From January 22 to 25, 2022, Sensegain Group held the 2021 year-end cloud work conference. This year-end meeting has a total of "4+5+2+1" part of work reports, including 4 main departments’ reports, 5 investment track research reports, 2 special reports and the chairman's annual review report. The content of the report is comprehensive and focused, summarizing the past, basing itself on the present, and looking forward to the future.
1.Main departments’ reports
a.Primary Investment Department
On behalf of the first-level team, Mr. Deng Wei, President of Sensegain, reviewed the market situation and business progress in 2021, and made a market outlook and business plan for 2022. In the past year, despite the great downward pressure on the domestic economy China, the development of emerging industries has been in full swing; capital market reform has been further improved, and the number of A-share IPOs and fundraising has reached a record high, while the M&A market has been relatively sluggish; overseas listings have been included in the China's supervision, the listing of Chinese stocks in Hong Kong has become a trend; VC/PE activity has increased, and financial investment has gradually evolved to strategic investment. In this context, Sensegain further focused on the track, continued to strengthen investment research, adhered to the linkage of fundraising and investment, and launched a number of high-quality projects. Invested companies such as Yiyi Hygiene Products, Chengda Biotechnology Co., and Cloudwalk are listing in the public market continually. In 2022, with the advent of the comprehensive registration system and the upgrade of the investment model of the private equity industry, we will continue to focus on emerging markets, select top targets, implement key projects, and further improve post-investment management.
Ms. Jing Yang, the vice president in charge of international business, was in New York and made a report on cross-border US dollar investment by video. Ms. Jing Yang made an in-depth analysis of the current global situation, and introduced the policy situation and market trends of the US market and Hong Kong market. With the efforts of the Sensegain Global Team, the phase one of the US dollar fund performed well, and invested in high-quality projects such as Palantir, eToro, Tencent Doctor, Medlink, Synaptive, and some projects have been successful exit. At present, the phase two of the USD fund is on its way. The global team will continue to practice the concept of "investing in the future, focusing on technology", selecting industry leaders with high-tech barriers and high growth potential worldwide, and assisting overseas companies to find suitable Chinese partners, and efficiently expand the Chinese market.
b.Secondary-line Report
Mr. He Jingfeng, head of the securities investment department, reviewed the A-share market in 2021 and pointed out that the overall market performance was weak, but structural opportunities still existed. The "Mao Index" transitioned to the "Ning Portfolio", and most of the top gainers were related to clean energy. Among them, new energy upstream superimposed pro-cyclical price increases performed better (lithium mines, etc.); some ST stocks will undergo judicial reorganization in 2021, and their stock prices will also increase significantly. The median yield of both public and private securities funds for the year was less than 10%, but the scale grew rapidly, mainly benefiting from the inflow of incremental funds and the institutionalization trend of the market. Mr. He Jingfeng believes that under the background of "stable" economic construction, the policy will be relatively loose in 2022, the structural market is still the main tone of the market, and more attention should be paid to industry research.
Mr. Qiu Lei, assistant to the president, made a summary of the secondary business of Sensegain in the past year, and put forward goals and plans for the work in 2022. On the basis of regular securities investment and fixed increase investment business, Sensegain's secondary team also pays great attention to special opportunity investment, including three types of investment in core asset strategy, restructuring investment in distressed listed companies, and derivative investment in mergers and acquisitions. Mr. Qiu Lei pointed out that the new second-level business team will focus on the key points. On one hand, the investment research and optimization team will be improved, and key securities investment and fixed increase investment projects will be implemented; On the other hand, opportunities as the standard, select high-quality special opportunity projects, cooperate and implement efficiently.
c.Market Line Report
Ms. Li Xuan, Executive Vice President, reviewed the policies and market conditions of the private equity industry in the past year, and analyzed in detail the investment trends of insurance companies, securities companies, commercial banks, government guidance funds, industrial capital, family offices and other institutional investors. And on behalf of the product market line, She summarized the company's work in fund raising and management in 2021. In 2022, the product market team will continue to strengthen cooperation with insurance companies, securities companies, industrial capital, local governments, etc., promote the implementation of special opportunity funds, industry theme funds, US dollar funds and other products, and will do a good job in the after-sales management of existing funds. .
（配图：李萱）
d.Risk Controlling Line Report
Vice President Mr. Gao Lin made a systematic summary of the possible risk points in each link of fundraising, investment, management and exiting, and put forward specific preventive measures. Mr. Gao Lin pointed out that risk management is not only about solving problems, but also about taking precautionary measures and preparing for danger in times of peace. For many years, Sensegain has been operating legally and compliantly. In the future, we will continue to adhere to the bottom line of this principle, further improve the system construction internally, and continue to strengthen communication and cooperation externally.
（配图：高霖）
2. Track research report
a.Technology Sector
The semiconductor track has always been an industrial field that Sensegain has cultivated. Mr. Liu Dan, assistant to the president, pointed out that 2021 is a big year for semiconductor investment. In the future, the proportion of the digital economy in the national economy will maintain rapid growth, driving the innovation and development of digital chips. Sensegain will extend from upstream to downstream through the accumulation of investment in the upstream of the industry, and actively deploy digital chips and investment opportunities brought by the evolution of advanced manufacturing processes.
Vice President Mr. Cao Song said, "When the mobile Internet traffic space peaked, the dividend of the Metaverse Era has already opened." As a collection of new products, new models, new experiences, and new philosophies with AR and VR as the core, the Metaverse market space exceeds one trillion yuan, and it has a good development trend in the short, medium and long term, and global industry giants are accelerating their deployment. Sensegain has invested in high-quality metaverse projects represented by WIMI. In the short term, it will continue to pay attention to companies that benefit from the production of VR/AR equipment, and in the long run, it will prefer high-barrier targets of hard technology.
b.Intelligent Manufacturing Sector
In the field of intelligent manufacturing in China, Sensegain focuses on the two tracks of aerospace and military industry and industrial intelligence. Ms. Liao Yu, director of the intelligent industry investment department, and Mr. Wang Ganghua, director of the equity investment department, made wonderful sharing on this.
In the post-epidemic era, the global economic recovery is divided, and the competition in science and technology and industries has become more intense. The strategic game of major powers will further focus on high-end manufacturing. As a key support point for promoting a new round of technological revolution and industrial transformation, intelligent manufacturing is the main direction. In the field of aerospace and military industry, we mainly focus on the fields of commercial aerospace and defense informatization; in the field of industrial intelligence, industrial software and machine vision are the key follow-up directions.
（配图：王刚华）
c.Pharma Sector
President Assistant Ms. Lin Xiaohan pointed out in the Pharmaceutical Industry Report that "innovation-driven, domestic substitution" is still the investment logic in the medical field, and also pay attention to investment opportunities related to vaccines under the normalization of the epidemic; in the field of innovative devices, focus on molecular diagnosis in the field of companion diagnostics and early cancer screening. Sensegain has opened up the entire industry investment chain from early projects to listed companies in the investment in the big health industry. In the future, it will continue to give full play to its financial and industrial advantages and strive to go further.
（配图：林小涵）
d.Consumer Sector
Driven by the new era, new crowd and new technology, the consumer market has higher and higher demands for "convenience, health and beauty". Vice President, Mr. Gao Lin pointed out that investment in the consumer sector should closely follow the market and respond to demands. To focus on large-scale and high-growth tracks, the three tracks of smart home, convenient food and beverage, and medical beauty are worthy of attention. In the future, the China Consumption investment team will also strengthen cooperation with industrial capital and listed companies.
e.Clean Energy Sector
Mr. Gao Chao, vice president of the company, shared the market situation and investment experience of the four tracks of new energy vehicles, automotive intelligence, photovoltaics and natural gas. Under the background of the national "dual carbon" strategy, the prosperity of new energy-related industries has increased, bringing long-term investment opportunities. On the new energy vehicle track, we mainly focus on lithium batteries, materials, equipment, and new technologies in the upstream of the industrial chain; in the field of automotive intelligence, we focus on autonomous driving, and algorithm iteration and hardware upgrades under the integration of software and hardware are the main investment lines; On the track, we mainly focus on breakthroughs in core equipment such as silicon wafers and inverters and core technologies such as perovskite; the natural gas field needs to focus on investment opportunities in the field of core infrastructure.
（配图：高明）
3.Special Purpose Investment
a.Restructuring investment of listed companies
In 2021, a total of 23 A-share listed companies have applied for bankruptcy and reorganization, of which 19 have been approved. The reorganization and investment of listed companies are gradually entering the public's field of vision. Sheng Shijing has conducted in-depth research on this. Wang Yuanjunwei, deputy general manager of the company's finance department, made a special sharing on the financial issues involved in the reorganization and investment of listed companies, including the identification of a package transaction, the determination of the value of the acquired equity, and the confirmation of assets.
（配图：王袁俊伟）
b.Special Opportunity Fund Products
Special opportunity investment mainly includes three types, namely, core asset strategic investment, restructuring investment in distressed listed companies, and derivative investment in mergers and acquisitions. Ms. Wu Chengjing, assistant to the president of the company, concluded that investment with special opportunities has both liquidity and profitability, and has great prospects in the future, but the same type of products are relatively scarce in the market at this stage. This type of investment has extremely high professional requirements, and tests the comprehensive ability of the investment team in terms of scheme design, asset control, and resource coordination. Since 2018, Sensegain has paid great attention to special opportunity investment, has a rich project reserve, and has established a professional team with first- and second-level practical experience according to the project.
（配图：吴铖婧）
4.Chairman's summary
Mr. Wu Mien, chairman of Sensegain Group, delivered a keynote speech entitled "Let's live up to the golden age and go to the next level".
（配图：吴敏文董事长）
Chairman Wu mentioned that the current international situation is complex and changeable, Sino-US relations are surging, the domestic economy is faced with upstream raw material inflation, midstream manufacturing is squeezed, and downstream consumption deflation, industrial reform is imminent, and policy adjustment is also underway. In 2021, China's capital market registration system will be steadily advanced, the IPO market will continue to flourish, mergers and acquisitions will cool down, the secondary market will be significantly differentiated, and special opportunities such as bankruptcy and reorganization will emerge. The strong in the private equity industry are always strong, and the waves behind are fierce. In the past year, Sensegain has continued to strengthen the cultivation of internal strength. On the asset side, the track research has been further deepened, the strategic investment and overseas investment business have formed core competitiveness, and the fundamentals of Kangyue Technology, a listed company controlled by Sensegain, have greatly improved; on the fund side, the cooperation between insurance institutions has achieved breakthroughs, and the binding of industrial capital has been further strengthened. , the local government has opened up a new situation. Chairman Wu defined 2022 as "the year of hope and turning point", and proposed that the transformation of the domestic economy is worth our expectations, the reform of the capital market will be further deepened, and the era of equity investment will truly come. The year 2022 is the beginning of the second fifteen years of Sensegain. In the past fifteen years, Sensegain has experienced many changes from 0 to 1, and also knows that "boating against the current, if you don't advance, you will retreat". Based on the company's development direction, Chairman Wu proposed that the business model should be comprehensively upgraded, combining "farming" and "hunting", from financial investment to strategic investment, and from professional management to industrial operation. On the asset side, we should pay close attention to key tracks and projects, continue to strengthen investment and research, expand project channels, cultivate the industry track with a forward-looking perspective, and strengthen the control of "people"; on the fund side, we should implement key funds , Key customers, to solve the three problems of what to sell, who to sell to, and how to sell. The company will further optimize the talent team, do a good job in system construction, and strengthen brand management. Finally, Chairman Wu encouraged everyone to firm up their ideals, live up to their prime, and go to the next level. 凯歌高奏辞旧岁，激情满杯迎新年。1月23日晚，尊龙凯时集团新年晚宴在北京东方红旅馆举行，纽约子公司、华南大区事业部、华东大区事业部、成都分公司、河南子公司也划分在外地举行新年晚宴并与北京现场举行了视频连线，全体尊龙凯时人碰杯同庆，共贺新春。
（配图：吴敏文董事长）
晚宴上，由董事长和集团向导现场揭晓了“盛世精英”、“优异部分”、“优异员工”、“优异退出奖”、“勤恳项目奖”等年度表扬奖项，对已往一年里，坚持优异事情状态的优异同仁们，给予一定和激励。
（盛世精英：吴铖婧）
（优异部分：金融市场部）
（优异员工：吉弘毓、郭臻、林珺、廖水生、付卫红）
（优异退出奖）
（勤恳项目奖）
踔厉高昂、笃行不怠，2022年尊龙凯时人将继续坚持高昂斗志，续写新华章、再立异绚烂！
