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The torrent of innovation and entrepreneurship sweeping China has become a new engine fueling China’s economic growth, and in this process capital has played an indispensable role. People asked me which areas will create new leaders and therefore attract more attention from investors? Well, I think there are indeed industrial leaders in almost every visible segment. But when it comes to the new economy, newcomers always stand a chance of defeating those first arrivals. From my point of view, opportunities exist in at least three areas.
   First, there are plenty of opportunities in a niche market. For instance, JD.com is a leading general E-commerce website, but there are many other E-commerce platforms focused on selling one particular type of product such as cosmetics or baby products. Second, opportunities exist along the industrial chain of E-commerce. Take Amazon, for example, it’s a business-to-customer website, where third-party sellers are invited to open stores. Solving cross-border logistics problems such as customs, storage, logistics and supply chains for Amazon sellers could be a huge business.
   Third, with the advent of the mobile Internet era, new location-based and social-based opportunities will pop up. For example, taxi-hailing apps Uber, Didi Dache and Kuaidi Dache are areas that Internet giants once overlooked or failed to cover. Investment opportunities in TMT (telecommunications, media and technology) will exist in at least the above-mentioned three areas. New areas such as big data and cloud computing will churn out plenty of opportunities as well. These are all investment directions for us, with unlimited room for development.
   To answer the question of what new businesses I’m interested in, personally, I favor three types of business start-ups — those with a hi-tech barrier, those with an innovation business model and those with established skills in a certain segment. The first and third types are easy to understand, but the second one could be a little tricky. Basically, a company has to create a completely new model to enter a potentially huge market. I would be really interested in this kind of business start-up.
   People ask, when a revenue is absent at the early stage, how can you tell whether a company is worth investing in? I think a sound and good revenue is an essential issue in the investment world, but it is often a paradox, in both the Chinese and U.S. markets. Many Internet giants either didn’t have one clear revenue model at the early stage, or had one but changed to a different model as it grew. By virtue of this paradox, we should never rule out a project arbitrarily when its revenue model is absent or unclear.
   This is, of course, the difficult part for a venture capitalist, but is also the most attractive part of the job. And it is a must-have quality in the investment world. That’s what sorts out outstanding professional venture capitalists from lame ones. As a matter of fact, the management team matters more at the early stage. I believe that an excellent team has a strong ability to cash in on what it has to offer. It can take the company to success.
   Some people say there are bubbles in the technology industry in China, and the bubbles may soon burst. Well, I think bubbles in this area are quite obvious. The valuation of some tech firms is too high. Meanwhile, whenever a new concept appears within a sector, it quickly becomes very crowded, with intensifying or even cut-throat competition. As a result, both investors and entrepreneurs become more anxious. This was the case especially during 2014. But the market has restored some of its rationality since 2015. Overheating does exist in the venture capital market. It’s mostly because there’s too much hot money available in the market, but not so many investment channels.