Two days later, the same room Meeting Room.
Zhangjiang The winter sun shines in from the same angle, casting the same pale golden light spots on the conference table.
But this time, the atmosphere in Meeting Room was completely different from two days ago.
When Deputy General Manager Zheng sat down, he did not open the folder, but first picked up the teacup and took a sip.
Director He sat next to him, tapping his fingers lightly on the table, the rhythm was much slower than last time.
The expressions of representatives Two Central State-Owned Enterprises were also a little more relaxed than last time, and one of them even exchanged a few words with Zhou Bingcheng about the weather.
Zhao Chen walked into Meeting Room with Chen Xi and Su Wantang on time.
When he sat down, he noticed that Deputy General Manager Zheng's eyes stopped on his face for a moment, and then moved away.
There was no condescending coldness in that look from the last time, replaced by a kind of prudence after re-evaluation.
Zhou Bingcheng sits on the other side of Long Table, and Old Fang and Sister Liu sit on both sides.
The Pilot Testing data report in front of Old Fang turned to the cycle life page, but his hands were not placed on the report, but crossed on the table, and his fingers were much more relaxed than last time.
Deputy General Manager Zheng spoke first.
"Mr. Zhou, Zhao Zong, we have done another round of internal evaluation in the past two days."
His voice was not high, but his tone was completely different from the last time--
There is no longer the coldness of being fished out of ice water, nor the fatigue of "I knew this would happen".
Instead, there is a kind of pragmatism and peace unique to business people. "Industrial Capital has read the technical data of Green Energy Technology over and over again.
Regarding the process stability of Pilot Line, we also asked a third party to do independent due diligence.
Energy Storage has a 35% lower cost, a cycle life of more than 10,000 times, and a decay rate of less than 5% - these three core indicators can indeed withstand scrutiny."
He paused and opened the folder in front of him.
"Based on the above evaluation, Industrial Capital decided to adjust the quotation.
The post-money valuation is 7 billion. Based on 20% of the shares, this round of financing totals 1.4 billion.
Dening Times, Bidiya, Two Central State-Owned Enterprises, and four companies Industrial Capital jointly invested."
Zhou Bingcheng's fingers tightened slightly on the table.
From five billion to six billion, and then from six billion to seven billion.
Every time Industrial Capital increases the price, it is acknowledging one thing - the technology of Green Energy Technology is worth the price.
Old Fang's lips moved, and the lines at the corner of his eyes that had been exposed to the laboratory light for four years jumped slightly.
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.
He was about to speak--
"Zheng Zong."
Zhao Chen's voice was not loud, but everyone in Meeting Room stopped what they were doing.
"With a valuation of seven billion, Henglong recognizes Industrial Capital's sincerity."
His fingers slowly circled the edge of the tea cup,
"But Zheng Zong should have read the terms of the co-investment rights of Henglong in Series A Investment Agreement.
Before the valuation reaches a reasonable level mutually recognized by both parties, Henglong has the right to participate in this round of financing under the same conditions and maintain the shareholding ratio without being diluted."
He raised his head and his eyes fell on Deputy General Manager Zheng's face.
"In Henglong's judgment, Green Energy Technology's reasonable valuation for this round of financing is more than 8 billion.
Seven billion--Henglong thinks it is low. Therefore, Henglong will exercise its co-investment rights in full."
The air in Meeting Room condensed slightly.
Chen Xi's fingers tapped quickly on the laptop a few times, and a set of numbers popped up on the screen.
She turned the screen to the center of the conference table, and her voice was as steady as reporting a plan that had been implemented.
"Based on the post-investment calculation of 7 billion and total financing of 1.4 billion, Henglong needs to invest 560 million to maintain 40% of the investment without dilution.
Industrial Capital Fang Sifang invested a total of 840 million, accounting for 12% of the shares."
Her finger tapped lightly on the screen.
"Twelve percent."
Deputy General Manager Zheng's eyes fell on the group of numbers and fell silent.
Sifang Industrial Capital--Dening Times, Bidiya, Two Central State-Owned Enterprises--only received 12% of the shares in total.
As for each family, Dening Times has about 4%, Bidiya has more than 3%, and Two Central State-Owned Enterprises has about 2% each.
This shareholding ratio is too small for Industrial Capital.
There are so few that even one Board of Directors Seat may not be guaranteed, so few that on Shareholder Register of Green Energy Technology, the name of every Industrial Capital will be ranked far behind Henglong.
Director He's fingers stopped on the table.
His lips moved, wanting to say something, but after his eyes stopped on Zhao Chen's face for a moment, he swallowed it back.
He is from Bidiya.
On the Shareholder Register of Bidiya, the name Henglong is ranked very high.
Deputy General Manager Zheng doesn't have that big of a worry.
"Zhao Zong, twelve points, four points. Dening Times cannot get five points."
His voice was lowered, but the strength in his tone was deeper than last time.
"Industrial Capital invests in upstream materials companies. What it wants is not financial returns, but the right to speak in the industrial chain.
In the investment system of Dening Times, holdings below five points belong to the category of Financial Investment, and are not even counted as those of Strategic Investment.
Financial Investment means - the Supply Chain door of Dening Times will not be opened to Green Energy Technology because of this investment."
He closed the folder and folded his hands on top.
"Zhao Zong and Henglong have the right to participate in the investment. There is no legal problem. But law and business are two different things.
If Industrial Capital cannot get enough shares, it will not regard Green Energy Technology as one of its own.
Don't be your own person, Supply Chain verification, technical running-in, long-term orders - these things will not be in place.
At that time, Henglong got 40% of the shares, and Industrial Capital got 12% of the shares.
Green Energy Technology received 1.4 billion in funds, but lost the core thing of Industrial Capital."
His eyes moved from Zhao Chen's face to Zhou Bingcheng's face.
"Mr. Zhou, you are the founder of Green Energy Technology.
Are you willing to use the Supply Chain resources of Industrial Capital in exchange for the few extra shares Henglong will get?"
Zhou Bingcheng was silent.
The air in Meeting Room is like a clockwork that has been tightened, moving heavier every second.
Is he willing? Of course not.
Henglong's exercise of the co-investment right is only in the interests of Henglong and not in the interests of the management.
Strictly speaking, they would rather take over 6 billion Industrial Capital than accept follow-up investment from Henglong with a valuation of 7 billion.
Henglong has too much power to speak, and it does no good to them.
Taking the opportunity to dilute Henglong's equity during financing is also one of the management's purposes.
However, they didn't expect that Henglong, who usually ignored Green Energy Technology, would be so concerned this time.
However, if you want to solve this matter, you cannot avoid Henglong.