After Chen Xi closed the door, the office became quiet again, except for the faint sound of ship whistle outside the window Two Rivers Confluence coming from far away from the river.
Zhao Chen's fingers gently rubbed the circle of tea stains on the inside of the Zisha Pot cover.
Then open the next document sent by Chen Qiming - Henglong Capital Unlisted Equity Fair Value evaluation report.
The first page of the report is Bubble Mary.
When these words came into view, the corners of Zhao Chen's mouth unconsciously raised slightly.
He remembered that a long time ago in Capital International Trade's Huaiyang Restaurant, Wang An was sitting opposite him,
The two of them chatted about the future of Designer Toys Sector over several plates of cold dishes.
Wang An said that Bubble Mary's competitors have never been other toy companies.
Instead, they are milk tea shops, movie theaters, and escape rooms—all businesses that are robbing young people of their fragmented emotional consumption time.
That night Wang An also said something:
Mololoy needs to have its own story, its own worldview, its own animations and movies.
If the life cycle of IP is to exceed ten years, it must move from the shelf to the content.
Zhao Chen was holding a tea cup and did not answer the call.
But he knew that the person sitting across from him really wanted to make Bubble Mary into the China version of Disney.
Now Bubble Mary is really on the market.
The final Equity Structure confirmation letter brought back by Zhang Qingxue from Hong Kong is placed in the attachment of the report.
Henglong Group holds 31.2% of the shares of Bubble Mart, making it the second Major Shareholder after founder Wang An.
Half a month after its listing, the stock price doubled on the first day and then fell slightly for several trading days.
Subsequently, it regained its footing under the continued push of the institution Buying Pressure, and held steady at more than twice the issue price.
Calculated based on the latest closing price, the market value of the shares held by Henglong is approximately 10.5 billion Hong Kong Dollar, equivalent to approximately 9.2 billion RMB.
There is still the handwriting Zhang Qingxue on the corner of this confirmation letter.
She marked a line of small words with a pencil next to "31.2%", her handwriting was neat and powerful--
"Original investment cost: approximately 650 million people RMB.
Current Fair Value:
About 9.2 billion people RMB. Return multiple: about 14 times."
Fourteen times, from Henglong initially participating in 5% of Private Placement with a valuation of 1 billion and acquiring Existing Shares at a premium,
Until Wang An offered to issue additional shares in exchange for the global permanent Copyright of Mololoy and Labobo IP,
Series B raised capital and Henglong led the investment, pushing the shareholding to 31.2%.
Today the Hong Kong Stock Exchange bell rings - this investment spanned more than two years from sowing to harvesting.
In the past two years or so, no one in the market has questioned Henglong for "selling plastic toys" in a store
Is it wise to place heavy bets on companies?
It's not like there are no analysts who euphemistically stated in research reports that "Designer Toys Sector's ceiling may be overvalued."
Zhao Chen Turn to the attachment for the summary of Wang An's first speech on Board of Directors after its launch.
The handwriting of Zhang Qingxue is highlighted next to it, and a section of it is circled in red pen--
"Wang An always said privately during the break between Board of Directors:
'Tell Zhao Zong that Mololoy's Blind Boxes sales this year both exceeded historical records.
Mololoy's Interstellar Voyage third-generation series sold out within three minutes of its launch on the day Singles' Day was launched, and the annual revenue target of one billion has been achieved ahead of schedule.
Next year's new product line is already being sampled.
Pucky's national style series and Labobo's global limited edition are both scheduled.
Going public is just the beginning, not the end.'"
The report also attaches a third-party organization's forecast of Bubble Mart's revenue growth in the next three years--
Revenue is expected to exceed 1.5 billion in 2020 and is expected to hit 2.5 billion in 2021, with a compound growth rate remaining above 50%.
Chen Xi added a paragraph of her analysis next to this prediction:
If Bubble Mary can maintain this growth rate in the next two years,
This investment of Henglong is likely to be a more successful classic case than A-share Wuliangye--
Not because of how much money it made, but because it proved one thing:
Henglong has the ability to identify true category innovators in the early stages of Consumer Sector,
Then Patient Holder, wait for it to grow up on its own.
Zhao Chen turned the file to the last page, picked up the pen, and marked a line next to Chen Xi's analysis--
"Wang An is right, listing is just the beginning.
The endgame of Designer Toys Sector is not to sell Blind Boxes, but the entire IP industry chain.
Bubble Mary is still standing at the starting line, Henglong is not in a hurry."
As soon as he put down his pen, there were two knocks on the office door.
Zhang Qingxue opened the door and came in, wearing a dark blue cashmere coat and holding Briefcase just brought back from Hong Kong.
Her face still looked tired from catching a flight all night, but her eyes were as sharp as ever.
"Aunt Zhang, just landed today?" Zhao Chen was a little surprised.
"Arrived last night."
Zhang Qingxue sat down on the sofa, took out a document from Briefcase and handed it over.
"Wang An asked me to hand it over to you personally. It's not the official Legal Document, it's a personal letter from him."
The envelope is customized by Bubble Mary, with Mololoy's logo printed on the lower right corner.
Zhao Chen opened the envelope, and inside was a handwritten card with not many words.
But every word is written with great effort, as if I thought about it for a long time before writing.
"Zhao Zong, Bubble Mary are on the market.
On the day of ringing the bell, I stood on the stage of Hong Kong Stock Exchange, with Labobo on the left and Mololoy on the right.
Thank you for giving me two tens of billions of IPs when I needed support the most.
You never urged me to go public, and you never asked me when I would quit.
I remember everything you said, and we did it."
Zhao Chen folded the card and put it back into the envelope, and was silent for a moment.
Zhang Qingxue waited for him to put down the envelope and continued to add the most critical clauses in the listing documents:
"The lock-up period for Bubble Mart's shares after its listing is six months, and the lock-up period for Henglong as a cornerstone investor is longer.
We cannot reduce our holdings during the lock-up period, but this does not affect our exercise of shareholder rights.
In addition, Wang An took the initiative to mention something on Board of Directors--
He hopes that Henglong will continue to be the second Major Shareholder of Bubble Mary and not reduce its holdings.
He said he is not afraid of Henglong holding too many shares, but is afraid of Henglong leaving."
"Henglong will not reduce its holdings."
Zhao Chen Put the envelope on top of the report and lean back in the chair.
"We will not reduce our holdings of Bubble Mary at all.
This IP matrix is still in the early stages of growth. Mololoy has four new series to be released next year, and Labobo's global licensing has just begun.
Disney built an empire out of a mouse, not because of how many dolls it sold.
It's because it occupies a place in everyone's childhood.
Bubble Mary is going to take this road, and Henglong will accompany it."