shen, home inns hotel chain, co-founder and chairman of joint chiefs of staff, ctrip co-founder and director, director of focus media. He is one of the most important identity “is the founder and executive partner of sequoia capital”.
stranger the return of the native
on July 15, 1989, graduated from Shanghai jiaotong university math department shen arrived in New York. That year he 21 years old. He is on June 6, to get the visa that day. He holding his dream of becoming a mathematician, ready to go to Columbia University. In all, he applied for a university in the Manhattan morningside, bordering the Hudson River university gave him the highest scholarship.
at that time he only took $300, before the start of the beginning of September a penny from Columbia University also can’t get. He had no way to, forced to live with a classmate in queens, New York make do in a room. Students the house like a relay station, because he likes to entertain some students transit.
the initial excitement and novelty, and for the future infinite hope. But when shen was there a month later, he suddenly found that awful – the beginning he speak Chinese with American story, it is very interesting to listen; For the second time I speak, the somebody else is not interested; Wait for the third time, the somebody else didn’t listen. In the United States and they can speak what? Shen has been found in the United States, he can only be a stranger.
only after a year, shen left New York, new haven, Connecticut. He left school from Columbia University and Yale university to do an MBA. Choose an MBA is a kind of accident, because it is associated with mathematics have so a little; If to read medicine or law, he had all the accumulation will become useless.
he later told a visitor said: “I’ve come to Columbia University to study originally wanted to see if you can be a good mathematician. Only to find that even if I don’t have the ability, also can to the other direction, such as securities, business, etc., are good direction… “
two years later, shen and returned to give him a very deep impression of New York. This time he took a MBA degree and a Chinese face, went to Wall Street to look for the future.
he 23 years old that year. He doesn’t get you anything, neither sauteed stock, also did not open company, before reading MBA didn’t even read the Wall Street journal. No one is willing to give the “rookie” opportunity, he had been applying for more than a dozen companies, they all failed. In the end, good luck is coming. Citigroup investment bank accepted him. Where is he working in relative obscurity do ordinary investment banking, focusing on Latin America’s securities and derivatives. Everything looks good, asing if is a story of pretty women. The reality is very helpless. Because he found himself with the outside world is out of place.
it’s a competitive job, every day he worried about will lose it, so have to force yourself to integrate into American society. His into is not successful, because of cultural differences, because a “stranger”, his anxiety in pain. At that time also has a dozen Chinese students work in a Wall Street investment bank, they often get together and chat or drink coffee. They talk about work, also talk about home; About life, talk about the past. They sent the homesickness in this way, and also sent cannot be accepted as “American” inner anguish.
math was once the young people’s favorite things, become a mathematician was his great dream, mathematics at this time, however, has been unable to provide help for him, because mathematics cannot solve his survival and anguish, he also realized that life can become a brilliant mathematician.
he began to try to like Wall Street, and convince himself, he must abide by a rule, that is to do what I love. “In the United States, you have to face the reality. A Chinese person there, what is the best way to survive, may become my own survival, so I went into the Wall Street.” He said, “go in later I found that I like, very competitive, fast-paced, need brains, need to have a little creativity, let a person can learn continuously, and constantly stimulate curiosity.”
the end of 1993, shen saw his hope. At that time all a delegation to visit shenzhen securities trading on Wall Street, the leader of the people is called xia, is the general manager of shenzhen stock exchange, today is the financial department under the state council development research center, director of the institute. Shen went to the party, they hear xia gusto to say China’s securities market. He felt very excited, that he had a chance to come back to China.
“this opportunity came very suddenly, the domestic capital market all of a sudden.” He said. Citigroup’s interview process, is a kind of suffering for shen, because they didn’t think the Chinese people have what special place. But now everything changed. In the following a short period of time, he suddenly became more important, because the financial giant, including citigroup, the United States are aware of the value of China, also realized the value of the shen.
“when the big Wall Street investment Banks to build offices in Hong Kong, or to help Chinese companies listed, we these people’s value in one fell swoop big.” He said. The next everything becomes natural, citibank and shen don’t hesitate to half of it. After leaving China five years later, the “sea turtles” shen strategic choice to return with an American investment bank.
this time he did not represent citigroup, but after the qian wan selecting accepted an invitation by the lehman brothers. He must be reminded himself was originally a dozen times refused to Wall Street, “the feeling is completely different. Opportunity suddenly in front, he felt nervous, also some excitement. Excited is because he can finally say goodbye to the culture of the diaphragm, find a truly belong to own opportunities; Upset because he didn’t have any work experience before going abroad, americans think he know China, in fact he thinks he doesn’t really understand the business environment there.
after years of shen to recall the past, grateful to his own experience that investment Banks, because of the past lays a foundation for his later entrepreneurship and investment. “You work in the investment Banks and investment Banks to give you a name card, provide you with a good chance, you could go to look for Chinese companies listed on mergers or acquisitions work, it makes you have a chance to come into China enterprises, understand Chinese companies. I think 5 years from 1994 to 1999, it a very good experience, equal to let me give lessons to fill. Originally I don’t know much about China’s business environment, in 1999, I have more ‘soil terrapin.
this five years, what do you know the rules of the game at home, learned how to deal with people, learned how to understand the market.” A few years later, shen served as the head of China’s capital market, deutsche bank has helped China’s ministry of finance bonds issued 500 million mark, also helped many Chinese companies listed issuers.
in 1999, shen left at deutsche bank. He, thinking in the financial world he has been out for eight years, participated in nearly 10 Chinese companies listed overseas. He witnessed the success of others, began to expect to be able to win the future also worthy of respect. “It is hard to say clear why, at that time is indeed hesitated, has for eight years, after all, the investment Banks, leave cost is large, but still come out with a passion for entrepreneurship. Now that I think about it, the Internet bubble is not all bad, in that kind of ‘fool’ s’ bubble ‘stimulate our nerves entrepreneurship.” He said.
shen believe my business from an accident, more is the result of a trend. He realized, without relying on the Internet, he’s very hard to make up my mind to business, but with the Internet, can see the infinite possibilities of the future, in the end he said goodbye to the lucrative salary, an enviable position, lit their dream.
he and a man called James liang to start a business.
there is an article describes – “when 15 years old shen and 14 of James liang met for the first time, the two children of the youth will not realize that 17 years later they will to create a miracle in China’s Internet industry.”
in 1999, shen 32, James liang 31. They have the same record. They had in 1982 on the first session of the national high school computer competition award at the same time, then read the university in Shanghai, and went to the United States in 1989, after graduating from a in citibank, a into the oracle. One day in 1999, they accidentally met in Shanghai.
shen later described: “at that time in Shanghai, a very ordinary lunch, JianZhang, JiQi 3 people and I chat. That was when the Internet first wave, we naturally talked about whether it can do some articles on the Internet. We talked about the sina, netease, sohu, thinking about what can industry and the Internet in combination with sparks, JianZhang first put forward in the tourism industry to transform traditional ideas, in this way, ctrip then born.” “When we find each other’s idea has had strikingly similar, the chemical reaction on the moment thinking indescribable.”
“chemical reaction” give a company named ctrip, now has become an infinite narrative “myth”.
this Internet company was founded in 1999, on December 9, 2003 listed on NASDAQ, the code for “NASDAQ: CTRP”, the initial offering price $18, the opening price of $24.01, the same day the closing price of $33.94. Shen these people at once, like the money game, turned into a “monopoly”.
shen said: “we do ctrip that a period of time is especially rapid development of Chinese tourism industry, and then do personal travel service there is a huge vacuum. The China national tourism administration, travel agencies, scenic spots, hotels, nobody doing personal business travel services. At that time, in the node, we have a group of people with good technology – the Internet call center, to solve this problem. We couldn’t at that time that the company can do so much. So when the value of ctrip finally becomes more than 40 dollars, to tell the truth we all didn’t know. This success came quickly, and of course there also have we pay. But to a large extent, I think, in the spring tide, we are pushing forward.”
ctrip’s story in fact is a trend of story, although it is outstanding, but is not unique. Many media, “Shen Liang match” in ctrip’s success is the result of the race. A few of young people born in the big time, rely on their own enthusiasm, persistent, vision and confidence in China, eventually created a miracle.
shen told a visitor said: “I’m doing ctrip, the media said that I used to do the investment Banks, so financing is relatively easy to finishing. Actually not, which have so easy, some big investment Banks over the small business, ctrip just founding at that time, I contact with IDG, and there is no relationship before, so when looking for his investment is also to talk about from scratch. Just ideas on fit, and recognition of our company in the future, they will only vote.”
according to some media description, ctrip a episode in the process of financing – until a week before finalizing investment, one of the risk investment has not read carefully ctrip, head of the business plan, when the shen consult to him, he is leaving ctrip financial statements from may to September. The next morning, ctrip received the investor decided to additional investment – “so, the most beautiful plan to use, the key is to put the plan into money.” Shen said.
shen, James liang, ji qi, Mr. Fan, they have both a successful entrepreneurial story, is also a story made our friendship. A Zhu Yingshi financial author wrote in a book called: “in the beam, shen, season, van four combinations, no” emperor “, no “big brother”, they founded ctrip, home inns, although after many times of high-level personnel changes, but never happened, were successfully listed on nasdaq, and keeps the excellent performance; For Chinese enterprises to set up the model of an efficient team, eventually won the win-win ending.”
at the same time of founded ctrip, the four young people and set up home inns hotel chain. They set up home inns for the simple reason, because there are ctrip customers at the time of hotel reservation have put forward is clean, comfortable and cheap hotel, shen found it hard to find such a hotel. “Upscale hotels tend to be expensive, and inexpensive hostels are unable to guarantee health and comfort.” They understand the present situation of budget hotels in the United States, through the U.S. hotel industry association statistics found that the U.S. economy hotel about 6 m, the number account for 88% of the total number of hotel, but this kind of request of hotel in China.
shen once said: “before the problem is that in the hospitality industry for all of us are the same kind of product. Home inns object is low – and business people. This kind of people concerned about most is the price and the limited and comfortable, so many in the traditional hotel facilities in home inns will be cancelled: home inns hotel no luxurious lobby, no tub, but strengthened as low-end business people pay attention to the characteristics of health, affordable, the price is in commonly 120 to 298 yuan between. Today, however, “home” is becoming synonymous with a lifestyle, a lot of high end business people have also started to choose home inns, as the ideology, home inns have fitted up with their life.
in the beginning, do not look good home inns, risk investment because it is not an Internet company, does not represent high-tech, and on behalf of the “traditional”. But home inns represents the trend, from starting a business at the end of 2001, it only took five years to transcend the history longer jinjiang star hotel chain, become a similar market first. Beijing standard time on October 26, 2006, and home inns officially listed on the NASDAQ stock exchange, the code for “NASDAQ: HMIN”, opening $22, at 59.4%, higher than that of the financing amount of $109 million.