In our investment, our judgment and our choice are still in the first echelon.
: So it’s actually based on previous experience.
Du Yucun: Yes. Previously, my experience in doing business was to make channels and do big stores. As a channel, the store is actually a very effective means of learning. First of all, hypermarkets are one of the most competitive industries and one of the earliest open industries in China. After China’s accession to the WTO, hypermarkets are the first to be open as a circulation industry. Many other industries, such as the Internet industry, real estate industry, automobile industry and financial industry, have strong protection, and the competition in the circulation industry. It is the most intense.
We were a private company backed by bank loans in the past, and we compete face-to-face with the world’s number one Wal-Mart and Europe’s number one Carrefour. In such a fiercely competitive environment, I have seen what kind of environment a real business war is. So, for the depth of understanding of many things, we believe that it is actually a lot of companies that grew up in the relatively protected environment of the Internet. different.
Uploading after the cast
: So far, how about the overall value-added of the telescope project?
Du Yucun: Overall value-added situation We believe that we are in the top 10%, and our annual return IRR can be more than 30%. In the less than six years since the first phase of the fund, the DPI has reached more than one, so the principal of the first phase LP has been returned, and the LP of the first phase has become our second. Investors of the fund. Therefore, from the feedback of our LP, the performance level of our fund is still very recognized.
: After that, will the telescope still insist on investing in the early stage of investment?
Du Yucun: This is definitely our main direction. We will insist on the consumption of this track, because consumption is a big track, in China, a big country with a population of 1.4 billion, spending It is an eternal theme, and there will be many opportunities in this track that are worthy of attention and potential. On the basis of consumption as our core investment field, since I and my partners have a relatively strong engineering background, investment in the technology field will also increase. In the current trading environment, China will strengthen its emphasis and investment in this aspect of science and technology. We believe that China’s technological development will become the driving force for the next wave of development, so we will also pay more attention to this wave.
: In addition to investing in the field of consumer spending, Yuanjing has also invested in a codelong technology. This is alsoThe so-called drainage, the so-called traffic star. Good entertainment products are the same as the core of good consumer products. They are able to impress consumers and make products exceed expectations. This is a long-term deposition and accumulation. Short-term traffic may make people feel cheated once, and everyone learns smart the second time, so I think that with the Shanghai Fortress, the example you just mentioned reflects my point of view. Due to the development of current social media technologies, the entire information has become more and more transparent, and the word-of-mouth effect has become more and more intense.
: Recently, Telescope invested in an e-sports club VG. What was the story behind the selection of this project?
Du Yucun: In fact, it is still a change of new consumer groups. We have done a very close market observation. On the one hand, we observe the changes in the business model under the offline line and the changes of the entire brand. Focus on the changes in consumer preferences. Obviously, the younger generation of consumers is growing up with the game, and the game as a cultural and entertainment product, its professionalization and competitive development is now more and more mature. So in such a big environment, we firmly believe that e-sports is a sport for young people. Our partner Jin Ge is actually a generation like this. He used to be the captain of Tsinghua E-sports team, the circle of friends around him and his own knowledge structure, so that we can have a more sensitive to this field. Tentacle and judgment ability. Behind this is actually the investment opportunities brought about by the changes in the consumption outlook of the younger generation and the changes in spending power.
Entrepreneurs want to be “out of nothing”
: What kind of investor are you self-evaluating?
Du Yucun: An early investor with idealism. I still believe in the law of business. I firmly believe that a good business enterprise and consumer enterprise can continuously provide value to consumers and continue to provide consumers with products that exceed their expectations. Therefore, when we look at the enterprise, we are very concerned about its core competence, core value, brand positioning, and product features. Whether this company can go very far in the long run and go very long in the long run, we are also very valued. We are not paying attention to one or two years of track hotspots and market hotspots, but looking for our investment goals with the spirit of a century-old shop.
: What are the three most satisfying ones in your investment project?
Du Yucun: I think the first one should be Shenong 007, and Shenong 007 is the first project of our first-phase fund investment. In fact, the business model of Shenong 007 and the whole business idea stems from our telescope, we and the founding team.