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Mr. Zhang Ying's sleep time has always been a mystery.
Even his closest Partners are not sure when the fund helmsman will fall asleep. It could be two o'clock in the morning, or it could be six o'clock in the morning — at least judging from his WeChat and email active hours, he may still be awake at these times.
"The DZ is like a supercharger that can be charged in ten minutes." In the description of Liu Xiaoning, COO of Jingwei, this is a magical ability: use idle time to fall asleep anytime and anywhere, and then keep excited until midnight. DZ is the English name of David Zhang, the founding managing partner of Matrix Partners, and it is also the way he asks people around him to call him.
If you are an employee of Jingwei, there is a high probability that you will encounter the boss's questioning in more than one group. For example, on a weekend afternoon, Zhang Ying coldly asked in the group: "How many points can everyone score on the matter at hand from 1-10?" And such cross-examination often overwhelms the crowd.
This is Zhang Ying's 13th year at the helm of Jingwei. In the past 13 years, Zhang Ying's outstanding fighting spirit has made Jingwei famous in her youth, and in a sense, she has become a change-maker in VC and even the entire investment industry. For example, it precedes the big bet on the mobile Internet proposed by most people; the new investment of dozens or even hundreds of companies every year; and the "same money, different help" that Jingwei is still proud of: in addition to the investment cost, this institution may be able to provide you with 100 post-investment packages.
Zhang Ying has a distinct personality, which in a sense represents the brand of Jingwei, while his entrepreneurial partner Xu Chuansheng is more low-key and calm. When opinions are at odds, "some form of democratic centralism is how they reach a tacit agreement." "People close to jingwei management usually say so.
Nowadays, even if it is difficult to associate Jingwei with the word "old", the reality is that Jingwei's team has expanded to 140 people, and its dual-currency fund has raised 12 issues.
Not to mention that the investment industry itself has long been spinning. In 2016, the Online Traffic Dividend of the Internet was exhausted, "although Jingwei did a lot of layout in the mobile Internet before, but the senseless demand will only become more and more meaningless." Xu Chuansheng, founding managing partner of Matrix Partners, said. Although today, this pain may seem to be a kind of luck - it forces Jingwei to extend its tentacles from the guerrilla warfare of the main line of mobile Internet to the outside even more resolutely.
Xu Chuansheng told 36Kr that in 2014, Jingwei began to cut into some areas of scientific and technological innovation in the form of industry groups, such as big medical and digital; in 2016, "it began to emphasize that science and technology empower everything, and did a lot of industry layout and talent reserves." "In the new tracks such as new energy, big medical care, big consumption, and cutting-edge technology, Jingwei has successively established its own base areas, thus forming a network of investment structures." For example, it is well known that in the field of intelligent electric vehicles, Jingwei has gained the ideal and Xiaopeng at the same time.
The change in the portrait of entrepreneurs has also allowed them to push the post-investment service that has been done very heavily to the 2.0 era. This kind of coping style in a sharp situation has been summarized by Zhang Ying into a rather communicative phrase: the strategy of three modernizations. Specifically, it is: investment ecology, post-investment scenario and brand strategy.
Of course, for any investment institution, the industry rotation cannot be achieved overnight. This is especially true for Jingwei, which has been marked by the mobile Internet.
"When adjusting the direction, how to quickly copy a quick switching combat power to others like tap water twisting on and off?" In the Jingwei office on the 26th floor of the Taikang Financial Building, Zhang Ying took the initiative to talk to 36Kr, which had nothing to do with the missing cases that he never hid, but more from how a fund manager became a sophisticated helmsman.
In this sense, Jingwei has to face the same problems that the company it casts must face after it matures: how to continue to have the next masterpiece, how to keep the team sharp, and always be agile in the rapid rotation cycle.
Due to the hidden nature of the fund industry, it is actually difficult for people to truly objectively understand the true location of an institution. But in the past four or five years, longitude and latitude have completed a new fission. What this article tries to restore is precisely how the longitude and latitude are adjusted with an iron fist and do not let the successful inertia of the past battlefield become the process of new positions.
Iron fist adjustment
On the evening of July 30, 2020, Ideal Auto was listed on the NASDAQ, and when CEO Li Xiang, who has been in business for nearly 20 years, held the microphone in both hands and said "I want to thank three people", Zhang Ying was looking for a cola with ice cubes.
The story after that is well known: Zhang Ying became the only investor to be thanked except for CFO Li Tie and the ideal ONE user Hao Yifei. Zhang Ying later stressed to 36Kr that he himself was "a little surprised."
Time back to 2016. Before Jingwei threw out star projects such as Ideal and Xiaopeng, the agency had undergone a key adjustment brought about by the track switch.
Around 2016-2018, Zhang Ying sought motocross as his solution. Unlike road motorcycles, off-road scenes mostly occur in deep mountains and old forests, stone cliffs or desert no man's land. Venture capitalists always seek their own way to decompress, and Zhang Ying has chosen a sport that few people can reach — a project that uses a lot of effort to climb with their hands and feet but uses a motorcycle to climb a stone barrier.
This was used by Zhang Ying as his way of decompression. Amid the rumbling noise of the engine, everything seems to be cut off, leaving only a quick steering decision and a quick feedback: "Is it a breakthrough or a fall?" You have to always keep an eye on your next step and choose the best route, otherwise you may rush to the high point and quickly roll and fall. ”
For investment institutions, especially early stage institutions, the most difficult thing to overcome is the track switch. The latitude and longitude here are in this transition.
"During that time, every day was very busy, thinking and advancing, but looking back, it was actually not so efficient and not so resolute." Zhang Ying said that not to mention that the feedback of this switch is also very long: many things are done right or wrong, and it will not begin to have clear signs until 3-4 years later, and after 7-10 years, it is possible to break out or get huge returns.
Not only that, but he also perceives another "wrong": "Some colleagues and even partners, over time, hit the ceiling of growth." His summary of this is that some are arrogant and lax from past achievements, and some are from industry switching that have not found node companies and have not been quickly corrected and grown.
For VCs, missing out is not terrible, the key is "there is still no breakthrough in the follow-up, and the desire to win is lost."
For a while, Jingwei kept holding review meetings: for example, arguing about which track to focus on, how to find a better way to "replenish the gun", and how the team can maintain combat effectiveness.
Soon, Jingwei decided to start a drastic change. The first step is to face Zhang Ying himself – he wants to be "more precise and focused on the front line".
This means that he not only has to participate in grabbing projects and doing projects with other institutions, but also has to intervene more accurately, so that more pressure and responsibility are placed in front of the partner level. In Zhang Ying's view, in the past two or three years, "I have spoken with more actions than before."
For the good, Zhang Ying will quickly give greater authority; and if the star project is missed, he will intervene more directly, in order to make the system flow. "As a manager, DZ is increasingly rewarding and punishing." A partner who has been with Matrix Partners for many years told 36Kr.
It took about a year, zhang Ying thought that he had found a balance on the question of whether internal horse racing was internal friction or creating a catfish effect. "If you want an institution to go further, you must reject egalitarianism and treat everyone according to performance differentiation, whether it is an investment manager or a partner."
An LP once commented on 36Kr that Zhang Ying can make everyone in the field of longitude and latitude, "be stimulated by twelve points of fighting spirit, everywhere want to win." ”
Change is not only top-down, but also bottom-up. To paraphrase Zhang Ying: "Let the people below scream and kill, let the partners feel the pressure from young people." ”
For young people at the VP and director level, Jingwei gave a flexible decision-making mechanism for early young people to quickly get bullets and shoot independently. They are allowed to shoot independently multiple times a year, and if there are similar projects, they can write a summary and send it directly to a group called "Independent Investment". This improves the entire decision-making process by 1-2 weeks. The group has now thrown dozens of early-stage projects with Angels.
"Of course, this opportunity will also be evaluated in stages, and depending on the results, the right to shoot will increase or decrease." Zhang Ying said.
Xu Chuanshen added to 36Kr that in order to allow young people to see the rewards of their achievements faster, Jingwei has changed the traditional distribution method of VCs usually sorted by rank and shared benefits, and Jingwei has more flexible incentives.
In addition, when encountering a particularly sought-after, large-scale project, and unable to find Zhang Ying or Xu Chuansheng for a while, Jingwei's investors can quickly pull the other two partners to discuss and report, and quickly promote the project. Jingwei hopes to have its own minimum combat unit in the increasingly fierce investment environment, rather than losing the opportunity in the internal friction of internal processes and decision-making mechanisms.
In an interview with 36Kr, Zhang Ying confessed that the competition he encountered in 2021 was "the best in history" and "never seen in the past 13 years".
This actually inspired his fighting spirit. He is pushing forward the "investment ecology" strategy for the first time in history to cope with more fierce competition. "It doesn't make any sense for an institution to just be 'good' and 'live well.'" Zhang Ying repeatedly mentioned one of his goals to 36Kr: to constantly challenge new highs and work hard from 70 points to 83 points with harsh standards.
Investment migration
A silver-gray Xiaopeng P7 slowly parked in Beijing's Shougang Park.
After Zhang Ying and his partner got out of the car, they circled the body of the car to the onlookers and beckoned everyone to enter the car for a test drive.
This is a scene after the 100 million entrepreneurship camp in October 2020. Among the three new chinese new energy car manufacturing forces (Ideal, Xiaopeng and Nio), Jingwei invested in two of them.
A similar scene took place at the LP Annual Meeting in December 2019. At that time, Zhang Ying also found a light blue ideal car to park outside the hotel for everyone to test drive. One Jingwei funder recalled the scene to 36Kr that at that time, "the surface was calm, but the heart was actually beating a drum" because "I felt that the project would lose money in minutes, and they still invested so heavily."
This is a year of precariousness for Chinese electric vehicle makers. There is even a kind of ridicule in the industry: Weilai has entered the ICU, and Xiaopeng and Ideal are ready to enter the ICU.
Ideal car because of the use of different from the mainstream electric vehicle range (plug-in hybrid) technical route, one can not benchmark Tesla, tell a stunning capital story, and second, its market and fuel vehicles also have some overlap, will inevitably be challenged by the channel from traditional car companies, the road is particularly difficult.
At the end of 2017, after the ideal of The B round of investment in Jingwei, from Zhang Ying to partner Wang Huadong received "many mocking phone calls" questioning the route of the increase. However, after the survey, they found that if you compare the number of charging piles in China and the United States, in fact, "it is difficult for electric vehicles to use overseas successful experience in the short term to completely solve the problem of Chinese car owners with mileage anxiety." ”
In the survey with some automotive suppliers, Jingwei also found that there are many innovations in the ideal operation and management, from the intelligent organization of the entire company to the network structure of the intelligent organization, to the management of sales center outlets, etc. For a car manufacturer that needs to integrate many complex interests such as traditional automobile industry, AI companies, Internet companies, etc., these innovations can make the utilization rate of funds become very high, "it is a miracle".
But before finding the direction of smart electric vehicles, Wang Huadong also fell into a downturn. In 2016, when it realized that Internet traffic was gradually drying up, the youngest partner of Matrix Partners also made some less successful attempts in AI, entertainment or digital medical tracks. Among most of the partners of Jingwei, track crossing and gun replenishment also brought a certain degree of confusion.
How does Jingwei complete the track switching process? Neither Zhang Ying nor any of her partners explicitly listed one, two, three to 36Kr. It's more like a time and again detachment and subversion of conventional inertia. And this process is also the opening of Zhang Ying's "investment ecology": first find the investment anchor points of various industries, and then extend into an ecology, and produce aggregation reactions between each other, coexistence and even common prosperity. For example, in the new energy industry chain, after the two core vehicle manufacturers of Jingwei Investment Ideal and Xiaopeng, they had a global perspective and established a new energy ecological chain map such as battery materials and automotive chips.
An LP of Jingwei said to 36Kr that in addition to the judgment of the track and route, the point that makes it more difficult for Jingwei to decide is the amount. Matrix Partners' first investment in 2017 was already the B round of the latter, with an amount of 300 million yuan. If you add the amount added later, the total investment cost of the ideal amount reaches nearly 1 billion yuan. "In the history of longitude and latitude, such a figure is almost unprecedented." Over the years, the aforementioned LPs can feel that "Jingwei has been looking for a way to step out of their comfort zone." ”
Zuo Lingye, a partner at Matrix Partners, also said in an interview with 36Kr, "The bet on a relatively high valuation company like Ideal is a new confidence strengthening, and it also proves that some of our playing adjustments are correct." ”
On the other hand, Jingwei has also found a rhythm of how to invest in areas with high technology content, but it can also be expensive. This kind of mesh playing method has become the strategy of Jingwei in various fields such as new energy, big medical care, enterprise service/B2B, industrial Internet, and cutting-edge technology.
For example, in the frontier scientific and technological direction of commercial aerospace, Zuo Lingye believes that with the gradual opening up of the government to the aerospace market and the encouragement of private forces to become a powerful supplement, Jingwei has some new extended layouts starting from investing in rocket companies Interstellar Glory and Blue Arrow Aerospace.
In the field of large medical treatment, Jingwei began to expand horizontally after establishing several strongholds in the field of innovative drugs, such as synthetic biology, cell therapy, and coupling systems, "constantly loading different technical schools into it, thus forming a network ecology." Jingwei partner Yu Zhiyun said.
In addition to the horizontal layout, vertical industrial chain coordination is also very important. In the upstream industry chain of biological drugs, Jingwei has invested in T cell serum-free medium has reached the industry's leading level of Ecosa Biologics. Another cell therapy company in the warp and latitude system, Gravel Biologics, as the head enterprise of domestic tumor infiltration lymphocyte (TIL) treatment, just needs high-quality and long-term supply of domestic T cell culture media. So the two companies hit it off and signed a strategic partnership.
The same is true in the enterprise services/B2B space. In the view of Xiong Fei, a partner of Jingwei, Beisen and Gaia Workshop in the field of general SaaS, PingCAP in the developer/security field, and Zhenkun Xing and Xiao Fat Bear in the supply chain link are all core node companies, "based on this, we extend investment along the upstream and downstream of the industrial chain."
After the transition period, Jingwei also put forward higher criteria for judging its own voting meeting: "First, all projects need to have scientific and technological attributes, and second, the quality is 1.3-1.5 times higher than in the past." Zhang Ying even issued a new directive to the investment team: "When encountering those projects that can be invested or not, we must use rigorous predictions about the future market size to convince everyone." ”
New challenges after the pitch
If the adjustment of the iron fist is a breakaway from the inertia of the organization of Jingwei, and the migration of investment routes is a divestiture of the inertia of investment, then resolutely and resolutely doing heavy after investment is a revolution in the inertia of the industry in recent years.
Post-investment is not the traditional focus of typical VC institutions, and some VCs have not even set up a full-time post-investment team so far. However, Jingwei proposed to do heavy "post-investment" very early, and even according to Liu Xiaoning, COO of Jingwei, many funds on the market today will flaunt themselves with "post-investment", but in fact, "from the bottom of my heart, there are still not many funds that believe in post-investment and attach importance to post-investment." And latitude and longitude are absolutely. ”
Determination can be reflected in the details. In the view of Lai Yilong, an entrepreneur and Lychee Lai Yilong who has invested for many years, unlike other institutions, every department after Jingwei investment is "like an entrepreneurial team", but in large-scale activities, the entire front and back office of Jingwei often moves, including investors can pour tea and water for guests. In 2013, when Zhang Ying planned to set up an emergency medical service team, almost everyone suggested using a third-party service agency according to industry inertia. He resolutely opposed, "the difference between directly operated stores and franchise stores, service awareness and ultimately each other's feelings, is more than 100 times worse", so he insisted that "the core personnel of the medical team must be Jingwei's own employees", only in this way, can "100% do their best to care for the founder." ”
Determination can also be quantified. The team of 140 people in total, there are more than 100 people after the investment, from PR, GR, to the recruitment team, DD (due diligence) team, to the fundraising team and emergency medical service team and so on... Matrix Partners has been thinking about how to systematize post-investment – even though this will result in higher overhead costs.
When investing in the era of hardcore technology, the portrait of entrepreneurs has also changed dramatically: when you no longer serve a group of young people with talented ideas, but a group of scientists and technologists with an average age of 35+, "it means that the help entrepreneurs need most has also changed." This is also a topic that Zhang Ying has been thinking about repeatedly recently.
Based on these changes, on the basis of the original heavy post-investment system, Jingwei allows each post-investment group to provide suggestions and solutions to entrepreneurs in advance according to the high-frequency pit problems such as strategy, organization and equity that may be encountered at different stages of development of startups, rather than sitting and other issues. Kechuanghui and Billions of Entrepreneurship Camp are one of its landing methods. This is like the F1 championship, "post-shooting scenario" is to ensure that the driver can be fully focused, one after another through the cloud flow operation of the complete system, need to be forward-looking, systematic, efficient and understand human nature.
In this system, in addition to the "air force" such as the WeChat public account, there is also a huge "ground force": from the exchange creation and capital matchmaking meeting, to the vertical sharing meeting of the recruitment, finance, legal affairs and other groups, and then to the annual hundred million entrepreneurial camp and so on.
Because the company grew too fast, Ruan Wei, the founder of Nordson Innovation Union, once worried about the design of the organizational structure. Until in the hundreds of millions, he heard a lesson that Li xiang said: in the class, Li wanted to share how he had designed the internal architecture of the ideal car, how to use TOOLS such as OKR to make internal information transparent, and how to decentralize power to form a new generation of intelligent organizations like Apple and ByteDance, which gave Ruan Wei a lot of inspiration at that point in time.
What the insiders need most is often the solution of the "people who come over", and the "scenario" after the shot is exactly such a cognitive relay. "A lot of times, you're stuck with a problem for months or even years, and a person who's been through it may get you hooked." Ji Pengcheng, founder and CEO of Easy Rent, said.
Shan Dandan, founder and CEO of Fuyou Truck, told 36Kr that because Zhang Ying and many entrepreneurs in the Jingwei Department are "people who have been to the top of the mountain", they can help them who are still climbing to "see the scenery at the top of the mountain in advance".
In view of the possible situation that the new generation of technology entrepreneurs is "too immersed in the professional field, and generally not highly sensitive to commercialization or organizational management", the billionaire entrepreneurship camp has also innovated in curriculum setting.
Two excellent examples are: Wang Hongxia, the founder and CEO of Aotian Technology, has been obsessed with being a scientist since childhood and attaches great importance to the technical indicators of the product, but she was once full of prejudice against the commercialization of the company. Only later did I realize that "the company survived and gradually grew bigger, in order to change more." "At present, Aotian Technology is the first and only private supplier in China that has several products in orbit and application with satellites. Peng Xiaobo, the founder of Interstellar Glory, realized when he participated in the "organization module" of the Jingwei Billions Entrepreneurship Camp, "The company's product is a rocket, but my product is the company, and while doing research and development, we should also build the organizational platform." ”
For scientists and entrepreneurs, Jingwei has launched a new science and technology innovation hub, trying to explore the problems that scientists may encounter in entrepreneurship in the mode of light courses. Zhang Ying's most recent screen brushing article is that he is thinking about how to give scientists and entrepreneurs different help, he took the initiative to discuss the problems encountered with the founders of science and technology such as Xin Chi and Triassic, plus his own experience, and summarized 9 suggestions.
Dr. Cheng Senping, founder and CEO of the 3D printing drug technology platform Tripitage, told 36Kr that the thinking model of scientists is "forward" and uses science and technology to define product forms; while those who do business, the thinking mode is "reverse", and will push back the product form according to market needs. There's no right or wrong, but "the middle point that is often finally found is the product that the company should do." ”
Underlying trust
In September 2015, He Xiaopeng traveled to Iceland with Jingwei, and he was riding in a submachine boat with Zhang Ying and Wan Haoji (Jingwei partner), and was splashed by the cold waters of Fahza Bay.
In this journey full of glacier hiking, snowmobiling, and volcanic climbing, He Xiaopeng felt for the first time the "refusal to follow the rules" in the longitude and latitude genes. Later, when Xiaopeng Automobile opened financing, he naturally asked Zhang Ying, "Do you want to invest in electric vehicles?" ”
In the early years, when most of the VCs were still investing in the scattered soldiers, Jingwei consciously made the "brand strategic". This construction also allowed Jingwei to establish a sense of brand warmth very early on: it was a personified, not cold, investment institution, which was the most significant difference between the institution and others in its early years. Everyone now knows that a good reputation is far more important than imagined for the investment industry.
"One of the things that's special about Matrix Partners is that each partner's style is very different. For example, Zhang Ying is cool, Harry (Wan Haoji) is stable, and each person's different style leads to multiple tonalities in multiple directions. I often chat with people with different longitude and latitude, and judge things comprehensively through different angles and styles. He Xiaopeng said.
Over the years, Jingwei has always refreshed the boundaries of the imagination of the outside world on "what else can a VC do": it has a WeChat public account of more than 2.1 million fans comparable to the media influence; Zhang Ying has also been articles to brush screens or go out of the circle, and some media have defined Zhang Ying as "the person who makes investment from a to B to C thing"; they are also doing music festivals in the desert, and Zhang Ying has personally participated in three documentaries "Randian", "Freehand Climbing" and "Blue Line".
From the outside, Jingwei's unrepentant act of re-emphasizing post-investment is a differentiated effort in the early stage of investment in the increasingly Red Sea. In Zhang Ying's own view, it is more because the "ups and downs and setbacks" can bring "deep friendship and mutual trust".
In the past 8 years, Jingwei has encountered about 400 to 500 major medical incidents every year, and many people will feel that such a payment is too stupid, but Zhang Ying feels that this kind of service at a special node where people are particularly sensitive and vulnerable is extremely meaningful.
Li Xin, co-founder of Ape Counseling, said that from the medical team, it can be seen that Zhang Ying is not as simple as everyone thinks that "very Western-style" and "very direct", "his insight into Chinese society is very keen, and the establishment of the medical team is a good insight into the pain points of Chinese society." ”
Zhong Xuegao CEO Lin Sheng told 36Kr that he and Zhang Ying had previously been barricaded on WeChat because of certain terms, and had not paid attention to each other for a week. Unexpectedly, a week later, Zhang Ying took the initiative to lower her posture and meet him to break the ice, which made him impressed by his strong personality. After that frictional conflict, he found that the two seemed to kiss a lot. When I think about it again, I will laugh unconsciously. Too many investors and entrepreneurs are just an investment relationship, but Zhang Ying makes him feel: "This is a living person."
In two interviews with Zhang Ying by 36Kr, he repeatedly mentioned the intersection of his growth experiences: six years in Tai'an, Shandong, six years in Ma'anshan, Anhui, more than a decade in San Francisco, and then back to China. Because he was sent back to China for investment by "historical contingencies" at the right time, he believes that everything he has now is "one in a few hundred million lucky".
Such a furnace-like experience also allows him to freely travel through the opposing dimensions of strong and weak, light and heavy, inside and outside, good and bad. For himself and for the longitude and latitude, he will have the identity of the strong; externally, on the one hand, he challenges the strong, "if he wants to defeat the big man", on the other hand, he has a strong desire to protect the weak and the people in crisis.
In 2019, after obtaining the consent of investors, a startup launched an IPO. But in the key signing link, suddenly an investor saw a change in the market environment, started his own small calculation, saying that he must buy back according to the price he said, and then he was willing to sign.
At the crucial moment, the bottom of the barrel was drawn – which made the other shareholders angry. But most people, despite their anger, just hide and ignore it. At this time, Zhang Ying stepped forward again and told the agency: "You are not doing the right thing, talk about good things, and you can't threaten the company because of your family's interests." "If that's the case, people won't work with you anymore."
After this incident, the investor approached Zhang Ying again, saying that they would join forces to sell the company. When he received the other party's call, Zhang Ying was originally driving on the highway, and halfway through the other party's words, he was already "angry to the point of explosion", quickly let the driver in the place where he could park, and told the other party word by word: "Did you tell the founder about this?" ”
Zhang Ying stressed to 36Kr that this is the point he cares about most - investors cannot unilaterally promote transactions behind the back of the founders without reaching a consensus with the founders, because "this behavior is obviously a stab in the back." ”
Qiu Yujing, founder of XinChi Technology, said that when her company raised funds, Wang Huadong said: "This is an investment institution that everyone will take the initiative to call themselves Jingwei companies", which made her very touched.
Perhaps this is also the privilege of being an early investor: often the earlier the ups and downs and setbacks, the more you can reach the depths of each other's lives, thus establishing deep links.
Just like when Zhang Ying traced the investment in the ideal car, he thought that the courage came from "people who made early investments, the mind is not so complicated", but at the same time he also believes that this is the reason for "why early investment is good": "a project so late, the product development is still very early", "When all the logic, all the data, point to uncertainty, we chose to focus on the belief in people".
Investment ideals are a well-known story of twists and turns. At the end of 2017, when the entire industry was still cloudy and foggy, Jingwei led this round of investment and helped the company coordinate other follow-up partners. The following year, when the ideal book funds could only support 4-5 months, Zhang Ying helped to pull several funds to quickly invest in a round. Later, when The Ideal once again fell into financing difficulties, in the small conference room facing west of the Taikang Financial Building, Zhang Ying advised Li to find other "Deep Pocket" big guy friends, which led to Wang Xing's later joining.
"When you have something to do, the average person you look for him, he will hide first." At the ideal R&D center in Shunyi, Li, sitting opposite 36Kr, wanted to talk about this past again, "but Zhang Ying is an exception." When things happened, he rushed forward. ”
