June 15, 2017，Sponsored by Ningbo Municipal People’s Government，The 2017 China Equity Investment Forum@Ningbo hosted by Zero2IPO Group and others was held as scheduled。At the meeting，Founder of Zero2IPO Group、Chairman and CEO Ni Zhengdong delivered a speech on the theme of “Dancing with the Capital Era”。

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1、New funds entering the private equity market in 2016 reached 1.3 trillion yuan，There is a lot of money in the capital market，The capital winter is a false proposition；Capital is the key element，But the key is people。There are so many people，There are so many people；

2、We still lack many good projects，This leads to more money、Many people，Few items、Exceptionally high valuation，Valuation has no logic；

3、“The trend changes very quickly，The phenomenon of “no air outlets to create air outlets” shows that this industry really lacks good projects，Lack of good investment targets；

4、In the hot market，Keep calm。Whether you are an investor or an entrepreneur，Don’t be impetuous，Do what you do best；

5、Our industry，This investment community，It should be far more than just investing in trendy market investments；We need to invest in waves. This is a principle.

There are many changes in the investment and entrepreneurship situation in the investment community every year，Just like every time I go to Ningbo，I also found that there are some new changes in the Ningbo market。Today I am a person who has been working in the equity investment market for 188bet app nearly 20 years，Share some of my observations with you。

The investment industry loves the new and hates the old，Enterprise valuations are getting higher and higher、More and less logical

My first observation is，There is a lot of money in this industry，A lot of money，A lot of money。New funds entering this industry in 2016 amounted to 1.3 trillion yuan；Otherwise，There is also a government guidance fund of 2 trillion yuan，As well as the industrial or merger and acquisition funds established by listed companies。So no matter how many people agree with it，I still have never felt that we are in a capital winter.

Share another story。This year 4、One day in May，A driver I used to know brought a big bag to my office，I thought it was Hunan bacon or something，Open it and take a look，It’s actually 1 million in cash。He said，"Please help me invest，You can put this 1 million into any entrepreneurial project or entrepreneurial fund。”So，There is a lot of money in this industry，Rich people and poor people、Government’s、State-owned enterprises，Money is pouring into this industry，I think there may be more in the future。

My second observation is，There are many people。Capital is the key element，But the key is people。Take investors as an example，In 2005，The participants in the industry are mainly those born in the 1960s，There are also a small number of people born in the 50s and 70s。And now，People who are active in the market are those born after 50、After 60，After 70、Post-80s、Post-90s，The post-2000 generation will also come in in two years。So there are more and more people investing in this industry，The main force now is those born in the 1970s、Post-80s，Of course those born in the 1990s are also very aggressive。

Except there are many investors，There are also many people who want to start a business。20 years ago，Entrepreneurship may be an unfamiliar term to us，After 20 years of Internet development、After media publicity，More and more people know about entrepreneurship，More and more people are willing to start a business。

ButWe still lack many good projects，This leads to more money、Many people，Few items、Exceptionally high valuation。Some companies have higher valuations than those in the United States，Some fields are indeed ridiculously high。Tencent Ma Huateng、When Jack Ma of Alibaba started his business，Series A investment may be valued at only a few million US dollars；But in today’s market，A company with a forecast revenue of 10 million in 2017，Valuation may be as high as 300 million、500 million。

Why do some people still vote？Because you don’t vote for others，especially culture、Entertainment Industry。Everyone thinks this money is really worthless，No valuation logic；Past valuations were calculated based on three times PS，Now it is 20 times the income、30 times or even 50 times。A common phenomenon we see now is，Valuations in this industry are becoming increasingly outrageous，More and less logical。

My third observation is to chase the wind and create the wind.Everyone is chasing the wind now，If the wind can’t catch up，Create an outlet。However, the current trend is changing very quickly，The result is that everyone is constantly creating vents。For example, VR in the first quarter of last year、AR is very popular，No one mentions it now；Became a live broadcast in the middle of last year，Now you can’t see the Moments either，Traffic dropped very quickly；Everyone thinks this thing is gone again，Start sharing bikes again，Whether you need to ride a bicycle or not，Cycling has become a fashion。You are in Beijing，I didn’t ride a little yellow car，You don’t even think you live in Beijing，So I scanned the code and went riding that day。

Not enough after sharing bicycles，Shared power bank、Shared umbrellas also appear on the market。I think there must be something innovative about this matter，We should support and encourage，There will definitely be companies that survive。HoweverJust like how we pursued e-commerce back then，Invested in countless e-commerce companies，But in the end, only a few VCs made money: Alibaba、JD.com、VIP.COM。Many companies with high valuations have died，I think most VCs have lost a lot of money on the e-commerce front，The Thousand Regiments War of that year，The last one to survive is Meituan。

So in summary,“The trend changes very quickly，The phenomenon of “no air outlets to create air outlets” shows that this industry really lacks good projects，Lack of good investment targets；This also reflects what I am thinking:Our industry is one that loves the new and hates the old.Current investors were talking about O2O two years ago、Talk about smart hardware、Crowdfunding，Hundreds of crowdfunding companies appeared overnight，Then hundreds more died overnight，What’s next？They started to create new outlets。As an industry participant，I have seen investors lose countless amounts of money in some fields。

Do wave investing, don’t just invest in the hot spots

I will share my thoughts again.

First，This is a hot market，We need to stay calm。Whether you are an investor or an entrepreneur，Don’t be impetuous，Do what you are best at，Include investment model。If you want to be an angel, just be an angel honestly，I think some angels have done a good job，Then one day he suddenly said to me, “Brother, I’m going to do PE”；Some other places have done quite well，Just say "I want to do the sharing economy now"。Do what you do best，Keep doing it，It is needed whether you are investing or starting a business。

Second,Our industry，This investment community，It should be far more than just investing in trendy market investments。So-called equity investment，The Internet should be just a part of us，Of course it is an important part，But investment in trendy areas can only be a very small part of our industry。For investment，Not so much a trendy investment，It might as well be a wave of investment，The Internet is a wave，Mobile Internet is a wave，Artificial intelligence is also a wave，This is not a pattern，Just a short-term investment period。

We need to invest in waves. This is a principle.Because the media loves to hype and pursue hot topics，They pursue you when you do well，You didn’t do well，They write negative articles，Readers also like to read。But，The media does these things，It does not mean that our investment industry should do these things。

I am coming to Ningbo this time，Feeling very deep，The economy is indeed very developed，I heard that 9 A-share companies have been listed in the first few months of this year，Ningbo is indeed an area worthy of attention and investment。But around the investment market，Why are China’s well-known investment institutions only in Beijing、Shanghai、A few places in Shenzhen？Why can’t there be some well-known national institutions like Ningbo？

There are investment institutions based in Ningbo，Invest in outstanding enterprises in Ningbo，I think this can make a big difference，Even better than in Shenzhen、Beijing、Shanghai has more opportunities。Especially in Beijing，In any building there are a bunch of investors，Have a meal，What project are the people next to talking about，All the information is known。That’s why we didn’t talk in the elevator while eating，Or whisper。

I think I’m in Ningbo、In these cities with particularly large GDP in Wuhan，These places actually have great potential to build some good funds。In Ningbo, it’s not just about investing in Ningbo projects，You can also invest in national projects。So the development of China’s equity investment market is not only decentralized，More central cities must appear。

I also call on friends in the investment community to register and take root in Ningbo，I believe that our equity investment market is a long-term thing，Tsinghua’s motto is to work for the health of the motherland for 50 years，I have been working for 20 years，I think I can invest in this industry for another 30 years。

Thank you everyone!

*Source of this article: Investment Industry, Author: Ni Zhengdong,Original title: "Ni Zhengdong: The embarrassment of the investment world，More money、Many people、Valuation is too high、Too few good projects！》