??-To The Moon - Tiger Brokers Online Investing Community

Like
Comment
Favorite

年轻的太太
2020-11-21

The book return of Zhengetou Perfect Diary is nearly 1.4 billion US dollars. Can it redeem the cold winter of angel investment?

投资完美日记对真格基金来说意义重大，是可以记在这家机构投资历史上，乃至中国天使投资历史上的案例。完美日记创办四年即上市，又是个标准的风险投资的好故事。但从不同的视角出发，看到意义也不尽相同。从完

The book return of Zhengetou Perfect Diary is nearly 1.4 billion US dollars. Can it redeem the cold winter of angel investment?

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment

Top
Latest

No comments yet

Most Discussed

{"i18n":{"language":"en_US"},"data":{"magic":2,"id":399342238,"tweetId":"399342238","gmtCreate":1605968545524,"gmtModify":1704963264435,"author":{"id":3567118012147142,"idStr":"3567118012147142","authorId":3567118012147142,"authorIdStr":"3567118012147142","name":"年轻的太太","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>??</body></html>","htmlText":"<html><head></head><body>??</body></html>","text":"??","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/399342238","repostId":1123040704,"repostType":4,"repost":{"id":"1123040704","kind":"news","pubTimestamp":1605928876,"share":"https://ttm.financial/m/news/1123040704?lang=en_US&edition=fundamental","pubTime":"2020-11-21 11:21","market":"us","language":"zh","title":"The book return of Zhengetou Perfect Diary is nearly 1.4 billion US dollars. Can it redeem the cold winter of angel investment?","url":"https://stock-news.laohu8.com/highlight/detail?id=1123040704","media":"投中网","summary":"投资完美日记对真格基金来说意义重大，是可以记在这家机构投资历史上，乃至中国天使投资历史上的案例。\n\n完美日记创办四年即上市，又是个标准的风险投资的好故事。但从不同的视角出发，看到意义也不尽相同。\n从完","content":"Investing in the Perfect Diary is of great significance to ZhenFund, and it is a case that can be recorded in the investment history of this institution and even in the history of angel investment in China.Perfect Diary went public four years after its establishment, and it is a good story of standard venture capital. But from different perspectives, seeing the meaning is different.From the perspective of the investment institutions behind Perfect Diary, Hillhouse and Hony are a successful and efficient attempt by PE institutions to invest in an earlier stage. For Gao Rong, \"investment in the A round\" and \"new consumption\" are standard VC Good story label; But it is of great significance to Zhenge. It is a case that can be recorded in the investment history of this institution and even in the history of angel investment in China.First of all, pitch early.Perfect Diary was established in August 2016. On December 30 of that year, it received angel round financing from Hony and ZhenFund.In March 2017, Perfect Diary Taobao store was officially launched; Five months later, Perfect Diary Taobao store was upgraded to Tmall store. It can be said that when Zhen Fund invested in 2016, it was only in the investment \"concept\" stage, and there was no clear product launch.From the perspective of new consumer brand investment, CVSource investment data shows that during the 10 years from 2006 to 2016, China's cosmetics market was dominated by European and American brands, the national fever was beginning to emerge, and local brands were in their infancy. Among them, there were 106 total investment cases in the past 10 years, showing an overall upward trend: 35 cases in 2015, and the beauty industry achieved a concentrated outbreak; In 2016, there were 16 cases, and the beauty industry resumed steady growth.It is not difficult to see that ZhenFund has stepped on the wave of industry explosion and selected the right companies with huge potential.Secondly, the multiple is high.According to the Perfect Diary prospectus, as of the IPO,<a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>The top three institutional shareholders are Hillhouse Capital, Zhen Fund and Gaorong Capital. Among them, Zhen Fund holds 10.5% of the shares.<img src=\"https://static.tigerbbs.com/8049b0840698be7b5ba4a3e87a7e4194\" tg-width=\"920\" tg-height=\"594\">By analyzing how the 10.5% shares came from, we can more clearly see the advance and retreat, gains and losses of each node of Zhenge in this case.<img src=\"https://static.tigerbbs.com/f070cc17f655b95aa59e1751cbdfbfd4\" tg-width=\"1038\" tg-height=\"183\">Drawing: Zheng XuanThe investment quota of the angel round, 36kr previously reported that the caliber was 1 million yuan, and a certain database also had a statement of 300,000 US dollars. However, based on the prospectus, the data was released from three rounds of seed, A-1, and A-2. About $800,000 came in.In addition, in the round of financing in July 2019, Zhenge invested US $18 million, which is also a rare investment behavior for an angel fund, with obviously high quotas and risks and pressures. In addition, in more than a year from 2019 to 2020, Zhenge also cashed out 8.6 million, 43 million and 25.3 million ordinary shares in three installments, accounting for about 4% of the total share capital before the IPO. However, the valuation of Perfect Diary in 2020 soared, and the exit price at this time was obviously much higher than the follow-up price in 2019.So it should be said that at this point in 2019, is it really a retreat? Is it staying? Or follow up? This is their decisive decision on the Perfect Diary case.More broadly, how can angel investment institutions save themselves or win back the right to speak in the market? The case of Zhenge Investment Perfect Diary actually provides a core logic: invest early, hold it, keep up, and retreat accurately.The stock price of Perfect Diary soared two days after its IPO listing. As of press time, its market value exceeded US $13 billion. That is to say, the book market value of Zhenge's shares is nearly US $1.4 billion. For this angel fund, Xu Xiaoping and Fang Aizhi, such A book return must be unprecedented.At that time, Jumei Youpin, which landed on the New York Stock Exchange in 2014, brought Xu Xiaoping (founder of ZhenFund) more than 800 times of book returns. In the media caliber at that time, this was Xu Xiaoping's investment with the highest return \"so far\".China Investment Network has sorted out all the IPO projects of ZhenFund so far. In addition to Perfect Diary, more than 700 IPO projects have been sold in ZhenFund<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>Among them, a total of 7 companies have been successfully listed. From the perspective of performance return, ZhenFund's exit return rate on Jumei Youpin project reached 79,071.3% (about 790 times), ranking the highest.<img src=\"https://static.tigerbbs.com/f2982c1ec7f3a67312226bf1e91c9420\" tg-width=\"1080\" tg-height=\"389\">Source: CVSource investment dataApparently, after a lapse of six years, this amazing return myth was shattered in one fell swoop by Perfect Diary. It is foreseeable that in the super-star projects of ZhenFund in the future, it must be Perfect Diary, not Jumei Youpin, that can redefine ZhenFund.Looking at the big picture, if this return figure of nearly $1.4 billion is placed in the whole angel investment market, it is also a wonderful case.Especially in the past two years, under the pessimistic argument of capital winter, the volume of angel investment has become smaller and smaller. In the past, the investment enthusiasm of angel investors for \"becoming famous in World War I\" and \"fast-forward and fast-out\" has gradually been swallowed up by reality, and there are few exciting moments with high returns and triumphant progress.\"Some peers have gone to FA, some have chased the blockchain, and some have completely transformed and left the industry.\" In 2019, when talking about angel investment, some investors described the current situation of the industry in this way.Nowadays, Perfect Diary, a legendary case of high-yield created by angel investment, has been put on the table. The wealth effect has always been the explosion point and catalyst of the market. Next, should the market re-examine the value of angel investment? We can even pay further attention to this question: Can this phenomenal case, which may return more than US $1 billion, redeem the bitter winter of angel investment?","source":"tzw","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The book return of Zhengetou Perfect Diary is nearly 1.4 billion US dollars. Can it redeem the cold winter of angel investment?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe book return of Zhengetou Perfect Diary is nearly 1.4 billion US dollars. Can it redeem the cold winter of angel investment?\n</h2>\n<h4 class=\"meta\">\n\n投中网2020-11-21 11:21\n\n</h4>\n</header>\n<article>\nInvesting in the Perfect Diary is of great significance to ZhenFund, and it is a case that can be recorded in the investment history of this institution and even in the history of angel investment in China.Perfect Diary went public four years after its establishment, and it is a good story of standard venture capital. But from different perspectives, seeing the meaning is different.From the perspective of the investment institutions behind Perfect Diary, Hillhouse and Hony are a successful and efficient attempt by PE institutions to invest in an earlier stage. For Gao Rong, \"investment in the A round\" and \"new consumption\" are standard VC Good story label; But it is of great significance to Zhenge. It is a case that can be recorded in the investment history of this institution and even in the history of angel investment in China.First of all, pitch early.Perfect Diary was established in August 2016. On December 30 of that year, it received angel round financing from Hony and ZhenFund.In March 2017, Perfect Diary Taobao store was officially launched; Five months later, Perfect Diary Taobao store was upgraded to Tmall store. It can be said that when Zhen Fund invested in 2016, it was only in the investment \"concept\" stage, and there was no clear product launch.From the perspective of new consumer brand investment, CVSource investment data shows that during the 10 years from 2006 to 2016, China's cosmetics market was dominated by European and American brands, the national fever was beginning to emerge, and local brands were in their infancy. Among them, there were 106 total investment cases in the past 10 years, showing an overall upward trend: 35 cases in 2015, and the beauty industry achieved a concentrated outbreak; In 2016, there were 16 cases, and the beauty industry resumed steady growth.It is not difficult to see that ZhenFund has stepped on the wave of industry explosion and selected the right companies with huge potential.Secondly, the multiple is high.According to the Perfect Diary prospectus, as of the IPO,<a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>The top three institutional shareholders are Hillhouse Capital, Zhen Fund and Gaorong Capital. Among them, Zhen Fund holds 10.5% of the shares.<img src=\"https://static.tigerbbs.com/8049b0840698be7b5ba4a3e87a7e4194\" tg-width=\"920\" tg-height=\"594\">By analyzing how the 10.5% shares came from, we can more clearly see the advance and retreat, gains and losses of each node of Zhenge in this case.<img src=\"https://static.tigerbbs.com/f070cc17f655b95aa59e1751cbdfbfd4\" tg-width=\"1038\" tg-height=\"183\">Drawing: Zheng XuanThe investment quota of the angel round, 36kr previously reported that the caliber was 1 million yuan, and a certain database also had a statement of 300,000 US dollars. However, based on the prospectus, the data was released from three rounds of seed, A-1, and A-2. About $800,000 came in.In addition, in the round of financing in July 2019, Zhenge invested US $18 million, which is also a rare investment behavior for an angel fund, with obviously high quotas and risks and pressures. In addition, in more than a year from 2019 to 2020, Zhenge also cashed out 8.6 million, 43 million and 25.3 million ordinary shares in three installments, accounting for about 4% of the total share capital before the IPO. However, the valuation of Perfect Diary in 2020 soared, and the exit price at this time was obviously much higher than the follow-up price in 2019.So it should be said that at this point in 2019, is it really a retreat? Is it staying? Or follow up? This is their decisive decision on the Perfect Diary case.More broadly, how can angel investment institutions save themselves or win back the right to speak in the market? The case of Zhenge Investment Perfect Diary actually provides a core logic: invest early, hold it, keep up, and retreat accurately.The stock price of Perfect Diary soared two days after its IPO listing. As of press time, its market value exceeded US $13 billion. That is to say, the book market value of Zhenge's shares is nearly US $1.4 billion. For this angel fund, Xu Xiaoping and Fang Aizhi, such A book return must be unprecedented.At that time, Jumei Youpin, which landed on the New York Stock Exchange in 2014, brought Xu Xiaoping (founder of ZhenFund) more than 800 times of book returns. In the media caliber at that time, this was Xu Xiaoping's investment with the highest return \"so far\".China Investment Network has sorted out all the IPO projects of ZhenFund so far. In addition to Perfect Diary, more than 700 IPO projects have been sold in ZhenFund<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>Among them, a total of 7 companies have been successfully listed. From the perspective of performance return, ZhenFund's exit return rate on Jumei Youpin project reached 79,071.3% (about 790 times), ranking the highest.<img src=\"https://static.tigerbbs.com/f2982c1ec7f3a67312226bf1e91c9420\" tg-width=\"1080\" tg-height=\"389\">Source: CVSource investment dataApparently, after a lapse of six years, this amazing return myth was shattered in one fell swoop by Perfect Diary. It is foreseeable that in the super-star projects of ZhenFund in the future, it must be Perfect Diary, not Jumei Youpin, that can redefine ZhenFund.Looking at the big picture, if this return figure of nearly $1.4 billion is placed in the whole angel investment market, it is also a wonderful case.Especially in the past two years, under the pessimistic argument of capital winter, the volume of angel investment has become smaller and smaller. In the past, the investment enthusiasm of angel investors for \"becoming famous in World War I\" and \"fast-forward and fast-out\" has gradually been swallowed up by reality, and there are few exciting moments with high returns and triumphant progress.\"Some peers have gone to FA, some have chased the blockchain, and some have completely transformed and left the industry.\" In 2019, when talking about angel investment, some investors described the current situation of the industry in this way.Nowadays, Perfect Diary, a legendary case of high-yield created by angel investment, has been put on the table. The wealth effect has always been the explosion point and catalyst of the market. Next, should the market re-examine the value of angel investment? We can even pay further attention to this question: Can this phenomenal case, which may return more than US $1 billion, redeem the bitter winter of angel investment?\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://mp.weixin.qq.com/s/t6Uj0_grllpRto4xxRGYvQ\">投中网</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/769dc8865e0dc507ddea5079c2429001","relate_stocks":{"YSG":"逸仙电商"},"source_url":"https://mp.weixin.qq.com/s/t6Uj0_grllpRto4xxRGYvQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123040704","content_text":"投资完美日记对真格基金来说意义重大，是可以记在这家机构投资历史上，乃至中国天使投资历史上的案例。\n\n完美日记创办四年即上市，又是个标准的风险投资的好故事。但从不同的视角出发，看到意义也不尽相同。\n从完美日记背后投资机构来看，高瓴和弘毅是PE机构向更早期投资的一次成功且有效率的尝试，对高榕来说，“投A轮”、“新消费”都是标准的VC好故事标签；但对真格来说则意义重大，是可以记在这家机构投资历史上，乃至中国天使投资历史上的案例。\n首先，投得早。\n完美日记成立于2016年8月，当年12月30日，便斩获了弘毅和真格基金的天使轮融资。\n2017年3月，完美日记淘宝店才正式上线；5个月后,完美日记淘宝店升级为天猫店铺。可以说，2016年真格基金投资之时，还只是在投资“概念”阶段，并未有明确的产品推出。\n从新消费品牌投资角度，CVSource投中数据显示，2006至2016的10年间，中国彩妆市场由欧美品牌主导，国潮热初露锋芒，本土品牌处于萌芽阶段。其中，10年间总投资案例为106起，整体呈上升趋势：2015年为35起，美妆行业实现集中爆发；2016年为16起，美妆行业恢复稳步增长。\n不难看出，真格基金踩准了行业爆发的浪潮，并选对了潜力巨大的企业。\n其次，倍数高。\n根据完美日记招股书，截至IPO前，逸仙电商占股前三的机构股东为高瓴资本、真格基金及高榕资本。这其中，真格基金持股比例为10.5%。\n\n分析一下这10.5%的股份怎么来的，就能更清楚地看到真格在这个案子上每个节点的进退与得失。\n\n制图：郑玄\n天使轮的投资额度，之前36kr曾有个报道口径是100万元，某家数据库也有个30万美金的说法，但基于招股书的话，数据是从种子、A-1、A-2三轮放了约80万美元进来。\n此外在2019年7月的那一轮融资，真格跟投了1800万美元，这对一家天使基金来说，也是个罕见的、明显额度偏高、顶着风险和压力的投资行为。此外，在2019-2020一年多的时间里，真格也分三次分别套现了860万、4300万以及2530万普通股，约占IPO前总股本的4%，但2020年完美日记估值猛涨，此时的退出价格显然高过2019年跟投价格很多。\n所以应该这么说，2019年这个节点，真格是退？是留？还是跟进？这是他们对完美日记这个案子做的决定性决策。\n往更大了说，天使投资机构如何自救抑或赢回市场话语权？真格投资完美日记的案例其实提供了一个核心逻辑：投得早、拿得住、跟得上、退得准。\n完美日记IPO上市两天股价猛涨，截至发稿，市值超过130亿美元，也就是说，真格持股的账面市值近14亿美元，对于这家天使基金和徐小平、方爱之来说，这样的账面回报一定是前所未有。\n当年，2014年登陆纽交所的聚美优品曾给徐小平（真格基金创始人）带来了800多倍的账面回报。在当时的媒体口径里，这是徐小平“迄今为止”回报最高的一笔投资。\n投中网梳理了下真格基金至今为止所有的IPO项目，除了完美日记之外，在真格基金出手的700余家创业公司中，成功上市的企业共有7家。从业绩回报角度，真格基金在聚美优品项目上的退出回报率达79071.3%（约790倍），排名最高。\n\n来源：CVSource投中数据\n显然，时隔六年，这一惊人的回报神话被完美日记一举打破了。可以预见的是，在日后真格基金的超明星项目里，能够重新定义真格基金的一定是完美日记，而非聚美优品。\n往大了看，若将这近14亿美元的回报数字置于整个天使投资市场上，也不失为一个精彩的好案例。\n特别是近两年，在资本寒冬的悲观论调下，天使投资的声量相比越来越小，过往天使投资人怀揣着的“一战成名”、“快进快出”的投资热情也逐渐被现实吞噬，那些高倍回报、高歌猛进的激动时刻更是寥寥无几。\n“有些同行去做FA了，有些去追区块链了，还有一些彻底转型离开了这个行业。”2019年，在谈到天使投资时，有投资人就如此描述行业现状。\n如今，完美日记这一由天使投资创造的高收益传奇案例已经摆在了台面上，财富效应从来都是市场的爆点和催化剂，接下来，市场是否应该重新审视一下天使投资的价值？甚至可以进一步关注这个问题：这单可能超过10亿美金回报的现象级案例，能够救赎天使投资的凛冽寒冬吗？","news_type":1,"symbols_score_info":{"YSG":0.9}},"isVote":1,"tweetType":1,"viewCount":1563,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}