"Chen Xi, on behalf of Henglong, go and talk to Zhou Bingcheng first. Don't talk about giving up, don't give up the right to invest, talk about valuation."
Chen Xi picked up the pen and wrote down quickly in the notebook.
"If the valuation of Green Energy Technology in this round of financing is high enough to reflect the true value of its technological breakthrough,
Henglong can consider giving up part of the right to participate in the investment - not giving up all of it, but giving up part of it.
For example, Henglong will only invest in the amount required to maintain its shareholding ratio below 35% in this round, leaving the remaining capital space for Industrial Capital.
In this way, Industrial Capital can obtain enough shares, and the dilution of the founding team will be within control.
Although the shareholding of Henglong has declined, it still maintains the position of No. 1 Major Shareholder."
He held up a finger.
"But if the valuation reported by Zhou Bingcheng is too low--
So low that in this round, Industrial Capital took away more than 20% of the equity of Green Energy Technology at a bargain price--
Then Henglong will not only not give up the right to participate in the investment, but will also participate in the investment in full.
Henglong will not let his interests be diluted by low prices."
Chen Xi's pen tip stopped on the paper.
"Zhao Zong, what if the valuation is indeed low and Zhou Bingcheng is unwilling to increase the valuation?"
"Then tell him something."
Zhao Chen's voice is not high-pitched, but every word is pronounced very steadily.
"Henglong can promise that no matter what the shareholding ratio is, Henglong will not interfere with the daily operations of Green Energy Technology.
Henglong does not require Board of Directors Seat, does not participate in technical route decision-making, and does not interfere in any business operations of the management.
Henglong is just a Financial Investment enthusiast, a long-term partner who is willing to accompany Green Energy Technology from the laboratory to mass production, and from mass production to the market."
He paused.
"But if the management believes that in order to introduce Industrial Capital, Henglong, the Existing Shares who has been with Green Energy Technology since Series A, should suffer a loss--
That Henglong's right to follow in the investment, I will not give up a word."
Meeting Room was quiet for a few seconds.
Zhang Qingxue closed the legal documents in front of him, with a lawyer's unique caution in his voice.
"Zhao Zong, what you mean is that the core position of Henglong is not the co-investment right itself, but the valuation."
"Yes."
"I understand." Chen Xi drew a circle heavily on his notebook,
"I will discuss the valuation with Zhou Bingcheng first. After I understand his trump card, I will decide on Henglong's follow-up investment strategy."
Zhao Chen nodded.
"In addition, let me tell Zhou Bingcheng one thing. Henglong's layout in the New Energy field is far more than just Green Energy Technology.
Henglong is one of the largest external shareholders of Bidiya. You can also confide in him that I am discussing cooperation with United States and Elon Musk.
If Green Energy Technology's technology can enter Supply Chain of Bidiya and Tesla, Henglong can help him open this door."
Chen Xi's eyes lit up.
"Zhao Zong, this sentence is more effective than any negotiation skills."
Zhao Chen picked up the tea cup and found that Su Wantang had replaced the herbal tea for him at some point.
The warm Pu'er enters the throat, mellow and clear.
"Go ahead. Let me know the results anytime."
Chen Xi and Zhang Qingxue nodded at the same time.
After the video call ended, only New York Manhattan's sunshine after the snow was left on the screen, spreading through Floor-to-Ceiling Window into a pale golden color on the carpet.
Su Wantang moved over from the other side of the sofa and refilled the empty tea cup in front of him.
Shan City's daybreak is thirteen hours earlier than New York's.
Chen Xi is sitting in the office of Henglong Capital, with a few numbers written on the whiteboard in front of him:
Green Energy Technology, post-investment valuation, Industrial Capital, follow-on investment rights.
She tapped her fingers lightly on the table, her eyes falling on those numbers, and she had been staring at them for almost half an hour.
Zhou Bingcheng made an appointment at ten in the morning.
At nine fifty-eight, the front desk called to say that Mr. Zhou had arrived.
Chen Xi erased the numbers on the whiteboard and took a deep breath.
When Henglong invested in Green Energy Technology more than four years ago, Henglong was still in charge of Zhao Jianguo.
At that time, Zhou Bingcheng had just graduated from a university's energy materials laboratory and started his own business.
At this moment, the man sitting opposite her had half white hair and bloodshot eyes, but his eyes were bright, as bright as a man who had walked in a tunnel for four years and finally saw the exit.
"Mr. Zhou, it's been a hard journey." Chen Xi poured him a cup of tea.
Zhou Bingcheng took the tea cup and spoke directly without any greetings.
"Mr. Chen, the purpose of my visit this time was briefly communicated to you yesterday.
Third-Generation Formula of Green Energy Technology has been successfully tested on Pilot Line. The cost of Energy Storage is more than 35% lower than the mainstream solution in the market, the cycle life is more than 10,000 times, and the attenuation rate is less than 5%.
I brought this data Third-Party Testing Report, you can verify it at any time."
He took out a stack of documents from Briefcase and placed it on the table.
"I now need money to build Mass-Production Line, Thousand-Ton Scale. The capital requirement is about 800 million, and I also need Two Hundred Million to invest in follow-up research and development.
Dening Times, Bidiya, and two Central State-Owned Enterprise Industry Fund have already expressed their investment intentions."
Chen Xi didn't read the report, his eyes fell on Zhou Bingcheng's face.
"Where's the valuation?"
Zhou Bingcheng was silent for a few seconds.
"Five billion after investment. Release 20% and raise one billion."
Meeting Room became quiet.
The sound of traffic Jiangbeizui outside the window came faintly, like a distant river.
Chen Xi picked up the tea cup and took a sip.
The tea was Pu'er that Su Wantang brought back from Yunnan last week. It tasted mellow, but she couldn't taste it at all at the moment.
There was only one thought in her mind - Zhou Bingcheng was giving money.
Thirty-five percent cost advantage, 10,000 cycle life, and less than five percent decay rate.
Putting these three numbers together, if the data is true, the technical barriers of Green Energy Technology are enough to support it to tear a huge hole in the field of Industrial Energy Storage.
And Zhou Bingcheng priced it at five billion.
Bidiya's Blade Battery has not yet been officially released, and the market's valuation system for the New Energy track still remains within the old framework of 2018.
In this framework, five billion seems "reasonable" for an Energy Storage Materials company that has not yet built Mass-Production Line.
But Chen Xi knows, and Zhao Chen also knows, that this framework will soon be broken.
"Mr. Zhou." Chen Xi put down the tea cup, his voice was not high, but every word was clear,
"With a valuation of 5 billion and financing of 1 billion, Henglong can eat it all in one bite. Even Henglong can give a valuation of 7 billion."
Zhou Bingcheng's brows wrinkled slightly.
"Mr. Chen, the valuation given by Industrial Capital is indeed not high. But it is a pity that Henglong is not Industrial Capital."
His tone was very calm, but it was a little too forceful, as if he was trying to convince himself,
"Green Energy Technology In the next stage, what is needed most is not money. It is application scenarios, industry chain coordination, and policy resources.
Dening Times has the world's largest Energy Storage shipments, Bidiya has a complete closed loop of complete vehicles and batteries, and central enterprises have grid connection indicators and land indicators.
Henglong can give you money, but not these things."
"Mr. Zhou, I agree with everything you said."
Chen Xi's voice is neither fast nor slow,
"But have you ever thought about a question - why is the valuation given to you by Industrial Capital only five billion?"
Zhou Bingcheng said nothing.
"Because the investment logic of Industrial Capital is never 'how much is this company worth', but 'how much this company can supplement my industrial chain'."
Dening Times invests in you not to let Green Energy Technology go on the market independently, but to lock in the supply of upstream materials.
Bidiya invests in you not to make Green Energy Technology bigger, but to prevent your technology from being taken away by competitors.
They are buyers, not partners.
The buyer's price will always be 'the price you would not sell to others', not 'how much you are really worth'."
She paused.
"Henglong is different. Henglong is from Financial Investment. What Henglong wants is the income from the increase in equity value after Green Energy Technology becomes bigger.
The higher your valuation, the more Henglong earns.
On this table, only Henglong's interests are completely in the same direction as yours."
Zhou Bingcheng picked up the tea cup and took a sip. When he put it down, the bottom of the cup made a soft sound on the table.