Venture capital "winter" is not so cold. Combination of industrial operation and venture capital investment.

　　Since the second half of last year, the fundraising speed of venture capital (VC) and private equity (PE) has slowed down, and many analysis agencies predict that this trend will continue in the future. For a time, there were constant rumors that VCs and PEs would face a new round of reshuffling and "wintering".
　　In this regard, Hua Yumin, deputy general manager of Tianjin Haida Venture Capital Management Co., Ltd., said in a recent interview with a reporter from China Science Daily that the venture capital industry will enter a "winter" this year, but not a "severe winter".
　　Hua Yumin told reporters that Haida Investment will give full play to its own characteristics, closely combining industrial operation and venture capital to meet future challenges.
　　Gaining a head start is crucial
　　Established in 2007, Haida Investment is a subsidiary of the listed company Qinghai Gelatin, mainly engaged in venture capital, management and consulting services. The core management team of the company has more than ten years of experience in venture capital.
　　Regarding Haida Investment's focus, Hua Yumin told reporters that Haida Investment is currently developing into a professional fund management institution, managing approximately 1.5 billion yuan in funds, mainly focusing on two major areas: emerging industries and consumption upgrades, with a focus on modern agriculture, medical health, energy conservation and emission reduction, and equipment manufacturing.
　　Due to its long-term focus on the health care and agricultural food sectors, Hua Yumin is quite calm when capital is flocking to these two sectors: "There is indeed a trend of flocking to invest in these areas, but Haida Investment entered very early, for example, I started paying attention to agriculture four years ago. Because I entered early, I didn't feel that these areas were very competitive. At least in some of our agricultural and medical projects, there are not many investment institutions participating in the competition, which ultimately comes down to our gaining a head start."
　　He said that agriculture and the medical field are areas he has been focusing on for ten years, and after the state included energy conservation and emission reduction in strategic emerging industries, Haida Investment has quickly captured its huge development prospects.
　　"The field of energy conservation and emission reduction will be our next ten-year focus." said Hua Yumin.
　　He told reporters that the biggest feature of Haida Investment's investment is that it does not divide its investment strategy into VC, PE, or industrial investment, but closely combines industrial operation and venture capital.
　　"This is the biggest difference between our investment and other fund management institutions." said Hua Yumin.
　　Actively exploring business models for seed enterprises
　　At the National Agricultural Work Conference held at the end of last year, Han Changfu, Minister of Agriculture, pointed out that China will promote innovation in the management system and mechanism of agricultural science and technology, and vigorously support the growth of integrated seed enterprises.
　　In this regard, Hua Yumin, who has long been concerned about China's modern agriculture, believes that from the perspective of financial investment, Chinese seed enterprises do need funds, but these enterprises are more in urgent need of how to commercialize their enterprises and then grow stronger.
　　"I believe that the issue of China's seed security is not only a problem in the seed sector, but also a problem of the insufficient level of agricultural intensification and scale in the entire country." said Hua Yumin.
　　He said that the upstream and downstream industries of the entire seed industry are not doing well, everyone is talking about the issue of seed security, but seed enterprises do not have a good business model. Under the current development situation of seed enterprises, it is not that investors do not invest because they think it has no development prospects, but that they generally have not found a good business model.
　　Hua Yumin told reporters: "Haida Investment has been actively seeking a suitable business model for the development of Chinese seed enterprises. For example, using some large agricultural institutions in which we have a stake to acquire some small enterprises, and using the professional experience and funds of these listed companies to guide these small seed enterprises towards commercialization."
　　At the same time, he believes that the state should give seed enterprises more good policies, not just money.
　　"The state should support agricultural enterprises with certain commercialization experience and encourage them to invest and expand upstream. In addition, in the next few years, phased preferential policies should be formulated to provide seed enterprises with administrative convenience." said Hua Yumin.
　　It's "winter", but not a "severe winter"
　　Regarding the fact that many people in the industry are not optimistic about the investment industry next year, Hua Yumin believes that this year may be the "winter" of China's venture capital industry, but it is far from being a "severe winter". Although the situation is not optimistic, there are still positive factors emerging.
　　"I think that China's growth enterprise market has now opened up, and the recent introduction of the delisting system has shown a gradually improving trend. At the same time, China's domestic market is very large, and there are many excellent enterprises worth investing in." said Hua Yumin.
　　As the market gradually enters winter, many investment institutions have turned their attention to early-stage projects, and in some areas, there has been a situation where early-stage VCs and angel investors are competing for projects.
　　In this regard, Hua Yumin believes: "There is no strict division of investment stages. When I entered the investment industry ten years ago, a 10 million yuan project should be considered a relatively late-stage project, but now everyone thinks that 10 million yuan is a relatively early-stage project. Currently, there are more than 10,000 registered investment institutions in China, but it should also be noted that the number of small and medium-sized enterprises in China has increased several times compared to a few years ago, so early-stage projects are still balanced in terms of supply and demand."