From May to August last year, it was the three months of grief in the secondary market. The Shanghai Composite Index plunged to 3,200 points from the high of 5178 points in 7 years, almost squatting. The cold weather in the secondary market seems to be implicated in the attitude of investors in the primary market. The argument of “capital winter†appeared in a timely manner and soon became the most popular topic of Internet venture capitalists at that time.
After the whole spring, summer, autumn and winter, the secondary market did not show any signs of warming up. The Shanghai Composite Index even went all the way down to around 2700. It seems that this "capital winter" has not passed.
On this topic, 36æ°ª conducted an interview through the answer, and more than 60 people participated in the discussion, including more than 10 well-known venture capitalists. Let us listen to their understanding of the cold winter of capital.
Angel investment has no cold winter, only shuffling
Compared with the noise in the market, most of the venture capitalists directly related to the cold winter interests do not recognize the argument that the capital is cold. Former Baidu vice president, Qingliu Capital partner Wang Mengqiu even thought that there has never been a real capital winter. "Because the capital market has not reduced money, quality projects can still get enough money in the winter." Jia Xiaonan, the investment director of Good Future Education, also holds a similar view: "Assume that the capital winter really exists, it is not that the total amount of capital has decreased, but that investors have become more rational." Xu Siqing, a partner of the Alpha Commune, said, “We don’t care about the cold winter of the capital. The sensitivity of this stage to capital is relatively low.†Li Chunyang, senior investment manager of Purs Capital, said that the capital winter is good for the institution: “Help us to eliminate the weak body. The company is also easier to screen."
Investors say they don't care about the winter, but from the overall data they seem to have tightened their money bags. More than half of 2016, but from the IT orange disclosure, in terms of investment volume, the investment in seed, angel and A round in 2016 only accounted for 33%, 21% and 45% in 2015. In terms of the amount, the amount of financing for startup companies in 2016 is only about 25% in 2015.
The attitude of excellent institutional investors contrasts with the overall downward trend of the broader market, fully validating the 28 law of angel investment field – excellent investment institutions are not afraid of the arrival of winter, but more institutions and entrepreneurs are experiencing cruelty Shuffle.
Which companies will be flopped in the cold winter
There are thousands of reasons for being denied investment in the cold winter, but the favored companies always have something in common. In the interview, we asked the investors who invested in the winter and the investment logic behind them. They also expressed their investment preferences in the cold winter.
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