将投中网设为"星标⭐"，第一时间收获最新推送 一起聊聊那些在书中没来得及写、没来得及问的真心话。 整理丨 蒲凡 来源丨 投中网 假如你是一位作家，正在为中国的风险投资，编写一部属于从自我视角出发、定位自我轨迹的"行业 史"，你会选择一个什么样的故事来切入人民币基金的故事？选一位什么样的人物来诠释风险投资会 在2005集体将目光看向中国市场？又会选择一个什么样的投资案例，来解释风险投资的意义不仅仅 在于赤裸的"盈利"？ 这是投中网编辑团队一年多以来反复思考的问题，而今年11月出版的新书《中国风险投资史》就是 我们的答案。自立项到成书，用全书三十余万字、共十四个章节，整理出风险投资如何在中国萌芽、 起步、发展和蜕变的脉络。 但正如投中信息CEO杨晓磊在编后记中说的那样，由于篇幅以及其他客观因素的限制，虽然这部 《中国风险投资史》已经尽可能地做到了以"风险投资"为本，尽可能有临场感的、带有感性洞察地 还原每个阶段的横截面，但终归是有遗憾的。很多重要的命题并没有积累足够的一手素材，很多重要 的历史事件我们也只能以一个更偏"旁观者"的角度来论述，缺乏亲历者的洞察。 好在，这本书并不是我们记录的终点。 11月27日，在" ...

Core Viewpoint - The article discusses the release of the book "History of Venture Capital in China," which explores the evolution of venture capital in China through a unique perspective, emphasizing the role of the internet in shaping the industry [4][6]. Group 1: Book Overview - The book was created over 18 months, involving dialogues with over a hundred participants to trace the development of venture capital in China [4]. - It consists of more than 300,000 words and 14 chapters, aiming to reinterpret familiar entrepreneurial stories and industry dynamics from the perspective of venture capital [4][6]. Group 2: Internet's Role in Venture Capital - The chapter titled "The Internet Answers Everything" highlights that the emergence of venture capital in China around 2005 was significantly influenced by the internet, which provided a sense of entrepreneurial equality [6][7]. - The article posits that the history of China's internet development is essentially intertwined with the history of venture capital in the country [7]. Group 3: Market Conditions and Challenges - Despite venture capital entering China in 1985, it did not become a regular part of the business landscape for over a decade due to the lack of a liquid market and a robust capital market system [8][9]. - The Chinese capital market experienced five major bear markets with declines over 50% and five bull markets with increases over 100% from 1990 to 2001, complicating the environment for venture capital [8][9]. Group 4: Notable Figures and Events - The article references Wang Zhidong, a notable figure in the early days of Chinese venture capital, who faced skepticism from foreign investors regarding his company's potential for an IPO [10][11]. - The book discusses the impact of the 1996 Netscape IPO on the capital environment for the internet industry in China, marking a turning point for venture capital [10][12]. Group 5: Themes Explored in the Book - The book covers various themes, including the localization of venture capital in China, the professional evolution of venture capitalists, the geographical dynamics of investment, and the changing roles of venture capitalists [13][14].

Core Viewpoint - The article discusses the evolving landscape of the investment market in China, emphasizing the need for recalibrating strategies and judgment in response to structural changes and competitive pressures [5]. Group 1: Event Overview - The 19th China Investment Annual Conference and Limited Partner Summit will be held on November 26-27, 2025, in Shanghai, focusing on the theme "Paddling in Midstream" [5]. - The conference aims to address the common challenges faced by the industry during a period of accelerated structural changes, exploring strategies for value reassessment and ecological reconstruction [5]. Group 2: Special Sessions - A special session titled "I Experienced 'The History of Chinese Venture Capital'" will feature three discussions with key figures in the venture capital industry, reflecting on their experiences and decisions [6]. - The Dollar Fund session will review the significant role of dollar funds in the early stages of Chinese venture capital, discussing various entry models and their impact on investment philosophy and operational rules [9]. - The Renminbi Fund session will focus on the evolution of Renminbi funds, highlighting their strategic explorations and experiences in the early market, including participation in the Shenzhen Stock Exchange and internet investment opportunities [11]. - The VC 2.0 session will address the industry's evolution over the past two decades, emphasizing the need for new methodologies and frameworks in a changing market environment [13]. Group 3: Audience Engagement - The event will include interactive segments for audience participation, with opportunities to receive signed copies of the new book "The History of Chinese Venture Capital" [15].

Core Viewpoint - The article discusses the upcoming release of "The History of Venture Capital in China," which aims to document the evolution of the venture capital industry in China over the past two decades, highlighting its significance in fostering innovation and entrepreneurship [3][4][17]. Group 1: Book Overview - The book is a collaborative effort by the China Venture Capital Research Institute and the CITIC Publishing Group, consisting of over 300,000 words across fourteen chapters, detailing the growth and transformation of venture capital in China [5]. - It features insights from over a hundred industry participants, providing a retrospective on their investment decisions and experiences [5][6]. Group 2: Historical Context - The book reflects on the significant developments in the Chinese venture capital landscape from 2005 to 2025, emphasizing the industry's contributions to innovation and entrepreneurship in China [10][12]. - It explores the historical context of venture capital in China, particularly the challenges and uncertainties faced by investors in the early 2000s [20][21]. Group 3: Key Themes and Insights - The book addresses the localization of venture capital in China, questioning the need for a unique Chinese venture capital methodology and the evolution of investment rules tailored to the RMB market [27]. - It discusses the transformation of venture capital as a profession, examining the generational shift towards a younger demographic of investors and the evolving identity of venture capitalists [29]. - The narrative includes the geographical dynamics of investment, the significance of various industry sectors, and the changing roles of venture capitalists in the investment ecosystem [29]. Group 4: Reflections from Industry Leaders - Prominent venture capitalists share their reflections on the book, noting its importance in capturing the spirit of entrepreneurship and the evolution of the industry [8][10][12][16]. - The insights highlight the interplay between individual efforts and broader market trends, emphasizing the role of venture capital in driving technological innovation and economic transformation in China [12][16].