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• Tencent has invested in four hardware companies, including silicon-based intelligence and Leju Robotics, with a main focus on AI robots;

  
  

  • Alibaba has invested in merit technology and Hengxuan technology. The main focus is on the chip and smart home;

    
    

    • Baidu has invested in three companies, Kyushu Huaxing, Aqiu Technology and Miaobi Smart, focusing on semiconductors and smart homes.

      
      

      • Jingdong, Byte Beat, and Meituan have each invested in a hardware company, and their common focus is smart home.
        

        After the disappearance of mobile Internet dividends from smart phones, the giants are already looking for next-generation terminals in order to enjoy the dividends of technological progress. From the current point of view, smart home is the most concerned segment.

        At the same time, it is not difficult to see that with the disappearance of the mobile Internet dividend, the giants have become more cautious. Shenxiang has done statistics before. In 2018, the number and amount of companies invested by BAT were:

        • Baidu has over 70 foreign investment incidents with an investment amount of over 7.5 billion yuan;

          
          

          • Alibaba’s investment incidents exceeded 160 and the investment amount exceeded RMB 180 billion;

            
            

            • Tencent has over 170 foreign investment incidents with an investment amount exceeding RMB 90 billion.
              

              Compared with last year, the investment of the three BAT companies has apparently tightened rapidly, but from the perspective of the companies that the companies have invested in, the giants still have a strong sense of smell and a wide range of tentacles. In this style, after BAT has become the exit channel for many players in the domestic venture capital field, it is obviously not good news for the giants to tighten their money bags. However, in the context of the industry’s slow pace, the situation may continue.

              Burning money? This road is nowhere.

              In general, the primary market is still cold and cold this year, but from a quarter-on-quarter basis, the downward trend in investment and financing in the new economy is gradually flattening, and the bottom of the venture capital market is forming.

              What is the law of survival in the cold winter?

              Jing Wei ’s Chinese venture partner Zhang Ying issued several winter warnings. At an internal sharing meeting of Jingwei Ventures in June this year, Zhang Ying said, “Blindly optimistic, still pursuing high valuations, and still working for myself. The results are complacent, subsidies are still being expanded, cash has not been aggressively adjusted for less than 6 months, financing has not been the number one priority, and there is still a huge amount of support from investors, all of which are symptoms on the eve of death. ”

              The era of burning money is over, and this is true both at home and abroad. The big bets represented by Softbank are no longer sought after in the aggressive investment style of winner-take-all. The examples of WeWork’s valuation avalanche and IPO halting remind the cautious investment and cautious valuation of the primary market.

              The time for entrepreneurs to get investors by concept and PPT is over. Capital requires enterprises to have moats, and enterprises need to attach importance to operations and cash flow. “We will only continue to increase the support for those companies whose data continues to give strength, and the founders are obviously growing rapidly. For Jingwei companies that have made the wrong investment and we are completely disappointed, we will not waste more new money.” This is Zhang Ying this year His warning to the investment team shared on Weibo.

              Capital is becoming more and more cautious. At the same time, corporate head effects are becoming more pronounced. A closer look at the investment and financing events of many popular sub-tracks shows that most of the funds are concentrated in the head companies. The cold wind blows down SMEs that have not yet established a moat, but the leaders on the segmented track are still favored by capital and giants.

              In the favored field, as To C’s mobile Internet dividend gradually disappears, betting on the industrial Internet has become a common choice for the giants. Thanks to the clarity of the Industrial Internet concept, the To B field is the biggest hit in 2019. The giants give funds to the popular To B field, to head enterprises that can consolidate their main business, and to emerging businesses that can bring technological dividends.

              However, regarding the enthusiasm of capital for the To B field and the cold winter repeatedly mentioned in the venture capital circle, there are also investors who go against the wind. Gan Jianping, a senior investor and founding partner of Grace Capital, said in an interview with 36 与 that the winter has been enlarged. The entrepreneurs he has contacted this year are still active and did not feel the winter. “Investors are air-conditioned themselves Opportunity, entrepreneurs are certainly afraid to approach you. “

              In addition, Gan Jianping remains optimistic about the To C Internet consumption field. He believes that the younger generation who have not experienced war and poverty in China will dominate the new trend and new investment opportunities will be born. From a macro perspective, per capita consumption and GDP are increasing, the consumer unit price of consumption has increased, and opportunities still exist.

              Zhu Xiaohu, another well-known investor and managing partner of Jinshajiang Venture Capital, also said in an interview with 36 氪 that they have invested in more than 20 projects this year, compared with only 10 last year, because “this year the market Less noise, the project valuation will be much more reasonable than last year. ”

              Investment and financing are sluggish in the capital winter, but it also means that the impetuousness is reduced, and the concerns of investors and enterprises return to value. Those companies that have not established a reasonable business model and blindly expanded by financing blood transfusions are blown down. Their stories are no longer tempting, and companies that have stood the test of blooming in the cold wind continue to attract capital. look.

              This article is from WeChat public account: Deep ring (ID: deep-echo) , Author: Hong bond