The Hongtai Fund, which has been building for nearly a month, was officially announced on November 26. The ceremony of the inauguration ceremony was filled with flowers baskets sent by Yu Minhong and Sheng Xitai friends, and there were quite a few flowers. Some media friends recalled that this grand occasion was much higher than the establishment of the real fund. Xu Xiaoping, a former partner of Yu Minhong, also came to the venue and participated in the unveiling ceremony, including the entrepreneurs, Xiong Xiaoge, Huang Nubo, Wang Zhongjun and other venture capitalists. The 21-digit LP of Hongtai Fund was unveiled, and the composition was luxurious, which made this fund attract attention.
The following is the full text of Yu Minhong's speech:
When it comes to entrepreneurship, Huang Nubo should be the representative of entrepreneurs. He came out of the national system. In fact, I also counted the national system. When we came out, in a sense, it was a kind of rebellion against the system at that time, but it was more of an impulse of youth. When we were not 30 years old, when the situation was flourishing, the rebellion was also a kind of kind for us. fashion.
Everyone knows that entrepreneurship is good or risky. Things that are closely related to young people are full of dislike for so-called mature society, mature people and mature systems. I think this is not something that young people should do. Peking University has already It is a place full of freedom, but I think the air is so dull. When I came out, many people around me, including the leaders of Peking University and my friends, said that Yu Minhong did not see a little bit of business genes. You are a dead end. For a long time, countless people called me self-employed.
In fact, in that state, we still believe that the future belongs to our generation. Now that more than 20 years have passed, we have changed from a young man in his 20s to a middle-aged man in his 50s. Not only has his age increased, but his body and mind have also moved toward middle age. When I looked back, I found that I could never become a so-called mature person, living in a mature system and comfortable state. Because I know that the so-called maturity means obscuring your vision and blunting your anger. The so-called maturity intentionally or unintentionally dominates the development of young people. The so-called maturity intentionally or unintentionally sees something, and the so-called these things are even stupid, seemingly unruly, seemingly disruptive and subversive. The famous writer Maug said this sentence: "When you hear the young man confident and full of nonsense, when you see his arbitrary dogma and narrow paranoia, what do you do with anger? Point out his ignorance and ignorance What? You have forgotten that you are so stupid, arbitrary, arrogant, and arrogant when you are older than him. I said you and me."
In fact, when we think we are mature, we have left the world, leaving this era, getting farther and farther. I always think that I am a person who is constantly dealing with young people. There are a total of 3 million students trained in New Oriental each year. There are more than 2 million young children between the ages of 13 and 25. I still feel that I sometimes use the critical eye of young people. This is an unconscious. Vision, you think you have experienced vicissitudes and think that you have a transparent and complete understanding of the world, but when we find that my children are playing with ipads, playing with mobile phones, when all their communication is in contact with the modern world. At the time, I suddenly found out that I was already behind. I always thought that I was typing very fast. The average person couldn't compare with me, but I suddenly found out that my child typing on the ipad and tapping on the mobile phone can catch up with me at the computer. On the speed of typing, I found that I really fell behind.
In the era of mobile Internet, there is no doubt that it is a world of young people. Whether you admit it or not, young people are coming to us. They walked by us and went further than us. In the past, Ma Yun, Li Yanhong, Ma Huateng and other people, the fourth generation of Internet entrepreneurs spent ten years to achieve today's scale, is a great thing. And we suddenly found out that we could do one thing in a flash. Within a year or two, they (the young people) began to influence the world, and their company's valuation began to reach one billion and two billion dollars.
When we visited Facebook, we found that their founders were probably less than 30 years old, and they already controlled a world of more than $200 billion in market capitalization, and they affected the survival of 800 million people on their systems. I feel that we Generations are getting older.
When we get older, there is a way to participate in the world of young people becomes a very important topic. For me, at least two things have been done for young people: First, I speak to more than two million college students and high school students every year. Through speeches, I can at least capture the spark of life from among the students. And the pursuit of future expectations. When your lectures are on the Internet, there are tens of millions to go to see, why do you have to go to the site to do more than 100 lectures each year? I said that they saw the video on the Internet, and they only had one day of excitement. If they heard my language on the spot, they might be excited for a month, and their lives might change from then on.
Secondly, a large number of students enter the world's top universities because of the New Oriental training to enter a better university in China. There is no doubt that we help young people achieve better dreams. Eighty or ninety percent of the young people who started the business told us that we used to be students of New Oriental.
Xu Xiaoping is almost the same age as me, but he does consider himself as a young man, immersing his soul and soul in the young people of the young world. When New Oriental went public, Xu Xiaoping left the board of New Oriental. His first thought was how to help young people. I remember this path is particularly clear. When he communicated with young people, he suddenly found out that the help was virtual. He decided to help the young people with the money from the listing of New Oriental. At least 10 projects were invested by Xu Xiaoping before the real money fund. Every time he went to the bank to withdraw money, his wife would fight with him once, because they all took their own money.
In the past two years, you can't have any chance to make money. Now his lover is very supportive of him, because the three companies he invested in have been successfully listed. Xu Xiaoping's success is not for the eyes of angels but for the love of youth. This is exactly what I did in New Oriental. We must always be linked to youth. We must always believe in youth and be linked to this era and linked to future hopes.
It is no exaggeration to say that I am the one who takes the most money from young people. Actually, I am not investing in young people. First, young people are investing in me. They gave us the money and we have the money to invest again.
So there is no doubt that I can't just take the young people's money. When we saw that Xu Xiaoping has become my role model, I actually had this kind of consciousness before. When Li Kaifu did the innovation workshop, Xiaoping had not made an angel investment. It is both the GP (General Partner) and the LP (Limited Partner) of the Innovation Workshop. Later, as long as the funds that are relevant to the young people are invested, more than a dozen funds have been invested. There is only one purpose, which is to help young people. In the middle of this process, I suddenly found out that I am a person who especially likes to lead. I like to have a feeling of helping people personally.
I think Xu Xiaoping is doing a lot of things in this place, and he encourages the enthusiasm and style of young people to be more powerful than me. I think I have to take a step to do it together. I am also a GP. When is it with the GP branch, isn’t he taking his limelight away? (Laughs) In addition, I think that whether China is PE or VC, many Chinese people really lack such courage and are willing to throw money away without asking for a return.
Frankly speaking, I dare not do it when I am alone, because I have never really done such an angel screening. I know the enthusiasm of young people. I am afraid that I am enthusiastic, but I have invested 300 million yuan into one. . Therefore, doing one thing requires a good time and a good person.
In fact, I and Sheng Xitai often meet, but always in a hurry, we drink together a dozen years ago, and the family is close. What did it feel like to call the first time? At the time, I came to two guests at home. When I found out that there was no alcohol, I called Sheng Xitai and said that I needed a bottle of Moutai. He said, come to my house to pick it up. I didn't expect him to give me a whole box of 12 bottles of Moutai. I think this person is very generous. In addition, his family members have a relationship with Peking University, so they are close.
I have been familiar with it. When I met him again, he had already invested in angel investment in the past two years. He showed me the success story. I really need such a partner. Later we decided to do it together. A fund. I believe that our Angel Foundation has a lot of cooperation in the future.
I believe that I will lead a fund like this, at least to connect the young people's sights with us. Because I said earlier, the future of this world will always belong to young people. No matter how many defects young people have, it must be the world of young people. I hope that when I leave the world, my epitaph must be engraved with a sentence: he is accompanied by youth throughout his life. If only one person came to see me that day, I hope that this person is not Xu Xiaoping, but a young man.
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