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English|MSA Capital Emerges as a Top Investment Firm in Asia with Unique Values( 二 )


Zeng has emphasized sharing profits and honor with the entire team when the investment projects pay off and pledged to shoulder the responsibilities if the projects go wrong at a number of meetings, Feng told TMTPost.
It is rare to see such accountability and determination at other investment firms, Feng said, commenting that this is part of the special culture that MSA Capital has. The firm sees every mistake it makes a precious opportunity to learn and grow, Feng said.
“A leader like Zeng Yu ensures that the team believes that they are being treated fairly,” Feng pointed out, saying that MSA Capital shares consistent values as a team and everyone recognizes the importance of long-term thinking, teamwork and constant learning.
Many entrepreneurs and scientists recognize MSA Capital’s values. Talent recruitment platform Boss Zhipin’s founder Zhao Peng recalled that MSA Capital was the only investment firm that was willing to provide the necessary cash for the company to gain traction and eventually launch its IPO when no fund was interested in Boss Zhipin.
“The essence of MSA Capital’s value system lies in its recognition of innovation, technology, scientists’ creativity and social values,” Feng told TMTPost.
Making the right judgments【English|MSA Capital Emerges as a Top Investment Firm in Asia with Unique Values】MSA Capital’s first venture capital fund was established in 2015 with US$150 million.
The year of 2015 was a bad year for a fund to enter the market, Zeng said. At that time, there was incredible hype for the sharing economy and O2O business concepts, generating massive valuation bubbles in the primary market. MSA Capital did not want to follow the herd and invest in things that everyone else was investing in. The firm then invested in around 20 startups, nearly half of which have become unicorn companies in China. The firm’s phase 1 fund had a loss rate of less than 20%, which is far lower than the average 40%~60% loss rate among international venture capital firms.
Zeng pointed out that the innovations in the mobile Internet industry in China in the past ten years were in business models. Such innovations were essentially driven by successful cases from Silicon Valley. Ideas were borrowed from the United States and localized in China, eventually giving birth to many major platforms that Chinese people use nowadays. MSA Capital chose to avoid popular areas and sought to find business models and entrepreneurs with true potential.
Yidu Tech is a perfect case to illustrate MSA Capital’s investment strategy. The company’s founder Guan Rujing already had the idea of starting a company that would combine healthcare and artificial intelligence when she met Zeng. Guan explained to Zeng the prospect of AI and big data in healthcare and how AI could make use of big data to generate innovative healthcare solutions. The idea excited Zeng because Guan’s team and idea were exactly what would constitute “the next big thing” that she had been looking for.
MSA Capital was an early investor of Yidu Tech in its series A round financing in March 2015. The investment firm continued to pour in cash in Yidu Tech in its second round of financing.  Zeng also introduced several sovereign wealth funds to Yidu Tech a few years later. Yidu Tech eventually went public in Hong Kong on January 15, 2021, with a valuation of HK$50 billion, becoming one of the most successful investment projects for MSA Capital.
Besides Yidu Tech, MSA Capital also invested in a number of biotechnology and healthcare companies, including Pyrotech, SINGLOMICS, Singleron Biotechnologies and Amadorbio. MSA Capital participated in the US$60 million series B financing round of Amadorbio. The company is a CRO (Contract Research Organization) that specializes in converting science and clinical drug studies into commercial operation, providing clinical project management service to Chinese and overseas pharmaceutical companies.

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