2 The largest single investment in the history of Dachen , today IPO 了

source ： The investment community （ID：pedaily2012） author ： Liu Bo Liu Quan

today , Dachen has invested in high-end manufacturing 7000 Billion market value .

Beijing has another hard core IPO.

Investment News ,7 month 6 Japan , Lingyunguang Technology Co., Ltd （ abbreviation “ Ling Yunguang ”） Just successfully landed on the science and Technology Innovation Board . this IPO, The issue price of lingyunguang is 21.93 element / stocks , The opening price soared 52.67%, Market value reached 150 Billion . Start a business 20 year ,57 Yaoyi, a 19-year-old doctor from Beijing Jiaotong University, buried himself in his first job in his life IPO.

This is also the first harvest of Dachen this year 6 individual IPO.“ In fact, Dachen has a large number of listed companies , Now everyone is not so excited , But this time I still feel different .” Executive partner of Dachen Caizhi 、 President Xiaobing revealed to the investment community ,2018 Nian Dachen signed 3 Billion cheques participate in lingyunguang A Round of funding , This is the biggest stroke in Dachen's history A Round investment , Also Dachen “ Bet heavily ” Vivid reflection of investment strategy , A milestone .

Founded on 2000 year , Dachen this year 22 year . This local venture capital pioneer , What has always been known in the circle is the internal iron triangle combination —— Liu daytime 、 Xiao Bing 、 Shaohongxia . Now he is in charge 400 Billion Dachen , Invested enterprises exceed 660 home , Exit the project near 250 home , Past five years , The distribution amount of Dachen has always been greater than the investment amount , And maintain an average annual growth of nearly 50% The record of . In the past week , Dachen 15 companies A stocks IPO declare , In Xiao Bing's words , The era of RMB fund has come .

01 65 after , Beijing Jiaotong University doctor entrepreneurship , today IPO bell , Market value 150 Billion

Behind lingyunguang , It is the entrepreneurial story of a doctor of Engineering .

1965 Born in Sichuan in , Yao Yi studied at Northwest Telecommunication Engineering College , That is, the predecessor of Xi'an University of Electronic Science and Technology .1986 After graduating from laser technology in , Yao Yi chose to stay in school , I completed my master's research in Electronic Physics in three years . thereafter , He also came to Northern Jiaotong University to study for a doctorate in communication electronics and systems , The latter is now Beijing Jiaotong University .

At the beginning of graduation , Yao Yi brought several masters and doctors to do research in school , Day and night focus on fiber optic gyroscope and sensing research . But Yao Yi slowly felt , Only do research in colleges , The results achieved can never be achieved , Can't go to society to create greater value .“ I read an article by Professor Liu Songhao , It is mentioned in the article that photonics in China will create a big industry in the future ; At the same time, I saw that Yang Zhenning mentioned in his communication with Deng Xiaoping that there should be many students studying physics 、 People who study engineering go to start a business , Only in this way can China develop high technology ” Yao Yi recalled .

It was the last century 90 years , There is a surge of domestic business going overseas , Many students around Yao Yi 、 Friends have also joined the industry , This strengthened his determination to start a business . therefore , Yao Yi first went to the internationally renowned optical 、 Optical communication company , Do sales and marketing work . After accumulating some experience , He formally founded the company with several partners , Use your professional ability , Carry out business around the field of machine vision and optical communication .

At the beginning of its establishment , Lingyunguang's team has only five people , They started from the agency business , While gradually starting independent research and development . The reason for doing this , The reason is that we started from acting as an agent for high-end products of foreign companies , Can gradually get familiar with customer needs 、 market 、 Technology and products ; At the same time, the investment in product research and development is generally large , We also need to accumulate original funds through agency business , Learn successful experience from foreign enterprises .

Ling Yunguang first cooperated with China National Banknote Printing Corporation , Developed “ The first online quality inspection system for color RMB large sheet gravure printing in the world ”; Then he joined hands with China National banknote printing and coinage Corporation , The development of “ Image detection system of banknote large sheet quality inspection machine ”, The project became the largest application project in the field of machine vision in China at that time . Gradually stand on your feet , Lingyunguang's team also started from 5 Man has developed to 2006 Year of 130 Human scale , Entering the second stage of development , Around advanced imaging 、 Intelligent algorithm and software 、 Increase investment in Intelligent Automation , Improve the overall scheme design ability based on the process of downstream customers , Apply machine vision solution scale to printing and packaging 、 display 、3C Consumer electronics 、 Railway transportation 、 New energy and other sub industries .

Time goes by 10 Years , stay 2015 Around the year , Industry for Industry 4.0、 The discussion of smart factory is getting deeper , But the discussion is still heated 、 Landing a rare situation . Lingyunguang iterates based on its own technical advantages and customers' requirements , Put forward “ Machine vision + AI ” Industrial AI route —— When we discuss how we can really make machines replace labor in the production process 、 Achieve intelligent production , A big premise is that the machine is right for the object 、 Patterns can be accurately identified and detected , therefore , Machine vision system has become the premise of industrial artificial intelligence 、 Basic application , namely “ Implant the brain and eyes into the machine ”—— This is what Ling Yunguang has accumulated over the years . Especially with the increasing requirements of industrial customers for accuracy at the micron level , There is no help of machine recognition in the future , It is likely to fall into the stagnation of product production 、 A situation without profit . meanwhile ,TO B AI and TO C comparison , Industry big data is more difficult to obtain , Lingyunguang passed on the display 、3C And other fields , Become a valuable resource for machine vision recognition , It is also a high barrier for general computer vision companies to enter , Become the winner of algorithm and Application .

Since then , Ling Yunguang follows a clear industrial evolution path from machine vision to industrial artificial intelligence , Continue to deepen the layout , On the one hand, expand Automation , Bring fully automatic intelligent vision equipment to the market ; On the other hand, in-depth learning + The way of pattern recognition , Improve the data analysis and algorithm ability of machine vision ; At the same time GMQM Industrial software , In order to tap the business value of big data , To systematically capture industrial big data 、 analysis 、 Then optimize the design and application of the overall production line of the factory , Realize industry 4.0 And the real landing of smart factories .

according to Markets and Markets Statistics ,2015 - 2020 year , The compound growth rate of the global machine vision device market is nearly 14%, Expect to 2025 The market size will reach 147 Billion dollars . On the other hand , The Chinese market has become one of the fastest growing markets in the global machine vision market , According to the statistics of China Machine Vision Industry Alliance , expect 2020 - 2023 year , The sales volume of China's machine vision industry will be 27% The compound growth rate of , to 2023 Annual sales will reach 296 One hundred million yuan .

today , Lingyunguang has entered the top echelon of the machine vision industry ,2020 In, it ranked first in the sales of China's machine vision industry , Captured the apple 、 Huawei 、 millet 、 Hon Hai Precision 、 Beijing Oriental 、 Huaxing photoelectric 、 Ningde times and other benchmark customers . The prospectus shows ,2019 year -2021 year , Lingyunguang realized operating revenue respectively 14.31 One hundred million yuan 、17.55 One hundred million yuan, and 24.36 One hundred million yuan ; The net profit attributable to the parent company also continued to grow , Respectively 0.37 One hundred million yuan 、1.32 One hundred million yuan, and 1.72 One hundred million yuan .

Today, , through 20 The road of years of wind and rain , Lingyunguang finally stood IPO Bell ringing stage .57 Year old Yao Yi also won the first in his life IPO.

Yao Yi sighed ,IPO It is a new starting point for Lingyun light , It's also the company's coming of age gift .“ Machine vision + AI + automation , Replace people's hands and feet from the past , To replace human eyes and brain , It can be called industry 4.0 Revolutionary progress . This golden track with thick snow and long slopes , It is also a historical opportunity given by the times .”

02 Dachen first ： One investment 3 $ , Throw hard at the unpopular track 7000 Billion market value

Dachen , Is one of the firm comrades in arms behind Ling Yunguang .

Time to go back to 2018 year , At that time, most start-ups in Beijing were information technology and pharmaceutical enterprises , And lingyunguang focuses on machine vision , At that time, it was a rare investment target . Wu Xi, President Assistant of Dachen , I noticed lingyunguang, who is already well-known in the industry .

So , Wu Xi came to lingyunguang , I had a deep chat with Founder Yao Yi . Yao Yi's deep insight into what he did impressed Wu Xi .“ If an entrepreneur chats with investors , That is to say, how many times the return should be brought to investors , It's more like running for money ”, Wu Xi said so ,“ But Yao Yi obviously has a large industrial pattern , He thinks that ‘ Implant eyes and brains into machines ’ It will succeed , It can bring great social value .” And such an ambitious entrepreneurial team , It's what Dachen is looking for .

therefore , Dachen launched a series of meticulous adjustments . In addition to the information provided by Ling Yunguang , Wu Xi led the team again , Contact lingyunguang's suppliers 、 Customers and some industry experts , It even went to the production line of the head mobile phone manufacturer , See how similar products are applied .“ It took us more than three months , Formed a long 200 Multi page Research Report , At the same time, the report was fed back to Ling Yunguang in an original way .”

actually , Lingyunguang did not have the intention of active financing at that time , But Dachen's feedback report , Let them see some problems that they usually can't see , It also makes Yao Yi realize Chen Zai's understanding of investment and industry 、 Professionalism in enterprise planning , trustworthy . therefore , Dachen firmly judged that machine vision was of great use , Decided to invest heavily in lingyunguang , One shot 3 $ , Obviously, this is quite different from Dachen's previous investment style .

For this picture four years ago 3 Billion checks , Executive partner of Dachen Caizhi 、 President Xiaobing recalled ：“ The average investment amount of our past projects is mostly 5 Ten million to 1 One hundred million yuan , And this time check it out 3 A hundred million checks , At that time, the mentality was still a little uneasy and tangled .” In his opinion , Dachen decides to invest in lingyunguang , Paid enough courage , This investment is also required “ Only succeed , No failure ”. At that time, the investment committee had a very heated discussion , Finally, after repeated reasoning, I decided to take action .

What impressed Wu Xi was , Lingyunguang received the payment from Dachen , The first thing is to announce the middle-level and above , Weekend from two days off to one day off .“ Many enterprises are relieved to get money They worked harder . I think there are investors , We should also take responsibility .” Time has also proved that Dachen's choice is correct . With lingyunguang's successful landing on the scientific innovation board , Dachen is the largest institutional shareholder , Created a beautiful return .

And lingyunguang's success IPO, It is a microcosm of Dachen heavy warehouse intelligent manufacturing track . A month ago , Chengchang technology is listed on the main board of Shenzhen Stock Exchange , This enterprise focuses on phased array T/R Chip R & D and production , Listed company 、 The leader in the controller field, Hetai, came from the split , And he ertai is the early investment of Dachen .

2018 year , Liu Jianwei, founder of hortai, is considering acquiring Chengchang Technology , I called Xiao Bing , The latter encourages him to make relevant industrial layout , And discussed the future development path of Chengchang Technology . After the acquisition of huertai , A year later , Relevant policies for the spin off and listing of listed companies have been issued , Dachen immediately contacted Liu Jianwei , It has become the first round leading investor of Chengchang Technology . After listing, Chengchang technology has also lived up to expectations , stay 14 Within a trading day, I gained 13 A harden board , The latest market value exceeds 120 One hundred million yuan , The compound interest of Dachen ecological investment has been proved again .

And Hechuan Technology , It is also a classic investment of Dachen .“ Have we been cheated ？” I recall my first visit to Hechuan headquarters , Dachen team still has fresh memories . This industrial automation enterprise is located in Longyou County, Quzhou City, Zhejiang Province , Dachen and his party took the high-speed rail 、 by taxi , Walk down the country road , Just came to the enterprise headquarters .

Soon Dachen's inner doubt was broken . After communicating with Hechuan team , It is found that its servo system products are from 2016 Since its introduction to the market in , stay 2017 In, it moved some domestic customers of Panasonic in Japan , This speed has been evaluated as “ Miracle ”.

If the patented technology of an enterprise represents hard power , Then the understanding depth of industrial processing technology and downstream industry application , It determines whether technology can “ soft landing ”—— It should be able to adapt to the complex and specific characteristics of various industries and customer needs ,“ This is what moved us most at the beginning 、 The important reason for deciding to invest in Hechuan , Because it is the industrial control cutting-edge with the most potential to grow into a high-level industry customized overall solution provider .” Final , Hechuan technology in this year 4 At the end of the month, it successfully landed on the science and Technology Innovation Board , The share price rose in just two months 170%, Once again verified Dachen's insight .

Now , Dachen is in the field of Intelligent Manufacturing , Accumulated investment exceeds 91 One hundred million yuan , The layout is 300 A number of related industrial chain enterprises , Witness near 60 The company is listed , Out of ruyiwei lithium energy 、 Huayou cobalt Co., Ltd 、 Harmony 、 GP 、 Liyang chip 、 Zhongwang Software 、 Ruixin micro and other leading enterprises in high-end manufacturing segments , The cumulative market value exceeds 7000 Billion , Enterprises with a market value of more than 10 billion have 17 home . Dachen , A huge investment territory of China's high-end manufacturing is slowly unfolding .

03 The era dominated by RMB funds has come

since this year on , The primary market is filled with unprecedented anxiety .

“ We are not very pessimistic , More excited .” Xiao Bing sighed , In the past, hard technology track represented by high-end manufacturing has been rarely visited , Dachen team has been sitting for more than ten years “ cold bench ”, Now, no matter the investment direction or rhythm, it is particularly suitable for Dachen .

For dollar funds , The original path to success , It may not exist now . Venture capital industry has an eternal truth ： The survival of the fittest . When the environment changes , The importance of survival of the fittest is even more prominent , As an investment institution, we must actively adapt to changes , Don't let past achievements become a burden of change .

In the past two years, , Dollar funds began to raise RMB funds , Xiao Bing saw this scene ,“ Probably only a few dollar funds with special heads may succeed in transformation , It will take some time to cross the threshold .”

Only a short while ago , The RMB fund is immersed in exploring high-end manufacturing tracks , Invest in hard core companies that don't look sexy , These are all areas that dollar funds did not see in the past , In contrast, they prefer to invest in some platform companies , But this kind of playing method is difficult to work in hard technology tracks ,“ It's not that you dig a few employees 、 It can be done by forming a technology group .”

Xiao Bing often reminds the internal team , Don't think too much now , Just make the original one better ,“ What we used to be good at is the most opportunistic thing now .” After the Spring Festival this year , Dachen started the recruitment , At present, the team has 200 Many people , Some of them are job hopping from their counterparts in dollar funds , This is a rare scene in the past .

2022 In the first half of the year , The brakes in the primary market are impressive , There are some VC The organization has not launched a project in the first quarter . However, Dachen did not deliberately slow down on the investment side , Instead, it digs several major focus areas more vertically , Let's go 26 Time . Xiao Bing revealed , Dachen subtracted from the investment direction this year —— The core logic is independent and controllable import substitution , Focus on Intelligent Manufacturing 、 information technology 、 military 、 Innovative life technology , It has nothing to do with the above investment theme , Basically cautious or don't throw .

And on the exit side , RMB funds have also ushered in historical opportunities .“ We are mainly in A Shares of the listed , Therefore, the setback of U.S. stocks did not affect the arrival of morning , The liquidity of Hong Kong stocks is limited , Systematic opportunities are still A stocks .” Now the dollar fund team is also studying A Share listing mechanism , This is the past of Dachen team 20 What I have been doing for many years .

“ If there is no big change , RMB funds began to enter the dominant era .” Xiao Bing judged , In the short term, dollar funds will not put too much pressure on RMB funds in hard technology investment , Because local accumulation is very important , It's not done overnight . You have to know , High quality hard technology projects are often not in first tier cities , Therefore, Dachen began to implement many years ago “ industry + Area ” Two wheel drive play , Currently in China 18 Each city has its own ground forces , Underwater projects can often be excavated earlier .

“ Times have changed , Investors don't drink coffee in the office 、 You can invest in high-quality projects by calling .” Previously, Dachen team invested Yiwei lithium energy in Huizhou, Guangdong , Started the investment layout in new energy lithium batteries ; Jinlei wind power was invested in Laiwu, Shandong , Open the exploration in the direction of wind power ; I also found zhimingda in Chengdu, Sichuan 、 Fuzhou, Fujian has excavated Ruixin micro ..... be too numerous to enumerate , Finally, nearly 60 The successful listing of enterprises in non first and second tier cities . This is an experience that most dollar funds cannot learn .

Compared with the competition of dollar funds , Xiao Bing said frankly that we should pay more attention to industrial capital and state-owned investment institutions . Although now industrial capital is coming fiercely , but VC There are still many opportunities to cooperate with them , For example, Dachen has jointly invested in many projects with domestic head semiconductor industry capital ; As for state-owned institutions , They have shortcomings in efficiency , High vigilance to risks , Therefore, they often participate in late stage financing . Over the past few years , It is common for industrial capital and state-owned institutions to raise valuations , Xiao Bing gives his advice ： Try to vote early , Differentiated competition .

VC It is a highly cyclical industry , Investors are sometimes like farmers , Have a good year , I owe you years , The weather is good, so we need to sow , You have to farm when there is a storm , It is possible to invest counter cyclical , Harvest along the cycle . Looking back 22 year , Dachen can usher in an outbreak after every crisis , This time, , There should be no exception .