However, after investing in AsiaInfo, Wang Gongquan immediately encountered a difficult problem, that is, Vantone's board of directors did not understand the concept of venture capital.
In this way, in order to make Wantong's board of directors have confidence in venture capital, Wang Gongquan reluctantly began to consider the issue of cashing out; At that time, AsiaInfo also had the idea of repurchasing shares, because it had already made money, and the enterprise developed faster. In this way, the two sides hit it off. After eight months of investment in Wang Gongquan, AsiaInfo repurchased its shares with its own $500,000. The history of Wang Gongquan and Wantong Industrial Group began in June of 199 1. At that time, Wang Gongquan and Feng Lun, the current chairman of the board of directors of Wantong Industrial Group, and other four people came to Haikou City to start the entrepreneurial process of Wantong Industrial with a capital of 30,000 yuan. Due to the real estate boom in Hainan, the company developed smoothly, and 1993 earned 30 million yuan.
This successful strategic shift has enabled Vantone Industrial Group to manage assets of 4.8 billion yuan through 1995. However, like all private enterprises of the same type in China, with the rapid expansion of the group scale, there are also problems such as insufficient funds, insufficient professional level and poor management within the group.
1995, Vantone Industrial Group began to try to introduce professional managers to manage the group business, so as to realize the separation of ownership and management rights and make the group business reach a new level. Although there were twists and turns during the period, Wang Gongquan finally resigned as the president of Vantone Industrial Group on June 8, 1996 165438, and was appointed as the honorary chairman of the board of directors by Vantone Group. If you don't leave, you are not qualified to enter. When you reach a certain level, it is very important to adjust your own path to end a career.
"Once you make an investment choice, you must resolutely support it. You can't have any doubts, but as long as you find problems, you must refuse to close your position and don't think about the possibility of speculation." This is the investment philosophy of Wang Gongquan, who is in charge of hundreds of millions of funds. Wang Gongquan believes that a project worth investing must meet five conditions: first, it must be a huge market with market potential; Secondly, the start-up time should be appropriate, that is, to grasp and judge the investment opportunity; Thirdly, a strong team, a strong team can adjust quickly in the face of the wrong direction, and has stronger ability to overcome difficulties and bear pressure; Fourth, the project has an innovative business model; Fifth, the right investment price.
As for the team, Wang Gongquan thinks that people who start a business for the first time are more likely to succeed. Entrepreneurship requires them to dare to break through and stand up. When conditions are not available, we should dare to create conditions, innovate and challenge. "Although people who invest and start a business for the first time are more risky, as long as they are optimistic about execution, the problem is not big. Throughout the world, the proportion of people who succeed in starting their first business is relatively high. If Li Yanhong comes out to start a business again, he may not be able to create another Baidu.