Sun Zhengyi quietly turned over and made a small profit of $2.4 billion

众所周知，孙正义吹出了共享经济的泡沫。后来，他尝到了Wework的失败，错过了Airbnb的苦涩滋味。

As everyone knows, Sun Zhengyi has blown the bubble of shared economy. Later, he tasted Wework's failure and missed the bitter taste of Airbnb.

然而，令人惊讶的是，在研发投入高、回报周期长的医疗行业，他却收获了可观的收益。随着时间的推移，他在这条赛道上的布局价值正在显现。

However, surprisingly, in the medical industry with high R & D investment and long return cycle, he has gained considerable gains. As time goes on, the value of his layout on this track is emerging.

远景基金第一期共投资86个项目，其中10个与医疗卫生有关。从2016年成立到去年12月底，远景基金一期共有5个医疗项目上市，总回报44.22亿元。

A total of 86 projects were invested in the first phase of the vision fund, 10 of which were related to medical health. From its establishment in 2016 to the end of December last year, five medical projects were listed in the first phase of vision fund, earning a total return of $4.422 billion.

这相当于远景基金第一期收入的近五分之一。截至去年底，远景基金一期总回报204亿元。

This is equivalent to nearly a fifth of the revenue for the first phase of the vision fund. By the end of last year, the total return of vision fund phase I was $20.4 billion.

不仅如此，孙正义投资的回报率还大于优步对远景基金一期的贡献。截至去年底，优步在远景基金一期的回报率排名第二，收获37亿美元，而医疗项目的综合回报超过7亿美元。

More than that, the return of sun Zhengyi investment is greater than Uber's contribution to the first phase of the vision fund. By the end of last year, Uber had the second highest return in the first phase of the vision fund, with a harvest of $3.7 billion, while the combined return of medical projects was more than $700 million.

而与优步等热门行业的总公司相比，医疗投资的资本效率要高得多，他的医疗投资收益是以较低的投资成本赚取较高的回报。他向上述五家医疗公司投资了12.38亿美元，而优步的投资总额为76.66亿美元。

And compared with the head companies of popular industries such as Uber, the capital efficiency of medical investment is much higher, and the income of his medical investment is to earn higher returns with lower investment costs. He invested $1.238 billion in the above five medical companies, while Uber spent a total of $7.666 billion.

因此，孙正义的医学成就不容忽视。他提前抓住机会，获得了很高的回报。最有说服力的案例是，卫报健康向愿景基金的回报是24亿美元。

Therefore, sun Zhengyi's medical achievements can not be ignored. He seized the opportunity ahead of time and got a high return. The most convincing case is that guardian health's return to the vision fund is $2.4 billion.

尝到甜头后，孙正义加大了在医药领域的布局。目前，远景基金二期已投入医疗项目十余个。

After tasting the sweet, sun Zhengyi increased the layout in the medical field. At present, more than ten medical projects have been invested in the second phase of vision fund.

在guardian health投资3亿美元，两年赚了24亿美元

Invested $300 million in guardian health and earned $2.4 billion in two years

癌症早期筛查公司卫士健康（guardian health）为愿景基金的第一阶段提供服务，这一点尤其值得关注。24亿美元，约149亿元人民币，高于其他四个医疗项目的收入总和。这样的投资回报率在医疗行业也很少见。

The return of guardian health, a cancer early screening company, for the first phase of the vision fund is particularly noteworthy. 2.4 billion US dollars, about 14.9 billion yuan, which is higher than the income of the other four medical projects combined. This level of return on investment is also rare in the medical industry.

"这可能是中国排名第一的，"一位医药投资者评论道我国上市公司市值大多在30-300亿元，少数上市公司市值超过1000亿元。假设最大的投资者持有15%的股份，大部分回报在5亿到50亿美元之间。在全球范围内，可能还有其他回报率更高的医疗项目，但它们肯定会名列前茅

"This is probably the top 1 in China," a medical investor commented. "Most of the listed companies in China have a market value of 3-30 billion yuan, and a few have a market value of more than 100 billion yuan. Assuming that the largest investor holds 15% of the shares, most of the returns are between $500 million and $5 billion. Globally, there may be other medical projects with higher returns, but they will certainly rank in the top

去年国内医药投资的巨星案例是启明投资甘利制药，而孙正义投资保德健康的回报与前者相似。赣力药业去年上市，市值超过1000亿元。启明创投是其最大股东，持有约20%的股份。按照735亿元的最新市值计算，回报率约为147亿元。

The superstar case of domestic medical investment last year was Qiming's investment in Ganli pharmaceutical, while the return of sun Zhengyi's investment in guardant health was similar to the former. Ganli pharmaceutical was listed last year with a market value of over 100 billion yuan. Qiming venture capital is the largest shareholder behind it, holding about 20% of the shares. According to the latest market value of 73.5 billion yuan, the return is about 14.7 billion yuan.

但在这种写入国内风险投资史的情况下，启明已经等了10年，人们自然会追求更快、更短时间看到巨资的榜样。例如，DCM的林新和曾经提到，塞孚、DCM和华平投资58家公司都获得了10亿美元的回报，但他说这给了他一个教训。他认为最聪明的是私募股权投资机构华平，它等待收获的时间最短。

But in this case written into the history of domestic venture capital, Qiming has been waiting for 10 years, and people will naturally pursue the example of seeing big money more quickly and in a shorter time. For example, Lin Xinhe of DCM once mentioned that Saifu, DCM and Warburg Pincus all got a return of US $1 billion by investing 58, but he said that it taught him a lesson. He thought that the smartest one was the PE organization Warburg Pincus, which had the shortest waiting time for the harvest.

同样是近150亿元的回报，孙正义只等了两年就上了保德健康的项目。

With the same return of nearly 15 billion yuan, sun Zhengyi only waited for two years on the project of guardant health.

从投资过程来看，这是另一个与经典的早期投资形成鲜明对比的例子。

From the perspective of investment process, this is another example in sharp contrast to the classic early investment.

启明早在2009年就投资了甘利制药，从甘利制药的a轮开始，不可否认，这是非常有效的。医疗行业的投资门槛很高，如果不够专业，很难做出决定。

Qiming invested in Ganli pharmaceutical early, starting from round a of Ganli pharmaceutical in 2009. It's undeniable that this is extremely effective. The investment threshold of the medical industry is high, and it is difficult to make decisions if it is not professional enough.

软银对卫士健康的投资甚至更晚。Guardant health成立于2011年。2018年，它启动了3.6亿美元的e轮融资。此时，孙正义率先投资3.08亿元。同年，卫士健康完成IPO，IPO前软银持股33.4%。

Softbank's investment in guardian health is even later. Guardant health was established in 2011. In 2018, it started a $360 million e-round financing. At this time, sun Zhengyi took the lead in investing $308 million. In the same year, guardian health completed its IPO, with Softbank holding 33.4% before the IPO.

可以说，无论是单笔投资金额还是持股比例都非常高。据动脉网统计，2018年全球健康投融资事件中，医疗企业e轮融资平均金额约1亿美元。这也意味着，当时e轮医疗项目的单笔投资大多不到1亿元。

It can be said that both the amount of a single investment and the shareholding ratio are very high. According to the statistics of arterial network, in the global health investment and financing events in 2018, the average round e financing amount of medical enterprises was about US $100 million. This also means that most of the single investment in the e round of medical projects at that time was less than $100 million.

只能说，孙正义的疯狂玩法风格与大多数投资者截然不同。

It can only be said that sun Zhengyi's crazy playing style is quite different from that of most investors.

从卫健e轮的投资者来看，投资份额的争夺也十分激烈。有硅谷红杉资本和新加坡财团淡马锡。就连老股东红杉也在2014年参与了B轮融资，但孙正义凭借同行眼中的"资本武器"获得了足够的话语权。

Judging from the investors of guard health round e, the competition for investment share is also fierce. There are Silicon Valley Sequoia Capital and Singapore consortium Temasek. Even Sequoia, an old shareholder, participated in the round B financing in 2014, but Sun Zhengyi gained enough voice with the "weapon of capital" in the eyes of his peers.

在比TMT有更高"下限"的就医轨道上，大玩能让孙正义安心。

On the track of medical treatment, which has a higher "lower limit" than TMT, large-scale play can make sun Zhengyi feel at ease.

这家公司也得到了许多中国风险投资公司的支持，如光速创投、澳博资本、中科投等。

This company has also been supported by many Chinese venture capital companies, such as speed of light venture capital, Aobo capital, China science investment, etc.

《卫报健康》受到青睐，因为它有望改变癌症筛查的方式。它可以通过验血进行活检，比手术筛查癌症方便得多。

Guardian health was favored because it was expected to change the way of cancer screening. It was able to conduct biopsy through blood test, which was much more convenient than surgery in cancer screening.

更重要的是，支撑市场规模巨大。雅虎财经报道称，该公司活检产品之一的guardant360潜在市场规模为60亿美元。其他活检产品lunar-1的年潜在市场价值将达到150亿美元。月球二号每年的市场机会可能超过300亿美元。

More importantly, there is a huge market scale for support. Yahoo Finance has reported that guardant360, one of the company's biopsy products, has a potential market size of US $6 billion. The annual potential market value of other biopsy products, lunar-1, will reach US $15 billion. The annual market opportunities of lunar-2 may exceed US $30 billion.

2018年上市后，guaranthealth的市值约为80亿美元，现在约为127亿美元。

After its listing in 2018, guaranthealth has a market value of about $8 billion, and now it is about $12.7 billion.

尝到甜头后，"保守"正在大力布局

After tasting the sweetness, "conservatively" is vigorously layout

远景基金第一阶段的成绩也与整体环境密切相关。

The achievements of the first phase of the vision fund are also closely related to the overall environment.

受疫情影响，标准普尔500指数（S&p500）医疗行业指数去年上涨近23%。中金公司的报告显示，去年股票ETF净流入最大，其中医药生物行业位居前列。

Affected by the epidemic, the S & P 500 healthcare sector index rose nearly 23 percent in the past year. According to the report of CICC, last year's stock ETF received the largest net inflow, among which the pharmaceutical and biological industry was in the forefront.

上述五家医药公司的股价去年几乎翻了一番。

The stock prices of the five medical companies mentioned above have almost doubled last year.

在二级市场情绪的影响下，医药投资热潮也方兴未艾。

Under the influence of secondary market sentiment, the upsurge of medical investment is also in the ascendant.

例如，去年在液体活检领域出现了并购趋势。市值近600亿美元的生物科技公司Illumina去年以80亿美元收购了专注于癌症早期筛查的grail。肿瘤早期筛查公司Exact sciences以21.5亿美元收购了成立一年的液体活检初创公司thrive。

Last year, for example, there was a trend of M & A in the field of fluid biopsy. Illumina, a biotech company with a market value of nearly $60 billion, bought grail, which focuses on early screening for cancer, for $8 billion last year. Exact sciences, a tumor early screening company, acquired thrive, a one-year-old liquid biopsy startup, for $2.15 billion.

但孙正义提前抓住了机会，获得了高收入。不久，生物制药和医疗技术公司roivant Sciences也将通过spac上市。

But Sun Zhengyi seized the opportunity ahead of time and gained high income. Soon, the biopharmaceutical and medical technology company, roivant Sciences, will also be listed through spac.

在医疗投资尝到甜头后，孙正义也加大了在这一领域的布局。目前，远景基金二期已投入医疗项目十余个。

After the investment in medical treatment tasted the sweetness, sun Zhengyi also increased the layout in this field. At present, more than ten medical projects have been invested in the second phase of vision fund.

例如，去年2月，一家血液检测公司karius B筹集了1.65亿美元，而vision基金的第二阶段则是这项投资的领头羊。去年12月，数字医疗科技公司pearl therapeutics在D轮融资8000万美元，领跑了远景基金二期的投资。今年4月，智能医疗影像诊断公司Edda募集资金1.5亿美元，由视觉基金二期牵头投资。

For example, in February last year, karius B, a blood testing company, raised US $165 million, and the second phase of vision Fund led the investment. In December last year, pearl therapeutics, a digital medical technology company, raised $80 million in round D, leading the investment of vision fund phase II. In April this year, Edda, an intelligent medical imaging and diagnosis company, raised US $150 million, and the second phase of vision Fund led the investment.

但同样明显的是，孙正义的治病方法变得更加保守。虽然它仍然是一个好项目的关键投资，但单项投资额却在下降。目前，我们还看不到一笔3亿美元的投资——跟风，而不是跑在潮流的前面——孙先生仍然很强势，但他还没有准备好在这条轨道上以规模来行使"定价权"。

But it is also obvious that sun Zhengyi's approach to medical treatment has become more conservative. Although it's still the key investment in a good project, the amount of a single investment is on the decline. At present, we still don't see a single investment of 300 million US dollars - following the trend, rather than running ahead of the trend - Mr. Sun is still strong, but he is not ready to exercise "pricing power" with scale on this track.

Link：https://new.qq.com/omn/20210531/20210531A04AOS00.html

update time：2021-05-31 18:56:41