Speaking of TV shopping, because of its exaggerated selling, false advertising and quality problems, most people may shake their heads at it. The well-known Hony Capital, CITIC Industrial Fund and Sequoia Capital have recently jointly invested in a TV shopping company. At the end of last month, Industrial Happy Shopping Co., Ltd. (hereinafter referred to as "Happy Shopping"), a subsidiary of Hunan Radio and Television, officially signed an investment agreement with the above three major PEs in Changsha, Hunan. According to the agreement, Hony Capital will join CITIC Industrial Fund and Sequoia Capital to form an investor group to invest RMB 330 million in HappyGo. This is by far the largest private equity financing in the Chinese TV shopping space. Coincidentally, because of optimistic about China's investment prospects, the momentum of a new round of global private equity fund raising to China is increasing. A few days ago, the third fund of the Asian Fund (CAPIII) of Carlyle Group has successfully raised a total of 2.55 billion US dollars, and said that it will mainly invest in China's domestic consumer industry. Consumption model opens up channels and industries As a "regular army", Happy Shopping obviously will not take the old road of TV shopping "the originator". It is reported that Happy Shopping takes “media retail and e-commerce†as its basic business format, comprehensively develops media channel resources such as TV, Internet, magazines, mobile phones, radio stations, and telephone calls, effectively integrates gold flow, logistics, and information flow, and strongly enters consumer circulation In the field of fashion industry, with the national chain as the development strategy, it strives to create a new generation of home shopping model in China. Among the three strong PEs, a big reason comes from a beautiful transcript of Happy Purchase. According to the data, since its opening on March 17, 2006, Happy TV Channel has covered 67 regional markets in 16 provinces and cities across the country, and its market share ranks first in the industry; sales of goods cover 3C digital, home life, automobile travel insurance, etc. More than 6,000 categories in 18 categories, with more than 1,500 supplier partners and 3 million members nationwide. As of March 2010, the cumulative total revenue exceeded 6 billion yuan, and with a three-year revenue growth rate of 587%, it was selected by Deloitte, one of the world's four largest accounting firms, in 2009. . After the introduction of external investors, HappyGo will obtain sufficient funds to expand the market, strengthen the brand, maintain scale and rapid growth, further consolidate the market leading position, and establish and improve the market incentive mechanism. It is understood that the investor group represented by Hony Capital has experience in enterprise management, industry integration, capital market docking and international development, which will also provide strong support for happy purchases to become bigger and stronger and go public. This move also means that Hunan Radio and Television took an industrial project as an experiment and took another important step in system innovation. In December 2009, an evaluation report on the transfer of property rights of HappyGo believes that China's TV shopping market will have an explosive and rapid growth. According to the report, China's TV shopping sales in 2009 were 30 billion yuan. In the next ten years, with the growth of China's total retail sales, the TV shopping market will account for about 3% of total retail sales, and sales will reach 500 billion yuan. This round of rapid growth expectations is evident from the comprehensive and multi-channel integration of related companies. At the end of last year, Taobao and Hunan Satellite TV announced in Changsha that the two parties have invested RMB 100 million to jointly set up "Hunan Happy Taobao Cultural Communication Co., Ltd." to integrate the resources of the two parties and prepare a TV program. Channels and external independent websites, to create TV programs and film and television dramas related to online shopping, to connect the platform terminals of the Internet and TV, and to create a new business model combining e-commerce and TV media. VC "betting" traditional industry hedging "People take food as the sky", "eating" is always the most basic demand in domestic consumption. After consumers gradually get used to the "click the mouse, food comes to home" lifestyle, some brand companies are reluctant to give up this big cake. At the beginning of this year, Lenovo Investment completed a 10 million yuan injection of 21cake on the e-commerce website. 21cake is a cake brand created by 21st Food Co., Ltd. in May 2004, named after the 21 classic cakes originally identified. At present, 21cake has set up a telephone ordering service center in Beijing and Shanghai, and more than 200 people have its own delivery team. 21cake adopts a fully integrated business model from food R & D, production, sales and distribution. Nowadays, as more and more food companies begin to be reluctant to do only counter sales, the innovative business model that combines traditional food industry and e-commerce means has become popular, and has been favored by venture capitalists. Some people in the investment industry have analyzed that after the financial crisis, VC began to pay more attention to Internet companies involving traditional industries, which is also to reduce investment risks. Earlier, Holliday, the country's largest cake chain, collaborated with its call center system supplier Infobird Software in May last year. In the sales model of the food industry, many companies began to seek to integrate the hotline telephone system with e-commerce websites, expanding the sales channels of cake shops limited to in-store direct purchases and telephone orders. Public information shows that Lenovo Investment has successively invested in well-known websites such as Tianya Community, China Ticketing Online, Amazon Excellence, Thousand Oaks Interactive, and Yiche.com. It can be seen that he has always been fond of investment in the "consumption" field. Liu Erhai, managing director of Lenovo Investment, said that e-commerce has great development prospects and is a hot spot for investment. Lenovo Investment will pay more attention to the e-commerce model that combines traditional industries with the Internet. In the consumer industry, how will Lenovo Investment choose its investment targets? Liu Erhai said that more and more traditional enterprises are now entering the Internet industry, but traditional enterprises lack the experience of Internet entrepreneurship and development, and Internet enterprises lack the channels and experience of traditional enterprises, so they can better integrate traditional industries and the Internet. The company will have a good development, he also pays more attention to e-commerce projects in this area. Foreign capital optimistic about China's investment prospects “The third fund of Carlyle Asia Fund is the few private equity funds with a size of more than US $ 1 billion after the outbreak of the global financial crisis. The current financing environment is very challenging, and in this environment, investors give We are particularly pleased with our strong support. This shows that investors are full of confidence in China ’s investment opportunities and fully affirmed Carlyle ’s investment strategy and investment performance. â€In the third branch of Carlyle Group ’s Asian Fund After the fund (CAPIII) successfully raised a total of US $ 2.55 billion, Yang Xiangdong, Carlyle Group's managing director and co-head of Asia Fund, said. So far, Carlyle Investment Group has managed a total of 11 funds in the Asia-Pacific region including Japan, with a total value of more than US $ 10 billion. Yang Xiangdong also emphasized that Carlyle pays more attention to the development of China's consumption and domestic demand. According to its introduction, the fund is favored by large institutional investors from all over the world, including the United States, Europe, the Middle East and Asia. "After the outbreak of the global financial crisis, the strong performance of the Chinese economy has made it the most attractive place to invest in the world. We can see very good investment opportunities in all areas of China." Yang Xiangdong said that 2010 will be a very suitable time for investment, and Carlyle looks forward to taking full advantage of the huge capital and capital of the third fund at this most attractive time and in this most attractive region. Resources to invest. It is not difficult to find that Carlyle has always paid more attention to China's consumer industry. In September last year, Carlyle acquired a 17.3% stake in Yashili. In addition, Carlyle Asia Fund invested RMB 150 million in Shenzhen Gelisi Clothing Industry Co., Ltd. Shen Nanpeng, the founding and managing partner of Sequoia China Fund, also said publicly at the beginning of this year that consumer products are still a bright spot in the next decade. The eyes of foreign funds always seem to find their own points of interest in the general direction. Chen Jie, a partner of SoftBank China-India Fund, once said that China's consumer market has a great feature, that is, China is too big, from the central and western regions to the coastal areas, the differences between them are very large, which requires grasping the differences in demand and consumption levels. The difference, and the change of this difference, the opportunities contained therein must be very large, and there are also many. Baring Asia Investment also holds the same view. "As the renminbi appreciates, if you focus your investment on domestic demand, you will not lose money." Baring Asia managing director Zeng Guangyu said, "China's consumer demand is very strong. Everyone consumes 1 yuan, which is now 1.3 billion. Therefore, the consumer industry will continue to grow in the next 5 to 10 years. The above information source "Venture Investment" is authorized by the China Venture Capital Research Institute (CVCRI) to publish it. All rights reserved. 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2010-05-04 Venture capitalists are optimistic about China's domestic consumption and bet on traditional industry hedging (VC 259)