Three days later, Zhou Bingcheng arranged the negotiations in the executive conference room of a hotel in Zhangjiang.
Zhou Bingcheng arrived earliest.
He brought Green Energy Technology's CTO Old Fang and Operations Director Sister Liu,
Three people sat on one side of Long Table, with Pilot Testing data, Third-Party Testing Report and a valuation calculation sheet spread out in front of them.
Old Fang's fingers tapped unconsciously on the table, and Sister Liu's pen drew meaningless circles on the notebook.
Zhou Bingcheng's eyes fell on Meeting Room's door. His expression was calm, but the knuckles holding the tea cup were slightly white.
Representative Industrial Capital is the second batch to arrive.
Dening Times sent a vice president responsible for upstream material investment. His surname was Zheng. He was in his early forties, wore a dark blue suit, and spoke with a Fujian accent.
Bidiya is a senior director from Battery Business Unit, his surname is He. He is a few years younger than Deputy General Manager Zheng. He speaks very fast and habitually taps the table with his knuckles.
The representatives of the two Central State-Owned Enterprise Industry Fund companies were sitting at the side. They didn't talk much, but the notebooks in front of them were neatly opened.
When Deputy General Manager Zheng sat down, his eyes paused on the empty seat on the other side of Long Table.
"Mr. Zhou, who else is there today?"
Just as Zhou Bingcheng was about to speak, Meeting Room's door was pushed open.
When Zhao Chen walked in, he was not wearing the coat stained with Texas dust that he wore when Boca Chica.
Instead, he was wearing a dark gray cashmere jacket. Su Wantang followed behind him, and Chen Xi walked at the end holding a laptop.
The three people sat down on the other side of Long Table, keeping a close distance from Green Energy Technology's team.
Deputy General Manager Zheng's eyebrows moved almost imperceptibly.
Of course he knows Zhao Chen.
Chairman of Henglong--Although the other party is very young, this name is already famous enough in the investment circle just based on the few operations of Henglong Capital that heavily invested in Bidiya, Bubble Mary and Pianzaihuang.
Bidiya and Director He also recognized it.
His eyes quickly glanced back and forth between Zhao Chen and Zhou Bingcheng, and he tapped his fingers on the table twice without saying anything.
Deputy General Manager Zheng looked away and opened the folder in front of him, his voice neither high nor low.
"Mr. Zhou, the last time we communicated with Chongqing, Green Energy Technology's Series B valuation was 5 billion after the investment.
We also come to this meeting today with sincerity. The valuation of 5 billion is basically acceptable to Industrial Capital.
Let's go over the specific terms again. If there are no major problems, we can finalize this round."
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.
"Zheng Zong, five billion is the number last time. Today's quote for Green Energy Technology is eight billion after the investment."
The air in Meeting Room visibly condensed for a moment.
Deputy General Manager Zheng's fingers stopped at the edge of the folder.
Director He's fingers tapping on the table hung in mid-air and did not fall.
One of the Two Central State-Owned Enterprises representatives raised his head, moved his eyes away from the notebook, and landed on Zhou Bingcheng's face.
"Eight billion." Deputy General Manager Zheng repeated the number, with no anger or even surprise in his tone.
There is only a plainness of "I knew this would happen",
"Mr. Zhou, it's been less than two weeks since our last communication.
In two weeks, the valuation of Green Energy Technology has increased by three billion. There must be an explanation for this increase, right?"
Zhou Bingcheng did not answer the call.
Old Fang pushed the Pilot Testing data in front of him forward.
"Zheng Zong, you have read the data. Third-Party Testing Report has also been sent to your mailbox.
The cost of Energy Storage is 35% lower, the cycle life is more than 10,000 times, and the attenuation rate is less than 5%.
These numbers were not created in two weeks. Green Energy Technology spent four years burning them.
The last time I reported 5 billion, I underestimated the weight of these figures.
The price quoted today is 8 billion, which is what it should have been worth."
Deputy General Manager Zheng opened the Pilot Testing data report, and his eyes stayed on the two pages Energy Storage Density and Degradation Curve for a few seconds.
"Mr. Zhou, I've seen the data. It's really good.
But there is a gap between Pilot Line and Mass-Production Line. You know this better than I do.
Green Energy Technology What we need now is to enlarge the technology from Thousand-Ton Scale Pilot Line to Ten-Thousand-Ton Scale Mass-Production Line. No one knows how many problems we will encounter in this process.
Industrial Capital invests not only in technology, but also in mass production risks.
The valuation of 5 billion already includes our full consideration of the risks of mass production."
Director He took over and spoke much faster than Deputy General Manager Zheng.
"Mr. Zhou, let me tell you the truth. What Bidiya likes about Green Energy Technology is not the current revenue, not the current profits, but the future industry chain synergy.
If your Thermal Storage Material can be imported into Bidiya's Energy Storage System, it will be a good thing for both parties.
But this 'if' itself is risky. Technical verification, process amplification, and Supply Chain running-in may cause problems at every step.
Industrial Capital is willing to come in with a valuation of 5 billion, which means he has taken the risk."
He paused.
"Eight billion is not impossible. But eight billion should correspond to companies that have already passed Mass-Production Line, not companies that are still in the Pilot Testing stage."
Zhou Bingcheng tapped his fingers on the table twice.
"Mr. He, I agree with the risks of mass production you mentioned.
But have you ever thought that just because Green Energy Technology is still at the turning point from Pilot Testing to mass production, eight billion is a reasonable price.
When Mass-Production Line is really successful, the valuation of Green Energy Technology will not be 8 billion, but 20 billion.
At that time, if Industrial Capital wants to come in at the current price, will there still be a chance?"
Meeting Room was silent for a few seconds.
Deputy General Manager Zheng leaned on the back of the chair and exchanged a look with Director He.
Zhao Chen understood that look - not convinced, but calculating.
Calculate the bottom line of Zhou Bingcheng, calculate the real bargaining chip of Green Energy Technology, and calculate what the situation will be like next time if we can't reach an agreement today.
"Mr. Zhou." Deputy General Manager Zheng spoke, his voice slowing down a bit.
"Let's do it. Industrial Capital party's sincerity, I brought it today. Five billion is our last round of quotation.
Considering that the Green Energy Technology Pilot Testing data did exceed expectations, we have also internally discussed the room for upward valuation.
Six billion. Only after investing six billion, Industrial Capital can we accept it. This is the greatest sincerity I can give."
From five billion to six billion, it increased by one billion.
Zhou Bingcheng was silent for a few seconds, then slowly shook his head.
"Zheng Zong, six billion is not enough."
Deputy General Manager Zheng's brows wrinkled slightly.
Director He's rhythm of tapping on the table was messed up, and his fingertips stopped on the table.
The atmosphere in Meeting Room has become a little subtle. Industrial Capital has raised its quotation from 5 billion to 6 billion, which is a real concession.
According to past experience, start-ups should start to loosen up at this point.
But there was no hint of relaxation in Zhou Bingcheng's tone.
Zhao Chen never spoke.
From the beginning of the meeting to the present, he, Su Wantang, and Chen Xi sat quietly on the other side of Long Table, like observers and some kind of silent background.
Zhao Chen's eyes occasionally fell on the speaker, and sometimes on the Zhangjiang skyline outside the window. His fingers slowly circled around the edge of the tea cup, and his expression showed no tendency.
But Deputy General Manager Zheng noticed something.
Every time Zhou Bingcheng makes a strong response to a quotation, he will subconsciously look in the direction of Zhao Chen.
That look was very short, so short that it was almost unnoticeable, but Deputy General Manager Zheng had been sitting at the investment negotiation table for more than ten years and knew very well what that look meant.
That was not a request for instructions, but a confirmation. Confirmation that the person standing behind him was still there.
Deputy General Manager Zheng closed the folder in front of him, and his eyes officially fell on Zhao Chen for the first time.