In the small and medium-sized board neo-eight-legged essay ,Han and native VC story is the most prevailing media indulge in elaborating on .In 1995, Beijing laser guidance professional graduate Gao Yunfeng founded the Han Industrial ( Han ) ,specializing in the production of laser engraving machine ,which is in the United States has been confirmed sales market a good product ,he believes in China will also face a very good development .
In the early stage venture, capital insecurity ,conditions are very hard ,Gao Yunfeng put up his house ,cars were thrown into a company ,also is the realization of the registered capital of 1000000 yuan .
In the absence of financial support, the scale of production and sales are in a small workshop in .This is not what Gao Yunfeng wants ,but to rapid development ,Gao Yunfeng with money and difficult to achieve .
How to change the status quo ,in the external capital market is not perfect ,no mortgage banks can loan, Gao Yunfeng decided to introduce risk investment .Risk investment in China has just started ,Gao Yunfeng found not far from their office address and the strength of the Shenzhen high-tech investment .
After research, high-tech investment that Han have investment value .But then the new cast presented in two conditions: first ,must holding ;second ,must be based on net assets pricing .
In 1994, both conditions whereby the joint venture established Han ,high investment in new enterprises invested 4380000 yuan in cash,shares accounted for 51% .At the same time ,Gao Yunfeng as he regained control of the enterprise leaving space ,he and high-tech investment agreement, if in one and a half years Han net productivity rose from 8600000 yuan to 20000000 yuan,Gao Yunfeng can repurchase .
The introduction of risk investment, Han continue to adhere to product development, market-oriented philosophy, entered the drive of development ,enterprise scale is expanding rapidly .Han thinks ,market does not need the highest technology, but the most suitable technology .
They developed strong purpose ,made out of things to do ,not to do the most new ,only the most practical .Gao Yunfeng called it a reverse technical innovation ,namely, the first in the market with the order ,after the orders and innovation .
In 2000 September,a year and a half expired, Han net assets achieves 34000000 yuan .Gao Yunfeng asked to buy back holding power ,but due to the transfer of foreign state-owned assets are involved ,the Shenzhen municipal state-owned assets management departments approved the high-tech investment and the Han 46% stakeout a public auction .
In the fierce contest ,Gao Yunfeng with 24000000 yuan price,repelled the ROC venture capital investors who purchased ,and Shenzhen high-tech investment and the original input about 4000000 yuan of funds in the years varus six times .
Han in subsequent developments ,has also introduced the Hongta innovation investment company ,Shenzhen Dongsheng venture investment mechanism .In 2001, Han shareholding system transformation .
Shareholders place differentiates afresh : Gao Yunfeng and its control of the Han Industrial respectively hold 29% stake in the company,Yangpu China Ocean 10% shareholding,Hongta ,Dalian Innovation is the source and the Shenzhen Dongsheng each hold a 8% stake in the company,high-tech investment holding 5% .
In 2004, Han successfully landed in Shenzhen small and medium-sized market ,issued 27000000 shares ,issue price of 9.2 yuan / share.On Gao Yunfeng ,Han industrial shares accounted for 21.68% ,Yangpu China Ocean 7.
48% shareholding,Hongta ,Dalian Innovation is the source and the Shenzhen Dongsheng stock 5.98%,high-tech investment holding 3.74% .At that time, China market ,listed company within three years does not allow the transfer of legal person shares ,therefore, Han after the listing of VC did not immediately exit .
But according to the panoram net statistics, after three years, Han become small and medium-sized board listed the building rich machine running the fastest company ,among them, Shenzhen Dongsheng venture investment company limited to 4174000 yuan costin Han ,in June 25, 2007, part of the equity value of up to 113.
7 times .Compared with Han ,landing in June 27, 2006 the small plate of Shenzhen City Electronics Company Limited ( hereinafter referred to as Coship Electronics ) and VC marriage story is more typical ,Coship listed can thus be regarded as a native VC development of milepost type event .
Coship Electronics was founded in 1994 ,initially made the LED started ,but the industry was hot for a while, 1998,along with the popularity of PC ,LED golden age had come to a head .Coship chairman Yuan Ming although it is science and technology origin [url=http://www.nikeairmaxshoesu.com/]Cheap Nike Air Max[/url]
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, but very good grasp of market orientation .Olfactory sensitivity of Yuan Ming grabbed a called every village project ,turned into the emerging digital TV industry .Due to the early, the project goes smoothly ,Coship quickly in the new field of creative .
It is time for China to do poineering work board roll out the highest voice of .Just in the field of digital television stand Coship ,annual revenue size reached tens of millions ,was included in the Shenzhen city hall and the Shenzhen Stock Exchange to develop two companies list, become at a draught risk investment are chased .
The final grab Coship electronics for a total of four organizations ,respectively is the morning of venture investment ,venture capital ,Shenzhen innovation research and Shenzhen high-tech investment ,total investment 24000000 yuan,the morning of venture because Hunan Dianguangzhuanmei group background ( and with the island digital TV business is the relationship between upstream and downstream ) and share investment institutional holding half of the total ,investment 9600000 ,shares accounted for 10% ,Shenzhen innovation investment 7680000 yuan,holding 8% ;Shenzhen-Hong Kong production investment 4800000 yuan ,holding 5% ;Shenzhen high-tech investment 1920000 yuan,2% shareholding,the investment earnings multiple of about 8 times ,average 2.
22 yuan per share.( need confirmation from the prospectus ) at the beginning of 2001 investment 20000000yuan of funds in place;in April the same year ,Coship complete ownership changes, Coship listed arrow in the string .
In 2001, Coship year income achieves 150000000 yuan,profit 12000000 yuan ,an increase of nearly one times .But the capital market has changed the direction of the wind, do poineering work board gradually did not have sound .
Listed a forced aground, short-term inside VC exit was not possible, VC role at this time began to show landscape .To develop ,fund essential .VC for the electronics for the local government policy support funds ,each year 1 of millions ofgovernment funds to support .
One of the shareholders of high-tech investment and secured financing function ,as Coship guarantee received 1 milliondevelopment fund .By four VC another investment in Cambridge communications and electronics mutual insurance, and to solve the 1tens of millions of funds.
Plus four investment companies to invest in the 2 over 10 million,and in fact as Coship electronics provides 5 more than 10 millionfunding .With the financial backing, the business can open hands .
One of four investors in the morning of venture ,the major shareholder is Hunan electronic media ,and electronics is on the lower reaches of the supply demand relations ,which makes the electronics in the open market, competitors are more likely to be broadcasting system recognition .
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