Part 1 English to Chinese Interpreting
The torrent of innovation and entrepreneurship sweeping China has become a new engine fueling China's economic growth, and in this process capital has played an indispensable role. Some people ask me about which areas will create new leaders, and therefore, should investors pay the most attention to attact more investors?What kinds of business start-ups am I most interested in? There are indeed industrial leaders in almost every visible segment. But when it comes to the new economy, newcomers always stand a chance of defeating those first arrivals. From my point of view, opportunities exist in the following three areas.
First, there are plenty of opportunities in a niche market. For instance, JD.com is a leading general e-commerce website, and there are many other e-commerce platforms focused on selling one particular type of product such as cosmetics or baby products. Second, opportunities exist along the industrial chain of e-commerce. Taking Amazon for example, it's a business-to-customer (B2C) website where third-party sellers are invited to open stores. They can take part in logistics. Customs, storage, logistics and other industrial chain of commerce.
Third, with the advent of the mobile Internet era, new location-based and social-based opportunities will pop up. For example, taxi-hailing apps Uber, Didi Dache and Kuaidi Dache are areas that Internet giants once overlooked or failed to cover. Investment opportunities on TMT (telecommunication, media and technology) area will exist in at least the above-mentioned three areas. New areas such as big data and cloud computing will churn out plenty of opportunities as well. These are all investment directions for us, with unlimited room for development.
Personally, I favor three types of business start-ups—those with a hi-tech barrier, those with an innovative business model and those with established skills in a certain segment. The first and third types are easy to understand, but the second one could be a little tricky. Basically, a company has to create a completely new model to enter a potentially huge market. I would be really interested in this kind of business start-ups.
People asked me when a revenue model is absent at the early stage, how can you tell whether a company is worth investing in? A sound and good revenue model is an essential issue in the investment world, however, we have found a paradox in both Chinese and U.S. markets. Many Internet giants either didn't have one clear revenue model at the early stage, or they had one but changed to a different model as it grew. We should never rule out a project arbitrarily when its revenue model is absent or unclear.
This is a must-have quality in the investment world. As a matter of fact, the team matters a lot at the early stage. I believe an excellent team has a strong ability to cash in what it has to offer. Whether we should invest in a company when it doesn't have a clear revenue model is the difficult part for a venture capitalist, but is also the most attractive part in this job. That's what sorts outstanding professional venture capitalists from lame ones.
Some people think there are bubbles in the technology industry in China, and that the bubbles may soon burst. Personally, I think technological innovation will continue and bubbles in this area are quite obvious. It's obvious in that the valuation of some tech firms is way too high. Meanwhile, whenever a new concept appears within a sector, it will become very crowded, intensifying competition or even resulting in cutthroat competition.
Finally, both investors and entrepreneurs have as a result become more anxious, especially during 2014. The market, according to my observation, has restored some of its rationality since 2015. Overheating does exist in the venture capital market. It's mostly because there's too much hot money available in the market, but not so many investment channels.
We have come together to lend our voices to the growing global effort to combat the illegal wildlife trade - a trade that has reached such unprecedented levels of killing and related violence that it now poses a grave threat not only to the survival of some of the world's most treasured species, but also to economic and political stability in many areas around the world.
Organized bands of criminals are stealing and slaughtering elephants, rhinos and tigers, as well as large numbers of other species, in a way that has never been seen before, pushing many species to the brink of extinction. They are taking these animals using the sophisticated weapons of war - assault rifles, silencers, night vision equipment and helicopters. Unarmed park rangers are no match for these organized gangs and high-powered equipment. Tragically, many brave rangers have lost their lives while trying to save those of the animals.
It is shocking that future generations may know a world without these magnificent animals and the habitat upon which they depend. This year, I have become even more devoted to protecting the resources of the Earth for not only my own son but also the other children of his generation to enjoy. I want them to be able to experience the same Africa that I did as a child. It is, of course, even more important for each child growing up in countries where these animals live. It is nothing less than immoral that they are losing their birthright to fuel the greed of international criminals.
Our profound belief is that humanity is less than humanity without the rest of creation: the destruction of these endangered species will diminish us all. Allow me just to give you some sense of the scale of the problem with a few staggering numbers: More than 30,000 elephants were killed last year-amounting to nearly 100 deaths per day. In the past ten years, sixty-two per cent of African forest elephants have been lost. If this rate continues, the forest elephant will be extinct within ten years. As recently as 100 years ago, there were as many as 100,000 wild tigers living in Asia. Today, there are believed to be fewer than 3,200 left in the wild.
Despite the terrible crisis that we now face, we both continue to be optimistic that the tide can be reversed. We have been so impressed by the brilliant work already being done on the ground to improve enforcement and in consumer countries to stop the demand for wildlife products. We are also extremely encouraged that this issue is now starting to receive the attention it deserves at the highest levels of governments. It is heartening that many African leaders are proactively developing plans of action and seeking solutions.
We are hopeful that this meeting will lead to tangible results on the ground, where they are so sorely needed. But even more needs to be done. Neither governments, international organizations, nor private companies, can tackle this enormous task alone. It will take action from all of us to beat back this highly organized criminal activity. In the face of such a threat, it is natural to feel powerless, but I have seen the extraordinary impact of advances in protection on the ground, and the power of social media in reducing demand for these products. Each one of us can help by raising our voices to support them. We have to be the generation that stopped the illegal wildlife trade, and secured the future of these magnificent animals, and their habitats, for if we fail, it will be too late.
Part 2 Chinese to English Interpreting