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  • V Star’s Bruce Yu Finds Homegrown Success In China Venture Capital


  • V Star Capital Managing Partner Bruce Yu spoke at the Forbes China Innovation Summit held Oct. ... [+] 29-30 in Chengdu.

    Forbes China

    Bruce Yu was working as an engineer at state-owned Jiangxi Copper in the 1990s when he saw the wealth created when the company went public. “This was something very different from being an engineer,” he said in a recent interview. “I became interested in it.”

    Yu went to the U.S. And studied business at the University of Illinois at Urbana-Champaign for a year. He landed a job at Shanghai Science and Technology Investment when he got back, followed by another at GGV.  By 2007, after working alongside two top China-based VC investors at GGV – 2020 Forbes Midas List members Jenny Lee and Jixun Foo, both Singapore-born— Yu was ready to head off on his own, with a Chinese point of view. There was “a need for entrepreneurs close to the ground locally,” he said. In addition, local investment firms didn’t face the same investment restrictions as foreign-backed ones – such as in dual-use civilian-military industries, providing another opportunity for domestic funds, he said.

    So in 2007, Yu teamed up with co-founders Zhuo Fumin –who also previously worked at GGV – and financial industry executive Jessie Jin to start V Star Capital in Shanghai. Today, the company manages five billion yuan in three different funds and other vehicles, and employs 17 people. Three portfolio companies have had IPOs so far this year. Tinavi Medical Technologies makes orthopedic robotic products which went public at STAR board of the Shanghai Stock Exchange after an IPO that was more than 3,000 times oversubscribed, Shenzhen Consys Science & Technology, a telecommunications equipment supplier that also went public in Shanghai, and Genetron Health, a cancer diagnostics company which went public on the Nasdaq.

    Those industries remain full of promise, Yu said on the sidelines of the 2020 Forbes China Innovation Summit held in the southwestern city of Chengdu on Oct. 29-30. China’s domestic market is able on its own to fuel growth in many businesses, and its regulatory system is more encouraging of home-grown companies than ever, Yu noted. China is poised to rank as one of the world’s best-performing economy this year; after a dip in the first quarter, GDP rose by 3.2% in the second quarter and 4.9% in the third quarter year-on-year.

    Healthcare and technology companies remain well-represented in V Star’s portfolio.. Among its healthcare investments are Beijing Percutek Therapeutics, Shanghai Taiyige Rehabilitation Medical Technology, Jiangsu Deviceland Medical Instrument, Meinian Onehealth Healthcare Holdings, Suzhou Ribo Life Science and Shanghai Majorbio Bio-pharm Technology. Smart technology related investments include Shenzhen Junda Touch Windows, Deepinfar Pilot China Underwater Intelligent Equipment Industry, HiScene Information Technology and Tincere.

    The Forbes China Innovation Summit was organized by Forbes China, the Chinese-language edition of Forbes, and the Chengdu Municipal Government. The event attracted 300 attendees and highlighted breakthroughs in innovation strategies involving new technologies such as 5G and blockchain, as well as autonomous vehicles.

    Speakers include executives from Forbes China’s annual list of “50 Most Innovative Companies” unveiled in June, as well as members of an annual “Up and Comers” list that highlights publicly traded small and medium-sized businesses. Attending companies include Hundsun, WeBank, LONGi Green Energy Technology, Guangdong Aofei Data Technology, Inspur Group, AK Medical Holdings and Hangzhou Qulian Technology.

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    @rflannerychina

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