"Zhao Zong, Henglong Capital are Series A investors of Green Energy Technology, and they are sitting here today. I want to hear Henglong's opinion."
Everyone's eyes in Meeting Room turned to the other side of Long Table.
Zhao Chen put down the tea cup and lightly rubbed his fingers on the rim of the cup.
He didn't look at Deputy General Manager Zheng, but at Zhou Bingcheng.
"Mr. Zhou, Henglong is the shareholder of Green Energy Technology, not the management.
Regarding valuation, management has the final say.
There is only one opinion for Henglong - quote how much Green Energy Technology is worth.
The quoted price is confirmed by Henglong."
He paused.
"If Industrial Capital feels that this price is not suitable, Henglong can follow the investment in full.
With 20% of the shares, Henglong can absorb the diluted 8 points. Even, Henglong can lead the investment in Series B."
The air in Meeting Room seemed to have been sucked out.
Deputy General Manager Zheng's pupils shrank slightly, and Director He's finger tapping on the table stopped completely.
Two Central State-Owned Enterprises One of the representatives lowered his head and wrote a few words quickly in his notebook.
Henglong wants to lead the investment.
When this sentence came out of Zhao Chen's mouth, his tone was as calm as saying "the weather is nice today".
But Deputy General Manager Zheng knows that this is not empty talk.
Henglong Capital's holdings on Bidiya exceed 5.8 billion.
The shareholding in Bubble Mary exceeds 30%, and the total investment in Pianzaihuang, Tongce Medical, Shanxi Fenjiu, and Wuliangye exceeds 10 billion.
One billion is indeed affordable for Henglong.
What's more important is that if Henglong really follows the investment in full, Industrial Capital won't even be able to drink a sip of soup in this round.
Zhou Bingcheng's waist is obviously straighter.
"Zheng Zong, Mr. He, the valuation of Green Energy Technology is eight billion.
This number was not determined by me alone. It was determined by the technical data of Green Energy Technology and Third-Party Testing Report.
If Industrial Capital recognizes the value of these data, eight billion is a fair price.
If you don't agree-" He paused, "Green Energy Technology There are other ways to go."
Deputy General Manager Zheng was silent for a long time.
His eyes moved back and forth between Zhou Bingcheng and Zhao Chen twice, then he lowered his head and opened the folder.
He whispered a few words to Director He at a volume that only Industrial Capital could hear.
Director He shook his head and nodded again with a complicated expression.
Deputy General Manager Zheng closed the folder and raised his head.
His expression didn't change much, but Zhao Chen noticed that his fingers pressed tightly on the edge of the folder, and his knuckles turned slightly white.
"Mr. Zhou, Zhao Zong, since Henglong is sitting here today, I won't beat around the bush when I say something."
Deputy General Manager Zheng's voice is not high, but every word seems to be squeezed out from between the teeth, with a unique coldness after being forced into a corner at the negotiation table.
"The technical data of Green Energy Technology is approved by Industrial Capital.
Pilot Line has been successful, the formula has matured, and the cost has been reduced - these are all facts and we do not deny it.
But there is one thing that Mr. Zhou may know better than us."
His eyes fell on Zhou Bingcheng's face and paused for two seconds.
"Thermal Storage Material In this track, what is separated between technology and market is not a wall, but a mountain.
No matter how good the materials of Green Energy Technology are, no matter how long the cycle life is, and no matter how low the attenuation rate is,
If there are no application scenarios, no industry chain coordination, and no downstream giants are willing to put your materials into their own systems for verification, running tests, and scale-up -
Your technology is just a bunch of data in the laboratory.
Data can't be turned into orders, orders can't be turned into revenue, and revenue can't be turned into profits. You don't need me to teach Mr. Zhou about this, right?"
The air in Meeting Room was frozen.
Deputy General Manager Zheng opened a document in front of him, his tone was slower than before, but more powerful.
"Dening Times's annual Energy Storage System shipments account for more than 20% of the global market.
BYD's New Energy automobile and Energy Storage businesses together consume more than 100,000 tons of Thermal Storage Material annually.
The Two Central State-Owned Enterprises grid-connected project and the Industrial Waste Heat Recovery project cover more than 60% of the domestic Energy Storage Peak Shaving application scenarios.
Mr. Zhou, I am not showing off the scale of Industrial Capital, I am telling you a fact--
No matter how good Green Energy Technology's technology is, without our Industrial Capital channels and application scenarios, it would take at least three years to go from Mass-Production Line to Commercialization at Scale.
Three years from now, will there still be only Green Energy Technology on this track?"
He closed the document and leaned back in his chair.
"The valuation of six billion is the final quotation that Industrial Capital can give.
This price includes our recognition of Green Energy Technology, our commitment to mass production risks, and also includes--
Our channel value for Green Energy Technology in the next three years.
If Mr. Zhou feels that eight billion is the true value of Green Energy Technology, then Industrial Capital respects Mr. Zhou's judgment. But the value of channels is also value.
Technology without channels is not worth eight billion."
After he finished speaking, Meeting Room was quiet for several seconds.
Director He tapped his fingers on the table twice and spoke.
His tone was much gentler than Deputy General Manager Zheng, but his wording also did not leave much room for maneuver.
"Mr. Zhou, Zhao Zong, Bidiya's position is the same as Dening Times's.
Six billion is the upper limit that our internal evaluation can give. I understand Mr. Zhou's confidence in Green Energy Technology, and we also have this confidence.
But a valuation is a valuation, and a quotation is a quotation. Six billion is the number that Bidiya can bring to Investment Committee.
Beyond this number, I personally appreciate the technology of Green Energy Technology, but there is no way I can convince Investment Committee."
His eyes stopped on Zhao Chen's face for a moment and then quickly moved away.
Zhao Chen noticed that look.
When Director He looked at him, there was something very subtle in his eyes - not hostility, but some kind of unspeakable embarrassment.
Henglong Capital holds 4.99% of the shares of Bidiya and is one of the largest external institutional shareholders of Bidiya.
Strictly speaking, Director He is sitting on this table, representing Bidiya, and in the list of shareholders of Bidiya, the one at the top is Henglong.
He is not like Deputy General Manager Zheng who can say harsh words without scruples, but due to his responsibilities, he must express Bidiya's position clearly.
Deputy General Manager Zheng obviously has no such scruples.
There is no equity relationship between Dening Times and Henglong. Deputy General Manager Zheng does not need to look at Zhao Chen's face.
"Mr. Zhou." Deputy General Manager Zheng's voice rang again, this time with a kind of neither light nor heavy pressure that had been repeatedly polished in countless negotiations.
"Industrial Capital's sincerity has been brought to you today.
From five billion to six billion is the result we achieved after two rounds of internal discussions.
If Green Energy Technology insists on eight billion--"
He paused.
"Then Industrial Capital can only temporarily shelve this round of investment.
Let's talk about it again when Mass-Production Line of Green Energy Technology is really running through and Commercialization at Scale is really implemented.
At that time, if Green Energy Technology's valuation is 20 billion, Industrial Capital is willing to come in at a price of 20 billion.
But today, six billion. One point more, CATL cannot vote."
Put investments on hold.
When these four words came out of Deputy General Manager Zheng's mouth, his tone was as calm as if he was stating a weather forecast.
But everyone present can understand the weight of these four words - Industrial Capital will not wait for you forever.
CATL and BYD look at hundreds of upstream material projects every year, and Green Energy Technology is just one of them.
If we can't reach an agreement today, tomorrow their due diligence team will fly to the next start-up company doing Composite Phase-Change Material.