戴院长，各位来宾大家好，我是君联资本刘泽辉，对于君联资本大家略显陌生，如果我说联想投资大家可能更熟悉一些。联想在大家的传统印象当中，主要是做PC做电脑，实际上联想在01年的时候已经开始做了多元化。君联资本前身联想投资2001年正式成立，我们成为联想旗下第一个多元化先锋部队，我们主要定位是在从事私募股权投资，也是现在比较热门的行业。记得01年做的时候，私募股权对于国内还是比较陌生的词汇，今天已经有点像80年代了，每个人都是总经理，最时髦的词儿就是做没做私募投资。今天是特殊的日子，不仅仅因为是12月21号，主要是在一个月之内第三次参加了旅游行业的论坛。

With the President of the,Hello, ladies and gentlemen,I am jun lian LiuZeHui capital,For a united capital all slightly strange,If I say lenovo investment may be more familiar with.Lenovo in the traditional impression,Mainly do PC computer,Actually lenovo in the years of time has already started to do the diversification.Jun lian capital formerly associate investment in 2001 formally established,We become a diversified lenovo flag first pioneer troops,We mainly is engaged in private equity investment,Is now more popular industry.Remember 01 years to do,Private equity for domestic is still unfamiliar vocabulary,Today has been a bit like the 80 s,Every man is the general manager,Helen is the most fashionable do don't do private investment.Today is a special day,Not only because it is on December 21,Mainly is the third time in a month in the BBS of the tourism industry.

　　君联资本关注旅游行业，几年前也做了这一方面系统研究和学习，过去我们在这个领域做了非常多的投资。我想简单把君联资本简单介绍一下，我们管理资金合人民币130亿，这里面涉及到重要的几大领域包括现代服务业，医疗健康，清洁技术，先进制造，消费品和TMT。目前投了130个项目，20家已经上市，十几家中国并购实现了退出。这里面网上智联招聘，包括卓越网，还有国内在做语音合成比较出名的科达迅飞，还有人人网等等。我们服务是我们非常重要的主题，旅游是放在大的现代服务业整体的框架下去看，服务业其实对于大家来讲都是非常熟悉的。因为我们本身这是服务的接受者，也是某些行业，比如旅游行业是提供者。两大主题传统服务业的升级，另外新兴服务业的涌现。

Jun lian capital focus on tourism industry,A few years ago also done on the one hand, system research and learning,In the past we have done a lot of investment in this area.I want to simple introduce jun lian capital is simple,We manage money $13 billion,It involves several important areas including modern service industry,Health care,Clean technology,Advanced manufacturing,Consumer goods and TMT.Over 130 projects at present,20 has been listed,A dozen Chinese acquisitions realized the exit.Inside this zhilian zhaopin online,Including outstanding nets,And domestic doing speech synthesis is famous Dakota newsletter,And everyone nets and so on.Our service is our very important topic,Tourism is in the big modern service industry of the whole framework of down,Service industry is actually for everyone are very familiar with.This is the service receiver because we itself,Also some industry,Such as the travel industry is provider.Two themes of the traditional service industry to upgrade,The emergence of other emerging service industry.

　　旅游行业在过去历史上可能是非常传统的概念，今天我读旅游报告才真正知道中国旅行社发展的历史，上个世纪二十年代，在国际上旅行社可能有更长远的历史。如果现在用IT服务，或者新的管理方式来办旅行社的运营过程当中进行嫁接或者活跃线上的旅行服务。比如我们投资神舟租车，是传统的旅游提供服务商，但是我们客户里面有70%是通过互联网的接入实现了汽车的预定。刚才戴院长提到的酒店，现在通过微信和微博，上周一次开会，特别是微信都实现了商业化。我们把服务业分成三个大的主题，对于个人相关的2C的，叫做消费服务，2B就是生态服务，由于金融服务特殊性，我们也把金融服务拿进来了。这是看现代服务业三个纬度吧。整个服务业从传统到现代，通过不同的技术和手段，促使传统服务业现代服务业的一些升级。

The tourism industry in the past history can be very traditional concepts,Today I read travel report didn't really know the history of the development of China's travel agencies,In the last century 20 s,Travel agency in the world may have a long history.If use IT service now,Or new management style to do travel agency on the operation process of grafting or active online travel services.Such as we invest the shenzhou car rental,Is the traditional tourism to provide services,But our customer have 70% is realized through the access of the Internet of the car reservation.Just wear the dean mentioned hotel,Now through the micro letter and micro bo,Once the meeting last week,Especially the micro letter has realized commercialization.We divide the industry into three big theme,For individual related to 2 c,Called consumer service,2 b is ecological services,Because of the particularity of financial services,We also take financial services came in.This is the modern service industry in the three latitude.The whole services from tradition to modern,Through different technologies and means,To some of the modern service industry of traditional service industry to upgrade.

　　把君联资本对于行业粗浅的认识谈一下，今天在座都是旅游行业专业人士，既有资深研究人员也有国内大牌企业还有一些媒体。君联资本前面谈到旅游服务是我们在整个现代服务业板块当中，在这里面一个框架下，我们认为非常具有发展潜力和前景的细分领域。旅游服务既有出境游，入境游，也有本土游。三个大方向。具体的细分领域包括了旅行社怎么帮助游客进入到景点或者实现我们旅游的目的。这里面分为传统旅行社；还有现在online旅游服务提供商。我们进入到旅游目的地，我们景区，或者某些城市住的酒店，比如说租的，具体的这些，包括我们自然的以及新的景点；另外就是传统的餐饮酒店；第四大类实际上就是旅游服务。旅游行业由于中国既有的计划经济体制造成了我们过去更多的除了民营经济很多企业以外，很多旅游局挂牌翻盘以后重组新的旅游集团。前半个月在杭州开会，我大概看了参会名单，相当一部分还是个体综合性旅游集团，当然包括中青旅、国旅，还有港中旅这样的央企。其实在中国目前看，如果从企业的性质或者投资方来看，这里面还是国有的成分或者国有为主的成分在里面占有相当大的比重。

The jun lian capital for industry talk superficial understanding,Here is the tourism industry professionals,There are both senior researchers domestic big enterprise and some media.Jun united front when it comes to tourism service is our capital throughout the modern service industry in the middle of the plate,In the framework of a,We think very has the development potential and prospects of the segment.Tourism services both outbound,inbound,There are local swim.The three main.How specific segmentation fields including the travel agency to help visitors to the scenic spots or achieve the purpose of our tourism.It is divided into traditional travel agencies;There are now online travel service providers.We enter the tourism destination,Our scenic spot,Or some city hotel,Such as the rent,Of these,Including our natural and new attractions;The other is the traditional catering hotel;4 categories are actually travel service.Because of China's tourism industry existing planned economic system has caused us more besides a lot of enterprises of the private economy in the past,Many tourism bureau listed after restructuring after the new tourism group.Half a month before the meeting in hangzhou,I'll probably see the participant list,Quite a number of comprehensive tourism group or individual,Of course including cyts Tours/CITS,And renmin CTSHK).In fact in China at present,If from the nature of the enterprise or investors to see,Inside this or the composition of state-owned or state-owned mainly occupies a considerable proportion of the composition of the inside.

　　对于我们投资方式来讲，我们更多的是以战略性投资人投资方式为主，我们更多是希望能够在大的具有发展前景的细分领域里面寻找非常优秀的团队，在管理上对行业有一定的深刻认识和理解。君联资本当时的定位或者当时君联资本成立这家公司的时候，刘总给我们愿景和目标，希望通过资本的输出，把联想和君联在过去将近三十年在管理和经营经验哪怕教训也好和我们在座企业进行分享。像今天非常高兴谢总能够参加这个会，我觉得后面我们也会把我们和谢总，和我们凤凰国旅之间的合作和故事，在后面会跟大家做分享，谢谢大家。

Will tell to our investment,Us more is a strategic investors investment primarily,We are more hope to be able to in the prospects of the development of segmentation fields inside looking for very good team,On the management of the industry have a certain profound understanding and the understanding.Jun lian capital at the time of the location or at jun lian capital when the establishment of the company,Liu2 zong3 to our vision and goals,Hope that through the output of the capital,The lenovo and jun 12 years in the past nearly 30 years experience in management and business even though it may be of teaching all companies to share with us.Like today very happy thanks always able to attend the meeting,I think we will put our back and thanks always,The cooperation between the phoenix CITS and story with us,In the back will share with you,Thank you all.