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Cover Story

Luo Zhuo： 15 Years of VC Endeavour

He is a traveller and has beenup in the Himalayas and down tothe North and South Poles. He isa professional venture capitalistand has once created a legendryinvestment return of 300 times. Heis an enthusiastic photographer andis planning to publish a collection ofhis work. To Luo Zhuo， the foundingpartner of TusPark Ventures whatconnects such independent actives asinvestment， photography， travel is theattitude of perseverance， passion andperceptiveness towards new things，caution in preparation， patience， anddecisiveness in seizing opportunities.In the past fifteen years， LuoZhuo led his team to achieve thetransformation from and amateurentrepreneurial incubator into aprofessional venture capital institution，while adhering to the tenets that supportthe growth of entrepreneurial firms. In2007， Luo Zhuo assumed the positionof Managing Director of TusParkVentures and was involved in investingin more than 40 hi-tech hi-growthstartups. “We are not what a largescalefirm， but I hope to small androbust. We are confident and capableof doing what we do and become aninteresting and unique VC firm.”Luo Zhuo has persistently followedthis principle： a small and robustinvestment institution is to find earlystagestartups with high growthpotential， invest and facilitate businessto realise best performance， and thusachieve successful investment exit.On 19th December， 2012， Luo Zhuowas listed in Forbes China's BestVenture Capitalist. In 2010， he wasidentified as one of the Zhongguancunfirst “high-end leading talent - venturecapitalists”. In June of this year，Luo Zhuo awarded the letters ofappointment of “Angel DevelopmentCamp” as the dean of the camp， whichwas China's first public service trainingprograms initialised by ZhongguancunAngel Investment Association and cosponsoredby a number of other wellknowninstitutions and organizations，.These denote his achievements since1998， when he started working in theprivate equity sector.Luo Zhuo said that he is actuallya fun person， loved to travel andphotography. He hopes to be moredetached in the future， if possible.For someone with a strong sense ofresponsibility， this is obviously verychallenging. “My dream is that Iwon’t be at the frontline when I am55， because that would mean being atthe frontline for another 7 consecutiveyears. My responsibility from now onis to train young people， so that a newgeneration will grow up fast.”

Top Talk

NewMargin Ventures’ “reasonablerange” & “'not so reasonablerange”In 2013， “reform” and “venture”has become two key words of theinvestment community. The priorityfor NewMargin Ventures is transition.“Nationwide PE will becomenationwide venture creation， which iswhy we put more emphasis on investingin new ventures in 2013. PE used toaccount for 80%， but now only 20%， ofinvestment. which is significant.” saidFeng Tao， the founder and managingpartner of NewMargin Ventures.NewMargin Ventures have been inbusiness for 15 years， during which theamount of their managed investmenthave increased from the initial 60 millionyuan to more than 10 billion. Among the160 firm invested， 40 have completedIPO. As to this year's plan， Feng Taoexplained： “We have done reasonablywell within out ‘reasonable range’. Sowe now need to do well in those ‘notso reasonable range’. We will take outthree to four million yuan， and invest inearly stage VC. We will also tidy up ourexisting investment as well.”

Special Report

An Overview of the DevelopmentAngle Investment in ChinaIn the first half of 2014， China hasdisclosed 199 cases of angel investors，with a total investment of 1.122billion yuan. This amount has alreadyexceeded that of the whole year of lastyear. Since some angel investmentprojects are not announced in public，the actual number of cases and the scaleof investment should be higher than theabove figures.Some names 2012 the first year ofangel investment in China. It seems thatangel investors have entered a goldenage of rapid development in 2014. Suchdevelopment of angle investment inChina is largely due to the country’simproving business environment andincreasing number of specialized angelinvestors. Nowadays， money requiredto verify the market value of startupis limited. It is also quicker to findout whether a start-up will be a failureor a success. These all make angelinvestments more attractive than ever

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Hong Weili： the AnastomosingRoad of Chinese-Type FOF and PED

evelopmentHong Weili has over 20 years ofprofessional experience in overseascapi tal market s and f inancialinvestment. During the past ten years，when he worked in foreign investedfinancial institutions， Hong Weililed， invested and acted as financialadvisers for a number of firms， whichdeveloped well afterwards.Hong Weili transferred fromShanghai’s government office to theShanghai Stock Exchange in 1992， andbecame one of the founding membersof China's nascent capital market. Hehas worked on a number of importantregulatory secretary and managerialpositions afterwards.In 2013， Hong Wei l i joinedNoahWealth and became a partnerof the subsidiary Gopher Asset.Together with his team， he aims toseize the opportunities brought byChina's economic transformation andrelocation of global wealth， builda comprehensive FOF and directinvestment process. And， at the sametime， realise the grand blueprint of “bigcapital management”.