2018 Business Leaders New Year Forum Fellows Series Report 24
Chen Hong, Chairman of Hanergy Investment Group Determined to attend the “Great Change and New Beginnings & Mdash;— 2018 Business Leaders New Year Forum hosted by the Business Media Group. On January 24, 2018, he will give a keynote speech on the glory and dreams of entrepreneurs in the 40 years of reform and opening up.
He was the first Chinese student to come to the United States after the reform and opening up to bring the company to the Nasdaq. He was also the first Chinese entrepreneur who has successfully transformed into a financial investment field. He is also the founder and first chairman of the Huayuan Science and Technology Association, a famous Chinese technology association in the United States. For those who like to listen to wealth stories and entrepreneurial legends, he is a person not to be missed.
At the age of 15, he finished his junior high school and jumped to college. At the age of 35, he founded GRIC Communications. At the age of 37, he listed GRIC on NASDAQ. He successfully rewrote the history of the US capital market without a Chinese student startup company. Hanergy invested and determined to contribute to China’s international investment bank like “Goldman Sachs,” “Morgan.
He has been continually embarking on entrepreneurship, acting as a pioneer, and step by step.
& ldquo; I hope that one day, Chinese companies will not be the first choice when they go to the world, but they should consider Hanergy while considering Goldman Sachs. We hope to give them financial help, help them to go to the world and let the world go into China. —— Chen Hong, Chairman of Hanergy Investment Group
Entering the United States and embarking on the road to entrepreneurship
Chen Hong has a talent for being a child. At the age of 15, he was admitted to the Computer Science Department of Xi’an Jiaotong University. In 1983, Chen Hong became a young teacher selected by the Ministry of Education to study abroad.
Chen Hong’s first stop in the United States was at the State University of New York, where he studied computer science. In 1991, he received a Ph.D. in computer science from New York University. After graduating, he first entered Industry Auto as a software engineer, and then entered TRW as a business manager for banking system integration.
The Silicon Valley in the 1990s was at a time when the Internet world was surging and the Nasdaq’s wealth myth was staged. In the face of the gold mining territory where the Chinese have not yet occupied a place, Chen Hong first shouted out “Let the Westerners understand that the people in the socialist countries also know how to make money, and they are acting as Chinese students in Silicon Valley. Pioneer, and determined to win seats for the Chinese on the Nasdaq.
This is not a flat road, although he is smart enough and hard work.
At the time of the handover in 1993 and 1994, Chen Hong, a slightly better company, set up a new company dedicated to the Internet —— Aimnet. And he clearly understands that if a startup wants to survive, it must be one of the best in the industry, at least the top three. If you can’t do the top three in the market, you will face very big challenges.
The Internet industry is about speed. If you want to be fast, you have to be willing to burn money. Chen Hong is willing to burn money, but there is no money to burn. He rushed around and looked for the rice, but he hit the wall again and again on the financing road. In the end, he only got $2 million in investment from Vertex Management.
$2 million is a big deal for a war that wants to enter the top three. Although Aimnet became one of California’s largest Internet service providers under the focus of Chen Hong’s two people, but did not reach Chen Hong’s first goal, but also slowly fell behind other competitors.
In 1997, Aimnet was in a more disadvantageous position as several major competitors began to market under capital. The key point is that Chen Hong and his wife once again broke their wrists and looked for a new road breakout. They sold Aimnet to Verio for $10 million.
“ Do things first. If Aimnet couldn’t do it first, it would be sold. Chen Hong, now, recalls this history in an understatement. But at the time, it was undoubtedly the heart of the company to sell such a company with its original potential and carrying its own ideals.
In 2000, Verio sold Aimnet from Chen Hong to NTT for $5.6 billion.
First on NASDAQ
After selling Aimnet, Chen Hong saw an opportunity on international network roaming. Soon, he took 10 employees and reorganized a new company ——GRIC (Global Reach Internet Connection) based on Aimnet’s mobile office.
Chen Hong has positioned GRIC as a global virtual network roamer and is the world’s first virtual network roamer. The essence of its business is to reach the Internet by allowing ISPs and telecom operators around the world to allow consumers to roam to the local area to access the Internet at no higher than the local price, and the consumer only needs to settle the fee agreement with his domestic ISP. In turn, it provides global customers with the ability to connect to the Internet anywhere with the same account.
To accomplish this task, GRIC needs to have a high-quality mobile office communication service solution and a global wireless LAN roaming alliance.
In order to realize this ideal, Chen Hong concentrated on doing great things. The first is to concentrate on oneself.All the energy, to the world to promote their own ideas, and to convince the telecommunications or communication service giants of various countries to join the alliance. This is a major work of soft power. This work is not very difficult for Chen Hong, who has been a teacher and has great passion and appeal. The cultivation required is only to face the art of refusing to knock on the door again. He cultivated very well.
In the very short time, Chen Hong won the support of many national telecommunications companies and formed alliances with them. After this big problem is solved, other things are not a problem for those who have had a complete entrepreneurial experience.
GRIC entered the fast lane as soon as it was established, and soon became a global market leader, and formed alliances with hundreds of telecommunications companies around the world to quickly occupy the network roaming service market, AOL, NTT, HiNet And other large telecom companies have become their partners. In addition to the United States, the top three ISPs around the world have also become GRIC members. By allowing consumers to obtain GRIC ID accounts, they can enjoy the dream of roaming services in the place where GRIC completes networking, and it has been realized in more than 150 countries and regions.
On December 15, 1999, it was a happy day for the Chinese people in Silicon Valley. On the same day, Chen Hong’s GRIC company was successfully listed on NASDAQ, the first Nasdaq listed company founded by Chinese students in the United States.
The success of GRIC is a big step for Chen Hong and a big step for the Chinese in Silicon Valley. Not only did Chen Hong push the spotlight, but also American investors began to consider new engineers to understand Chinese engineers in Silicon Valley. “Computer World” magazine also joined in the fun, dedicated and selected Chen Hong as “the most shining star of the millennium.”
The success of the business did not prevent Chen Hong from moving forward. After bringing GRIC back to the road, I liked to see the new scenery, and then sold the GRIC again and started a new pursuit.
Advancing into the financial world
The hardships of capital in the process of starting a business, and the experience and experience of Nasdaq, let Chen Hong invest in venture capital, investment banking, stock analysts, fund management The person has a comprehensive understanding.
After China’s accession to the WTO, the economic development trend, Chen Hong began to have the idea of setting up an investment bank. “When a country matures, it will definitely produce a very large investment bank. The Chinese economy is developing rapidly and prospering, and people are seeing hope.
On April 14, 2003, Chen Hong, who made up his mind, founded Han in Palo Alto, California. The Hina Group (hereinafter referred to as Hanergy) has established an office in Beijing, China. After the establishment of Hanergy, Chen Hong established an excellent management team with rich experience in investment banking, management and venture capital. The people employed were all masters from Morgan Stanley, Goldman Sachs and CSFB.
Since its establishment four years ago, Hanergy has completed a series of investment and financing projects that have caused sensation in the industry, including: the completion of the 183 million US dollar acquisition of Focus Media for the framework media, and helping the Thousand Oaks Group to complete the US$48 million. The third round of financing, winning a strategic investment of 35 million US dollars for ChinaSoft International Group and so on. And from the founding to the present, all cases are profitable.
Good performance has enabled Hanneng to win word of mouth and reputation. For Chen Hong, who wants to make Hanergy a famous investment bank brand, it is more exciting than earning a higher return on a certain project. . In May 2007, Hanergy was ranked among the top 10 PEs in China by international investment giants such as Blackstone and Carlyle. Moreover, in addition to Blackstone, it is the only one that has both PE (Private Equity) and investment banking functions. This indicates that Hanergy, who is less than 5 years old, has been recognized and affirmed by the Chinese market and authorities, and has stood up to the top international investment institutions and investment banks in the Chinese capital market.
Chen Hong said after the award: “Hanergy will continue to make itself one of the most leading investment banks in China; Hanergy will also work together and cooperate with industry partners to make efforts Investors create more investment opportunities in China.
In fact, Chen Hong’s achievements have won him many honors. In 2000, he was selected by Taiwan’s “Business Week” as the 100 most influential new Chinese economic leaders. In 2001, he was called by CCTV as one of the 25 most successful Chinese in North America, and was hired as an honorary professor by Xi’an Jiaotong University to inspire him and illuminate others.
Nowadays, more and more Chinese entrepreneurs who are full of passion and empty hands are on the road to success in the United States. These successful people also have to return to the country to transform into investment financial services. The Chinese elite who have completed their capital, experience and connections in Silicon Valley are becoming the main force in building China’s diversified financial services. And all of this started with Chen Hong, the first pioneer who made Silicon Valley investors fall in love with Chinese international entrepreneurs because of the company’s listing.
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