you, everyone!

Moderator: Good afternoon my friends, very happy to come today "VC Life" live chat, today very happy that we were invited to IDG's global senior vice president, Asia president Hugo Mr. Pigeon visit our "VC Life", please bear total.

Hugo Shong: Thank you, I am very pleased to be able to come to vc columns life.

Moderator: In addition to computer users that participate in the whole chat.

Now we start the chat, we know that the world has a very large media and publishing group, which has locations in every corner of the world, it is IDG, IDGVC is China's earliest access to a U.S. risk investment companies, China is the helm of Mr. Xiong Xiaoge, we mainly want to talk about your past experiences, as well as their views on the Internet, we would like to talk about Hugo Shong, president of the early experience, we know that bears Xiao-Ge, president of the early experience is very brilliant. Hunan University, you choose the news after graduation, it should be said that peer with us, that time should be the domestic press is not very developed at that time thinking about how to enter the media profession.

7 yuan reward stirred up the dream of journalists to do

Hugo Shong: Thank you, first of all, was pleased to accept this interview with you, of course, you said he was brilliant the first time I heard , in the past relatively busy day, how to enter the news of these industries? This is the case, because I like to read very early age, like writing articles, then in middle school, high school, study time favorite class is language lessons, particularly fond of writing, of course, very lucky, my two middle school and high school language teachers are particularly good, so time to write like cultivated an interest in things.

wrote the essay after each waiting for the teacher to write a good essay read in class. Therefore, there is a publication of a desire, and later in college when I was 77 at the university, and that is probably 79 years, I wrote an article on the United States we are taught in English and so on, the article It seems also very good university in Hunan, the Hunan Daily published a front page.

Moderator: This was a great incentive to own?

Hugo Shong: Yes, very good, and 7 have the money, money I forgot.

Moderator: At that time, a lot of money.

Hugo Shong: a lot, because the lowest one scholarship money, I say that good things, but also a name, and made money, when the news is true, but also to learn English, so was like to watch international coverage, etc., so that the foreign language, because my father had to be in force, the PLA's 15th Army, a hero of the forces, so what of war are very interesting, I would like to be able to do after a war correspondents abroad, then the only foreign war to fight, so only able to realize this dream, it may be a war correspondent on abroad to interview, learning English.

so wanted to, in future to the Middle East, was the largest war in the Middle East, so that was my dream.

Moderator: Academy of Social Sciences, then you went to graduate school.

Hugo Shong: Yes, because I was graduating from university post-graduate year, but politics did not pass, there is no admitted, so the Department assigned to work in mechanical Beijing for two years, but also to do the translation, but also taught and so on. The middle two years did not go home, on the review of politics, went to Beijing Normal University graduate schools of political test, 84 passed in, read the Department of Journalism, Graduate School of Chinese Academy of Social Sciences, English professional editing as reporters.

we actually English classes that are mainly run by the Xinhua News Agency, money belonging to cultivate counterparts.

Moderator: Directional culture.

Hugo Shong: orientation training, I am willing to go to the Middle East in particular the African Group, the Xinhua News Agency when I was 86 years, Xinhua News Agency, the first half has been, in fact, was not yet graduated in the Middle East Group practice in Africa.

Moderator: At that time, count on the real exposure to the news media in the industry?

Hugo Shong: Yes.

master's graduation ceremony on the photos are swollen eyes

Moderator: really decided to go abroad when there is a process, the most direct impact on what?

Hugo Shong: is from a direct impact on several of our American teachers, especially teachers of our subjects, he is a Columbia School of Journalism of the teacher in charge of training foreign students, he taught us and a half years, I am more idealistic, was admitted to graduate the year I was 84 years, an American friend that he would sponsor me to the United States, he was like me, then I thought, and my dream is that when in Foreign journalists, this is my dream. Later, in the middle of learning process, the process also wrote the middle of a lot of things the teacher told me that the United States, you quite the potential, if not the United States to learn about the best journalists could not.

I do not quite understand at the time, I said why? He said the principal should take a look at how to write outside of the peer? He therefore found that the point of view we had to write some depth, yet to be improved.

Moderator: some differences with them.

Hugo Shong: Because in China, do you think you know a lot of things, but China was just opening up soon, many things come from abroad, we only know that, but do not know where Fortunately not not know where, for example, have just written a comment on the case, or less than, the big shock to me, so I decided to go out, he also wrote me a very good letter of recommendation, and expressed a lot of time articles, take on the China Daily, 10 out of the feel good articles, and letters of recommendation sent to the United States, now at Boston University for taking me.

Moderator: At that time, this is a very smooth process.

Hugo Shong: very smooth, the school admitted to me later that the scholarships. TOEFL test you asked me not? I would also like the TOEFL test? He said that in accordance with the provisions of the United States must be the TOEFL test in order to issue the visa application form, I said it would test it.

Moderator: It seems you were more than 600 test points, is also particularly good scores.

Hugo Shong: Yes, about two weeks to prepare, but also did not go to New Oriental. (Laughs) is still quite smooth.

Moderator: In the United States at the time, you eight months to complete a master's degree the whole course, which is legendary with that, then it seems you went to the Foreign Affairs College Fletcher School of International Relations, access to their schools to be provided by Dr. scholarships, in the process, is what kind of mood with learning?

Hugo Shong: this thing seems to be an outsider in terms of great things for me can be proud of any, but said a lot of pressure because we are two-year master's degree this requirement, but I was also the first to get the full amount of the so-called scholarships, scholarships for one year only, the teacher told me that you have read this year, otherwise there will be no scholarships next year, and forces you to be finished, more elective operations There are many, so in fact that eight months of his two terms should be four semester courses, so it should be said that a put in a lot of effort, I feel a good impression among the eight did not feel like slept, and the United States there is a mean, you read the lesson, if not writing papers, after the credits finish, or write a thesis, or 6 is written in a magazine article published before they can get to a degree, the United States can also read the credits you graduated, but graduated from the meeting of the certificates to you is empty, there is no diploma, I would like to not have the time after school, so hard to read the credits, the last two months have also finished the thesis, so photographs of the graduation ceremony of the eyes are swollen.

I have a patron of the United States is also a friend, attended the graduation ceremony, I said, open the certificate to see whether there is anything in there? I saw there, we do not have classes to get a lot of students.

McGovern When you first see the three hours to talk about

Moderator: this time you may still think of the media and realize their dreams when young, then you joined the IDG , the process of change is how to consider?

Hugo Shong: this thing was when I graduated, Boston University because I have better reading, it also gave me a scholarship, I also read in a Boston University international relations for some time what later Fletcher School also gave me a scholarship, but then I learned some of the economic, management, diplomacy, international relations courses in this area and so on.

also have a chance to work, but I have to give up, I would like to learn some things, there is one point, you always find a bit of work with the relationship between you and tell you a bit of background relations Therefore, fighting is a bit askew, and because I am in the summer reading policy Fry, 88 years of the summer, my mentor Fletcher, he said that he would like a friend of one of China's e-magazine, looking for a news background another person to understand the electronic. He said that I do not know if you know anything about electronics, I said that I had been in power plant electrician, he said it would go, to find a job soon, and one day you say to people to work with the more familiar domestic, soon to get up on that magazine, is the Cahners Publishing Group.

Moderator: It seems not to do this job long?

Hugo Shong: No, this job for three years, since the summer of a very well done, a school I said I can not do it, I would like to start, and he did not want to go, and you here in my work, I went to, he said an hour to give you 15 money, 15 dollars an hour, of course, the number for me is fine, a magazine, doing translation, because to do better, In particular, he liked me so, he said that you do not read here, and give you a salary to do a green card returned to you. I feel fine, the school you can continue reading. What have I said that, so I stayed. I have done in this company for three years until the back of the green card, then I went to IDG.

the middle of an episode, I know McGovern, chairman of awareness in the Fletcher because it was the U.S. ambassador to China Winston Lord, his wife is Chinese, they are two Fry Toru graduates.

Moderator: alumni.

Hugo Shong: Yes, alumni, that year, Mr. Rong visited the United States, they arranged to Fletcher made a speech just before the Mid-Autumn Festival is also about this time, so that time I just in school, I am also a student, has worked at the magazine, worked in the Fletcher, and I said wing to a very good thing, so I would like a magazine sponsored a dinner reception and dinner is our sponsor, so please a lot of people at that time, when the magazine had a lot of our advertisers, I would like to do business in China were invited, including Mr. Michael, Michael first came, he at the banquet, he said, "Computer World" and I told Mr. Rong translation that I like his translation, so described, such awareness.

Moderator: He was Vice-President of our country is it?

Hugo Shong: At that time, the chairman of CITIC Group.

Moderator: It was only after the Vice-President of our country.

Hugo Shong: Yes, it was later.

Moderator: Do you think the boss may be, the dinner I was invited to a rival, and later contact with Mr. Michael what? How he invited you?

Hugo Shong: Yes, I am looking for him, 91 years in July, I also get a green card at that time, so that the company had sent me, I was in the middle of three years to help the company set up in Hong Kong a branch office that sent me to do, deputy general manager of Hong Kong, of course, very good, because you get a green card, you can travel no problem, you can work, you can, ah, I said I went to, but I would also like to say that I am in the Mainland do magazines, the magazine because it was stopped after 64, I said I do think the Mainland, he said to the mainland on the other, we have been very difficult for the last, you go to these places in Taiwan, I said that does not sound particularly attractive. Work to go, just can回趟家to me well before, the risk of investment is the total charge of his, I跟他聊, I said to the Mainland or to do better, he said you go to work, I said to him, I said, well, Mr. Michael, but later saw him, he said that he contact you, then I will give Mr. Michael wrote that he punched a phone to me immediately, and later he asked me to talk with him Later on that on the first day of an hour, about three hours to talk about, it is speculative.

Moderator: It was well-to remind you that contact with him.

Hugo Shong: No, because the well was read Dr., he found a job, this work of Dr. Helena College of New Jersey, he and his wife together after graduation, he found his wife is Ma postdoctoral Institute of Technology to do his own research at the Institute, I live on the company behind the back of my work place, I have the key to his home, often went to their house for dinner. (Laughs)

Moderator: Later I heard that you were given the task, Mr. Mak, the Asian Open in Asia to do, a colleague in Taiwan and Hong Kong who have lost the last work is because the struggle to develop your plan, it was said by Mr. McGovern that appreciate very much what you plan for the Asian Development.

Hugo Shong: there some misunderstanding, that this is the case because I am a 91 years to participate in on November 6 in IDG, in December I went to China, will soon reach an agreement just domestic, that is, At that time, the international e-paper, into the "computer world" inside, the very fast and are very familiar, so are particularly satisfied with Mr. Michael, he would take me to run around in Asia, to Taiwan, Hong Kong, Singapore. Also went to several places, that is, after running a lap, of course, including the Mainland.

run a lap later, the way we talk about what to do, as I have some ideas, Mr. Michael said that was actually responsible for two people in Asia, one is the general manager in Hong Kong, He is responsible for Singapore, Malaysia, yes, we went to Malaysia, Hong Kong, there is a an American living in Taiwan, he was the general in charge of Asia, he often lived in Taiwan, therefore, Mr. Michael said that this way, you three per person to write a program myself to see how how to do?

and a good time that we discussed on January 5, 93 years on January 5 to discuss our company's board of directors because it was arranged when the task in December.

Moderator: time is very tight.

Hugo Shong: 12 months when, two weeks time, I remember it was two weeks, writing a report, write a program, I agree with you, and agreed to write about, I am going to write about a lot of material, and have impressed me most is that when New Year's Day, Christmas is also where the toss, but also plans to write in a time when New Year's Day, and that night I was in office, so called because the first Boston late the first night to greet the New Year, the whole street is full of people, I was upstairs watching, looked at the following are all human.

Moderator: Do not feel there was a different feeling.

Hugo Shong: so hard I think I must write my best. (Laughter) So after written. Because the United States also put the New Year, holiday, no one to work the next day, the third day I put the table of Mr. Michael, I have two days to play their own, and was too tired to go out on the 4th I will play the , I went to New York, Tan Dun to find what went on around, I was met on the 6th, Mr. McGovern, he said congratulations to you, your very good program, we will do according to you, I am particularly pleased to play quickly phone to tell a friend.

the end of a thought, I said that while the use of my report, I would like to see other people's, I say to you, Mr. Michael's report they were to see me, he said that they did not pay, that they want to go on vacation, busy, so you do it as you wish, they were the work of other arrangements, of course, was in Taiwan, the United States to withdraw to the places, and later he also left the company, and a general manager in Hong Kong He later emigrated to Canada, and have not heard how they say that I am not good, because they are probably not, because to him a chance, they were not written, it can not blame me.

venture capital in China can not be论英雄American Standard

Moderator: In addition, we know, IDG is no doubt that in China is a very successful venture capital firms, have invested a lot of companies, including This network of Internet companies, we are well-known such as "Computer World", Tencent, Kingdee and so on, these companies come from the hands of the cultivation of IDG, is very successful, but we also have some of the problems users would like to ask Bear total, in the IDG to invest in China in the process of what is inadequate? If yes, how look at this problem?

Hugo Shong: To know that the risk of investment in this sector is less successful, the failure of many, especially in the United States, the so-called the company a successful company you have two 10 vote has been pretty good , and can basically have a successful return of the Canal, two to three on the very great to make money, we now have four inside 10, earn money, there are a few still there alone, nor need to give him money, but the listing should be almost, if bonus points are also not too much money, it may be an opportunity.

China and the United States but not the same, of course, China did not vote in the United States so expensive, but also in China, the United States these companies do not easily die, so also there to continue to develop, so that you have to I am speaking now, you mentioned of course, are listed, as we all know very successful, and some companies may not necessarily be said, as well as how you look at this thing, you say, from the first, the general so-called venture capital to withdraw from the success of five years, and achieved very high returns, an average of five years or so, and some of the market quickly.

But in China, I think you can not论英雄, because of China's market development and the United States are not the same, a little bit of time, opportunity, the ability of the team's ability to deal with the market how to, so that still have a long-term plans, for example, we have the highest rate of return Baidu, up to now we have the highest rate of return on investment is Soufun, Soufun we voted in 96 years. 10 years, so you will find out, how the evaluation of this matter?

So I think that I can not say I know I will succeed, but we, through these experiences, as well as a more long-term goal of a more important point, because the reason why some projects fail may be many reasons why we as long as it is the risk of investment, as long as they are voted in, it is your product, you are one of its partners, so in the middle of this process we learned a lot with each other, but we often fail to find out why unsuccessful, perhaps successfully, and then when we vote Superdata Software, at the beginning rather than the business now, the most vote is the beginning of the Internet search engine, in-line to do the translation, then it feels that the market does not, we're the team to discuss, It was agreed to recruit, quickly achieved success, and if unsuccessful in front of it is a pity not to give up the things?

So, I think, always learning, but if you voted in a team, the team must have a very large commitment, but said that with these entrepreneurs, the formation of the inseparable relationship between the This, though a bit dependent relationship, with all countries, a loss will also be ruined, but good enough venture capital to join in the study.

Moderator: Bears do not know what the total area of concern now? How do some of the opportunities the current home? IDG In what areas of concern?

Hugo Shong: this area, the Internet can not talk about what are interested in, I think certainly from our tradition of IDG speaking, IDG is also aware of the background is the original information services to do, IT, "Computer the world ", IDC market research done and our exhibitions and so on, which is our main business, in IT has been a concern to us in one direction, this is more familiar to us, and secondly, the Internet in this area, this is like value-added communications services, the so-called TMT media and so on, this series is we have always been very concerned, but China also has a lot of room for growth, while a like number of new technologies, new industries, new products , materials, etc. In this regard, we are now, like IC design, such an orientation, we are still more concerned about.

friends: I am a MBA student, very interested on the VC industry, I would like to ask you on China's VC industry views the future of what? VC industry would like to seek employment, the development of what channels of communication with the VC?

Hugo Shong: I often encounter some of these students told me to mention this problem, I think this is a good question, of course, we welcome more interested in the things people do, in general , you should first look at the background of his own, abroad MBA, we are willing to accept the MBA training, this is better, a certain degree of experience, from school to school time, we might have an interest in the MBA is not very interested in why not? Because you, after all, done in a company, and there was a certain amount of practical experience, the VC is better to do. This is the point.

with you is also somewhat related to age, you are older, say it lightly, would like to create their own business, so I think people go to start, avoid doing things that VC, heart itch, went to VC done there.

friends: As a start-up project start-up team, you can look for IDG to invest? IDG will invest some angel?

Hugo Shong: At present, more difficult is that, because it is angel investors take a long time you do this thing, we are not unwilling to have no interest nor is it because we do not have much time, because too much control of the project, because everyone has an equal time thing, if he came to us and we very much welcome, and we recommend some angel will give him the funds and so on. Can also take a look at some projects that do not necessarily have to get an angel investment, and perhaps some of the projects we have inside, it needs the same, he can also act as an angel investment.

Moderator: their investment projects.

Hugo Shong: Yes, it can come to us that China has not really done a number of angel investments, you said you like you voted in this matter, the so-called angel investors in terms of, in general you have three sources, the so-called three F, 3 F is your family, your friend is, there are those who worship you, I think you are very much willing to give you money, three F, at least say that we are willing to become IDG your friend, not to say that can not vote, we can help you, if as a company, as a specialized profession, we are now obviously do not attend to angel investment.

Moderator: There is another item in the selection of IDG, the general process of what kind of?

Hugo Shong: We consider the projects, is no more than three areas, first, we will value all you have to do the size of this market, you do what kind of market, and the second, your products, your services and products has its certain amount of originality, but also a certain degree of competitive advantage, and later to your competition, the ability of anti-copying relatively strong, the third very important point is that your management team, this team is very important, If this is not such a big team, just one person, if the people who have a stronger leadership, does not mean that a company who do not believe that a person can only do their own, do not believe that people find Regardless of all the seven to eight大姨, the wife and kids into this.

This is mainly because the management team we will spend a lot of time, we may do in two aspects, one market, there is a team, the product itself, of course, we will see, but more and the team discuss how the adjustment could have done better.

Moderator: This is not what you advocate is for entrepreneurs to provide value-added services?

Hugo Shong: right right, because the risk of investment capital like other people to see, in fact, you know, do not have the money when you feel special good money, we control the money when the pressure is very large, because when you down, how you want to give investors better returns.

China's huge potential growth of e-commerce

Moderator: Hugo Shong, president of We know that China's Internet industry is also a witness that he witnessed a lot of the growth of Internet companies and can be that participation in a number of decision-making, we wanted very much to hear about bears on the domestic total in a decade the development of the Internet view, and for the next five years to ten years to determine trends in the development of the Internet.

Hugo Shong: I think the Internet in China of course is a very exciting market, the so-called exciting, because you want to talk about the Internet, the number of people with you, and the market up to the Chinese people, the cake naturally big; Second, China is so vast, so that China's economic development played an important role, of course, we are concerned about the future investment, while China's development potential that will be great, if we say that from the market point of view, China's 100 million Internet users are more than 20 million people, only half of the United States, want to talk about potential, China is a potential capacity of our installed capacity is the capacity of installed PC, PC China this year only 90 million, which is equivalent to the United States 13 years ago, speaking from a number of very large, the second point, you see that you are not really in the United States that you can see, but not really the most you said this the individual market, there are a lot of transactions are done up in e-commerce, China is a very small e-commerce is still a part of, you say, their own e-commerce is now the world's largest e-commerce sites, such as fertile Selma, Wal-Mart orders it every year you know that a huge amount, ordering, sale and purchase transactions, we all know Dell direct sales, e-business a lot, but in terms of e-commerce in China is very small, another point that we have voted Dangdang, you know that the United States among the Internet, e-commerce to make money the first Amazon (Amazon Web site), Americans now buy books, Chinese books, and now the Amazon sales compared with the excellence and Dangdang, which is worse far shows a great growth prospects.

In particular, I think it will bring a big breakthrough, may be e-commerce, e-commerce as China is now the means to pay online or text messaging, wireless, mobile phone charges for these things.

money can help some people can not do their own things very happy

Moderator: We know that many venture capital firms, their investment in itself is a kind of social wealth creation, worthy of their community to respect the acts. Hugo Shong, president for its own terms, he is also a person with a sense of social responsibility, and he湘南洪disaster for this year's donation of 300,000, in addition to bringing up a son of the heroic mother, this is admirable, we very concerned about the Hugo Shong, president of entrepreneurs or people who look at how the social responsibility of the.

Hugo Shong: I think the attitude of the wealth of the East and West, with the attitude of people's lives, in fact, you want to, of course, money is important, for the most important people suffering from cold and hunger, for example, I just go to the United States time, only 38 money, time is money very, very important, but to a certain time, after some time, you may have some extra wealth, then what do you want? Wanted to do something you want to do your past do not have the money but it may do, then do not have the resources, do not have the time, you are now willing to do such a thing, so that you can use the money to help others would like to do some of their own do not have the time and energy and regional affairs so you can not be a good thing.

For example, say that I am in the United States alone, you said a person when you just simply there to make money, a lot of accumulated wealth, no one is willing to respect you, the United States there are many rich people, just like Microsoft is also the same way, Bill Gates did not set up the fund before the views of others, and now Microsoft is completely different when he set up the fund, the people's view of Microsoft's whole different changes have taken place, perhaps he done earlier, the U.S. government will not be so hard on him, McGovern, chairman of our company is the boss who is very poor, when he was after money back so I like to do some of his childhood, he donated a world - the largest human brain research.

Moderator: He also wants to expand these projects to countries in Asia and Europe?

Hugo Shong: I am getting old and with this donation, he said to China. I said every day in his ear, I hope that he built to be here, is my hometown in Hunan Province, they have had 98 years time, that I have donated 20 million, and I often go to Hunan, but also to a recent because the celebration. Hunan is because you grew up in a place over there, and then in the big lake to spend the best four years of life, so you want to go back, do something anything, so I was there 95 years has established a scholarship, I feel very good, this time with other people I have often said, when you had the money to provide some resources to do so very glad you do, so I am grateful to television stations, so they created a better opportunity to make money do you think it is still relatively meaningful, so that this attitude and wealth.

how much you think you can eat, how much you can wear, you can use how much money you can use is limited in practice, I often say one thing with other people, I said, the well-being of people with What is your wealth is not directly related to, and you do not believe like you, I want to tell you, you said you are most happy when you with your college buddies together, and no one to talk about how much money now, when University and more fun, when you are poor, but the spirit is very rich, but in terms of, you too busy to go after money, you also not too many non-think the meaning of life, afraid to go out playing with other people, for fear that other people talk employment, investment engaged in this matter, and sometimes could not break a good rest, so you think, I was also pretty poor, so that when you are most happy, but probably you are the poorest of the time.

I have a number of students in the United States, we do very well, we chat about the most happy time when the poorest are at that time, (laughter) how now there is no such opportunity.

Moderator: Chat with the well recall the time when蹭饭.

Hugo Shong: on (laughter). His daughter are particularly good, especially the United States admitted to a university is not easy to test, to see their children home refrigerator one less thing on跟妈妈说, Hugo Shong come that day I sent her university when she presents to the matter said.

Moderator: Because of the time today, we chat on here, very grateful to President Hugo Shong guest "VC Life", to all of us to join the spirit of the feast of sacrifice, but also made us realize that the whole future development of the Internet trend, very grateful to President Hugo Shong, thank you.

Hugo Shong: Thank you.

Moderator: Thank you friends also. (The end of this chat)