普洛斯 际链,普洛斯际链科技怎么样

普洛斯际链科技是一家以区块链技术为核心的科技企业，致力于为全球客户提供更加安全、可靠、高效的区块链解决方案。

普洛斯际链科技的核心技术是普洛斯区块链，它是一种基于分布式账本技术的全新区块链架构，主要用于解决传统区块链技术存在的安全、可靠、高效等问题。

普洛斯区块链技术的优势表现在：首先，它可以极大地提升区块链系统的安全性，能够有效防止51%攻击和其他的攻击；其次，它可以提高区块链系统的可靠性，能够有效防止系统的单点故障；最后，它可以极大地提升区块链系统的性能，能够有效支持大规模的交易。

此外，普洛斯际链科技还提供了一系列的区块链应用解决方案，主要用于支持企业、金融机构、政府等客户构建安全、可靠、高效的区块链应用体系。

例如，普洛斯际链科技提供的普洛斯交易所解决方案，可以帮助客户快速搭建安全可靠的数字资产交易平台；普洛斯投票解决方案，可以帮助客户实现安全、可信的网络投票；普洛斯身份认证解决方案，可以帮助客户实现安全、可靠的身份认证；普洛斯供应链解决方案，可以帮助客户实现安全、可靠、高效的供应链管理。

普洛斯际链科技是一家以区块链技术为核心的科技企业，通过提供普洛斯区块链技术和一系列的区块链应用解决方案，可以帮助客户更加安全、可靠、高效地构建区块链应用体系，为全球客户提供更加安全、可靠、高效的区块链解决方案。

请查看相关英文文档

① What are the introductory books on blockchain?

"New Economic Blueprint and Introduction"

Published: 2016

Recommendation: This book is mainly for programmers. Combined with API programming, it tells you the principles and usage of cryptocurrency, and how to develop related software. For non-programmer readers, the first few chapters of this book are still applicable as an in-depth introduction to Bitcoin. (Book pdf download: https://quant.la/Download)

② During the “14th Five-Year Plan” period, the energy storage high-quality development eco-city will launch a number of “new infrastructure” projects

< p>Jinyun News: The reporter learned from the China-Singapore Eco-city press conference on December 24 that in order to implement the spirit of the Fifth Plenary Session of the 19th CPC Central Committee, speed up the construction of new infrastructure, and strive to improve the innovation and sourcing capabilities, China-Singapore Tianjin Eco-City has planned a number of key new infrastructure projects during the 14th Five-Year Plan, and the project investment will account for 20% of the fixed asset investment during the 14th Five-Year Plan.
It is reported that the Eco-City’s first batch of new infrastructure construction projects totals 32, with a total project investment of 30 billion yuan, including the Northern Big Data Trading Center, CIM Platform, Smart Schools, Smart Medical, Optoelectronic Chip Center, GLP “AI+ "A number of new projects such as intelligent logistics industrial parks and new energy intelligent connected vehicles will start construction. At the same time, a series of projects such as urban brains, smart transportation, smart communities, smart energy towns, smart libraries, and smart charging piles have been launched. Implementation projects are also being continuously improved.
In the next step, Eco-City will continue to add application modules to further strengthen the cloud scheduling function of the city brain, achieve rapid response to emergencies, and allow the city to operate efficiently. Network facilities such as 5G and narrowband Internet of Things have been rationally deployed, and a total of approximately 200 5G base stations have been built to achieve full coverage of residential, public and industrial buildings. Intelligent sensors covering municipal administration, transportation, environment, energy and other fields are deployed, and approximately 300,000 neuron sensing nodes are planned to be built to allow full sensing terminals to penetrate the entire eco-city and provide a foundation for smart city construction. Build an eco-city big data management platform to open up, exchange and add value to data, forming a city data base. Establish a CIM city information model platform. Based on the BIM building information model platform, further integrate data on land spatial planning, land ownership, building energy consumption, sponge city monitoring, underground pipeline maintenance and other data to achieve multi-regulation compliance in smart city planning and management. one.
During the "14th Five-Year Plan" period, the Eco-City will also create hundreds of new application scenarios. In terms of smart energy, we will build multi-scenario applications to jointly control virtual power plants and urban energy big data centers; in terms of smart community construction, we will use the existing Keppel Jijing Fengge smart community as a demonstration to gradually build pilot projects in more than 50 residential communities1 - 4 star-rated smart communities, and 5 3-star or above communities will be renovated. In terms of smart education, we will build an eco-city education cloud platform and a big data bearing platform to achieveSmart campus management and education teaching. In terms of smart medical care, a unified smart medical information supervision platform will be built to coordinate medical resources, public health service resources, and epidemic prevention resources in the region, and promote mutual collaboration among member units of the medical consortium. In terms of smart tourism, a four-level smart tourism system is built through tourist distribution centers, tourist service stations, smart service points, and smart service terminals to enrich tourists’ smart travel experience. In terms of waste-free city construction, the northern pneumatic transportation system, solid waste information platform, renewable energy recycling project, and 50 "waste-free cells" have been built to continue to play a pioneering and pilot role in solid waste management and resource utilization.
On the one hand, the external interface of the eco-city's "5G+AI" application scenarios is reserved to create an open environment and attract smart technology companies. On the other hand, focusing on the upstream and downstream of 5G, we will cultivate and introduce development companies in related fields such as education and training, industrial maintenance, retail display, etc., and extend the industrial chain derived from the new infrastructure. The Eco-City will also leverage the digitalization process of the manufacturing industry and accelerate the creation of a cross-industry and cross-field industrial Internet platform supported by new generation information technologies such as mobile Internet, Internet of Things, big data, cloud computing, and blockchain.
In addition, in order to leverage market-oriented investment entities to participate in construction and provide financial support for new infrastructure, the Eco-city will give full play to the leverage effect of government investment, actively seek support from local government special bonds and central budget funds, and use government purchase services , PPP and other methods to mobilize social capital to increase investment in new infrastructure.

③ Hu Fei of Selling Good Cars: Three Cores of Automotive Supply Chain Financial Innovation

As a representative of promoting the digitization of supply chain finance in the domestic automobile circulation field, Hu Fei, CEO of Selling Good Cars, was recently invited Attended the 4th Strategic Supply Chain Thought Leadership Forum. At the forum, Hu Fei shared the practice and innovation of selling good cars in the digitalization of supply chain finance in recent years. He said that the three core points of innovation are that assets can be "accurately judged, can be seen, and can be sold." At the same time, he believes that going deep into the circulation industry chain and finding the credit and value of the assets themselves is the key to improving the financial efficiency of the automotive supply chain, and can more effectively promote the healthy development of the supply chain finance industry.

(Discussion on the theme of innovation and development of supply chain finance)

As an important platform for annual leading companies to communicate with authoritative experts and scholars to discuss supply chain development trends, strategic supply chain thought leaders The forum has played an important role as a benchmark for the promotion of domestic supply chain practices and industry-university-research cooperation. The theme of the fourth forum is "Digital Supply Chain and Business Model Innovation Driven by Dual Cycles". Professor Chen Xiaohong, academician of the Chinese Academy of Engineering and President of Hunan Technology and Business University, Professor Zhao Xiande, director of the Supply Chain and Service Innovation Center of China Europe International Business School, and other world-leading scholars, Executives from many well-known companies such as JD.com, Procter & Gamble, MYbank, ProLogis, Huahaoche, Bank of Shanghai, and Liannuo Financial Services participated in this forum.

(Keynote Speech by Professor Zhao Xiande)

In recent years, with the proposal of the dual cycle goal of domestic and international economies, supply chain finance, as an innovative service model integrating industry and finance, has been influenced by many national-level policies. encourage. In the 2021 government work report, it was specifically proposed to "innovate the supply chain financial service model." At the end of June, the central bank issued a document to vigorously promote supply chain financial services to small, medium and micro enterprises and implement a due diligence and exemption system. The industry predicts that the domestic supply chain finance market will grow from 23 trillion in 2019 to 40.3 trillion in 2024.

While supply chain finance is booming, there is also a lot of room for improvement. Especially in the heavy and long automobile circulation field, Hu Fei bluntly said that in the past, China's automobile supply chain finance had a poor digital foundation, which directly led to the high cost and extremely low efficiency of traditional automobile supply chain finance. Unlike other industries where long-tail companies are more affected by the accounting period of core companies, resulting in tight capital chains, the large number of "non-authorized system dealers" in the automotive industry, that is, small and micro car dealers, do not even exist at all. Within the scope of supply chain financial services led by OEMs.

(Hu Fei, founder and CEO of Selling Good Cars)

Targeting small and micro car dealers in the sinking market, Selling Good Cars has innovatively explored a set of digital supply chain finance in recent years. The bottom layer of the plan is a typical "controlling property" logic, that is, by clarifying the information of the most valuable automobile assets in circulation to control the risk of bond failure, for the first time in the industry, automobile assets have been "accurately judged, can be seen, and can be sold." ", changing the past industry practice of relying on the credit of the vehicle dealer itself, and truly realizing the "asset credit" of trading vehicles as the core.

Hu Fei said that warehousing is the infrastructure for digitalization and real-time supervision of the automobile supply chain, and it is also the core node for providing services to small and micro car dealers. Selling Good Cars uses self-built smart warehouses across the country as nodes, and uses the Internet of Things system, AI big data system and blockchain system to ensure the authenticity of online car sources. For supply chain investors such as banks, this is real asset information, realizing The "accurate judgment" of automobile assets has been achieved. The whole-process digital and intelligent supervision avoids the risk of asset supervision in the supply chain finance process and realizes the "visibility" of automobile assets. Based on digital assets, Selling Cars has derived a series of complete supply chain services such as vehicle procurement and warehousing and logistics, and facilitates large-scale transactions by efficiently linking upstream and downstream vehicle dealers. In addition to “accurate judgment” and “visibility”, assets can be “sold”rdquo;.

It is understood that Selling Cars has built 342 intelligent digital warehouses in more than 250 cities across the country, laid out more than 18,000 transaction logistics networks, and has a credit limit of more than 5 billion on the financial side. Digital innovation has significantly reduced the financing costs of small and micro car dealers from 15% to less than 5%, and the financing time has increased from several days in the past to a few seconds now. The platform's annual service model is selling more than 500,000 new cars, and the cumulative service The number of car dealers exceeds 40,000.

At the forum, Wen Jianjun, visiting professor of the Business School of Renmin University of China, fully agreed with this. He believes that there are five criteria for measuring a company's supply chain financial innovation: whether it effectively solves the financing needs of small and medium-sized enterprises, whether it controls risks, whether financial costs can be effectively reduced, whether the service is good, and whether it helps the industry in question. Small and medium-sized enterprises have improved their operating capabilities. @2019

④ What are the good brands of smart express lockers

Yi Mailbox: developed by Nanjing Chao Life Information Technology Co., Ltd., merging the previous leading companies in the smart express locker industry "Express Express", combined with China Post and Cainiao Network, has rich experience in smart express locker services and community e-commerce operation advantages. As the founding unit, Chao Life owns the trademark "Easy Mailbox" and is the first chip-level R&D unit in the country to start R&D and batch supply of express lockers.
Fengchao Technology: Fengchao Technology was established on June 6, 2015. It was jointly established by the express delivery giant SF Holding and four logistics companies: STO, Zhongtong, Yunda, and GLP. Fengchao's main business lies in the research and development, production and application of smart express cabinets, and with this as its core, it develops a full range of professional express terminal services.
CIMC E-Stack: CIMC E-Stack was constructed in December 2014 with an investment of 400 million yuan from CIMC Group. CIMC's E-Stack planning starts from the Southern China region, takes the first-tier city gathering areas as the core, and penetrates into the north, Shanghai, Guangzhou and Shenzhen to achieve nationwide network coverage. Currently, it has settled in more than 10,000 communities in first-tier domestic cities such as Beijing, Shanghai, Guangzhou, and Shenzhen, and has deployed 14,000 sets of express cabinets, serving more than 8 million users, and has made more than 60 million deliveries.

⑤ "Blockchain's Road to Asset Digitization" epub download and online reading, please ask for Baidu Netdisk cloud resources

"Blockchain" (Andreas Andersen) Andreas M. Antonopoulos) e-book network disk download for free online reading

Link:

Extraction code: 0bu8

Book title: District Blockchain

Author: Andreas M. Antonopoulos

Translator:Lin Hua

Douban score: 8.5

Publisher: CITIC Press

Publication year: 2018-4-1

Number of pages : 376

Introduction:

Want to join this technological revolution that is sweeping the world’s financial industry like a storm? "Blockchain: The Road to Asset Digitization" is your guide to the seemingly complicated world of Bitcoin. It provides you with the necessary knowledge to enter this monetary Internet world. Whether you're building the next killer app, investing in a startup, or just curious about technology, this practical book is a must-have.

Bitcoin, the first successful digital currency, although still in its infancy, has already brought economic effects of billions of dollars worldwide. This economic activity is open to anyone with relevant knowledge and enthusiasm. "Blockchain: The Road to Digital Assets" will provide you with the necessary knowledge (not including enthusiasm).

This book includes the following:

●A broad introduction to Bitcoin—ideal for non-technical users, investors, and business executives.

●Technical Foundations of Bitcoin and Cryptocurrencies - Tailored for developers, engineers, and software and system architects.

●Detailed introduction to relevant details such as Bitcoin decentralized network, peer-to-peer architecture, transaction life cycle and security principles.

●The development of forks based on Bitcoin and blockchain, including alternative chains, alternative coins and alternative applications, etc.

●Illustrate key technical concepts through user stories, elegant analogies, examples, code snippets, and more.

About the author:

Andreas M. Antonopoulos

A well-known technical expert and serial entrepreneur, Now he is one of the most famous and respected figures in the Bitcoin circle. He is also an accomplished public speaker. He began giving Bitcoin-related speeches in public in 2013 and quickly became the most famous speaker in the industry. So far, he has conducted 75 TED-style conversations in the United States, Brazil, New Zealand, the Czech Republic and other countries, and the response has been overwhelming. He is also a best-selling author, and his books, such as "Monetary Internet 1&2", have long been at the top of the best-selling list.

Translator Introduction

Lin Hua

Chartered Financial Analyst, American Certified Public Accountant, and Certified Risk Manager.

Currently the president of China Asset Securitization Research Institute, chairman of Shanghai Heyi Financial (cn-abs.com, fundadmin.com.cn), PPP targeted invitation treasury expert of National Development and Reform Commission and Ministry of Finance, China Expert consultant of the Asset Securitization Business Professional Committee of the Securities Investment Fund Industry Association, independent director of Industrial Bank, and independent director of Zhongyi Asset.

Guohe-Yale Global LeadershipGuidance project mentor, part-time professor at Nankai University and Southwestern University of Finance and Economics, visiting professor at Xiamen National Accounting Institute, editorial board member of the Central Bank's "Financial Accounting", and rotating chairman of the Blockchain Joint Development Organization.

Author of "New Financial Pattern: Breakthroughs and Innovations in Asset Securitization", "China Asset Securitization Operation Manual", "PPP and Asset Securitization", "FinTech and Asset Securitization" and "China REITs Operation Manual" , translated into "Global REITs Investment Manual", "REITs Investment Guide", "Blockchain: Technology-Driven Finance", "Commercial Blockchain: Opening a New Era of Crypto-Economy", "FOF Investment Manual", "Fund Affairs Management Guide", "Hedge Fund Management" Guide" "Financial Industry Controlled by Artificial Intelligence".

⑥ What is Bitcoin

Mastering Bitcoin is a very good way to deal with the technical details of the Bitcoin protocol. The technical details may not be of interest to everyone, but this book is a valuable resource for anyone designing and developing Bitcoin and crypto applications.

Author: Andreas Antonopoulos

Bitcoin Big Bang Bitcoin Big Bang provides an overview of Bitcoin, with a special emphasis on what are the factors that cause price fluctuations , and how innovations in Bitcoin and blockchain will eliminate the role of middlemen in the financial economy. This book reveals a pretty good explanation, one that is easy to understand for non-technical people.

Author: Brian Kelly

The Cryptocurrency Era focuses on how Bitcoin and digital currencies challenge the global economic order. This book attempts to invoke the possibilities of Bitcoin by tracking the story of Afghan women making money on the Internet, while conducting a comprehensive historical study of the formation of the cryptocurrency, its key players, and the current state of the industry.

Authors: Paul Vigna and Michael J Casey

The book Blockchain-A Blueprint for the New Economy mainly focuses on the future implications of blockchain technology. This book explores some of the potential applications of blockchain technology in relatively easy-to-understand examples. This book also attempts to bring different cryptocurrencies and blockchain technologies together, allowing readers to understand their similarities and differences.

Author: Melanie Swann

Bitcoin: The future of money? The beginning of the book is a great introduction to how digital currencies work. A large part of the book is trying to solve the mystery of who Satoshi Nakamoto is, exploring the possibilities that were involved in the beginning. In addition to soft commentary on the technology, the author also presents different opinions and speculates on who might be the creator of Bitcoin.

Author: Dominic Frisby

The interesting thing about the book "Sato Sutra" is that it tries to let readers experience the birth and rise of Bitcoin. The book, based on the Bitcoin creator's stance, is based on Internet message boards and email exchanges between Satoshi and a handful of others., tells the history of Bitcoin. This book is actually a great way to use original content and allow readers to read the original material and experience it as if they were there.

Author: Paul Champagne

The content of the Bitcoin Bible book is very good as it provides a fairly educational set of articles, but it differs from other completely different. The author does a great job providing Bitcoin insights, as well as some articles written by industry heavyweights such as Vitalik Buterin. The “Bitcoin Bible” is an outstanding contribution from dozens of key players in the Bitcoin community.

Author: Benjamin Guttmann

The Confused Bitcoin In this book, the author has done a great job of bringing the concept of Bitcoin to the forefront. Connecting with what people currently understand as a way to bridge the gap for people who still have some difficulty understanding what Bitcoin and blockchain actually are. This book provides a great beginner's entry into the subject text and utilizes comics as visual aids to help teach Bitcoin. This book doesn't go as deep as some others when it comes to technical details, but it provides a very educational comic read that can help newbies more easily understand how to manage digital currencies.

Authors: Conrad Barski and Chris Wilmer

The book Digital Gold focuses on Bitcoin and the inside stories of misfits and millionaires trying to recreate money. This book is an extensive account of the history of Bitcoin. The book revolves around a series of transitions between characters who played an important role in the first few years of Bitcoin's existence. There are some great insights and inside stories in this book, making it an interesting read for anyone interested in Bitcoin.

By Nathaniel Popper

Bitcoin and the Future of Money The author reviews the basics of Bitcoin and provides a broad overview of what makes Bitcoin interesting, as well as dark stories that have always given it a bad name. The book does not mention blockchain technology as some of the others, but it provides some interesting perspectives on what Bitcoin might mean as a global currency.

The above content is for reference only!

⑦ In the cold winter, those entrepreneurs who are sought after丨Shenwang

Author | Editor Xue Fang | Kang Xiao

Source | Tencent Shenwang (public ID: qqshenwang)

The so-called capital winter in the venture capital circle has not affected Zhang Jielong’s financing rhythm at all.

Zhang Jielong’s current identity is the Chief Financial Officer of G7 Smart Internet of Things (hereinafter referred to as G7). Prior to this, Zhang Jielong had been investing for 12 years and led the team to invest in GLP, Ant Financial, Wei Companies such as Lai Auto and MeicaiIndustry.

On December 10, G7 announced the completion of a new round of financing of US$320 million. This financing set a record for the highest amount of financing in the global Internet of Things field. Over the past year and more, G7 has raised more than US$500 million and has become one of the hottest technology companies in the global Internet of Things field.

After Zhang Jielong joined G7 in March this year, he was responsible for corporate financing and strategic cooperation. In the four months from June to October, he successively met with 20 investment institutions. "Initially I didn’t plan to raise that much,” Zhang Jielong told Shenwang. The financing period took a little longer than he expected, but it was relatively smooth. During the "capital winter", an average case took an average of seven or eight months to complete.

This company has always had absolute dominance in the matter of financing. When selecting investors, they are very picky. In addition to being able to provide money, they also look for synergies in business.

Zhang Jielong said, “G7’s valuation has not dropped by a penny during the entire financing process. A reasonable price allows new investors to get a reasonable return in the future. This matter has never been lowered. The decision was made as soon as the financing started, and no investor mentioned the valuation to us.”

In 2018, through the ups and downs of industries such as blockchain and shared bicycles, Chinese venture capital’s influence on entrepreneurs Preferences have quietly shifted. Meituan CEO Wang Xing said that the next direction of innovation is supply-side reform. The unicorns of the industrial Internet are gradually entering the public eye.

For most C-side users, G7 was very unfamiliar before. But the G7 is everywhere. Tropical fruits, vegetables, and fresh seafood purchased online are fresh when delivered to your home. This may be due to the G7 temperature-controlled robot in the cold chain logistics scene... G7 is everywhere in every key link of China's road logistics.

In the capital winter, G7’s financing is not an isolated case. On December 25, Yuanfudao Company announced the completion of US$300 million in financing; on December 12, Luckin Coffee announced the completion of US$200 million in Series B financing; in October, Chehaoduo Group, the parent company of Guazi, announced that it had received US$162 million in Series C+ Financing; in July, Minglue Data announced that it had received 1 billion yuan in financing...

Data shows: In terms of investment, the total equity investment in the first 11 months of this year exceeded 1 trillion, a year-on-year decrease of 6.6%. Investment cases Starting from 9,773, a year-on-year increase of 7%. Investment remains active. Ni Zhengdong, founder of Zero2IPO Group, believes that China’s equity investment market ushered in a historical turning point in 2018.

VIPKID founder Mi Wenjuan talked about the “new education” she conceived at the IF2018 Geek Park Innovation Conference in January this year, which is to provide education with technology as the core competitiveness. She said at the time: “If learning and enlightenment is a market worth hundreds of billions of dollars, thenThe market for new education will reach the trillion-dollar level. ”

On March 23 this year, the Ministry of Science and Technology released the list of China’s unicorn companies in 2017. 164 companies were selected for the unicorn list, including 9 companies in the Internet education industry.

On June 21, VIPKID confirmed the completion of a US$500 million D+ round of financing. After the completion of this round of financing, its valuation will reach US$3 billion, and VIPKID will become the world’s most valuable Internet English training company .

According to public data from the media, the total financing amount in China’s K12 education field in the first half of 2018 was approximately US$1.5 billion, and VIPKID alone received one-third of the financing amount in the market. In addition, last year With the US$200 million Series D financing obtained in August, VIPKID has raised US$700 million in less than a year.

In the capital winter, funds are increasingly turning to the other side in order to avoid risks. For unicorn companies in popular tracks, financing is still not a problem even if they face a capital winter.

“During the capital winter, venture capital funds begin to avoid risks and choose One is to invest money in those unicorns that have already emerged. It is said that the more money is in the top, the easier it is for the project to get money, because it is already the top, and it is easiest for capital to invest in it, and at the same time it is also "Political correctness". ” Du Xin, a partner at Zhizhuo Capital, believes.

Wu Minghui graduated from the Department of Mathematics at Peking University in 2000. In 2014, he founded Minglue Data, an industry artificial intelligence company that supports analytical decision-making. Mininghui The target company is Palantir in the United States. The most famous case of this big data company is that it helped the US government hunt down bin Laden through intelligence analysis.

Wu Minghui reviewed Minglue to Tencent's "Deep Web" His financing experience, “The money was transferred to the other party before the A round was signed. We have not been worried about financing issues, and we have not done much publicity, lest we not get enough shares and offend others. "Although the Series A financing was not publicized, some capital investment managers soon came to visit.

"After Sequoia was optimistic about this track, it inspected several companies. Sequoia's investment managers believed that Only technical staff know best which company has the strongest technology. They asked the CTOs of the two companies which company has the strongest technology in this field, and both companies said it was Millward Brown. At that time, the A round had already ended, so I said, just wait a few more months. ”

A few months later, Wu Minghui reported the valuation, and Sequoia Capital was very straightforward. Therefore, Mining Brown’s financing was particularly smooth for Wu Minghui. Basically, when the B round was finalized, the C round The round of funds is waiting in line. Because it involves security, Wu Minghui has to do due diligence on GPs and LPs to ensure that it is a RMB fund.

If Minglue Data’s financing process is placed in the context of the entire AI competition If you follow the path, you will find the entire AIThe industry is booming. According to IT Juzi statistics, since 2013, there have been 1,332 startup companies in the AI ​​field, with a total of 2,371 investment events, and a total investment of 288.5 billion yuan.

According to statistics from IT Juzi, among the top five companies in terms of financing amount in 2018, three companies are located in the AI ​​​​track, SenseTime Technology (Series D), UBTECH Technology (Series D) C round), Megvii Technology Face++ (D round).

Data show: There were 410 investment events in the AI ​​field in 2018, with a total investment of 107.8 billion yuan. Compared with 2017, investment events decreased by 1/3, but the total investment increased by 1/4.

Funds are pouring into leading companies, which exactly explains the decrease in the number of investment events in 2018, while the amount of investment continues to increase. In July, Megvii Technology Face++ received US$600 million in Series D financing; in September, SenseTime Technology received US$1 billion in financing from SoftBank Vision Fund.

"After the crisis, we can see the birth of greater companies. If the industry feels trembling today, we should see a positive side, which is that new economies and new economic points are in their infancy." Zhang Ying, partner of Sinovation Ventures, said.

Wang Hua, managing partner of Sinovation Ventures, explained that China is not a single economy. It is like a Rubik's Cube, a diverse economy divided by population, region, development stage, front-end and back-end and different differentiated industries. Economy. Every dimension and every imbalance constitutes a new sub-platform opportunity, and market-subversive opportunities are still emerging. The economic cycle has entered a period of adjustment, but a large number of fast-growing companies continue to emerge.

In early April 2018, DJI’s new round of equity financing of US$1 billion was exposed. For this financing, DJI adopted a bidding method. On April 3, the first round of bidding ended. A total of nearly 100 investment institutions submitted deposit and bidding applications, and the subscription amount exceeded the planned financing amount by 30 times.

This is just a detail in DJI’s financing. DJI, as the "lone seedling" in the drone industry, has been established for more than 10 years. In the "2016 China Unicorn Enterprise Development Report" list released in 2016, DJI ranked seventh with a valuation of US$10 billion.

With the concept of unicorns being highly hyped, private equity fund promoters who are searching for unicorns are holding DJI’s financing materials to sell the shares of this drone giant. Therefore, this kind of financing phenomenon has emerged, where investors come to your doorstep to send money, many times the amount.

The logic behind all unicorns that have successfully raised funds is that "if there is a sycamore tree at home, a golden phoenix will fly over." Taking the G7 as an example, why are first-line private equity funds and industrial capitalAre investment institutions in Japan and the national team favoring this company?

Taihe Capital believes that it took G7 8 years to realize the transformation of data from "visible" to "available" at scale and generate commercial value. It seems to be a "slow" company, but it is precisely It is such "slowness" and patience that has created the barriers of this company. G7, a "slow" company, has transformed into a star technology company in the global Internet of Things field. This company has been practicing its internal skills.

For Minglue Data’s Wu Minghui, he saw opportunities in the changes in the industry.

Before 2014, database orders from large state-owned enterprises and institutions would still be given to international brands such as Oracle. After the Snowden incident, Wu Minghui discovered that the hardware and business systems of many government agencies began to be localized. Wu Minghui was certain that China's data companies in To B would usher in big changes.

"The core competitiveness of Minglue is that many large IT companies in China are from the previous era. What they do is informatization and IT. The future is an era of intelligence. And Minglue The strategic resource endowment just meets the requirements of the intelligent era for underlying technology + upper-level applications." Wu Minghui believes.

After due diligence, Sequoia Capital rated Minglue Data as “the company with the strongest waistline.” The middle management is very strong. When more than 20 people were interviewed for due diligence, it was still able to Talk about information increment. After Sequoia Investment was announced, investment institutions swarmed in...

The sun rises in the east and rains in the west, half the river is rustling and half the river is red. Only leading companies in popular tracks that have worked hard to develop their internal skills can feel the enthusiasm of capital.

"For real entrepreneurs, there is no cold winter. This capital winter has eliminated all companies that cannot form a closed loop. Companies that cannot form a complete management have been eliminated, and companies that cannot withstand a Companies affected by the economic cycle have been eliminated." Yang Ge, founder of Xinghan Capital, told Tencent's "Shenzhen Web".

Taihe Capital mentioned in "Winter is Colder than Imagined, Entrepreneurship Enters the Silver Age" that among the 20 institutions that have made the most investments in the market this year, only 25% of investors still expressed their intention to actively look at projects. . There is no doubt that Yang Ge belongs to the 25%.

Yang Ge, born in 1985, graduated from Tsinghua University. He established Xinghan Capital in April 2015. Previously, he had started his own business seven times. Xinghan Capital focuses on investing in mid- and early-stage projects in TMT (artificial intelligence, big data+, Internet+, consumption upgrading, biotechnology, etc.) and cultural and creative fields (culture, entertainment, film and video, etc.).

December 10th was a Saturday in the Xinghan Capital office on the 20th floor of the Sanlitun office building. Xinghan Capital’s monthly investment decision-making meeting was being held. 12 entrepreneurs came to the company. to seven o'clock in the evening, all day long. According to Yang Ge, founder of Xinghan Capital, the company looksCome like a lively teahouse.

"In the second half of 2018, I invested in some industries that I had not dared to invest in for a long time, such as life sciences, VR, education, smart hardware and Internet finance. These are all areas that I have been watching for a long time in the past two years. Because the valuation was unreasonable, the cold winter squeezed out the bubble."

Of course, not all investors have accelerated their investment pace like Yang Ge.

Zhang Ye, founding partner of Tsingshan Capital, said that Tsingshan’s speed of taking action is slowing down. He believes that the financing environment will be worse in the second half of 2018, and a project usually must obtain the next round of financing within six months to one year after completing an angel round. Therefore, Qingshan deliberately slowed down his pace.

For Du Xin of Zhizhuo Capital, his entire investment status went into slow motion throughout the second half of the year, but he was still looking at a large number of projects. When I met him, he had just returned from Returned from Shenzhen to see the project.

“Venture capital institutions can spend one dollar as two dollars in winter. They must first protect the projects they invested in before and avoid problems. At the same time, they are all seeking to squeeze out the market. If the wind stops, they will not be able to rely on it. The good ones will be eliminated first, and the surviving projects will be tested by the market and clean up the mess, so that the entire market will return to a healthy state." Du Xin said, "This is the reason why some investors are slow to launch a large number of projects.

Many investors said that the capital winter in 2018 was just an economic cycle. 2018 is Du Xin’s eighth year of investing. The so-called capital winter is the cyclical shock in the financial industry. Similar capital markets Shocks have occurred in 2000 (the bursting of the Internet bubble), 2008 (subprime mortgage crisis), 2013 (Chinese concept stock crisis/IPO barrier lake), and 2015 (circuit breaker).

And American economist Willis Mitchell believes that a complete economic cycle consists of the following extremes: the expansion phase, when most economic activities expand at the same time, followed by a similar general recession, and then contraction, And the recovery phase that integrates into the expansion phase of the next economic cycle; this sequence of changes occurs repeatedly, but irregularly.

Du Xin told Tencent "Shenzhen Web", "The capital winter is a good thing, and some are unreliable. A wide range of venture capitalists have left, and the entire market has returned to rationality. This is also the burst of the bubble in the primary market after the entrepreneurial boom in 2014. ”

The mass entrepreneurship that began in 2014 also gave birth to a wave of domestic VC entrepreneurship; when JD.com and Alibaba were listed in 2014, LPs in US dollar funds felt that they should allocate more assets in China. Therefore, a wave of established US dollar funds The backbone of the fund left to set up their own business. The bubble gave rise to trends such as O2O, new retail, and unmanned shelves...

According to statistics from Private Equity Network, a subsidiary of Zero2IPO Group, in 2014, VC/PE institutions raised a total of 745 new funds. Investing in Mainland ChinaFund, the market size has increased nearly 10 times compared with ten years ago; in 2014, China's private equity investment market completed a total of 3,626 investment cases, with a total investment transaction amount of US$71.166 billion, a record high.

In the wave of entrepreneurship, the valuations of leading projects have also been raised. Take ofo as an example. By the E round of financing in 2017, ofo's valuation had reached 3 billion US dollars (approximately 19.3 billion yuan) - in April 2016, ofo's valuation was only 100 million yuan - in a very short period of time, with the participation of many capitals, Ofo’s valuation has increased nearly 200 times.

In the middle of this year, Wang Ran, CEO of Yikai Capital, said, “In the second half of this year, the funds flowing into the primary market will fall off a cliff, at least by 50-60%, and possibly even by 70%. -80%. The valuation level of China's primary market will generally drop by 30% within half a year, and some areas with serious bubbles may even drop by more than 50%."

What Wang Ran said is true. Deng Feng, founder and managing director of Northern Light Venture Capital, said that Northern Light Venture Capital looks at about 6,000 companies a year. In 2018, it invested in 40 companies, and the screening rate was less than 1%.

Deng Feng said, "The venture capital market has changed a lot this year. The exit from the capital market is not good, which leads to a bad financing market. But I feel that the valuation of the cases is generally not that high. It’s gone. It’s no longer common to see a project today, give the terms tomorrow, and sign the day after tomorrow.”

The tide has receded, squeezing out the popular tracks after the bubble, and no longer Hustle.

In December of this year, Zhang Ying posted a status in her circle of friends saying - "I think the topic of difficulties in 2018 has been amplified. Originally, many people just made money in the rising general trend, without thinking or thinking. Core competitiveness, no preparation, no focus, no vision, no determination. Now the economy is in turmoil, it is normal to live or die, or die miserably. For those who have focus, core competitiveness, execution ability and determination For a few people and enterprises, this is the best time."

Also holding the same view is Kai-fu Lee, chairman of Sinovation Ventures. He said that the economy must have its cycles. Historically, , when big challenges occur, it is the best opportunity to invest or even start a business, because those entrepreneurs who rely on the craze to "fool" will shrink their heads in the cold winter; while those who really have ideas, ideals, and abilities, Only then will he still insist on starting a business. ”

“After the market has experienced the cold winter period, what has settled down are investors and entrepreneurs who adhere to the correct investment philosophy. They know what venture capital is about. It is not as good as imagined, with returns of more than ten times or dozens of times a year, but it is not as bad as imagined. They are value creators and pursue the dividends of counter-cyclical industry growth. " Du Xin thinks.