"Elon Musk accepts a valuation of 1.5 billion US Dollar."
Su Wantang's voice is very soft, but every word is clear.
"Xiao Chen, Industrial Capital reported seven billion people RMB.
1.5 billion US Dollar, 10.3 billion. It is nearly 50% higher than the price quoted by Industrial Capital."
Chen Xi closed the laptop, raised her head, her eyes were as bright as when Henglong Capital was trading independently for the first time.
"Zhao Zong, if it doesn't work, we can get rid of Industrial Capital.
The joining of Elon Musk has more appeal than Industrial Capital. What CATL and BYD can provide is the domestic Supply Chain channel.
What Elon Musk can provide is the global Supply Chain benchmark. Green Energy Technology's technology has entered Tesla's Supply Chain, and domestic channels will automatically come to you.
At that time, it will not be Green Energy Technology begging for Industrial Capital, but Industrial Capital begging for Green Energy Technology."
Su Wantang took over the conversation, his voice was slower than Chen Xi, but it was no lighter in weight.
"And Elon Musk only requires one to two percent of the shares.
This shareholding ratio will not dilute Henglong too much. Henglong can fully participate in this round of investment and take up all the shares vacated by Industrial Capital.
Elon Musk plus Henglong, this shareholder lineup is more important than Industrial Capital put together."
Zhao Chen leaned against the wall, listening to their words, his eyes slowly moving on their faces.
The winter sun in the corridor shone from behind him, casting a layer of pale golden light on the two people in front of him.
Chen Xi spoke very quickly, with a kind of irrepressible excitement.
Su Wantang's voice was very slow, with a kind of certainty after weighing all possibilities.
What they said is correct.
The addition of Elon Musk is indeed more appealing than Industrial Capital.
Tesla's Supply Chain is indeed the ticket to the global Energy Storage market.
Putting aside Industrial Capital, Henglong plus Elon Musk, the weight of this combination on Shareholder Register is indeed heavier than the sum of CATL plus BYD plus Two Central State-Owned Enterprises.
But Zhao Chen didn't nod.
"Industrial Capital can't be dumped." His voice was not high, but everyone in the corridor could hear it clearly.
Chen Xi's lips moved, wanting to say something, but Su Wantang pressed lightly on his arm.
"Elon Musk's appeal is for the world to see. Industrial Capital's channels are for the domestic market.
No matter how advanced Green Energy Technology's technology is, from Thousand-Ton Scale Pilot Line to Ten-Thousand-Ton Scale Mass-Production Line, from Mass-Production Line to Commercialization at Scale, every step requires Industrial Capital's application scenarios and industry chain collaboration.
Elon Musk can give Green Energy Technology a benchmark position of Tesla Supply Chain,
However, the implementation of Tesla's Energy Storage business in the China market itself needs to be connected with domestic Supply Chain, grid-connected resources, and policy channels.
Of these resources, Dening Times has them, Bidiya has them, Two Central State-Owned Enterprises has them, and Elon Musk has them."
He paused.
"Moreover, Industrial Capital was on the negotiation table today and has raised the valuation from 5 billion to 7 billion.
The plan proposed by Zhou Bingcheng, Henglong gave up five points, Industrial Capital got seventeen points, and they agreed.
The risk control clauses are also willing to be implemented. This shows that Industrial Capital is not here to pick peaches, but really wants to put Green Energy Technology's technology into its own Supply Chain.
The addition of Elon Musk will completely open up the valuation ceiling of Green Energy Technology.
But after opening the ceiling, it was Industrial Capital who filled the bricks inside."
Chen Xi was silent for a few seconds, then nodded slowly.
Su Wantang's eyes paused on Zhao Chen's face for a moment, the corners of his mouth curved slightly, and he said nothing.
"Then what should we talk about next?" Chen Xi asked.
Zhao Chen did not answer immediately.
His eyes fell on the window at the end of the corridor. Outside the window, the Zhangjiang Wutong tree stood quietly under the winter sun.
He was silent for a while, then spoke.
"Next, Henglong will not participate in the follow-up investment."
Chen Xi's fingers stopped on the edge of the laptop.
"Don't follow the investment?"
There was an undisguised surprise in her voice,
"Zhao Zong, Green Energy Technology In this round of financing, Industrial Capital quoted 7 billion, and Henglong required 560 million to fully follow the investment.
Henglong can get this money.
Moreover, Elon Musk has just confirmed the value of the technology. The valuation of US Dollar is 1.5 billion, which is nearly half higher than Industrial Capital's quotation.
At this point, if Henglong does not follow the investment, it is equivalent to telling Industrial Capital that Green Energy Technology is not worth the money.
It is equivalent to giving away the shares that could have been obtained. Zhao Zong, why is this?"
Chen Xi's fingers stopped on the edge of the laptop.
Su Wantang's eyes also fell on Zhao Chen's face, but she did not speak.
She had followed Zhao Chen for so long, and she knew that when he said these three words "no follow-up", she must have thought about the next three moves in her mind.
Zhao Chen took his hands out of his coat pocket and crossed them across his chest.
"Henglong will not participate in the investment," he said, "But Era Vanguard will participate."
The air in the corridor froze slightly. Chen Xi and Su Wantang raised their eyes at the same time.
"This round of financing is not priced based on people RMB. It is priced based on US Dollar.
Dening Times or Bidiya led the investment, Era Vanguard participated in the investment, and Elon Musk followed the investment."
Zhao Chen's voice is not high-pitched, but every word carries a kind of certainty brought back from Boca Chica.
"The valuation of Green Energy Technology is no longer 7 billion RMB, but 1.5 billion US Dollar."
"The participation of Era Vanguard means that Green Energy Technology's technology has been recognized by US Dollar Capital."
Zhao Chen's voice returned to its usual rhythm, unhurried and unhurried.
" Targets recognized by US Dollar Capital naturally have a premium in the valuation system of the domestic capital market.
Industrial Capital quoted 7 billion because they are using the valuation framework of the domestic Energy Storage Materials track to cover Green Energy Technology.
Era Vanguard is priced with US Dollar, which is equivalent to telling all potential investors--
Green Energy Technology is not a player on the domestic Energy Storage Materials track, it is a player on the global Energy Storage Materials track.
The valuation logic of these two tracks is completely different."
Su Wantang nodded slightly.
She understood.
Henglong Capital is the RMB fund, and Era Vanguard is the US Dollar fund.
Henglong did not follow the investment, not because it could not come up with 560 million, but because Zhao Chen wanted to take the pricing power of this round from Industrial Capital and give it to Era Vanguard.
Era Vanguard is priced with US Dollar, and the valuation ceiling of Green Energy Technology is completely opened.
From 7 billion people RMB to 1.5 billion US Dollar, it is not just a question of how much the number has doubled, but also the dimension of the valuation system has changed.
"Moreover," Zhao Chen's eyes fell on Chen Xi's face,
"After Era Vanguard participated, 1% to 2% of the investment from Elon Musk was no longer an isolated name on Shareholder Register.
Era Vanguard plus Elon Musk, what does this combination mean in the eyes of Wall Street, Industrial Capital knows it better than us.
They will understand that starting from this round, the valuation of Green Energy Technology is no longer up to them."
He paused.
"The few points that Henglong lost are in exchange for Green Energy Technology changing from a domestic Energy Storage Materials company valued at RMB to a global Energy Storage Materials company valued at US Dollar. This account is a good deal."
Chen Xi's fingers tapped lightly on the edge of the laptop twice--
This rhythm is exactly the same as Zhao Chen tapping the armrest when thinking at the negotiating table.
She has learned to think his way.
"Zhao Zong, Era Vanguard participate in this round, priced at US Dollar."
She repeated this sentence, as if confirming, and as if nailing a new valuation coordinate into her own cognition.
"Then the share left to Industrial Capital will also be priced according to US Dollar?"
"Yes. If Industrial Capital is not willing to lead the investment, Era Vanguard can lead the investment, Elon Musk will follow the investment, and Industrial Capital will follow the investment.
All are priced at US Dollar." Zhao Chen's voice was as calm as if he was stating a written investment term list,
"Industrial Capital If you accept the valuation of 1.5 billion US Dollar, come in at this price. If you don't accept it--"
He paused for a moment, "Era Vanguard and Elon Musk, the two families can eat them all in this round."
Su Wantang took a gentle breath.
When this sentence came out of Zhao Chen's mouth, his tone was as calm as if he was saying that the weather is nice today.
But she knew that this was not empty talk.
The US Dollar funds in Era Vanguard's account, plus Elon Musk's personal wealth, are more than enough to absorb the entire financing limit of Green Energy Technology Series B.
And once Industrial Capital realizes that they may be completely squeezed out of this round, the seven billion valuation is no longer their trump card - it is their floor.
Chen Xi Close the laptop.
Her voice calmed down, but the light in her eyes did not go out.
"Zhao Zong, Era Vanguard's participation ratio and lead investment amount, do you need me to come up with a preliminary plan now?"
"No hurry." Zhao Chen shook his head,
"Go back to Meeting Room first, the people inside should be waiting impatiently."
He opened the door and walked back to Meeting Room.