you, everyone!

Moderator: all users, everyone! Welcome to the VC at the scene of life interview. Today, guests are invited to the source CEYUAN partner Mr. Feng Bo, Feng total Hello!

Bo: Hello!

Moderator: Today, the programs of our guests is our history, one of the most interesting guests, because he is now a venture capitalist, but 20 years ago should be your dream is to become a of a film director, right?

Bo: Yes.

Moderator: We could talk about the film school that you experienced?

Bo: when I first came to the United States, bad science, liberal arts do not understand English, the film can be together with the girls, so I chose the director (laughs)

chair Person: But study after graduating from film director would choose to do the film, but you have entered the investment banking?

Feng: First, when I did not graduate, and the second, when there are plenty of investment banks recruit young clerk in China, so we have a chance opportunity to candidates, so began his investment banking career, it is no coincidence.

Moderator: But then is, how do you convince your boss was your employment? Because you do not have any financial background?

Bo: very interesting at that time, the company was one of the most active U.S. investment banks, was to have seven partners, I remember it was the end of the year 93, they asked me the company you are What's the use? Westerners because it is quite the question is asked more directly. I was also struck, but also do not understand what they were doing business, then I remembered a story of blind men feeling an elephant, I tell them that all foreign investors in China are like the blind feeling an elephant, because a lot has people see is the nose, some people see is the legs, and some people got the tail, I think I bring to you an opportunity to show a more comprehensive, but also for the whole company to establish in China brand, it convinced them.

Moderator: So, you chose to enter the investment in the industry, this is a more realistic? Industry because of its investment income and relatively higher returns?

Bo: Yes, relatively quick success and instant benefits at the time because I had to do movies, so when the director, we study film producers or brokers will be the pressure, that is, there is no capital to do their own things, and listen to others if asked to do so, they have to change their own creation, so you want to shake off the pressure of funds, I think that this is the case is not as good as business.

Moderator: Mr overall, I have heard a lot of circles, when a friend introduced you, that you are a walk in the forefront of fashion, we see you later feel that you really are star quality, CEYUAN later to see the source for the project is felt beyond this point, you have wireless Internet connection investment projects in the field have to catch fish, shrimp grasp, 3G bubble gun, and so cool hearing, the names of these projects and the doing business are relatively personality, and this and your character on the right?

Feng: First of all, I think I-star rating is the second, I like new things, as you just mentioned are 2.0 of these companies or wireless Internet business more visible, 2.0 and wireless Internet is the real star of them, they find the cause of his love, and then give him the value of a symbol of life, and then they create a new service or product ideas, for each online service, so We are only one of his sponsors and the cause of the funds of a helper, you may create real or is that a company itself.

CEYUAN Bo said the source belongs to the entire partner

Moderator: Actually, we brought CEYUAN source There is a person who must be mentioned, is your brother, Feng Tao, the industry was that the source is CEYUAN established Feng planes, that is, brothers opened a shop. Do you think your brother do for you to invest, he will play a role in what kind of impact it?

Feng: First of all, I would like to reiterate that the source is not CEYUAN Feng Tao Feng is not, but the partner, the source CEYUAN we have a very large investment team, including four a business partner, we created four of the companies have been through thick and thin. Feng Tao lowest in my time he has been very concerned about me, it helped me, but also in our family he is also the oldest, eldest son of father do, our business is still relatively independent, because if two people familiar with what we know Although we are very good, but the character is completely different. Feng Tao sources to support the response is from the first day, because the original Wei-Guo Zhao and Zhang Fei are doing a partner early, though we do is an independent fund, but in conjunction with a deep source of investment, but also in the early Feng Tao investment in a place of hope and realization.

the most important of them in the market, or a partner every day and entrepreneurs in the company and work contacts, as for me and my relationship with my brother CEYUAN is not the source of the work of less relationship is not a two-brother's company, because the Internet is like to talk about this matter so悬乎, or so the political arena, in fact, a very simple we are a partner.

Moderator: You just mentioned the character of your brother and you do not like your brother in the media have said such a period of time, he did not know why other people I have met with is the distance, Bo is very suitable for hot and entrepreneurs together, perhaps it is in my heart compared arrogant, it is generally difficult to reach, no one wants to join me in business, and even Bo do not want to, obviously can take a flight, but they but another aim is to find an excuse for a trip flight, I have been very lonely. Why is it so?

Bo: At that time, that is the case in the United States 9:30 am, when the air is particularly good, Feng Tao, I left the United States in the Connaught big, let me find a foot massage 9:30 (Laughter ) So Tao Feng is a very traditional, very simple one, not how to adapt to life abroad, in particular, but he is a very loyal and very style of leadership and leaders in our family is leadership, leadership in the company is also However,高处不胜寒, leadership is always a little lonely, we do things under the comparison may be a little easier.

Moderator: He said you like bubbles and entrepreneurs together, and entrepreneurs how did you do to be together?

Bo: In any case, every day entrepreneurs, entrepreneurs in the courtyard to drink tea with me, we chat every day talking to a two o'clock, I think a lot of entrepreneurs I have a new life passion and development. For example, yesterday I met with Liu, he said a few months the company's development, entrepreneurs, entrepreneurs continue to see progress, you will be very glad, you elected them to the development of this market, you also of them were excited, because they grow up, that is what we do really compare investment returns place to see the growth of enterprises, the growth of each entrepreneur. Entrepreneurs we have no cause in itself, but only a select entrepreneurs, and then the contribution of capital and time to give him hope that he can create a great company, so with them is why I choose to take the final in the industry purpose, I would also like to with them.

Moderator: Of course, in any case, you are very successful. In fact, 9 years ago, you have had the experience of a very brilliant, when you help Richwin Sina's successful financing, today we really want to hear that story.

Bo: Because Sina itself from Richwin from listed Sina to lead the Internet, launched the first Internet boom, this is very exciting, but also occupied most of the twentieth Time-year-old memory, I understand from the 24-year-old Wang Zhidong, to 30-year-old Sina listed time, 6 years, I keep telling them almost every day. However, this period of history seems to say挺多also, I did not think too much, I forgot a lot of details, but see themselves feel involved in and invested in the company to grow to such a scenario, I per very exciting times back here. Not to mention I was brave hero, the next investment may be more so reminds me of this exciting scene, I would like to wait for the next exciting moment of this.

Moderator: It is said that investment, however, when four cubic, when Wang Zhidong to produce a report card, that is, the financial statements, the above is not a good look at the results. In accordance with the rules of the game in the United States, that statements have been enough to make the project was rejected, but you have insisted that the project be able to do a good job, and why?

Feng: First, I无知者无畏, second, beliefs, and I always feel that his team a chance so, third, in each of the bad news behind a good total news, in each there will always be behind the good news and bad news. At that time, I feel that although not very satisfactory results, but in the back I saw a lot more to be proud, or excited about the development of a more worthy point, this may be based on the development of the company you look at. However, the confidence of the team is still very important.

Moderator: Yes, from your speech, we can really feel a passion for the style of the film, and you used to investment projects, in fact, also gives the feeling of a montage, we see look at this comment. Liu carefully prepared 40-page PPT documents, in his speech on the fifth page when Bo interrupted him,摆摆手said to him: Well, this thing we do. This is the most widely circulated 6 Housing Site CEO Liu Yan received from you the whole process of investment, a short span of five PPT and how they decided to invest?

Bo: I think Liu is my very good partner, he won the investment of his life and work of the crystallization of more than ten years, not five minutes the crystallization. Second, he wanted to open the PPT is the sixth page of the financial budget for speakers, I interrupted his company because it is not necessary to do the financial budget, he and I忽悠,忽悠others also, I expressed the determination is that we that, I told Liu that if you convince me that I am a partner and you do, so the trust of the people rather than one or two minutes to, but may we have a lot of our work over the life of color and image, in fact, less than or equal to our life, is not greater than or equal to life.

Moderator: You just said you and Liu is a friend for many years to play a critical role in your investment will be based on the friendship between you, your investment at the same time very close to their own people人情世故will not be the suspect?

Bo: You said it right, so I would say you are with us every four people say, we are the team concept, team wise, we are certainly not wise, but three In Stooges also a wise sky.

Moderator: 6 of the Housing is your right to vote?

Bo: We are sure that participation, they are a very exciting team, Liu Yan is a very hard-working and talented people.

Moderator: This is a very high rating, following a period of ad spots, ads, and then come back.

(advertising)
Moderator: Well, welcome back to VC interviews with personnel at the scene. Frederick the total, you have Thunder in the investment of time is said to have very fast, but at that time in 2004 and in 2005 a relatively cheap price you do not catch up, which he has relatively high prices, and why you are willing to continue to invest?

Feng: First, the Thunder is a new generation of the Internet which is a very impressive company, Thunder's own development also proves that the Chinese Internet, China's broadband access and speed. The price of the company, risk is always proportional to the return, we are familiar with the industry slowly, slowly understanding, and between the team of our understanding, mutual trust, which has a process, but this process, the fate just happened at that stage, I think they are good for as long as the occurrence, as early as late ah, ah, there is a process. I think the time we enter the Thunderbolt good, and we firmly believe that the Thunder and the team has done the cause of Thunder, and his application is very long-term future, and their execution on behalf of the company's world-class standards, which is China's early Internet companies as a model.

Moderator: Thunder in the funds at the time chain and the development of the situation is relatively good, there is a spread of the industry say that your personal friendship with the Thunder is good, and they can not accept the shares of such to finance high-cost, this is it?

Bo: No, I heard this, they are ideal周胜龙experienced, but also the whole new meaning to the work of companies and services to shareholders and the management of the CEO, I would like to contact us and they are in a very formal and very positive thinking among the state and carried out, but so far we have maintained a very good exchange, investment funds Thunder is that we do one of the biggest investment, is one of our most challenging , but I think the source of our strategy to meet a partner in this challenge, but also in the process of the future development of Thunderbolt, we also play a positive role.

Moderator: But a lot of media coverage in the Thunderbolt was a time when such investments are often linked to you and Google together. That you and Google will together invest 20 million U.S. dollars to the Thunderbolt, in fact, we know that this round of investment Thunder is led by you, Google is a strategic investment, about five million voted in U.S. dollars, are your other funds, but to everyone's sense of Google seems more like a leader, so that you will not feel wronged?

Bo: We are not a drama actress, we do not need information on our evaluation, all of the credit depends on the Thunder's management company, Google is a very great company, their business and Thunderbolt in the investment process, to give the company a great value, so it should be, so we are very happy the family of the Thunderbolt, is very harmonious.

Moderator: Thunder is the investment because you see the item would have been better, develop better posture, the most important thing is to give you a return to investors, is it?

Bo: Yes, I think the most important is the management team to help create a great company, as a company, high-speed growth of the company's shareholders, we are able to receive the proceeds of Chief Financial Officer, I would like to This is the first and ultimate goal.

Moderator: Mr overall, I think you are a very optimistic person, but during the next conversation that might be a little heavy, I believe you may have seen a recent online rumors that the Union a policy chain funding source problems, many investors were forced to lay-offs of the website, the source of your strategy is really facing a crisis?

Feng: First of all, the publicity that the Internet has its drawbacks, as it reported a low, do not know the specific circumstances, such coverage is not fair to us, but we do not want to do too many comments, but since we have the desire to want to know, I think I may also wish to report that we have with our work, the source strategy is focused only on early-stage venture investment, and now in 60 million investment, we invest in the direction and phase are relatively high-tech-oriented, more focused on the early businesses, we invest in companies like Thunderbolt, 6 rooms, watercress, grasping shrimp, art of tea, fish, etc., these are among the industry, as well as China's largest network security company called Venus, and I imagine this kind of reporting is very ignorant, but how to do? Others that there is such a request would like to know, I think I would like also to report about fine with you.

our entrepreneurs and the operation of our company are very good, but business need to be patient, I think we care about them or do not care for them or let them quietly to the operation, to create great company. As reported, I think we could guess who is leading this thing, I think this is also a sad, but I think the most important is to Thanksgiving, you pay back the community, and we are all members of society, we, as an early investment company out funds to an entrepreneur to create his future, the entrepreneur of your own skills and your interpersonal relationships, and your creativity, first of all you need to have real results, there is no real results it is very difficult to continue to be support, which is only right and proper, which all know this business. But with the money we have to do that bad publicity, this I think there are issues on the first character, the sad comparison.

so poor, a person can do so, but he ruined all of the entire company's future, a company is not to say that some difficulties can not be resolved, one entrepreneur is the most important never give up, No one has invited entrepreneurs, they are their own beautiful ideal, a better work to do on the side of a life among the biggest challenges with gambling, it is their choice, and we just help them do this meeting the challenges of a funding and input. So I think all this responsibility to push on us are very disappointed I think. But this news we do not mind too much, as each of us gave us entrepreneurs very good cooperative relations and feedback, we as venture capitalists, like the staff of each other as workers, need to be positive feedback, everyone gave us the encouragement we are also very fond of, and we are live, we are all a job, so we hope you will respect that you are willing to support us the support we look, do not want to support us also not cynical, we are not gods, nor is it the devil, we also have children, have families, have friends, I hope you like the respect for respect for our friends. I think that is too radical for the conduct of, the entrepreneurs are not the entire environment is very healthy, no need to.

Moderator: There is another assessment of the industry, it is challenging. He said their funds eager to win, I hope all of a sudden out of a pile of gold to Amoy, and it is perhaps a small fund investment style or small broad strategy now. Policy seems to cast a number of sources of their financing Web site that is very fast, get a few minutes. This seems unlikely in the industry of professional practice, is that the money will not do, or see'll be spoiled for choice, focus on a repeat. I believe that you have your own view?

Bo: a drama in itself is a drama actor actor commentary, which reviews with our strategy and our work there is no relationship, I think this is the Internet, some of the more grandiose IT sector and comparison of the local game, I do not to evaluate, since the advice I gave them is what you have work to do, you do not have work to go home, do not comment on other people's business, there are capable people who would not comment on their own thing. As if you said how to make investments for the fund, we have our own work, you do not like us, Do not we have come across on the line, we in society would also like to do something to contribute to the entrepreneur, the total of all VC are not off, it is entirely drag us to the mud, these people first, the character is not good enough, the second, professional enough, but also what is the worst? Who is cynical of this society will always be the most ignorant and the most useless people, you found time to refuse to help a child to donate what books, what a waste of time.

Moderator: But I think that together create a lot of local controversy, saying the United States has called not putting all our eggs in one basket. You seem to have committed a taboo?

Bo: basket size, eggs have the size, as will perish anyway, Kou loser, but the reality behind the story of a lot of warmth and life, this is not revealed to the outside, and Every time in our entrepreneurs and showing them to really talk to, and this is our work and enjoy the source of life, if you want to see the hard business, I think this is you really see his true side This success, such listing, this is hard business for many years after the crystallization of the work of each person behind a lot of tears and sweat of the water.

Moderator: What do you on the basket, the definition of what is it? You are not a duplication of investment in an area, it is trying to integrate the resources to do these projects and will build into each other a whole platform for services it?

Bo: only eggs, not the basket, as long as the eggs can develop a large enough on the line, we do not have any special wisdom, we believe that the following is what can change our society to create wealth, we are there to choose the industry the most creative, most management capacity and ability of most of the management operations, and then they will be able to help them be successful in this industry. If they encounter difficulties, we will as a friend, as a shareholder will solve problems, but all have their own way, they can never give up this business as they like some people do not know the so-called pay a debt of gratitude, do not know the leaders style, but do not know how to persist in the end, that he must come to naught, even if we看走眼, which total some, do business, we have in this decision every day and every day the exchange of which, find our own life and fun.

Moderator: the last two years may also be of concern to you, and the rise of the local VC, there are many entrepreneurs started their transformation into the VC industry, it is said you have said, if this group of entrepreneurs in transition from Once the formation of the fund managers, we have the time for the retirement. Why did you do this kind of sigh?

Bo: When I say?

Moderator: I see a report you say that?

Bo: I did not make the report seem to have it? With or without, first, I do think that entrepreneurs venture capital is very appropriate because he is the management of enterprises, because venture capital is not a financial investment, and secondly, I think that local entrepreneurs are excellent, because they know that China's the actual situation, how to start from scratch, how to develop, how to survive, so in fact the local entrepreneurs of the returnees say than others, in fact, a better understanding of who will survive and be better able to survive, who will be able to better survival the development of better, this is an inevitable trend. Point of view that you do not know where, but I think they are capable.

Moderator: Another, I think the source of your CEYUAN very interesting culture, you have no choice in a crowded office, but chose a courtyard inside, and I think you very co-operative team, if you look at your business card will be a collective business cards printed, you can give us about the business culture?

Bo: We are the source CEYUAN partnership is a collective, so every one of us have colleagues treated as a partner, I feel that I, as the company's founder, first of all, if I the ability to hire very good, very satisfactory, but partner is very creative young people, I first have to know how can I work for him, he can retain. Secondly, the spirit of the team or more than one person in the personal charm and personal choice, because how strong a person, his weaknesses will be with him the merits, he will be a fatal weakness, the whole team balance a, which can select the length of its short meeting. Third, there is no investment in this thing than anyone else who is smart, is a patient, constantly thinking, constantly looking for, the whole team to play this style, a person may have experienced ups and downs or the ups and downs, and sometimes heart would be more irritable, grandiose, but the whole team can have a better, more stable performance. All the staff we have such a request, I hope this is the last in a job, I also make their own efforts and efforts to achieve this, because they are good because they do not need to look for other work .

User: CEYUAN always wanted to be the source of the second IDG, because you are in a time when investment projects are similar with IDG is胡椒面scattering.

Feng: First, we are very respected and revered IDG, but we never thought of becoming the second IDG, there is no thought about the problem.胡椒面, our industry analysis of our own professionals, if what a friend really need to know and learn in this industry, I do not think you can partner with us to explore, this is not a topic in the media, so I have no comment .

Moderator: our program has been drawing to a close soon, and you have today, fighting back to your place before, but now you are as a guest interview, we all hope you can give users and the concern of all your friends, saying that the mind, you want to say anything.

Bo: want to say anything, today the sun very well and they enjoy some of life out.

Moderator: All right, finally, I also want to ask you a more lighter note, do you still dream of it? Then decided to retire from the financial industry, you will go back and do it your profession?

Bo: No, because the Bank is not my, I do not understand how the film is only in the young one you need to deceive themselves and others under the pretext of deception, so the film has given me this opportunities, I also thank the film, but it appears to be a child's dream, just like my son now to be the same as a motorcycle racer, but I think if he really become a motorcycle racer, I would be the first to stand up against and that everyone has a dream, the film has given me a time in the absence of relatives, no money, no protection to go to school, the films give me a sheltered umbrella so romantic that I can through this difficult process.

Moderator: Thank you, Mr overall, is really very exciting, finally, I also use a very popular recent movie lines bless you, that is, we are all very good of you, Come on! Thank you!

Bo: Thank you!