Polaris solar PV net news: in this era of wealthy frequent, making rich people are beginning to emerge.
Shanghai Lujiazui, 13/f, Bank of East Asia, until 12 o’clock noon, Invensys capital project meetings there is no end in sight, Vice President again and apologize, interview with Wang gang, was told only lunch time.
Wang gang, overseas background, he worked in France Czech Republic capital Hung (NPEA) served as co-founder and managing partner of China operations. In today’s domestic PE industry, founder has the background of sea turtles abounded, CDH, new horizon, saifu both created for the returnees. But Wang gang, Suntech, LDK LDK and other projects on the precision is known for in and out of the industry, even as the “richest manufacturers.”
Until February 2009, create Invensys gang came into its capital, at which point domestic PE Blowout is over, the industry as a whole into the calm, but the gang run is continued played the songs, best venture capitalist by Forbes for 7 consecutive years, admitted to the Qing dynasties, the Chinese selection PE institutions top 50.
Wang gang’s colleagues, Wang gang, usually serious and introverted, managing partner of foreign PE was born, and more esoteric technical issues, so I’d better do more preparation told reporters here before.
Murphy was a “technical”?
“You’re a returnee, feel and local PE investors of different modes of thinking and working, please? “The journalist is really worried about the” technology “as an answer, but in fact the gang loud and full of magnetism.
“I think there is a difference, but also picked up some local investors way, actually is a combination of our team, I spent a dozen years in a foreign country, but 7 years later in domestic investment, must be localized to just go. ”
Wang gang said that Invensys capital team have a background of more than half of all sea turtles, are Chinese, with local investors is reflected in the difference between investment philosophy and strategy, very principled, very focused on technical analysis.
Born in a middle-class family in Zhejiang, Wang gang, graduated in 1989 from Hefei University of precision instrument engineering, but the “engineering men” have not joined the technical work, but chose to go to New Zealand to study, after a multinational company engaged in financial work.
Until 2000, the gang to get back home to become State technology Guangzhou company limited an Executive, in 2002, the company was acquired by NASDAQ-listed AsiaInfo technologies, but Wang did not remain in the State in Guangzhou, but chose to leave.
Originally, AsiaInfo rivals France originally settled on the Guangzhou State Foreign Trade Bank, but ultimately failed. Although the Bank did not get State, leaves the gang dug the past, and co-founded the NPEA, Wang gang is responsible for business in China, began his career as a PE investor.
Although Wang gang, time is not more than 10 years working abroad, is to deal with foreigners, but his bones are still not out of the traditional Chinese thinking. Invensys capital, other employee business atmosphere of Office, but his Office is a water of Chinese style, makes it difficult to breath and the modern Lujiazui financial links.
Richest man in manufacturing plant
There’s an old saying in the PE industry, 3 years opened open eating for 3 years. Final results showed that France knows the human eye of the Bank for foreign trade of sinister enough, the New Zealand Massey University MBA graduate entrants, soon showed a rare aptitude. As co-founder and managing partner of NPEA, Wang gang, the NPEA’s main areas for the then emerging new energy.
On December 14, 2005, China PV RSVPs Shi first people to stand on the New York Stock Exchange [Twitter] Hall, Suntech struck the first Gong of China PV industry. Until recently, Wuxi Suntech trader behind the scenes finally was exposed, he is a gang.
In September 2004, the gang first contact Suntech Power Management, when Suntech was State-controlled, Shi is still only a small shareholder. Wang gang but the company’s business and prospects are excited about – “gross profit 30% per cent in 2004, has more than 20 million dollars in net profit, and technology in China. “With a keen sense of smell, Wang gang, finds that Suntech is his ideal of” the game “.
Over the next month, Wang gang, most of the time in the market investigation, visiting as many as 5 Germany customers, which France NBP became the most understanding of the solar industry’s investment arm. Finally, Wang gang and detailed hypothesis testing team concluded that even without leaving the State-owned shares, they can still profit.
On February 24, 2005, France NBP and Shi signed a term sheet. Time for a “gang were” delighted that, Suntech exits a breakthrough State-owned shares, and if we had not decided, you have no chance.
Eventually, Wang gang voted for $ 15 million, this is the time of NPEA single investment CAP, albeit at Suntech’s second-largest institutional investor, but the NPEA is as lead investor-led market research, legal drafting and coordinating several other investment negotiations completed amounted to 86 million of private investment.
Following after Suntech, Wang gang, led by NPEA win a series of victories in the energy industry. In 2006, Wang gang, founder of first contact LDK LDK LDK, they started operations in June 2006 July gang called LDK decided to put their money in just three months, Wang gang, made a total of LDK3 investment, a total of 85.5 million dollars. In August 2007, LDK in 1.5 years revenues from zero to 480 million Yuan, stunned the industry.
On June 4, 2007, LDK LDK in the United States market, which was then United States financing the largest Chinese IPO project.
Suntech solar and LDK work perfectly for NPEA investors earn full fist, two projects of return were 11.6 times and 9.9 times times, Shi also with more than 18 billion worth, than Huang guangyu, the richest man in 2005 before the richest man. Previously unknown LDK, with 40 billion yuan worth sitting on the richest man in the 2007 hurun report at sixth, Jiangxi’s throne. Time, the NPEA headed by Wang gang, became the “richest man in manufacturing plants”.
But shortly after the listing in Suntech solar and LDK, Invensys capital decisively chose to quit, which escaped the disaster of the photovoltaic industry. “We all pulled out of the 2007 photovoltaic, PV bubbles just forming at that time, market mania. “Wang recalls, when they formed a report predicting photovoltaic industry will” commodities “, meaning that with the decrease of raw material and technological threshold, PV capacity will be dramatically expanded.
Reflections cause the solar bubble burst that year, Wang said, “one is lowering the threshold of investment, whether Government or private are pouring in, the other is the severe decline in European and American markets, while the domestic market has not been nurtured, third, at that time, many entrepreneurs have not experienced economic cycles, optimism is serious. ”
And now, with the gradual recovery of the US and European markets, and the domestic rise of distributed PV, PV companies to see hope, but Wang believes that PV is now through the most difficult times, but the capacity is still too large, if there is no new technology, short and difficult to pull out of its slump. But distributed PV is the new highlight of the photovoltaic industry, there will be a certain market.
Only a single project success rate
From 2004 to 2008, the gang at the NPEA altogether made Suntech, LDK 9 projects, 7 of which to make money, the success rate is almost 80%. When the ascendant, gang has chosen on their own. In 2009, Wang gang, Invensys capital was created to organize a new team, he wants to write myth on this new platform.
“When we set up the domestic PE industry bubble era of flying, there are institutions, a project has dozens of funds chasing, resulting in soaring valuations, want to make money all of the time. “The whole experienced gang of PE industry in China was impressive,” was seeing a dozen 20 times times price-earnings ratio of firms, the entire market has been playing bad, better businesses are rarely more than 10 times now. ”
2007-2009 3 year spurt PE institutions, that raise difficulties continued until now no big difference. However, the gang has received positive response from LP, the first fund raised 582 million dollars in just three months, from the earliest dollar funds to the present Yuan-denominated funds, total would exceed 2 billion dollars in 5 years.
Early in the Invensys capital was founded, Wang gang, still clean energy as the flagship brand, nuclear power, winning over the Taiwan Strait boiler, Jingye bearings, multiple projects such as waterworks, jiuwugaoke all fall into this category, but their vision began to gradually expand into emerging areas such as consumer, TMT.
“This can also be called transition, but better that is perfect, we will be investing in clean technologies, but I think politically more diverse. “Wang gang said that the most fundamental reason is that” with the evolving economic cycle, you can’t hold saying I only do real estate, you may have 10-20 you money in real estate, but real estate is hard upon you of the future. For example, if I vote for PV in years, it might not be appropriate. ”
After 2012, Invensys capital have entered Nanjing Hann, Phoenix City Hall, among the flowers, newtouch software, lasting wealth in the media, net entertainment wise believer understands the companies, and these companies are associated with daily consumption.
Up to now, Invensys capital invested a total of 15 projects, beyondsoft is IPO exits, jiuwugaoke has also been submitting the listing application, other projects in the fast-growing, none of its operations.
“LP said that 15 projects are too small, a lot of our dozens of funds of this size, I say we do not pepper, but the success rates of individual projects. “Wang gang said, although they cast fewer projects, but projects are a dime,” estimated that there are more than 2,500 more, at last only 15, but I’m very satisfied with these projects are, even if the vote is still very satisfied after a few years. ”
Wang gang said that their usual style is the “turning-point investment, precision investment” and once saw heavy warehouse after entering.
Profile Wang people in Lishui, Zhejiang, born in 1968, graduated from Hefei University of precision instrument engineering, New Zealand Massey University MBA;2000 year, Guangzhou state technology company executives in 2002, jiehong capital as co-founder and managing partner of Suntech to successful investing, LDK LDK, where Suntech exit returns of 11.6 times 2009, the creation of Invensys capital, incumbent President of Invensys capital.
Original title: gang top PV foam