Zhou Bingcheng tapped his fingers on the table twice.
"Zheng Zong, Zhao Zong." His voice was not high but steady, "Let me say a few words."
Everyone turned their attention to him.
"Green Energy Technology walked from the laboratory to Pilot Line for four years. During these four years, Henglong was the only investor from beginning to end.
Industrial Capital is willing to come in with a valuation of 7 billion today, which is recognition of Green Energy Technology's technology.
Green Energy Technology is very grateful for this recognition." He paused,
"But the matter of Henglong's investment rights was not brought up by Zhao Zong just today.
It is written clearly in Series A Investment Agreement. Green Energy Technology Until today, Henglong has not interfered with a business operation, and has not said no in any technical decision.
Zhao Zong promised not to pursue Decision-Making Rights, and Henglong did it."
His eyes met Zhao Chen.
"So Henglong's co-investment right is recognized by Green Energy Technology."
Deputy General Manager Zheng's brows wrinkled slightly.
"But Zheng Zong is right." Zhou Bingcheng changed the subject.
"If Industrial Capital only gets twelve points, the strength of Supply Chain's collaboration will definitely be compromised.
What Green Energy Technology wants is Commercialization at Scale. What we want is to turn technology into orders as quickly as possible.
The channel resources of Industrial Capital are something that Green Energy Technology must strive for."
He picked up the tea cup and took a sip. When he put it down, his voice was more steady than before.
"I have a plan."
Deputy General Manager Zheng leaned forward.
"Henglong fully participated in this round of investment and holds 40% of the shares after the investment.
Industrial Capital Four parties invested a total of 840 million, accounting for 12% of the shares.
This structure, Industrial Capital really takes too little."
Zhou Bingcheng's finger drew an invisible line on the table,
"But if Henglong is willing to reduce the shareholding ratio after the investment from 40% to 35%--
The extra five points will be given to Industrial Capital.
Industrial Capital's shareholding ratio increased from 12% to 17%."
He raised his head and his eyes paused back and forth between Zhao Chen and Deputy General Manager Zheng.
"Henglong is still the number one Major Shareholder, holding 35% of the shares, which is more than Industrial Capital combined.
Industrial Capital got 17%, with each company averaging more than four points, and Dening Times could get close to six points.
This shareholding ratio is enough for Dening Times to include Green Energy Technology in the category of Strategic Investment, and it is also enough for Supply Chain to open its door to Green Energy Technology."
His voice slowed down a bit.
"Henglong gave up five points, and Green Energy Technology got the channel of Industrial Capital.
Zhao Zong, this is a plan that is good for you, good for me, and good for everyone."
Meeting Room was quiet for a long time.
Zhou Bingcheng's words are so accurate.
He is not on the side of Industrial Capital, nor is he on the side of Henglong.
He stands on the side of Green Energy Technology. In his plan, Henglong is still the first Major Shareholder, Industrial Capital gets enough shares, and Green Energy Technology gets the channel for Industrial Capital.
All three parties benefit and all three parties make concessions.
Deputy General Manager Zheng's fingers stopped at the edge of the folder.
He did not speak immediately, but turned his head and whispered a few words to Director He.
Director He nodded, shook his head again, and drew an invisible number on the table with his finger.
Representative Two Central State-Owned Enterprises also came over. The four of them lowered their voices and quickly exchanged opinions on the other side of the conference table.
Deputy General Manager Zheng's voice was very low, but Meeting Room was quiet enough that every word fell clearly into the ears of everyone present.
"Seventeen points, divided into four directions. Dening Times gets nearly six points, Bidiya gets four to five points, and Two Central State-Owned Enterprises gets about three points each.
With this shareholding ratio, Dening Times can include Green Energy Technology in the category of Strategic Investment.
Supply Chain The priority of verification can be mentioned as Category A, and the window for technical running-in can be opened in advance."
He paused and glanced at the other three representatives.
"But there is a prerequisite - Henglong must really reduce its shareholding to 35%.
Moreover, it must be clearly stipulated in the shareholders' agreement that after this round of financing, Henglong will have no more than two seats for Board of Directors Seat.
It does not seek Persons Acting in Concert status and does not exercise veto power on Green Energy Technology's daily business decisions.
If these terms are not written into the agreement, 17% cannot be exchanged for the full openness of Supply Chain."
Director He took over, his voice was lighter than Deputy General Manager Zheng, but his tone was equally solemn.
"Bidiya's opinion is consistent with Dening Times's. Mr. Zhou's plan is acceptable to Bidiya.
Henglong dropped to 35%, and Industrial Capital got a total of 17%. This structure is approved by Bidiya. But the risk control provisions must be in place.
The rights boundary of Henglong as the first Major Shareholder must be clearly written in Investment Agreement."
Two Central State-Owned Enterprises representative opened his notebook, wrote a few lines on it, and then raised his head.
"Two Central State-Owned Enterprises has no additional comments. The central enterprise accepts Mr. Zhou's plan."
Deputy General Manager Zheng closed the folder in front of him, raised his head, and his eyes fell on Zhou Bingcheng's face, and then slowly moved to Zhao Chen's face.
"Mr. Zhou, Zhao Zong. Industrial Capital has reached an internal agreement.
The plan proposed by Mr. Zhou - Henglong's shareholding has been reduced to 35% after this round of follow-up investment, and Industrial Capital's total shareholding among the four parties is 17% - Industrial Capital agreed."
His voice was not high, but everyone in Meeting Room could hear him clearly.
"But the premise of agreement is that the risk control clauses I just mentioned must be fully written into the Investment Agreement of this round of financing.
Henglong's Board of Directors Seat, Persons Acting in Concert status, and the right to veto major business decisions—the boundaries of these rights must be clarified in contract terms.
Industrial Capital does not seek to control Green Energy Technology, but Industrial Capital needs to ensure that Henglong does not seek to control Green Energy Technology."
He leaned back in his chair and folded his hands on the folder.
"As long as these terms are settled, Dening Times is willing to participate in this round of financing of Green Energy Technology with a post-money valuation of 7 billion."
Director He nodded immediately. "Bidiya agrees."
Two Central State-Owned Enterprises representatives nodded at the same time. "The central enterprises agree."
From five billion to six billion, from six billion to seven billion.
From Henglong fully following the investment in Industrial Capital and only getting twelve points, to Zhou Bingcheng proposing that Henglong give up five points to win-win for all three parties, to Industrial Capital reaching consensus internally and fully accepting it.
The valuation of Green Energy Technology in this round of financing has risen from the five billion that Zhou Bingcheng gritted its teeth when it first went to Chongqing, to the current seven billion.
It increased by a full two billion. Industrial Capital not only accepted this price, but also accepted Henglong to continue to hold the number one position Major Shareholder.
Zhou Bingcheng picked up the tea cup, his hand was much steadier than before.
"Zheng Zong, Mr. He, two representatives of central enterprises. Industrial Capital's sincerity, Green Energy Technology received it.
The specific content of the risk control clause will be discussed later by the legal teams of both parties. The principle of Green Energy Technology is--
On the premise of protecting the reasonable demands of Industrial Capital, it will not damage the legitimate rights and interests of any party."
His eyes turned to Zhao Chen.
"Zhao Zong, Industrial Capital have already agreed. Where is Henglong's opinion?"
Everyone's eyes turned around, waiting for Zhao Chen to speak.
Zhou Bingcheng is right.
With 35% of the shares held, Major Shareholder is still the number one and still has significant influence.
Give up five points and exchange Industrial Capital for Supply Chain resources. From the perspective of the long-term value of Green Energy Technology, this account is a good deal.
But he didn't nod immediately.
It's not because this plan is bad.
It was because he thought of another thing - Green Energy Technology's technology, which Elon Musk had seen.
Samples are on their way to Fremont.
If the test results of Tesla are consistent with the third-party test, the valuation of Green Energy Technology will not be 7 billion, nor will it be 8 billion.
At that time, the shares Industrial Capital obtained today for 7 billion will appear extremely cheap.
The five points given up by Henglong will become the five extra points Industrial Capital takes away from Green Energy Technology's future market value of tens of billions or even hundreds of billions.
But the test results of Tesla have not yet come out.
The promise of Elon Musk is still locked in the sunshine of Boca Chica.
He could not let Green Energy Technology use a valuation of 7 billion to lock up Equity Structure in this round of financing before the test results came out.
Zhao Chen opened his mouth and was about to speak--
His mobile phone on the table lit up.
The caller ID on the screen was a series of United States numbers, preceded by an area code he was familiar with.
That's Fremont.
Zhao Chen glanced at the screen, picked up the phone, and stood up.
"Sorry, pick up the phone."