AVCJ China Awards: VC Professional of the Year – Bo Feng

Q: What has been your most prized accomplishment at Ceyuan Ventures?

A: We are far from being successful, but as well as a lot of luck, one thing that has helped us is conviction. We believe in the industry, the sectors and teams we back and in ourselves, working alongside them. In 2006, I took the whole team to California and we held a discussion on Web 2.0, wireless internet and e-commerce. We were ahead of most VCs in focusing our activities on these sectors.

Q: What do you enjoy most about your job?

A: Learning about new things; and learning how to become a part of the advancement of life and society.

Q: How have China's venture capital players changed since you first arrived?

A: As one of the earliest VCs in China, starting in 1994, I have witnessed great changes. More companies are being founded and funded, more angel investors are helping entrepreneurs, and more capital is willing to take risks. But the biggest change is in the number of VC firms. They are everywhere. It means more competition for us, which makes our job more difficult.

Q: What transactions stick out for you?

A: We have some great portfolio companies: Vancl, Douban, UC Mobile, Netqin, Uc , Netqin, Light in the Box, Dianping. If I had to pick, I would choose [online clothing retailer] Vancl as our best deal. We started with Chen Nian, the CEO, when the company was founded and have invested across five rounds.

Q: What are the biggest challenges facing VCs in China today?

A: It's very tough to start a new fund and decide on a size that make sense. Running a fund is expensive and the opportunities are few, so there's very little room for VCs to make money - 2008-2012 have been tough vintages.

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