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Liu Chuanzhi, chairman of Lenovo Holdings Co., Ltd. and founder of Lenovo Corp. As one of China's earliest industrial entrepreneurs, he founded the company for more than thirty years without turning over. After restructuring investors, he rebuilt Legend Holdings to invest in the empire and created The strategic investment + financial investment 'two-wheel drive unique business model. Among them, the strategic investment of Lenovo, Divine car rental, La Cala do more than 20 outstanding enterprises, while the financial investment business invested more than 600 enterprises. According to a rough estimate, only Lenovo Holdings 'financial investment funds, the listed companies in the invested companies' market capitalization has increased by 800 billion yuan from the beginning of the listing, and its operating income has increased by 500 billion yuan to realize the win-win situation for enterprises, capital and society. For more than 30 years, Legend Holdings has taken the path of starting from the industry and then promoting industrial development through direct investment. "Liu Chuanzhi said that if the real economy can not reform, grow, or even survive, it will face great challenges. Therefore, we must Determined to mobilize the development of the real economy through reform and innovation, the government will guide the funds to take a virtual approach.  1 China's technological innovation has been at the forefront of the world Looking for a Maker in China: In the past, China's manufacturing industry was often criticized for the reasons. Liu Chuanzhi: Many people always say that we only made in China and did not create in China. This is because private enterprises have not yet reached that level despite the innovative mechanism they used in the past, and technological innovation needs the strength of enterprises to make support and achieve breakthroughs and economies of scale. Of the high investment, but also need entrepreneurs for the long-term perspective. But now we need to make a difference. In recent years, there has been a process of accumulation of funds for private enterprises, and the vision has also been able to accumulate and improve. Now I think a large amount of private enterprises, enterprises like BAT have accumulated enough capital and the heat has come. I'm not worried about technological innovation. Looking for China Maker: What role will China play in this wave of technological innovation? Liu Chuanzhi: The arrival of the era of artificial intelligence is a crucial moment for China and the rest of the world, and China has shown its superiority in the formation of an artificial intelligence society. First of all, China has already stood at the forefront of the world in terms of mobile Internet applications, and for all of us it is obvious to all. For example, this year, when Jack Ma came to the United States to speak, it caused a sensation among the American people and really excited me. In addition, Chinese enterprises already have sufficient strength to deploy science and technology for the future. As a result, we already have enough funds to support scientific and technological innovation through the use of nets. Second, some of our large enterprises have already put in place the necessary resources Laboratory products into large-scale production and economic benefits; Thirdly, we are capable of tapping talent from all countries in the world and, fourthly, for large enterprises, we have had the strength to carry out inventive research that contributes to mankind. Looking for China Maker: Lenovo Holdings in the field of artificial intelligence is there any layout? Liu Chuanzhi: Artificial Intelligence is a highly competitive industry, companies need to have a strong technical team, Legend Holdings, we also learn while exploring. Its capital, the Legend Star in the artificial intelligence, smart manufacturing, mobile Internet early layout, investment in Telecommunication can be said to be the most typical early example.For example, the Comet Labs Lenovo Star, this is the world's labor Smart incubator, in 2016 released an intelligent traffic laboratory in San Francisco, doing artificial intelligence research. Looking for China Maker: In this era of turning point, companies should pay attention to what the problem? Liu Chuanzhi: Science and technology innovation needs enterprises as the main body. Although the strength of private enterprises in China today is strengthened, China's scientific and technological innovations have made tremendous progress than before. However, in some basic industries in our country, especially the basic components of artificial intelligence, For example, the sensor technology has been inherently behind one of the reasons behind is that we only lock these technologies in universities and research institutes in the study. Some competent enterprises should establish a long-term development strategy. If we want to attach importance to this issue, develop our own technical team and establish our own technical barriers, we should set ourselves on a higher plane. 2 Investment is the backbone of innovative start-ups Looking for China Maker: Turn from the IT industry entrepreneurs for a wide range of investors, how do you see this change? Liu Chuanzhi: In 2000, when we first started to make financial investments, mainly because I started from scratch, what I should make up for an entrepreneurial enterprise is very clear.First, it is naturally a lack of money, but also someone needs to be given an enterprise value enhancement Certain guidance and help. In fact, when Zhongguancun in Beijing entered a blind spot in the 1990s, it did not make any breakthroughs in science and technology and was still on track. But what about the gradual start of large-scale breakthrough after 2000? I think it is because of the money Investors arrived. After we got some foundation and experience, we began to invest in equity again in 2003. This success made us realize that there are always developing enterprises that need the support of capital.Now there are 3 investment companies under Legend Holdings, from Angels invest in VC, to PE, covering all stages of business growth. Now, our investment company manages more than 100 billion yuan of funds, together with angels investment cast 600 or 700 enterprises, exerted a great deal of energy. Looking for China Maker: Why Choose 'Strategic Investment + Financial Investment' Dual-wheel drive business model? Liu Chuanzhi: It was probably in 2007 and 2008 when I and my team gave birth to an idea that it is not enough to just make an investment or to have a leading enterprise in a number of fields and form a strategic pillar enterprise. Since then, our two-wheel-drive business model of 'strategic investment + financial investment' has gradually taken shape. The purpose of strategic investment is long-term holding, so as to build a pillar-type asset in the sector we are optimistic about. Financial investment refers to the financial Return-oriented, select the right combination of products and the subject of investment, between the two, but also in business linkage, financial collaboration and resource sharing and other aspects of the close synergies. Looking for China Maker: How to see the role of investment in economic development? Liu Chuanzhi: Investment is the pillars of entrepreneurship and innovative enterprises. Investors 'funds and investors' help in management really play an important role in enterprises that start and innovate. The funds are not, then who can be in need of funds where accurate, investment get in? Should be said that direct investment. The first is because of the mechanism, the source of the money is closely related to the investors, and the second is that our perennial value-added services cultivate a pair of investors' eyes in constant training. The investors really give the Chinese economy Brought great vitality, which is one of the important reasons why I think this group should be more respected by the community. Looking for China Maker: In the formation of investment teams, will be particularly concerned about where the quality of investors in several areas? Liu Chuanzhi: I think there are two basic investors ability: one is called price, which is our basic ability. Another important capability is value creation, that is, how we can turn a pottery into an exquisite porcelain by our efforts.Excellent, top-level investors are more focused on the ability to create value, even if the companies they cast exit the market Well done, this is our contribution to society, and I think investors should work harder together in this area.  3 To promote industrial development through direct investment Looking for China Maker: Recently, we are talking about entrepreneurship, how do you see the word? Liu Chuanzhi: Entrepreneurship, in my case, is about knowing everything, pursuing and innovating.China's market environment is constantly changing, requiring entrepreneurship values, ideas and concepts to be continuously updated. In the new environment, the biggest challenge for the Chinese entrepreneur community is uncertainty. Faced with all the uncertainty, what we have to do is to do our own business well for our people, Countries and people do more things, to keep up the pursuit, which is the core of entrepreneurial spirit. Looking for a Chinese Maker: What did you advocate for initiating the development of the real economy through reform and innovation and guiding the capital out of realism? Liu Chuanzhi: serving the real economy is the bounden duty of finance, can not bring benefits to the community, does not bring about the development of productive forces, this financial trend, that is, a very important reason for the "real" such as real economy Can not reform and innovation, growth and even survival will face great challenges, such as the current overcapacity in many industries, financial capital would not dare to invest money inside, it will be idle, resulting in a bubble. Looking for China Maker: In the process, Lenovo will assume what kind of role? Liu Chuanzhi: In recent years, the supply-side reform has been intensified and the pace of economic restructuring and upgrading has accelerated, while innovative consumption and services are just one of the strategic investment blocks that Legend Holdings is focusing on. With a vast territory and a large population, China has a solid foundation in consumer spending. As long as the economy adheres to reform and innovation, it will be able to stand its ground and we have voted resolutely and the result is quite good. For more than 30 years, Legend Holdings has taken a start from the industry, and then through direct investment to promote industrial development.Only the financial investment of Legend Holdings, for example, the Legend Holdings' three financial investment funds in charge of 100 billion yuan of civil society Over the past 15 years, more than 600 enterprises have been invested, most of which belong to the real economy. According to a rough estimate, the market capitalization of listed companies in the three companies invested by the three financial investment companies has increased by 800 billion yuan from the beginning of the listing year, and its operating income has increased by 500 billion yuan to achieve a win-win situation for enterprises, capital and society. 4 A letter to young people Looking for a Chinese maker: A point of view is that entrepreneurship must be recognized as early as possible, this idea? Liu Chuanzhi: Entrepreneurship is not the key to the success of the age, a venture to be successful temporarily, there are two necessary conditions, one must be motivated, to be able to withstand, can not start to see can survive, boil Can succeed; Second, learning ability, those athletes can fight into a world champion because they have the ability to learn, the quality of will only be a necessary condition, its own condition is to have learning ability. Looking for China Maker: What is the biggest difference between you and a new generation of investors and entrepreneurs? Liu Chuanzhi: All of our people in the past have a deep feeling towards the nation and the country and want to do more things, and if it is not for the reform and opening up, many of the talented people like my father and brother and the teacher may be buried. When we catch up with such an era of reform and opening up, we should try our best to work hard and I think there is no more alternative. Today's young people have more open-mindedness and their knowledge is relatively fragmented. All of us can choose according to our own thinking. Looking for China Maker: Some advice for young entrepreneurs. Liu Chuanzhi: There are lofty pursuits, have a strong set force, and perseverance to overcome difficulties, which is able to do things a basic condition.I think entrepreneurship can not be impetuous, the so-called impetuous can not wait to run into a sprint, can not wait immediately What can be achieved, it is possible, but it must be very few, most of the success is the result of profound knowledge. Looking for a Chinese Maker: How can a startup pioneer avoid becoming a business martyr? Liu Chuanzhi: Entrepreneurship is the fate of such a process, some people start their own businesses, there will continue to collapse, the collapse of these entrepreneurs also learned a lot, for example, he did a small company, to consider their own problems, the last collapse, he Go to that company to work, experience with the average college graduate is completely different, working in other companies for some time, and then start a business may have become. I would like to remind here is that the first venture capital, if it is really a parent's pension money, or is not easy money, business or be careful. Looking for China Maker: Not everyone can become a CEO, you must look at the qualities of a business leader must have? Liu Chuanzhi: Entrepreneurs can not become entrepreneurs, in fact, there is a problem here, is there you have no higher pursuit. Entrepreneurs and entrepreneurs are different here, entrepreneurs must keep pursuing, We must be able to withstand hitting. Then have the ability to learn, know how to adjust what they encounter, how to make strategy, how to bring along the team. Last but not least, leading by example is not an important condition for determining the success or failure of an event, but rather the only condition that leaders of an enterprise should lead by example and do what they themselves can not do and will certainly not.  The same question and answer Looking for a Maker in China: A Message to 2018. Liu Chuanzhi: Lenovo Holdings should give full play to the key role of investment in the development of real economy, promote the growth of more Chinese enterprises with its own practice, promote the healthy development of multi-level capital market and make greater contribution to China's economic development.
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