wen|touzijiepedaily liukaicheng liuquan

zheishiyijiazhimingrenminbijijindezhenshizaoyu。

zongbuweiyuhuanan，zheijiarenminbijijinxianglaiyibujuyingkejierzhucheng。2021nianchu，qixiabandaotituanduizaishandongwajueleyigebandaoticailiaoxiangmu，qianqianhouhouzuolehenduogoutonghediaoyan，tuanduiyizhirenweigaixiangmubucuo，yijingchubudachengletouziyixiang。bishi，bushaozhimingvc/pejigouyezaipaiduiqiangfene。

raner，zhengdangtuanduikaishiruchangjindiaoshi，yixiangbudaodeyimufashengle：shenzhenyijiazhimingchanyezibenturanshajinlai，zitaishenweiqiangshi，qingtuisuoyouruchangjigou。“yuanhuadagaijiushi，womenyaotoule，nimendouxianchuqu。”shangshurenminbijijinhehuorenzhijinyinxiangyiranshenke。

erqiyechuangshirenyehenweinan，danzuihouhaishibeipoqingtuilesuoyoucaiwutouziren，jiulianguoneishifentoubuderenminbijijinyezhinengwunaituichu。

mianduiyizhongpiancaiwuxingzhidevc/pe，zheijiachanyezibenxianranyouzhechongzudiqi——“ganghaotamenmugongsijiushishandongzheijiabandaotiqiyededakehu，womendangchuyeshikanzhonglezheiyidian。”gairenminbijijinhehuorenfenfenbuping，meixiangdaoxiangmujingranzheiyangbeirenjiehu。erchuangshirendeyijuhuazhijincitongzheta：tamen（chanyeziben）nengdailaidingdan，nimenkeyima？

这一年，产业资本大爆发，华为、宁德时代都来了

huiguganggangguoqude2021nian，shifangbuyoudegantan：chanyezibenyuelaiyueqiangshi，xianzaiquanguogedikanxiangmu，zongnengyushangtamen。tajiuzhiyushenzhenyijiachenglijinwuniandenianqingjigou，zhuanzhuyuyingkejisaidao。

womenbashijianlahuidaojinianqian，chanyezibenzaiyingkejilingyuhaimeiyouxiangjintianzheiyanggaodechujinglv。bishi，yitengxun、ali、baidudengweidaibiaodehulianwangqiyetouzishizhuliu，xifenlingyurushipin、yiyaodengyeyouchanyezibenzhagen，dianxingruwenshigufen、yaomingkangde、taigeyiyao，tamenhuohengxiangshangtouziyiqiugongguzishenshichangdiwei，huozongxiangshangbuju，zaichanyelianshangxiayouxunzhaoxinjihui。

raner，suizheyidonghulianwanghonglixiaoshidaijin，yijichuantongxingyejingzhengriqujilie，zhibujubenxingyelingyudetouzimoshibiandeyuelaiyueshouxian。lingyibian，congxinnengyuandaozhihuichuxing，congbandaotidaogongyezidonghua，xinxingkejigaochaodieqi，touzijihuibuduanpenyongerchu。

chanyezibenwenfengerdong。“buguanshibushizuoyingkejidecvc，dajiadouxiangdashangzheiyibanshidailieche。”yiweiyeneirenshigantan。shishizhengshiruci，yizheijinianfengfenghuohuodezaocheyundongweili，tesiladengzidongjiashixinshilixunsujueqi，jichuantongqichepinpaishichangdailaidianfuxingdegaibian，bidehouzhebudebufenfenxunqiuzhuanxing。

liru2019niandi，guangqigaodiaoxuanbuxiangkejizhuanxing，jiangzhinengwanglianhexinnengyuanchezuoweihexin，tongniankaishi，guangqizibenbianxianhoutouzilejiatelan、sensitaike、aodiwei、jingweihengrun、dipingxian、xinghezhilian、yuexinbandaoti、zhongxinjicheng、shanghaixintai、heduokejihewenyuanzhixingdengchaoguo20gezhimingxiangmu。

除此之外，一些主营业务没有受到技术更迭直接影响的企业，也把投资目光转向了硬科技战场，比如碧桂园、baoli、zhaoshangjujituan、xinghejituandeng，fenfenchenglilezijiacvc，jinxingxiangyingbuju。

碧桂园chuangtouguanlihehuorenniuruoleitoulu，muqiantuanduichaoguo52%dezijindouyijingtouxianglebandaoti、xinnengyuan、guangfu、xianjinzhizaodengyingkejilingyu，fugaiziguangzhanrui、shenghejingwei、biyadibandaoti、birenkeji、fengchaonengyuandengmingxingqiye。

dangran，zuixiongmengdeyileicvcdangshuyingkejijutoubenshenchenglidechanyeziben，biruhuaweiqixiadehabotouzi。2019nian4yue，habotouzichenglizhichuzhucezibenshi7yiyuan，suizhehabotouzidexiangmuyuelaiyueduo，huaweibuduanxiangqizengzi。2020nian1yue，huaweizhuijiaduihabodechuzizhi14yiyuan；2020nian10yue，huaweizaicizhuijiazhi27yiyuan。zuixinshujuxianshi，habozhucezibenyidadao45yiyuan。

erningdeshidaizaixinnengyuanbankuaichushoushitouyebuhuangduoyang。jutouzijiebuwanquantongji，ningdeshidaimuqiangongyougongkaitouzishijian69qi，bujuleyunengxinnengyuan、haluohuandian、yunkuaichongdengdianchixiangguanqiye，haichushoutouzilezidongjiashiqiyeyingchekeji、cheguijixinpianqiyedipingxiandeng。zuijinhongdongdeyibitouzishi，2021nian11yue5ri，zhanganqicheqixiazigongsiaweitakejihuodeshoulun24.2yizhanlverongzi，ningdeshidairuju，gaijiaoyiwanchenghou，ningdeshidaijiangchengweiaweitakejidedierdagudong。

财务投资人面临灵魂拷问：“你能给我找订单吗”？

dangchanyezibendajuruchang，ziranduivc/pexingchengyidingde“jichuxiaoying”。

yuanyinbunanlijie。duiyuhenduotoubuxiangmueryan，bushiyouqianjiunengtoudejinqu，napayidiandianfenedouxuyaoquzhengqiang。erchanyezibenzishenjubeifengfudechanyeziyuan，chuleqianhainengxiangmubenshenfuneng，juyouxiantianjingzhengyoushi。

“shuodejiandancubaodian，chanyezibenkeyijiyuzuijiandanzhijiedezhichi——jidingdan。”mourenminbijijinhehuorenliujiangzhiyan。shizhijinri，buhuidadandetouzirenbushihaovc。

liruzai2021nian7yuefen，ningdeshidaiyuyongtaikejiqianxia5niandedianjieyecailiaodezhangdan，suodingleqiguihuazhongxinxingliyanlifsijihuquanbuchanneng。erhouzai11yue14ri，yongtaikejijiufabugonggaocheng，jiangqikongguzigongsiyongtaigaoxin25%deguquan，zuojia5yiyuanzhuanrangjiningdeshidai。

youshijishibunengzhijiejidaodingdan，chanyezibenyenengyikaozijizaigongyinglianshangdeqiangdadiweiyijixingyeguanxi，bangzhubeitouqiyeqianxiandaqiao，zhaodaoqikehudegaocenghuashiren“liaoliaohezuo”。

碧桂园创投成功参投盛合晶微（原名中芯长电）C轮3亿美元融资，便是这样一个过程。据了解，盛合晶微是中国大陆第一家致力于12英寸中段凸块和硅片级先进封装的企业，市场认可度高，项目异常抢手，头部机构和“国家队”虎视眈眈。碧桂园chuangtouziranyebuxiangcuoguo。

接触之初，碧桂园创投管理合伙人牛若磊团队曾多次邀约，始终未见到核心负责人。眼看要错失时机，团队想到了老队友紫光展锐。碧桂园chuangtou2020niantouleziguangzhanrui，zheishituanduizaibandaotisaidaodekaijuzhizuo。shenghejingweizhengshiziguangzhanruifengcechangzhiyi。

通过紫光展锐的牵线，牛若磊团队终于见到盛合晶微实际控制人。这次见面，碧桂园创投充分展现了自身在产业赋能上的优势和资源的获取及整合实力，促成了两家公司更深入的合作。最终，碧桂园chuangtounadaoleshenghejingweidetouziruchangquan

“xianzaiqubaifangyixiechuchuangqiye，chuangshirenhuihenzhibaidiwenwomennengfoudailaidingdan，nengdehua，caikaolvrangwomencanyuyixia。” yangfei，beijingyijiavcjigouhehuoren，fenxianglezuixinchuchaganshou，zaitakanlai，yingkejitouzideshidai，cvchechuantongvc/pebingbuzaitongyigeweidujingzheng。buguanjigouprzuodeduoyongli，ruhefanfuqiangdiaotouhoufuneng，douburuzhijiededingdanzhichilaideshiji。

chanyezibendelingyidayoushi——changjingfuneng，gengrangvc/pexiandegengjia“zhuojinjianzhou”。shishishang，duiyuyixiegengzaoqixiangmueryan，zuijinyaodebingbushidingdan，ershijishuyanzheng，xuyaozaishijigongzuochangjingzhongshicuo，ranhoujinrudaofankui—gaijindexunhuan，zhidaozuihoujishuchengshuhouxiangshichangtuiguang。

zaiciqiandeyicicaifangzhong，zhaoshangjuchuangtouzongjinglilvkejiantoulu，tamencengtouziyijiaaixinpianqiye——shenjiankeji，gaituanduiyuanziqinghua，gangchenglibiandedaovcquandaliangguanzhu。dangshenjiankejiduiwaikaifangrongzishi，duojiajijincanyuzhuizhu，fenejiweiqiangshou。yonglvkejiandehuashuo，“youtouyouliandechuangtoujigoudouqule。”

danchuangshirenshenshenkaolvhou，zuizhongzhijieshoulebaokuozhaoshangjuchuangtouzaineidejijiajijintouzi，gezhongyuanyinbingbunanlijie：zhaoshangjujituandejiaotongbankuainengweiaixinpiantigongfengfuduoyangdeyingyongchangjing。2018nian，shenjiankejibeixilinxshougou，zhaoshangjuchuangtoushouhuoyibifenghouhuibao。

VC/PE的明天，补位CVC还是成为CVC？

xingwenzhici，vc/pemianduichanyezibensihuyihaowuzhaojiazhili，ranerzheibingbushizhenxiangdequanbu。

“qiyechuangshirenqueshipianaichanyeziben，danbuxiwangaideguotou。”mourenminbijijinhehuorenzhangweibiaoshi。shishishang，tajiechudaodechuangyeqiyedoubuxiwangjinjinyinweidingdanjiuhechanyezibenbangdingtaishen，wangwanghuizairongzishi，huiyouyipinghengchanyezibenhecaiwutouzijigoudefenebili。“bijingmeirenyuanyiweileyikedashu，fangqizhengpiansenlin。”

zhangweitoulu，chanyezibenyeyouxiangtongdekaolv，suirantamenzhuyaocongjituanzhanlvejiaoduchufajinxingtouzi，danyeyaojiangucaiwushouyi，zaidangexiangmushangruguochiguguogao，yidanshibaijiangmengshoujudadesunshi。“yiqiantamenkenengxiwangnadaofeneyueduoyuehao，xianzaiyezaigaibian。hewomendaguojiaodaodechanyeziben，buhuizairenheyigexiangmuzhongchiguchaoguo30%。”

keguanshang，zheiweicaiwutouzijigouchuangzaoleshizhandekongjian。buguo，zuotouziconglaidoubushibeidongdengdaishichangjiyu，erxuyaozhudongchuji。zaizhangweikanlai，chuantongvc/peyongyouzijidejingzhengyoushi，keyituokuantouzibianjie。

yongtadehuashuo，chanyezibenbujuzaiduo，yebukenengmianmianjudao，youqizaiyixiekuaxingyedexiangmutouzixietongshang，chanyezibenshouxianyubenlingyurenzhi，wangwangyishibudaoqikeyidailaidejiazhi，zheishi，jiuxuyaoyanjiulingyugengquanmiandecaiwutouzijigoujinxing“buwei”。

zhangweijuli，zijisuozaijigoucengyintouleyijiaxinnengyuanqiyedeshebeigongyingshangdezigongyingshang，eryuzheijiaxinnengyuanqiyecvcdachenglehezuo。“tamenyexiwangzijidetouzichujiaonenggengjukaifangxing。”youcikeyikanchu，caiwutouzijigouhechanyezibenbingfeishiqiangliedejingzhengguanxi，shuangfanghuyouyoushi，xingchenghubu。

“haikeyiyougengdafanweidehezuo。”shenchuangtoudongshizhangnizewangciqianyebiaoshi，wulunshichanyezibenhaishicaiwutouzijigou，gefangdouyouzijidutedeziyuan，yincilianheqilaizuotouzi，fanernengbaozhengxiangmudechenggonglv。

juxi，zi2020nianyilai，shenchuangtoutongguomujijintouzi，luluxuxuhehuawei、zhongxingdengqiyedetouzipingtaizhankaihezuo，zaichengshangchanyezibenfazhandongfengdetongshi，yejiajieleshenchuangtouduyoudeziyuan。

bashijianlazhang，chanyezibenhecaiwuxingvc/pedejiexiansihujiangbiandeyuelaiyuemohu。zhengruhongshanzhongguohehuorenzhengqingshengbujiuqiansuoyan，“chanyetouzirenhecaiwutouzirenyijingdapojiexian、yufaronghe。”

yibianshi，chanyezibenkaishixiangzhuanyehuafengxiantouzihesimuguquantouziguanlijigouzhuanxing。zuixinyizexiaoxishi，2021nian12yue10ri，xinghezibenxuanbu“xingheyingkejijijin”he“xinghetianshiyihaojijin”liangzhijijinwanchengshouqimuji，guimofenbiewei20yiyuanhe3yiyuan，jiangzhuyaotouziyuxincailiao、xinnengyuan、jungong、bandaotidenglingyu。

erlingyibian，caiwuxingvc/peyekaishixuexichanyezibendedafa。fangyandangxia，suoyoudezhimingjigouyuefaqiangdiaozuoshenchanyeyanjiu，bingxiangcvcyiyang，kaishiyouyishigoujianzijidebeitouqiyeshengtaiquan。

zheishizhongguochuangtoulishishanghanjiandeyimu：youqian，haidefachounengfoutoudejinqu。funengchuangyezhe，beitouzijigoutidaoleqiansuoweiyoudezhongyaoweizhi。

（以上人名史方、刘江、杨飞、张伟等均为化名）