In 2000, when Lenovo was in the midst of the day, Liu Chuanzhi turned to be a “creator†of entrepreneurs. Subsequently, Lenovo Holdings’ diversified investment gradually formed a “two-wheel drive†strategy of “financial investment + strategic investmentâ€. To date, it has invested more than 100 billion yuan in funds and invested more than 600 companies.
After every reporter Wu Linjing edited by Yao Zhiyu
Liu Chuanzhi has been floating in the Shang Hai for 33 years. In the 1980s, 40-year-old Liu Chuanzhi formed the prototype of Lenovo Group in a communication room of less than 20 square meters at the Beijing Zhongguancun Institute.
Recalling the era of grasshoppers, Liu Chuanzhi said: “Our first generation entrepreneurs have in common that it is necessary to rain a cloud in the sky, not to give clouds, and to find clouds, it will rain.â€
In Liu Chuanzhi's mouth, funding is an important "cloud." He said: Why did enterprises in Zhongguancun start a large-scale breakthrough after 2000? "The investor has arrived because the money has arrived."
Liu Chuanzhi knows that it is not enough to get enough money just by core technology. Entrepreneurs need the most money and guidance. In 2000, when Lenovo was in the midst of the day, Liu Chuanzhi turned to be a “creator†of entrepreneurs. Subsequently, Lenovo Holdings’ diversified investment gradually formed a “two-wheel drive†strategy of “financial investment + strategic investmentâ€. To date, it has invested more than 100 billion yuan in funds and invested more than 600 companies.
Yesterday (April 6th), when the old man, who had been over 70 years old, sat in front of the Daily Economic News reporter (hereinafter referred to as NBD), the industries he was thinking about and worrying about had covered agriculture, finance, medical care, consumption, etc. . He is also like a young man who has just started a business. He is embracing an era of great changes.
â— Talk about "two-wheel drive": "If you are optimistic, you will become your own business"
For a long time, Lenovo Group has laid a strong brand mark on the parent company Legend Holdings. For the two companies listed on the Hong Kong Stock Exchange, there are still people who can't tell the difference between the two.
The technology products such as mobile phones and personal PCs are the IT businesses of Lenovo Group. Legend Holdings is a diversified investment-driven company, with financial investment and strategic investment “two-wheel driveâ€. Judging from last year's performance, Lenovo Group is only a subsidiary of Lenovo Holdings that does not contribute 30% of its net profit.
In many people's impressions of Liu Chuanzhi still remain in the "Lenovo Computer" "China IT first person", he actually has stood behind many companies. On the business card handed to reporters, his main identity is chairman of Legend Holdings, and for Lenovo, he is the founder and honorary chairman. On March 29, Legend Holdings (03396, HK) released its 2016 financial report with revenue of RMB 307 billion, a year-on-year decrease of 1%, and net profit of RMB 4.895 billion, which was an increase of 4.3% year-on-year.
NBD: From entrepreneurs in the IT industry to diversified investors, how do you think about investment?
Liu Chuanzhi: We have invested in 2000. I think investment itself, such as private equity investment, can actually add value to the invested companies. For example, when we voted for HKUST, we not only invested money, but also gave Liu Qingfeng some help in the corporate philosophy. Another example is Shijiazhuang Pharmaceutical was a state-owned enterprise. When it was invested, it was a loss. We invested 8 billion yuan. Now this company is Hong Kong is listed and has a market value of several billions. We have increased the value of the enterprise itself through investment.
In the process of investment, some of them stimulate the enthusiasm of the enterprise through the way of state-owned enterprise reform, and some of them help the enterprise to manage certain aspects and increase the value of the enterprise. For investment in some high-tech companies, investment can enable companies to grow immediately. This is the experience we experience.
NBD: Why does Legend Holdings propose a "two-wheel drive" strategy for financial investment and strategic investment?
Liu Chuanzhi: After the investment experience from 2000 to 2010, he learned a lot of things, such as how to improve the value of the company, and when he can withdraw, he can get a better return. This is an idea that waits until the right moment. The idea is that - through investment, we can find the industry that we want to develop. We will not withdraw from the investment and turn it into our own product, like the Lenovo Group.
Five years ago, we started and the best industries and fields were not withdrawn. The three investment companies of Junlian Capital, Hony Capital, and Lenovo Star have overlapping parts. When the invested companies do a good job, we will immediately follow the vote, or even the entire disk, which becomes two wheels. Between the wheels is Can be converted. In our country, investment has become two ways. One is a financial investment, the company is doing a good job, and I quit directly to get a return; the other is a strategic investment. We feel that the market is very good. We do not withdraw from it and become our own industry. This profit will increase.
NBD: Legend Holdings' 2016 financial report shows that the net profit contribution from financial investment decreased by 2.609 billion yuan, and the contribution of strategic investment rose by 3.019 billion yuan. How do you rate the performance of these two wheels?
Liu Chuanzhi: The decline in financial investment profits is not a bad one. It is affected by the fair value. The quality of financial investment is not based on the money left behind. It is based on fair value. If the stock market is not good, the fair value may not be good, but the actual financial investment is also good. At the same time, the current strategic investment is very successful.
â— Talking about the financial sector: “If you do not invest in the current year, it will be more lenient todayâ€
In a speech in Mianyang, Sichuan Province last year, Liu Chuanzhi shouted, "We must be reluctant to go back in the place where the force is exerted." He repeatedly mentioned the word "beat". From the beginning of the creation to the struggle, to the diversified strategy of fighting and fighting, and then to grasp the future to let go, is hard work, there are gambling means. The time of peace and security in the body of Liu Chuanzhi is very obvious. Turning to investors is the entrepreneur's "second venture" 17 years ago. He said that "If Lenovo were not deployed to invest in the same year, it would face a more embarrassing situation today."
As the wheels of the times rolled forward, the old man never stopped running. As an investment company, Legend Holdings currently has a large number of subsidiaries involved in financial services, innovative consumption and services, and various fields of agriculture. Yesterday, Liu Chuanzhi told the "Daily Economic News" reporter that in the next year or two, Legend Holdings wants to build a large "tonnage" section outside the IT industry.
From the perspective of the contribution of Lenovo Holdings’ revenue and profit to each segment under the strategic investment disclosed in the latest financial report, Lenovo’s 2016 revenue was 282.6 billion yuan, and the net profit attributable to Lenovo’s controlling shareholders was RMB1.335 billion, which only accounted for Legend Holdings. Less than 30% of net profit. The financial services sector has grown rapidly. In 2016, its revenue was 1.583 billion yuan, an increase of 75% over the same period of the previous year. It accounted for less than 0.5% of total revenue, but it contributed over 33% of net profit. This is one of the highlights of Lenovo's financial report this year.
NBD: Transformation investment, how does Lenovo Holdings choose the industry?
Liu Chuanzhi: At that time, Lenovo Group was in a high-risk industry. We hope to select industries with less uncertainty. Our investment focus is actually related to the field of consumer services. One is the financial sector. If there is no financial sector leading, the source of money when investing is the problem; the other is the new agricultural food. There are also new materials, innovative service companies like China Car Rental, and private hospitals.
NBD: Lenovo's investment in the test of so many industries, the next step will focus on supporting certain sectors?
Liu Chuanzhi: Legend Holdings will form a large "tonnage" in the financial sector. Now Lenovo Group's contribution to Lenovo's net profit contribution is about 20%, and its asset "tonnage" is about 50%. This is a big change in Lenovo's efforts to diversify its investment over the past few years, but we are still looking for assets in the IT industry. In addition to the formation of new "tonnage" areas, we are now choosing the financial sector, which must be achieved within the next year or two. At the same time, other fields must be intensively cultivated to find more suitable opportunities in the field of innovative services.
NBD: Why did you choose finance as the next core area?
Liu Chuanzhi: Since we are a two-wheel drive, entering the new field is not going to start from scratch. We are all investing. What are the main needs of investment? In addition to having vision, it is money. How does the money come from? One is their own accumulation, and the other is financing capacity. Banks are willing to borrow money, but we must also have financing capacity and enough tonnage to make others (lending money to you) feel more at ease. We must work hard in the financial sector.
NBD: How will Lenovo Holdings plan for the future in creating a financial platform?
Liu Chuanzhi: We do not have the name of a gold control platform, but the actual meaning is estimated to be similar. With financial licenses, we will try to build new, I guess the time is too slow.
NBD: As you said before, Lenovo has invested in dealing with uncertainties and has more uncertainty in the future. In your opinion, what is the core of Legend Holdings’ future development needs?
Liu Chuanzhi: Because of the uncertainty, we choose industries that we believe are less uncertain when choosing industries. To do well, we must pay special attention to technological innovation and business model innovation.
For example, to do internet finance, to do banking with traditional stores, from cost calculations, bill collection methods to contact with customers, there has been a very big difference. How to incorporate technological content and make it solid, these uncertainties can be studied by proprietary teams and strategic analysts. These uncertainties can be adjusted.
However, some uncertain factors cannot be expected, such as Trump’s coming to power. These need us to observe, make adjustments, and separate these factors. What we can do is do something that has nothing to do with it and that we must work hard for.
NBD: As an entrepreneur and an investor, you have two roles. How do you view the situation of capital being “empty�
Liu Chuanzhi: I think private investment and professional investors will give entities the ability to increase their value.
The money you invest cannot use the money of the country. The government’s money is the people’s money, which is controlled by the government. However, they may not be professional and can be used as government-directed funds. For example, the US pension fund does not invest directly in parent funds. Money will be used in useful places. If this money is just for the investment in this company, stock speculation, this approach will definitely only be a bad thing. Money can be a bad thing and it can be a good thing. Where should money come from? How should we encourage them to go where they are needed? This is an important policy.
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