"Especially for some game companies that rely entirely on the concept of metaverse, we will pass directly."
Wen 丨 Ma Mujie
Source 丨Tou China Network
On December 28, 2021, FeitianYun, a domestic meta-universe scene application layer supplier, delivered the Hong Kong Stock Exchange. If it goes well, Feitian Yundong will become the "first share of the domestic meta-universe".
It is worth noting that in the list of investors behind Feitian Yundong, in addition to market-oriented institutions, there is also a private equity fund with a brokerage background, that is, open source Sichuang under Open Source Securities. As a securities private equity institution, the forward-looking layout of open source Sichuan has stepped on the outlet of the "meta-universe".
In fact, the open source chuang, which has always been low-key, has made many big moves in the past two years. At the end of 2020, Future TV, a joint venture subsidiary of Kaiyuan Sichuang and CCTV and Tencent, initiated the establishment of the first private equity investment fund in the CCTV system, the Future Technology Fund, with a scale of 100 million yuan in the first phase, mainly investing in technology enterprises in the Internet TV industry chain. Among them, the Feitian Yundong project is the first shot of this fund.
Up to now, the Future Technology Fund has successively invested in 4 projects, including Feitian Cloud Movement, one of the formulators of the international standard of the fourth generation of sound technology atymos, the only domestic atymos technology with the overall solution of attic sound, and The head enterprise Yi Square Technology in the field of OTT large-screen fine operation under Konka, etc., with an investment amount of 55% of the fund scale.
At the end of 2021, Kaiyuan Sichuang and Shaanxi Coal Industry initiated the establishment of the Open Source Eagle Fund for targeted investment in the Beijing Stock Exchange, with a total scale of 1 billion yuan, and the main investment areas include but are not limited to new energy, new materials, intelligent manufacturing, high-end equipment, industrial Internet of Things, etc.
In just two months, the open source Eagle Fund has invested in 5 companies. Among them, Zhejiang Lunong Ecological Environment Co., Ltd. and Fit (Tianjin) Testing Technology Co., Ltd. are expected to be listed before 2025.
Throw away the concept of "metacosmology" and aim at the underlying technological foundations
In 2019, Wang Lei, founder of Feitian Yundong, said in a guest speech on Xinhua News Agency's "China New Third Board" column that since its establishment in 2008, the company's development has roughly gone through two stages. Before 2015, it was the 1.0 stage, which was mainly based on the game business; after 2015, the 2.0 era was opened, and the company transformed from a pure mobile game company to an interactive content marketing company focusing on AR/VR applications.
In 2020, the newly established Future Technology Fund invested in Feitian Yundong, and the logic of the shot was to focus on the ar/VR underlying technology of the latter's scenario-based application.
In 2021, the metaverse concept is on fire. As a leading enterprise in the domestic meta-universe, Feitian Yundong has doubled its valuation in the latter round of financing and is expected to become the first stock in the domestic meta-universe. At the same time, the future technology fund that laid out in advance also coincided with stepping on the big wind of the meta-universe.
But in fact, in the judgment system of the future technology fund, whether the project has a "meta-universe" business is not an important consideration. On the contrary, before investing, the Future Technology Foundation abandoned the concept of meta-universe and set its sights directly on the underlying technical foundation.
Wang Yi, general manager of Open Source Sichuang, told Zhongzhong Network that when looking at metaversmic related projects, its team usually asks itself a question first, that is, if the project and the metacosm are not related, will it still invest? "If we can still vote, then we dare to vote." If you don't dare to vote, then this is most likely not a particularly good project. ”
Atmos Technology is a typical case. Atmos Atmos Technology is an expert enterprise in digital audio technology in China, and its main business direction is to develop innovative audio technologies and products, providing leading professional audio solutions for terminal equipment such as cinemas, automobiles, XR equipment, projectors, bluetooth headsets and so on.
Wang Yi said that even if the atmoso technology of atmosmos technology is not applied to the relevant scenes of the metaverse in the future, it also represents the progress of technology and civilization to some extent, and it will be widely used in other fields such as movies and families, and the market space is huge.
Therefore, around the metacosm, the investment direction of the future technology fund is mainly the underlying technology foundation + content, including 5G communications, 4K/8K ultra-high-definition technology, artificial intelligence, Internet of Things, etc. In Wang Yi's view, technology is the foundation support of the metaverse, and content creation provides more possibilities for technology landing.
It is worth mentioning that for the targets related to the meta-universe, the future technology fund also maintains a relatively restrained rhythm and will never blindly shoot. "Especially for some game companies that rely entirely on the concept of metaverse, we will pass directly." Wang Yi added.
Anchor the Beijing Stock Exchange, dig deep into the "specialization and new"
In September 2021, the Beijing Stock Exchange was officially announced. Compared with the Science and Technology Innovation Board, which is mainly for hard science and technology enterprises such as the world's scientific and technological frontiers and the main economic battlefield, and the ChiNext Board, which supports the deep integration of traditional industries and new technologies and new industries and new formats, the Beijing Stock Exchange focuses on specialized, distinctive and refined innovative small and medium-sized enterprises.
This also means that as an efficient and flexible interconnection platform for investors and innovative small and medium-sized enterprises, the Beijing Stock Exchange not only brings historic growth opportunities for many small and medium-sized venture capital enterprises, but also provides a more direct "way forward and backward" for venture capital institutions with high-quality industrial resources.
Based on this market background, coupled with the deep accumulation of parent company Kaiyuan Securities in the field of the new third board, the open source Chicks Fund, the directional fund of the Beijing Stock Exchange set up by Kaiyuan Sichuang, can be said to have directly transformed industrial resources into advantageous features.
It is reported that before the official establishment of the open source eagle fund, relying on the channel and resource advantages of open source securities, open source Sichuang has laid out in advance in the field of specialized new technology-based small and medium-sized enterprises, and has reserved many high-quality projects in several subdivisions such as high-end manufacturing, industrial Internet and new materials.
Since its establishment, the Young Eagle Fund has taken a steady pace of investment, and has visited more than 30 projects in three months, of which 7 companies have now entered the stage of in-depth research. According to Wang Yi, before the fund was filed, open source Sichuang began to look at projects for specialized new fields. "Many projects are contracted within a month of the establishment of the fund, so the process is relatively fast."
As we all know, the characteristics of specialized new enterprises are "small and sharp", "small and specialized", often deeply rooted in a certain segment, and the innovation ability is super strong. For investment institutions, it is not only necessary to accurately identify the truly valuable "specializations", but also to withstand loneliness and strive to explore medium- and long-term opportunities.
In the screening of high-quality projects, the focus of the open source Eagle Fund is on the primary scientific and technological innovation of the target itself, rather than the relevant data indicators listed on the Beijing Stock Exchange. Wang Yi said that the company's core investment team has always adhered to the full due diligence research on the market environment and the invested industry as the basis for investment, judged the future development trend, and made rapid and accurate attacks on targets that meet investment preferences.
At the same time, compared with financial investors in the market, the first appeal of the open source eagle fund is not to arbitrage to make quick money, but to discover good projects that contribute to social development and create value with them, so the vision is relatively more long-term. "As long as the company's technology is good, even if it is five, seven or even ten years of incubation, we are still willing to participate." Even if the current financial situation is not particularly good, we are still willing to sell. Wang Yi said.
Investing in non-gambling, to be able to "help"
Whether it is a future technology fund positioned in the direction of "technology + culture" or a new open source eagle fund invested in the Beijing Stock Exchange, in the investment philosophy of open source Sichuang, judging whether to sell is not only an indicator of the quality of the project itself, but also consider whether it can help after investing.
"If it helps the business, we will be decisive." Otherwise, investment is more like gambling, the money is handed over to the enterprise, and the later development depends entirely on the ability and mood of the enterprise, so that we feel that the risk is greater. Wang Yi said.
In other words, compared to investing, open source sichuanging emphasizes post-investment empowerment. Of course, this is also a natural resource endowment of open source Sichuang. Especially in the follow-up financing and listing counseling of enterprises, relying on the background of securities companies, open source Sichuang can help enterprises standardize their equity structure, finance, etc. from the beginning, and solve many worries for enterprises.
Take the Fit test project as an example. At the end of 2021, Kaiyuan Sichuang invested in this leading company in the automotive field of AI vision inspection applications. After the investment was completed, Kaiyuan Sichuang quickly contacted the investment banking team to intervene, helping the company to sort out the rhythm of internal control, finance and follow-up capital markets in an all-round way, forming a complete set of capital market solutions for enterprises, and realizing the seamless docking of investment and investment banks.
In addition to "icing on the cake", open source Sichuang also attaches importance to the after-investment service of sending charcoal in the snow. Previously, open source Sichuang negotiated a company to be invested, the amount is larger, and the valuation is not low. During this period, due to the impact of the epidemic, the operating profit of this enterprise has been greatly impacted. Although the company's development did not meet expectations, open source Sichuang still firmly invested in it at that time, and did not require corresponding valuation adjustments.
According to Wang Yi, up to now, this company has maintained a good partnership with open source Sichuang, and "the company also recognizes us very much."
In Wang Yi's eyes, after the investment, pay attention to hard power, in fact, there are many things that can be done. In addition to assisting the invested enterprises to grasp the commercialization and financing strategic planning, Kaiyuan Sichuang will also consciously select fund partners with industrial backgrounds, and introduce rich resources such as leading enterprises and listed companies in the industry chain into the fund investment system to achieve all-round empowerment of enterprises.
In the general direction of the Beijing Stock Exchange, open source Sichuang has a unique advantage. Through the efficient linkage with the investment banking team of Kaiyuan Securities, Kaiyuan Sichuang can comprehensively empower enterprises to invest + sponsor, and provide one-stop services for the capital market.
At present, the Beijing Stock Exchange has stimulated the enthusiasm of specialized and special new investment, and the profound empowerment value-added services have also given open source Sichuang the confidence to capture high-quality projects. Wang Yi said that in the face of new opportunities brought by the new market environment, open source Sichuang should maintain its original intention not to be impetuous, build on its strengths and make up for its weaknesses, and do a special job in the direction of innovation and technology.
![North Stock Exchange Northland touched the limit of the rise in the past 10 trading days rose 75%[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)