项与秋的破浪之旅

Core Viewpoint - The article discusses the journey of Xiang Yiqiu, founder of Hexuan Capital, highlighting his transition from investment banking to establishing a venture capital firm focused on long-term investments in top-tier technology companies in China and Silicon Valley. Group 1: Founding of Hexuan Capital - In 2017, Xiang Yiqiu founded Hexuan Capital in Hong Kong, aiming to build warm and long-lasting relationships with invested companies, investors, and partners [2] - The investment strategy was clearly defined from the start, focusing on top Chinese technology companies and avoiding short-term speculative trading [5] Group 2: Initial Success and Challenges - Within a year and a half, Hexuan Capital raised over $500 million and quickly deployed the capital, exceeding initial expectations [5] - In 2019, regulatory changes and external pressures led to significant challenges for the firm, prompting a strategic pivot to invest in hard technology companies and expand into Silicon Valley [6][7] Group 3: Strategic Adjustments - The strategic shift was facilitated by Xiang's extensive network from his time at JPMorgan, allowing Hexuan Capital to quickly establish connections in Silicon Valley [7] - The firm faced tough decisions regarding existing investments in Chinese concept stocks, which were experiencing significant valuation declines [9] Group 4: Investment Philosophy and Lessons Learned - Xiang emphasizes the importance of understanding the true value of companies and maintaining close communication with limited partners (LPs) during turbulent times [9][10] - A significant lesson learned from a failed investment in a computer vision company highlighted the importance of cash flow, customer retention, and avoiding companies with unstable business models [12][13] Group 5: Current Investment Strategy - Hexuan Capital's investment philosophy is based on the "first principles" approach, focusing on deep understanding of industries, products, and customer needs [16] - The firm has adopted a clear AI investment strategy, targeting top-tier AI companies and emphasizing a global and local investment approach [19][20] Group 6: Future Outlook - Xiang believes that AI will be the core investment theme for the next 10-20 years, with Hexuan Capital focusing on capturing opportunities in this space [19][22] - The firm has successfully navigated market volatility by prioritizing investments in high-quality companies, resulting in a total asset management scale exceeding $1.5 billion by 2024 [22]