Zhou Bingcheng's fingers tightened slightly on the table.
Old Fang's lips moved and he wanted to say something, but Sister Liu gently held his arm under the table.
The silence in Meeting Room is like a clock that has been wound up, and every second counts slowly.
Zhao Chen put down the tea cup.
The bottom of the cup hit the table, making a small but clear sound. Everyone's eyes turned to him.
"Zheng Zong." Zhao Chen's voice is not high, but every word is clear.
"You just said that without Industrial Capital's channels, Green Energy Technology's technology would not be worth eight billion.
I half agree with this point of view and half disagree with it."
Deputy General Manager Zheng's eyebrows moved slightly.
"The agreed part - the channel is indeed the value.
Dening Times, Bidiya, and Two Central State-Owned Enterprises control the core application scenarios and grid-connected resources of the domestic Energy Storage market.
Without these resources, the road from mass production to Commercialization at Scale for any Energy Storage Materials company will be more difficult and slower.
Henglong has never denied this."
He paused.
"The part I disagree with - Zheng Zong just said that without Industrial Capital, Green Energy Technology's technology is just a bunch of data in the laboratory.
Henglong disagrees with this sentence."
Zhao Chen's eyes moved from Deputy General Manager Zheng's face to Director He's face, and finally landed on Zhou Bingcheng.
"The value of Green Energy Technology's technology is not determined by whose Supply Chain it enters today, but by its own performance data.
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 three numbers are placed here. Regardless of whether there is a channel for Industrial Capital, it is one of the best technologies in this track.
Channels can amplify the value of technology, but channels cannot define the value of technology."
Deputy General Manager Zheng opened his mouth, and Zhao Chen raised a hand to indicate that he had not finished speaking.
"As for shelving investment - Zheng Zong, Industrial Capital has Industrial Capital's decision-making process, which Henglong respects.
Dening Times thinks that six billion is the upper limit, so Henglong will use a price of more than six billion to take over all the portion that Industrial Capital does not invest."
His voice was not high, but everyone in Meeting Room could hear him clearly.
"Mr. Zhou just said that Green Energy Technology's valuation is 8 billion. Henglong recognizes this valuation.
Industrial Capital invested six billion, Henglong followed. Industrial Capital did not invest, Henglong followed in full.
20% of the financing share, Henglong family has finished it."
He picked up the tea cup and took a sip.
"Zheng Zong just said something - when Mass-Production Line of Green Energy Technology runs through and Commercialization at Scale is launched, Industrial Capital is willing to come in at a price of 20 billion.
I remember this sentence. When the time comes, Henglong welcomes Industrial Capital to participate in Green Energy Technology's Series C Financing with a valuation of 20 billion."
Deputy General Manager Zheng's face changed slightly.
He was silent for a few seconds, then closed the document in front of him and stood up.
But this stand-up is different from the previous stand-ups - the previous stand-up was when the negotiations came to an end, this time it was the stand-up after a certain determination was settled.
He did not go to the door immediately, but stood on the other side of the conference table, with his hands on the table,
His eyes slowly moved from Zhou Bingcheng's face to Old Fang's face, then to Sister Liu's face, and finally landed on Zhao Chen's face.
"Mr. Zhou, Zhao Zong, since the words have been brought to this point, I won't hide them anymore."
Deputy General Manager Zheng's voice is not high, but every word seems to be fished out of ice water, with a unique coldness after being completely irritated at the negotiation table.
"I approve the technical data of Green Energy Technology. I approve Third-Party Testing Report.
I understand your desire for a high valuation. But there is one thing you may be wrong about."
He held up a finger.
"Energy Storage Materials This track is different from the Internet. The Internet is winner-take-all, but the technology itself can be copied infinitely.
Energy Storage Materials is an industrial product. The key to an industrial product is not how advanced the technology is, but whether it can be installed into downstream systems and run.
Dening Times purchases millions of tons of upstream materials every year, and no Suppliers wins the bid based on technical parameters.
It relies on long-term verification, Supply Chain running-in, and the trust established between the management of both parties."
His fingers tapped lightly on the table.
"Green Energy Technology's technology is indeed good. But good technology and being able to enter Supply Chain are two different things.
At today's negotiation table, Industrial Capital is willing to come in with a valuation of 6 billion, giving Green Energy Technology a ticket to enter Supply Chain.
If Green Energy Technology thinks this ticket is worthless, it will cost you 8 billion before you let go--"
He paused and his voice became lower, but everyone in Meeting Room could hear it clearly.
"Then Dening Times has no choice but to look for other companies. Green Energy Technology is not the only one doing this in the field of heat storage materials.
After Dening Times and Bidiya finalize the new partners, the application scenarios are filled, and Supply Chain is running smoothly. No matter how good Green Energy Technology's technology is, it can only run in circles in its own Pilot Line.
Until then, Industrial Capital will not knock on Green Energy Technology's door again. Not even once."
The air in Meeting Room seemed to have been drained of all temperature.
Director He's fingers stopped on the table.
Two Central State-Owned Enterprises representative lowered his head, quickly wrote a few words in his notebook, and then closed the notebook.
Old Fang's lips moved, but he didn't say anything. He just opened and closed the Pilot Testing data report in front of him.
Sister Liu's pen slipped from his fingers, rolled twice on the table, and stopped next to the laptop.
Zhou Bingcheng withdrew his hand from the table and curled his fingers slightly.
Of course he understood the weight of Deputy General Manager Zheng's words - this was not talking about valuation, it was telling them one thing.
If Green Energy Technology does not accept 6 billion today, Industrial Capital will not only not invest in this round, but also in every subsequent round.
Dening Times's Supply Chain, Bidiya's Supply Chain, and Two Central State-Owned Enterprises's grid-connected projects have all closed their doors to Green Energy Technology.
Deputy General Manager Zheng didn't say "maybe", but "never again". The difference between these three words is to change the door from ajar to locked.
Director He hesitated for a moment and then spoke.
His tone is much lighter than that of Deputy General Manager Zheng, but his position is equally clear - Bidiya's investment decision for this round is based on a valuation of 6 billion.
When he spoke, his eyes stopped on Zhao Chen's face for a moment, and then quickly moved away.
Strictly speaking, Director He sitting on this table represents Bidiya,
Henglong Capital holds 4.99% of the shares of BYD and is one of the largest external institutional shareholders of Bidiya.
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 did not sit down.
He picked up the folder, nodded slightly towards Zhou Bingcheng, turned around and walked towards the door.
The nod was so small that it was hardly a farewell, more like a full stop.
Industrial Capital people followed him and stood up in a file.
Director He walked at the end, his steps slower than when he came.
Just then--
Zhao Chen turned his head and looked at Chen Xi sitting on his left.
Industrial Capital people haven't walked out of Meeting Room yet, and Director He's footsteps stopped at the door.
Zhao Chen's voice is not high, but everyone in Meeting Room can hear it clearly.