up industrial upgrades and improvement.
To speed up the development of the Chengdu–Chongqing financial circle, Chongqing has made early planning and format. At CIVC 2020, quite a few capital VC initiatives had been signed. Chongqing Trade Guiding Fund, Chongqing Angel Funding Guiding Fund, Chongqing Yufu Holding Group, and Chongqing Hello-tech Industrial Improvement Zone signed 15 cooperation agreements with IDG Capital, Inexperienced Pine Capital Companions, Linghang Ventures, CMB Worldwide, and BOE Expertise Group. The funding, with a complete contract quantity of as much as RMB 67.555 billion, includes the fields of next-generation IT, clever manufacturing, superior tools, new power, new supplies, industrial Web, AI, biomedicine, TMT, built-in circuit, energy tools.
On the Roadshow of Chongqing Innovation and Entrepreneurship Tasks, 10 native high-quality innovation enterprises and initiatives from Chongqing in biomedicine, semiconductor, power, and digital expertise had been offered. Delegates from prime funding establishments from residence and overseas attended the session and supplied feedback as VC mentors. A number of excellent initiatives had been acknowledged by the mentors and can have alternatives for deeper cooperation. The roadshow additionally attracted consideration from managers of Chongqing Hello-tech Industrial Improvement Zone, Scientific Attaché on the Consulate Normal of Italy, and plenty of business elites, who attended the session as company.
To construct a bridge that connects enterprises and funding establishments, the conferences arrange exhibition and demonstration zones. In these zones, delegates from 118 enterprises with financing wants supplied guests with demonstration of and introduction to related expertise, merchandise, and initiatives. On the location, delegates from funding establishments had in-depth understanding and inquiries of the initiatives. Many funding establishments had funding intentions for related initiatives and can deepen the engagement for any potential cooperation alternatives.
The convention drew intensive consideration from VC establishments from all around the world to Western (Chongqing) Science Metropolis. It offered the present improvement traits in VC and the format of commercial improvement. Sooner or later, it’s hoped that the funding establishments will flip their consideration into funding observe and that VC establishments will transfer their funding format westwards, to help Chongqing’s improvement along with Western (Chongqing) Science Metropolis.
SOURCE IDG World Expo