New York It snowed all night.
Zhao Chen stood in front of Floor-to-Ceiling Window of Hotel Room, holding Su Wantang's tea cup that had just been filled with hot water.
Manhattan outside the window was covered with a thin layer of snow, and the outline of Central Park turned into a blur of white in the morning light.
His mobile phone was placed on the coffee table, with the screen facing up. The silent mode indicator light flashed every few seconds, like a slowly beating heart.
He is waiting for a phone call.
After returning from Boca Chica, the second tranche of funds from Lin Shicheng has entered the market.
1.5 billion US Dollar, divided into hundreds of small and medium-sized orders, and quietly accumulated funds during the most intensive trading days of SoftBank Selling Pressure.
The draft of the 13G declaration has been prepared, the wording has been polished repeatedly, and every comma position has been scrutinized by the lawyer eyes of Lin Shicheng.
But what Zhao Chen is waiting for right now is not Lin Shicheng's call.
Beijing The time should be around ten o'clock in the evening.
According to the schedule, the negotiations between Chen Xi, Zhang Qingxue and Wang An should take place this afternoon.
IP transfer agreement, letter of intent to lead the next round of financing, anti-dilution clause--
The three documents were signed simultaneously. This was the plan finalized by Zhang Qingxue on Henglong Board of Directors.
The plan is a good plan, but things on the negotiation table will never go exactly according to the plan.
The snow outside the window has become lighter.
The phone screen suddenly lit up, and a video call request popped up on the screen. The contact person was Chen Xi.
Zhao Chen walked to the coffee table and pressed the answer button.
The screen is divided into two pictures.
Chen Xi is sitting in Meeting Room in Henglong Capital Chongqing's office. The whiteboard behind him is filled with Bubble Mary's valuation calculations and Equity Structure's deductions.
Zhang Qingxue sat next to her, with a stack of legal documents spread out in front of her, with the words "IP Exclusive Transfer Agreement" printed on the cover.
Both of them looked a little tired, but their eyes were bright.
"Zhao Zong, the conversation is over."
Chen Xi's voice came from thirteen thousand kilometers away, with a slight delay, but as clear as if it was in the next room.
"Result?"
Chen Xi and Zhang Qingxue looked at each other, and then the corners of Chen Xi's mouth turned up.
"The IP transfer agreement was signed. 1.5% of the shares, Mololoy and Labobo's Global Copyright were completely transferred to Bubble Mary, with a period of twenty years, and the ownership chain was completely sorted out.
Long Xiangsheng has issued a written confirmation letter waiving the right of first refusal, and Wang Xin's Side also signed it.
Wang An got a clean Copyright."
Zhao Chen nodded slightly. This result was what he expected.
Wang An wanted the ownership of the IP, and Henglong gave it to him. The price was set by Wang An himself, 1.50 shares.
Zhang Qingxue did not make a counteroffer because counteroffering was not Henglong's strategy.
"Where's the financing lead?"
"Signed." Chen Xi opened the folder in front of him,
"Bubble Mart's next round of financing is led by Henglong.
The pre-money valuation of Wang An was initially set at 3 billion and refused to let go, saying that Q3 Report's revenue and profit growth rate were there, and 3 billion was the bottom line.
We quoted 2.5 billion and talked for two full hours."
"What's the end?"
"Two, seventy-five billion."
Zhang Qingxue took over, with a hint of calmness unique to legal personnel in his voice.
"It's 250 million lower than what we expected, and 250 million lower than the original quotation of Wang An.
Both parties take a step back. The amount of investment led by Henglong is 550 million, plus the 1.5 shares transferred by the IP, Henglong's total shareholding ratio after the financing is completed--"
She glanced down at the file.
"Thirty-one-two percent."
Zhao Chen's fingers gently rubbed the edge of the tea cup.
Thirty-one-two percent.
It exceeded the "more than thirty percent" goal proposed by Chen Wei on Board of Directors, exceeded the major influence line, and exceeded Wang An's own shareholding ratio.
From now on, Henglong is the first Major Shareholder of Bubble Mary.
"Wang An What's your reaction?"
Chen Xi's expression became a little subtle.
"After signing, he was silent for a while.
Then he said something-'Zhao Zong took 31.2 of my shares, but gave me two tens of billions of IP.
I don't know whether I should count this account as a profit or a loss.'"
Zhao Chen did not answer the call.
"I told him," Chen Xi continued,
"Zhao Zong let me tell you something. The more shares Henglong takes, the tighter the ties with Bubble Mary will be.
From today on, Henglong is no longer an investor in Bubble Mary, and Henglong is a partner of Bubble Mary.
If you win, Henglong wins. If you lose, Henglong will lose with you."
Meeting Room was quiet for a few seconds.
Then Chen Xi heard Wang An laugh, very lightly, but there were lines at the corners of his eyes.
He said, thank Zhao Zong for me.
On the day Labobo was released, I invited him to drink at Shan City.
Zhao Chen picked up the tea cup and took a sip.
The richness of Pu'er melts on the tip of the tongue, with a hint of sweetness.
"There's one more thing." Chen Xi's voice suddenly changed, taking on a kind of excitement that Zhao Chen rarely heard from her.
"What?"
"Zhao Zong, do you remember Green Energy Technology, which we almost sold last year?"
Zhao Chen's fingers stopped on the tea cup.
Green Energy Technology.
This name was buried so deeply in his memory that he would have almost forgotten it if Chen Xi hadn't mentioned it.
This was a project Henglong invested in during the Zhao Jianguo era, and it was almost liquidated by him last year as an inferior asset.
RMB originally invested in Two Hundred Million, accounting for 40% of the shares.
After investing, you will lose money every year.
Four years.
"What happened to Green Energy Technology?" he asked.
Chen Xi took a deep breath, as if to calm down his emotions.
"Zhao Zong, Zhou Bingcheng, the founder of Green Energy Technology, Mr. Zhou, flew to Shan City in person yesterday.
He went directly to Henglong Capital's office without saying hello in advance.
When I saw him, his eyes were bloodshot, but he was so excited that he looked like he hadn't slept for three days."
She paused.
"He said that their Energy Storage Materials broke through."
Zhao Chen's hand holding the teacup tightened slightly.
"Their core technology is a new type of Composite Phase-Change Thermal Storage Material, used in Industrial Waste Heat Recovery and New Energy Storage Peak Shaving.
When Henglong invested in them more than four years ago, they only had laboratory-level small-scale trial data, the cost was more than 40% higher than the traditional Thermal Storage Material, and there was no commercial value at all."
Chen Xi's voice is getting faster and faster,
"In the past four years, they have been doing formula optimization and process amplification. Last month, their Third-Generation Formula ran through the Pilot Testing production line."
She lowered her head and glanced at the notes in front of her.
"The data brought by Zhou Bingcheng is--
The unit cost of the new Composite Phase-Change Material Energy Storage is more than 35% lower than the mainstream nitrate molten salt Thermal Storage Material currently on the market.
At the same time, the cycle life has been increased from 6,000 times for mainstream products to more than 10,000 times, and the attenuation rate is less than 5%."
Zhao Chen tapped his finger lightly on the coffee table.
Thirty-five percent.
In the Energy Storage industry, a ten percent cost reduction is enough to change the competitive landscape of a segmented track.
Twenty percent can give birth to a unicorn.
Thirty-five percent - this means that the technology mastered by Green Energy Technology has the ability to pull down the entire cost curve of Industrial Waste Heat Recovery and New Energy Storage Peak Shaving.