总部设在上海的云月投资，似乎对西部地区的企业特别青睐。在它的美国创始人苏丹瑞（Derek Sulger）眼里，PE界的常规玩法并不合适他。他认为，相比科技型企业的投资机会，在中国建立一个好的品牌，从长远来讲是可以带来很大收益的；而另一方面，建立一个有信誉、有名气的品牌其实也是为社会做了一件有意义的事。在云月投资新近宣布对永红食品完成投资后，《中国经营报(博客,微博)》记者专访了云月投资管理有限公司创始合伙人苏丹瑞。

Headquartered in Shanghai cloud on investment,Seems to be in the western region of the enterprise special favour.In its founder of Sudan red in the United States(Derek Sulger)In his eyes,PE routine style is not suitable.He thinks that,Compared with the science and technology enterprises investment opportunities,To set up a good brand in China,In the long run can bring great benefits;On the other hand,To establish a reputation/Famous brand is also made a meaningful thing for society.Investment in cloud on the newly announced completion of investment about YongGong food,[China business news(blog,weibo)]Reporter interviews the cloud on investment management co., LTD., founding partner of Sudan red.

　　《中国经营报》：云月投资已经不是第一次在西部投资涉农企业了。继去年以3000万美元投资四川高新农业食品企业智强食品之后，今年又宣布对牛肉干企业贵州永红食品有限公司控股注资。但我们都知道，国内的食品安全事件频发，很多投资机构都对这一行业避而远之，你们为什么还会专注于投资食品行业？

[China business news]:Cloud on investment is not the first time in the western agricultural enterprise.Last year for $30 million m investment in sichuan province high and new agricultural jack neo food after food enterprises,This year and announced to beef jerky holding capital enterprise guizhouyonghong food co., LTD.But we all know,The domestic food safety incidents in,Many investment institutions are avoided in this industry,Why do you think you'll have to focus on investment in the food industry?

　　苏丹瑞：我们之所以要投资食品行业，就是因为它有问题。针对中国的食品行业，安全性问题是大家都清楚的，当然我们也清楚。然而，这正好给了我们很大的发展空间，以帮助我们自己包括旗下的企业与别的竞争者区分开来。

Sudan red:The reason we want to invest in the food industry,Because it has a problem.In view of China's food industry,Safety is everyone clear,Of course we also know that.however,It gives us great development space,In order to help our own companies including its distinguish with other competitors.

　　现在市场上有一个比较有趣的现象，就是大家会关注问题本身，而不会有人研究这个问题背后的消费者行为发生了什么变化？究竟是什么原因导致了这些问题的出现？五年前，我们在开会的时候，如果面前放着矿泉水，就会拿起来直接喝；但现在我们开会的时候，每个人坐下来的第一件事，就是会看一下它的产品标识，然后跟别人交流一下这个产品是不是好，是不是安全。显然，大家的观念在改变，消费者在比较。对于我们来讲，建立一个安全、可信任、高品质的品牌，其实是一个非常非常大的机会，我们认为这是在中国所有投资机会里最大的。

There is a interesting phenomenon in the market now,Is everyone will focus on the problem,Without people research the issues behind what has changed consumer behavior?What led to the emergence of these problems?Five years ago,We are at the meeting,If the front with a mineral water,Will pick up directly to drink;But now we are at the meeting,Everybody sit down the first thing,Is the product label will have a look at it,Then discuss this product with other people is not good,Is safe.clearly,Everyone's ideas are changing,Consumers in comparison.For we,Establish a safety/Can be trusted/High quality brand,Is actually a very, very big opportunity,We think this is the biggest in all the investment opportunities in China.

　　《中国经营报》：云月投资是怎么看待在城镇化趋势下的二三线城市消费品牌的发展态势的？对这一领域进行投资，您最看中哪些关键因素？

[China business news]:Clouds on investment is how to think in second - and third-tier cities under the trend of urbanization development situation of the consumer brand?To invest in this field,You take a fancy to which most key factors?

　　苏丹瑞：首先需要强调的是，中国有非常多的全国性知名品牌，其实都由在二三线城市创立的一些本地品牌发展而来的，例如老干妈、恰恰瓜子等。我们认为，相较于沿海城市，二三线城市居民在消费力的升级上的确有着更大的空间。对于一些“土生土长”的本地企业来说，这是机遇也是挑战。

Sudan red:It is need to emphasize,China has very many national famous brands,In second - and third-tier cities are actually made some local brand development,Such as old dopted mother/On the melon seeds, etc..We believe that,Compared with coastal cities,Second - and third-tier cities residents in the upgrading of consumption there is a larger space.For some"Born and raised"Local businesses,This is an opportunity and challenge.

　　二三线城市本地品牌的消费群体，相对集中在企业所在地及其周边市场。随着本地居民消费力的提高，他们可以承受更高价格的产品，这便给本地品牌在产品品类创新、产品价值提升、以及毛利率提升方面带来了机会。

Second - and third-tier cities local brand of consumer groups,Relatively concentrated in the enterprise is located and the surrounding market.With the improvement of local residents' spending power,They can afford higher price product,This gave local brands in the product category innovation/Product more valuable/And gross margin increase opportunities.

　　另一方面，更高的消费力也意味着居民可以接受来自地区以外价格较高的成熟品牌，这对本地品牌来说意味着更多的竞争，而且往往这种竞争是跨产品品类的。对于已经实现产品外销的本地企业来讲，这种挑战更体现在全国各个不同的市场里。因此，如何把握机会并应对潜在的挑战，对于二三线城市本地品牌的生存、成长和突围是至关重要的。

On the other hand,Higher spending power means that residents can accept a mature brand from outside the price is higher,It would mean more competition for local brands,And often the competition is across product categories.For already realize products export of local enterprises,The challenge is more reflected in different markets across the country.so,How to grasp the opportunity and the potential challenge,To the survival of the local brand in second - and third-tier cities/Growth and breakthrough is crucial.

　　云月投资一向关注中国消费品行业，我们也的确在中国的二三线城市投资过许多的强势本地品牌，这和我们基金的运作模式是分不开的。同时，我们也意识到：消费力的提升是把双刃剑。如何面对潜在的竞争并快速提升品牌的影响力，是所有本地品牌都必须面对的问题。云月投资在给企业注入资金的同时，也非常注重投后企业管理、运营能力的提升。我们会通过派驻资深职业运营合伙人的方式，对被投企业注入拥有丰富管理经验和优秀运营能力的国际化职业经理人团队，从而给本地品牌在运营管理层面带来提升，这对增加企业竞争力、提高品牌形象来讲是非常重要的。

Cloud investment always pay attention to consumer goods industry in China,We also do investment in China's second - and third-tier cities many strong local brands,This and our fund operation mode is inseparable.At the same time,We also aware of that:Spending power of ascension is a double-edged sword.How to deal with the potential influence of competition and rapidly promote the brand,Is that all the local brands all have to face the problem.Cloud month while give enterprise infuse capital investment,Also very pay attention to enterprise management after/Capacity of ascension.We will stationed senior professional operating partner ways,To be injected with rich management experience and excellent operational capability of the international professional manager team,To bring local brands in the operation management level ascension,To increase the enterprise competitiveness/It is very important to improve brand image.

　　《中国经营报》：你们是通过什么途径发现这些存在于二三线城市的区域性品牌企业的？除了派驻职业经理人之外，你们还会通过哪些方式支持这些区域性企业的持续发展？

[China business news]:Are you through what way to find these exists in second - and third-tier cities regional brands?In addition to send professional managers,In what ways you will also support the sustainable development of regional enterprises?

　　苏丹瑞：我们在决定投资一个公司的时候，首先是看好这个行业。因为你在投资任何一个公司时，即使是一个很好的公司，如果行业不好的话，也可能没有太多发展前途。比如，我们看中了休闲食品这个行业，就是因为我们觉得在这个行业里面，会有很多中国人很喜欢吃的本地食品，但是目前还没有被大公司开发。

Sudan red:When we decided to invest in a company,First is bullish on the sector.Because when you invest in any company,Even if is a good company,If the industry is not good,Or may not have too much development in future.Such as the,We took a fancy to snack food in the industry,Because we think in this industry,There will be many Chinese people like to eat local food,But now have not been big company development.

　　我们寻找投资项目，有自己的渠道，从来不像别的基金一样，会跟一些经销商说：任何赚钱的事我们都有兴趣。对于我们来讲，范围太广意味着机会太少。我们喜欢范围窄一点，这样我们才可以做得深一点，从而收获也会更多一点。如果有人帮我们介绍项目，我们都会跟他很明确地提出来，我们需要的是一个什么类型的企业。

We are looking for investment project,Have their own channels,Never like other funds,Can say with some dealers:We are interested in any profitable thing.For we,Range is too wide means that the opportunity is too little.We like to narrow range,So we can do a bit deeper,To harvest will be a little more.If someone help us introduce project,We will clearly with him,What we need is a what kind of business.

　　另外，我们也非常注意派自己的员工去实地帮助企业。我们总部虽然在上海，但有很多同事都会经常在广州英爱、云南林业或者贵州这边工作。事实证明，这种模式是十分有益的。我们参与投资旗下企业的日常运营，一方面可以在参与过程中了解到这个企业的运营现状，比如供应链或下游的客户；另一方面，也可以及时帮助这些企业进行调整和改善。

In addition,We are also very pay attention to send our staff to help enterprise field.Although our headquarters is in Shanghai,But there are a lot of colleagues often anglo-irish in guangzhou/Yunnan or guizhou forestry work here.The fact proved that,This model is very useful.We participate in the investment, the daily operation of enterprises,In the process of participation on the one hand, can understand the operation status quo of the enterprise,Such as customers or downstream of supply chain;On the other hand,Also can help these enterprises to adjust and improve in time.

　　本版文章均由本报记者韩言铭采写

This edition is by our reporter Han Yan inscription writing articles