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Sequoia Capital --- Shen Peng

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									Sequoia Capital --- Shen Peng
[Source: "China's New Era" May 14, 2009]
????Ten years after the influx of returnees that year, some people have withdrawn from
rivers and lakes; some people are still adjusting the pace; some people have made
brilliant achievements in one area, while Shen Peng in a period of three hot spots on
the straight, the final achievement of its influence today
One day in August 2007, Shen Peng received an excited phone him. Friend told Shen Lin
Peng McCaw the largest shareholder Warburg Pincus to withdraw ? ? has a "keen
sense of smell" of Shen Peng is definitely not miss this opportunity.
One day a month later, Shanghai Jinmao Tower Cafe, just arrived at the airport's Shen
Peng looks a little tired. Through a friend's referral, Shen Peng, president of met
McCaw Lin Chun Gu prepared.
Although the night has been dark, but Shen Peng-spirited and talk eloquently getting
stronger, the 37-year-old man was found in Shanghai as enthusiastic about the other
details like their own. This makes the conversation even more speculation, from the
business model, cash flow, advantages, risks, and gradually transition to the lighter.
Shen Peng and Gu Chun prepared quite thoroughly enjoyed themselves talk, the past few
hours have passed, two actually notice it. Also rely on e-commerce network - Ctrip fame
Shen Peng know McCaw forest development potential. Despite having already been 56
domestic and foreign institutional investors access to McCall forest, but Shen Peng,
determined to win.
February 28, 2008, Sequoia China, with 80 million U.S. dollars acquisition of Warburg
Pincus group and other minority shares. From negotiations to invest, Shen Peng used a 5
months time. At this point, McCall Sequoia forest as China Buy-out (Holdings
acquisition) mode, the "maiden."
Very dramatically, from Bertelsmann airborne McCaw Lin Chun Gu equipment, the reverse
of the McCall defeat the forest, while Bertelsmann not so lucky. June 13, 2008,
Bertelsmann announced the closure of its book club in China, which has created a stir.
Failure of the team, perhaps Bertelsmann Book Club is the most important cause of death
in China.
In a negotiation, Gu prepare to bring spring to your team and Shennan Peng met.
"What impressed me most was the management team most people working in the
Macaulay forest more than 5 years. Employee loyalty, stability, cohesion is very
high." Sequoia Capital China Founding Managing Partner of Shen Peng in accept the
"new era in China," said an exclusive interview. Shows that the most
attractive Macaulay Lin Shen Peng, and is prepared Gu Chun and his team.
Suits and ties, gentle, bright shiny hair, shirt cuffs, embroidered with the name of
the acronym - Shen Peng's clothing, much like the image of old Shanghai beach merchants.
Is the Shen Peng, Midas touch, so humble small business, landing twice within 3 years
of Nasdaq; He was a Mathematical Olympiad child prodigy, but at Yale University, he has
to give up mathematics, chose Business Studies; he Deutsche Asia was once the youngest
director of investment banking, but he was stepping down gracefully, choose their own
business. Now, the success of his business back in the venture capital community, a
well-known funds - Sequoia Capital China Founding Partner.
Value of Holdings
Macquarie Investment Holdings Cor, Shen Peng, and not due to increased workload as its
chairman while. Although the chairman, but Shen Peng that McCaw, chairman of the forest
and its term of office as chairman of hotels is not the same. "I belong in the
family business as a member of the team, former operators."
"Investment McCall forest, because we believe that this team, they have the
ability to implement development plans. I only play a supporting role in the role, the
need for help, I will go to various angles to help them." This is the consistent
style of Shen Peng . "If we want to participate directly in business, it would be
a distrust of corporate team, we will not do."
Other investment companies are generally dominated by minority interest. And Shen Peng-
shot acquisition of 80 million dollars and holding McCaw Lin The mean?
Shen Peng that McCaw forest is a "very difficult to imitate the company in
China," beyond the business model is its ability to execute. In Shennan Peng seems
very concerned about the details of care, from product design, inventory management,
procurement and call center management, are all familiar in it. "The company's
strong internal control, there is little if management makes a mistake, the industry is
vulnerable to inventory problems." Shen Peng said.
Over the past six years, Irving proved that they can prepare the spring of 1000 through
the little things well, and all opponents to maintain differentiation and to achieve
more than 50% growth per year. And Shen Peng has been concerned that the e-commerce, is
making Ctrip Shen Peng fame.
Macaulay involved in Shennan Peng Lam at the same time, there are several funds in
contact with McCaw forest, in order to prepare the spring, led by management
consultants tend to Sequoia, he does not want repeat of the eBay will lose control of
the energy sold to eBay after the mistakes.
"Whether a 20% stake or 50% of the shares, the key is to see whether this company
has good results, whether there is good development prospects." Shen Peng
outspoken. Shen Peng that the Sequoia forest investment and holding McCaw, is not just
in the capital support. "While our investment will help enterprises address
development encountered in a variety of Wen Ti, Tigongyixie 专业 suggestions and
comments. Womenbushi hedge 基金 their investments tend to be Kuaijinkuaichu, Keneng
just look at report of the results. 我们 investment companies, must spend much time in
helping businesses on. "
In Shennan Peng seems, in fact, first of all entrepreneurs need the support of the
capital, followed by the need for good partners. The development of the enterprise will
encounter many problems, entrepreneurs need to hear from professional office. "And
the investor communication is very helpful, many of us have entrepreneurial experience,
our shareholders, our interests are the same, our company's industry and very
understanding, we can give the idea of counterparts, to help entrepreneurs. "
Sequoia Capital Investment Holdings is not a normal investment, specialized in the
United States have a controlling holding to buy an investment fund transactions.
Sequoia Capital is still to investment and investment-based growth, "If you
encounter a particularly good business, we do not rule out the investment holding."
Shen Peng said.
"Now McCall forest than satisfied with the results so I more ? ? McCaw forests in
the retail, last year made a quick expansion, store location, product positioning are
consistent with development requirements." Shen Peng pleased to say that financial
crisis seems to have no direct impact on McCaw forest development. Shen Peng said McCaw
forest is the retail side in the low-end products affected is relatively small, while
the luxury goods industry, the impact will be bigger.
June 16, 2008 opened under the Macquarie brand apparel direct sales stores forest, is
its largest flagship store in Asia-Pacific region. In fact, as early as November 2006,
McCall had in Shanghai Lin Xin Mei Union Square, opened the first store in Beijing
Oriental Ginza is the 46th house.
Asset management companies as light, McCaw forest is a "non-store retailing"
features. In order to grab the market that were being destroyed, traditional retailers
have embraced this new model, McCaw forest did the opposite, by opening line store.
March, McCaw forest cooperation with the U.S. fashion brand Ranpage, second paragraph
of Women launched the brand. The introduction of new brands, the market response was
very good. Together with the original brand Euromoda, McCaw forests in enhancing brand
value.
Before investing McCall Lin, Shen Peng, Chun AC prepared with care, hoping McCaw forest
product chain to expand its products and product abundance. "I'll always care
brands introduced a number of the United States, he also specifically to the United
States to examine the selection in that visit this new brand."
Lin will be holding McCall for how long? Shen Peng said, "We just took over McCaw
forest, are enjoying rapid growth stage companies. Next McCaw forest or stock transfer
options listed, since it is the N things."
Sequoia dozens of projects in China, a considerable part of the consumer goods and
services, and is now the first open multi-channel retail investment precedent. In
contrast, holding investors tend to buy the operation of the enterprise push through
the capital market, thus earning high returns. In this regard, Shen Peng said bluntly,
and frankly will introduce more international strategic resources to accelerate the
development of forest McCaw, let quickly become multi-channel retailer giant.
Shen Peng said that China will not blindly chasing Sequoia hot spots, spotted an
industry, team and business model, will be more patient and support their growth and
build long-established. He said, "McCaw forest can become a fashion leader in the
retail market category, sales revenue reached 100 billion RMB yuan."
Challenge yourself
June 2005, Shen Peng, and formal resignation from DFJ sails began planning how to build
a professional venture capital platform. After a month in the United States, Shen Zhang
met two long look into the Chinese market, the Sequoia Capital partner, the two sides
"hit it off." Year in September, Sequoia Capital China Fund was established.
Previously, Shen Peng is an outstanding individual investors. Since 2002, Shen Peng in
their personal capacity to invest in companies including Focus Media, Jinfeng easily
ranks, Chinese Learning Network, a tea and a sit, Magma, etc.. Today, most of these
companies are doing well.
Shen Peng truly brilliant Internet entrepreneur, is not listed in 2003, Ctrip, but
three years later, as the Home Inns hotel co-founder and co-chairman of the Nasdaq, he
knocked on the door again, will Home Inns to send the U.S. capital arena.
Such as the home market, so that a large number of entrepreneurs and investors aware of
the domestic consumer market of enormous potential, which for the venture since the
consumption from the TMT company's investment towards high-growth, played no small role
in promoting.
Eight years of investment banking career to Shen Peng determine which company
specializes in capital markets may be recognized, and 5 years of business experience
make him good at screening the appropriate business team, the combination of these two
advantages, so this has become a financial background VC's a new way, and won the
entrepreneurial pursuit.
Today, Shen Peng-month considerable time is spent on the plane. Obviously, the
financial crisis has not brought much to the impact of the Sequoia Fund, "in the
next couple of years, may be the best time of our investment." Mid-2007, Sequoia
Capital and private equity to 7.5 billion U.S. dollars of RMB funds . "Up to now,
we only use 1 / 3 of investment funds, we have plenty of bullets." Shen Peng added.
Two years ago, almost all enterprises had had to Shen Peng results show display
graphics performance are rising continuously, and are more than 50% a year seem to
growing. "At first glance, as if each industry are good, very good
development," But now, industry or company (including listed companies) the
results vary. Of growth, there are declining. Shen said, "this time we can see the
core competitiveness of enterprises can find a very good defensive business."
Shen Peng believes that entrepreneurial enthusiasm is running high in China, the world
is not much enthusiasm for such a venture. In addition to the Silicon Valley and India,
and other economically developed countries in Europe and Japan, people's
entrepreneurial enthusiasm is far less than the Chinese. The present domestic and
foreign venture capital endless variety. "China's investment industry, competitive,
but is still relatively competitive in a relatively orderly manner. Wo Men Zai
differences in competition, in which the most important point Jiu Shi Tigong addition
to funding for entrepreneurs outside of Jia Zhi help." Shen Nan Peng Yue.
Since its inception, Sequoia China Fund raised a total of 950 million U.S. dollars
worth of three foreign currency funds. Only announced the investment has reached more
than 40 cases involving areas including Internet, software, media, entertainment, food,
financial services, bio-medicine, new materials, agricultural products. Obviously, Shen
Peng-led investment in Sequoia China and Google, Cisco Sequoia areas of concern the
United States is different.
Over the past 10 years, from the Internet's rise and fall to the return of traditional
industries, as well as venture investment in China set off a new upsurge of the new
Chinese economy has experienced three changes hotspots. Meanwhile, Shen Peng completed
the line from the investment, venture investment in life to triple jump, accurate and
lucky enough to seize the time for each beat, whether Ctrip, Home or red cedar, each
hot spot, Shen Peng stood the prominent position.
Ten years after the influx of returnees that year, some people have withdrawn from
rivers and lakes; some people are still adjusting the pace; some people have made
brilliant achievements in one area, while Shen Peng in a period of three hot spots on
the straight, the final achievement of its influence today.

								
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