General Secretary Xi is at 7.1 In his speech on the 100th anniversary of the founding of the Party, he pointed out that “through the continuous struggle of the whole Party and the people of all ethnic groups in the country，We achieved our first centenary goal，A moderately prosperous society has been built in an all-round way on the land of China，Historically solved the problem of absolute poverty，We are moving towards the second centenary goal of building a modern and powerful socialist country in an all-round way with high spirits”，And in this great journey，The most difficult and arduous tasks are in 188bet areas，The broadest and deepest foundation is in 188bet areas，The greatest potential and stamina are also in 188bet areas！Achieving agricultural and 188bet modernization is the basic guarantee for realizing the “Two Centenary Goals” and the dream of the great rejuvenation of the Chinese nation。

Implementing the 188bet strategy is the main way and strategic guarantee to realize agricultural and rural modernization，Financial assistance in 188bet is also the core support for the implementation of 188bet，Therefore, the country has successively introduced a series of financial support policies，The purpose is to solve the problem of capital investment in the implementation of 188bet。This article mainly discusses some thoughts and solutions involved in the 188bet industry fund。

Early 2021，The No. 1 Central Document "Opinions of the CPC Central Committee and the State Council on Comprehensively Promoting 188bet and Accelerating Agricultural and Rural Modernization" clearly states: "We must give full play to the leading role of financial investment，Support the establishment of 188bet funds in a market-oriented manner，Leverage financial capital、Social force participation，Focus on supporting the development of rural industries。Adhere to the purpose of serving farmers，Continue to deepen rural financial reform”，188bet Fund as an important tool for deepening rural financial reform，Written into Central Document No. 1 for the first time。With the establishment of the National 188bet Bureau and provincial and municipal 188bet Bureaus，188bet has gradually entered a stage of rapid development。Essentially，188bet is an important part of China’s rejuvenation，The core of 188bet is agricultural and rural modernization and common prosperity under the deep integration of urban and rural areas。

Three major pain points need to be solved to achieve 188bet，First: source of funds、The second is: industrial implementation、The third is: operation management。These three complement each other、Indispensable。The first source of funds，Always a huge challenge faced by governments at all levels，Because of the process of 188bet，There is a lot of money that needs government investment，There is still a part of funds that need to be directed to social capital to enter in an orderly manner through marketization，Therefore, the 188bet industry fund is also a solution to the current financial support for 188bet strategy。

The current status of domestic 188bet industry funds

The above data comes from the official website of "China Securities Investment Fund Association"，Search the four keywords of "188bet" on the official website，From 2018 to present，The search shows that there are currently about 50 registered funds，According to origin，Mainly concentrated in Shandong Province、Guangdong Province and Jiangsu Province，The beginning of 2021 to the end of June，There are 9 registered funds，More than half are from Guangdong Province。

Problems facing the 188bet industry fund at the current stage

From a financial perspective，Technically speaking, it is not difficult to build a fund，But do a good job of "raising money"、vote、tube、Retreating from the four links is not easy，And build a 188bet industry fund，It’s even more difficult。The general reasons are as follows:

From an investment perspective，To bid on a subject，At least the property rights must be clear、Clear pattern、Profit expected、Stable team、There is a way out，But these are the five core points，It has become difficult in 188bet areas。Many assets in the countryside、Resources are mostly concentrated in natural resources (mountain、Water、Lin、田、Lake、grass、ice、沙）、Land Resources、Three major categories of agricultural resources，There are not many industrialized management projects，Since collective commercial construction land entered the market，Many are still exploring，Various agricultural-related systems and policies have been continuously improved，But this also shows，The dispersion of 188bet assets and the uncertainty of ownership。

Low return on investment、Long return period。For many investors，The investment cycle in 188bet areas is too long，low return，And the longer the time，The stronger the uncertainty, the stronger，The risk is also higher。

There are very few comprehensive talents required by the 188bet Industry Fund。188bet Industry Fund Operation Team，Not just about finance，You also need to understand the countryside，Understand the government’s financial operating mechanism；Meanwhile，Many financial talents are not willing to move to the countryside，In terms of project return on investment，Everyone is more willing to invest in various high-tech or nationally encouraged strategic emerging industry projects in the city。

Project operation management after fund investment is a big problem。I used to bring money to find projects，Or there may be a project management team to run the project later，But in the fields of 188bet related industries，Everyone is most concerned about how to operate well，Because many returns depend on specialization、Refined and efficient operation management to achieve。For example, the fund invested in a project that operates the entire village，Can the fund be withdrawn at a certain point without losing money，A lot depends on how well the project is run。So now we do it in reverse，To launch a fund, you must first find a reliable operation and management team，Found this operations management team，Then turn around and talk to the government about how to launch a fund，Who will do it between LP and GP。

The fund investment model is relatively simple。Current 188bet Industry Fund，What is most common in the market is the "fund of funds + sub-fund" or "fund of funds + direct investment" structure，There are not many other financial structured supporting products，Such as supporting various asset securitization products、Bond products、Bank supporting credit products, etc.，So the leverage value of the fund has not been exerted，Traditional leverage thinking，It is difficult to be flexible in the 188bet industry fund。

Difficult to screen projects。A fund needs to be completed，A very important prerequisite is to invest in high-quality projects，Good projects require more than just a professional fund investment team to discover them，It is also necessary that the track itself has many opportunities to choose from，But actually，The track of 188bet still needs time to explore，After all, the LP will exit after the fund reaches a certain point。

It is difficult to withdraw from the fund。Traditional industries，Especially some strategic emerging industries，There are many channels for fund exit，Very flexible too，There are many players on the market to take over，However, the fields involved in 188bet are not yet very mature markets in the minds of many investors，So all kinds of caution and worries are always there。

During the 14th Five-Year Plan

The road to breakthrough for 188bet industry fund

Although the 188bet Industry Fund is currently facing some difficulties，But these problems can still be solved，Especially in the first year of the 14th Five-Year Plan，The introduction of a series of national policies，This is a good start for the rural industry fund，After all, the future rural market is extremely huge，This is what everyone often calls: sinking consumption、Industrial sinking、Talent sinking、Funds sinking。Opportunities are reserved for those who are prepared，So once the wind picks up，If you are still waiting and watching，Then it is possible that you will miss this cycle completely，The industrial investment opportunities brought by 188bet are huge，But this requires a comprehensive professional team to dig out、Go and play、To build、To empower、Go to achievement！

Therefore，I sorted it out，I hope the following ideas can give some reference to friends who are doing or planning to develop 188bet industry funds:

1. Sponsor of the 188bet

The initiator of the 188bet Industry Fund，Generally includes financial institutions、Government (Platform Company、State-owned enterprise)、Professional company。Because 188bet involves a wide range of industries，So according to local special industrial resources，It is very important to choose GP and LP，GPs are generally financial institutions or professional fund managers，But choosing LP is very particular，Generally speaking，Local state-owned enterprises、Agricultural + environmental protection + cultural tourism + large consumer + logistics listed companies are better LPs，The resources of this type of LP have a lot of overlap with the fields involved in 188bet，It is easier to form a closed loop of mutual empowerment，Also have a certain amount of patience to participate in later operations and management。

2. 188bet’s investment areas

The areas in which 188bet industry funds can invest can generally include the following categories:

1) Modern agriculture: agricultural planting and breeding、Intensive processing of agricultural products、Agricultural product supply chain and branding、Agricultural big data、combination of agriculture and 188bet、Digital Agriculture；

2) Advanced intelligent manufacturing: intelligent agricultural equipment、Energy saving and environmental protection technology、Agricultural mechanization equipment research and development and production；

3) Big data technology: 188bet financial technology、Digital Village、Smart Village、188bet asset big data；

4) Leisure and cultural tourism: 188bet cultural tourism IP、188bet Operation Management Organization、Agricultural Federation Trading Town、Agricultural Science and Technology Park、Urban and 188bet Trade and Logistics Park、Fashionable chain restaurant、Chain country children's paradise。

Of course，With the continuous development of the industry，Various emerging business formats，The integration of primary, secondary and tertiary industries will gradually emerge，The above 188bet areas are for your reference only。

3. Talent mechanism of the 188bet

188bet Industry Fund must achieve talent sinking，Inseparable from a flexible talent introduction mechanism，Teams involved in the four links of “raising, investing, managing and exiting” of the fund，You still need to choose slightly more complex fund management and investment talents，You must know how to conduct investment research and asset evaluation for 188bet industrial projects，Must have innovative thinking，We must also be passionate about the countryside，Requires a certain amount of emotion，After all, many of these projects require time to polish，Need wisdom，Also requires patience。

4. Investment scale of the 188bet

188bet Industry Fund，In principle, it is not recommended to do it on a large scale，Many 5-10 billion industrial funds are actually difficult to implement，After all, funds also have costs，Even if you do Capital Call, you don’t need to do it on a large scale。So generally 500 million to 1 billion is enough for a fund of funds，It’s about the same to raise 100-200 million in one phase，Calculated based on 100 million，If the investment amount of each project cannot exceed 20% of the fund size，Each project invests 20 million yuan。Theoretically this investment scale is not small，Basically, they are in the middle and late stages。

5. 188bet investment strategy

My view on industrial funds has always been: success is more important than success。The meaning of success is that the 188bet can exit quickly after investing in the project，And make money to exit。In this case, 80% of the funds must be invested in the later stage、Even Pre-IPO project，Only in this way can you be in the government、LP and capital market recognized、Thus establishing stronger confidence in cooperation；20% can be invested in some replicable、High growth，Or the technology has broad application scenarios，High-tech enterprise with rich data support，In the future, it can be quickly listed on the Science and Technology Innovation Board and gradually exited。

6. 188bet investment model

1) Mother-child 188bet investment model: This model is being implemented in many places，But the situation is different in each place，No special pattern to simply copy。Through the "mother-child 188bet" model, we can lock in some better government resources and projects，You can also use the leverage of 188bet of funds，More importantly, through the parent-child 188bet，Design a better exit channel and safety pad，The core of the parent 188bet is to promote the establishment of sub-funds，The sub-188bet focuses on project investment，Of course, parent funds can also directly invest in projects；

2) Investment and loan linkage model: This is a better way，The fund invests in equity，Policy Bank、Local 188bet commercial banks or commercial banks provide agriculture-related loans，Low cost，Still very attractive。So when choosing each investment target，Let’s see if there are any opportunities to introduce some more funds from the financial support policy，If the capital part of many projects is not resolved，It is difficult to start construction fund loans in the later stage；There is another type after entering into equity investment funds，Only solved the problem of eating，No development issues solved，At this time, we still need another boost from bank credit，This way to quickly run the project，Generate healthy cash flow，Slowly accumulate and develop，Building a corporate moat；

3) Fund + EOD model: This model is still being explored，Mainly because the EOD project pilot has just started，EOD projects basically include many areas involved in 188bet，For example, it generally includes ecological and environmental protection projects，Rural industrial projects；The investment scale of many EOD projects is often in the billions or tens of billions，Large size、Complex transaction structure，The corresponding financing models are also relatively diverse。Based on the combination of EOD projects，There are public welfare projects in it，There are also industrialization projects，188bet Industry Fund can participate in the equity portion of investment industrialization projects，The industrialization projects in the EOD project package generally undergo due diligence and investment research analysis by professional institutions and teams，Still very credible，So the relative investment risk is still controllable。

7. 188bet’s “Premium Plus” Service

Build a 188bet industry fund，The author believes that the fund management team must be mentally prepared to provide value-added services，This value-for-money service should include at least two aspects of work:

1) Choose a high-quality 188bet operation management team，No operation management，There is no cash flow，I believe that everyone understands the importance of operations management；

2) Form an expert committee，It’s not just about having experts who understand finance，You also need to understand agriculture、Environmental protection、Technology、Consumption expert committee member。Through the empowerment of these expert committee members，Provide guidance and professional support to investment target companies，In other words, 188bet managers should care about each of their investment projects like a nanny。

（Shi Wuchao，MBA from Tongji University，Vice President of Juguang Technology (Hangzhou) Co., Ltd.)

*Source of 188bet article: WeChat publicNo. "Smiling straw hat" (ID: gh_d2b842b81afd)，Author: Shi Wuchao, original title: "The road to breakthrough for 188bet industry funds during the “14th Five-Year Plan” period》.