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        他,一战回报2万倍,刚刚变现5个亿|比亚迪

        摘要: 原标题:他,一战回报2万倍,刚刚变现5个亿 来源:投资界一则公告,夏佐全再一次出现在众人眼前。投资界(ID:pedaily2012)获悉,比亚迪日前发布公告,董事夏佐全计划于自该公告之日起十五 ...

        原标题:他,一战回报2万倍,刚刚变现5个亿 来源:投资界

        一则公告,夏佐全再一次出现在众人眼前。

        投资界(ID:pedaily2012)获悉,比亚迪日前发布公告,董事夏佐全计划于自该公告之日起十五个交易日后六个月内,减持其持有的公司A股无限售条件流通股不超过680万股,占公司总股本比例不超过0.25%。按照比亚迪最新市值2164.78亿元计算,这一轮减持套现达5亿元。

        早前,比亚迪曾在公告中披露了夏佐全的减持原因。公告显示,夏佐全创立的股权投资业务公司—正轩投资,正寻求相关行业的新增投资机会。为此,夏佐全计划通过减持少量比亚迪公司股份以调整正轩投资资产结构,提高抗风险能力。

        在“募资难”依然笼罩创投圈的当下,夏佐全减持一笔就可以为旗下创投基金补足弹药,无疑让人艳羡。

        从比亚迪到正轩投资,夏佐全极为低调。数年前,投资界曾对夏佐全进行一次深度专访,首次披露了他的投资故事。在夏佐全的投资生涯里,比亚迪无疑最为经典,当年几十万元的投资,如今回报超2万倍。

        经典一役:

        几十万元投资比亚迪,回报超2万倍

        夏佐全的投资生涯始于比亚迪。

        1994年11月,来自湖北襄阳的夏佐全第一次见到王传福。彼时,不到30岁的王传福刚刚开始创业,但由于资金匮乏正深陷困境。

        王传福身上散发出来的特质深深地吸引了夏佐全。他在此前投资界的专访中曾回忆了这段往事,“我见过很多创业者,但从来没有见过像王总这样的人,他身上的那种激情、抱负、坚定、自信深深地感染了我。”

        投资出身的夏佐全并不懂电池,但第一次见面两人就聊了“几乎三天两夜,每天凌晨四点睡觉。”随后夏佐全敲定了这笔投资——1995年4月,夏佐全出资几十万元投资比亚迪,同时也成为公司三大创始人之一。

        一开始,夏佐全并不参与比亚迪的运营。直到2001年,比亚迪业务高速增长,王传福邀请夏佐全共同参与公司运营,夏佐全才加入比亚迪担任执行董事、副总裁,执掌整个比亚迪集团的运营工作。

        进入比亚迪集团管理业务7年间,公司逐步进入正轨。彼时,夏佐全认为历史使命已经完成了,于是渐渐放手不再参与公司的具体运营,并于2008年正式退出所在职位,继续担任公司非执行董事。

        “其实当初我的想法是先协助王总做几年,然后回归老本行做投资。”夏佐全在此前的投资界专访中曾这样评价在比亚迪的那几年生涯,“现在看自己在比亚迪工作的那段经历,给自己做投资带来了非常大的帮助,让我对公司运营的微观层面有非常深刻的理解,比如公司战略、治理结构、团队激励、风险管控、产品规划、营销管理等等方面。对于一个投资标的,我可以从宏观和微观两个层面进行全面的分析,因此把握会更高一些。”

        如今,比亚迪已从一家20多人的生产电池的小工厂发展成长为行业内的巨无霸,最新市值高达2000亿元。

        作为背后投资人,夏佐全回报丰厚。在最新的胡润富豪榜显示,夏佐全凭借着持有的比亚迪股票身家达到90亿人民币,换言之当年这笔几十万元的投资回报超2万倍。

        从天使投资人杀入VC圈

        出手超50次,投出5家上市公司

        放下比亚迪的工作后,夏佐全如愿回归老本行,掌舵正轩投资。

        事实上,正轩投资成立于2003年,不过最初几年并没有怎么运作。直到2010年,夏佐全辞去比亚迪集团副总裁职务仅仅担任董事后,才开始专职从事股权投资。

        资料显示,目前正轩投资旗下有正轩前海基金、正轩前瞻基金、正轩创投、正轩创客空间、迪创会等主体,管理的资产超过100亿人民币。

        其实在最一开始的时候,正轩投资并不接触社会资本。夏佐全在此前的投资界专访中曾解释过,“投资需要摸索方法和积累经验,因此最初都是拿自己的钱做投资,不敢拿社会上的资本,我个人把自己的名声看得很重,自己的钱亏就亏了,别人的钱亏了就不好。”

        直到2016年,夏佐全才开始试水基金运作的投资方式,作为主要出资人和基金管理人参与成立正轩基金。首期正轩基金(深圳正轩前海成长科技投资基金(有限合伙))是一只规模为4.5亿元、存续期10年的早期投资基金。在LP份额上,夏佐全个人出资过半,GP团队的其他成员亦有较大的出资比例。

        在投资方向上,夏佐全根据欧美国家的实践判断,一个国家处于转型时科技创新是最有前途的路径,如今中国正在经历经济转型、结构调整的大变革,“我们要尽自己的微薄之力,致力于高科技和创新型领域的投资”。因此正轩投资的目标就很明确:只投增强国家技术实力的硬科技企业,专注于智能制造、机器人、航空航天、TMT、新能源、生物医药等高科技领域。

        其中,最为大家熟知的是当下炙手可热的机器人独角兽企业优必选。但外界鲜有人知的是,夏佐全曾几度救优必选免于危难之中。据媒体报道,在最初的2000万元资金消耗完后,优必选CEO周剑面临的压力越来越大,最后,周剑将香港、上海工厂的股份变卖,还将深圳购置的两套各上千万豪宅及保时捷、宝马卖掉来筹措资金。

        转机是在遇到夏佐全之后。2013年,正轩投资和另一家投资机构以3600万元的估值向优必选投资800万元。半年后,优必选再度遇到资金紧张,夏佐全个人借款600万元帮公司渡过难关。2014年的年底,夏佐全以个人征信的方式为优必选提供1000万元资金用于企业运营,并告诉创始人:“你按照有利于公司长远发展的方式去做,没钱的话我可以借给你。”

        除了优必选,正轩投资在人工智能领域还投了博铭维、悠桦林、意能通等企业,半导体行业培育了芯能半导体、锐石创芯半导体,设计制造领域投出了爱贝科、艾斯达克等企业。此外,正轩投资在航空航天信息技术、新材料方面也投资了十几家比较有潜质的创新型企业。

        在2019年8月的一次公开演讲中,夏佐全曾透露,在目前投资的50多家企业当中,平均持有时间是5年,其中已经诞生出5家上市公司,已经退出的现金超6亿元,持有价值近70亿元。

        早期科技投资是一门艺术

        产业背景做投资更踏实

        回顾过去二十多年的投资生涯,夏佐全有一个体会很深刻:早期科技投资是一门艺术,更是一门科学。

        “它是一个复杂的系统工程,说起来容易,做起来很难。它需要一整套科学、全面、高效的模型和流程来指导。只有组成专业的团队,整合各方知识、经验、信息和资源,长期跟踪并深入研究行业和技术的发展特点,既高屋建瓴地思考未来,又接地气地了解目前市场,才能从海量项目中找到最具价值投资的那一小撮。”夏佐全曾正轩投资年会上分享。

        在最初的几年里,夏佐全曾单独从事过投资工作,发现单枪匹马从事早期科技投资只能是粗放式的,且个人信息盲区太多,也没法集合多人的能力和智慧,很容易出现非理性决策,风险很大。

        2019年1月,正轩投资与深圳市天使投资引导基金、深圳高新投联合发起天使基金—高新投正轩天使基金,首期规模2亿元,基金存续期10年,主要投向深圳扶持和鼓励发展的战略新兴产业初创型企业。

        这些年,目睹了创投圈浮躁一面,夏佐全愈发觉得投资应该要由专业的人来做专业的事。他曾抨击前几年创投圈的热闹景象:大家听到无数个做投资赚钱的故事,人人都想来做投资。“投资不是一件高大上的事情,而是辛苦活,必须像做实业一样做投资,务实而勤奋,我们的合伙人一天可以看五六个项目。”

        放眼美国的风投圈,主要的合伙人大概2/3都是产业背景,而国内的投资人大多出身金融。对于其中的区别,夏佐全感触很深,“因为我是做金融出来的,过去中国资本市场最惊心动魄的全部经历过,自从做了产业才真正觉得踏实。”

        在夏佐全看来,金融不能只是浮在空中,这个世界是怎么样的,你做产业以后才懂。

        英文阅读:

        Original title: He, one battle redound 20 thousand times, just change show 5 100 million origin: Investment group

        A announcement, xia Zun appears in everybody again completely at the moment.

        Investment group (ID: Pedaily2012) know, BiyadiIssued announcement a few days ago, entire plan of trustee summer assist removes 15 to trade at the day from this announcement in the future inside 6 months, decrease the company A that supports its hold condition of infinite carry out is current do not exceed 6.8 million, occupy scale of company total capital stock not to exceed 0.25% . According to Biyadi newest market prise is calculated two hundred and sixteen billion four hundred and seventy-eight million yuan, this round decrease hold set amount to 500 million yuan now.

        Early before, biyadi ever announced Xia Zun to be decreased completely in announcement manage an account. Announcement shows, the company of equity investment business that Xia Zun founds completely, highing investment, what seeking relevant industry is new increase investment chance. For this, Xia Zun plans to be held through decreasing completely a few Biyadi company stock is highing with adjusting structure of investment capital fund, rise fight risk ability.

        In " collect endowment is difficult " still envelop achieve the instantly that joins a group, xia Zun is decreased completely it is OK to hold brushstroke deliver fund to be achieved below the banner complemental ammo, make a person colourful admire undoubtedly.

        Arrive to highing from Biyadi investment, xia Zun is complete very low-key. Several years ago, investment group ever had deepness special report completely to Xia Zun, published his investment story first. In Xia Zun's entire investment career, Biyadi is undoubted most classical, in those days hundred thousands of yuan investment, redound exceeds 20 thousand nowadays times.

        Classical one battle:

        Hundred thousands of yuan invest Biyadi, redound exceeds 20 thousand times

        Xia Zun's entire investment career only then Yubiyadi.

        November 1994, the Xia Zun that comes from Hubei assist this world sees Wang Chuanfu for the first time completely. When those, the Wang Chuanfu that does not arrive 30 years old just begins to do poineering work, but because capital shorts deep-set predicament.

        Send out on Wang Chuanfu body those who come out is idiosyncratic attracted Xia Zun deeply complete. He ever recalled this paragraph of past event in the special interview that the bound invests before this, "I had seen a lot of person that do poineering work, but never had seen like Wang Zong such person, the sort of passion on his body, aspiration, sturdy, self-confidence affected me deeply. The sort of passion on his body, aspiration, sturdy, self-confidence affected me deeply..

        The Xia Zun that invests one's previous experience does not know batteries completely, but meet for the first time two people chatted " almost 3 days of two night, everyday before dawn slept at 4 o'clock. " subsequently Xia Zun is knocked completely decided this investment --In April 1995, xia Zun is completely contributive hundred thousands of yuan invest Biyadi, also become one of 3 old father of company at the same time.

        At the beginning, xia Zun does not participate in Biyadi's operation completely. Till 2001, business high speed grows Biyadi, wang Chuanfu invites Xia Zun to participate in company operation jointly completely, summerly assist a versatile person joins Biyadi to hold the position of executive trustee, vice-president, in control of is whole rounder than Yadiji operation works.

        Enter business of rounder than Yadiji management 7 years, the company enters the right path stage by stage. When those, xia Zun thinks historical mission had been finished completely, let go gradually then the particular operation that enlists a company no longer, quited place post formally 2008, continue to hold the position of a company to be not executive trustee.

        Continue to hold the position of a company to be not executive trustee.. Actually at the outset my idea is to assist Wang Zong to do a few years first, return to old one's line to make investment next. " Xia Zun is complete the investment before this ever evaluated those a few years of career in Biyadi so in group special report, " Xia Zun is complete the investment before this ever evaluated those a few years of career in Biyadi so in group special report,, See that paragraph of experience that oneself work in Biyadi now, did investment to bring very great help to oneself, let me have very deep understanding to the microcosmic level of company operation, for instance canal of drive of structure of company strategy, processing, group, risk accuses, product program, sale management waits a respect a moment. Invest mark to, I am OK from macroscopical and microcosmic two levels undertake comprehensive analysis, because this holds the meeting is a few taller. Because this holds the meeting is a few taller..

        Nowadays, biyadi already the produces cell coolie factory progress from a 20 much people grows for the industry inside gigantic without bully, newest market prise is as high as 200 billion yuan.

        Regard backside as investor, summerly assist complete redound is rich and generous. In newest Hu Runfu a list of names posted up of a person of extraordinary powers shows, Stock body home achieves the Biyadi that Xia Zun is depending on hold completely 9 billion RMB, change character in those days this hundred thousands of yuan investment redound exceeds 20 thousand times.

        Kill VC circle from angel investor

        Skill exceeds 50 times, pitching appears on the market 5 times company

        After the job that drops Biyadi, summerly Zun Quanru wishs to return to old one's line, steer a boat to highing investment.

        In fact, highing investment held water 2003, did not run a few years at first nevertheless. Till 2010, after Xia Zun resigns post of rounder than Yadiji vice-president holds the position of trustee merely completely, just begin full-time to undertake equity investment.

        The data shows, there is fund of fund of the sea before highing, the look up before highing below division of investment of a small room at present, highing achieve cast, highing the space that achieve an objective, enlighten start the main body such as the meeting, administrative asset exceeds 10 billion RMB.

        Be in actually most at the beginning when, highing investment does not contact social capital. Xia Zun is complete the investment before this ever had explained in group special report, "Investment needs to fumble the method is mixed accumulate experience, because this is to take this money to make investment at first, Dare not take socially capital, my individual sees his fame very again, oneself money had a deficit fortunately, the money of others had a deficit bad. The money of others had a deficit bad..

        Till 2016, summerly assist a versatile person begins to try the investment way that water fund runs, share fund of a small room of stand at attention as main and contributive person and fund management person. Head period highing fund (growing science and technology of the sea before Shenzhen is highing invests fund (limited partnership) ) it is a dimensions it is 450 million yuan, the inchoate investment fund that puts add period 10 years. On LP portion, summerly assist complete individual is contributive over- half, the other member of GP group also has larger contributive proportion.

        On investment direction, summerly Zun Quangen occupies the practice of Euramerican country to judge, innovation of the science and technology when a country is in transition is the way that has an outlook most, china is experiencing the revolution of economic transition, structural adjustment nowadays, china is experiencing the revolution of economic transition, structural adjustment nowadays,, We should exhaust our scanty power, devote oneself to high-tech and the investment that start new-style field" . The target that because this is highing,invests is very specific: Join the company of good science and technology that enhances national technology actual strength only, dedicated Yu Zhi can be made, Robot, the high-tech domain such as medicine of aerospace, TMT, new energy resources, biology.

        Among them, most everybody is hep is the robot with hot instantly alone actor of horny animal industry is chosen surely. But what outside bright somebody knows is, xia Zun ever saved actor a few degrees to be chosen surely completely avoid at jeopardy in. According to media coverage, after work out of original 20 million yuan of capital, the pressure that actor chooses CEO Zhou Jian to be faced with surely is greater and greater, finally, the share of factory of Hong Kong of Zhou Jian general, Shanghai is sold off, a person of extraordinary powers of two when still purchase Shenzhen ten million on each reachs the nimble when protecting, BMW to sell finance curtilage.

        A favourable turn is to be in encounter after Xia Zun is complete. 2013, highing the appraise with 36 million yuan is worth investment and another investment orgnaization to choose investment surely to actor 8 million yuan. After half an year, actor is chosen surely encounter capital insecurity once more, loan of summerly assist complete individual helps a company 6 million yuan overshoot difficulty. The end of the year 2014, the way that Xia Zun believes with individual ask forring completely is chosen surely for actor offer 10 million yuan of capital to be used at company operation, tell author: "You are done according to the means that is helpful for a company growing far development, if doing not have money, I can borrow you. If doing not have money, I can borrow you..

        Choose surely besides actor, highing investment still cast Bo Mingwei, leisurely in artificial intelligence domain birch forest, meaning can be connected wait for an enterprise, semiconductor industry bred core can semiconductor of semiconductor, acute Shi Chuangxin, the design makes domain pitching the enterprise such as Aibeike, Aisidake. In addition, highing investment is in aviationSpaceflight informationSide of technology, new material also invested ten to have quite go qualitative innovation enterprise.

        In making a speech publicly of August 2019, xia Zun ever disclosed completely, between many 50 enterprise that invests at present, average hold time is 5 years, had been born among them give 5 to appear on the market company, the cash reserve in a bank that has quited exceeds 600 million yuan, hold value is close 7 billion yuan.

        Investment of inchoate science and technology is an art

        Industrial setting makes investment more dependable

        Review the investment career that goes more than 20 years, xia Zun has an experience completely very deep: Investment of inchoate science and technology is an art, it is a science more.

        "It is a complex systematic project, it is easy to say, it is very difficult to be done. It needs science of one a complete set of, comprehensive, efficient model and flow to coach. Form professional group only, each square knowledge, experience, information mixes conformity resource, dog for a long time and study the development characteristic of industry and technology deep, already ground of operate from a strategically advantageous position ponders over future, knowledge of ground of ground connection gas is current the market, ability finds that a handful that has value investment most from inside huge project. " complete Ceng Zhengxuan shares Xia Zun on investment annual meeting.

        In a few original years, xia Zun ever had been engaged in investing the job alone completely, discovery is engaged in inchoate science and technology alone investing can be extensive type only, and individual information blind area is too much, also do not have the ability of law gather much person and wisdom, appear very easily blame is rational and decision-making, the risk is very big.

        January 2019, highing investment and investment of Shenzhen city angel guide fund, Shenzhen new and high cast combination to launch angel fund, new and high cast highing angel fund, head period dimensions 200 million yuan, fund puts add period 10 years, basically drop the strategy that give aid to to Shenzhen and urges development burgeoning industry newly established enterprise.

        These year, witnessed achieve deliver a blundering one side, xia Zun detects more completelyInvestment should want to do professional thing by professional person. He ever started the lively scene that joins a group before assail a few years: Everybody hears countless stories that do investment to make money, everybody makes investment presumably. Everybody makes investment presumably.. Investment is not lofty the affair that attend, work hard however vivid, must resemble doing industrial and same make investment, deal with concrete matters relating to work and assiduous, our copartner can see 56 projects one day. Our copartner can see 56 projects one day..

        The wind of scan widely United States joins a group, main partner probably 2/3 is industrial setting, and finance of much one's previous experience of investment National People's Congress. To among them distinction, summerly assist whole feeling is very deep, "Because I do finance to come out, market of past China capital most the whole experience of soul-stirring passes, Since did an industry to just feel dependable truly. ..

        Look completely in Xia Zun, finance cannot be float is in sky only, this world is how, after you make an industry, ability understands.

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