Venture Capital Institution of the Western Great Leap Forward Pursues 200 Million Emerging Industry Risk Compensation Funds (VC308)

News on May 30, whether it is the established small and medium-sized board, the GEM, or the upcoming new three board, all venture capital institutions are in rush. A few days ago, Beixiang Investment and Chengdu Shuangliu County Government jointly established the Western New Energy Investment Fund. The Chengdu Municipal Government issued the "Chengdu Venture Capital Risk Compensation Special Fund Management Trial Measures", which will "power" the venture capital investment institutions in Chengdu. ——All these show that in the Sichuan venture capital market, both the venture capital “big crocodile” and the “small and unknown” small and medium-sized venture capital institutions will have their own advantages.

Beixiang teamed up with Shuangliu to support new energy

Shuang Rongqing, director and general manager of Beixiang Investment Group, recently appeared in Chengdu frequently. "We and the Shuangliu County Government of Chengdu have set up a joint venture to establish a new energy investment fund for the western region. Both parties will contribute 50%. Among them, the first phase will have 300 million yuan in place." Shuang Rongqing revealed. In fact, as early as in late October 2010, during the "West Expo" held in Chengdu, Beixiang Investment and Shuangliu County of Chengdu just signed an intentional cooperation agreement. "It is now substantive operation in accordance with the agreement."

"We are optimistic about Shuangliu New Energy, so the fund established by the joint venture with the Shuangliu County Government has a relatively single investment direction and only invests in new energy projects, such as polysilicon in the photovoltaic industry." Shuang Rongqing said, the reason why we want With Shuangliu County Government to jointly fund such a professional investment fund, the most important thing is to be optimistic about the development prospects of the new energy industry. 9GW will provide strong support in terms of policies and funds.

The Shuangliu New Energy Base, which has already entered the "national team", is another important reason why Beixiang Investment is willing to make a joint venture with the Shuangliu County Government. It is reported that Shuangliu was identified as the Chengdu New Energy Industry Functional Zone in early 2010, and was approved by the Ministry of Science and Technology and the National Development and Reform Commission as the Chengdu National New Energy Equipment High-Tech Industrialization Base and Chengdu New Energy Industry National High-Tech Industrial Base. We will make every effort to build a new energy industry cluster with hundreds of billions of characteristics, focusing on photovoltaic, solar thermal and wind energy.

According to the industry development plan, Shuangliu County's new energy industry sales revenue in 2012, 2015, and 2017 will achieve the near-, medium-, and long-term development goals of 30 billion yuan, 100 billion yuan, and 200 billion yuan, respectively. At present, in the Shuangliu West Airport Industrial Concentration Development Zone, the new energy high-tech industrial base has a planned construction area of ​​30 square kilometers, forming a new energy high-tech industrial base of 100 billion.

"The scale of 500 million yuan is not a small scale for Shuangliu County." According to sources in the Chengdu financial industry, according to the operation model of Beixiang, if the fund operates successfully, this will be the first branch of Chengdu by PE and the government The professional new energy fund established by the organization.

VCs chase "new" for profit

It is reported that, in the current Chengdu venture capital market, compared with the venture capital "Big Cheong" like Beixiang Investment and local governments to jointly invest, more venture capital institutions are investing in small and medium-sized startups. "Since 2011, I have handled several investment projects, such as investing RMB 50 million in Chengdu Huaqi Houp Electromechanical Technology Co., Ltd. and RMB 40 million in Sichuan Hebang Co., Ltd." Chengdu Detong Yinke Venture Capital Fund Manager Luo Qun said that although the investment amount of each project is not very large for Detong Yinke, it can play a decisive role for small and medium-sized startups that accept the investment. The role.

Why is 50 million yuan invested in Chengdu Huaqi Houp Electromechanical Technology Co., Ltd.? The reason for Luo Qunyi's translation is simple: this company is a professional company that develops and produces CNG, LNG filling machines, gas station metering and control systems, and network management systems for gas stations. Listed on domestic A shares.

"The other company we invested in was Sichuan Hebang Co., Ltd., which invested 40 million yuan." Luo Qunyi said that the company is an emerging joint-stock company mainly engaged in chemical industry, the company's two subsidiaries-Sichuan Hebang Phosphate Mine Co., Ltd. and Sichuan Hebang Salt Mine Co., Ltd., respectively, have phosphate mines and salt mines with considerable recoverable reserves and high grade, which have considerable resource advantages.

At present, the choice of investment direction of venture capital is mostly inclined to emerging industries. Huatie Vanadium and Titanium Technology Co., Ltd. has independent intellectual property rights of "denitration catalyst carrier-titanium dioxide" in line with the industrial policy of energy saving and emission reduction, the market prospect is broad, has been "phased" by Shenzhen Lihe Venture Capital Co., Ltd. "We have signed a formal equity investment agreement with Huatie Vanadium and Titanium Technology Co., Ltd." said Liu Jinbo, investment manager of Shenzhen Lihe Venture Capital Co., Ltd.

The investment director of Beijing Qingyun Venture Capital Co., Ltd. Zuo Lin said that they are also interested in Chengdu Hongshi Display Technology Co., Ltd., also because this company is engaged in organic electroluminescent display devices (OLED), modules and their applications R & D, production, sales and service belong to enterprises in emerging industries. "We are more specific in the direction of investment, not for breadth, but for depth, focusing on investment opportunities in industries such as environmental protection, energy saving and emission reduction, and new energy, such as photovoltaic power generation, LED, and intelligent transportation." Zuo Lin said.

In addition, Liu Jian, investment manager of Chengdu Yingchuang Power Venture Capital Co., Ltd. also revealed that they have already invested in Baishi Optoelectronics Technology Co., Ltd. with an initial investment of RMB 100 million. This company is also engaged in LED projects, which meets the basic conditions for Yingchuang Power Fund to invest mainly in emerging industries.

Risk compensation funds reached 200 million

The data shows that as the financial center of western China, at least 20 internationally renowned PEs and VCs have set up representative offices here, or jointly established venture capital funds with the local government. Chengdu has become a hot spot for VCs and PEs to compete in the west region. In this regard, some industry insiders analyzed that the above phenomenon may be related to Chengdu's policies. For example, Chengdu recently issued the "Chengdu Venture Capital Risk Compensation Special Fund Management Trial Measures" (referred to as "Measures") is a proof.

The special fund is arranged by Chengdu Municipal Applied Technology Research and Development Fund and Chengdu City's newly added special fund in a proportion of 1: 2, with a capital scale of 200 million yuan, of which the start-up capital is 45 million yuan, and the rest is based on actual conditions within 5 years Usage and demand are gradually in place.

For compensation and subsidy standards, according to the requirements of the Measures, the maximum compensation rate for a single venture investment project is 30% of the project investment loss, the maximum compensation amount for a single venture investment project is 1 million yuan, and the compensation received by a single venture investment enterprise The annual amount is up to RMB 3 million.

"Of course, there are conditions and requirements for obtaining compensation." The relevant person of the Chengdu Municipal Science and Technology Bureau said that the investment target of a single venture investment project must be registered in the Chengdu domain, and is in the process of creation or reconstruction. The annual sales are SMEs with a net worth of less than RMB 30 million or a net asset of less than RMB 20 million. The investment behavior of a single venture investment project must occur after January 1, 2009, and the project investment period has expired for 1 year.

Units applying for subsidies for the construction of venture capital service platforms must have the qualifications of enterprises, institutions, and associations, and have at least three full-time managers with more than two years of experience in venture capital related business. The applicant must have at least one of the relevant The qualification and ability of the function, only then have the opportunity to apply for special fund subsidies.

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