This Chinese New Year, we celebrate the 15th anniversary of China’s accession to the World Trade Organization. GDP per capita now exceeds US$8,500, up from US$1,200 in 2001, and the World Bank classifies China as a middle-high income society. Morgan Stanley believes China will achieve high-income status by 2027, yet China only ranks as the 75th richest nation per capita on earth. There is still a long way to go.

Highlights from our businesses
The strength of the Chinese consumer delivered for our companies this year, dwarfing any drag from the more sluggish aspects of the broader economy. Our businesses continued to grow revenue, with profits rising and the following notable accomplishments:

– Yeehoo ranked as China’s top babywear brand, tripled its November 11 Single’s Day e-commerce revenue, and attracted numerous suitors
– Castle Snacks completed two further acquisitions and reached domestic-IPO scale
– Lao Heng He quadrupled e-commerce sales growth, and doubled its traditional channel sales, two of our most important KPIs

Exits and distributions
We had success translating momentum into exits and generated distributions from several of our businesses during the year, which in total should return limited partners a substantial amount of capital. In most cases, comparable valuations for our businesses rose considerably, which will drive further uplifts in valuation. While we generally do not underwrite based on multiple arbitrage, we believe it presents us with tremendous optionality for additional upside.

Capital committed to new investments
We committed more than $100 million to new investments during the year. We were most aggressive in buying snack food companies, with the acquisition of Yao TaiTai, Orchard Farmer, and LifeFun. We also closed our investment in Honworld.

While this represents a growing amount of investment for us, it is still small compared to the size of the opportunity we are addressing. Far too small in fact. In critiquing our own performance, we believe that we have left too many opportunities sitting on the table, where we could have leveraged our platforms and driven growth at reasonable valuations. In babywear, for example, there were several large acquisitions we should have made, where investment and execution risk could have been mitigated by leveraging our market leadership. We missed similar opportunities in snack foods. We will work to better present these investments to our investing partners in the future, and ensure that we do not miss chances like these again.

Pipeline and investment focus
You will hear more from us about baby- and kids-related businesses, snack foods and condiments. Our team has strong conviction that our foothold in these sectors is an enormous opportunity to put more capital to work and deliver investment gains. We have about a half-dozen new platform concepts under serious consideration in areas like early education. We believe that we can leverage the large base of VIP customers we have built up through our Little Star Brands platform and provide Chinese families with more professionally run, higher quality educational services to compliment the clothing and supplies that our brands provide. We look forward to discussing similar ideas in travel, cosmetics, and other sectors with you soon.

Risk factors
We begin the year with more of the same concerns over a potential credit bubble, the weakening RMB, and the increasing the risk of some form of trade war. Domestic politics will also be a factor as the quinquennial process of making leadership appointments, including Xi Jinping’s likely successor, will occur.

Goldman recently postulated that a hard landing is likely over the coming three years. Morgan Stanley takes a different and very bullish view on China, believing that a shock will be avoided and a focus on domestic consumption and services will lead to high-income status by 2027. So, Goldman fears a crisis, Morgan Stanley urges focus on the long term positives, and, at Davos last year, George Soros said he was no longer expecting a hard landing, but already “observing it”! From what we see in our businesses, we believe that a series of soft landings occurred in 2008-09, 2012-13, and 2016. Together, these may be the speedbumps that slow growth, lower valuations, accelerate restructuring, and prevent the economy going off the rails. For now, we concur with Morgan Stanley (“[they are] able to navigate [it]”).

As for our investment strategy, we believe that for so long as China remains underdeveloped, with a high savings rate, reasonable asset prices, and a growing middle class of aspirational consumers, the opportunity to buy good consumer-focused businesses with the potential for growth at reasonable prices is compelling. We remain convinced that putting capital to work and mitigating risk through our operational efforts, disciplined focus, and ability to leverage control is a wiser course of action versus remaining underinvested.

Potential surprises
Readers of our year-end letter (and of Nostradamus’ works) want predictions. Below is a recap of how our forecasts from last year fared, and the trends we believe remain in place based on the feedback we receive from our businesses, management teams and dealmakers:

Last year we forecasted that the impact of one-child reform would kick in. And it has. CLSA recently reported that China’s birth rate recovered to 12.95% in 2016, the highest since 2001. Expect the birth rate recovery to continue near term with 18-20 million new-borns in 2017-2020 – a “mini baby boom” that will drive consumption. We also predicted liberalization of the Hukou System would fuel further urbanization and internal migration, which was premature but remains low-hanging fruit to drive future consumption, and we believe it will occur soon.

We believed that the upper middle class would surprise and deliver non-linear growth rates of premium consumption in areas such as healthy food, overseas travel, education, healthcare and higher quality apparel. This trend continues. Each of China’s online shoppers will spend US $473 on foreign goods this year, up from $446 in 2015. Luxury brands like LVMH, are reporting “better momentum after a tough 2015” as are Re?my Cointreau and Kweichow Moutai. “Re-shoring” of luxury is accelerating as China cuts duties on luxury goods imported through official channels, and cracks down on “daigou” (overseas personal shoppers unofficially bringing back grey-market goods). This dovetails with our channel checks that show better sales domestically, but weakness in places that cater to daigou, like Hong Kong.

We were correct in foreseeing that the weaker RMB and lower equity valuations would fuel M&A. The demand to acquire good companies we control is positively impacting our portfolio, although the weaker currency has led to outflows for China-focused fund managers, and macroeconomic concerns for investors globally. We expect the currency will continue to experience a managed decline, and that it is the volatility, not the absolute level, of the RMB that most concerns policy makers. The market will grudgingly conclude that China has the growth, reserves, policy tools and force of will to bring the RMB in line with fundamentals while avoiding overshooting to the downside.

We also called the narrowing of the valuation gap between domestically listed A-Shares and Hong Kong-listed H-Shares, especially in the consumer sector, although our belief that this would be fueled by a rebound in the valuations of H-Share consumer stocks, which traded sideways, was a bit off. For the coming year, we anticipate that the stock-connect, which provides domestic Chinese investors access to reasonably-valued Hong Kong listed companies and, indirectly, foreign currency exposure, will become too tempting to resist and offer reasonably priced yield, versus the very expensive growth on offer elsewhere.

We overstated the risk that businesses and startups in China “losing more to sell more” would rattle investor confidence. Enough unicorns were minted to prove us wrong. Going into the New Year, we still see an overabundance of capital searching for a home, especially in early-stage venture-land. Growth is overvalued, but expect nonsensical start-up valuations and the general dodginess in industries like peer-to-peer lending to persist for a while longer. Domestic equity valuations will also remain high. While the local markets are imperfect, the trend toward higher quality listings, better regulations, greater institutional participation and more overseas involvement combined with China’s extremely high domestic savings rate will keep valuations robust.

Priorities
Finally, we would like to recap our priorities for 2017:

First, we will continue making distributions and complete further closings for the exits we commenced in 2016. We believe we can do this while ensuring that these companies continue to grow.

Second, we aim to sell down our last two remaining investments in LCP-II, our vintage 2008 fund. To this end, we are off to a good start in 2017.

Third, we will optimize our remaining investments in LCP-III to achieve higher valuations, generate distributions and achieve industry-leading returns.

Fourth, we are taking advantage of the platforms we currently own to invest more capital, with a target of exceeding the $100 million we committed last year into further snack foods, sauces and baby/kids-related businesses and one new platform.

Fifth, we continue to build Lunar’s franchise and reputation.

2016年12月10日，“星云之夜——2016年中国PE/VC行业评选颁奖典礼”在北京香格里拉饭店盛大举行。

云月投资与渤海华美、高盛集团、光大控股、弘毅投资、金信资本、信中利、亦庄国投、中信产业基金、中信资本等九家机构被评选为2016中国并购基金十强。

全国人大常委、财政经济委员会副主任吴晓灵发来贺词，中国股权投资基金协会会长邵秉仁、北京市金融工作局党委书记、局长霍学文等出席颁奖。云月投资合伙人茅矛应邀出席典礼并登台领奖。

2016中国PE/VC行业评选由中国股权投资基金协会、北京股权投资基金协会、财新传媒、财新智库联合主办。评选产生的2016年中国私募股权投资机构二十强、2016年中国创业投资机构二十强、2016年中国天使投资机构十强、2016年中国母基金十强等其他奖项同时在典礼上揭晓颁奖。

From LPs looking for realizations from GPs as well as paper gains, to the factors contributing to more buyout opportunities in China, industry participants give their perspectives on the year to come:
BRIAN LIM, PARTNER AT PANTHEON, ON THE LP PERSPECTIVE:
Sentiment has been more subdued on Asia. You will see some fundraising noise that comes through from the timing of some large funds coming to the market, so maybe the figure to focus on is the average over two or three years. But even allowing for that, fundraising is probably down.
There is also a theme of consolidation of GP relationships by many LPs. This has benefited some of the larger funds that are able to raise more money, but some smaller managers are feeling the negative impact of that consolidation. You will see continue to see some oversubscribed funds in the mid-market space, but by and large, the days when you would be able to command a strong fundraise as a new face on the block or as a re-up without much in terms of realizations are past. LPs are more demanding in what they are looking for. Your DPI [distributions to paid-in] matters; your ability to justify your fund size over and above what you raised last time matters.
Regarding China specifically, there are some issues at the political and economic level, but there remains a fair amount of optimism. As long as managers are able to command capital this is quite a good investing environment – there is less competition and more time to conduct due diligence.
I also see some optimism in India, despite the recent demonetization efforts. Fewer firms are able to raise capital, particularly if you strip out VC, but pockets of capital have been raised locally. There is increased realism as to what it is practical to expect of foreign institutional investors, so if managers can rely on local investors to get going that is a sensible strategy.
Australia and Korea will hopefully both continue to be steady, and Japan continues to defy expectations and perform well despite a difficult backdrop in terms of macroeconomics and demographics. This could well be Japan's year in terms of private equity fundraising, because a number of firms are coming to market at the same time.
RICHARD FOLSOM, CO-FOUNDER OF ADVANTAGE PARTNERS, ON JAPAN:
The pace of deployment has continued on an upward trend, especially in the small to mid-market deal space, and we see signs of that continuing to be robust going into 2017. The pipeline will continue to be driven largely by founder-owner succession deals and some corporate spin-offs.
One thing we see going forward is that succession deals will be coming not only from ageing founder-owners but also those from in their late-30s to mid-40s as they realize the merits of working with private equity firms based on word of mouth and what they're seeing in the market. That's a change in perception that has accelerated over the last year or so and will be driving deals in the future.
Corporate divestments are a bit more cyclical in nature and I think we're at a point in the cycle now where Japanese companies are feeling more pressure to divest and focus on shareholder value. Additive to that, improvements in corporate governance initiated over the past year that make it easier for private equity to participate in larger deals are beginning to take effect with these companies.
We are seeing appetite and opportunity to sell to Japanese strategics in 2017 and foreign companies will begin to take on a role as buyers as well. There are different angles to achieve double-digit growth in Japan, so private equity will focus more on creating value with differentiated products, bolt-on acquisitions and helping companies go overseas.
WONPYO CHOI, PARTNER AT BAIN & COMPANY, ON KOREA:
From next year, it will be a much more challenging environment for private equity in Korea, even for deals over $1 billion, because the spectrum of competition is going global and even the smaller funds will be able to source additional money from LPs through co-investment. LPs, who have witnessed a number of high-return mid- to large-cap deals in Korea, are pushing the global funds to build up their teams in the country and secure more deals.
For the next 3-6 months, the current political instability may have a negative impact on private equity markets because it's not just about politics – it relates to concerns that Korean conglomerates may be accused [of improper conduct], which could delay the important decisions such as portfolio adjustment or M&As.
However, I still think deal flow will be strong for the next 18-24 months because there will be activity in the distress market. There will also be a lot of secondary deals because many PE portfolio companies are mature.
In addition, there are still a number of mid-cap companies that need support for globalization on top of growth capital. PE funds will continue to have a preference for consumer and retail despite the potential macro headwinds, but there are some contrarian views that they could actually be more active in industrial sectors due to cheaper prices. More investors could turn companies in those sectors around with creative deal structures, drive consolidations, or shoot for an industry cycle play.
The issue will be exits because domestic strategic investors are quite selective regarding local deals and pursue cross-border opportunities more actively. We have also never seen any IPOs for majority-owned PE portfolio companies and we've had some political impasses between China and Korea making it hard for Chinese strategics to do deals in Korea. Unless we resolve the political issues with China and the stock exchange allows companies majority owned by PE to go public, it is likely exit activity will face challenges in 2017.
DAVID PIERCE, HEAD OF ASIA AT HQ CAPITAL, ON EVOLVING LP ATTITUDES:
The thing that has struck me most in the last year or two has been the mood swing of many international investors. Those of us within the region continue to believe that Asia represents a very interesting place to invest private equity capital, if done intelligently, but globally the mood seems to have swung broadly against the region as an investment destination. The perhaps excessive enthusiasm of a few years ago has gone away and been replaced by excessive pessimism.
Of course, this can actually create some interesting opportunities, because reduced capital inflows can also reduced competition for deals, potentially making entry valuations more attractive. But the pessimism makes it very challenging for GPs to raise money, especially those still trying to prove themselves.
For the last year or so now, managers seeing fundraising success are those that have proven an ability to get money back to their investors. An attractive TVPI [total value to paid in] alone is not sufficient. Investors want to see distributions, an area in which Asian funds have lagged peers in Europe and North America. So we've seen some of the bigger Asian GPs do really well with fundraising, because they tended to invest more in the buyout space where they can control the timing of exits, or in larger deals where they could get listings on exchanges or do some other form of recapitalization and get money back.
On the other hand, for many GPs managing smaller funds, while the portfolios may look good, fundraising has been very challenging because of the inability to show that they can actually realize returns. I think that's likely to continue to be the case in 2017.
Another development worth noting is the growth of the secondary market in Asia. Many of the funds that were raised in the mid to late 2000s are coming to the end of their lives, and they need to find solutions to their exit problems. So the secondary market is increasingly a way to get liquidity for investors or, in some cases, give new life to a GP by recapitalizing a fund or using other techniques to permit pursuit of a promising investment course.
CAMERON BLANKS, MANAGING DIRECTOR AT PACIFIC EQUITY PARTNERS, ON AUSTRALIA:
The Australian private equity market is very stable with a consistent set of competitors, and the economy is heading into its 27th year of continual growth. We therefore don't really see a lot of change happening over the next 12-24 months in terms of dynamics or conditions.
There's a A$2.1 trillion ($1.57 trillion) pool of capital in the Australian superannuation space that continues to grow at a faster pace than the economy, so there's no doubt that investors at a macro level will be seeking to invest that. But I don't think it's going to lead to an oversupply of capital in the local market because a lot of it will be invested offshore. The superannuation funds also invest lower percentages of their funds into PE compared to global benchmarks, and I don't see that changing in the near term either.
One theme that is coming out in Australia, however, is exports of services, which has now overtaken exports of iron ore. We expect that trend to continue, especially in the education sector, which is set to grow off Asian demand. Australia is now said to be exporting more education services than the UK or Canada. New Zealand will have a similar services dynamic with probably more of a focus on food businesses and agriculture.
There has also been a good appetite in the Australian market for services-related businesses to go public. We've seen a strong IPO pipeline since late 2013, but it has tightened up recently so it will be interesting to see how that goes in the first quarter next year. That will depend on what happens in the US and economies around the world in terms of investor appetite.
KARTHIK REDDY, MANAGING PARTNER AT BLUME VENTURES, ON INDIA VC:
One trendline is about definitely watching the leading start-ups – the Flipkarts and Olas of the world. In 2014, 2015, and to some extent in 2016, they were also the forerunners for M&A and aggregation and consolidation in this space, and if they're not strong aggregators, then what happens is M&A dies down a bit. And so it's not only the companies themselves to watch out for, but also the lead indicators on M&A activity and late stage investors coming into India. A lot of people have money invested into those companies that they cannot afford to lose. It may swing momentum away at late stage if that happens.
The contrarian trend to that is there's a lot of early stage capital with resident managers in India, whether that's Accel Partners, Nexus Venture Partners or even early-stage funds and angels, but it's far more tentative when it comes to what gets backed. The good news is that models that are more robust, that have more traction, are getting recognized and funded. India-centric or unique-to-India models got a bit of a rough ride from investors in my view, but that is changing dramatically in favor of those companies. Some sectors that we like or we've bet on already are going to get a huge uptick in the next 12 months: healthcare, financial services, education, small business technology, small business enablers, B2B enterprise and software-as-a-service (SAAS).
A lot has yet to be seen in terms of what impact demonetization has on the overall economy. I don't think it's all positive. It's going to hit discretionary spending, and it's going to slow down the economy for the first six months of the year. The full impact will roll out early in the first half of next year. And compounded with that is all the policy uncertainty. I think the government does realize that they have made mistakes in the short term, and to fix that they'll have to throw a whole lot at one layer or the other. So whether it's to facilitate trade, or to boost consumer spending, some of that is going to happen.
If start-ups are able to survive through the next year, my belief is that the end behavior, whether that's in six months or five years, should benefit new age start-ups, because a lot of the frictionless transactional activity, whether it's goods or services, is bound to move online. And anything that piggybacks the mobile internet economy is likely to benefit, if they've executed it well. So apart from payment start-ups and financial services, once you've taken a lot of cash and pushed it through the formal banking system, consumers become savvy enough to operate their cash flows digitally, and the digital service offering suddenly becomes far more viable.
DMITRY LEVIT, FOUNDER & GENERAL PARTNER AT DMP, ON SOUTHEAST ASIA VC:
Some business environment factors in Southeast Asia, such as internet connectivity, are quick to change, while others take longer. One important missing element of a healthy digital ecosystem is a stock exchange capable of providing liquidity for technology companies. Before this becomes a reality, an entire generation of equity analysts, traders and investors will have to be educated. Other important factors such as a culture of risk-taking, access to a deep pool of technical talent and availability of experienced mentors are noticeably changing, but likely have further to go.
In terms of investment sectors, although VC enthusiasm for Southeast Asia's e-commerce market – Indonesia's in particular – has subsided somewhat following an intense period of interest, an interesting group of businesses has emerged in its wake. These are the back-end infrastructure systems necessary to support e-commerce operations, such as last-mile logistics, advertising and affiliate technologies, and digital payments.
Certain industries succumb to the hype generated by the global tech ecosystem. In my opinion, financial technology is one area where the current buzz exceeds substance. While there is much talk of disrupting banks and insurers, I find that start-ups whose initial role is to support, rather than replace, financial institutions' processes are more successful in establishing a beachhead from which to advance. Separate from the buzzy fintech space is digital payments, which has been developing nicely in the past couple of years, and where I think we will see some consolidation.
Overseas investors, who deploy the majority of capital into Southeast Asia's tech companies, will continue to have a major influence over events in 2017. For example, we are seeing a resurgence of interest from mainland Chinese investors in certain markets – Indonesia and Singapore feature most prominently, but increasingly also Thailand and Vietnam. This may be why, after almost a decade out in the cold, the amount of buzz around Vietnam's tech ecosystem has risen again.
MARCIA ELLIS, PARTNER AT MORRISON & FOERSTER, ON CHINA:
Over the last year, PE funds that I represent have become very interested in working with Chinese corporates to do outbound investments. And with the recent curb on outbound investment (not formally announced but widely reported), there is certainly doubt at least for the first half of 2017 as to what is going to happen with that flow of investment money offshore.
Some of the funds that I represent are actually seeing this as a potential opportunity for them: Because they have offshore cash available, they can provide a bridge for Chinese companies that are trying to do investments but can't get their cash out. If you figure that eventually the tap is going to be opened again and cash will be able to leave China, then if you are an offshore fund you can make money off of financing those offshore investments in the interim. Many of my fund clients are also focusing on the China NPL [non-performing loan] market, acquiring portfolios of loans and investing in companies that work with Chinese NPLs.
I think that a lot of people are finding other sorts of exits besides IPOs. There are always secondary sales to other funds. There are also a lot of people looking to consolidate businesses in certain sectors like education and healthcare, and often you can just sell your asset to somebody else who is consolidating. We've assisted a number of PE sellers in sales to strategics. In the past, maybe people would have held out and tried to do an IPO, but now they're saying, ‘Let's go ahead and sell this to a strategic.” Often the multiples are actually quite high. People are rethinking IPOs, which are really expensive to complete, assuming you are able to complete them. Indeed, when you look at the returns and factor in the cost and the time it takes to do an IPO – plus the time it will take the fund to sell its shares post IPO – sometimes an IPO is just not the optimal exit.
On the fundraising side, we still see LPs very willing to commit to China-focused funds. I think you're going to have a period with people pausing to sort out between the types of China-focused funds they will invest in and the types of funds they won't. The Chinese economy is slowing, so you can't just invest in a fund if its only strategy is to bet on growth. You need confidence that the people at the fund have real ideas and can figure out an investment strategy that really works.
DEREK SULGER, PARTNER AT LUNAR CAPITAL, ON CHINA BUYOUT STRATEGIES:
Domestic consumption will continue to steadily rise – it started out weak in 2016 but ended the year very strong. You'll see that reflected in funds like ours that focus on what people eat, drink and wear. When I think of consumer I think of the mass market premium brands – it's the products and services that people are buying. I really think we will see the most success in that area, which means that strategies oriented around the consumer, mass market, and tangible qualities will continue to see good growth.
We feel very strongly that what we're doing will remain a sweet spot in terms of attractive entry valuations, less competition, and most importantly, the greatest opportunity to add value. You're still going to see enormous opportunity, especially in areas like consumer, to buy established businesses with a strong pedigree and a strong track record, and bring them into the modern age. If you're a younger entrepreneur, and you're at an early stage of running and building your business, you may not see much value-add from private equity. You also may not want to sell your business, and if you need to raise money, you might solicit PE investors but probably as little as possible. So these opportunities are difficult for growth capital to invest in, and those founders are probably not likely to do something even with a buyout firm.
But if you look from a big-picture perspective, there are approximately 12 million mid-size companies in China. And the average age of the established mid-market companies is older, as they were typically started in the 1980s and 1990s, and are now approaching 20 or 30 years of operational and brand history. A lot of those businesses are run by people who are thinking about what's next for their company, beyond their own lifespan, and certainly beyond their tenure as CEO and founder. To the extent there will be competition, it's going to come from domestic Chinese companies rather than from other private equity firms, but they'll focus a little more on the larger and slightly more mature end of the sector.
Increased competition is narrowing the upside in minority growth transactions. This is not necessarily driven by other private equity firms, because there hasn't been that much capital raised, but from from increasingly-developed, deeper, more robust capital markets that are better positioned now to provide meaningful financing. A well-run company looking to raise money, can now get it at very reasonable prices. You don't have to give an arm and a leg to a growth capital fund like you had to five or ten years ago. That investment approach will be challenged, and I don't see the trend reversing any time soon.
 

2016年11月23日，云月投资合伙人茅矛在北京接受清科集团旗下、中国创投第一门户网站“投资界”专访。专访中，茅矛详实而不失风趣地介绍了云月投资及其团队的投资理念，阐述了云月独特投资理念和成功投资经验背后的逻辑与专注。

    以下是“投资界”采编整理的专访文章。本文已于2016年12月2日发布于“投资界”首页“顶级投资人”栏目之下，亦于同日在“投资界”官方微信同步全文发布。

云月投资：17年投资17个项目，并购基金背后的“专注”

1999年，苏丹瑞离开了他供职多年的高盛投资公司，赴中国创业。飞机降落上海那天，恰逢中秋。自此，“云月”二字在他心中有了雏形。

“‘云月’取自“云清月明”，任何项目未投之前，云雾缭绕，只能看见月亮的影子。当你把眼前的云雾拨开，月亮就更加清晰、明亮了。”云月投资合伙人茅矛这样解释“云月投资”。

在中国的基金圈子里，云月投资算是另类。牛头牌、姚太太、益民、智强，英氏、皮卡泡泡、I PINCO PALLINO……似乎在消费品行业的任何细分领域，云月都能精准地找到标杆性企业，然后等待时机出手。

但出手的方式，是并购。与国内大多PE基金的少数股权投资不同，云月投资希望作为企业拥有者建立现代的企业管理制度，而不只是一个企业在发展过程中的“匆匆过客”。

这个成立于1999年的私募股权投资公司，刚刚进入中国时就将目光集中在并购,10年摸索，云月大胆坚持一贯的投资战略，进一步“专注”深挖消费品领域投资机会。

2009年开始，云月投资明确了自己颇具特点的定位：第一，专注消费品品牌；第二，只做并购。

消费品领域的并购专家

坐在对面的茅矛举手投足间透着一股书生气，深入交谈后才发现，他骨子里有种与同龄人不相称的沉稳、老道，神情专注。

30岁刚出头，茅矛已经行走过一百多个国家。热爱生活和旅行的他，大学就开始创业，并在私募股权收购交易方面积累了丰富经验，这为日后加入云月投资埋下了伏笔。

“苏丹瑞是我的偶像，在创立云月的初始阶段,他自己创办了三家成功的公司,包括最早一批在纳斯达克上市的中国公司掌上灵通。他来中国想做的一番事业，正是我想做的。”因为理念契合，茅矛在2008年加入了云月投资，成为合伙人。

与大多数热衷在TMT或其他高科技领域寻找项目的私募股权投资机构不同，云月投资多年来一直专注于传统消费品这个看似冷门的传统行业，并且重点发力中国中西部地区的投资机会。

“术业有专攻，消费品行业是我们擅长的。”茅矛说，云月团队里，既包括消费品跨国企业在中国的高管，也包括创业者，绝大多数成员都有丰富的消费品领域从业经验。与中国整个消费升级相关，能够为消费者带来优质产品的企业，是云月团队重点发掘的标的。

最近几年，云月投资对休闲食品、服装等行业有细分深入。

在茅矛看来，整个消费品行业正在呈现新的发展趋势。首先，传统消费品行业正在经历前所未有的深刻变革，而电商驱动了整个变革。一些大型传统企业在电商渠道上找到很好的突破口，拉动整个行业实现大的增长；同时，电商取代了传统企业部分线下的市场份额，优势资源开始集中。第二，客户越来越专业，对产品越来越挑剔，传统企业依靠明星代言、广告宣传的时代已经过去了，要想赢得客户，必须把产品做好。第三，未来消费品市场将持续扩大，产品种类也将进一步丰富，逐渐朝健康化方向发展，健康类消费品产业发展潜能巨大。

作为云月投资团队的领导者，茅矛嗅觉敏锐，他知道在哪里可以挖掘到“宝藏”。茅矛说，健康休闲食品类是云月未来主要瞄准的方向。

  “挑选一个传统消费品行业的龙头企业、细分领域中前三的企业”，云月投资的投资逻辑听起来好像很简单，但茅矛强调，“这个企业一定是广为消费者认可的品牌，有一个消费者很认可的产品，”这似乎有些困难。

品牌和产品是云月和茅矛在寻找项目时最看重的。他认为，中国有很多好的品牌，尤其是“老字号”品牌，相比国外品牌更有优势。一门传统的生意，一个几十年的品牌，有一大群依赖度颇高的客户，消费者认可这个产品，就是云月投资的最大动力。

三年前，云月投资一举拿下贵州永红食品有限公司约70%的股权，成为永红食品的控股股东。永红食品生产的牛头牌牛肉干，那时就已经在国内一二线城市拥有超过2000家超市和上万家零售终端。让云月心动的，不仅是牛头牌在国内广阔的市场，更重要的是它的品牌。与其他牛肉干不同的是，牛头牌拥有自己坚持了三十年的独特配方。公司经营的众多品类牛肉干、牛肉脯、牛肉松和豆制品中，小块的卤牛肉在超市的销量最好，成为60后、70后消费者中有良好口碑的超级单品。

创建于1984年的永红食品已经走过了30多年风雨历程。“永红食品有三个创始人，他们把贵州当地特色的牛肉产品变成牛肉干，大江南北卖得很好。能坚持这么多年一点点把企业做大，没有盲目转型，说明这家企业是专注于品牌和产品的。”

陪伴牛头牌走过三个年头，云月一直没有停止对品牌价值的深入挖掘和探索。“我们的品牌已经开始年轻化，更贴近现在的年轻人市场。中国老品牌有一个问题是品牌老化严重，而且很多时候大家忽略了这个品牌的价值，选择不去投资。云月花了很多时间把它年轻化。”

茅矛表示，“投资品牌是为了打造品牌，而不是为了投渠道，也不是消耗品牌，我们对品牌做的事比以前更集中、更专注。”

与别的机构相比，云月的定位更像是一个企业家，而不是简单的财务投资者。比起项目退出时的溢价回报，云月更愿意深入企业中，为品牌和产品努力。

并购控股下的另类投资

在竞争激烈的消费品行业，想要以并购的方式买到好的企业，绝非易事。这或许可以解释为什么云月投资1999年进入中国，17年的时间里却只投资了十七个项目。云月低调做着自己的并购生意，不跟风，也不为行业的泡沫或寒冬所动，但每次并购成功的消息传出，都会激起千层浪。

“我们的态度一直都是质大于量，一年投资一个项目，都是精挑细选出来的企业。”茅矛说，“但凡找到与云月目标匹配的企业，我们就会主动出击。”出手的方式，就是控股被投企业,继而与创始人及经营团队一起,将企业做大做好。

“其实云月的做法不算创新，这种并购投资在国外是主流。最近大家讨论很多的百威英博的控股股东3G资本,就是这种模式的成功者之一。只能说明我们是最传统的、坚持价值投资的PE机构，遵循国外通行了十几年的方法，只是这种方法到了中国有了更多‘创新’。”茅矛坦言。

　　尽管以投资的方式获得企业股权，之后以退出赚取溢价一直都是这个行业的游戏规则，但在茅矛看来，做并购投资并不只是为了赚快钱，他更愿意在投资项目中延续企业家的梦想。

茅矛表示，现在中国很多民营企业面临寻找合适继承人的问题。“很多企业创始人是跟家族企业绑定在一起的，但是他们的下一代有更多的想法和选择，很多富二代并不愿意继承家业。加上市场变化风诡云谲，继承人对于市场的认知和把握需要更加精准，对继承人的挑选会更苛刻。”茅矛认为，这种情况下，资本市场的控股型收购机会将越来越多。

“现在中国有很多好的企业，在市场上等于是未经打磨的珍珠，需要有一个比较稳定的模式，能够把发光发亮的地方打磨出来，云月在这方面是比较有经验的。”茅矛坦言，在国外，如果一家优秀企业到了一定程度上还想发展更好，要挑选的其实是一个适合管理企业的人，而不是仅限于家族成员。

企业中合理的人事构架才能够让大多数的员工各司其职，发挥自身价值。而如今中国的众多企业缺乏的正是这一点，很多企业在人事及管理架构上都在吃“大锅饭”，或成为所谓的“家族企业”，更多时候这是一个家业，而非一个承担了社会责任的企业。

面临转型的需要，企业是继续维持家业同时承担更多风险，还是适当做股权架构和经营模式调整，引入外部机制，真正从家业变成一个可持续发展下去的基业？这是很多企业家正在思考的问题，也是茅矛和云月最关注的问题。

而对于管理企业，推动整个行业的整合，云月投资深谙其道。

拿下企业的控股权后，云月便会着手提升公司治理，更换管理层，并将其与之前收购来的品牌进行整合。这种流程是标准的“云月式”增值服务样本。

茅矛认为，对于中国大多数民营企业，直接从外资企业里找一些职业经理人空降是行不通的。企业需要向职业经理人靠拢，职业经理人也要从单一的角色变成一个企业家，向民营企业靠拢，这是双向的过程。云月从外资企业中选择优秀的高管，把他们从职业经理人打造成企业家，以帮助云月控股的企业建立更加合理的公司治理结构及更高效的管理和执行团队，与企业共进退。

承接企业转型，管理企业的整体思路会有改变。品牌加强，核心产品加强，渠道优化，产品结构优化，最核心的是管理团队加强。

“在进入一家公司前，与管理层深入的交流是必需的、重要的部分。很多公司里原有的管理团队很强，他们需要的是一个更加开放的股权结构。原有团队加上新进入的团队融合成一个管理团队以后，我们再通过适当的股权激励，把每个人变成这个公司的股东，利益绑定在一起向前冲。”茅矛说，“控股之后，有企业家精神的管理层是云月最依赖的元素。对于新管理层，通常会有一个长期了解的过程。”

2012年，云月控股收购了中国最早、最知名的婴童品牌之一——“英氏”(YEEHOO)。2013年，云月投资开始对英氏进行大刀阔斧的改革。将其放在云月新成立的婴童控股平台“小星辰”品牌集团中，并引入了其他高端婴童用品品牌。这个整合了英氏、I Pinco Pallino（意大利最重要的童装品牌）、皮卡泡泡等著名品牌的平台享受着云月最“奢侈”的投后服务。

而“奢侈”表现之一，就是选择高峰作为小星辰的CEO。据了解，2012年加入云月成为合伙人之前，高峰曾领导爱马仕(“HERMES”)和葆蝶家（“BOTTEGA VENETA”）在中国奢侈品市场打下一片江山。“高峰有着对于品牌与生俱来的专注和热爱，甚至痴迷。他对品牌塑造有独到的见解，总能切中要害，小星辰需要这样的管理者，共同创业。”茅矛认为。

“‘小星辰·大梦想’，当年投资时的那些梦想，正在一个一个实现。”云月陪伴小星辰走过了六个年头，茅矛感叹，作为传统企业的小星辰没有辜负所有人的期望，不仅在传统渠道接连实现突破，在电商平台也表现出骄人战绩。今年，小星辰已成为天猫平台第一大婴儿服装品牌。

本土品牌扬名海外的梦想

与茅矛的谈话中，他反复提到“专注”二字。他不太喜欢做短期投资，也不热衷赚快钱，他更愿意把自己当成企业二次创业的“创始人”，将所有的时间、精力、资金投入到这个企业中，陪伴企业发展壮大。“我希望云月投资的企业，都能成为这个细分行业里伟大的企业。”

因此，在投资回报方面，云月相当有耐心。在茅矛看来，云月投资的策略一定程度上规避了行业内激烈、错位竞争。“投资机构的收益，通常由两部分组成，一部分是企业自身增长给投资机构带来的回报，另一部分则是在项目退出时企业的估值。”显然，云月投资在前者下了更大的功夫。

实际上，云月投资的基金存续期达到10年甚至更久，比一般的基金都要长。茅矛介绍，云月的LP大多数来自欧美，主要有三块：国外著名大学，政府养老基金、社保基金以及欧洲古老家族的Family Office，他们支持了云月到现在为止的每一期基金，对基金所做的事情非常认可。

“很多欧洲家族企业的LP也是做消费品起家，他们除了提供资金支持外，还会提供一些资源。我们在理念上是高度契合的，就是深入企业，做对企业成长有价值的事，而不是靠卖公司赚快钱。”茅矛坦言，云月之所以能够专注投资项目，与LP提供的支持有很大关系。

对于公司并购，茅矛奉行“8020理论”。第一，以中国市场为基础，80%的钱直接投资在中国企业，第二，现有公司同行业内并购，会跨国，但不会跨行业，将20%的资金投资于海外企业。

同行业并购，竞争压力会不会更大？茅矛解释，“我们现在投的很多公司其实就是一个平台，然后通过并购、整合新的公司进入这个平台，所以不是竞争关系，而是对现有平台的补充和协同。”

对于外国品牌来说，中国是非常广阔的市场。外国品牌进驻中国，很大程度上压缩了中国本土品牌的生存空间。茅矛想要做些改变。

用中国的企业，并购国外的公司，听起来有些刺激，却折射出茅矛内心最真实的想法。“我既可以把国外品牌带入中国，又能够充分利用国外的团队、渠道、经验，把国内同行业里现有公司的品牌和产品，带到国外，通过资本的力量促进文化传播。”云月在国外并购的公司，都与国内现有的公司有直接协同效应。而在并购过程中，为了防止项目数量太多管不过来，茅矛提出，集团化是最好的管理办法。

目前，云月旗下前两期基金已相继进入退出期，茅矛透露，这两期基金的回报率相当可观。

在茅矛看来，每家企业都有自己的特性，不是每个企业都适合IPO，也不是所有时间都适合IPO。他最看重的，是企业的品牌、产品以及团队，这是企业最核心的要素，决定了企业能企及的高度。“做一个伟大的民族品牌”，始终是茅矛和云月投资最大的追求。

2016年11月17、18日，由投中信息、投中资本联合主办的“中国投资年会·北京”在北京JW万豪酒店举行。本次会议上，上市公司、VC/PE、创新企业三方的不同诉求叠加碰撞，构建了一个不同空间相互交融的投资并购生态圈。

云月投资合伙人茅矛参会，并受邀参与“旅游行业的春秋战国时期”专题论坛发言。

以下是茅矛的部分精彩观点：

云月投资作为一家美元私募股权基金，主要投资方向是针对中国高端消费者消费升级的品牌。我们一直是以并购为主，对于企业进行控股型的投资，帮助企业通过改善结构，管理层薪酬体系管理等等，帮助公司实现更好的科学治理的结构。我们在所有的投资的行业，不会只做一个投资，都是一家两家三家一起进行很多行业的细分领域内的龙头企业投资，会把我们投资过的企业，实现协同效应。

这几年中国消费者出游越来越多，我们也在旅游方面投入的精力越来越多。

我们之前在旅游行业虽然还没有太多的投入，但从后来者的角色讲，我们一直在寻找一个点，什么样的点是能够让我们真的去建立好自己的优势，能够去利用好现在大家都出去旅游的一个契机，在大的旅游行业中能够分一杯羹。我们关注的点是做消费品，我们消费品行业之前有比较多的布局。

我们刚开始瞄准了旅游的吃住行，还有两点，一点是游，一点是购，从购的角度来讲，现在中国的旅游行业还是有很多可以开发的潜力的。其实我到现在记得，前几年在国内旅游的时候，碰到很多这样的情况，导游带游客去纪念品商店购物，基本不是卖玉的就是卖石头的或者丝绸的，都是原价2万块现价200元。从旅游购物的角度来讲，说明这个市场还有相当大的空间和潜力。

我们希望消费者能够在旅游+零售的角度，能够带回一些更好的旅游纪念品，更有地方特色，更高质量的，而不是仅凭消费冲动购买一些自己平时不会买的东西。我们也做很多海外的项目，海外的并购，我觉得从我们的角度来讲，我们了解中国的消费者，我们了解中国消费者的趋势，大家现在关注哪些东西，关注哪些新的目的地。我们也和旅游社有合作和沟通，大家以前出境游，去欧洲、日本买很多的食品或者化妆品、买奢侈品。我们加大了在海外并购的力度，在游客喜欢去的地方，建立旅游+零售的实体。中国的零售行业挑战比较大，通过旅游开发新的渠道，也是近期我们新的进展。

作为一个只做并购的基金来讲，投后比投前在某些时候更重要一点。因为如果投后管得不好，本身很多有潜力的企业会变成市场上一般的企业。如果管得好，公司资质一般，通过一些好的投后管理，能够发挥企业更多的潜在价值，这种事情在云月也时有发生。中国人讲很多事情事在人为，投后是一个真正很重要的事情。

我们的投后管理原则就是三条。

第一条人要对，团队要对，这点很重要。我们买了很多企业是从创始人手上买的，中国的创始人都是“超人”，没有创始团队，所有的高层一个人全兼了，控股权发生变化以后，我们派进去一个管理团队代替一个人。这个团队很重要，而且团队不是说以前有相近的行业经历就是好的。很多时候是对于企业，能不能彻底地了解公司实际的状况，不要去轻敌，这是很重要的。

第二是机制要对，机制包括两个，一是薪酬机制，二是公司日常的管理机制。作为公司的股东，我们基金一直扮演着一个专业股东的角色。从这个角度来讲，我们不会参与公司太多的运营，这样很多事情就涉及对管理层的授权问题，但是我们也不能完全做甩手掌柜，要取平衡点，这个很重要。

第三个是目标，一个好的公司有的时候是需要长期的培养，不是说短期内可以立马发挥经济效益的，我觉得每个公司有不同的特点，所以这一点在当初做投资的时候，需要把这个公司的这个方面的目标，能够跟管理层有一个比较好的一致，这样才是一个好的投后管理的前提。

2016年11月4日，由浙江省政府金融办、中国金融信息中心指导，清科集团、湖州市安吉县政府联合主办的2016中国股权投资论坛在浙江湖州安吉举行。云月投资合伙人宋斌应邀出席论坛，并与源星资本董事长卓福民、德同资本创始合伙人田立新、同创伟业董事长郑伟鹤、浙江金控总经理助理范慧川、青云创投创始人叶东、君同资本创始人黄永忠、恒励控股执行总裁张帆等业内精英，围绕“GP与LP多层次互动”主题开展对话。

宋斌在分析投资人与被投资企业、GP与LP的一般关系后表示，优秀的股权投资基金与被投企业之间，确实不应是“搭车人”的关系，而是要进入其中成为“拉车人”。具体来说，就是在熟悉擅长的行业进行投资，从市场、品牌、战略、风控，以及资源配置各方面入手，开展投资管理及企业经营，以产融结合深入运营提升企业价值，这是云月投资的特色，也是行业中所说的“云月模式”。宋斌强调，GP与LP关系的关键词是创造价值，是通过帮助被投企业提升价值，为LP创造可靠可观的价值。做好价值提升和创造，需要依靠很强的专业能力和专注力，当前中国面临经济转型、产业转型，同时也是投资人转型的重要时机，更是消费升级、管理升级、技术升级的大好机遇，正是并购类基金GP加快投资大显身手，为LP创造价值丰厚收益非常好的时间窗口。

浙江省副省长高兴夫、湖州市委副书记、市长陈伟俊会见与会嘉宾。中国银行业监督管理委员会原主席刘明康等金融专家发表主旨演讲对话讨论。浙江省政府、湖州市政府、中国金融信息中心相关领导，以及来自国内外金融界、基金业、工商及高科技企业的近400位嘉宾出席论坛，探讨新经济形势下中国股权投资趋势,共谋绿色金融发展道路。

2016龙王溪投资人高尔夫邀请赛同期顺利举行。

As we enter the year-end holiday season, the world’s two largest economies will generate tremendous levels of shopping both online and offline, bringing the sheer scale of China’s consumer growth into sharper focus.

Double 11 – The online Chinese consumer is as healthy as ever
Sales during November’s “Double 11” promotion reached 120.7bn yuan, or US$18bn, up 32% YoY. Chinese shoppers were enticed to build their shopping carts early, and in return were promised discounts and lightning-fast delivery. The first Double 11 order on TMall was received 13 minutes after the purchase was processed online.
In the USA, an impressive US $3.34bn was sold during Black Friday, with Cyber Monday generating US$3.45bn in sales. Together they total less than 40% of what Double 11 achieved in a single day. Again – less than 40%. Moreover, 80% of Chinese purchases were made via mobile phones, compared to approximately 32% for US consumers.
We believe these numbers will continue to rise, even from such a staggeringly large base. China and the United States are both consumer societies and we are seeing Chinese express individually, spend savings and seek out a better life through shopping. China also has room to grow by tapping into less urbanized and rural customers. During our recent AGM, Alibaba executives discussed their plans to bring an additional 500 million rural Chinese online through mobile phones, regional drop-centers and better logistics. Page 3 Confidential

Lunar brands performed in all categories
Our Yeehoo babywear was the clear market leader with sales of more than RMB150m. Yeehoo staffed more than 1,150 workers across three 8-hour shifts to ensure that orders were fulfilled and customer satisfaction remained high. Our snack food businesses, Yonghong and Yao Taitai, also showed strong growth, showing that strong traditional brands can tap online channels for new growth.

The uplift from e-commerce and the strengthening economy overall should make for a strong year end. The middle class continues to rise, consumption grows, policies are favorable and a weakening RMB probably is having a stimulative effect.

We look forward to updating you in more detail at year-end.
 

2016年9月28日，云月投资合伙人宋斌在北京作为《第一财经·首席评论》电视特邀嘉宾，与盛景网联集团董事长、盛景嘉成母基金创始合伙人彭志强，共同就“创投国十条”市场影响等股权投资行业问题发表专业观点。

宋斌在讲话中表示，国务院最新出台的“创投国十条”是国家支持股权投资行业发展的重要契机。抚今追昔，二十年前在国家经贸委工作时，就曾参与制订行业与金融协同政策，当时是第一次提出通过产业基金方式投资支持经济发展。第二次是十年前的2005年，国家运用宏观经济政策指导，支持设立一批产业投资基金。到了又十年后的今天，中央的支持股权投资的政策，与当年有了很大差别。当年更多是依靠政策主导，而今天更多是通过政策，引导启发更多的市场化行为和专业化力量。虽然前面一些年，国内基金募集量很大，投资量也很大，但是这是在过去十年类投机的机会下实现的。到了产业转型消费升级的时代，我们发现国内基金的投资方向和投资策略，也正好进入转型阶段，遇到一定的阻碍和困难。相比之下，外资PE/VC近些年在中国走的路很艰辛很困难，但在成熟市场里，在投资过程中，它所遵循的标准更高，所能投入的资源，施行的方法，拥有的经验，以及人才和市场资源也更优，因此相信外资投资机构在中国机会将出现在后十年，这是因为中国的产业转型消费升级，需要更加高的能量，更加高的技术。PE/VC未来的发展，就如同从农村进入城市，野路子也一定会依照规则变为正规军。

宋斌指出，“创投国十条”鼓励长期投资的政策非常正确，背后逻辑是希望能够通过将资金变成资本的方式，引入更多的技术、品牌和人才各种要素，支持实体经济的发展，而这种发展过程中的长期效应，需要不同阶段投资的基金接力式发展，长期投资的基金是接力长期发展的重要基础。现在遇到的问题，在中国具有长期投资理念的投资人还是少，长期投资基金量也不够多。有丰富投资经验的LP（有限合伙人）发现，海外基金的专业人士和投资理念相对比较成熟。同时我们国内LP市场，包括投资人结构，也还不够成熟。云月作为通过专注大消费行业、专注控股投资、专注深入运营创造价值，取得良好业绩和效益的知名美元基金，对海内外市场的差异感受较深。最近我们基金在北京、上海、杭州召开海外投资人年会，受到很好的欢迎，增加了新的投资，正是因为在我们LP中间，更多是母基金，更多是家族基金，都是成熟有专业经验的海外投资人,更加理解和认可我们基金深入的行业分析和成功的投资策略。因此国内母基金在发展上，应有所为有所不为，既要向个人投资者大力宣传金融投资存在巨大风险，同时提倡重视和选择母基金高超持续的专业能力，如此对于广大投资者的安全性和收益性，以及基金本身投资的稳定性都有很大的帮助。母基金的发展很难脚踏两只船，既想借助民间的力量，又想借助政府的力量。国内母基金的发展方向是市场化，更多关注基金管理的能力与效率，而政府的国有母基金引导应该是阶段化的，应该在为整个金融环境创造条件后，回到国有资产大框架里管理。而市场上的母基金，面临的最大问题是投资者教育，需要培育具有投资智慧、足够投资实力的合格投资者。国有母基金应该以更加开放的态度，向关注行业、领域、地域和所有制不同的各种基金出资，发挥国家系列主基金功能，在产业升级和消费转型过程中，起到拉动整个经济的作用。而市场母基金应该更接地气，能够帮助优秀的PE有效投资，帮助他发展，同时还可以将经验和方法，复制到国有资本的母基金，互相借鉴发展。国有资本可以作为“祖母基金”，把一部分资金投入到市场化母基金，相互融合，共同发展。

宋斌最后呼吁，股权投资从天使到并购有着完整的链条，就股权投资基金来讲，整个投资也需要较长完整的周期，因此为了更加公正客观，兼顾丰收旱涝影响，避免由于个别项目超常或阶段性因素造成税负畸重畸轻，按照基金总数作为纳税的基数，收缴时间按照整个基金执行期计算纳税则更加合理。

2016年8月27日，首届中国五百强企业人力资本论坛在湖南长沙举行，国内知名产业企业及金融机构高管、高校专家学者、人力资源管理业界精英齐聚一堂，就共享经济模式下，如何整合利用社会人力资本，如何进行有效人才管理等问题进行探讨。云月投资合伙人宋斌应邀出席论坛，并重点就投资基金合伙机制中人力资本共享价值发现等问题发表专业观点。

宋斌表示，作为一家国际上知名的专注消费行业，专注控股投资，专注深入运营、创造价值的并购基金，云月投资对人力资本的发现、集合与运用更为重视更多收获。作为曾经在多家大型金融机构兼管人力资源的归队老兵，从政府到企业，从产业到金融，从国资到外资，从经营到投资，丰富的经营管理经历，以及业界观察与研究，对人力资本价值体现也有更深感悟。

宋斌指出，金融机构顶端资源是人力本身及人才组合，作为最具市场化、专业化、资本化集合特征的股权投资基金，人力资本之间共享更为明显与突出，就是以人力资本为核心，形成人才组合团队，也就是风险与利益充分共享的合伙制。不仅在项目投资、投后管理、资金退出等阶段，投资合伙人本身就是合理分享与共享的体现，而且在对企业控股投资的时候，运营合伙人承担投资后各种各样的企业运营及经营的职责，又是多层次的共享和分享，同时在各种各样具体项目，还设计有广泛的事业合伙人机制，由此有利于创造源源不断的有形与无形的实在价值。

宋斌强调，在传统产业及企业中，共享的更多是时间和资金，而在金融机构及投资中，共享的更多是智力与资源。在当今社会转型、经济转型、投资转型的当口，我们的投资不仅仅是投入资金，更需要把资金形式的资本、知识形式的资本以及人力形式的资本三者结合起来，形成价值共创分享的机制，推动投资项目的更好完成，有力地支持实体企业的发展。企业本身在产业转型和消费升级的大潮中，所有融资、融智、融资源的活动，其核心实际上还是融人才。金融人才则要深入思考与对照，自己有什么经验、能力与资源，能够与企业分享，满足平台需求。不论是企业群体，还是人才个体，共享的本质依然离不开供需法则。

在与会嘉宾与专家讨论中，滴滴出行高级副总裁陈玮介绍了滴滴出行在中国的迅速发展，以及其与优步合并后依然坚持共享之路的决心。海尔集团副总裁王筱楠介绍了海尔创客实践，内部创业提高人力效能的经验。怡亚通副总裁邱普分享了产品供应链解决实际就是走共享之路，而在扩张中的招商式招聘更是对传统招聘超越的体会。六度伯乐创始人李妍菲介绍了在以兼职伯乐形式，架设起人才与企业通路，提高人才岗位匹配度，解决招聘难题的探索。网龙高级副总裁曾捷介绍了在教育方向共享，开发教师资源的做法。京东集团人才发展总监汪鹏就京东众包众筹业务做了理性思考与案例说明。人力资源领域著名专家、中国人民大学教授杨杜对共享经济模式及概念进行梳理，并与传统人力管理理念对接逻辑架设，表示相信企业家的探索有助于一系列问题的真正呈现和解答。

2016年8月25日，以“共享资本•连接未来”为主题的粤科资本高峰论坛暨资本BAR启动仪式在广州举行。云月投资合伙人宋斌应邀出席并主持金融投资家与上市公司企业家高端对话。广东省粤科金融集团领导及广州市政府相关部门领导发表演讲。百余家上市公司、工商企业、投资机构、证券公司和商业银行负责人参加活动。

粤科资本BAR圆桌论坛实录–新技术的潮流趋势下，上市公司如何借势成长

宋　斌：因为明天我要到长沙参加中国五百强企业高峰论坛，所以正巧路过广州，感谢粤科集团老朋友邀请我做主持。在这个温暖最温暖的季节，来到美丽的珠江边，来到广州与大家见面，我的心情很是欣喜。

我们这个环节的讨论是最有意义和价值的，因为我们今天请到很多出名的、出色的企业家，他们就像参天大树一样蓬勃发展。同时我们还请到投资家、银行家一起来参加，他们在像园丁一样培育各种企业成长。下面首先请嘉宾上台，有请顺络电子总裁施红阳、紫牛资本创始合伙人张泉灵、纳斯特投资董事长何荣天、广东鸿图副总经理莫劲刚、格林美副总经理欧阳铭志。

按照常规嘉宾先做自我介绍。后面讨论采取两轮讨论方式，我会在请嘉宾做一个简短的自我介绍后，问你一个掏心窝的问题，谈的是个性化的问题，之后我们再谈一个比较共性化的问题。

我所在的云月投资是以专注于大消费行业、专注于控股投资、专注于深入运营著称的一家美元并购基金。投资行业所说的云月模式，就是云月投资经验和方法的总结。

下面我向嘉宾提问题，第一个是问施总。因为我今天第一个见到的就是施总，我们两个今天来得最早。请您介绍您的公司，同时我给您提的问题是：您的产品所处的行业是一个日新月异、变化很快的行业，同时您产品对应的客户许多是国际上的行业巨头。那在创新这个问题上，在新技术、新工艺、新材料采用与创新方面，你们是怎么样跟上国际步伐，跟上大客户步伐的？

施红阳：首先自我介绍，我是深圳顺络电子的施红阳。顺络电子在2000年成立，2007年深交所上市，主要从事电子元器件的生产，产品广泛应用于通讯、消费电子、汽车电子、新能源和国防军工产业。目前是全球的行业前三位，在发展当中得到粤科集团的前身广东省风险投资集团大力支持，促成了顺洛电子整体发展。刚才宋总提的问题，我们统计过，我们是出口兼内销的，从2001年开始销售到2005年，我们出口的70%是日本企业，比如索尼等，那一批主要是被迫的，因为那时候内需非常少。现在主要产品是手机与电视机，大家知道手机变化非常快，怎么样跟上大客户和大公司的技术节奏。我们有几条：1、技术能力+商业化意识，开发上的商业化意识。技术能力上，我们有大概400人的技术团队专门做研发，涉及材料、工艺应用等。2、我们与国内15所高校进行合作，进行相关的研发。3、我们有相关的研发中心。手机一年换一代，生命周期非常短，所以我们必须要提前布局。当客户需要的时候，我们就是装备型的。第二个就是有了高知识的人才，良好的管理就非常重要。比如说华为1999年引进IPD集成产品开发系统，大家合力在一起，这样可以快速实现技能的产业化，可以满足客户的要求。4、我们很认同华为任总提出的观点，我们要成为一个工程商人，也就是我们强调商业化的概念。我们做的产品，紧跟国内外手机芯片平台，比如说高通、MTK、华为海思。这就通过早期的一些资讯给我们留下一些开发的时间，以及中间积累大量的技术基础，形成一个良好的管理，以及实现和满足客户产品的生产。谢谢！

宋　斌：谢谢施总。施总从事的是如梦幻的行业，但是他的回答很朴实很实在，所以他能成功。下面我们要谈谈在新技术、新工艺以及新技术领域方面相关的问题，有请广东鸿图的莫总介绍。

莫劲刚：鸿图是传统行业，我们现在做的是动力系统的轻量化，因为汽车的发展，对轻量化的要求越来越高。比如说从钢、从铁到铝。我们掌握了需求，掌握了工艺，掌握了生产质量的控制，那么在这一块可以在传统行业发挥很大的作用。包括现在我们在做燃油动力轻量化的改进，但到了电动汽车时代该怎么办呢？我们在压铸行业，在传统的产业里面不断思考，我们可以更进一步到车身、车架、铝合金的应用。还有非动力系统、转向系统和刹车系统，他们对铝合金的应用需求也会越来越大，我们也会不断更新、研发，满足客户的要求。

宋　斌：讲得非常好。施总是大学里面出来的，我们莫总是一专多能，是资本市场的老手，一手把公司搞上市。接下来有请第三位嘉宾，有请格林美公司的欧阳总来讲一下他的情况。实际上我对欧阳总所处的行业充满敬意，因为我们都在为人类生产创造便利的同时，你们好像还在帮我们在后面扫垃圾。我想您从环保行业和废物收纳企业来讲讲您的企业，以及你们未来技术的走向和举措？

欧阳铭志：谢谢宋总，谢谢大家，有这样一个机会给大家分享，我非常开心。格林美也是粤科投资的企业，是非常成功的案例。我们是2010年上市的，目前市值接近300亿，我们开始从废旧电子里头提取有色金属，比如说钨、钴、镍等。我们董事长在日本留学的时候，他的老师提出一个理念就是资源有限，循环无限，于是对环保这一块非常重视的。所以我们当时上市时，是中国再生资源行业的第一支股票。我们上市以后，通过募集资本，在这一块做了很多投资和布局。首先第一个产业是电子废弃物。我们在全国建成七个电子废弃物的工厂，每年电子废弃物的拆解总量是1千万台的，也就是大家熟悉的冰箱、洗衣机、空调等产品。这个产业，目前是国家很重视的产业，从国民经济来讲，既要有正向的增长，同时也要有逆向回收处理拆解的企业，这是我们在做的。第三个是报废汽车，随着中国经济发展，其实现在很多城市报废汽车的垃圾已经开始堆积如山了，那么这个问题日益严重，我们现在也兼并了五个工厂，特别是我们跟日本合作做一些零部件的再造，在报废汽车里头，有很多零部件是没有达到生命周期，还可以再造的，这是我们做的三个产业。这几年来我们也做了一些转型升级。国家在新能源汽车方面出了很多政策，中央投了5千亿，地方配套5千亿，是一万亿大市场。所以这个是中国实体经济行业里面最不缺钱的行业。我们本身是以有色金属为主，所以我们很容易进到新能源电池材料领域里头来。我们现在开发的三元锂电池是目前新能源汽车电池的主流，这也是我们未来几年重点会发展的。去年我们在电池材料部分大概占到营业收入的30%，今年可能达到50%，后期可能会扩大比重。

宋　斌：谢谢欧阳总，我真的希望你们三个企业更能赚钱。因为你们越赚钱，代表我们国民的脊梁越来越刚硬。就企业而言，既是资金的吸纳者，又是资金的提供者，同时还是价值的创造者。这都确实离不开投资者的辛勤和帮助。世界上有两个“家”是不需要专业资格的，一个是政治家，另一个就是投资家。我们知道泉灵是大家很羡慕和喜爱的央视知名主持人，但是她今天也是成功的投资人。我看她的网上有写到很多投资内容，我想先问一个小问题，你这个紫牛资本名字的来源？是因为紫气东来之说吗？

张泉灵：其实它是来自于一个产品上的管理学理念，它的基本意思是什么呢？因为原来跟产品相关的很多因素，比如说无论是PR，还是PRD，它都是P开头的，它都是有好多个元素。紫牛本意是与众不同，怎么来解释呢？好比说你开了一辆车，看到很多奶牛，你看到第一头奶牛都兴奋，当你开了二十分钟之后，发现有很多很相似的奶牛，你就很淡漠，因为你看所有的牛都是花白相间的。但是在这个当中，如果这当中出现一头紫色的牛，那么你所有的目光都被吸引了。所以在产品打造的时候，其实需要这种与众不同，差异化的风格。为什么是紫色呢？大家想象一下P打头的，只有两个颜色是以P开头的，就是粉红和紫色。但粉红在英文里面有特殊的意义，紫色无论是英文，还是中文都是王者之风的意思，英文也一样。

宋　斌：不仅如此，我们知道属牛的人是很勤奋、很幸运，也很得到大家喜欢的。

张泉灵：这个跟我的选择有关系，为什么只能勤奋呢？因为我一辈子选择两个职业都不需要考证的，其实都需要考证，但是没有那么强的专业要求。做新闻的时候，似乎任何一个专业的人都可以做新闻。新闻是生活和实践当中探索前进道路的。投资的话，这一块有投资管理和政策方面的要求，一大批行业大佬被迫考试了，我也跟着去考试了，我运气也很好，一次性就考过了。

宋　斌：请您对行业和技术方面谈一下高见。

张泉灵：上午戴总说投资界很混乱，什么人都混进来。紫牛是非常年轻的基金，只有一年的时间。我自己转行也不到一年的时间。紫牛目前是集中在种子和天使方面的投资。我们主投领域有两个大的方向，一个是移动互联内容相关的，我自己是从内容出来的，所以我说自己投内容相关的项目，大家会本能想说你是不是投自媒体的，其实不是。自己媒体出来的，我对媒体看得很紧。自媒体是非常令人担忧的，绝大多数是没有投资价值的。我所谓内容相关的投资，本质上更类似于，比如说我会投很多跟儿童教育相关，因为如果你在线下教育相关的产业是以营销为核心的这样一家企业，但是在线上是以内容为核心的。也就是内容本身即服务，服务本身可收费。另外一个，其实在移动互联的阶段，内容变成一个更廉价而更有黏性的用户入口，你拿到用户再去做什么呢？这是非常清晰的，比如说你是拿它做电商，还是做什么用？就是你需要有变现能力的，这前端只是你廉价而高黏性获取用户的手段。比如说我们投资的年糕妈妈，你很难想象一个母婴号，上个月销售额已经达到5千万净利润。另外紫牛对于人工智能是非常偏爱的，技术型的公司是我们非常喜欢的方向，我们也认为这是未来5至10年商家必争之地。从这个角度来说，我们所关注的领域就人工智能等。我们会看传统一点的行业和技术更先进一点的行业。既然要讲技术，最传统的行业在新的技术帮助底下，都有焕发的可能性。比如说餐饮业。新技术企业也要及时跟上快速发展的技术，就是即便你已经是高科技新技术的企业，颠覆只在瞬间，机会眨眼就溜走。今天我们在介绍人工智能的时候，我给大家介绍一家我们投资的企业，就是做Saas的新技术，他们给大量制药企业服务做得非常好，所以他们知道制药服务的进货、研发情况、销售状态等。后来它转念想深度学习已经到了这样的程度，我能不能在Saas服务系统当中看到数据的进一步挖掘呢？这一块它想加速新药的研制进程。这一家企业瞬间变成一家高科技企业变成更有价值的高科技企业。

宋　斌：恭喜各位，你们今天提前听到的具有很强专业性的焦点访谈。我想问一下各位，你们认为未来10年内会出现投资机器人吗？

张泉灵：我觉得不用10年，而且越往后越危险，二级市场越危险。

宋　斌：在这些企业发展过程中，在新技术创新领域中，何总你们作为投资银行，能做什么呢？

何荣天：首先我跟您一样，非常敬佩企业家，也很敬佩投资银行家，包括像粤科金融这样的，投了这么多企业，风险很大，不仅资本让很多原来可能不一定能够生存下来的企业蓬勃发展，而且现在造福于人类，比如说刚才所说的净化环境，这种精神是非常敬佩的。非常敬佩风险投资家，因为这一块成功率很低，有30%的成功率就已经很好了。第二个是对于高科技企业，我们的资本能做什么。这确实目前是全社会的问题，现在虽然是大众创业，万众创新。但在这种环境下，创新都有风险，而高科技也有风险，尤其是高科技企业。巴菲特基本上不投还在争议中的高科技企业，有人说为什么呢？比如说我们互联网只剩BAT，前面打得一塌糊涂。也就是只会剩下不超过三家，三家之后就不要谈了，都是有麦当劳、肯德基这样的干着。有时候只有一两家，所以这种风险性非常大。而我们风险投资家基本上都会投后面的，而且是大面积去投。确实我们很多风险家是投行业。我们前面说要看好种子，未来种子能长成什么样都不知道。因为这些种子已经没有这棵树，谁也不知道未来会长成什么样子。所以唯一的办法是只能成片投。这个行业投过去，你只能留那三家在里面，投中了也赚钱了。我们为什么要学习巴菲特呢？也要学习他的一个精神呢？的确，如果连风险投资家都没有办法赚钱了，那这个社会前进的动力，或者说要为新技术插上翅膀的动力就没有了。所以借这个平台，我一直想呼吁，首先不要去打压高科技企业二级市场的泡沫。必须要有泡沫，才会刺激创业家和企业家不断创新。我的一个企业辛辛苦苦赚钱，花儿了这么多精力，二级市场没有高的议价，怎么有精神去做呢？所以不要去打扰。我不认为高科技就是什么泡沫，这是第一个。二级市场，尤其是类似于监管部门，动不动就说创业板高估了，泡沫很大了，市场自有它的调节，所以这是一个问题。第三个是对做风投的多关注一些，它可能会引领社会生活模式，尤其是我们劳动者幸福指数的行业，因为这个行业是值得尊敬的，尤其是净化环境的。这些行业需要有更多的资本去投。虽然你不缺钱，但是我刚才讲的，我们现在关注的文、康、乐、寿（文化、教育、健康、娱乐、传媒、养老），这些都是提高幸福指数，消费升级大的行业，而且前景也非常好，更多的资本去关注一下它们。

宋　斌：谢谢。戴总、黎总、曾总三位干的好（注：指粤科金融集团副总经理戴华坤、黎全辉、曾赤鸣），这三家上市公司都是你们投的好项目。刚才曾总对我讲，粤科金融想将科技创新和文化创意两个事情同时推进。之前也听集团投资板块的领导跟我说，准备在海外做点事情。我很为广东的发展高兴，我们对广州很有感情，因为很巧云月在广州就有投资项目英氏，而且在海珠区这里，是全国著名的婴童服装品牌，也得到地方大力支持。今天到这里做一次主持，感觉向广州回馈了一点点。我们公司在投资控股英氏之后，在海外也做了收购，销售收入、利润及企业价值都有了很大的提升。

下面我想问的是您们各位企业家，在海外的新产品、新技术、新工艺和新模式的收购方面，有什么打算呢？同时您觉得资本能帮助做什么事情呢？

莫劲刚：因为我们这个行业比较传统，所以我们在海外首先不是并购。另外我们很多设备都是进口设备，所以在技术上面还是落后别人很多的，所以实际上还是想在工艺技术上面引进一些海外的项目，如果它对国内的市场有信心、有技术又想落户在国内，那为这种标的，我们想去做一些事情的。但是单纯把德国产能和美国产能收了，这跟我们现在发展阶段不相匹配，就单纯这样的想法。

宋　斌：这是理智的投资家，我赞同。

施红阳：我们现在台湾设立研究所，这是第一个。第二个是想过收购国外的企业，我们希望带来什么呢？一个是带来产品技术的升级，第二个是满足我们产品上的需要，比如说汽车电子和新能源方面。另外我们从一开始发展到现在，基本上从一些项目和研发制造而来，我们这次来会议我们希望和各位粤科金融和投资大家，利用你们对资本视野、广度和力量，加上产业理解以及产业创新技术，一起加快企业的发展。
宋　斌：如果说莫总是站在高山上很冷静的企业家，那么红阳总是跨海企业家了。

欧阳铭志：产业并购是作为一个成熟企业不断扩大规模，发挥协同效应很重要的手段。海外并购这一块，其实从企业来讲，我们是有考虑的，但是这一块确实存在法律方面和各方面的一些风险，也存在一些其他问题，其实有央企和国有企业出去都不是太成功的例子。但是我们从两个方面尝试，比如说昨天发了一个公告，我们在韩国建立工厂和基地，我们主要目的是希望获得电池材料比较高端先进的技术。第二块是希望能够迅速打开国际市场，通过这样一个目的去拓展。所以从并购角度来讲，我们觉得还是需要从企业本身和行业本身去讲，能够让他的规模最大化，可能这个是我们最着重的。还有从上下游的协同效应来讲，从材料端也是重点要考虑的。特别是有色金属这一块，国内有很多企业出去在做。比如说像钴这一块资源，我们中国是有投一些贫穷的国家，80%的资源是在非洲。现在中国跟欧洲在对非洲资源方面的争夺也是比较多的，所以主要是这一块。

何荣天：作为投资人，我自己觉得像实业企业非常有必要借助资本，因为我们有好多案例。比如说前段时间老家有一个企业花费8年时间研制一个室内机器人，找到我要我们投。但我告诉他，在以色列最多只有8个月就可以做出来，而且非常好。也就是说，刚才红阳讲到，资本的视野一定是世界级的，也就是我们投一个企业的时候，一定要看这个行业和世界的水平。也就是说这个企业目前放在世界是否有一定的竞争力，如果有的话，我们就会去投。

第二个是欧阳总讲到关于法律和相关惯例问题，这一块我们就需要找资本的力量。我们现在拿到的报价跟他们这些企业来到中国的报价相比，我们只要它的1/3。因为我们都知道，包括很多公司路演，我们前面都跟他谈过了，他是6千万美金，到了中国2亿美金，而且很多上市公司都争着要。这是为什么呢？因为刚开始我们都是找同业，比如说当时高盛跟我们做香港H股，我们找高盛在以色列的团队。我们中国有市场，以色列有技术，没有市场，我们是跟他一起做，他的高盛团队跟他们去谈价格，我们国内跟他谈是谈不过高盛的。所以一来就是很便宜的价格，所以做海外并购，一定要专业的类似投资银行的力量要借助。我老家还有一个企业都上百亿了，是上市公司，法律不懂，惯例不懂，到了那里都动不了。
宋　斌：总结一句，他讲的是识英雄者需慧眼也！好的，接下来请泉灵讲一下。

张泉灵：紫牛很擅长的事情跟中国、美国、以色列、印度之间的桥梁，为什么呢？因为我们的合伙人是猎豹移动的CEO傅盛，因为猎豹移动作为中国移动出海的第一股，很大股份都在海外，所以在海外市场了解比较多。所以我们大量把眼光挪向这三个国家。这三个国家从目前观察来看，有一点是非常对的，就是你频繁去国外扫项目，远不如有一个核心的人，在那边深深了解市场的人来帮你做代理。这笔钱，你真的要让别人挣。因为别人能看到的好东西，要比你偶尔去扫一下机会要好很多，能投到真正的牛人和真正好项目，这是非常重要的一个建议，比如说有海外资产并购的一些上市公司的建议。因为上市公司有自己的优势，这个优势是什么呢？这个优势是他对产业的理解。但是没有那边的人脉关系，找到好的项目是比较难的事情。所以资本方和产业方有很大的机会可以协同起来，在这一点上，我有特别重要的合作诉求。另外一件事情，我倒是想说，我建议一些上市公司在有可能爆发的领域，可能有一些技术观察，这一块不要觉得领域太小不值得看。可能这个技术出来之后又是颠覆型的。

宋　斌：今天我们讨论接近尾声了，论坛上我们见到的很多是企业家，我想对企业家们讲几句话：第一、今天已经进入资产管理和财富管理双轮驱动的时代，每个企业家都需要把资产管理和财富管理做起来。第二、我希望每个企业家都可以运用好的机制，例如投资家可以聚焦帮助你精选，找到突破的方向和目标。第三、我们企业家在下一步引入资金的同时，也应该注重引入智慧和资源。这些事情，我相信台上的三家企业已经有了深厚的经验和丰厚的收益。我们知道粤科金融是行业的佼佼者，无论是从科技、消费，还是文化，它的PE做得也很好。祝愿各位金融资本越做越好，也祝各位企业家更加顺利，祝大家吉祥，谢谢大家！