When Zhang Qingxue left the office, the dusk Two Rivers Confluence outside the window had completely darkened.
Zhao Chen Put the envelope with Mololoy printed on it in the drawer,
I opened the second page of the Unlisted Equity Fair Value evaluation report sent by Chen Qiming - Green Energy Technology.
Stapled on the header of this page is a Mass-Production Line full production confirmation letter just faxed from Shanghai.
The signature of Zhou Bingcheng is in the lower right corner of the confirmation form. The ink is full and each stroke is pressed firmly.
Just like him - not good at words, but never vague in his actions.
Zhao Chen glanced from the confirmation letter to the bold line of financial figures in the text, and his fingers stopped at the edge of the page.
Green Energy Technology Thousand-Ton Scale Mass-Production Line has achieved full production this quarter.
The first batch of Thermal Storage Material entered into the Tesla Megapack Suppliers list have all passed the final acceptance, and the pre-investment valuation of Series C Financing has exceeded 5 billion US Dollar.
The 32% stake held by Hang Lung corresponds to a fair value of approximately US$1.6 billion, equivalent to approximately 11 billion yuan.
The report also attached a valuation comparison table, from the time when Series A invested 200 million people RMB corresponded to the post-investment valuation of 5 billion people RMB.
At the time of Series B, the valuation was 1.5 billion US Dollar, and now it is 5 billion US Dollar - next to this steep rising curve is the handwriting of Chen Xi:
"Henglong Series A has an investment cost of 200 million people RMB, and after Series C Fair Value is about 11 billion people RMB, with a return of about 55 times. It is still growing."
The most critical turning point of Green Energy Technology in 2019 is actually not Series C Financing, but the official opening of Tesla Supply Chain.
Attached to the report is an official Suppliers Code confirmation letter issued by Tesla Global Suppliers Management Department, with the red logo of Tesla printed in the upper left corner.
This code means that Composite Phase-Change Thermal Storage Material of Green Energy Technology has passed Tesla for several months, Independent Testing and Process Validation,
Officially entered the global purchasing list of Megapack Energy Storage System.
Zhao Chen read the confirmation letter from beginning to end, and remembered that in Zhangjiang's Meeting Room in the winter of 2018,
Zhou Bingcheng pushed Third-Party Testing Report in front of him and said, "The technical data of Zhao Zong and Green Energy Technology are not exaggerated."
At that time, he flew halfway around the world with that report, and found Elon Musk squatting under Raptor engine in Boca Chica and Launch Site.
Elon Musk turned over two pages, stopped his finger on the column Degradation Curve, and said:
"This is not Improvement, this is Revolution."
Later, the Independent Testing results of Tesla Materials Laboratory confirmed every data of Zhou Bingcheng,
Later, Elon Musk participated in Green Energy Technology's Series B financing in his own name.
From Zhangjiang to Boca Chica, from Tesla Laboratory to Mass-Production Line, this road has been going for more than a year.
Zhao Chen picked up the phone on the table and dialed the number Zhou Bingcheng.
The phone rang twice and was connected.
"Mr. Zhou, I saw the confirmation letter that Mass-Production Line is in full production.
For Dening Times and Bidiya orders, they will come by themselves."
There was silence on the other end of the phone for a moment.
Zhou Bingcheng did not answer the question about Mass-Production Line, nor did he mention the valuation of Series C.
His voice came from Magic City Zhangjiang's office filled with technical documents, and it was deeper and slower than usual.
"On the day when Zhao Zong and Mass-Production Line were fully produced, I stood in the workshop for a long time.
The stirring sound of Reactor is exactly the same as when we first ran through Pilot Line four years ago, but the cauldron is several times larger, and the interface of Control System has also changed three generations.
I was the only one in the workshop that night, standing in front of the row of stainless steel Reactor.
Suddenly I remembered something you said on Henglong Board of Directors a long time ago--
'As long as the technology is real, the valuation will never be unfair to it.' At that time, I thought you were talking about the valuation of Green Energy Technology.
Only today did I understand that you were talking about Green Energy Technology itself."
Zhao Chen was silent for a moment.
Zhou Bingcheng is different from all the entrepreneurs he knows.
Wang An is the kind of person who can dip his chopsticks into tea and draw a strategic blueprint at the dinner table.
Passion and appeal are written in every gesture;
Elon Musk is the kind of person who dares to bet all his wealth on Mars immigration. Madness and sobriety coexist in him in an incredible ratio;
And Zhou Bingcheng is another kind of person--
He burned four years of his youth on a track with an almost invisible end,
He burned away three Co-founders and burned half of his hair white, but he never said a single provocative word in any public place.
What he said today was the first time he revealed anything other than technical parameters in front of Zhao Chen.
"Mass-Production Line Full production is only the first step."
Zhao Chen turned over the confirmation letter to the back and quickly wrote a few lines in the blank space with a pencil,
"Your biggest challenge next year is not technology, it is Capacity Ramp-Up.
Once the order for Tesla Megapack is placed, the requirements for the delivery stability of Supply Chain will be very strict.
There is no need to push Dening Times and Bidiya--
As long as you stabilize Thousand-Ton Line, Yield Rate and Delivery Cycle, their purchasing department will come to your door.
Remember one thing: on the global Energy Storage Materials track, the number of teams that can reduce costs to your level can be counted on one hand.
You are not chasing others, others are chasing you."
After hanging up the phone, Zhao Chen folded the supply code confirmation letter and put it in the drawer.
There is already the handwritten card from Wang An in the drawer, and now there is the confirmation letter from Mass-Production Line from Zhou Bingcheng.
These two papers, one was left by Bubble Mart of Consumer Sector when he sent Mololoy to Hong Kong Stock Exchange with Blind Boxes.
One is left behind when Green Energy Technology from the Hard Technology Track used Energy Storage Materials to knock Tesla Supply Chain apart.
The tracks are completely different, but they have a few things in common--
Henglong all got involved very early, and they all went through a stage where they were not understood by the market.
They all got the best asset prices at the bottom of the coldest cycle in their respective industries.
The night outside the window has completely enveloped Jiangbeizui.
The lights of Two Rivers Confluence spread out into a flowing sea of light in the winter night, and the steel cables of Chaotianmen Bridge were outlined with two beautiful arcs by the lights.
Zhao Chen is ready to close the Unlisted Equity Fair Value evaluation report,
My eyes fell on the "Other Unlisted Equity" column on the last page--Yunnan Agriculture Group.
Chen Xi wrote a short reminder in the remarks column:
Yunnan Agriculture has officially submitted the A-share listing application materials and is expected to enter the review process in the first half of next year.
The valuation range given by the sponsor is between 20 billion and 28 billion people RMB,
Henglong holds 20% of the equity, corresponding to 4 billion to 5.6 billion people RMB.
The original investment cost was 390 million, and the return was at least ten times more.
He wrote next to this line:
"Wait until it grows out on its own."
Then he closed the report, pressed the internal line and asked the administrative assistant to hand it over to Chen Qiming for filing.