风投女王：投资刘强东背后的逻辑

Core Insights - The article highlights the investment journey of Xu Xin, known as the "Queen of Venture Capital," particularly her pivotal role in supporting JD.com during its early stages, which significantly contributed to both her and JD's success [2][15]. Group 1: Industry Selection - Xu Xin emphasizes that industry selection is the primary factor determining investment success, believing it to be more critical than the individual behind the business [5]. - Over the past decade, Xu Xin and her team have focused on consumer goods, retail chains, and the internet sectors, which exhibit large market capacities and stable profitability [5]. - When Xu Xin invested in JD.com in 2006, the Chinese e-commerce industry was still in its infancy, but she recognized its vast potential, especially in the 3C product market, which could reach hundreds of billions to trillions of yuan [5][6]. Group 2: Entrepreneurial Judgment - Xu Xin considers the ability to judge entrepreneurs as a crucial element in her investment strategy, requiring extensive interaction to understand their mindset and decision-making processes [7]. - Liu Qiangdong, the founder of JD.com, demonstrated entrepreneurial qualities early on, showcasing his management skills and determination, which impressed Xu Xin during their initial meeting [7][8]. - Xu Xin was particularly struck by Liu's transparency and integrity when he showed her JD's backend data instead of relying on a presentation, reinforcing her confidence in him as a trustworthy entrepreneur [8]. Group 3: Financial Support - During a critical funding round, Xu Xin offered JD.com $10 million instead of the $2 million Liu Qiangdong initially sought, recognizing the importance of sufficient capital for growth [10]. - After the 2008 financial crisis, Xu Xin provided an additional $8 million to JD.com, demonstrating her commitment to supporting the company through challenging times [10][11]. - Xu Xin's timely financial assistance helped JD.com establish a strong logistics network, which became a key competitive advantage in the e-commerce sector [11]. Group 4: Long-term Investment Strategy - Xu Xin believes in the value of long-term investment, asserting that great companies are rare and should be held onto for substantial returns [13]. - After JD.com went public in May 2014, Xu Xin's shares were valued at $2.228 billion, reflecting a return of over 130 times on her initial investment [13]. - Throughout her investment journey with JD.com, Xu Xin maintained a long-term perspective, undeterred by short-term market fluctuations, which is a hallmark of her successful investment approach [13].