cloud network hunting note: UC has been ali acquisition, and one of the largest shareholder is ali. The two well-known enterprises are connected and ali, behind which there is a person’s silhouette – QuTian. Turned out to be ali investment, he founded the bat capital now. Why to want to invest after successive start-up failure of Mr Wang? Why to want to invest a haven’t graduated from junior high school student? The investment is to people! Today cloud network editor hunting gentleman to share the story of his investment.
the author: Xie Pu from: technology crab (micro signal: jiaxinwen360)
ali out entrepreneurship “orange” has two Tony, one is to sing, founder of Chen, the other is a bat QuTian capital. Both of them are graduated from Peking University “, Chen graduated computer system, trained, QuTian college physics.
flexor field experience, it was interesting on the high school, physics at the university of north, anyway, has been zhongguancun street. With his classmates in the middle school students have a week, called week hero is Google China’s right-hand man, his university is computer, sogou in tsinghua, wang, rounded Yang Haochong are classmates. Later, week hero created waves gold, get matrix partners invest tens of millions of dollars.
the Internet is a small circle.
QuTian in university physics, after graduation, went to sina, hop to tencent, then went to the yahoo China, ali acquired yahoo China in 2005, two years later, QuTian transfer into the alibaba group, investment strategy, become one of the earliest employees in ali investment strategy, ali strategic investment at that time, only two people, fei-yan zhang and QuTian.
bends Investment field in ali, responsible for the Case, of which, he introduced and participation in execution is one of the most famous two: Meituan with UC. UC 2013 merged with ali, the price of more than $5 billion, while Meituan, now valued at about $8 billion – the two investments, BAT at home such as classic case of big department, even in professional VC, is also one of the few successful cases.
big companies such as BAT, has a strategic investment, why mostly big company’s investment ended in failure, for example, tencent unprecedented electric daqo layout from 2010 to 2012, in the end with a stake in jingdong, tencent declared electric daqo failure, and, for example, ali’s word-of-mouth network?
the answer is simple, the investment of the big companies, is wearing chains in dance – all investment, in addition to the financial returns, pay more attention to obey the group strategy. VC investment, only gain financial returns, corporate investment, both financial returns, and talent acquisition, and a business supplement, even spend money to pay tuition, for the body to eliminate potential rivals.
investment purposes is much, natural portfolio has different fate.
of course, we can’t say, large corporate investment is no place, ali in investment layout, shape, baidu for where to go, to the guest, in the love, is also successful.
and tencent, also because of the electricity business layout debacle, paid the tuition fees, just had later investment jingdong refuse.
all things that are invisible to karma. Buddhist term called “method is empty, not empty” cause and effect. QuTian investment Meituan is such.
in 2011, in pushing down QuTian, ali invested Meituan, however, is the source of the deal in 2007. At that time, the QuTian at tsinghua university school of management MBA, Mr Wang, his speech after the meeting, Mr Wang QuTian found, to a telephone, also have the contact. QuTian second meeting with Mr Wang, was in 2009, Mr Wang do need network, QuTian run to wudaokou, find Mr Wang talked.
Mr Wang left QuTian very impressive, the only question is, this person, is a little bit quiet. Considering investment before the regiment, QuTian is some doubt, this kind of character will affect the company’s business.
seen after Mr Wang QuTian impression of Mr Wang to change – Mr Wang has changed a lot in these two years, opened a lot of, the group-buying industry also has a deep thinking. To see Meituan data, although the size is not the biggest, but the highest efficiency, cost control, the best is very stable. QuTian, said he had seen in almost all top group buying, but the whole team Meituan, is like most, kindred spirits.
finally decided to invest in, the whole market of Meituan and group-buying model also has a lot of controversy, just in time for Meituan performance is bad, the month QuTian spent a lot of energy to analyze data, trying to prove that earnings volatility is normal.
QuTian, said at the time of the background, the Suggestions and promote the company to invest in the United States, in order to prove and proves that the emotional, lost his consistent objective and neutral. , of course, the final results show that the project will be the investment projects in the past, the best financial returns.
the group’s project make QuTian want to understand one thing: the investment, in addition to the value of cold Numbers, more important is to see people, technology, the eye is second, and more valuable asset is actually, Mr Wang kui.
before investment Meituan QuTian effort is more a project of UC.
7 years, QuTian spent 1 year saw more than 200 wireless Internet companies on the market. At that time, the mobile Internet is still waiting for an opportunity, and the Internet industry is not particularly successful browser company, zhou haven’t launch browser, QuTian also didn’t think to look at the project of mobile browser.
by chance once friends and Mr. Hu (QuTian Peking University alumni, the founder of the air net, the original partners qiming, fun as deputy vice President zhang, now invested in millet) chat, asked him how he UC do, Mr. Hu was in ce, the source is UC series A investors, Mr. Hu said very well, and by colleagues cao (sequoia, vice President, now A source of capital founding partner) arranged to meet ucweb CEO QuTian.
and ucweb CEO for the first time meet, QuTian impression is very good, may be because ucweb CEO also worked in investment, it’s easy to communicate with each other, he put the market, business model, and made it clear the future development strategy, product data and user growth is also very good.
QuTian in August 2008 for the first time to visit UC company, to invest in March 2009 has been completed, the active users of UC doubled, the speed, the PC Internet is unthinkable.
UC, exist within the ali also hesitate at that time, the reason is that UC valuations are more expensive, profit model is not clear enough. Spent a lot of energy in internal QuTian push this project, and finally, at the ali group wireless strategy ma clappers determine investment of UC.
investment, UC QuTian faintly feel that the company can do 5 – $1 billion market value, he never expected the UC to sell $5 billion valuation to ali, of course, this is 2013. As early as a year ago, QuTian left ali joined CDH. However, if there is no early into the UC, in several bid for UC competition, ali will pay more cost, UC who in the end, not to be seen.
QuTian in CDH, do a project – Wang Zhiquan big park network, high-end household items, such as quilts, towels, clothes, house coat, investment big park, reason has a lot of, good category, big market, good product quality, good team, but words summed up the sentence: CDH and QuTian Wang Zhiquan, traders in kubah, sold to gome also calculate retire, traders experience, eaten kui, changes in temperature, understand.
from ali investment strategy to CDH venture, QuTian still like the freedom, not to be too much, just yourself doing angel investment. His fund, relatively new, called the bat capital, reputation is not big, but he has a reputation of LP – for example, huaxing capital bao fan, highland chuan thor, in fact, they are also focused on QuTian this person.
Tracy tian said, he’s investment philosophy, believe the fate, also the confidence of learning – digital too cold, model forecasts too rational, but the operation of this world, in addition to the rational side of more, a lot of emotional factors not to be ignored in many cases, these are the dominant. Rational but is carbon element, such as diamond, but the emotion and value of “forever” cues, such as stock market again, and even the global prevalence of “capitalism”, the transaction value, and also bring wealth distribution, but it is hard to estimate of the future, so we have different company PE value compete.
all in all, Tian is a favorite phrase of, “everything we call the implementation, is through the, actively create to show that we engage in.” Line from institutional investment, to the lone man angel, QuTian investment way also changed a lot, in the past, more is to choose, focus on the present situation of the enterprise, choose the best from many other enterprises, such as from the wireless industry chosen UC, beauty in the group purchase group; Now, more is involved, and entrepreneurs, focus on the people, his experience, growth, and the possibility.
interestingly, UC, the group’s project let QuTian fame, but after turn do angels, his investment project is not much, at present only 3-5 – in fact, from starting in ali investment at the beginning, but also a year on average for two or three projects. In the investing community, belong to “, the right route “blunt angel, slow investment”.
no matter how “dull”, fire makes sweet malt, QuTian recently an investment intention, always let a person feel some “strange” : one was in junior high school students, WuXing clouds and his “smart socket” project, plans to invest millions of QuTian given.
the “child prodigy” has several patents in hand, the day before meet with lei jun about smart socket, just finished in the mid-term examination in grade three. QuTian said, the first thing to do, is popular the cloud over its set up a perfect team.
however, this project is not short-term returns expected, more of that money is for the “00” after the boy, let him have the economic security, “the project may not be able to become, but for five years, ten years later, this person, will become”.
so, angel investment is more like a child bride.