iAsk x China Daily 艾誠對話投資人劉二海

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我特別喜歡充滿熱情和投入的企業家，不管不顧地拿出自己的精力、拿出自己的生命去做事情。

I really appreciate passionate and devoted entrepreneurs, who do not care about anything else and pour their heart and soul into doing things.——劉二海 愉悅資本創始人

美國當地時間9月12日，蔚來汽車在紐約證券交易所掛牌上市。從8月13日提交IPO文件到9月12日敲鐘，蔚來僅僅用了一個月，就成為繼特斯拉之後第二個在美上市的電動汽車製造商。

On September 12th local time, Nio went public on New York Stock Exchange. Since its filing for IPO on August 13th until ringing the bell on September 12th, Nio took only a month to become the second listed electric car company on US stock markets.

儘管蔚來股價在當日開盤後經歷劇烈震蕩，但中國「新能源汽車第一股」的名號已經坐實。

Despite its tumbling stock price on its first day, Nio still gained the name of "the first listed new energy vehicle company in China".

去年，中國新能源汽車銷量77萬輛，累計銷量達180萬輛，佔全球累計銷量的50%以上。在新能源汽車發展的風口浪尖，蔚來汽車的創始人李斌拔得頭籌。

Last year, China sold 770k units of new energy vehicles. The accumulated sales of new energy vehicles in China reached 1.8 million units, about 50% of the world"s sales. On the front line of new energy vehicle development, William Li (Li Bin), the founder of Nio is taking the lead.

創業二十二載，李斌從未離開互聯網和汽車領域，他是中國最大的汽車互聯網企業——易車的創始人，也曾是摩拜單車的孕育者，被尊為「出行教父」。

Through out his twenty-two years of founding journeys, Willian Li never left the internet andcars. He is the founder of China"s biggest car internet company Bitauto, an incubator for Mobike, and is widely known as "the god father of mobility".

人們或許看得到李斌在戰前的精彩，站在幕後的劉二海卻鮮為人知。

Most people see William Li on the battle front line, but rarely know of Liu Erhai who has been standing behind-the-scenes.

圈內人曾調侃：「每當投資對象是李斌的時候，劉二海需要做的，似乎只是掏錢。」 的確，從易車開始，摩拜單車、蔚來汽車的投資人中，都能看到愉悅資本創始人劉二海的身影。

The insiders used to joke that: When it is about investing in William Li"s project, all Liu Erhai needs to do, is to give money. Indeed, Liu Erhai, the founder of Joy Capital has invested Bitauto, Mobike, and Nio.

如今，登陸紐交所的蔚來汽車，估值40億美元的摩拜單車，讓劉二海慢慢走到台前。

Nowadays, NYSE-listed Nioand Mobike, which is valued at 4 billion dollars, brought Liu Erhai to the front stage.

2018年，劉二海再次登上具有「創投界奧斯卡」之稱的「福布斯全球最佳創投人」榜單；成立僅三年的愉悅資本成為全球最年輕上榜機構；他所投資的摩拜單車、神州優車、小豬短租等一批企業紛紛變身行業獨角獸……人們把劉二海稱為投資界的「金手指」。

In 2018, Liu Erhai returned to the "The Forbes Midas list", which is also called "the Oscar of VC industry". The three-year-old Joy Capital was the youngest VC on the list. Many of his investments turned into unicorns of its segment, such as Mobike, UCAR, Xiaozhu etc. People say he has "the Midas Touch" for investments.

在點石成金、步步為營的背後，劉二海心中投資邏輯與戰略布局究竟是怎樣的？

What is Liu Erhai"s investment thesis and strategic planning that led to his Midas Touch?

艾誠：您投的很多項目，在古典投資人眼中是頗受爭議的，因為它們往往沒利潤，靠著資本輸血不停擴張，把一個分散、門檻不高的市場通過資本壟斷，形成一個個獨角獸。這究竟是一個企業健康的發展模式，還是一種具有中國特色的泡沫？

Gloria Ai:Many of your investments are quite controversial in the opinion of a class ic investor. Because they are usually not profitable, but keep expanding through continuous financing. Through capital, these companies connect distributed markets with low-entry barriers and become monopolies and unicorns. Is this a healthy way of development or a kind of bubble that is typical for China?

劉二海：這個問題非常好。我把中國企業分成三個階段。第一階段，從1978到1998年，是中國創業啟蒙時代，這時候有任正非先生的華為基本法，有柳傳志先生的管理三要素。整個中國都不是特別懂企業經營，資本也少。

Liu Erhai:This is a great question. I categorize venture development in China into three stages.The first is from 1978 to 1988, it is the age of enlightenment for Chinese ventures.Back then, Mr. Ren Zhengfei came up with "The Huawei Principles" and Mr. Liu Chuanzhi came up with his "Three Elements of Management". Back then, people in China didn"t know much about managing an enterprise, they also do not have much capital.

第二階段，1998到2018年，這裡VC扮演了重要角色，燒錢變成了非常重要的事情，這也是為什麼很多企業融到錢去擴張。

The second stage is from 1998 to 2018.During this time, VC played an important role, financing and spending money became very important.This is why so many firms were financing lots of funding for expansion.

中國企業將要進入第三階段，就是硬創新時代。如果用很少的錢，就能把事情做好，這當然很好，但為什麼要用這麼多錢呢？說明創新不夠。所以你看到的是一個普遍現象，不只是一兩家公司，而是很多公司，都有這樣的特點。

China is about to enter the third stage,which is the era of ultra-innovation.If you can grow your business well without the need to spend a lot of money, that is great. So why are we spending so much money? It shows a lack of innovation. So what you saw is a common thing. Not only one or two firms, but many firms have such characteristics.

艾誠：我想起一句話，交易是某個時間的集體意識，當我們買一個或投一個東西，是達成共識，覺得這個東西值得買或值得投。

Gloria Ai:It reminds me that someone said: Trading is a collective consciousness at a certain moment. So the moment we purchase something orinvest in something, we reached a common agreement that this thing is worth buying or investing in.

但評價一家公司，價值和價格是兩件事情，愉悅資本投資的很多公司是非常有價值的，問題是，它的價值配得上這麼高的估值嗎？配得上所謂的價格嗎？我很想更深入地了解您的投資邏輯？

But when we evaluate a company, price and value are two different things. Joy capital has invested in many firms that are very valuable, but the question is, are the firms worth such high valuations? Or such high price tags? So I want to understand more about your investment thesis.

劉二海：核心要點是創新。從第一時間，我們公司內部就開始做基礎，這是一個要點。我們有一個「面向根據地」的投資策略，有很多不同領域可以進來。那我們在一些領域裡，有四個線路，有技術的線路、產業的線路、新模式的線路和社會發展的線路等。

Liu Erhai:The key is innovation.From the beginning, we are building the foundation inside of our firm, which is a key point. We have an investment thesis that is "to focus on the bases", with many different focus areas. Within those areas, we have four paths. There is a technology path, an industry path, a new business model path and a social develop path etc.

過去VC是不談產業的，我們把它進一步細分，比如做了交通出行，又做了居住與空間。從產業的線路，我們就可以做成根據地，根據地有三個條件：第一，領域非常廣泛，第二，我們在裡面有數一數二的項目；第三，我們有人脈和理解力。

In the past, VCs do not talk about industries. We further segment industries into mobility and living & space segments. From the industry path, we can build bases.The so-called base has 3 criteria: First, it covers a wide range of topics; Second, we have top projects in this area; Third, we have connections and we understand it.

艾誠：您支持了李斌的易車，後來他參與的蔚來和摩拜單車您繼續支持，這是在創投圈難得看到的始終如一，您是有什麼樣的理性，堅持說「我看對了這樣一個人，他所參與的項目都值得我去投資」？

Gloria Ai:You supported William Li"s Bitauto, and you continued to support his Nio and Mobike. This level of consistency and commitment is rare to see in the VC industry. What is the rationale behind it to say that I am sure about this person, therefore I support all his projects?

劉二海：真正找到優秀的創業企業家是非常不容易的一件事情，是非常難的事情。

Liu Erhai:It is truly difficult to find excellent entrepreneurs, extremely difficult.

艾誠：您心目中的優秀企業家是什麼樣的？

Gloria Ai:How is an excellent entrepreneur like for you?

劉二海：他不是只拿別人的錢、拿自己的錢來做投資，他要拿出自己的時間、精力，全情地投入。我特別喜歡的企業家就是充滿熱情和投入的，不管不顧的拿出自己的精力，拿出自己的生命在做一件事情。

Liu Erhai:He does not only take others or his own money to invest, but he also needs to spend his own time, energy and total devotion.I really like the entrepreneurs who are passionate and devoted, who do not care about anything else and pour their heart and soul into this one thing.

艾誠：在中國做投資很有意思，感覺每三個月就有一波熱浪風口，有人說中國基數大、市場大，所以點大。投資人的重點非常分散，但劉二海的團隊是步步為營的，您不停地轉換根據地，或者說行業，下一步你要做什麼？

Gloria Ai:Doing investments in China is quite interesting, it seems like there is a new hype or buzzword every three months. Some people say China has a large basis, a large market and therefore many new ideas. So different investors have different focuses, however, Liu Erhei"s team makes steady plans,and keeps switching bases, or so-called industries. What is your next step?

劉二海：其實我們是如履薄冰、如臨深淵。創投是個苦行業，是非常苦的行業。因為VC是長線行業，你年輕，二十八九投一個項目，你覺著要出點成績，問題是五、六年之後才有結果，不幸的是兩三年它就犧牲了，白忙了。

Liu Erhai:Actually we are very cautious, we are skating on thin ice. Venture capital is actually a difficult industry.Because VC is very long-term focused. You are young, you start investing in a project right before your thirties, you want to do something big. The problem is that you won"t see the result until 5, 6 years later. And if the project is failed in 2 or 3 years, you waste your efforts, right?

企業家是我們積累的一條線，另外一條線是行業的積累，我們有根據地，從當年的汽車與出行，到現在的居住與空間。

Entrepreneurs are one of the things we are building up, the other thing we are building up is the industry expertise. We have our bases, from automotive and mobility back then, to today"s living & space.

進一步，我們希望在技術領域做更多的事情，尤其是在IOT（物聯網）以及人工智慧，總體趨勢就是朝硬創新方向去移動，而且我們已經做了一批這樣的企業，就是技術含量和創新度更高的。我認為時代已經邁入到了新的時代。

Next step, we want to do more in tech, especial in IoT and AI. The future trend overall is moving towards ultra-innovation, and we have made a few companies like that, meaning firms with more technical content and a higher level of innovation. I believe we have entered a new era.

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