HerValue Column of CIO: Interview with Jingjiao Dai | Dispel the clouds to see the sun, keep the heart simple and true

Jingjiao Dai, served as former Deputy General Manager and Chief Investment Officer of Harvest Fund Management Co., Ltd.("Harvest Fund"), Co-founder and CEO of Fintech Golden Beta Network Financial Technologies (Shenzhen) Co., Ltd., the Deputy General Manager of the investment department of Ping An Insurance (Group) Company of China("Ping An Insurance"), Assistant to the General Manager and General Manager of the investment banking department of Ping An Securities Co., Ltd("Ping An Securities"), with more than 20 years' investment management experience in securities, fund and insurance companies. In 2010, she was awarded the Best Investment Director Award at the China Fund Industry Leaders Summit(中国基金业领袖峰会). In 2014, for her long-term outstanding performance in the investment team of Harvest Fund, Ms. Dai was selected as one of the 25 Most Influential Women in Asian Finance by Asian Investor, a leading overseas investment magazine.

In addition, Ms. Dai was appointed by the China Securities Regulatory Commission as a member of the 1st and 3rd GEM IEC, where she participated in the review of candidate companies applying for listing on the GEM from 2009 to 2011.

Author's Note: The interviewee is a true witness and participant in the development of China's financial market after reform and opening-up, a pioneer in financial revolutions of several years. She keeps positive to life, excited to the work, passionate for innovation and challenges, dares to make the decision, dares to take responsibility, goes with the flow but never compromises.

A tiny encyclopedia of the financial industry, a gold digger in the wave of the times

Could you give us a brief introduction about your career path?

"Other than trusts, I almost dabble in every field of the financial industry."

I. Joining Ping An

In 1990, I came to Shenzhen, a totally strange city for me. Firstly, I began the internship in the municipal government. Shenzhen in the 90s, nearly can be regarded as "wasteland", but also "hot land". We would now compare the people of Shenzhen at that time to "pioneering cattle", who stand for a group of fearless early pioneers, to some extent, like the early gold diggers in San Francisco.

In the early 1990s, when China's capital market had just been established, some companies began to issue stocks, bonds and convertible bonds in the capital market . And I was directly involved in almost all of these processes. In 1992, I went to Ping An Insurance and started to do primary market investment banking in the securities business division, including bond underwriting, stock underwriting and listed company sponsorship; Although I was not directly engaged in the insurance business, I am quite familiar with the nature and usage of insurance funds, as well as how to manage insurance funds. Therefore, I was later selected to take charge of investment management in the secondary market of an insurance company. Later, when I served a senior manager of Ping An Securities, I was in charge of such front office business departments as investment banking department, research department, asset management and research department.

II. Study abroad

At the age of 30, I left Ping An to pursue an MBA degree in Canada.

On reason is that, at that time, China did not have a well-developed financial market, and our knowledge of financial theory was limited. Even though I had studied econometrics at a Chinese university and had learned economic theory and model forecasting, all my knowledge of financial markets came from experience exactly, so I felt the necessity to further supplement my knowledge of financial theory.

The other reason is that I studied in the mathematics department of Wuhan University, in a Sino-French Mathematics Experimental Class, so my first foreign language is French. And I also used French during my postgraduate period. I hoped to have the chance to improve my English ability in the future.

III. After Returning to China

In the beginning of 2004, I returned to China and started to work for Harvest Fund. When I first joined Harvest Fund, its fund management scale was just over 10 billion RMB. When I left the position of vice general manager of Harvest Fund in 2016, its fund management scale was about 800 billion RMB. So, I was very fortunate to experience a period of incredible growth for Harvest Fund.

IV. Looking Back

Looking back, the companies I have worked for included private companies, joint ventures, state-owned enterprises and new financial technology start-ups. But the common point is that when I joined them, almost all of them were in their early stages; and when I left, they stepped into a more mature stage. Now looking at my experience, I still feel very lucky, every job experience has brought me a good opportunity to expand my career and exercise, not only enrich my work resume, but also enrich my life. "

Your career experience covers private enterprises, state-owned enterprises, joint ventures and start-ups, and your career path is also from the primary investment bank to the secondary investment market. Could you briefly describe the differences of different corporate cultures, and the differences of the soft and hard skills of the primary and secondary investment markets?

"The cultural differences between these companies are quite big. Some companies encourage innovation, while some companies' institutional attributes determine the focus on risk prevention and control, conservative. The culture of the company is also different at different stages of development. Some companies are very active in innovation at an early stage, but may change their orientation upon reaching a certain scale, so choose a platform and work environment that suits you.

In terms of competency, the primary investment banking puts forward a relatively high demand on physical strength and overall capability. The business divisions were not as detailed as they are now, so you had to be able to take on the whole of so-called "underwriting team" in the early stages, from dealing with lawyers, accountants, valuers, listed companies, internal corporate communications. At the pricing stage, there was a need to communicate with the stock exchange, the CSRC and other regulatory authorities, and ultimately assist the applicant in listing. Generally speaking, the requirements on comprehensive abilities are very high. This includes communication and organization abilities, a certain level of literacy, as well as necessary financial analysis and legal knowledge. 

This is also one of the reasons why I have a part-time job as the member of GEM IEC for three terms, in addition to the secondary market investment experience. More importantly, I had seen a lot of projects in the primary market, which laid a very good foundation for me.

On the other hand, secondary market investment business requires the practitioners with solid financial analysis ability, risk control ability, psychological tolerance and communication ability. As public companies, most of the listed companies have relatively small legal risks, so more attention is paid to the profitability of the listed companies; In addition, as a secondary market investment manager, you need to compare the differences of different financial products and effectively manage the overall risk-return characteristics of the portfolio. Finally, investment management in the secondary market also needs communication with investors. The fund managers to business need to be more rational when communicating with institutional investors, while the fund managers to customer need to reduce the dimensionality and express in simple words. "

Do you have any suggestions for young people's career development?

"Actually, I really don't think there's much need to make the plan in advance, because you can't plan. For example, five years ago, you told a college graduate that he would apply for a certain major to find a job, but later you found that when he graduated, the major might be canceled. The outside world is changing too fast. My major is economic forecasting, but I don't believe that we can accurately predict the future with our limited personal knowledge. So I put more emphasis on the ability to cope, like in a fight, the one who makes the first move is dangerous because you have to predict what your opponent is going to do, but the one who makes the first move can react in time as long as he or she has enough skills. As we often say, 'It's always better to have more skills'. This kind of coping skill is actually an 'anti-fragile' ability. From a philosophical point of view, the ability of 'anti-fragile' actually means that you have to learn how to make trade-offs and convinces yourself which things are more important. For quite some time, we say we're going to predict the market, using a top-down analysis, from macro to micro, but in the end it's really hard to win, and even if you predict a certain industry correctly, it's also possible that you get out at the wrong time. Therefore, from this point of view, it is not necessary to plan deliberately, the important thing is to learn to let it go, learn to dismantle the case."

Both the political situation and the economic environment are changing rapidly, the only constant is our human nature. What you need to train is your learning curve and your strong heart.

"In addition, when we make a career choice, we think more about whether it can upgrade your mind, broaden your horizons, and work with like-minded people. These values are far more important than the salary itself. "

Dispel the clouds to see the sun, observe the world with long-term vision

Do you have a highlight or a key decision during your career that you would like to share?

In the Financial industry, the more honor you obtain, the more careful you have to be as if treading on the thin ice.

"Actually, I don't think winning a commercial award means a highlight moment. Because in the financial industry, the more honor you obtain, the more careful you have to be as if treading on eggs. Because the past performance is not indicative of the future. People can't always have the wind at their backs. But I think I've been in a constant state of excitement about my career over the years. "

There is no right or wrong choice.

"When we graduate from college, we are faced with a lot of choices. This was just like the binary tree pricing model in finance. Every choice point down was a dichotomy. If you took one path, you couldn't take the other. There are countless nodes on each road. And it matters what kind of values you apply to the path you choose.

As far as I'm concerned, I don't think there's anything right or wrong with choice per se. For example, some people reject some new places because they don't feel comfortable leaving home. I don't think that people who are brave and willing to suffer are the ones who should follow the mainstream values. Everyone should be free to choose their own way of life.

Looking back now, I would say that going to Shenzhen by myself in the early 90s, going to Ping An, and leaving Ping An in my 30s for an MBA in Canada were all very important choices."

• In the early 90's, when I chose to go to Ping An, Shenzhen by myself
  

"In the early 1990s, when I graduated, there were very few master's graduates in the market. And under the policies on the planned assignment of work, I had many good opportunities as an excellent graduate, including entering the ministries and commissions in Beijing, but I chose to come to Shenzhen alone to find a job. In fact, now it seems to be a very important choice.

Life is like an investment, where you have to learn to allocate, and the places you choose are your energy fields, and they nourish you, and they give you the courage to innovate. That's probably why people are willing to go to some of the new immigrant cities. Some people who are not bound by the restrictions gathered, and some who are not bound by the restrictions had their thoughts collided. Everyone is very excited and wants to do something.

Personally, I just want to experience a rich life. Perhaps as a city in its early stage, Shenzhen was not as comfortable as other places, but it provided more opportunities indeed, so why not try it?

Looking back, when I was less than 25 years old, graduated from school nearly three years, was promoted as the youngest A cadre in Ping An. For two years there, I really put a lot of effort in the investment banking business during those two years, and which was why I got promoted so quickly. At the same time, Ping An also took my pregnancy and childbirth arrangements into consideration, allowing me to switch to secondary investment and not have to travel as much. So I was very grateful to Ping An and every employer I have had as well, who have done their best to give me the opportunity to grow and develop, and who also have a very good tolerance for mistakes."

• At the age of 30, when I chose to stop and leave for Canada to study MBA
  

"When I stopped and left Ping An to study MBA in Canada at the age of 30, it really surprised everyone. They said, 'You're not even 30 yet. You've done so well. Your future must be bright. Why did you leave?' But in fact, I knew what I needed at that time. Besides the study of theoretical knowledge, I gave birth to my second child abroad, who is 21 years old now. My husband and I think it is a very good choice in my life. In addition, when we are at work, we are rushing to do things every day. If we can have a chance to recharge ourselves, it is a very valuable experience.

You can't have everything. What you draw a conclusion after too much struggle, which may not be what you really want. Each path has its own unique landscape. So, the easiest way to do this is to prioritize, and ask yourself, what do you want most at this moment, right now, where do you want to place yourself? Then do it.

Now, a lot of people use the term 'white bones' and 'strong woman' to describe women in the workplace. I think career and life can go hand in hand, but you have to make trade-offs. For example, I might have given up some of the opportunities and wealth that I had at that time, but what I got was another very good experience, which is irreplaceable as well."

You have had so many career choices. Have you ever hesitated before making a choice?

"In fact, there is no hesitation. Because every time I choose is very active, very happy to choose.

I think you have to listen to your heart. No matter how busy you are, you have to calm down and talk to your heart. Then you will make the choice naturally and calmly, and won't let the people around you worry about your choice.

My husband, it's very interesting. When we moved to Qingdao, he started to write a list, and he said to the kids, 'You see, over the years, I've moved with your mom more than 20 times, sometimes to different places in the country, sometimes to different places in the same city. How wonderful our lives become for your mom's tremendous energy.'  Our kids are very cooperative when they hear that I'm changing jobs or moving house. They don't complain or get nervous.

So, when you think clearly enough, do things firmly enough, set up your own flag, people around you will trust you very much. In fact, the external anxiety that many people feel is a reflection of their own hearts. "

What advice do you have for young people today?

First of all, try as much as possible to improve your ability to think. Travel ten thousand miles is not as good as reading ten thousand books. When you are young, try to enrich your toolbox as much as possible. "Bringing principle" proposed by Lu Xun means that you should look at other people's problem-solving methods and learn from and accept the good things of others. At the same time, you have to be open-minded. The more open-minded you are, the more skills you can grasp. When you encounter a problem later, you will have many weapons at hand without any panic.

Secondly, keep your curiosity and the ability of continuous learning. We are very lucky to be in the informational and Internet era, in which Chinese and Western information resources are shared, and if you are sufficiently driven by curiosity, you can access all kinds of effective information resources. The important thing is to keep your curiosity and the ability of self-learning, and stick to it.

Finally, find your own spark and take the initiative to broaden your horizons. Warren Hill, in Think and Grow Rich《思考致富》, mentioned that everyone can find their own brain trust, not only limited to their parents, classmates, friends and partners, but also the wisdom of the history. The radio waves from great minds are always in the universe. You just have to find a channel to receive them. So there is a saying, 'When the student is ready, the teacher is right next to you.' You need to find the top spark in your field so that your learning curve will be steeper and you can grow more quickly."

HerValue Sharing from Jingjiao Dai:

Simplicity and authenticity. Simplify everything and be true to yourself.