博泽家族办公室：从科研创业到家族办公室的实践转型（A）

The serial case A and B mainly describe the key strategic decisions and transformation challenges that Yu Hongru, Founder and CEO of Jinzhou Aohong Pharmaceuticals Co., Ltd. has faced on his tortuous entrepreneurial journey. It starts from how he has led his team in breaking the bottleneck in the R&D of an inclusive, affordable and nationally important new drug (named Adegold) and established a pharmaceutical enterprise in the 1990s, to how he has later made a strategic exit via the VAM agreements and cashed out ￥3.2 billion to establish Boze Capital, and then to his successful cross-industrial transition in establishing an authentic family office in China. It is of universal significance to discuss the pathways, key strategic decisions and the dilemmas facing his choice on transition from an industrial entrepreneur to the founder of a family office against a major backdrop when a whole generation of Chinese entrepreneurs faced difficulties in transformation, generational succession and family inheritance. Case A is developed around the four stages of Aohong Pharmaceuticals, i.e., its startup, growth, expansion, and transformation (strategic sellout), and discusses the three dilemmas in the operation and decision-making in enterprises:1) periodical factors affecting the entrepreneurial success of Yu Hongru and his team, and his strategic choices in that regard; 2) the dilemma between IPO and strategic exit of his company; 3) the advantages and disadvantages of VAM agreements. Case B mainly relates how Yu Hongru has been making his transition in establishing the family office by means of financial operation after he exits from the technical industry, and expounds on some antecedent attempts in the practice of family inheritance and considerations concerning the future innovations around the family office model. The case concludes with three questions that are worthy of reflection: 1) in what aspects should Boze and the Chinese family offices make more practical attempts to improve the efficacy of family business inheritance; 2) How to evaluate the transition experiences of Yu Hongru from a technical entrepreneur to the founder of a family office? 3) Could his path of transition be duplicated in the current context?