对话费建江：25年前，全国只有5个人懂风险投资

Core Viewpoint - The article discusses the evolution and challenges of RMB funds in China, emphasizing the need for a unique operational framework for RMB venture capital, distinct from USD funds, as the Chinese economy matures and develops its own ecosystem [3][4]. Group 1: Historical Context and Development - The RMB venture capital industry has evolved from a state of confusion and uncertainty, with early investments based on net asset values, reflecting the industry's underdevelopment at the time [12][16]. - The first RMB fund was established in 2001, and the industry has since witnessed significant changes, including the establishment of the first market-oriented RMB mother fund in 2006 and the first venture enterprise bond in 2009 [10][11]. - The early days of RMB funds were characterized by a lack of understanding and experience, with only a handful of individuals knowledgeable about venture capital [17][19]. Group 2: Key Challenges and Milestones - The primary challenge for RMB funds has been to establish their identity and operational rules, particularly in the context of a rapidly changing economic landscape [4][5]. - A significant milestone in the RMB fund's journey was the listing of Ningde Times in 2018, marking the first world-class company funded by RMB capital and representing a shift towards domestic innovation [35][36]. - The transition from a focus on quick returns to a more sustainable investment strategy has been crucial for the maturation of RMB funds, particularly after the 2012-2013 PE boom [22][35]. Group 3: Current State and Future Outlook - The RMB fund industry is likened to a young adult, full of potential but still lacking maturity, as it navigates through fluctuations and challenges in the market [39][40]. - The core value of RMB funds lies in their contribution to China's development, particularly in driving technological innovation and supporting the growth of various industries [41][42]. - The future of RMB funds will depend on their ability to adapt to changing market conditions and to create a competitive advantage through strategic positioning and investment in emerging sectors [54].