Investors talk about medical investment: valuation logic is changing

China in 2021, in a new pulse of the old casting, the national strength is unprecedentedly high. At the same time, 8.1%of economic growth has been achieved under the severe situation of world economic growth, increasing international economic and trade frictions, and the severe situation of the epidemic, and the Chinese economy still plays the role of the "leaders" of the world economic recovery.

From August 17-18, 2022, the 2022 (eighth) China Industrial Investment Summit co-organized by Rongzhong Media and co-organized by China, Rongzhong Finance, and Rongzhong Mother Fund Research Institute was grandly held.

The summit focuses on industrial investment, chip semiconductors, integrated circuits, corporate services, specialized new, biomedicine, high -end manufacturing, new consumption, medical great health and other fields. The summit brings together many venture capital institutions, industrial capital, and governments to jointly analyze the depth of the industry and explore the trend of industrial investment. Stability of progress, keeping positive innovation, and proposing the reform and development of China's industries.

With the continuous epidemic in 2022, medical care has become one of the top ten investment hotspots this year. The biggest health industry that has benefited from China's consumption upgrade is a typical high -growth and large -scale blue ocean market. How to excavate the investment in the medical industry chain? AI, blockchain, virtual reality and other advanced technologies and medical care trends fusion? What is the investment opportunity? What is the development of medical robots and independent medical images? "Internet+" integrated medical service model will gradually develop. How to tap investment opportunities? Medical beauty, sports, fitness and leisure will be hot again, a combination of medical care?

As for the above issues, the theme of the co -founder of Wei Jing Capital Guan Zhikuan is the "post -epidemic era, change from medical to health management investment trend transformation" medical big health topic forum at this summit as scheduled. Dinghui Investment VGC senior partner Gao Jieliang, Shengyu Investment Management Partner Shen Qin, Shi Shenghao, a partner of Sunshine Ronghui Capital Management, Wen Yayi, a partner of Yuanming Capital, Secretary of the Director of CICC Capital, and the CICC Medical Series Fund The person in charge Wu Xia, Tongchuang Weiye partner, Zun Bin, SoftBank Chinese capital partner Zhao Gang and so on.

The following is a wonderful record of the on -site forum, organized by Rongzhong Finance:

Guan Zhikuan: Medical and Health has been paying attention to investment in the past years, and ranked among the top three in various segments. Let's make a simple self -introduction in order.

Gao Jieliang: Dinghui is a multi -asset management platform. At present, the size of management funds exceeds 170 billion. I am from the Innovation and Growth Investment Fund. This fund is mainly based on early and growth. Scientific and technological innovation includes four directions: medical health, hard technology, soft technology and new consumption. I am focusing on medical and health investment. The industry is mainly technology -driven, mainly includes subdivisions such as innovative drugs, biotechnology, medical devices, in vitro diagnosis and digital medical care.

Shen Qin: Shengyu's investment mainly has two major industries, one is technology, and the other is medical care. The size of the fund has exceeded 10 billion. The medical track mainly focuses on sub -industries such as innovative equipment, innovative drugs and biotechnology, biological synthesis, and life science support.

Shi Shenghao: Sunshine Rong is one of the insurance -owned equity investment institutions. We mainly pay attention to medical, health and emerging technology tracks. Medical and health tracks mainly focus on pharmaceutical, medical devices and IVDs, precision medical services (including medical services), and emerging technology tracks mainly focus on chip semiconductors and advanced manufacturing.

Wen Yazheng: Yuanming Capital specially invests early medical machinery projects, and only focuses on the angel stage equipment. We have medical device testing centers and medical device CDMO factories.

Wu Xia: CICC has rebuilt private equity investment business since 2007. After CICC Capital was established, it managed the business operation platform of CICC's private equity fund business. 400 billion yuan. The CICC team is a team of CICC Capital's focus on the medical and health sector. It mainly invests in the upstream and downstream industry chain in the field of innovation in the medical industry.

伟: Tongchuang Weiye Medical Plates mainly deploy three major tracks, biomedical, medical equipment and scientific research services. At present, more than 120 companies have invested in medical care, of which 22 are listed at home and abroad. Focus on medical investment.

Zhao Gang: SoftBank China Capital's main investment direction has four major sections. The Internet, medical, clean energy, and intelligent manufacturing. I am a partner of the medical team. Investment in medical care is mainly to cover medical devices, smart medical, and biotechnology platforms.

Guan Zhikuan: However, it was established in 2017. Since the beginning of its establishment, it has always adhered to the core value of "only the only one, and the middle of the agent", firmly pursuing a stable investment strategy, and focused on the field of life sciences and medical and health investment. Invest in high -quality enterprises investing in the mature period of domestic and overseas.

So far, but Jing has built hundreds of industry -university -research ecosystems covering more than 20 medical and health segments, which have actively analyzed and independent excavation capabilities. Investment projects cover biological innovation drugs, small molecular innovation drugs, CDMO services, innovative equipment, preparations, medical informationization and other fields.

However, Jing has always adhered to the value of investors, insisting on investing in an industrial mentality, and adhering to the style of concentration and stability. I think this is also a concept that most of the investment institutions that do first -level markets follow.

01

Investment innovation: Do you want to, what to invest, and how to close Zhikuan: Today, everyone can see that all guests are more representative. There are both industrial backgrounds and financial backgrounds. There are both state -owned enterprises and private leaders. There are also RMB funds, and the entire discussion is still worth looking forward to.

We directly cut into the theme. I first mention the first question. In recent years, the medical insurance policy has changed the cage to change the birds, encouraging venture capital, and local guidance also prefers the new economy. In such an environment, do you want to invest in innovation in medical and health, what innovation, and how to invest in innovation? Under such a market sentiment, all institutions are thinking about or what they are doing?

Gao Jieliang: Investment innovation is still relatively firm. From the perspective of the dimension of ten or even twenty years, the Chinese medical and health industry has gone through the process of rapid imitation to rapid follow -up to independent innovation. The current first -level market investment is mainly based on the combination of independent innovation. The medical and health industry is in a transition period that quickly follows the independent innovation. It requires entrepreneurs, capital and all participants to form a joint force to complete the industrial upgrade of the entire industry.

In the past period, the performance of the secondary market has not been ideal to the first market. Investment innovation is firm, but it needs to be more cautious, professional and meticulous. Whether it is a track or the project, the work must be done very solidly, and the research is very deep in order to make accurate judgments.

Shen Qin: Investors or entrepreneurs are thinking about how to make innovative products and innovative technology. From the medical care side, the original intention of our investment must be invested along innovation. How to invest in innovation, I have always emphasized that investment medical care must start from clinical pain points and start from the pain points of the industrial chain. This is also the original intention of Shengyu Investment Medical.

For example, the large -scale application of the new crown antibody detection of the epidemic has raised the very traditional colloidal gold in the IVD track, and even subverted the inherent cognition of the industry. Human nerves, the high -quality localization of this film is the pain point of the industrial chain.

For medical care, we can invest a lot of innovation. At the moment of the trough, I just gave every chance to invest in the medical industry investment, study the pain points of the industrial chain, clinical pain points, and medical investment are very long -term industries. Do well.

Shi Shenghao: We always adhere to the attitude of cautious and optimism, mainly looking at the whole problem from three points.

First, from the perspective of the entire population and economy composition in China, the growth of the entire medical and health in the future has just begun. Of course, China will be surpassed by India, but the amount of volume is set here.

Because the quality of life in recent years has continued to improve, the per capita life span has been rising. With the aging of the human body, the disease spectrum will bring a series of changes, and the demand for medical care is still growing.

There is no doubt that China is still one of the world's largest economic entities, and there is not much problem in terms of ability. In the long run, the growth of China's entire medical and health industry is still in the ascendant window period, which is our judgment of the future.

Second, from the concept of the entire investment, we always insist that no matter what innovative technology and new format, we must meet two points: health economics, which can be considered clearing accounts. To be counted. Some so -called concepts of fast COPY will not have room for survival in the future. Everyone will put energy in really conforming to health economics, which can improve the efficiency of the entire medical and clinical efficacy, which can bring direct benefits to patients and give doctors to doctors. Provide better tools with medical workers, etc. These aspects measure our investment target and investment value.

Third, I have seen a very gratifying phenomenon in the past four or five years. In some very cutting -edge technical fields, we have indeed made breakthroughs, such as rapid screening in cells, genes, and targets, including breakthroughs in some high -value consumer medical devices, Breakthroughs in images have been built in the past ten years or even fifteen years, and have long been invested in basic science. At the same time, the talents who have been abroad in the first 5-7 years have begun to return, the basic education in China, the improvement of basic scientific research level, and a large amount of talents.

Based on these three points, we still adhere to a cautious and optimistic attitude, invest in the medical and health industry, but we must be very cautious.

Everyone needs a foam. If there is no foam, there is no heat, but the foam cannot be too much. Like beer, the beer will feel bad if it is all foam. The popularity is measured, this is the main line of investment ideas this year since last year.

Wen Yazheng: There are three aspects of medical investment, medical services and medicines, one is medical equipment. IVD is classified as medical device, and I talk about innovation from the aspect of medical device.

No matter which industry innovation is an eternal topic, the early investment of medical equipment is to determine whether the product has market potential and whether there is a technical threshold, and then look at the pain points of innovation with clinicians and scientific research institutes, and make demonstrations. After that, we voted faster. Seven projects have been invested this year, and 10-12 projects are expected to be invested this year. The basics we invest in early innovation medical devices.

Many policies have been introduced to medical device countries to encourage innovation. If you can give early projects well empowerment and clinically and applied the support of clinical PI, innovative projects are easier to hatch out. Different equipment and medicines, a large device variety may only have a sales of several billion yuan. It is not enough to form a listed company in terms of volume. usage of.

At the same time, we have just mentioned that we have a medical device testing center to help enterprises complete product verification services. In the early stage, we can help companies to determine whether the product has better clinical use value. From this point of view, we judge that a market is different from other fund institutions. Supporting a listed company, a product is not enough. We also have to help companies find extensions that are more suitable for clinical indications that are more suitable for using their platform technology, so that it can meet the science and technology board listing standards. This is the most important aspect we choose a target.

Wu Xia: We will discuss investment innovation in various environments. Innovation corresponds to the barriers of an enterprise, investment innovation, the key is to see whether it is "true innovation" or "pseudo -innovation". If it is true innovation, it will build product barriers for the enterprise. Barrier can help a company build core competitiveness. For example, the stock market is adjusting in recent stages. During this time, we will pay more attention to the main business of the enterprise itself, and will focus more on the scientific and barriers of corporate innovation. It is not affected by the stock market. More solid.

Innovation can be divided into three types. One is technical innovation, which may be small technological improvements; the other is the innovation of the product, which may bring a new product and may solve the problem of a disease or field; finally, the innovation of the business model is innovative Essence

Recently, we have conducted a lot of interviews with the three hospitals in Beijing to pay attention to how doctors transform medical scientific and technological achievements. We found that because doctors face the specific needs of patients, they have very rich experience in clinical practice, but they have relatively little understanding of business. In the process of innovation, there are many good ideas, ideas and experiences, but sometimes the specific business forms of innovation are sometimes relatively lacking concepts and understanding. This requires converting ideas, needs, and pain points into complete business plans.

For example, some doctors told us that a new technique of a science school hopes to transform it into a new device and do things that cannot be done before. Usually doctors' innovation may stop here, but for business development, it is necessary to continue to clarify the business model. Take skin disease as an example. Patients provide photos of the diseased parts online and can be diagnosed through AI; but whether the business model is clear, whether the AI ​​can charge, whether the medical insurance can be supported, the closed loop of medical services, and even the complete follow -up service of follow -up services is complete A series of issues such as design require further research on innovators.

To sum up, innovation needs to face three issues, one is to establish barriers, the other is to establish products, and the third is to establish a business model. And there are many possibilities for innovation in each segment.

Recently, we also found that there is an interesting set of data: the current proportion of animal experiments in China is about 20-30%, and Europe and the United States are about 50-60%. The scale is 70,000 to 80,000. Why do we use less? Because we are still in the stage of surpassing before -a lot of research and development is not a global innovation, but to make things that people have, we do not have, and we do not have what we have. Innovation is an innovation that others do not have. If you enter such a stage, there will be more demand for modeling of animal experiments; if you do not model, the efficacy research will not be clinically clinically clinically clinically, then the probability of failure will be much greater and waste time and waste. It must be constructed by non -human long animal modeling laboratories. This is the foundation of innovation. This is a new infrastructure in the medical field.

In the process of investment innovation, many drugs and equipment that pays attention to the treatment of incurable diseases before, now we can also pay attention to the construction of a series of platforms in the research and development process -including animal experiments, delivery systems, and extract data extraction. These It is also necessary for innovation. The participation of capital should provide a more solid foundation for innovation. Innovation is difficult to work. It is successful to the last step. It is necessary to develop the business model of new infrastructure required for R & D and innovation.

资 投 投: Medical investment is closely related to industry and national policies. Before 2020, the proportion of medical services dominated by business models was relatively high. From 2020, the proportion of investment in two areas of biomedical and medical equipment has been higher than that of medical services. Technology innovation -driven companies have become the mainstay of the medical track, and I believe the future is the same.

Technological innovation is a lot of enterprises. It cannot be said to be the only way out, but the most important way out, coupled with policy orientation. In recent years, national policies have seen the country's innovative guidance role in both drug registration or equipment registration. This is a very active orientation for investment, and investment should follow the trend.

For us, in the three major sections of biopharmaceuticals, medical devices and scientific research services, more than 95%of companies are innovative companies. In innovative companies, which links will become important attention points in the next few years, and it is a question we have continued to think in the past and now.

Judging from some of the development trends we see, everyone was paying attention to the people of some large overseas companies returned to China to start a business, and some companies quickly finished financing by VIE. In recent years, everyone has paid more attention to colleges and research institutes. Scientists start a business. This trend shows that medical innovation has turned to basic innovation and the transfer of underlying technological innovation, which is also the focus of future medical investment. Basic innovation integration in the later period of product industrialization and supporting commercialization will improve the level of the entire industry and get the attention and favor of more and more investors! Our attention is also adjusted with the changes in the entire industry and national policies, including the changes in peer agencies. In the future, we may pay more attention to the underlying innovation mentioned earlier. I believe that the future trend will not change.

Zhao Gang: Share a perception of SoftBank China for innovative investment in 20 years.

Today's innovation will be combined to a word "cold winter". I personally experienced two times in SoftBank China. The entire team has experienced three cold winter. One is the bubble in 2002, the second is the 2008 financial crisis, and the third is the global of the epidemic. Crisis. The characteristics of SoftBank are that each crisis is our high investment period. If you do innovation, innovation must be to meet some demand or realize a certain value. When will the demand and value be clearer, that is, the coldest time.

When the capital market is hot or economical, demand is a flooding state, and value is also a bubble state. As an investor, you cannot truly identify the core and meaning of value. It may be clear or more prominent to see the value of enterprises or technology.

In fact, medical care is especially true. I give examples in these years. In 2015 and 2016, Internet medical investment was very hot. Why? Economy, increased income, consumption upgrades, and the demand for medical health upgrades are very strong, so a lot of investment. Many needs here now seem to be pseudo -demand or a demand for being enlarged.

Today, when you look at the demand, the two most fundamental needs in medical treatment are to solve the rigid life needs. This disease has the need for cure and unable to cure, and eventually solves the problem from the needs of life. The second is the needs of participants in the medical process, hospitals, doctors' cost reduction and efficiency.

Due to the epidemic and other reasons, the hospital's income has come down, and now it still has a strong demand for digital medical care. How to help the hospital reduce costs and increase efficiency. The actual economic value brought by this demand is significant and clear. If these companies can do this well in the cold winter, we can deduct the value and output value it can release in the future when the entire market is recovered or the economy has returned to normal in the future. The hospital's economy returns to normal. At this time, the decision -making or selection of investment targets we make is obviously large.

This is the investment strategy that Softbank China has obtained after two or three cycles. Last year, there were two new projects in the entire medical team. We killed from the beginning of the year to the end of the year. To four projects. In 2002 and 2003, there was no medical care. There were Internet. The Internet made two capital increases on Ali and Taobao. Later, everyone saw it. We also saw innovation and cold winter. In the final analysis, we were a topic. All innovations are doing things around values. If you deviate from this matter, it is meaningless to discuss innovation alone, or bring you to a wrong angle.

This is the sharing of innovation and so -called cold winter from SoftBank China in China for more than 20 years.

Guan Zhikuan: However, some of the views and grasps of the innovation of investment innovation are to maintain a certain calmness while investing innovation. This is very important. We look at medical investment from four dimensions:

First, the trend. Including policy trends, technical path trends, market trends, etc. This is a macro judgment.

Second, sustainable. Whether an enterprise will fall into the road while innovation will become a martyr on the road. If there are these risks, it can be solved through our investment, franchise, and pre -investment empowerment to help the enterprise resolve the difficulties and risks that may be encountered. This is how we have to solve the solution Sustainable problem. At the same time as innovation, can companies have a certain cash flow or hematopoietic function?

Third, it can be verified. How big the market is needed, exist in this market, what is the efficacy of drugs, and how big the last drug nature is. These issues require us as a comprehensive verification to make a calm and objective judgment.

Fourth, you can withdraw. As a financial investor, we are finally pursuing exit, including exit selection and certainty.

Generally speaking, but Jing will invest in innovation from these four dimensions, and at the same time make a calm judgment and grasp.

02

About exit: short -term IPO is still the mainstream

Guan Zhikuan: The next problem is different from the European and American markets. In the RMB investment market, the main path is still withdrawn, and even more than 90%need to solve the final exit through listing. This will lead to a phenomenon that was originally a level of capital market. The risk factor between the capital markets should not be high, but in recent years, even the pharmaceutical industry of the anti -cycle has appeared. Adjustment, the secondary market will quickly conduct transmission to the first -level market. Such conduction will also cause everyone's impact on investment emotions. Looking at a large market environment like China, please ask guests, first -level market investment, investment in the field of medical and health, and where are the diversity, possibility, and feasibility of exit? For example, CRO, Xiao San in the field of CXO in China, in this case, there are no opportunities for mergers and acquisitions and integration? Who can do this merger and acquisition integration? Including the trend of downside in the capital market, the capital market has a downward trend, the S fund came out to take over, there are many Bu-OUT funds abroad. Can you do some Buy Out in the country? Buy Out master the initiative, master the deep operation of the enterprise, and even treat it for it. There is a option to exit.

Gao Jieliang: This is about the topic of exit. Recently, I can feel that LP's requirements for investors are changing. From attention to IRR to focusing on DPI, exit is the topic that all GP pays attention to.

The three common methods of exit, IPOs, mergers and acquisitions, equity transfer. At present, the main way to exit in China is IPO.

Beginning in 2018, with the successive launch of Hong Kong stocks 18A, science and technology board, GEM registration system, and Bei Stock Exchange, my country's capital market system has gradually improved. Judging from today's time, from scientific research funds, government guidance funds, VC, PE, New Third Board, Bei Stock Exchange, Main Board, GEM to science and technology board cover the full life cycle of innovative enterprises.

The future IPO may be an important way to exit. In the past few years, the capital market has gradually improved. Hong Kong stocks 18A and the fifth set of science and technology boards have allowed innovative enterprises to be listed without income, which objectively expand the capital market. Many medical and health companies have been able to go to the city before. Now the path that exits through the IPO becomes more unobstructed. Of course, it can withdraw from the return. Is the project a big fish?

In the future, there will be a certain proportion of mergers and acquisitions, and the overall proportion is small. The technology and products of startup companies have strong collaboration and complementarity with many listed companies and large industries. From the perspective of industry perspective, there are mergers and acquisitions. But now the valuation of the startup is high. When the valuation is adjusted to a relatively reasonable price, the merger and acquisition will gradually increase. In another dimension, many startups have many good technologies and products, but due to a variety of reasons such as market size, it is not unable to go public. It is also a good way to achieve withdrawal through mergers and acquisitions.

Shen Qin: There is a saying in the investment community in the previous two years called "To VC", drumming and passing flowers, pushing valuations, so -called book floating profits, in the next round of financing, capital increase and high valuation, old stocks cheaper, new and old shareholders, old and old shareholders, new and old shareholders All are happy, the cost of new investors has been reduced, and the cost of old shareholders has been recovered. This is also a way of exit, but it is only applicable to the past market logic. Such exit methods are now falling in the entire IPO market and the logic of the capital market. The structure will slowly decrease.

Therefore, the IPO is the main way to withdraw from the Chinese capital market. However, we must be alert to the phenomenon of "beggar gang listing", especially Hong Kong stocks. In order to relieve the pressure on gambling and repurchase, companies have been listed by 1%. This IPO is not a way to withdraw from investors. Still, medical investment is a long -term behavior. The entire industrial chain or the capital ecosystem needs to return to the mentality of long -termism and stay away from emergency effort.

The second main exit channel is also one of the mainstream exit methods of medical investment, that is, mergers and acquisitions. The premise of mergers and acquisitions is the rationalization of valuation, and the price must return to the value of its value, otherwise the industrial capital does not have the driving force and foundation of the merger and acquisition. Everything returns to our original intention, long -termism supports the innovation of the entire medical industry.

Shi Shenghao: Whether it is an IPO, Buy Out, or equity transfer, the core issue around it is the value of the company itself. After the Nasdaq in the United States, many Hong Kong stocks have a lot of technology concept companies to list, and they have fallen into fairy stocks with a few cents of stock prices. Listing is a channel for maintaining liquidity. If the scale is not large enough, the technology is not advanced, especially the clinical problem of innovative drugs, there is no way to maintain high valuation.

The three issues are still returning to one point. Whether it is the first -level and secondary market, the value of the enterprise or the project itself supports the enterprise.

M & A, Buy Out, China is in a process of growing and mature. A Buy Out, not the first day before getting a controlling equity, the assets were split. It involved the connection of resources, involved the improvement of the management team management, and involved in a very complete capital market, and handled some assets. The entire environment of China, from the market manager's market, the market for asset disposal, and some regulations, to the listing of assets, it is still under development. The future is a good direction. In the time of fake, investors, industrial institutions, and regulators need In order to make this method more mature. These three methods are only the way to make an investment and exit. It truly achieves the maximum value. It can make money for LP is the judgment of enterprise or project value.

Wen Yazheng: I have a little different views about withdrawal. I originally made a equipment CRO. You can see that after 18A came out, some listed companies in Hong Kong stocks were valued at the equipment category before listing. For example, a certain neuro intervention company, 78 billion before listing, 100 billion after listing, and it is difficult to exit capital. Just mentioned that the equipment is a small variety, how big the sales and the profit can support the valuation.

We have invested in such a project, and the angels have been invested. Now it is more than 7 billion before going to the market. Of course, we made a lot of money for LP. The characteristics of this industry itself determine the sales of equipment and whether the profit can support such a high valuation. What is our strategy now? That is, the early investment, the second shot of the project, basically the angels went in.

Angels will empower the enterprise, help it make product verification, help it supplement clinical indications, and make its product line adaptation a little wider and the market capacity larger. After investing early, the company gets a certificate, and we may withdraw. In fact, the sales of equipment medical products and obtaining certificates are two different things. When the product gets the certificate to sales, the Long March has completed 30%-40%. Sales are another logical concept. We only earn more money in this section of this section.

From an investment perspective, this is okay, but it is not particularly beneficial to the development of the entire industry. Some projects took 400 million yuan at the beginning, with 400 million yuan, founded shareholders, the registered capital went in, the founder was annoyed and thought about getting rich every day. Really make the product, obtaining certificates and generating sales are completely different concepts. Scientists think that they are well -operated companies. We often say that full -time entrepreneurship is still dead, not to mention that scientists are part -time entrepreneurship.

From the perspective of investment, when we can understand the stage, the real sales may still require another values ​​to judge whether it can withdraw. Because in fact, domestic medical device listed companies are relatively small. Even if the ophthalmology is hot, even if it is a project, future mergers and acquisitions are a direction.

The early stir -fry is too expensive, and the mergers and acquisitions will not buy. How can I buy one billion or two billion companies? How much profit does it generate after buying? The capital of the capital market has mixed the water market. Our point of view is to see early. In the expansion of product registration, verification, and clinical trials and indications in the perspective of our fund, we have to help the enterprise empowerment. We can understand, and even we can help it grasp the direction. This is the strategy of our fund withdrawal. It is hoped that after the company obtains the registration certificate, at least the principal exits the principal, and the other will grow better with the company.

Wu Xia: This problem can actually be disassembled into two problems, one is the exit valuation, and the other is the exit venue.

From the perspective of valuation, whether it is the exit of the secondary market, the merger acquisition and exit, or the subsequent financing exit, it cannot be separated from the impact of the secondary market. When the secondary market is good, the first -level market is also expensive; the secondary market has fallen, the first -level market has also dropped, but the prices of the primary market are lowered. For example, we now see that companies that have completed financing in the first half of 2021 have not yet fully reflected the changes in the secondary market, but if the funds are not so abundant in the next three years, it may be valued over time, and the valuation may be valuation may be valued. Also down.

Therefore, when we invest now, we will not choose to pick up particularly high valuations in 2021, and we still have to wait for the market to calm down. When exiting, because the valuation of the previous round of investment is too high, it is difficult to exit if no one picks up in this round. No matter which market exit, including the mergers and acquisitions of several large -scale projects before, when the timing is better, the listed company has sufficient funds to be counted. If the stock market is particularly sluggish, the merger acquisition is also It is not easy to promote.

Judging from historical experience, many low -point funds have achieved very good results.

When is the low point and when it is a high point, it depends on history. Chinese people like to study history the most, and summarize the laws and guide the future. The fund shady in 2001 was a special incident. In 2005, it broke through a thousand points. After that, the appreciation of the local currency brought a wave of stock markets. In 2008, the financial crisis was ushered in. After the IPO restarted, many companies often have more than a dozen daily limit after IPO. This is a rare event in history. It is temporarily recovered in 2018. After the high point in 2021, it is now adjusted again. Basically, there will be a round of market cycle and changes every three to five years.

Recently, many investors have said that the medical industry has not performed well and has fallen more than other industries. However, I think that medical care has fallen much more, but has risen too much before, so the range of callback is relatively large. We are still optimistic about the entire industry. Before we saw the grand occasion of the rise in stock prices, we should know that the bubble cannot last, and we need to adjust our mentality. In recent months, the market rebound in the medical industry has been very prominent, and some of the previous supermarket companies have even achieved a rebound of 50-100%. Therefore, my personal view of the market is that if we review the laws of 20 years of history, it is basically a cycle every three to five years. I hope that everyone can put more attention on the fundamentals of the enterprise. As long as the fundamentals of the enterprise develop well, after the market recovers, everyone will usher in a better return.

The place of exit mainly depends on the investment scale of the fund. If the investment scale is relatively small, the reduction of holdings in the secondary market is very easy; once the investment scale reaches 10-20 billion, the reduction will be very difficult and lacks sufficient opponents. Therefore, if the investment scale is relatively large, the secondary market reduction needs to be fully planned and deployed.

In addition, industry integration is an inevitable event that the industry has developed to a certain stage. We also hope to see the possibility of more industry integration -in the process of entrepreneurship, there are disadvantages. Some disadvantages can be made up for large companies, so it is a good choice for merging and acquisition. From the perspective of the development of the industry, Look, it is also a very good result. Therefore, it is also very meaningful if capital can promote mergers and acquisitions more.

角 出 出: From the perspective of withdrawal, I agree with Gao Jieliang always mentioned. At present, the capital market, whether it is second or first, is also in the growth stage. It has initially formed a complete secondary system for science and technology boards and GEM, Shanghai Main Board, Shenzhen Mainboard, and Bei Stock Exchange, but the development of the capital market is still developing needs time.

From the perspective of the current number of secondary market companies, there are about 1,300 medical companies in US stock medical companies, and more than 400 medical companies in A shares, growing at a rate of about 50 each year. I believe that this market is constantly changing. With the expansion of the number of companies' listing, it is inevitable that the adjustment in the process is inevitable.

Whether it is a secondary market or a first -level market, it serves corporate. The adjustment of the national policy is gradually released. Remember that in the first half of the 21st year, the overall issuance price was relatively low. The policy in the second half of the year was quickly adjusted. The autonomous pricing in the third quarter was gradually liberalized. It's right. It is very beneficial to the entire medical industry.

For investment, it is necessary to consider a problem. Change of income changes is normal. It is normal for the tide to rise and fall, and it is just a normal thing to rise and fall. It is just extended from the secondary market to the IPO and the first -level market.

In the next three to five years, it will be listed in the mainstream. There are two logic:

First, the current secondary market has expanded rapidly. It is constantly injecting funds to enterprises and providing funds for innovative enterprises. Listing is the best way. To a certain amount of listed companies, M & A may gradually increase, but it should not happen in the next few years. The value of enterprises in the secondary market will be higher than that of mergers and acquisitions, which determines that the future IPO is a mainstream.

Second, mergers and acquisitions are currently in a relatively difficult state. At present, there are more mergers and acquisitions on profit -making companies. However, when looking at the development of history, when the equity is not prevalent, it is more common for the technical transfer of the product, technological transfer, and technological development, which is more common. Later, the transfer was gradually converted into equity. It is believed that in the future, as the number of listed companies increases and reaches a relatively saturated state, the market will gradually mature, and the mergers and acquisitions may continue to be more. This is a process of the development of the era.

However, whether it is the exit method of the secondary market, or the method of equity transfer and mergers and acquisitions, it is for the development of the entire industry. It is the most suitable to make the current exit method along the development of the industry. In the next few years, with the changes in the market, investors will make some adjustments slightly, and adjustments will be a dynamic process.

Zhao Gang: I talk about a topic, all exit is still a matter of value.

Once we once operated in 2015 and 2016 very well. At that time, the exchange invited it to go public. There were also many listed companies to open a price to buy it. , Icing on the cake, the owner of this company expands, and some market opportunities have not been seized. In 2017 and 2018, there were some problems with operations. These people disappeared. The company won't find you anymore. The boss re -clean up the mentality again and focuses on business, and the business has recovered. In the past two years, the exchange has come to talk about it. Listed companies and investors slowly come in again. These withdrawal buyers, they come or not, can they exit, not time. In the end, the value of the target, equity, and the company is not there.

From the perspective of investment, many investors are the giants of investment and the dwarf with withdrawal. Many investors and partners go out to sign a single cattle, hundreds of millions, billions, tens of billions, but no one will retreat when they quit. Because they didn't think or not know, or had good expectations for the future, when the market was not satisfied with expectations, they could not quit. We will understand after a long time of investment. Investment and retreat are causal relationships. When the cause of investment, the cause of this fruit will be concluded in the future. The evil results are the same in both individuals and institutions. For withdrawal, we demand that we will not retire or not, no matter who the project, which technology it is, and which academician is, and not retreat, this is why we killed more than 20 projects last year. The reason for the medical group killing is very simple. Do you understand what you exit? If you don't understand, it is not clear, don't vote. We cut the project of academicians last year, chopped the project of the great returnees, chopped the projects of the listed company, and chopped various projects. After so many years of twists and turns, they began to think that this was it. One truth, we want to adhere to the truth and truth we recognize.

03

Conclusion: The pessimist is correct, the optimist is moving forward

Guan Zhikuan: Medical care is indeed a very large market. The US medical industry accounts for 16-17%of the US GDP. China is also catching up. We have done a three-level industry classification. In this vertical field, there are nearly 26 more segmented ones. The track, discussing this issue may not be enough for a day. The topic discussed today only accounts for less than 40%of our preparation topics. The time is limited. You can continue to communicate with the guests in the field.

Each guest spent a minute to make a small summary of today's observation, their thinking, and institutional experience.

Zhao Gang: In the first sentence, we always believe that we can still invest in good projects in the worst winter. The second sentence is correct, and the optimists move forward, thank you!

者 业 业 业: He is with entrepreneurs and walking with innovative companies.

Wu Xia: Thanks to the organizer for letting us discuss so many topics here. I hope that there will be more opportunities to participate in activities in the future, know more friends, and discuss more topics!

Wen Yazheng: Do not let every project die.

Shi Shenghao: Be cautious and optimistic.

Shen Qin: Thank you again for the opportunity to give Rongzhong, so that all of us in the medical investment here can preferential power for the development of the Chinese medical industry, and firmly believe that the medical industry will develop more vigorously.

Gao Jieliang: I used to be a surgeon. Surgical often said a word, cherishing the patient's body like cherishing my eyes. Using the investment industry is to cherish every penny in my hand and use it well.

Guan Zhikuan: We simply summarize that the process must be bumpy in the field of medical and health, especially in the investment industry, but the future is still bright. Innovation is still our main theme. We must take a reasonable and cautious attitude and have a long -term optimistic attitude. At the same time, we must be good at making some structural adjustments to adapt to changes in the market and environment. In addition, we must maintain the principle of "only the only one, the allowance in the agent", sink down the heart to do deep cultivation, and empower the enterprise. From the original simple and rude value, the evolution is evolved into value creation!

Thank you Rongzhong, thank you guests, thank you!

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