Cable King Jiang Xipei: 5 billion years

[Business Online]: A college entrance exam failed to start, starting from scratch to create a Far East Holdings Group; he borrowed ships to the sea, with a small stroke, magically through four equity games, a small cable plant built to lead the national cable industry's flagship !

He opened his mind broadly, captured the world's elite, brought together many talented people of lofty ideals, he waved capital giants to create the four core industries in the Far East, for the Far East "internationalization" to open a game! He is Mr. Jiang Xipei, Chairman of Far East Holding Group Co., Ltd.

Cable King Jiang Xipei

Earn the first pot of gold by repairing watches

【Business Online】: First, please tell Jiang Dong to say hello to everyone!

Jiang Xipei: Thank you, the host, thank you!

[Business Online]: We all know that your business is very bumpy. I heard that your first bucket of gold was earned by repairing watches. Can you talk about it briefly?

[Jiang Xipei]: At the beginning of the 1980s, my college entrance exam came down and my parents wanted me to repeat and continue to study at the university. But I chose to enter the community early. I follow the second brother to go to Hangzhou to repair the clock, the biggest goal is to earn enough 50,000 yuan.

This 50,000 yuan, I was thinking about this: home to build two houses, the rest of the deposit in the bank regularly, eat interest every year, spending almost a year, and no longer have to work hard. However, when I spent less than one year to earn 50,000 yuan, and successfully achieved the original "maximum goal", my self-confidence and entrepreneurial "ambition" was suddenly stimulated.

【Business Online】: Afterwards, he chose to start his own business. Is he the owner?

[Jiang Xipei]: Yes. In 1986, I started my own boss, chose a familiar watch industry, and founded an instrument factory that produces parts and components for the big clocks and watches factory. However, one year later, the company lost more than 100 million yuan due to poor management. My first venture failed.

[Business Online]: One million yuan is an astronomical number that ordinary people could not imagine in that era. How did you turn a profit into profit?

[Jiang Xipei]: Just when I suffered the first major setback in my business, someone gave me a gift. My brother, who works at a cable plant, provided me with an important message: The wire and cable market in Shanghai and Jiangsu is in great demand and sales prices are increasing. I quickly borrowed 100,000 yuan from a friend and opened a distribution department in Yixing to start the cable business.

【Business Online】: It can be said that it is relying on a piece of information to find a way out.

[Jiang Xipei]: Yes, this is a turning point in my life. In 1990, it was of special significance to me. After accumulating three years of experience in sales of wire and cable, a family-owned company, “Fandao Electric Plastic Factory”, which is controlled by me and has a registered capital of 1.8 million yuan, was established. I will sell cables and go to make cables. "Fandao Electric Plastic Factory" is now the predecessor of the Far East Group.

[Business Online]: As a private enterprise with annual sales of more than 10 billion yuan, Far East and other private enterprises are no different. Some people say that you are a billionaire who changed the system. What do you think of this?

[Jiang Xipei]: After four restructurings of the Far East, from the Wenzhou model to the southern Jiangsu type, from joint-stock companies to mixed ownership, and then to privately-held holdings, the Far East is no longer the small company that nearly sent off its business due to 200,000 yuan. Become a large group company with a listed company. At present, the fifth restructuring of the Far East Group is being brewed. The restructuring of the Far East will incorporate more new elements such as capital and technological innovation.

[Business Online]: Can you talk about the four restructurings?

[Jiang Xipei]: Formerly our Far East Group is a real, private company, and it is a road that adapts to the laws of market development. The rapid development of the enterprise may have led to greater restrictions on private companies in terms of loans, marketing, etc., especially in the employment mechanism. At the beginning of 1992, I accepted the suggestion of the local party committee, resolutely restructured into a township-owned enterprise, and took the initiative to wear a "red hat." From private to collective, the Far East has won a better development environment and has also removed obstacles for the introduction of talents.


In 1995, we carried out joint-stock reforms in response to the drawbacks of unclear property rights and unclear responsibilities in the operation of the rural-owned collective enterprises. The company adopted fixed-quota subscriptions and voluntary subscriptions. In 1995, it successfully raised 13.5 million yuan of internal employee shares and 1 million yuan of collective shares. In 1996, the number of internal employee stocks increased to 45 million yuan, which tied each employee to the corporate community of “consensus on goals, shared responsibility, risk sharing, and benefit sharing”.

[Business Online]: If we say that for the first time the restructuring of the external environment to solve the great development, then the second restructuring is to stimulate the intrinsic vitality of the development of the Far East.

[Jiang Xipei]: You are right! Two successful restructurings have brought economic strength and production equipment updates to the Far East. However, with the expansion of production capacity, the market and capital issues have become the “bottleneck” that restricts the development of the Far East. The only way to change this situation is to persist in reforms, establish new market mechanisms, and take the road of economies of scale.

In 1996, I went to Beijing 9 times to find a partner in a key company in the national power system. After many field visits, demonstrations and audit evaluations, in April 1997, the four major state-owned enterprises such as China Huaneng Group Corporation and Far East Group formally signed contracts in Beijing and established Jiangsu Xinyuandong Cable Co., Ltd.

In this cooperation, Far East transferred some of the shares in the original employee stocks to the four major state-owned enterprises, and the company changed its shareholding system to a mixed economy. Marrying with state-owned power giants, the Far East stood on the shoulders of the giants and developed on a higher platform.

The operation of the mixed economic model has created a vast market space for the development of the Far East, but with the continuous changes in the macroeconomic situation and the re-combination of internal business management factors, joint venture parties need to make new decisions based on national policies and market conditions. Strategic planning. In 2002, I began to repurchase state-owned and collective stock rights, restructured the Far East Group, improved corporate governance structure, and established a new Jiangsu Far East Group Co., Ltd.

[Business Online]: So after 12 years of development, Far East has returned to private enterprises?

[Jiang Xipei]: Yes. In the four restructurings, we identified a breakthrough that stimulated the vitality of the enterprise and adapted to the development laws of the market economy to the maximum. The Far East has thus embarked on the fast track of development.

First investment to Suntech in Wuxi

【Business Online】: Now, Far East is No. 1 in China's cable industry. It has been the first in nine consecutive years of production and sales, and its sales revenue has exceeded 10 billion. In the cable section, Far East has been on the road, with its own shaped business model, mature and efficient team. The cables also created a steady flow of profits for the Far East. They needed to find exports for the money. Next we will talk about investment topics.

Jiang Xipei: Yes. I personally have a preference for investment. Along with the rapid growth of the Far East, I have been investing in exploration.

[Business Online]: We all know that there are such paragraphs of good times, the following are the following: University of high-fidelity shows a business talent. In 2005, he took a chopper, made a P2P video site Mysee, ran an entrepreneurial plan to lobby Yang Zhiyuan, tried to get Yahoo's investment, failed, and then turned to attack you.

Interestingly, the board of directors of the Far East Company discussed and believed that projects with high investment enthusiasm are risky and should be rejected. Since the company does not invest in your pockets, it sponsors a high-burning business of 1 million yuan. You become an angel investor, and invested a total of 4 million yuan in four times. In 2006, you left MySee. You are still holding approximately 8% of your shares in Mysee.

[Business Online]: I would like to ask you about Angel Investment. Is this your first investment? Did you invest in other projects before or after the high fire?

[Jiang Xipei]: My first investment was to invest in Suntech, the first private company in China that landed on the NYSE. At that time, it was like this: In 2001, a Dr. Haizheng brought his technology and projects to Wuxi to seek development. Before he lobbied around, he repeatedly hit a wall. The Wuxi government has brought in relevant entrepreneurs and hopes that they can give financial support. I have also been invited to join.

After the demonstration was completed, I readily participated in the investment. As a result, the returning Dr. Haizheng had aggregated six million U.S. dollars from eight Wuxi companies and set up the company. The company's name is Wuxi Suntech, China's first private company to land on the NYSE. The Dr. Haizheng is Shi Zhengrong, the richest man on the Hurun Report 2006 in China.

I don't understand the Internet, or is a layman, including a lot of mobile phone features, a lot of computer functions, I can only use some of the features, many can not be used. In this industry there are only young people like Gao Burning. I have been working in the cable field for a long time. Four years ago, I acquired the Sanpu Pharmaceutical Company, a listed company. If I actually voted for the Internet, I would be the first to burn high.

[Business Online]: Is it because of high fire that it was only invested in the Internet company, or because you are interested in the Internet and you have just encountered high fire?

[Jiang Xipei]: The internet industry is too big, and it has changed the world a lot. Of course, I am optimistic about the Internet. However, there has been no such opportunity. I have just met a young man who is interested in this area. Made some attempts. Young people who are mainly high-burning are very ambitious and have ideals. He also has some foundations.

I still had quite a lot of communication with Gao Burning. Due to such an opportunity, I was more concerned with him and communicated with them, including a little more familiarity with the communication with some professionals. After that, the company became more familiar with it.

The high-burning part is not like a more professional person. For example, people who do technology know very well. In addition, when they do management, people have more management experts, but high-burning has comprehensive advantages. Gao Burns led a group of young people in the field to make more attempts. After the Far East took part, it is also good for the Far East to work hard in this area.

We invested 1 million in the first period, added 1 million, added 2 million, and actually invested 4 million. Later, in Zhang Weiwei’s business e-commerce unlimited company that graduated from Tsinghua University, we invested 5 million in this field as an exploration.

After all, the investment is not too much money, maybe we voted right. Maybe we may learn more than gain, but I think that for those who need to start a business, in terms of more innovative aspects of this field, we still invest money. Worth, I believe they will succeed.

[Business Online]: The entire Internet is changing quickly. The cable is already a mature industry. You do not understand the Internet now, and you have entered several Internet companies. If you feel like these companies or these young people start business with you, then do you compare with traditional industries like cable, where do you differentiate?

[Jiang Xipei]: The Internet is a new economy compared to the cable, manufacturing and other industries. It is a new technology for those who do not understand the Internet. We have made cables for 16 years, and the cable industry has been for several decades for a hundred years. This industry is relatively early.

I believe that our cable industry is more competitive than the Internet industry, but we have been able to meet the demand for supply in the past 16 years. This is unique in the industry, and our development rate has exceeded 40% for 16 consecutive years, although now Far East has become the domestic First, but I believe that our goals and plans are far from being the same. We will be the world's largest and best cable company in the next five to ten years.

The Internet competition is not as it was before. The competition is fierce. There are often several companies listed on the market one year, and it brings huge wealth. This temptation is still very large. It needs to be better tapped and developed to attract more. It is inevitable that people of insight enter this industry and become traditional industries.

Enterprise development mainstream model: main business + fund

[Business Online]: For those who are doing traditional industries, is it easy to feel that the Internet makes money? Every year, the richest people come up with many Internet companies. Now that there are so many private capitals, do you feel like some people around you? Is there more people like you to invest in the Internet? Do people around you have such an idea?

[Jiang Xipei]: It is not easy to look at an industry to make money. It is good to do two things: one is the average profitability of the industry, and the other is the chance of success in this industry. If the profit itself is high, the odds of success are high, and it is relatively easy.

Therefore, in the emerging industry, many successful people have been nurtured, allowing them to obtain a lot of wealth, and they have also made great contributions to society. Just as we are in Jiangsu, including the entire corporate world, there are many people who are optimistic about the Internet. No one company has nothing to do with the Internet. No one has nothing to do with the Internet. Conscious or unconscious, whether you like it or not, is more or less influenced by the Internet.

At another level, if the industry he has done is long, he feels that the industry is difficult to do. Other industries in other fields are good at making money faster, and actually doing another industry has dived or drowned when they diversified their businesses. In a certain sense, the fund-level World Bank United Fund is a new idea for the development of the company after the completion of the main business.

Whether it is a private enterprise or a state-owned enterprise or other enterprise, it will in fact be a good development model. The mainstream mode of enterprise development model will be the main industry + fund in the future. You can take out even a 10% or 20% share of the year's earnings to invest in a fund. The investment fund will have more industries to choose from. The key is to be able to bring you a return and enable it to grow in the companies you invest in. This is another option for diversification. This is my idea.

【Business Online】: From Suntech to Sanpu Pharmaceutical, from Mysee to unlimited business opportunities, you have been busy with your investment test, and later established the Shihua United Fund. Please ask Jiang Dong to give an introduction to this fund.

[Jiang Xipei]: The Shihua United Fund was initiated and established on the basis of the Soviet Union Alliance established three years ago. Three years ago, we initiated the establishment of six joint ventures with six Jiangsu enterprises including Yurun Group, Hongdou Group and Yuexing Group. The Soviet Union, due to various reasons, after the registration of this company, the Soviet Union Business Alliance was registered by others, and finally it was registered by the State Administration of Industry and Commerce as a joint fund of Shihua. In fact, we have expanded to a larger scope on the basis of the Soviet Union Alliance. fund.

The main reason is that these companies took out a portion of their funds to invest in the company. The fund was then entrusted to China Merchants Fund Management Co., Ltd. to manage the project. They provided the project source, which was decided by the board of directors of the Shihua shareholders' committee, and it was intended for investment projects. The investment projects are mainly for some technology-based companies, some projects for IPOs, and some companies that we believe are relatively well-participated.

[Business Online]: Prior to this, did the World Hua United Fund have any actual projects or projects?

[Jiang Xipei]: The first few companies that we initiated were intended to do a good job at the same time as our original business. For example, we do cable in the Far East, and now it is the first company in the country for nine consecutive years of production and sales. We account for a little over 3% of this industry. The demand for last year was 290 billion, not to mention the huge international market.

Yurun is the largest company in the domestic food industry, and Yuexing is also a leading company. We put our main business well and put some money into the Soviet Union at that time. The Su Shang Alliance is hard for us to do, but What everyone wants to do again has such a basic consensus. The state wants to open up but does not have an open industry, there is insurance finance, etc. We also want to gradually try out some projects that are still in operation.

[Business Online]: Is this fund a departure from the original business of several directors?

[Jiang Xipei]: Yes, the project that we originally invested in the project of the Soviet Union Business Alliance is still operating alone. In fact, the World Bank United Fund, which we formally launched today, is an institutional investor and natural person facing us. Relying on the original foundation of the Soviet Union, if other units and institutions have the desire to invest, at least 10 million. The natural person is one million. At present, it is mainly to understand the familiar friend investment.

Entrepreneurial Experience: Tips for Revealing Success

【Business Online】: Your business is also a rough process. For many people today, entrepreneurial experience is more concerned. What do you think are the most worthwhile experiences in your entire entrepreneurial process? You summed up what really matters.

[Jiang Xipei]: There is no experience. Some points may be very important. In any case, you must have dreams to have ideals. Second, you must have passion. The third must be smarter and smarter. The fourth is very diligent and there is nothing that falls from the sky. Fifth, sincere and practical. Sixth, keep up with the situation, the so-called good at innovation and change.

[Business Online]: Can you give us some advice on how to get a successful startup?

[Jiang Xipei]: I think there are so few points on how to achieve entrepreneurial success. The first is the market. When we do business, we must sell our products no matter what we do. Not only can you sell it, but after you sell it, it will not work if you do not receive it. In addition, to get it back, there must be better benefits and no compensation.

The second is technology. Your technology is not the most advanced. It is very important that your product can lead and further expand the market and bring more benefits to users. A new technology is not only better, but the price is lower, and the price/performance ratio determines the future of the product.

The third is management. Now that management has reached a point of refinement, management must be suitable for each company. We have sales networks all over the country. Many excellent marketing and management talents are out there. It is very difficult to manage by a veteran or a few people. The power I give them is very large. They are directly responsible to the bosses and supervise the operation of the country, making the enterprises more standardized, effective, and healthy.

Investment advice: industry selection is the first

[Business Online]: Jiang Dong, there is a problem that, as an angel investor, do you have any good advice or experience for these private capital angel investors?

[Jiang Xipei]: Many of our private entrepreneurs are already very successful, and some are moving toward success. They must want to develop and grow better. At a certain time, they have more investment aspirations.

We must first select the industry when we choose to do business. We must do a good job in organizing the organization and institutional arrangements, and we must be able to find a good partner. If there is room for development in this industry and the industry itself has a very promising future, it will do its utmost to put all selected industries to the end.

Just like you choose a wife, there are always problems like this. When there is an argument, don’t insist on it when it’s difficult. Don’t stick to it. Choose an industry to do it and have the rest to invest in something else. The industry is also a good choice. What we are recommending now is the development model of the main business + fund that we are currently practicing.

Far East has become an industry leader

【Business Online】: Jiang Dong has always wanted to make the cable business the first in the world. How far do you think the Far East is from this goal?

[Jiang Xipei]: Five to ten years can be done. It has been more than 16 years since the Far East’s development from 1990 to today. At that time, we were not deliberately selecting this industry when we set up the cable. We knew there was a certain degree of difficulty in 1988 and 1989. Business opportunities can make big money. One hundred thousand dollars in a year and millions of dollars is a lot of money. After two years less than the loss of two or three hundred thousand dollars and then accumulated 1.8 million, so in 1990 went to invest in cable companies. Is now the Far East Holding Group.

In the past 16 years, the Far East to some extent, starting from 28 people with three acres of land of 1.8 million yuan, the current sales revenue has exceeded 10 billion yuan in 2006 to 10.1 billion yuan, profits and taxes of 850 million yuan, there are also more than 4,200 employees, plus an average annual growth of almost 40%. We will have better room for growth in the future.

In fact, the Far East cable has become the first brand in this industry. Now Far East in this industry should be said that it is still very influential and status, many companies in the industry to recruit people will first go to the Far East to dig, so go to other companies, Without giving it a higher platform, without giving him twice as much as three times the income, it is impossible to pass.

In the 16 years of the Far East, whether it is a marketing strategy or a brand strategy or a technology R&D strategy or our management strategy and cultural strategy, it has been a consistent term. We have had 16 years of successful experience, and we hope to become a global cable industry again. A well-developed company has become a leader in this industry. Therefore, we are very grateful to our customers, the trust of our employees and loved ones, and the support of the government and friends from all walks of life. They created the Far East today and the future.

A company with more than 2,000 disabled employees

【Business Online】: In May 2007, you jointly initiated the establishment of the largest non-public fundraising charitable foundation for the training of persons with disabilities in China, the “Far East Charitable Foundation”, which is China’s largest. 80.96 million people with disabilities donated one yuan each and invested 82.96 million yuan. Can you talk about some of the funds?

Because after I graduated from school, I made a profit to make a million dollars. I have conditions today. I hope to help more people who need help. In my first year of establishing a business, my parents asked me to help some of Murakami's people who can work but could not find a job. She said that if they can help, they will help others.

Therefore, we later arranged for more than 2,000 employees with disabilities to work in the Far East with the development of the enterprise. This group of people is the poorest among all of our poor people. God itself is unfair to them. Many of us are very sound and have developed heads. But they are the lowest level in society. Therefore, our company has a rule that all people with disabilities can be placed in all positions, all of them are placed in the disabled, and they help each other in the company. The Far East is on a thriving development track with an average income of 45,000 employees a year, and disabled employees are paid a full salary.

Therefore, we think that we will not be able to bring about our wealth in this part of our lives. Death will certainly not take it away. However, this is not enough, and we must have this ability to do a good job of the enterprise. This is a prerequisite. From the perspective of public welfare, we must also think about the interests of the society and the interests of the people. It is really not just to make money.

Actually doing business, now do the main industry well, and then do not be too diverse development, because the energy is limited. We have established the model of the main business + fund a few years ago. We use the money to invest in companies that are going to be listed and those young people who need to start businesses.

As a result, more than 20 companies are now involved. I believe these companies will be able to develop with these help. There are also some young people in the post-80s who are now doing one of the best in this area and they need help. In addition, we have established a charitable foundation. So far it is the first and largest foundation in the country to help disabled people find employment and training.

The responsibility of the company is divided into two parts. It is your responsibility to make the company bigger and longer. Another responsibility is to do something good and good. What a company develops into cannot be seen as a business or an entrepreneur's business. It will certainly affect all aspects and affect the development of the team and the region. For example, you were very big and you have a high proportion of people. There are many people who are employed and there are many bank loans. If you die these will eventually translate into social costs. Therefore, the first social responsibility is to do a good job.

In addition, be a good deed, regardless of your ability, must be sincere. Since it has been done, we must do our best to help others. The second is enthusiasm, followed by love, which may be the highest level. So this is the second responsibility of the company. Because thousands of years of history have come down, it is a virtue to help me and help you.

Therefore, the Far East does today. I am very grateful to all of you. I am very grateful to my parents. I am also very grateful to the government. Because we have a good environment, we have to rely on ourselves and only today.

[Business Online]: Jiang Dong shines with the spirit of entrepreneurship, highlighting the highest realm of a successful entrepreneur. Due to the time, today's talk show has come here. We are very grateful to Jiang Dong for accepting our interview and wishing Far East Cable to be the first in the world at an early date. thank you all!

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