He worked for Li Ka-shing for five years and was the youngest chairman of a listed company in Hong Kong

　　Liu Xiaoying, Founding Partner of Eagle Fund, Founder and Chairman of the Board of Directors of China Long-term, Partner of New Dragon Holding Group, Partner of Silicon Valley F50 Fund, Director of New Asia College of Chinese University of Hong Kong, Vice President of China Angel Federation, Vice President of Angel Growth Camp. In March 2018, he was appointed as a member of the Global Alumni Advisory Committee of the University of Hong Kong Chinese University.

　　In October 1963, Liu Xiaoying was born in Xiamen, his ancestral home is Jieyang, and he graduated from Chinese University of Hong Kong. His father was a returned overseas Chinese from Thailand, and after graduating from Jimei University in Xiamen, he went to Fuzhou to serve as a soldier.

Liu Xiaoying was the eldest son in the family, and his father named his other three brothers Liu Hongbing, Liu Zhanying and Liu Jianying. Liu Xiaoying once said in an interview: "From the names of our four brothers, we can see how "fighting" and sensitive he is. I am the Kitty Hawk aircraft carrier, the second brother Liu Hongbing in 67 years is the hottest year of the Red Guards, the third brother Liu Zhanying in 69 years coincided with the Battle of Zhenbao Island, and the fourth brother Liu Jianying in 71 years should have defeated Lin Biao and resolutely opposed Su Xiu, right? ”

　　When she was a child, Liu Xiaoying often listened to her aunt tell the story of her grandfather and uncle's part-time work and business in Thailand, and knew that they ran a rice business, and there were four big boats in their heyday; When he grew up, he liked to read biographies of celebrities, and when he studied business in college, he was exposed to many classic cases of century-old enterprises, from the financial empire JP Morgan and Goldman Sachs, to the leather shoes of Italy, the red wine of France, the scissors of Germany and the hotel of Japan.

　　From elementary school to junior high school in Xiamen, Liu Xiaoying took the first place in the exam every year, became a squad leader, and was also the commander of the Red Soldiers, Red Guards, and Revolutionary Literature and Art Propaganda Team. He said, "I'm also red and specialized!" ”

　　In 1977, Liu Xiaoying's father moved to Hong Kong with his family. When he first arrived in Hong Kong to transfer to school, he was downgraded by two levels due to his poor English proficiency. But Liu Xiaoying, who is so strong and smart, not only took the first place in the exam after a semester, but also became the class president.

　　"The word does not come out", and the dream of entrepreneurship is born

　　From looking up to the idol Li Ka-shing to working at Lee's Hutchison Whampoa

　　Liu Xiaoying was born with business genes. He likes to watch financial news, and Li Ka-shing is his idol. In college, Liu Xiaoying chose to major in marketing and international trade, and minored in computer science and economics. Chaoshan people have a saying that "the word does not come out", and Liu Xiaoying can't wait to become his own boss as soon as possible after graduating from college.

He is very active in school, in addition to participating in different communities, he is also a representative of the football team, playing as a right winger, and he is very familiar with his brothers and sisters. After graduating from university in 1988, people were typing dozens or hundreds of cover letters, and he didn't even have a resume or graduation certificate.

　　Liu Xiaoying sales engineer started, ran all over the north, Shanghai, Guangzhou, Shenzhen, Zhejiang, Fujian, the earliest open areas, others are lazy but I volunteered, to help 3 departments sell products, Japan Tamura magnetic card public telephone, NEC program-controlled telephone system (PABX), NCR hotel computer management system (small computer LAN).

　　Because Liu Xiaoying speaks Chinese well and understands the national situation, he learned to break the ice with cigarettes, eat and sing K gifts are in place, sign a lot of orders, increase his salary several times a year, and soon become a manager, laying a foundation and accumulating network resources.

　　After 1989, Liu Xiaoying, who was full of confidence in reform and opening up, resolutely returned to the mainland. He once revealed in an interview: "At that time, when I was in my 20s, I had become friends with the big brothers of the department-level leaders, as well as the leaders of the Ministry of Posts and Telecommunications and the post and telecommunications bureaus of various provinces and cities. Later, my first pot of gold was a large purchase from several major provinces. ”

　　In 1991, Liu Xiaoying went to Switzerland to visit the Telecom Exhibition and met Nokia, Ericsson and many communication equipment manufacturers, which led to the fate of winning the agency of Nokia.

　　Thirty and standing

　　3 life events for 3 days in a row: quitting your job, getting married, starting a business

　　In 1993, Liu Xiaoying resigned and started a business, just 30 years old, and he did three major events in his life for three consecutive days. On the first day, he resigned at Hutchison Whampoa and flew to Beijing that night; The next day, the wedding was held; On the third day, Changchang Telecom officially opened.

　　Liu Xiaoying started with 200,000 yuan and signed the world's top 500 Nokia China general agent. It is reported that in the first year, he had insufficient funds and could only work as a consultant agent (FA) to get orders, and in the second year, he began to directly open a letter of credit (LC) to order goods in Finland, and the sales pressure was very high every quarter.

　　In the first few years of entrepreneurship, there were no investors, and there was no foundation for fighting father, so he had to bear all the difficulties by himself, and later he often allocated funds to support his father's factory.

　　With the expansion of China's mobile phone market, Liu Xiaoying signed a contract with Philips mobile phones and Alcatel mobile phones as the general agent, and from 93 to 97 years, the annual revenue has increased several times, and the profit has also increased several times, and the order pressure given by manufacturers is also increasing.

　　The company's capital chain is always in a state of tension and almost broken, and he mortgages the house, signs PG to bank loans, finds manufacturers on credit, and gives profits to customers to advance payments to enrich cash flow, which is often alleviated until the last moment.

　　Due to the lack of better financing channels, after 4 years of entrepreneurship, seeing that the company's annual income has reached HK$500 million and a net profit of more than 10 million, considering listing and financing in advance has become a lifesaver for himself.

　　The company's listing process is also full of thorns. Imagine that Nokia's business accounts for as much as 90%, but the agency agreement is signed every year, and this risk factor alone cannot be passed. At that time, I couldn't find anyone to ask how to go public.

　　In 1996, Liu Xiaoying met a Deloitte auditor partner by chance, and learned that the listing needs to find the "Big Four" to do the audit, pay income tax, and make profits compliant, and also find a sponsor and listing lawyer, with a fee of at least HK$7 million (at least more than 30 million today).

　　Although the challenge was great, Liu Xiaoying had no choice. Since 1998, he has been preparing for the main board listing in three years. He once said, "I was almost disqualified as an agent because I couldn't complete the delivery task, and I tried my best to speed up the listing steps every day."

　　At the age of 36, he became the youngest chairman of a listed company in Hong Kong

At the beginning of 1999, Liu Xiaoying saw that the Hong Kong Stock Exchange launched a GEM listing plan focusing on technology and the Internet, and only needed two years of performance.

　　At that time, a lawyer friend suggested that Liu Xiaoying add an Internet concept and introduced the entrepreneurial project of Tony Tang, an Internet professor who returned from the United States.

　　Liu Xiaoying seemed to understand the latest B2B concept of Pacific Business Network, and his friend endorsed without doing due diligence, invested 400,000 US dollars accounting for 20% of the shares, and loaded it into the main body of the application for listing.

　　After Liu Xiaoying submitted materials to the Hong Kong Stock Exchange, he received many inquiries and then fell into the sea. The lawyer and the Listing Division of the Hong Kong Stock Exchange considered that the company's major suppliers were too concentrated, and the risk of agency did not meet the listing requirements.

　　In desperation, Liu Xiaoying was in a hurry, and summoned up the courage to call Huo Guangwen, senior vice president of the Hong Kong Stock Exchange, directly to ask for a complaint and an appointment, and invited Mr. Lin Guocheng, the account manager of Nokia, to visit him, emphasizing Nokia's trust and long-term support for long-term telecommunications.

　　Liu Xiaoying's sincerity and perseverance impressed President Huo, and two days later, they miraculously got the listing approval, and their sponsors, lawyers and auditors were very surprised.

　　The listing roadshow was very successful, oversubscribed, that was in November 1999, the concept of the network is so crazy, the US stock market hit a new high every day, Liu Xiaoying was successfully listed on January 26, 2000, earlier than Li Ka-shing's TOM.com, the stock price rose 33% on the first day, the trading volume accounted for more than half of the entire GEM, and the market value exceeded 2 billion. At the age of 36, Lau became the youngest chairman of a listed company in Hong Kong.

　　In May 2000, Liu Xiaoying's Pacific Business Network was backdoor listed on the NASDAQ. Within half a year, I had two companies go public.

　　Miss Jack Ma's story

　　In 2000, Liu Xiaoying's company IPO in Hong Kong, as the chairman of the listed company, was relatively young and vigorous at that time. I happened to meet Jack Ma at the Furama Hotel in Central, Hong Kong, giving a speech on Alibaba's fundraising, in which he repeatedly emphasized that the development prospects of China's Internet are very good. But in fact, at that time, China's Internet development was just starting, the number of netizens was limited, and the only portals that began to take shape were Sina, Sohu and NetEase. Jack Ma said that he wanted to do B2B e-commerce in China, but Liu Xiaoying felt that China's Internet penetration rate was still very low, and it seemed that this investment was not very reliable, and it may take three or four years to brew, and in the end, no one in the audience of that speech voted for him.

　　Liu Xiaoying once was interviewed by the media, looking back on this experience, he said, "At that time, I felt that Ma Yun was a big liar, and there were "three unreliable", one is that the Internet has not yet been popularized in China, the second is that his eloquence is too good, and the third is his strange appearance."

A few years later, Liu Xiaoying met his brother Wang Ganzhi, who also graduated from Hong Kong Chinese University, and was lucky to become Jack Ma's angel investor.

　　Although Liu Xiaoying missed out on this big opportunity, in fact, blessings and misfortunes depended on each other. Liu Xiaoying started to make angel investment because he wanted to make up for this regret, and only then did he think about finding the BAT of the mobile Internet and finding the future of 100 billion enterprises, or even trillion enterprises.

　　If Liu Xiaoying was a professional investor back then, or the Eagle Fund had been established at that time and could have formed a team, including partners, investment directors, analysts, etc., then he would definitely follow up on the project and understand the situation of China's Internet and venture capital circles at that time, and maybe even successfully set up the project. They have invested in so many projects over the years, in fact, they have also learned a lot of experience, it can be said that they have paid the tuition fee, so that the company's employees can play freely, and gradually accumulate some experience. Liu Xiaoying always believes that if you don't accumulate steps, you can't reach thousands of miles, and if you don't accumulate small streams, you can't become rivers and seas. This is true for entrepreneurship, and it is also true for investing.

　　Transformed into the "Eagle Fund"

　　30-year vision, hope to invest in 1,000 science and technology entrepreneurship projects

　　Liu Xiaoying has invested in WAP mobile phone Internet project since 2000, in 2009, seeing that the era of mobile Internet is coming, it is a market more than ten times larger than the PC Internet, referring to the experience of 3G in Japan, he began to sit still, and decided to enter the venture capital to establish a venture capital brand, learn from Buffett's long-term value investment plus "technology", determined to use 30 years, invest in 1000 science and technology entrepreneurship projects, and each fund should achieve an annualized IRR of more than 35%.

　　In 2012, I registered the trademark of "Eagle Fund", and the first phase of the fund (Shanghai Changying) did not dare to find friends to raise funds, so I invested a total of 120 million yuan and invested in more than 50 early-stage projects for three consecutive years.

　　The first angel project before the Spring Festival in 2013 was Yingpu Technology, which is now a well-known artificial intelligence unicorn leader in the country, with an annual income of more than 100 million.

　　There is also a Finnish Jolla Sailfish mobile operating system company, which invested 10 million Hong Kong dollars in 2012 and 2013, won the bid for Russia's only safety operation system in 2016, and received strategic investment from Rostelecom, Russia's largest operator, in 2018.

　　In the same year, the Russian government announced that it would invest $2 billion to build the Sailfish ecosystem, and in the 2019 Sino-US trade war, Russia announced that it would order 360,000 tablets from Huawei and pre-install the Sailfish-Aurora operating system.　　Investment-life balance

　　Flying Eagle Cycling Club, Eagle Super Football Club, Eagle Basketball Club

　　In 2013, Liu Xiaoying decided to commemorate the cycling around the island of Taiwan, and on the second day of his 50th birthday, he rode south along the coastline of Taitung from Taipei to Kenting.

　　Plain blue sea, golden sunshine. The balance between going up and downhill, immersed in and focused thinking about life, the moment he arrived at the finish line, Liu Xiaoying found that he had fallen in love with the sport long before he realized it.

　　Liu Xiaoying likes to ride in groups, and the lively atmosphere makes him happy.

　　From the starting point to the finish line, a group of people set off towards the same finish line, with the same goal, chatting and joking during the break, everyone in the team was in high spirits and elated, and there were several tables when they went out to eat, "like the New Year".

　　Such an atmosphere is often like a fresh spring, which can wash away the tiredness of the body.

　　"During the ride, I will calm down, and most of the time I will ride alone, focusing on life, so I will also understand some life truths." Liu Xiaoying said.

　　On the road of cycling, some people choose to go alone, while others choose to walk together, but everyone needs to walk on their own road, no matter how good the equipment, to get on the road, you need to pedal and exert force.

　　The ride is over, but the thinking on the road continues. He has written in-depth articles such as "Cycling and Entrepreneurship" and "Cycling is Like Life" on his personal public account.

　　After returning from Taiwan, Liu Xiaoying established the Flying Eagle Cycling Club, and every October, he will take the team to Taiwan for a round-the-island ride, and has held five consecutive round-the-island cycling activities.

　　Since then, members of the club have remained in Hokkaido, Jeju Island, and Europe from Qinghai Lake, Qiandao Lake, Yunnan, and Hainan in China.

　　At present, the club has gathered a large number of cycling enthusiasts, so far, the total mileage of the club has reached 368,000 kilometers, which is quite influential in the Internet and venture capital circles, and has also won the first China's most influential lifestyle community award in 2017.

　　Talking about the most impressive cycling story, Liu Xiaoying laughed, "When we went to Qinghai Lake in 2015, some teammates rode into the salt lake. ”

　　This impressive ride on Qinghai Lake also inspired Liu Xiaoying's inner music dream.

　　When he was in primary school in Xiamen, Liu Xiaoying participated in the literary and artistic propaganda team, learned to watch the erhu and the band conductor, and had a very strong sense of musicality and rhythm.

　　In 2014, in a bar in Taiwan, Liu Xiaoying and his teammates grabbed the microphone and drums of the resident band, and began their first performance in their lives amid a burst of applause and cheers.

　　After the performance, the moment he got off the stage, Liu Xiaoying suddenly felt a little reluctant, "I feel that I still have some musical talent."

　　So, after that performance, the idea of forming a band was quietly buried in my heart.

　　It wasn't until 2015, after a ride in Qinghai Lake, that Liu Xiaoying made up his mind to completely realize his music dream.

　　That year, in the desert of Dunhuang, Liu Xiaoying and his teammates wore the clear moonlight, listened to "Hotel California", held chopsticks and everything they could use at hand, beat to the rhythm of the music all night, and scattered empty beer bottles all over the ground.

　　"We had guitarists, bassists, drummers and keyboardists, and that was the moment we decided to start a band."

　　After more than half a year of preparation, in 2016, the first cross-border rock band in the venture capital circle, the Flying Eagle Band, was established, and the first performance was successfully held at the 2016 annual meeting of the Angel Growth Camp.

　　Liu Xiaoying said, "Doing what I like and taking care of my hobbies is my ideal life." ”

　　In addition to cycling and music, Liu Xiaoying's hobbies range from movement to stillness, from golf, football, running, swimming to reading and writing.

　　Cycling, football, and golf teams actually create great social circles. Everyone is an entrepreneur, an investor or an Internet executive, and while exercising and exercising together, it is natural to communicate and build friendships and feelings. In the process, some investments have also been made, which makes interest valuable to the venture capital community.

　　Liu Xiaoying takes work as the backbone of life, leaves a blank space for life with hobbies, opens a gap in the tight time, lets fresh air and sunlight penetrate in, constantly absorbs new nutrients, and creates new possibilities for life.

　　This is Liu Xiaoying's way of life, and it is also his philosophy of doing things.

Source: Angel Growth Camp, Angel 100 Club, Yiyue Elite Social Circle, Baidu, Tianxia Tide Business