Source Star Capital In Li Feng: "Green" Has Gone From Simple Environmental Governance To Comprehensive Utilization Of Resources.

"In the past, we focused on investment in the field of environmental protection, but now we are more about green investment. Green investment is not only a concept of environmental investment, but also includes new materials, new energy, and technological innovation and business mode innovation around these areas. Recently, Yu Lifeng, partner of capital star capital management, said in an interview with the twenty-first Century economic report.

In his view, the field of green environmental protection has also gone from simple environmental governance to the stage of comprehensive resource utilization, and more new technologies have been applied. For source star capital, the investment layout of the team will also pay more attention to the application of new energy, new materials and new generation of information technology in the field of green environmental protection.

Yu Lifeng. Data map

Pay attention to the application of new energy, new materials and new technologies in the green field

Li Feng believes that the investment fever of venture capital industry in recent years may be more focused on artificial intelligence, biomedicine, and the new generation of information technology involved in the new infrastructure, because these industries are currently facing breakthroughs in the future development of mankind.

"The heat of green investment is not so high, but it does not mean that it will suddenly cool down. The whole industry has always been in a state of normal development, and has always been one of the important layout areas of venture capital institutions. He said.

Li Feng has been investing in green investment for more than 10 years. In 2013, he led the B investment in China's water holding business. It is understood that this comprehensive water service company adopts the new business mode of medium assets, heavy service and regional operation, and achieves good economic benefits. It successfully landed on the A share market in March 2017.

In recent years, Li Feng has obviously experienced changes in the field of green protection. He said that in the past, people mainly talked about environmental governance, water treatment, soil management, air treatment, and governance was the main topic. There were many factories, technologies and equipment around governance. But now, with the development of social economy, the field of green environmental protection has gone from simple environmental governance to the stage of comprehensive resource utilization. More new technologies can be applied in the field of green environmental protection, such as new materials to help energy conservation and emission reduction.

For source star capital, it may not invest in environmental protection treatment plants at this stage, but mainly focus on the application of new energy and new materials in the green field. "For example, we invested in a new material company in Guangdong in the year before. It used new materials in the production of key parts in the automotive field, which can help the car reduce weight and reduce energy consumption, and the interior trim of cars has become more environmental friendly." Yu Lifeng said.

At the same time, source capital also favors the application of the new generation of information technology in the green environment, such as monitoring land and environment with remote sensing satellites and surveying and mapping data, and forecasting agricultural meteorology.

After the improvement of the industrial chain of garbage classification, it will have better economic benefits.

Since last year, garbage sorting policy has been gradually implemented, and related industries have also been developed. Yu Lifeng believes that the market prospect of garbage classification and garbage disposal is very large, but in the short term, it is difficult to achieve better economic results.

This is not a technical issue or a business model, but because there are still many links to be improved in the industrial chain. From the classification, collection, transportation and treatment of waste to the disposal of biomass energy and biomass fertilizer, it has not shown a high efficiency.

"We have seen a lot of garbage disposal factories in the past, but the problem is that they are not enough to eat, and it is very difficult to break even." Yu Lifeng said.

For example, the technology level of a factory is very mature, and it can handle 500 thousand tons of garbage a day. But it can not collect so many garbage, resulting in high cost of processing, and the sale of later products is also not scale. For such enterprises, it is necessary to wait for a certain time to make the industrial chain more perfect before it can bring better economic benefits.

"Green investment itself has very high social benefits. For investment institutions, it is in line with the responsibility of LP, and the balance between social benefits and economic benefits must be considered." Yu Lifeng said. Therefore, in the face of specific projects, the team will consider comprehensively whether the investment cycle is tolerable, whether the returns are reasonable and whether the technology has breakthroughs.