Chapter 557: The journey of the bull market (3)!

"Mr. Su also thinks it's an exaggeration, right?" Mr. Du said with a smile, "Many people within our group also think I'm crazy. Such financing conditions are simply outrageous."

"but……"

Mr. Du paused for a moment and then added with a smile: "If you analyze carefully and make expected measurements and estimates based on the future application scenarios and market size of 'new energy vehicles', and the 'power battery' technology breakthrough with lithium batteries as the main core route is really If it becomes the field of 'new energy vehicles' in the future and the main core technology direction is selected, then the valuation of US$5 billion mentioned by the two CEOs of 'Ningde Times' Zeng is actually not an exaggeration and there is still a certain investment value. of."

"After all, once the application scenario is implemented, the technology and products will mature."

"It is clearly foreseeable that the development space of 'new energy vehicles' is no worse than the current 'smartphones' and 'mobile Internet', and is at least a trillion-level market application space. And under the expected space of this volume, It can accommodate emerging giant companies.”

Su Yu listened to Mr. Du's analysis of the future development prospects of the 'Ningde Era', as well as his optimistic attitude towards the future development of the entire 'new energy vehicle' industry, as well as the 'power battery' technology breakthrough with lithium batteries as the main core route. I still admired the other party's forward-looking vision, and responded with a smile: "It is true that the future expectations mentioned by Mr. Du are very bright, but in the future emerging technological revolution and industrial explosion, what does Mr. Du think? , the company 'Ningde Era' will definitely have the last laugh?"

"At least, as far as I know..."

"There are also many companies in Japan and South Korea researching power battery technology, and many of them have technology accumulation by well-known companies, which are more mature than the current 'Ningde Era'. There is also Japan in the field of 'new energy vehicles'. About' Research on hydrogen fuel cells is also very in-depth."

“Facing the future ‘new energy vehicle’ market that is still in the fog.”

"None of the participating R\u0026D companies know who will reach the end of the 'lithium battery' technology or the 'hydrogen fuel cell' technology and become the real winner in the final application market. Why is Mr. Du the main breakthrough for lithium batteries?" Are you so confident about the company’s ‘power battery’ technology?”

“Moreover, even in the future, according to optimistic expectations, the ‘lithium battery’ technology route will have the last laugh.”

"According to optimistic market expectations, how much penetration can 'new energy vehicles' achieve in the traditional automotive field? And what penetration rate is needed to support the market value of 'Ningde Era' at least US$5 billion, or... According to the most optimistic market investment expectations, what is the ceiling for this company’s future growth?”

"sometimes……"

“No matter how good the expectations and future prospects are, there must be a return on investment.”

"At this stage, Ningde Times, a company, has called for a valuation of US$5 billion, which cannot be said to be a reasonable valuation requirement."

After hearing Su Yu's views, Mr. Du smiled and said, "So, Mr. Su is not very optimistic about the future development of the field of 'new energy vehicles'?"

"That's not true." Su Yu responded, "If we weren't optimistic, we wouldn't have made a big investment last year to help Tianqi Lithium acquire the equity of Talison's lithium mine in Australia. To be honest... ...I am optimistic about the future development of 'new energy vehicles'."

"only……"

Su Yu paused and continued with a smile: "Everything must be cost-effective, and the same is true for investment. The current financing valuation conditions of 'Ningde Era' are so high, even if you participate now, in the next few years, or even ten years At this time, under optimistic expectations, the 'new energy vehicle' application scenario has not yet been fully implemented, and the market's products in this direction have not been effectively scaled up and effective users have been accumulated, the investment risk is still quite high."

Mr. Du nodded, took over Su Yu's words and said: "I also saw that your 'Yuhang Investment' has made a large investment in 'Tianqi Lithium Industry', and I estimate that Mr. Su should be interested in investing in the field of 'new energy vehicles'. I just mentioned the 'Ningde Era' project to Mr. Su."

"It's just that I didn't expect..."

Mr. Du paused, organized his words, and continued: "Mr. Su also completely disagrees with the financing valuation conditions given by the other party."

When Su Yu heard Mr. Du say this, he thought for a moment and said with a smile: "Mr. Du is still interested in the 'Ningde Era' project?"

"This is natural." Mr. Du nodded, "Investment and buying things are the same. Good things will never be cheap. Ningde Times' company's technical route has reached the key point of maturity. The node has been reached, otherwise I don’t think the two Mr. Zeng would have dared to shout out this financing valuation condition.”

"Just now Mr. Su mentioned the market size of the future 'new energy vehicle' scenario application."

"As well as the issue of penetration rate in the traditional automobile field in the future, there are also issues such as the dispute over the technical routes of 'hydrogen fuel cell' and 'lithium power battery', as well as the future market space under market selection."

"I have also conducted in-depth research and research."

"I can firmly tell Mr. Su that although from the perspective of technological breakthroughs, 'hydrogen fuel cell' and 'lithium power battery' technologies have practical application possibilities and can be gradually realized at the technical level, but in terms of production costs , as well as the current technical barriers in various aspects, it is obvious that 'lithium power battery' technology has huge advantages."

"Of course, there is indeed a certain degree of uncertainty as to when this market will mature and when the actual application scenarios will be realized."

"And if we go by the most optimistic estimates..."

"With the first-mover advantage of market technology, 'Ningde Era' will eventually enter the application market, and the ceiling will be unlimited. At least for me personally, based on the most optimistic expectations, when the technology route matures and the new energy vehicle market With full penetration into the traditional automobile market, the ceiling for this company’s future development is still unseen.”

"Mr. Du said so much. The ultimate purpose is to ask if our 'Yuhang Investment' can help with this project?" Su Yu continued to think about it for a while and asked.

Mr. Du responded: "I want to cooperate with you on this project."

When Su Yu heard this, he was stunned and asked, "Didn't Mr. Du just say that the investment project of 'Ningde Era' had been rejected internally by your 'General Atlantic Group' when you submitted the corresponding investment plan?" ? Now that it has been rejected, how can you continue to cooperate with us?"

Mr. Du smiled and said: "I don't want to hide it from Mr. Su. I will resign from General Atlantic Capital Group after completing the 'Yanjing Three Fast Online' project."

"Oh?" Su Yu was slightly surprised and asked, "I wonder which institution Mr. Du has chosen as the new owner?"

"Aberdeen Assets." Mr. Du said with a genuine smile, "As for the Ningde Era project, I plan to use it as my first investment result when I join Aberdeen Assets."

Su Yu thought about the background and strength of Aberdeen Asset Management.

Knowing that 'Aberdeen Asset Management', as a world-renowned large-scale investment institution, is more powerful than 'General Atlantic Capital', if we really talk about it...'Ningde Times' valuation of US$5 billion is US$1 billion. The conditions of the Series A financing plan really don’t scare this investment institution.

"Then I have to congratulate Mr. Du first." Su Yu said with a smile.

At the same time, after the other party revealed his actual plan, Su Yu secretly said he was lucky.

If they delay the 'Yanjing Sankuai Online' project for a while longer, they might not even have to talk about it anymore. And he wants to get involved in this company at a relatively cheap price when its business is booming. The plan to obtain the corresponding core shares may not be fully implemented.

After all, according to the memory in Su Yu's mind before rebirth.

He knew that after Yanjing Sankuai Online put forward the B-round financing plan, in less than a year of development, that is, at this time next year, Meituan would merge with Dianping, a subsidiary of Penguin, and Penguin would merge with Dianping through Dianping. Merger of assets and shares, in disguise, occupied a considerable share of Meituan, directly incorporating Meituan into Penguin's Internet expansion and development strategy, and after Penguin's large-scale intervention, Meituan's valuation skyrocketed again, and then intervened... Totally no value for money.

"Haha..." Mr. Du laughed loudly and said, "But with the current investment strategy direction of Aberdeen Asset Management, they can't take the quota of 1 billion US dollars in one go, and if a single institution participates in this kind of project investment, other Risks are too concentrated to easily pass internal risk review.”

"So..." Su Yu said with a smile, "Mr. Du just wants to bring us together?"

Mr. Du responded: "I also came up with this idea after seeing Mr. Su that you have invested a lot in the 'new energy vehicle' industry. I just don't know what Mr. Su's current views are?"

"With a market valuation of US$5 billion, this premium is still quite serious." Su Yu said bluntly, "If Mr. Du can bring this project to the two Mr. Zeng of 'Ningde Times', we will discuss the valuation of US$4 billion." If the value is below the value, we at 'Yuhang Investment' can continue to cooperate with Mr. Du and jointly invest in this project."

"Below US$4 billion." Mr. Du thought about it for a while and said, "If Mr. Su and Yuhang Investment can get at least 40% of the share, I can try to talk about it."

"Okay!" Su Yu saw that the other party was so happy and did not hesitate. "If the valuation of 'Ningde Times' is below 4 billion US dollars, we at 'Yuhang Investment' are willing to take 45% of the share and help Mr. Du complete this The task of leading the project investment and assisting Mr. Du in entering Aberdeen Capital."

Su Yu estimated that if this project could be negotiated, the timeline should be by the end of the year.

At that time, the 'Yuhang No. 2' fund had already carried out its annual net worth liquidation work, and the company should have sufficient cash reserves for investment projects in the primary market.

There is also the investment project ‘Ningde Era’…

Now that Mr. Du has been contacted and found out the financing needs of the core manager of the other company and the actual controller of the company, if he can participate within a certain reasonable valuation range, he must participate. After all... looking at the market outlook,' Ningde Times' development is too fast, and its valuation can be said to change every year.

Participation in the valuation stage of tens of billions, after the "Ning De Era" has grown up in the market outlook for a few years.

They won't make less.

The first reason why Su Yu asked the other party to compress the valuation to around the US$4 billion mark when negotiating is because the valuation of US$5 billion is actually a bit of a premium compared to the current company size and future prospects of 'Ningde Times'. Seriously; secondly, because the US$4 billion mark was almost the market valuation of the first round of financing of 'Ningde Era' before his rebirth, he was certain that the core controllers and management of 'Ningde Era' would While promoting technology research and development and maintaining the leading position in the industry, we will make corresponding compromises.

Also, even if we negotiate at a valuation of $4 billion.

This valuation level is now significantly higher than the average market valuation level given by major institutions for 'Ningde Times' in the primary market at that time. Under this high-level premium condition, except for others This kind of rebirth can determine the future development of this company. If other institutions want to follow suit and invest, it is still difficult to make up their mind at this scale of financing.

Generally speaking, according to this condition...

Their company, Yuhang Investment, will most likely be able to cooperate with Mr. Du to acquire this investment project at a relatively lower cost.

"Haha... Mr. Su is really refreshing." Mr. Du saw Su Yu talking about such a large-scale investment project without blinking or showing any hesitation. He admired his courage and smiled. He said, "In that case, we will have in-depth contact in the future."

Su Yu nodded and said, "I will ask Mr. Liang to keep in contact with Mr. Du."

Mr. Du stood up with a smile and shook hands with Su Yu again. He was very happy. Then, he sat down again and hurriedly waved to the assistant behind him to start representing the 'General Atlantic Capital Group' and what Su Yu represented. Yuhang Investment' Company officially signed the B-round financing project plan for joint investment in 'Yanjing Sankuai Online', and also signed the corresponding investment contract, memorandum and other documents.

After that, the two sides discussed for a while the domestic and foreign economic situation and the investment situation in the primary and secondary markets.

It wasn't until nearly 10 o'clock in the evening that both parties dispersed.

Su Yu returned to the hotel and rested for a night. The next day, he ordered Liang Bin to stay in the port city to continue to contact and deal with Mr. Du and the project leader of the 'General Atlantic Capital Group', and then at 2 o'clock in the afternoon, that is Take a plane and fly back to Yuhang.

When he arrived at Yuhang, before he could rest, Yang Hao called him.

I hope he can meet up with me tonight.