Capital Today

“Particularly for early stage deal, you can have like a 100 reason don't invest, but you just need one reason to invest. If the founder have killer instinct, he can see what others cannot see. And that's enough. He may have a lot of shortcomings, like, oh, he's…”

“The biggest mistake is hire the professional above the founder. I kind of feel like in China, in this kind of dynamic, competitive environment, you need the founder to run the company. If the founder is not running the company, if the founder has some shortcom…”

“We come across Sequoia quite often in deal sourcing. And I was saying so far, We have win maybe three times out of five times.”

“During that period of time, I have invested five more times. My initial investment is seven million. It ended up like hundred sixty-five million. We double down, triple down, total five times.”

“When we first started Capital Today, we had this cold call strategy. A lot of deals, like 40% of a deal are sourced by cold call”

“We have this slogan from the very beginning called Kill the Mediocre Deal Quickly. Do not settle with entrepreneur that has seven T-score.”

“One thing we check at JD, every time I give JD five times bridge loan, when nobody give JD the money, because when we start fundraising, in the year, the financial crisis come, Richard met 30 investors, nobody gave him the money. He was so worried that his hai…”

“If you ask me, if you force me to choose one among which was more important, I would say the business is more important than the founders. I have seen a lot of very smart founder struggling in a mediocre business. They will never get it. But if you have a very…”

“So I think the biggest mistake, if you ask me, is that we're not able to hold on to the winner because the fund has limited life. And the once and all solve this problem is just have this evergreen structure that enable us to hold on to a winner for a long, lo…”

“T one period, they made a return of six hundred million. Same portfolio, they made 2.3 billion in T two period. That's exactly the power of compounding.”

“For example, we invest in a company called a pharmacy chain, Yifong pharmacy chain. This is a very traditional business where the first investor, we invest in the company back to 2007 when they have like 70 store. We hold this company for 10 years. We invested…”