This news has caused quite a shock in the Internet industry. In the past year, the network management and control of various industries tended to tighten (65438+June 22, the Ministry of Industry and Information Technology issued a notice: VPN may not be built or rented without approval). Now, the national team is wearing steel armor. What is it doing here? Why come now? Who is its fund manager? Nobody knows.
In the press release issued by Xinhuanet, there is such a passage:
The establishment of China Internet Investment Fund is a concrete practice of implementing the new development concept and a powerful measure to promote the implementation of the strategy of strengthening the country through the Internet. China Internet Investment Fund will adhere to the investment philosophy of "focusing on specialty, guiding and leading, helping the superior to strengthen the country, and * * * enjoying * * win", adhere to the national strategic orientation, market-oriented operation and professional management, focus on key areas of the Internet, support the innovative development of the Internet through marketization, help outstanding Internet enterprises, serve the strategy of strengthening the country through the Internet, and promote the Internet to better benefit the country and people.
Nowadays, the Internet has become an infrastructure construction as important as hydropower and coal, and it is reasonable for the national team to take action. To control the lifeline of the national economy, the state-owned economy mainly controls important industries and key areas.
Today, the national team wants to penetrate the Internet-related fields by means of industrial investment and equity participation, which shows that the national strategy is seeking integration with market behavior.
This is also a financial contribution. Is China Net Investment going to build a "Temasek" in the Internet field after CIC? There are several points worth emphasizing:
1. Although the roots are all "state" money, CIC and Singapore Temasek are out-and-out state-owned sovereign funds. In addition to the central government's money, China Net has also invested a lot of other state-owned capital. Then since 2005, Temasek has disclosed its performance year by year (because it is the money of the country and the whole people after all, it is necessary to increase transparency). What about China Net investment? Will you follow more market logic or political logic? (GIC, another sovereign fund in Singapore, is obviously more conservative than Temasek in investment style) How to balance the two routes?
It is not clear who is the fund manager of this "rich" national team. In addition to capital strength, the most important thing for a fund is its management team. Even when it was announced, CIC had a well-deserved chairman. China Net Investment Co., Ltd. has not disclosed the names of the person in charge and the management team at present. It seems that the news of the establishment was announced in a hurry? Is the core team still being formed? Will there be stars in the venture capital industry joining in the future? Without a clear core management team, the national finance and major state-owned assets will lose 30 billion, which is really a big boss who can brush this face.
3. Will the entry of this fund boost the IPO trend in the next two years? Take this trend to stabilize profits?
4. What will be the main investment direction? Which fields of companies are most likely to be branded as this capital tycoon? A good organization has pointed out the way out for it. An article in Securities Daily interviewed analysts and said,
Focus on industries that have technological breakthroughs, are expected to be commercialized on a large scale, and have a certain increase in market demand.
1) Optimistic about the field of information security: The Cyber Security Law has been promulgated, and protection systems such as industrial safety will be introduced soon, and the growth rate of the 20 17 industry will increase;
2) Optimistic about the field of Internet finance: this field is mainly for long-tail customers, with urgent demand for loan financing, favorable policies in the fields of credit and consumer finance, and technologies such as big data and artificial intelligence to promote the development of the industry;
3) Optimistic about the field of artificial intelligence: breakthroughs have been made in technologies such as speech recognition and image recognition, and industry-related companies will usher in development opportunities.
5. Most of the dividends of China Internet in the first 20 years were absorbed by foreign capital. In the past two years, Internet companies have taken turns to dismantle VIE in China and go public. The presence of the national team will further remove obstacles for some high-quality Internet companies (listed or unlisted) to return to the capital market of their home countries, which is of positive significance to China companies.
The combination of national strategy and market behavior
According to Xinhua News Agency. The fund investment structure of China Net Investment consists of funds led by the central government and six strategic investors, including industrial capital represented by China Mobile, China Telecom, China Unicom and citic guoan, and financial capital represented by Industrial and Commercial Bank of China and China Post Insurance.
Among them, ICBC has a strategic investment of 654.38+0 billion yuan, making it the single largest strategic investor. If estimated according to the investment quota given by ICBC, it is likely that the central government will guide Kim Jae Jung's net investment to make up nearly half of the funds.
In addition to the financing scale of 1000 billion yuan, China Net investment enterprises will also receive bank credits of 654.38+050 billion yuan from ICBC, CDB and Agricultural Bank of China.
In an interview with Xinhuanet, the head of CIC revealed that the investment direction of CIC is those enterprises that conform to the national strategy, have great development potential and good growth.
Investment decisions mainly follow the following three guiding directions:
First, adhere to the national strategic orientation. Take promoting the implementation of the strategy of strengthening the country by network as the primary task, and cultivate and expand Internet enterprises through market-oriented methods.
The second is to adhere to market-oriented operation. According to the modern enterprise system, the organizational structure is established, and the ownership, management and custody rights are separated from each other.
The third is to adhere to professional management. Set up a professional investment operation team, establish a perfect investment decision-making mechanism, build a scientific risk prevention and control system, and focus on professional investment operation.
China Net Investment pursues the combination of state capital and market-oriented operation, which is an attempt to integrate national strategy and market behavior in the Internet field. To be sure, a company is branded as the father of the national team and should be strongly supported.
Will China Net Investment Become Temasek?
When it comes to government investment, the first thing that comes to mind is Temasek Holdings, a company founded in 1974 and 100% owned by Singapore's Ministry of Finance100.
According to the figures released by Temasek official website, as of March 3 16 of 20 16, the total return rate of shareholders in 16 calculated in Singapore dollars was 3.25% in three years, 6% in 10 and 6% in 20 years. Singapore's annualized core inflation rate for 20 years is less than 2%.
Temasek's 20-year shareholder return rate
According to the data released by Temasek, the total return rate of shareholders in 40 years is 15%, so we have to say that the investment income performance of this sovereign wealth fund is not inferior to that of some institutional funds.
Different from the Internet-oriented investment direction of China Net Investment Co., Ltd., Temasek has a wide range of investment fields, such as participating in Alibaba in telecommunications, media and science and technology, and participating in Bank of China, China Construction Bank and China Ping An in financial services.
Temasek investment field
Temasek should be a model of market-oriented operation of state-owned capital, which plays a role in maintaining and increasing the value of state-owned capital from the perspective of shareholders' return on investment. From the perspective of investment industry, it has also intervened in industries that have a great impact on the national economy, such as finance, transportation, communication and energy, through industrial investment, equity participation and holding. This should be a "Singapore-style state-owned economy".
Temasek, as a government investment, is undoubtedly a successful case, which proves that under the perfect company system, state-owned capital can guarantee efficiency and profit. Today, Temasek is also a very international investment institution, with 29% companies investing in Singapore and the rest from other Asian countries and North America.
However, the establishment of Temasek also has its background reasons. In the 1970s and 1980s, Singapore needed a lot of money to develop large-scale industrial projects. At that time, Singapore had a weak economic foundation, insufficient accumulation of private capital and limited financial capacity. Many industrial projects need the help of state-owned capital.
However, the history of Internet development in China is linked with capital. From 1996, Zhang Chaoyang returned to China with the venture capital of Professor Robert to set up Aitexin Company, and the development of Internet companies in China was strongly supported by capital.
In BAT, Baidu received several rounds of financing from American investment fund De Fengjie before listing, Ali received investment from Yahoo and Softbank in the early days, and Tencent accepted venture capital from IDG and PCG in the early days.
The development history of Internet in China is the growth history of capital investment in China. At this stage, investors often say that they can't find the outlet, don't know what to invest, and rarely hear that they can't find funds.
Therefore, state-owned investment funds entered the Internet field at this point in time. Do you know what you have to do?
Which industries are both Internet and in line with the national strategy?
When I was in middle school, there was a saying in the political book that state-owned capital should control the lifeline of the national economy, mainly in important industries and key fields.
In the past, these key areas included banking, railways, electricity and so on. Now they should include the Internet or a part of the Internet, such as the Internet of Things, big data, cloud computing, artificial intelligence and so on.
Take a smart city as an example. This technology combines big data, cloud computing and artificial intelligence to "manage" the city by combining relevant data and algorithms of city operation.
For example, traffic cameras collect data of urban road operation, analyze and exchange the data, use artificial intelligence technology to analyze the data, and then allocate public resources through corresponding results.
When Internet-related technologies become the support of the city's brain and the national team is not involved, is it frustrating to talk about China's characteristics and national security?
If the Internet is farther away from infrastructure such as water, electricity and coal, it means a step closer to the management radius of the national team's father.
Furthermore, in the fields of artificial intelligence, big data and cloud computing, the development of some basic disciplines is needed as technical support. For example, brain-like research and other basic theoretical and technical research, these time-consuming and expensive research, but also need the participation of national team funds.
In an interview with Xinhua News Agency, the person in charge of China Net Investment said that the companies invested by China Net Investment should conform to the national strategy and represent the leading scientific and technological achievements and development trends in the industry.
Which industries conform to the national strategy? Look at the new trends named in the 13th Five-Year National Strategic Emerging Industry Development Plan, including modern agriculture, smart energy, inclusive finance, Yimin service, efficient logistics, e-commerce, convenient transportation and artificial intelligence.
For example, build a business model and business model innovation based on cloud computing, and promote the construction of public clouds and industry cloud platforms; Build a government data exchange platform and an open data platform, build a national space infrastructure with remote sensing, communication and navigation satellites as the core, promote the integration of the three networks, and build an industrial robot industry system. ...
Looking at ministries and commissions from China Internet Investment Conference: Development and Reform Commission, Ministry of Science and Technology, Ministry of Industry and Information Technology, State-owned Assets Supervision and Administration Commission, State Administration for Industry and Commerce, Securities Regulatory Commission and other relevant ministries and commissions. Under the escort of so many national ministries and commissions, China Net Investment can mobilize more national resources than Temasek Holdings.
Many analysts believe that Temasek's success lies in the successful construction of a sound corporate system, which ensures the efficiency and profit of state-owned capital. What innovations will China Net Investment have? Obviously, as an investment fund with "people above", some institutional investment funds are embarrassed to play without China Net investment. Therefore, China Net Investment Co., Ltd., a company with abundant capital and resources, can bring changes, whether positive or negative, to the development of Internet in China, which is worthy of continuous observation.