本文章刊登在CHINA DAILY-艾问专栏
我特别喜欢充满热情和投入的企业家，不管不顾地拿出自己的精力、拿出自己的生命去做事情。
I really appreciate passionate and devoted entrepreneurs, who do not care about anything else and pour their heart and soul into doing things.
——刘二海 愉悦资本创始人
美国当地时间9月12日，蔚来汽车在纽约证券交易所挂牌上市。从8月13日提交IPO文件到9月12日敲钟，蔚来仅仅用了一个月，就成为继特斯拉之后第二个在美上市的电动汽车制造商。
On September 12th local time, Nio went public on New York Stock Exchange. Since its filing for IPO on August 13th until ringing the bell on September 12th, Nio took only a month to become the second listed electric car company on US stock markets.
尽管蔚来股价在当日开盘后经历剧烈震荡，但中国“新能源汽车第一股”的名号已经坐实。
Despite its tumbling stock price on its first day, Nio still gained the name of “the first listed new energy vehicle company in China”.
去年，中国新能源汽车销量77万辆，累计销量达180万辆，占全球累计销量的50%以上。在新能源汽车发展的风口浪尖，蔚来汽车的创始人李斌拔得头筹。
Last year, China sold 770k units of new energy vehicles. The accumulated sales of new energy vehicles in China reached 1.8 million units, about 50% of the world’s sales. On the front line of new energy vehicle development, William Li (Li Bin), the founder of Nio is taking the lead.
创业二十二载，李斌从未离开互联网和汽车领域，他是中国最大的汽车互联网企业——易车的创始人，也曾是摩拜单车的孕育者，被尊为“出行教父”。
Through out his twenty-two years of founding journeys, Willian Li never left the internet andcars. He is the founder of China’s biggest car internet company Bitauto, an incubator for Mobike, and is widely known as “the god father of mobility”.
人们或许看得到李斌在战前的精彩，站在幕后的刘二海却鲜为人知。
Most people see William Li on the battle front line, but rarely know of Liu Erhai who has been standing behind-the-scenes.
圈内人曾调侃：“每当投资对象是李斌的时候，刘二海需要做的，似乎只是掏钱。” 的确，从易车开始，摩拜单车、蔚来汽车的投资人中，都能看到愉悦资本创始人刘二海的身影。
The insiders used to joke that: When it is about investing in William Li’s project, all Liu Erhai needs to do, is to give money. Indeed, Liu Erhai, the founder of Joy Capital has invested Bitauto, Mobike, and Nio.
如今，登陆纽交所的蔚来汽车，估值40亿美元的摩拜单车，让刘二海慢慢走到台前。
Nowadays, NYSE-listed Nioand Mobike, which is valued at 4 billion dollars, brought Liu Erhai to the front stage.
2018年，刘二海再次登上具有“创投界奥斯卡”之称的“福布斯全球最佳创投人”榜单；成立仅三年的愉悦资本成为全球最年轻上榜机构；他所投资的摩拜单车、神州优车、小猪短租等一批企业纷纷变身行业独角兽……人们把刘二海称为投资界的“金手指”。
In 2018, Liu Erhai returned to the “The Forbes Midas list”, which is also called “the Oscar of VC industry”. The three-year-old Joy Capital was the youngest VC on the list. Many of his investments turned into unicorns of its segment, such as Mobike, UCAR, Xiaozhu etc. People say he has “the Midas Touch” for investments.
在点石成金、步步为营的背后，刘二海心中投资逻辑与战略布局究竟是怎样的？
What is Liu Erhai’s investment thesis and strategic planning that led to his Midas Touch?
艾诚：您投的很多项目，在古典投资人眼中是颇受争议的，因为它们往往没利润，靠着资本输血不停扩张，把一个分散、门槛不高的市场通过资本垄断，形成一个个独角兽。这究竟是一个企业健康的发展模式，还是一种具有中国特色的泡沫？
Gloria Ai: Many of your investments are quite controversial in the opinion of a class ic investor. Because they are usually not profitable, but keep expanding through continuous financing. Through capital, these companies connect distributed markets with low-entry barriers and become monopolies and unicorns. Is this a healthy way of development or a kind of bubble that is typical for China?
刘二海：这个问题非常好。我把中国企业分成三个阶段。第一阶段，从1978到1998年，是中国创业启蒙时代，这时候有任正非先生的华为基本法，有柳传志先生的管理三要素。整个中国都不是特别懂企业经营，资本也少。
Liu Erhai: This is a great question. I categorize venture development in China into three stages. The first is from 1978 to 1988, it is the age of enlightenment for Chinese ventures. Back then, Mr. Ren Zhengfei came up with “The Huawei Principles” and Mr. Liu Chuanzhi came up with his “Three Elements of Management”. Back then, people in China didn’t know much about managing an enterprise, they also do not have much capital.
第二阶段，1998到2018年，这里VC扮演了重要角色，烧钱变成了非常重要的事情，这也是为什么很多企业融到钱去扩张。
The second stage is from 1998 to 2018. During this time, VC played an important role, financing and spending money became very important. This is why so many firms were financing lots of funding for expansion.
中国企业将要进入第三阶段，就是硬创新时代。如果用很少的钱，就能把事情做好，这当然很好，但为什么要用这么多钱呢？说明创新不够。所以你看到的是一个普遍现象，不只是一两家公司，而是很多公司，都有这样的特点。
China is about to enter the third stage, which is the era of ultra-innovation. If you can grow your business well without the need to spend a lot of money, that is great. So why are we spending so much money? It shows a lack of innovation. So what you saw is a common thing. Not only one or two firms, but many firms have such characteristics.
艾诚：我想起一句话，交易是某个时间的集体意识，当我们买一个或投一个东西，是达成共识，觉得这个东西值得买或值得投。
Gloria Ai: It reminds me that someone said: Trading is a collective consciousness at a certain moment. So the moment we purchase something orinvest in something, we reached a common agreement that this thing is worth buying or investing in.
但评价一家公司，价值和价格是两件事情，愉悦资本投资的很多公司是非常有价值的，问题是，它的价值配得上这么高的估值吗？配得上所谓的价格吗？我很想更深入地了解您的投资逻辑？
But when we evaluate a company, price and value are two different things. Joy capital has invested in many firms that are very valuable, but the question is, are the firms worth such high valuations? Or such high price tags? So I want to understand more about your investment thesis.
刘二海：核心要点是创新。从第一时间，我们公司内部就开始做基础，这是一个要点。我们有一个“面向根据地”的投资策略，有很多不同领域可以进来。那我们在一些领域里，有四个线路，有技术的线路、产业的线路、新模式的线路和社会发展的线路等。
Liu Erhai: The key is innovation. From the beginning, we are building the foundation inside of our firm, which is a key point. We have an investment thesis that is “to focus on the bases”, with many different focus areas. Within those areas, we have four paths. There is a technology path, an industry path, a new business model path and a social develop path etc.
过去VC是不谈产业的，我们把它进一步细分，比如做了交通出行，又做了居住与空间。从产业的线路，我们就可以做成根据地，根据地有三个条件：第一，领域非常广泛，第二，我们在里面有数一数二的项目；第三，我们有人脉和理解力。
In the past, VCs do not talk about industries. We further segment industries into mobility and living & space segments. From the industry path, we can build bases. The so-called base has 3 criteria: First, it covers a wide range of topics; Second, we have top projects in this area; Third, we have connections and we understand it.
艾诚：您支持了李斌的易车，后来他参与的蔚来和摩拜单车您继续支持，这是在创投圈难得看到的始终如一，您是有什么样的理性，坚持说“我看对了这样一个人，他所参与的项目都值得我去投资”？
Gloria Ai: You supported William Li’s Bitauto, and you continued to support his Nio and Mobike. This level of consistency and commitment is rare to see in the VC industry. What is the rationale behind it to say that I am sure about this person, therefore I support all his projects?
刘二海：真正找到优秀的创业企业家是非常不容易的一件事情，是非常难的事情。
Liu Erhai: It is truly difficult to find excellent entrepreneurs, extremely difficult.
艾诚：您心目中的优秀企业家是什么样的？
Gloria Ai: How is an excellent entrepreneur like for you?
刘二海：他不是只拿别人的钱、拿自己的钱来做投资，他要拿出自己的时间、精力，全情地投入。我特别喜欢的企业家就是充满热情和投入的，不管不顾的拿出自己的精力，拿出自己的生命在做一件事情。
Liu Erhai: He does not only take others or his own money to invest, but he also needs to spend his own time, energy and total devotion. I really like the entrepreneurs who are passionate and devoted, who do not care about anything else and pour their heart and soul into this one thing.
艾诚：在中国做投资很有意思，感觉每三个月就有一波热浪风口，有人说中国基数大、市场大，所以点大。投资人的重点非常分散，但刘二海的团队是步步为营的，您不停地转换根据地，或者说行业，下一步你要做什么？
Gloria Ai: Doing investments in China is quite interesting, it seems like there is a new hype or buzzword every three months. Some people say China has a large basis, a large market and therefore many new ideas. So different investors have different focuses, however, Liu Erhei’s team makes steady plans,and keeps switching bases, or so-called industries. What is your next step?
刘二海：其实我们是如履薄冰、如临深渊。创投是个苦行业，是非常苦的行业。因为VC是长线行业，你年轻，二十八九投一个项目，你觉着要出点成绩，问题是五、六年之后才有结果，不幸的是两三年它就牺牲了，白忙了。
Liu Erhai: Actually we are very cautious, we are skating on thin ice. Venture capital is actually a difficult industry. Because VC is very long-term focused. You are young, you start investing in a project right before your thirties, you want to do something big. The problem is that you won’t see the result until 5, 6 years later. And if the project is failed in 2 or 3 years, you waste your efforts, right?
企业家是我们积累的一条线，另外一条线是行业的积累，我们有根据地，从当年的汽车与出行，到现在的居住与空间。
Entrepreneurs are one of the things we are building up, the other thing we are building up is the industry expertise. We have our bases, from automotive and mobility back then, to today’s living & space.
进一步，我们希望在技术领域做更多的事情，尤其是在IOT（物联网）以及人工智能，总体趋势就是朝硬创新方向去移动，而且我们已经做了一批这样的企业，就是技术含量和创新度更高的。我认为时代已经迈入到了新的时代。
Next step, we want to do more in tech, especial in IoT and AI. The future trend overall is moving towards ultra-innovation, and we have made a few companies like that, meaning firms with more technical content and a higher level of innovation. I believe we have entered a new era.
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