2019.04.21 CoStone Capital 浏览次数:
April 9, 2017
CoStone Annual Meeting 2017 made a hit in Sanya, Hainan from April 8 to 9. The theme was "Navigating Through the Fog". After three decades of rapid growth, China has entered a "fog" where the economy is declining and plagued by government debts, non-performing loans in banks and overcapacity. Moreover, the deteriorating business environment, a weak real economy driven by investment and the complex international situation have caused more uncertainties. Will the "fog" disperse? Can we get out of the middle-income trap? How do we keep moving forward?
CoStone Annual Meeting 2017- Navigating Through the Fog
To answer the questions, Zhang Wei, Chairman of CoStone Capital, Wen Pengcheng, Founder of Wens Foodstuff Group, Ma Xiuhui, CEO of Opple Lighting, Peng Jianfeng, Professor at Renmin University of China, Tang Xiao'ou, Professor at the Chinese University of Hong Kong, Shi Wei, a chief expert of China Stone Consultant, Gong Pengcheng, Professor at Peking University, and Chen Zhiwu, Tenured Professor at Yale University, gathered at the meeting to share their insights.
Entrepreneurs Forum-Growth of Enterprises Under Uncertainties
At the same time, the Entrepreneurs Forum witnessed heated discussions on the development of healthcare, TMT, culture & entertainment, and other emerging industries. Entrepreneurs from these industries made informative speeches. Wu Xinghua, Chairman of Quanyi Health, Cheng Minghe, President of Mindray Bio-Medical, Yuan Yuyu, Chairman of MedPlast HealthCare, Sun Jianhua, Chairman of Sino Medical, Xu Li, President of SenseTime, Liu Zihong, Chairman of Royole, Zou Xiaowu, Chairman of Easy Click Worldwide, Ma Dong, Founder of Mewe Media, Zeng Rong, Founder of Houghton Street Media, and Ding Feng, Founder of Ergeng Network, were among them.
Chairman Zhang Wei making a speech
Chairman Zhang Wei expressed that innovation and entrepreneurship would be the only way for China to get out of the "fog". It means to encourage people to do business creatively and drive innovation in Premier Li Keqiang's words. Chairman Zhang emphasized that CoStone Capital has always been optimistic about the investment in China. The rise of a large-scale middle class has brought a great transformation to the consumption structure and growth mode in China. New forms of consumption are booming and the industrial upgrading is under way. "Over the past two years, CoStone Capital has made a total of $10b investment, with more than $6b put in the PE/VC industry. Our portfolio represents China's new economy, which has been the major driver of the entire economy," he said.
Speaker
Prof. Peng Jianfeng
Peng Jianfeng is Professor and Supervisor at Renmin University of China, Chairman of China Stone Management Consulting Group, Deputy Director of China Enterprise Confederation Management Consulting Committee, Vice President of Beijing Enterprise Directors Association, and a famous management consulting expert in China. Prof. Peng used to be Vice President of the School of Labor and Human Resources of RUC. He has been engaged in the consulting and research work on HR management and corporate culture for a long time. He also provides consulting services for enterprises. He has been hired as a senior management consultant and a team leader by Huawei and TCL successively. The team led by him has consulted for dozens of famous enterprises, with the results of Huawei Basic Law, OCT Charter, TCL: Defeat Scale with Speed, Samsung (China) Culture and Dongfeng Nissan Programme of Action.
Prof. Tang Xiao'ou
Prof. Tang Xiao'ou received his bachelor's degree from the University of Science and Technology of China, Hefei, in 1990, a master's degree from the University of Rochester, Rochester, NY, in 1991, and a PhD degree from the Massachusetts Institute of Technology, Cambridge, in 1996. He is Professor at the Department of Information Engineering and Associate Dean (Research) of the Faculty of Engineering at the Chinese University of Hong Kong. He worked as the group manager of the Visual Computing Group at the Microsoft Research Asia from 2005 to 2008. His research interests include computer vision, pattern recognition, and video processing. Prof. Tang received the Best Paper Award at the IEEE Conference on Computer Vision and Pattern Recognition (CVPR) 2009. He is a program chair of the IEEE International Conference on Computer Vision (ICCV) 2009 and has served as Associate Editor of IEEE Transactions on Pattern Analysis and Machine Intelligence (PAMI) and International Journal of Computer Vision (IJCV). He is a fellow of IEEE.
Prof. Shi Wei
Shi Wei is a researcher and Chief Consultant at the Finance and Securities Institute of RUC. He has been engaged in enterprise management consulting since 1995, specializing in marketing and enterprise strategy. He has served TCL, Midea Group, Giti Tire, Motorola, Liuhe Group, Robust Group, CIMC, Telling Telecom and SPD Bank. He also provides management trainings for many enterprises in China, which have been well received.
Prof. Gong Pengcheng
Prof. Gong Pengcheng, a famous scholar and thinker, was born in Taipei, Taiwan. He earned his PhD from the Research Institute of Chinese Language and Literature, National Taiwan Normal University. He was Dean of the College of Liberal Arts, Tamkang University, Founding President of Nanhua University and Fo Guang University, and President of Eurasian University, USA. He is the recipient of the Zhongshan Literature and Art Award. He served as Professor at Beijing Normal University, Tsinghua University, Nanjing Normal University after 2004. Now he is Professor at the Department of Chinese Language and Literature, Peking University.
Prof. Chen Zhiwu
Prof. Chen Zhiwu graduated from Central South University in 1983 with a bachelor's degree. Later he obtained a master's degree from the Changsha Institute of Technology in 1986 and a PhD from Yale University in 1990. Prof. Chen is Director of the Asia Global Institute (AGI), Chair Professor of Finance and Victor and William Fung Professor in Economics at the University of Hong Kong. He is a former professor at Yale University (1999-2017). His research covers finance theory, the sociology of finance, economic history, quantitative history, emerging markets, as well as China's economy and capital markets. He was also a Special-Term Visiting Professor at Peking University (School of Economics) and Tsinghua University (School of Social Sciences).
Rewritten by: Jiang Xiaomei, Edited by: Du Zhixin, Wei Yiyi
过去一年，牛市重启，科技领航。
正如我在2024年10月所说的那样，“924”的行情并不是一个反弹，而是一个反转，自那以后，中国资本市场经历了一个从低估到价值回归的过程。
当上证指数来到10年最高点，“易中天”一年翻几倍，“寒王”市值一度突破6000亿，其他科技股也动辄百倍PE、百亿估值，有人贪婪，有人恐惧，还有人问我：科技股存在估值泡沫吗？
我说，这是一个时代的饥渴与焦虑，在资本市场中的投射。如果你理解这一点，你就不会对当前科技投资的热潮感到困惑。
投资与宏观经济无关，但确与地缘政治有关。
中美关系决定了未来几十年的投资，地缘政治极大构建了我们这个时代的饥渴与焦虑，深刻重塑了我们的投资行为。
中国的饥渴与焦虑是什么？第四次工业革命的大幕已然开启，第三次工业革命的短板却还未补齐，时不我待！
所以当有人疑惑，为什么国产算力芯片企业，技术难以望英伟达之项背，却有这么高的估值？为什么英伟达的PE只有50倍，“中国版英伟达”却有300倍？
我说，逻辑刚好反了，正是因为短期内追不上英伟达，这些企业才被赋予了更高的战略性定价，而且差距越大，战略价值越高。越得不到越饥渴，越追不上越焦虑，如果有一天，我们的算力芯片完全突破了，估值反倒会下来。
中国最美的自然风景在哪里？我认为很大一部分分布在横断山脉及其周边，梅里雪山、玉龙雪山、贡嘎山、四姑娘山、九寨沟等等都在这里。巨大的落差，结构性断裂，形成了壮丽的风景。
硬科技投资就是这样，技术代差、能力断点、体系缺口——难度的跃迁，带来了估值的跃迁，成功之后也将带来回报的跃迁。
这一逻辑，除了算力芯片领域，在存储芯片、商业航天等中国与外国差距比较大的领域，也都有所体现。
正因如此，从2016年开始，基石资本就果断将投资重点聚焦到硬科技、新兴产业和生命科学与健康三个领域——在这个语境下，“硬科技”特指那些与美国有代差的重要产业。
得益于这样的前瞻性，基石资本很早就在半导体、人工智能和机器人等关键领域实现了全产业链布局。
展望未来，科技进步与产业升级是无尽的前沿，硬科技产业差距的缩小亦无法一蹴而就，技术创新和国产替代的双重机会之窗才刚刚打开，任重道远，未来可期。
作为投资机构，基石资本将继续投身于每个时代的饥渴与焦虑，顺着时代的张力前行，向最难、也最重要的方向延伸。