153 projects of Sequoia in Shen Nanpeng sucked 12.2 billion yuan!

153 projects of Sequoia in Shen Nanpeng have absorbed 12.2 billion yuan!

Shen Nanpeng, born in Haining, Zhejiang Province in 1967, holds a bachelor's degree from Shanghai Jiaotong University and a master's degree from Yale University. She is the founding and managing partner of sequoia capital china, and also the founder of Ctrip.com and Home Inn. He is currently the rotating chairman and director of China Entrepreneur Forum, chairman of the board of directors of Yale China Center, president of Tianjin Equity Investment Association, vice president of Beijing Equity Investment Association and executive vice president of Shanghai Zhejiang Chamber of Commerce.

JD.COM, Jumeiyou launched the listing, Vipshop acquired Le Bee Network, and Public Comment won Tencent's strategic investment. These dazzling capital operations all have the back of Sequoia China. In the tide of M&A and listing, Sequoia Capital made a lot of money, and overnight, almost all the PE circles in China were talking about Sequoia.

Sequoia Capital, founded in the United States, is known as "the king of venture capital in Silicon Valley" and is famous for its internet investment. In 25, Sequoia Capital led by Shen Nanpeng entered China for the first time. For a long time, Shen Nanpeng laid out more traditional industries, and its reputation in China was far less than that of Sequoia Silicon Valley Headquarters. After 21, that is, in the fifth year of entering China, Sequoia China began to lay out the Internet.

"Recently, everyone has been talking about Sequoia, but everyone has somewhat deified Sequoia China. As far as we know, Sequoia Capital basically adopts the method of casting a wide net in China. In fact, the success rate is far less than a quarter. What you see are all successful projects. In terms of Internet investment experience and investment income, there is still a big gap with Sequoia Headquarters. " An Ali PE person commented on this.

Since Shen Nanpeng led Sequoia Capital into China in 25, what kind of papers did Shen Nanpeng hand over in the past ten years?

the 153 project of Guangsha. com is listed by 21 companies

According to the statistics of Sequoia China homepage, Sequoia China mainly invests in four sectors: consumer goods and modern service industry, science and technology and media, energy and environmental protection, health industry and others.

According to statistics from Wind, Sequoia has invested in 153 companies in China * * *, of which 21 have been listed, and the exit rate is about 13.7%. It seems that such investment achievements are not enough to make people worship. Financial Weekly contacted Sequoia China executives and public relations several times through various means, but no specific response was received as of the deadline.

According to further statistics of Financial Weekly, since it entered China in 25, Sequoia China Fund has invested 186 times, involving 153 projects, including 59 times in internet software and services and 49 times in other internet-related investments, with a total investment of 18 times in the internet field, accounting for 58%. Of the 21 listed companies, 12 are Internet companies.

"Shen Nanpeng has invested nearly 1 companies in the domestic Internet field, and so many companies have made successful investments at present. It is too early to evaluate the success." A PE person specializing in TMT investment in Shanghai said.

From traditional industries to the Internet

Among them, for a long time, Sequoia Capital's investment in China was far less than Sequoia Headquarters' title of "King of Silicon Valley Venture Capital".

Looking at the specific projects invested by Sequoia China in recent 1 years, we can take 21 as the watershed. In 26 and 27, the frequency of Sequoia's investment in China increased significantly, 27 times and 3 times respectively, but Internet software and services only accounted for 4 times each. Others are mostly traditional industries. In the next two years, the investment frequency dropped sharply, with 16 and 8 branches, and the investment in internet software and services further decreased to 4 times. At that time, Sequoia even began to set its sights on real estate and set foot in the field of educational services. At this point, Sequoia China seems to run counter to Sequoia headquarters.

After 21, the proportion of Internet investment has gradually expanded, and it seems to be returning to the right track of Sequoia. According to the statistics of the reporters of Financial Weekly (Sina Weibo @ Financial Weekly, WeChat public platform money-week), in 21 and 211, Sequoia China suddenly increased its investment, with the investment frequency of 33 times and 37 times respectively, reaching the historical peak, in which the total investment in Internet software and service industries was as high as 33 times, accounting for half of the total investment in the two years. Even in other industries, the investment is mainly Internet, such as Internet retail, application software, home entertainment software and so on.

In 212, influenced by the macro environment, Sequoia China invested only 8 projects, including 6 related to the Internet, and invested 19 times in 213, and the proportion of the Internet still occupied the first place.

this investment logic of returning from the traditional industry to the internet industry is interpreted by Shen Nanpeng as, "What we are doing is just looking for the new demand brought by the increase of personal consumption in China. Because the consumer goods market in the United States has matured decades ago, Sequoia can only focus on technological development, but in China, in addition to technological changes, the development of the consumer market itself is also a huge opportunity. "

An LP of Sequoia explained it as Sequoia took an opportunistic route in China. After all, for foreign PE entering a new market, performance is king.

China has spent 12.2 billion yuan in nine years.

According to public information, Sequoia China team currently manages about 2 billion US dollars of overseas funds and nearly 4 billion RMB of domestic funds to invest in high-growth enterprises in China.

Since entering China in 25, according to Wind data, Sequoia China * * * has managed 12 funds, of which the largest number was issued in 21, reaching 4 funds. Up to now, two funds have not been raised, namely Zhuhai Sequoia Fund and Wuxi Sequoia Hengye Fund, with the raising scale of 1 billion yuan and 798 million yuan respectively.

Under normal circumstances, the amount of funds raised by Sequoia China is less than 1 billion. The biggest one is the Tianjin Sequoia Juye Fund, which raised as much as 2.5 billion yuan, and finally it raised more than 2.6 billion yuan. Since September 212, Sequoia China has not raised any new funds. So far, Sequoia China * * * has managed 7.838 billion yuan.

So, how much money has Sequoia Capital earned in China since it entered China nine years ago?

From the exit channel, Sequoia mainly exits through mergers and acquisitions and listing. Of the 153 investment projects of Sequoia China, 21 have been listed in the United States, Hongkong and the Mainland. The investment income of these 21 listed projects is estimated one by one, and it is found that there are only 21 listed projects in Sequoia China, with a total net investment income of about 12.2 billion RMB.

However, regardless of the cost of various failed projects and labor costs during the period, 21 successful listed projects in Sequoia China in the past nine years have returned RMB 12.2 billion, which is only $1.93 billion, while Sequoia headquarters recently gained a 19% stake in WhatsApp19% with an investment of only $6 million, making a profit of nearly $3 billion. There is still a long way to go before the answer sheet handed over by Sequoia China team is compared with Sequoia USA.

The most profitable projects of Sequoia China are Qihoo 36 and Vipshop, with net profits of US$ 498 million and US$ 237 million respectively.

according to qihoo's prospectus, sequoia invested USD 6 million in qihoo 36 in 26, at that time, it was 5 cents per share, and in the second round of investment in November 26, it invested USD 1 million, at 66 cents per share. Qihoo 36' s share price reached $34 on the first day of listing, and Sequoia held 8.5% of the shares, worth $55 million. From this calculation, Sequoia's $7 million investment earned 72 times the return in five years and earned $498 million.

In 21, Sequoia began to invest in Vipshop, with a capital injection of $35 million and a net income of $237 million. Although the book income was not as good as that of Qihoo 36, Sequoia Capital, as the leading factor behind the scenes, cleverly arranged the destinations of Vipshop, Le Bee Network and Jumeiyoupin to reap the biggest profits.

Of course, Sequoia China has also invested in many failed companies. Asia Media, Sequoia Capital's first listing project in China, got off to a bad start. Although it was successfully listed and gained seven times the income, it was forced to withdraw from the market one year later because of the scandal that the funds were occupied. In addition, McCawlin's unsatisfactory performance led to a junk stock in the capital market.