China's CVC (Enterprise War Investment) is undergoing unprecedented changes.
The latest landmark event - recently, the website of the China Foundation Association shows that "Hubble Technology Venture Capital Co., Ltd." (hereinafter referred to as Hubble Investment) has completed the registration of private fund managers, and the institutional types are private equity and venture capital fund managers.
At this point, this war investment team from Huawei can independently raise funds from the outside world.
"Previously, Hubble Investment has been investing with Huawei's own funds, and now it can also issue funds to raise funds for investment," revealed a venture capital source in South China that Hubble has begun to prepare to raise a new fund in Guangdong.
In the past year, Many new changes have quietly taken place in China's CVC: on the one hand, industrial capital has never been active and has become the strongest force in the venture capital circle; on the other hand, the Internet giants have contracted and the hard technology industry giants of the Huawei and Ningde era have taken center stage. So we see a new scene: CVC has begun to raise funds independently.
Just now, Huawei CVC completed the registration of the administrator
Start raising new funds
According to the filing information of the China Foundation Association, Hubble Technology Venture Capital Co., Ltd. has completed registration on January 14 this year, with a registered capital and paid-up capital of 3 billion yuan, and is a private equity and venture capital fund manager, and the actual controller is Huawei Investment Holdings Co., Ltd.
Specifically, the business type of the institution includes private equity investment funds, private equity investment FOF funds, venture capital funds, and venture capital FOF funds, and the management scale ranges from 0-500 million yuan.
This is a signal that shocks the VC/PE circle. After completing the filing of the private fund manager, it means that Hubble Investment can set up a private fund product to raise funds for specific qualified investors and make equity venture capital investments. To put it bluntly, Hubble Investment can independently raise funds for foreign markets.
As we all know, Hubble investment is flowing in huawei's blood, and the publicly disclosed senior management team consists of two Huawei veterans.
As the legal representative, chairman and general manager of Hubble Investment, Bai Yi has joined Huawei since August 1997, starting from the employees of the R&D department, successively serving as the director of the cooperation department of the institute, the deputy director of the enterprise development department, and the president of the financial risk control center until April 2019, when he became the head of Hubble investment.
Kong Yan, head of Hubble Investment's compliance risk control and information reporting, also has more than ten years of Huawei experience, and has been serving in Huawei's regional financial management department since February 2006, and subsequently became a financial expert in the operation and management department.
In addition, according to the Tianyancha APP, the directors of Hubble Investment also include Zhou Yongjie, chairman of HiSilicon Optoelectronics, Ying Weimin, former president of Huawei's wireless network research and development, and Li Jie, chairman of Huawei's supervisory board, who serves as a supervisor of Hubble Investment.
In fact, this big move by Hubble investment has long been signs. As early as November 5, 2021, Hubble Investment made a number of industrial and commercial changes: first, the company name was changed from "Hubble Technology Investment Co., Ltd." to "Hubble Technology Venture Capital Co., Ltd."; second, the company's business scope increased private equity investment fund management, venture capital fund management services (business activities can only be carried out after completing registration and filing with the Asset Management Association of China), and (except for projects that require approval according to law, business activities can be carried out independently according to law with a business license).
Fast forward to April 2019, Hubble Investments was quietly incorporated. The investment institution named after the space telescope undertakes the mission of exploring new possibilities for Huawei, while breaking the inherent impression of Huawei "not doing equity investment" in one fell swoop.
A person close to Huawei's senior management once told the investment community that Huawei's investment is not for financial investment purposes, but for its grasp of building an industrial ecological layout.
Now, after completing the filing of the private fund manager, Hubble Investment can participate in the investment in the form of a GP and begin to break into the VC/PE circle as a regular army, which is bound to play a greater value for Huawei.
Strongest semiconductor VC: An average of two shots per month
Just won a 30 billion IPO
Hubble's investment was fierce, impressing VC/PE.
According to incomplete statistics from the investment community, Hubble Investment has intensively sold more than 30 companies since last year, with an average of 2 investments per month. The investment field covers the third generation of semiconductors (silicon carbide), EDA tools, chip design, laser equipment, semiconductor core materials and other fields, and many of the invested companies focus on self-developed high-tech, and have certain advantages in their respective segments, which can be called "hidden champions".
Entering 2022, Hubble's first investment is still in the semiconductor industry. According to the Tianyancha APP, on January 4, Hubble Investment's new foreign investment dynamics were Tianjin Ruifake Semiconductor. Founded in 2009, the company is a chip designer focusing on high-speed analog circuit technology and innovative I/O architecture, and has successfully developed a new generation of digital high-definition video transmission technology AVT, which has previously received institutional investment from Lenovo Star, Legend Capital, SAIFU Investment Fund and so on.
Hubble Investment's Keyi Hongyuan, which was sold in June last year, is also typical. This is a core component company of lithography machine, the main product is DUV (deep ultraviolet) lithography light source product series, the first high-energy excimer laser in China is from its hand; in addition, the same month to get Hubble investment in Qiangyi Semiconductor, is the first and only domestic enterprise with MEMS probe card technology research and development capabilities; Hubble Investment also added Tianyu Semiconductor in July last year, which is the first high-tech enterprise specializing in the research and development, production and sales of third-generation semiconductor silicon carbide epitaxial wafers. It has the largest number of silicon carbide epitaxial furnace equipment in China, with a monthly production capacity of 5,000 pieces.
The most amazing thing is that through Hubble's investment, Huawei has well supported related enterprises in the semiconductor industry chain, and can even send the invested companies to the market with its own strength.
Siripu is the most representative case. Founded in 2008, Sripu is a full-signal chain analog chip design company, but the company's profitability is not stable. Until 2019 ushered in a turning point, the company's revenue suddenly increased from 113 million yuan in 2018 to 303 million yuan, and the net profit also changed from a loss to a profit of more than 70 million yuan.
The reason for the performance explosion is that Sripu has a mysterious customer A, who has become the company's largest customer from 2019 and helped it turn from loss to profit. After inquiring into the prospectus, it was found that among the several major related parties of Sriepl, only Huawei had a large number of procurement capabilities, so customer A should be Huawei without accident.
In 2020, Sripu successfully landed on the Science and Technology Innovation Board, and Hubble Investment held 6% of the former's shares, making it the sixth largest shareholder of the company. As of now, the market value of Sripu is 54.6 billion yuan, which is more than 3 billion yuan for Hubble Investment.
Last week, Hubble Investment received the first IPO of the year - "the first stock of silicon carbide" Tianyue Advanced, with the latest market value of more than 30 billion yuan. This hard-core IPO was created by Zong Yanmin, a post-60s Shandong Hanzi, who graduated from Qilu University of Technology in his early years majoring in inorganic materials and founded Tianyue Advanced's predecessor in 2010, creating this leading enterprise in one fell swoop.
It is worth mentioning that Tianyue Advanced once attracted a number of VC/PE institutions to compete for shares, but Hubble easily invested in it. Up to now, Hubble ranks as the fourth largest shareholder of Tianyue Advanced with a shareholding ratio of 7.0493%.
Next, hubble investment at least 8 portfolio companies are lining up for ipos. Such achievements are no less than those of first-line VC/PE institutions.
Industrial capital exploded
Now, CVC has also begun to raise funds independently
Looking back at 2021, China's industrial capital ushered in a big explosion.
More than one VC has lamented that industrial capital is getting stronger and stronger, and now when looking at projects across the country, they can always meet them.
Another biggest change is that the era of Internet wars and attacks has passed, and instead of technology giants bending down to lay out hard technology.
It can be seen that Tencent, Ali, Baidu, JD.com, Byte, Meituan and other Internet giants have begun to shrink their fronts, but such as Huawei, Ningde Times, etc. are showing their fists in the hard technology battlefield.
For example, the Ningde era has become the most active CVC in the new energy track. According to incomplete statistics from the investment community, there are currently 69 public investment events in the Ningde era, which have laid out battery-related enterprises such as Yuneng New Energy, Hello Power Exchange, and Cloud Fast Charging, and have also invested in the autonomous driving enterprise Wincher Technology and the vehicle-grade chip enterprise Horizon.
At the same time, more and more of our CVCs have begun to set up private fund management companies and move towards professional VC/PE institutions.
On November 29, Hainan Sanya Tianbo Industry Private Equity Fund Management Co., Ltd. was formally established, with business scope including private equity investment fund management and venture capital fund management services, and the company's three shareholders are Zhang Zetian, Liu Qiangdong and Li Ruiyu.
Coincidentally, on August 20 this year, 360 (Beijing) Private Equity Fund Management Co., Ltd. also officially completed the registration of the China Foundation Association, which is the first private equity company under 360. Earlier, on August 5, ByteDance's investment company, Tianjin ByteDance Equity Investment Management Co., Ltd., officially changed its name to Tianjin ByteDance Private Equity Fund Management Co., Ltd.
If before, the investment of Internet giants and big guys was mainly in the form of groups, or in the form of CVC, but now, they are self-reliant and more and more like a real investment institution. With that, CVC began to raise funds officially and independently.
Right now, this is happening.