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Daniel Zhu, Partner at China's first cleantech venture capital firm, Tsing Capital, joined OnGreen at their headquarters to discuss market entry strategies into China.
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Tsing Capital!!
The Pioneer and Leader of Cleantech Investment in the !World’s Largest Market!
!
Doing Well by Doing Good© Photo by Sandy Xu @ Tsing Capital
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Our Vision
Founded in 2001 on the philosophy of “Doing Well by Doing Good©,” Tsing Capital has since become the global pioneer and leader in environment and cleantech investment. With the vision that sustainability would be a fundamental paradigm shift in human activities and create the greatest economic opportunity of our time, the firm has invested in cleaner and better ways of producing and living. As China emerges as the largest market, Tsing Capital is poised to seek superior returns for its investors environmentally, socially, and financially.
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In 2010, China’s energy consumption per unit GDP is 5 times of Japan and 3 times of US
High GDP = 3 “Highs” in Growth, Energy Consumption & Pollution
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Challenge: World Factory vs. World Polluter
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Export Growth vs. CO2 Emissions CO2 Emissions (megatons) Exports ($ billion)
Source: Tsing Capital, blog.cfr.org,
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Opportunity: Clean Economy is Government’s Top Agenda
1990-2002: Scientific Terms • Established working
groups • Ratified UNFCCC and
Kyoto
2003-2009: National Agenda • Circular Economy • Green GDP • Environmentally
Friendly and Resource Efficient Society
• Renewable Energy Law
• Green Olympics • Low Carbon Economy
2010 & Beyond: Dominant Priority • 4 out of 7 strategic
emerging sector focus including New Energy, Energy Efficiency, Sustainable Transportation and New Materials
• 12th Five Year Plan
China has gone through 10 years of Cleantech policy development�
Source: Tsing Capital & CGTI Analysis Dec ‘10 �
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High-Growth Market Opportunity
Source: Tsing Capital & CGTI Analysis Dec ‘10�
Environment is Key Theme for China’s 12th Five Year Plan
Energy efficiency and environment protection is the #1 priority All seven emerging industries will contribute at least 8% of GDP by 2015
Next Generation IT EE and EP
Bio-Engineering
High-End Manufacturing New Energy New
Materials Alt Energy Vehicles*
Strategic Emerging Industries Highlights 4 out of 7 Cleantech
Related Sectors as Focus Areas by Central Government
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Aggressive Mandatory Targets for 12th FYP
Source: CGTI Analysis Mar ‘11 �
10 Targets set for China’s 12th Five-Year Plan (with 4 targets continued from 11th Five-Year Plan)�
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*Proprietary to Tsing Capital.�
Demonstrated Domain Expertise Across a Diverse Spectrum of China’s Clean Economy
§ The global pioneer and leader in environment and cleantech investment, Tsing is poised to seek superior returns for its investors environmentally, socially and financially in the following industry sectors:
Clean Economy and Our Focus
Fertilizer & Pesticides
Eco - Husbandry
Organic Foods
Green Substitutes
Nano-materials
Bio- degradables
EV's and Batteries
Public Transportation
Systems
CER
CCS
Waste Water
Air
Energy Generation
Energy Transmission
Electrical Appliances
Renewables
Cleaner Fossil
Tsing Capital
Sustainable Agriculture
New Materials
Sustainable Transportation
Carbon Reduction
Environment Protection
New Energy
Energy Efficiency
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Opportunity: China is the World’s Largest Clean Energy Investor
来源: Who’s Winning the Clean Energy Race 2010 – Pew Charitable Trust�
2010 China’s Clean Energy Investment Reached $55 Billion
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Opportunity: China is the Largest Cleantech Market
#1 solar PV production (50% of global PV cells in
2009, 30GW installation by 2020)
#1 installed base of solar water heaters
(over 125 million m2)
#1 wind-power market (200GW
installation by 2020)
#1 hydro resources (540GW); #1 water demand
#1 auto production and market (13
million new vehicles in 2009)
#1 in CDM registration
#1 fresh water farming And many more
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Leader Niche
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VC cleantech investment in China (USD in Millions)
Air Treatment
Sustainable Transportation
*Source: Tsing Capital.
Environment Protection Clean Economy Sustainable
Development
Solid Waste Treatment
Circular Economy
Water Treatment
Wind Solar
New Materials
Smart Grid
Energy Efficiency
Sustainable Agriculture
Mainstream Dominant
CEF 2002 (Fund I)
CEF 2004 (Fund II)
CEF III (Fund III)
CEF IV (Fund IV)
Tsing Positioned at the Forefront in the Development of Clean Economy Investment in China
Development of Cleantech Investment in China
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2009: Cleantech Becomes VC/PEs’ Top Focus in China
China VC/PEs’ Investment Focuses in the Next 1-2 Years, over taking traditional investment areas!Source: CVCA 2009 China PE Industry & Regulatory Environment Survey Report!
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2010 Q1: Cleantech Becomes VC/PEs’ Largest Investment Sector
Source: Zero2IPO, Apr ‘10
No. 2 by Deals
No. 3 by Exits
No. 1 by Amount
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2010 1H Chinese vs. Non-Chinese Cleantech IPOs
2009 Q4 – 2010 Q2: CHINESE Cleantech Companies IPOs = $ 6.3 billion
2009 Q4 – 2010 Q2: NON-CHINESE Cleantech Companies IPOs = $ 2.0 billion
VS�
Source: Cleantech Group, Jul ‘10
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No. 1 brand and largest
cleantech team in China
Strong domain experFse
supported by Tsinghua University
Largest cleantech deal
flow
3 US funds + 1 RMB fund
Proven superior track
record
Since 2001 first cleantech fund in China and one of the earliest in the
world
Pioneer and Leader in China Clean Economy Investment
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Tsing Capital Has Grown Significantly Over the Past 9 Years
“A visionary leader in cleantech venture investment across Silicon Valley and China with extensive achievements”, Asia Venture Capital Journal�
“An evangelist in Chinese cleantech investment”, International Financing�
Tsing Capital has been selected by HBS as a case study
Benefits to TC: substantial contribution to management education, value-add to TC development and maintain valuable relations with
HBS network�
Dominant Player
Pioneer
Mainstream
CEF 2002 USD 13M
CEF 2004 USD 30M
CEF III USD 228M
Yiyun I RMB 400M
Leader
CEF IV USD 350M
Yiyun II RMB 1500M
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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n “10 Companies to Shape the World in 2020”, Sustainable Excellence (2010) n #1 of “Top 5 Cleantech VC Ranking”, CCIS / SSG Capital (2010) n #1 of “Top 10 Greentech VC Firm”, ChinaVenture (2010) n 2008 “Cleantech Leader Award”, Cleantech Group (2009) n 2008 “Best Corporate Citizenship Growth”, 21st Century News Group (2008) n 2005 “Cleantech Pioneer Award”, Cleantech Group (2006) n “2010 China Most Valuable Enterprises Award” No. 7, EZCapital (2010) n “Top 20 Domestic VC Firms of the Year 2010”, Zero2IPO (2010) n 2010 Best Clean Tech Company (China), The New Economy Magazine (2010) n 2009 “Outstanding Corporate Citizen”, Ministry of Civil Affairs (2009) n 2009 “Top 50 GP’s in China”, China Limited Partners Association (2009) n “Top 50 VC Firms of the Year”, Zero2IPO (2003-2010)
n “40 China’s Most Powerful People 2009”, BusinessWeek (2010) n “2010 China’s Best Venture Capitalist” No. 35, Forbes China (2010) n “2010 Green Person of the Year”, Chinese Esquire (2010) n Top 50 “China’s Best Venture Capitalist”, Forbes China (2009) n “25 Promoters of Business Globalization”, Global Entrepreneur (2009) n “25 Stars of China”, BusinessWeek/China (2009)
Tsin
g C
apita
l D
on Y
e
Tsing Professionals and Organization Widely Recognized for Pioneering Venture Investments in the Cleantech Space in China
Exceptional Management and Resources
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Tsing Capital Portfolios Family
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EZCapital / Holyzone “2010 China Most Valuable Enterprises Award” �
Portfolio Achievements 2010
ChinaVenture CVAwards Most Promising 100 Firms �
SSG Capital – China Cleantech Investment Summit “Top 5 Cleantech Enterprise” �
20 / 14 �
Don Ye: Cleaning Up “the World’s Factory” (Cover Story), PE Asia
Don Ye: “Cleaning Up the World’s Factory” PE Asia (June 2011)
“A true winner cannot shine without fierce compeFFon. In a one-‐man ba[le, you might
be first but you’re also last.” �
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Don Ye: 40 “China’s Most Powerful People 2009”, BusinessWeek
Don Ye: 40 “China’s Most Powerful People 2009” BusinessWeek (Dec 2009) Mr. Don Ye, the Managing Partner, was selected China’s Most Powerful People 2009 by BusinessWeek for his pioneering efforts in cleantech venture investment in China. Other notable people selected include President Hu Jintao, Vice-‐President Xi Jinping, Premier Wen Jiabao, Alibaba Founder and CEO Jack Ma, Lenovo Group Chairman Liu Chuanzhi and NBA basketball star Yao Ming.
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Tsing Capital in Media 2010
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Tsing Capital’s ESG and CSR Performance
Impact by CEF Porjolio Companies by Environmental and Social Categories in 2009
11,680,668 tons = CO2-e Reduced
176,894 GWh = Clean Energy Generated
US$ 22,589,825 = Invested in Cleantech R&D
30,046 = Green Jobs Created
US$ 26,035,355 = Taxes Paid to Government
US$ 91,774 = Spent on Community Development
Selected as one of “Ten Companies That Will Shape the World in
2020” in Aron Cramer’s new book
Sustainable Excellence: The Future of Business in a Fast-changing World (Rodale Books, 2010), written by
BSR’s CEO Aron Cramer Tsing Capital has “set a course for Chinese private investment that will
be vital to the sustainability of prosperity and growth both for
China and for the world as a whole”
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In-House Research Capability
Research and
Analysis Team
Investment Team
Market Dynamics
Internal
Industry Experts Advisors
Research Insatutes and Associaaons
Peers and Personal Contacts
External
Samples
25 / 14 �
Tsinghua University Resources
Tsinghua Holdings
Listed / Non-listed Enterprises�
Tsing Capital
Industrial Bases�
Incubation Center
Science Park �
n Exclusive asset management arm wholly owed by Tsinghua University
n Almost 100 companies under management n 32B RMB revenue in 2008�
Tsinghua University
n Internationally recognized, prestigious and influential university in China
n Academic leaders in science and technology, comprising most members of China Academy of Science and China Academy of Engineering
n Leading environmental, automotive, thermal, mechanical, chemical and civil engineering departments in China
n 71 research institutes/centers, 166 laboratories; Over 1,000 new technologies developed annually
n Over 60,000 alumni world wide, all over various sectors
n Strong government backing and extensive deal flow �
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Tsing Capital’s Value-add to Portfolios
Tsing Capital
Training by Experts e.g. Finance, Tax, BD, Market Dynamics LP Resources:
-‐ Project Financing -‐ Strategic Partners
Tsinghua University R&D and Policy-‐
making
Formulate Business Strategies
Enhance Publicity and Synergy
amongst Porjolios
Social & Environmental System
& Compliance Strengthening
Corporate Governance AddiFonal Financing
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World Class Investor Support
Tsing Capital is supported by many of the world’s most prominent organizations in the field of cleantech �
DFIs! Strategic MNCs!
Financial Institutions!
Family Offices!
China Environment Fund Series!
Government Induction
Funds!Listed
Companies!
Renowned Private
Enterprises!Strategic Investors!
Yiyun Cleantech Fund Series!
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Tsing Capital Fund Structure
CEF 2002
CEF 2004
CEF III
CEF IV Yiyun I! Yiyun II!
USD! RMB!
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For Further Information
Tsing Capital A 2302, SP Tower Tsinghua Science Park Beijing 100084 China Tel: 8610-8215 1160 Fax: 8610-8215 1150 www.tsingcapital.com�