On March 20, at the 2021 China Development Forum, Sequoia Capital’s global managing partner, Nanpeng Shen, had a conversation with David Rubinstein, co-founder and co-executive chairman of Carlyle Group.
Shen Nanpeng was the founder of Ctrip.com. He talked about why Ctrip was founded. Shen Nanpeng said that it was the success stories of Chinese entrepreneurs that inspired him and believed that he could also Be an entrepreneur. “In 1999, the Internet became more and more widely used among Chinese users. China’s tourism industry is also booming. It is normal to create a travel website. I am very honored to make that decision to be an entrepreneur. It’s a great and amazing feeling, and it’s also a very interesting thing.” Shen Nanpeng said.
After becoming an entrepreneur, in 2005, Nanpeng Shen and Sequoia Capital co-founded Sequoia Capital China Fund and transformed into an investor.
Shen Nanpeng said: “I sleep eight hours a day. Only if I get enough sleep can I make better decisions the next day. When we make decisions as investors, It does not necessarily require a 200-page financial model or calculations of various hypothetical equations. In many cases, it is necessary to rely on intuition to make the final and most important decision.”
During the conversation, David Rubens asked Shen Nanpeng: China’s Alibaba, Tencent, Baidu, ByteDance and other companies have achieved good revenue performance due to China’s huge population. Can these companies in the future? Is it comparable to and competing with the technology of Amazon or Facebook in the United States?
Shen Nanpeng said that he is looking forward to this kind of competition. Some Chinese companies are already very competitive, because they are fully competitive in the Chinese market. In order to become a certain A leader in this industry must have a leading product, and sometimes this product may be equally attractive to international consumers. Now, the ability of a good Chinese product to penetrate the world is much stronger than in the past. “Many products and services of ByteDance have been sold all over the world, and it only took a few months for DJI to establish distribution channels in the United States and other countries.” Shen Nanpeng said as an example.
For seeing a new company, whether you will see it in the next ten or twenty years, Shen Nanpeng said, it depends on the audience of the company’s products. If it’s a digital health company, it may look at some mature consumer groups; if it’s a beverage company, consumer electronics company, and clothing company, it’s more likely to look at the millennials, or the post-90s and post-00s’ reactions to these products. Because they are the real repurchaser and will promote this company to become a great