He put down the tea cup and looked at Wang An:
"Wang Zong, do you want to hear polite words or do you want to hear the truth?"
Wang An said, "Of course it's the truth."
Zhao Chen nodded. "Then I'll tell you straight."
He held out two fingers. "Two questions. First, Supply Chain."
Wang An's expression did not change, but his hand paused on the tea cup.
Zhao Chen said, "Mololoy is selling so well that your production capacity cannot keep up.
Once Blind Boxes is out of stock, the popularity will cool down. Moreover, your current Supply Chain is concentrated in the Pearl River Delta, and the quality control is unstable.
I heard that a batch of Mololoy had crooked eye marks, and you recalled them all, and you lost a lot of money."
Wang An was silent for two seconds. "Do you know everything about this batch of goods?"
Zhao Chen did not answer the question and continued, "The second problem - there are too few influential IPs."
As soon as these words came out, Wang An's expression changed.
It's not anger, it's a silence that hurts.
Zhao Chen looked at him. "Wang Zong, Bubble Mary There are dozens of IPs now, but the only one that can really fight is Mololoy.
Pucoky is still in the development stage, Satyr Roroy has just started, and other IPs have basically not increased in volume."
He paused. "A company relying on one IP is too risky. If something goes wrong with Mololoy, what will Bubble Mary do?"
Wang An put down the tea cup and leaned on the back of the chair.
He didn't speak, but Zhao Chen could tell that these words hit him.
Wang An was silent for a while before speaking, "You are right."
His voice was very low, as if he was talking to himself:
"Mololoy accounts for more than 60% of our sales. I know this is wrong, but - other IPs just can't come up."
Zhao Chen said, "It's not that I can't get up, it's that I don't have enough time. IP needs to be maintained, and Mololoy didn't become popular in a day.
But Wang Zong, have you ever thought about why other IPs can't get up?"
Wang An looked at him.
Zhao Chen said, "Because all your resources are given to Mololoy.
The best location in the store is given to Mololoy, the majority of the marketing budget is given to Mololoy, and even the main members of the design team are working on Mololoy.
If other IPs can't get resources, how can they get up?"
Wang An didn't speak, but his eyes changed.
Zhao Chen continued, "This is not your fault. If a company wants to survive, of course it must invest resources in the most profitable IP.
But this is a vicious cycle - the more we rely on Mololoy, the less we can afford other IPs; the less we can afford other IPs, the more we rely on Mololoy."
He paused. "Wang Zong, do you know what this means?"
Wang An said, "It means Bubble Mary is a 'single product company'."
Zhao Chen nodded. "Yes. Single product companies are valued at a discount in the capital market.
If there is a problem with one IP, the entire company will collapse. Investors don't like this kind of risk."
Wang An was silent for a long time.
The sky outside the window was gray, Guqin Music changed the song, and it became quieter.
"Chairman Zhao," Wang An finally spoke, "I know the two problems you mentioned, Supply Chain and single IP.
But you know, it's not that easy to solve."
Zhao Chen said, "I know. So I will vote for you."
Wang An looked at him. "If you come to me, you can solve the problem?"
Zhao Chen smiled, "Supply Chain, I can help you connect resources.
Henglong has accumulated experience in real estate and Supply Chain Finance, which can at least help you loosen up your capital and warehousing. As for the IP issue--"
He paused and did not finish his sentence.
Wang An narrowed his eyes. "What's wrong with the IP?"
Zhao Chen waved his hand. "There's no rush. I'm here today mainly because I want to hear your thoughts. I'm sincerely interested in buying shares."
Wang An stared at him for two seconds without asking any questions.
"Okay," Wang An said, "Then tell me, what do you think about the shares?"
Zhao Chen leaned on the back of the chair. "Wang Zong, you already know my conditions.
1 billion valuation, 50 million, accounting for 5%, give up Voting Rights. This condition, to be honest, is very generous."
Wang An nodded. "It's generous. But I want to know--"
He paused and looked at Zhao Chen with a sharper look:
"Will you acquire Existing Shares Dong's shares in the future?"
Zhao Chen did not deny. "Yes."
Wang An's expression changed.
It's not anger, it's a kind of vigilance that the bottom line has been touched.
"Chairman Zhao," his voice was still calm, but his tone was obviously colder, "How much do you want to hold?"
Zhao Chen said, "15% to 20%."
Wang An shook his head. "Impossible."
Zhao Chen asked, "Why?"
Wang An was silent for two seconds, and then said:
"Chairman Zhao, Bubble Mary From its establishment to the present, I have personally negotiated every round of financing and every shareholder.
Those Existing Shares things have been following me since the most difficult time."
His voice was calm but firm:
"I will not let any external shareholder get more than 10% of the shares through the acquisition of Existing Shares. This is my bottom line."
Zhao Chen said, "Wang Zong, I am just a Financial Investment person.
I don't want Voting Rights, I don't want Board of Directors Seat, I won't be stationed in finance, and I won't interfere in operations.
The acquisition of Existing Shares will not affect your control of the company."
Wang An looked at him. "Chairman Zhao, you are right. But let me ask you a question--"
He paused. "If you really just want to be a Financial Investment person, 5% is enough. Why do you have to get 15%?"
Zhao Chen did not answer immediately.
Wang An continued, "You invested in Yunnan Agriculture, took 20%, and gave up Voting Rights. But Yunnan Agriculture is an industry, with cycles and ceilings.
You said that you are optimistic about Bubble Mary and feel that this track has no ceiling.
Then tell me - what do you want to do with 15% or 20%?"
Zhao Chen was silent for a few seconds.
He knows what Wang An is worried about.
Not worried about Control - he promised to give up Voting Rights, Control of Wang An will not be affected in any way.
What Wang An is really worried about is Zhao Chen's motives.
A real estate developer suddenly comes to invest in Designer Toys at a premium of 25% and also wants to acquire Existing Shares - this is not like Financial Investment, but like a strategic layout.
"Wang Zong," Zhao Chen said, "I take 20%, not to control you. It's to lock up the position."
Wang An frowned. "Lock up?"
Zhao Chen nodded. "Bubble Mary The current plate is too small.
If I want to invest, if I put in 5%, the liquidity is not enough. If I want to withdraw in the future, the market will be ruined.
But if I take 15% and lock it in for three to five years, it will be a good thing for you - the chips are locked up and the stock price is more stable."
Wang An didn't speak, but his expression relaxed a little.
Zhao Chen continued, "Moreover, what I acquired was the shares held by Existing Shares dong who wanted to withdraw.
Those shareholders originally wanted to leave. I will take over without increasing the total number of shares in the company and without affecting your Equity Structure.
You have nothing to lose."
Wang An picked up the teacup, took a sip, and didn't answer.
Zhao Chen knows that he is hesitating.
"Wang Zong," Zhao Chen said again, "I can promise that I won't reduce my holdings, pledge them, or transfer them within three years.
Holding no less than 10% of the shares within five years. All shares Voting Rights are entrusted to you."
Wang An put down the tea cup and looked at Zhao Chen: "Chairman Zhao, I believe everything you said. But the rules are the rules."
His voice was calm, but there was no room for negotiation:
"Bubble Mary's Existing Shares, I won't let external shareholders take it.
This is my bottom line. If you want to come in, just participate in this round of Private Placement and get 3% to 5%. No need to discuss anything else."
Zhao Chen looked at him and was silent for a long time.
The Guqin Music in the teahouse stopped and changed to a quieter song.
There was wind blowing outside the window, and the bare branches swayed.
"Wang Zong," Zhao Chen finally spoke, "I understand your concerns."
He paused. "Well, you take me to meet the team first and talk about the business.
Let's talk about the shares later. Regardless of whether it works out in the end, it's okay to make friends."
Wang An's expression relaxed a little. "Okay. I'll take you to the company to have a look."
The two of them stood up and Wang An went to check out.
Zhao Chen stood at the door of the teahouse, looking at the gray sky, thinking about the agreement Zhang Qingxue signed last night.
Thirty million Hong Kong Dollar. Global Copyright outside mainland China.
Priority matching rights.
Wang An now refuses him to acquire Existing Shares because he feels that Zhao Chen has no leverage.
But what if Zhao Chen has what Bubble Mary wants most?
He didn't plan to play this card today. The time hadn't come yet.
Meet the team first and build trust first.
Wait until Wang An starts to rely on him and trust him before he plays his cards - then the negotiation initiative will be different.