When we walked out of the Bubble Mary headquarters, the dusk of Beijing had already fallen.
Wangjing The sky is gray, the street lights have just turned on, and the glass curtain walls of the office buildings reflect the last ray of skylight.
Zhao Chen Open the door and sit in the back seat.
Chen Xi and Zhang Qingxue then got into the car, and the moment the car door closed, Zhang Qingxue spoke.
"The plan proposed by Xiao Chen, Wang Zong has no problem from a legal perspective.
Bubble Mary issuance of new shares to specific targets to acquire assets, and the procedures are compliant.
But I need to remind you that for 1.5% of the shares, the corresponding valuation needs to be independently evaluated.
If Bubble Mart subsequently launches a new round of financing, if there is a big difference between this evaluation price and the financing valuation, it may arouse doubts from other shareholders."
"In addition," she pulled out a document,
"There is a restriction clause in the Copyright contract signed by Henglong, Wang Xin, and Long Xiangsheng.
If you want to transfer Copyright to a third party, you need to notify them in writing sixty days in advance, and the other party has the right of first refusal under the same conditions.
Of course, Bubble Mary exchanging shares for Copyright is not a cash transaction, and the definition of equivalent conditions will be vague.
But if Wang Xin and Long Xiangsheng want to cause trouble, this clause is a potential hidden danger."
Zhao Chen nodded and looked at Chen Xi.
"Chen Xi, what do you think?"
Chen Xi closed the laptop and was silent for a few seconds.
"Zhao Zong, Wang An, this person is smarter than I thought."
She said, "The two plans he proposed today - twenty-year licensing and premium acquisition - are actually not his real goals.
His real goal from the beginning was to issue additional shares in exchange for Copyright."
Zhao Chen raised the corner of his mouth slightly. "How do you say it?"
"He first made a twenty-year authorization request that was obviously impossible for us to accept, but it was rejected.
I tried to buy it at a premium again, but it was rejected again.
After being rejected twice, he came up with the plan of issuing additional shares and exchanging shares, which showed his sincerity.
This is a typical negotiation tactic - use the first two options to raise your expectations and make the third option look like a compromise, when in fact that's what he really wants."
She paused.
"And he chose this time very accurately. Q3 Report has just come out and the data is beautiful. He is confident in the valuation of Bubble Mary.
By exchanging shares for IP, Henglong got more equity, and Bubble Mary got the permanent ownership of the IP. On the surface, it seemed like a win-win situation.
But in fact - Wang An used 1.5 points of shares to lock in two Global Copyright that may become tens of billions of IPs.
He made more money from this deal than we did."
Zhao Chen leaned on the seat, his eyes falling on the street lights passing by outside the car window.
"You're all right," he said, "But there's one thing you didn't take into account."
Chen Xi turned his head sideways.
"Wang An is determined to make Bubble Mary bigger."
Zhao Chen's voice seemed very calm in the car,
"What he wants is not a Designer Toys company that relies on licensing IP. What he wants is a content empire with its own IP matrix.
Mololoy and Labobo are just two chess pieces on his Chessboard. He needs to fully control these two chess pieces before he can let go and set up a bigger game."
He turned his head and looked at Chen Xi.
"A founder who is willing to exchange shares for IP is more worthy of my long-term holding than a founder who just wants to take advantage of investors."
The car drove through the streets of Wangjing, and the night had completely enveloped the city of Beijing.
Zhao Chen retracted his gaze, took out his mobile phone, and sent a message to Su Wantang.
"Bubble Mart, let Liu Mingyu prepare it. Go back to Shan City tomorrow and open Board of Directors."
The dinner arranged by Wang An booked private rooms at Huaiyang Restaurant, Wang An, a quiet hotel in Beijing Guomao.
When you push the door open and go in, outside the window is the traffic flow of East Third Ring Road, and the lights form flowing strips of light in the night.
Several plates of cold dishes have been placed on the table, including crystal meat, salted duck, and honey-glazed glutinous rice lotus root. They are delicate and restrained, very similar to the temperament of Wang An.
"Zhao Zong, please take a seat." Wang An pulled out the chair.
Zhao Chen didn't refuse and sat down.
Chen Xi and Zhang Qingxue were sitting on both sides. Wang An was accompanied by Su Xiaotang and Zhou Zheng.
After the six people sat down, the waiter came in to pour the wine. Wang An waved his hand and signaled that the wine should be removed.
"Zhao Zong I know you don't drink, so let's drink tea."
He looked at Zhao Chen, "Pu'er or Iron Goddess of Mercy?"
"Pu'er."
After the tea was served, the atmosphere in the private room relaxed.
Su Xiaotang is a person who can liven up the atmosphere. In just a few words, he pulled Chen Xi into the discussion about the design of Blind Boxes.
Zhou Zheng chatted with Zhang Qingxue about the compliance issues at the intersection of finance and legal affairs.
On this side of the round table, only Zhao Chen and Wang An were sitting facing each other, with a steaming pot of Pu'er between them.
Wang An refilled a cup of tea for Zhao Chen. After putting down the teapot, he suddenly smiled.
"Zhao Zong, during this afternoon's negotiation, do you think I am a particularly calculating person?"
Zhao Chen picked up the tea cup, blew on the tea leaves floating on the edge of the cup, and raised the corner of his mouth slightly. "What do Wang Zong think?"
"I think so." Wang An said calmly,
"I have really thought about IP for a long time.
After the samples of Mololoy and Labobo came out, the team conducted a round of blind testing within the team. Among a bunch of unknown new IPs, Mololoy ranked second in popularity. The first was Labobo."
Zhao Chen said nothing, waiting for him to continue.
"The first two were not hatched by ourselves." Wang An's fingers slowly circled around the edge of the tea cup.
He raised his head and his eyes fell on Zhao Chen's face through the lenses.
"Mololoy was bought by Henglong from Wang Xin. Now Copyright is complete and has a term of twenty years.
Labobo bought it from Long Xiangsheng, Global Copyright, with a term of twenty years.
If Bubble Mary can make Mololoy and Labobo its own, it will be the first truly self-owned super IP."
Zhao Chen took a sip of tea.
The richness of Pu'er melts on the tip of the tongue, with a hint of mellow aroma.
"So Wang Zong went through such a big circle with me this afternoon."
"I'm sorry." Wang An put his hands together and bowed slightly.
"It's not that I don't trust Zhao Zong, it's just that this industry is changing too fast. I have to leave the thickest moat for Bubble Mary."
Zhao Chen put down the tea cup and leaned on the back of the chair.
"Wang Zong, you should know why I invested in Bubble Mary last year?"
Wang An was stunned for a moment.
"I am willing to invest at a premium." Zhao Chen said,
"Because I understand Designer Toys. Other investors will ask you, why does a plastic doll sell for fifty-nine yuan?
I would not ask such a stupid question because I understand the intrinsic value of IP."
Wang An's lips moved but did not speak.
"I voted for you because I know." Zhao Chen's eyes were calm and direct,
"China will definitely have its own trendy toy giant, which is not an agent of Japan or a copycat of South Korea, but one that truly grew out of China itself.
And this company, in my opinion, must be Bubble Mary."
Wang An picked up the teacup and took a big sip.
His hands were shaking slightly, not sure whether it was because of excitement or because Pu'er was too hot.
He put down the tea cup, his voice was a little tight,
"In the past, when we were having the most difficult time raising funds, I met with many investors, and everyone was asking me whether the model could be replicated, how much per square meter efficiency could be achieved, and when we would be profitable.
Just you, not a single question asked."
"Because I don't need to ask." Zhao Chen said, "I understand."
After saying this, Wang An was silent for a few seconds.
Then he suddenly laughed, very softly, but there were lines at the corners of his eyes.