Wang Ying, General Manager of Chang Development： Investing and entrepreneurship are doomed to life, maintaining original intention and resilience, and only then can we always achieve success
Blooming female power, living up to the times. In recent years, more and more female investors have become the powerful helmsmen of venture capital institutions and investment ecological platforms. With their keen vision, they have discovered excellent entrepreneurs and invested in surprising projects. Recently, the 21st Century Business Herald, Financing China, Fund of funds Research Center and other institutions focused on the female groups in the front line of investment, and conducted the selection of the female investors list. Wang Ying, general manager of Chang Development, was on the list and won many honors such as "2022-2023 influential female investors", "2022 best female investors", and "2023 best female fund of funds investors Top 30".
Recently, the financial industry also launched a series of "Her Economy · Her Power" planning, conducted an in-depth interview with Wang Ying, general manager of Chang Development, and conducted in-depth discussions on hot topics such as the development of strategic emerging industries, financial support for the real economy, and young people’s entrepreneurship.
Wang Ying is the general manager of Chang Development. More than 10 years ago, she entered the investment industry and engaged in strategic investment, industrial investment and post-investment management in central enterprises. In 2015, Wang Ying became attached to Chang Development and created and managed the Changping District science and technology industry fund of funds, as well as the Changping District key scientific and technological achievements transformation and industrial project guidance fund. During this period, she invested in well-known enterprises such as Aibo Medical, Fanshengzi, Nuocheng Jianhua, and Baiji Shenzhou.
Key points to refine:
Through the fund of funds, equity funds and direct investment funds, Chang Development has invested in more than 30 direct investment projects. These enterprises are a combination of "leading scientists + serial successful entrepreneurs", with a very solid underlying technology platform, strong execution, and mature commercial application cases for actual scene needs, forming a growth driver and a manifestation of actual value.
In terms of empowering after investment, Chang Development has proposed a one-stop industrial ecological platform to help enterprises grow throughout the whole cycle. For example, it provides FA (financing acceleration) services for investee companies, uses fund of funds system to invest in sub-funds and other cooperative funds, and matches investment institutions for the next round of financing of investee companies; uses the resource advantages of industrial parks to provide industrial space bearers for the whole chain from early incubators to pilot production plants, and then to the headquarters of mature leading enterprises listed companies.
Whether it is a fund of funds or a direct investment fund, Chang Development’s investment is not limited to Changping. In the future, the park business will also be accompanied by the development needs of corporate customers to output some asset-light management service capabilities, releasing tentacles and links to a wider area.
Looking ahead to the next five years, healthcare, intelligent manufacturing, energy technology, and new generation information technology are all promising tracks for Chang Development. On these tracks, Chang Development not only hopes to capture some industry leaders in the Pre-IPO stage, but also pays attention to scientists or serial successful entrepreneurs in the early stage. Chang Development is willing to accompany them in the starting stage.
No matter whether it is entrepreneurship or investment, it is not a particularly easy task. It can be described as a life-or-death situation. Only by maintaining the original intention and staying resilient can we achieve success.
Drawing on white paper, creating and managing tens of billions of funds
As the trader of the government guidance fund, Wang Ying led Chang Development to gradually develop into a complex and comprehensive investment platform, helping the industrial integration and development of Changping region. She introduced: "On the one hand, Chang Development focuses on key industries in Changping, such as Future Science City, Life Valley, Energy Valley and Shahe Higher Education Park, focusing on key industries such as medicine and health, advanced manufacturing, energy technology, digital economy, etc., to carry out direct investment and indirect investment of the fund.
On the other hand, Chang Development also invests in industrial infrastructure, operates and manages an industrial park with a scale of 1 million square meters, covers the ladder carrier construction model of incubators, accelerators, crowd creation spaces, corporate headquarters, and professional industrial parks, and provides enterprises with professional technical thresholds and deep empowering technology services. "
Since 2016, Chang Development has managed two government guidance funds in Changping District as a manager, focusing on early-stage funds and projects. In November 2022, Chang Development improved the life cycle layout of fund of funds and started the establishment of fund of funds group in Changping science and technology industry. On the basis of existing fund of funds, mid-to-late fund of funds and S fund and other types of funds were added. The main participants are leading financial investment institutions in various industrial fields and leading enterprises inside and outside the region. According to the official introduction, as of now, the fund of funds system has more than 40 cooperative sub-funds in the fields of medicine and health, intelligent manufacturing, and pan-TMT, nearly 1,000 direct and indirect investment projects, more than 120 investments in Changping enterprises, and the amount of investment in Changping District is nearly 2.80 billion yuan.
Regarding the Changping technology industry fund of funds group, Wang Ying said: "The previous fund of funds was mainly based on early and medium-term investment. The upgrade of the fund of funds group will be extended to mid-to-late investment in the investment stage. In the matrix, key industry project guidance funds and self-managed brand direct investment funds will also be set up. At the same time, more equity investment institutions will be attracted to Changping to register and develop and carry out investment. In addition, the establishment of S fund of funds will also be initiated to do a good job in the continuation and relay of fund shares."
On January 5 this year, Chang Development was listed on the New Third Board. Regarding the future journey of capital markets, Wang Ying said: "This year, there are plans to transfer the innovation layer on the New Third Board, and in the future, we will also launch an impact on the Beijing Exchange at an appropriate time. We hope to make Chang Development a market-oriented operation mechanism, and at the same time be able to undertake the function of industrial development. Professional, international and branded state-owned capitalization operation platform."
Focus on sub-sectors and deeply empower the ecosystem
While the operation of the fund of funds system is constantly improving, Chang Development’s pace in direct investment is also becoming more and more stable. In October 2020, Chang Development established Zhiheng Direct Investment Fund.
Regarding the selection and investment criteria of direct investment projects, Wang Ying introduced that Chang Development’s direct investment fund emphasizes vertical specialization and focus. At present, Chang Development’s direct investment team has two groups, one focusing on medicine and health, and the new consumer medical and pan-health industries represented by medical aesthetics. The other group focuses on advanced manufacturing, energy technology and digital economy.
Wang Ying said: "For us, the cooperation of the sub-fund is to make Moments bigger, to make an industry map, to make a portfolio, and to make a face. The direct investment fund is more about doing something. Through more precise and direct investment, we will focus on supporting and focusing on sub-segments, enterprises to establish bonds and connections, and to do better empowerment."
At present, through the fund of funds, equity funds and direct investment funds, Chang Development has invested in more than 30 direct investment projects, investing in innovative drugs, medical apparatus, medical services, semiconductors, energy technology and other high-precision fields.
In the field of medical and health care, Chang Development has invested in innovative drug companies such as Yanming Biology and Beiqi Biology around the "Leading Scientist + Mature Entrepreneur" team, medical apparatus companies such as Pinchi Medical and Tupai Medical, and instrument and equipment companies such as Saiqiao Medical and Qingyuan Kaiwu, as well as medical service companies represented by Xihua Testing and Saifu Pharmaceutical; in the field of advanced manufacturing, Chang Development has also invested in the semiconductor inspection platform Ankun Vision, the intelligent hardware company Xiaoniao Technology, and the intelligent manufacturing flexible acceleration platform Wanlong Lean, as well as in the field of autonomous driving and energy technology. Investment in Guohong Hydrogen Energy.
"These companies are all characterized by a very solid underlying technology platform, strong execution, and mature commercial application cases for actual scenario needs, forming a growth driver and having the potential for long-term value," Wang Ying said.
In terms of empowering after investment, Chang Development has proposed a one-stop industrial ecological platform to help enterprises grow throughout the whole cycle. For example, it provides FA (financing acceleration) services for invested enterprises, and uses fund of funds system to invest in sub-funds and other cooperative funds to match investment institutions for the next round of financing of invested enterprises. Using the resource advantages of industrial parks, it provides industrial space for the whole chain from early incubators to pilot production plants, and then to the headquarters of mature leading enterprises listed companies. At present, the number of enterprises in the park has reached thousands.
In terms of professional and technical services, Chang Development has also invested in holding or participating in a number of technology service professional companies, which can assist some early-stage enterprises in prototype production, production system certification, production line sharing, etc., and help enterprises obtain registration approval with minimal investment and the fastest speed.
In addition, Chang Development also provides a lot of government industrial policy support, such as providing some policy docking around the introduction of talents, the application of national and municipal major project funds required in the process of enterprise landing, and the declaration of qualifications, etc., to help enterprises obtain the support and attention of the government platform, and also help enterprises obtain better PR publicity.
At present, four companies in Changfa’s direct investment projects have been successfully listed, the most representative of which is Aibo Medical. After successfully investing in Aibo Medical, the two parties jointly initiated the establishment of a direct investment fund. In addition, Changfa also helped the ophthalmic OCT innovation equipment company Tupai Medical and Aibo Medical to establish a joint venture to help enterprises jointly expand new market directions.
"The direct investment case represented by Aibo Medical has not only enabled us to achieve several times the considerable return on equity value financially, but also allowed us to penetrate and penetrate the sub-sector, build an ecosystem, and help the investee companies establish a more mandatory and updated moat from the early stage to the mature stage, and continue to strengthen and expand the agglomeration of the sub-sector," Wang Ying said.
Firm strategic qualitative, introduce and release vitality
Rational judgment, accurate attack, long-term company, as a government guidance fund, Chang Development has contributed a strong force in the upgrading and development of regional industries. For the future investment layout, Wang Ying and Chang Development have a longer-term and more international plan.
Wang Ying said that this year, we will continue to invest in key industries, around the industrial development action plan issued by the government, to do more accurate track combing and investment target screening, and will also increase the intensity of internationalization work. She further explained: "After the epidemic, we found that many multinational companies doing layout in Shanghai also realized the importance of layout in Beijing, so we have frequently inspected our parks recently. So we will also introduce multinational companies, as well as joint industrial capital to do some investment targets or fund layout overseas, and strive to bring more cutting-edge technologies to China and do industrialization in China."
In addition to the introduction, Chang Development will also accelerate the pace of "going out" this year. Wang Ying said: "Whether it is a fund of funds or a direct investment fund, our investment is not limited to Changping. At present, there are many projects outside Beijing that are already our investment targets. In the future, the park business may also be accompanied by the actual development needs of corporate customers to do some asset-light management service ability output, releasing our tentacles and links to a wider area."
Looking forward to the investment opportunities in the next five years, Wang Ying said that he still firmly believes in the current choice. In the field of medicine and health, Chang Development has long been optimistic about innovative drugs and high-end medical apparatus with global original level and solid underlying technology platform, as well as CXO service field. In the advanced manufacturing industry, he is optimistic about the core components related to robotics industry, military industry, and new energy vehicles. In terms of energy technology, he is optimistic about the application of new materials and new technologies, and the use of AI, cloud and traditional energy utilization to combine energy Internet, as well as projects to achieve breakthroughs in energy storage technology. In addition, around 5G and semiconductors, there are also many good teams and opportunities that can be captured.
"Generally speaking, on these tracks, we not only hope to capture some industry leaders in the pre-IPO stage to form the realization of commercial value, but also pay attention to serial successful entrepreneurs in the early stage, or big manufacturers who come out to start businesses. Whether they are scientists or entrepreneurs, we are willing to accompany them at a very early stage," Wang Ying said.
For more than a decade in the industry, Wang Ying has dealt with many entrepreneurs and investors. Looking back, she said that whether it is entrepreneurship or investment, it is not a particularly easy task. It can be said that only by maintaining the original intention and maintaining resilience can we always be.
"Whether the new economic situation is improving or the bubble period of the capital markets is falling, you need to have a firm strategic quality and very strong execution and a higher international vision. As long as you stick to your dreams, you will achieve it one day."