2026年没过半，雷军就参与了9次IPO了？

蓝鲸财经05-22

文｜新10亿商业参考小米有没有被低估不好说，但雷军真的是被严重低估了。雷军的隐藏身份，是投资界“最严厉的父亲”。你以为的雷军：被网友们“逼着”直播十五个小时。实际的雷军：5个月收获9个IPO，半年不到陪伴了总市值超过4000亿港元的公司上市。智谱AI、兆易创新、泽景股份、铜师傅、傅里叶半导体、群核科技、商米科技、华勤技术、龙旗科技等等都是“小米系”资本投的，大家就算在了雷军身上。（“小米系”资本，...

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IPOs?","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/c7161135d3599102d58567e518ab696f","symbols_score_info":{"81810":0.6,"300773":1.85,"MIUmain":0.6,"HXXD.SI":0.6,"XIACY":1.96,"01810":1.96},"content_text":"文｜新10亿商业参考小米有没有被低估不好说，但雷军真的是被严重低估了。雷军的隐藏身份，是投资界“最严厉的父亲”。你以为的雷军：被网友们“逼着”直播十五个小时。实际的雷军：5个月收获9个IPO，半年不到陪伴了总市值超过4000亿港元的公司上市。智谱AI、兆易创新、泽景股份、铜师傅、傅里叶半导体、群核科技、商米科技、华勤技术、龙旗科技等等都是“小米系”资本投的，大家就算在了雷军身上。（“小米系”资本，包括雷军本人、小米集团、顺为资本、小米长江产业基金、Green Better等）在雷军投资图谱里，等待上市的企业还有宇树科技、XREAL、鹿客科技、银河航天、追觅科技等等。有人说，如果“小米系”里稍有规模的企业排起队来上市，真得连着上俩月。01雷军最被低估的能力是投资？很多人以为雷军只是最近才密集收获了一批IPO，其实不然。他在投资这件事上，早就展现出了惊人的精准度和回报率。2004年，37岁的雷军把一手创办的卓越网以7500万美元卖给了亚马逊，一下子实现了财富自由。但这笔钱没躺在账上吃灰，而是成了他投资版图的起点，他转身做起天使投资人，开始押注有潜力的创业项目。那几年，雷军投出了好几个足以写进教科书的经典案例。2004年，他拿出50万美元投给了当时还在做POS机收单业务的拉卡拉。2019年拉卡拉上市，这笔投资的回报超过了50倍，50万美元变成了2亿多人民币。2006年底，UC创业遇到坎儿，融资四处碰壁。雷军了解项目后，直接投了400万元，还提了一个条件：让他看中的俞永福当UC的CEO。谁也没想到，8年后阿里以43.5亿美元全资收购UC，雷军这400万，最终换来了超过1000倍的回报。再说说欢聚时代（YY的母公司），雷军早年投了100万美元，7年后公司在纳斯达克上市，开盘即实现超百倍的回报。雷军还定过一个很有意思的规矩：凡是他投资的企业，只要成功上市且市值突破10亿美元，创始人就能获赠一块1000克的金砖。拉卡拉的孙陶然、小鹏汽车的何小鹏都拿到过。在很多人的印象里，BAT加字节几乎包圆了中国互联网的投资版图。但实际上，雷军的“小米系”一点不逊色。尤其在面向未来的物联网领域，“小米系”的布局甚至更广、更深。雷军个人加上小米系，对外投资的企业已经超过600家。很多人都说，雷军代码写得好，雷军营销做得好，但雷军的投资，才是真的强。毕竟雷军自己给自己的简介都得打上天使投资人的标签啊！02“小米系”资本，如今各有分工仔细看雷军的投资历程，其实可以分成两个阶段：创办小米之前，主攻互联网和移动互联网；创办小米之后，重心全面转向智能硬件产业。凡客诚品、拉卡拉、UC、大街网，都是他创办小米前投下的项目。或许这几笔投资，让雷军彻底摸清了投资的逻辑。他也意识到，光靠个人掏钱和精力，根本覆盖不了所有好项目，更没法搭建完整的产业链。于是2011年，雷军和好友许达来一起成立了顺为资本。名字取自他常说的“顺势而为，不要逆势而动”，把投资这件事彻底机构化、规模化。顺为的投资逻辑非常清晰：既看赛道趋势，更看重创始人，同时还能和小米的主业形成协同。最典型的就是小米生态链的布局，顺为和小米联手，采用“参股不控股”的模式——顺为出钱，小米给订单，创始人出技术和经验，三方各取所需。这套模式跑出了太多成功案例：2014年投资的石头科技，2020年在科创板上市，最高市值突破400亿元，顺为和小米的最高回报率超500倍；还有华米科技、九号公司、云米科技等一大批企业。顺为赚钱的同时还帮小米完善了智能硬件的全生态矩阵。现在，小米系资本的分工也越发精细。例如顺为偏向市场化VC，关注成长性和产业趋势；而2017年成立的小米长江产业基金更侧重产业投资，重点押注半导体、核心器件、先进制造与上游供应链。摩尔线程、黑芝麻智能、晶晨股份、恒玄科技、思特威、南芯科技背后，都有小米长江的身影。当然了，现在这些基金都有独立的投委会和决策流程，很多项目也不一定是雷军亲自过目。但说雷军是非专业人士里的“风投教父”，不为过吧？","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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