Chapter 557 The Journey of the Bull Market (Part 2)!

"Mr. Du is a famous name in the domestic investment community, and I am also familiar with it." Su Yu said with a smile.

"Haha..." Mr. Du laughed, "Mr. Su, you are too polite. I am just a small person. There are many talents in the domestic investment industry. Compared with the big guys in the industry, I am nothing. But Mr. Su, your right-hand man, Mr. Liang is very awesome. I have benefited a lot from every meeting and conversation with him. ”

Liang Bin sat next to Su Yu, and when he heard Mr. Du praising himself, he coughed slightly and replied with a little embarrassment: "Mr. Du is so polite. In fact, when it comes to investment opinions on various industries under the current macro economy, Our Mr. Su is much better than me. In the past, Mr. Du and I had some discussions, and many of the insights came from our Mr. Su.”

"Really?" Mr. Du said in surprise, "Mr. Su also has deep insights into the primary market?"

Su Yu smiled and said, "It's out of the question."

"After Hongshan Capital gave up on the Yanjing Sankuai Online investment project, in fact, as long as you, Yuhang Investment, are willing to participate in the investment, there is basically no suspense." Mr. Du said, "In fact, in a sense, For our part, we at General Atlantic Capital would like to thank you for your timely investment.”

"after all……"

Mr. Du paused and continued: "After all, if you hadn't participated in the investment in time, with the Series B financing plan signed by our General Atlantic Capital and Mr. Huang of Yanjing Sankuai Online, once Hongshan Capital gave up, If Ali Baba has no intention of subscribing for shares when it goes public, we at General Atlantic Capital will need to take the entire share of the entire Series B financing plan, which will put a lot of financial pressure on our company. "

"Yes!" Su Yu nodded, "I have also heard that your company's overseas institutions have recently made frequent moves in the direction of investment in other industries, resulting in a sharp decline in the share of investment in China."

Mr. Du said in surprise: "Mr. Su's news... is not an ordinary one!"

Su Yu chuckled and said: "As our investment partner, Mr. Du, it should be normal to know the necessary information, right? I heard that your head office plans to shift its investment focus to the semiconductor industry and the 'mobile Internet' industry in the future. fields, further shrinking the scope of investment, especially shrinking the share of investment in China.”

"Indeed." Seeing Su Yu mention this matter, Mr. Du did not hide it, "Currently, the primary market investment in 'mobile Internet' is at the forefront and is very popular. Many investment institutions believe that this is the development trend of the future era. , the broadest application market, and the most foreseeable traffic entrance. In this field, everyone agrees that there are huge development opportunities and investment opportunities.”

Su Yu agreed, nodded, and said, "This expectation is not wrong."

"The expectations are not wrong." Mr. Du said, "But when everyone can foresee it, Mr. Su thinks that there are still cheap investment opportunities in the market? If everyone wants one thing, then the price will naturally be It will be ridiculously expensive. Now in the field of 'mobile Internet', even for start-up startups, the valuations of Series A financing have been skyrocketed. How much future excess profit can there be? "

"The investment market seems to be booming, but in fact... the busier the place, the risk is also the highest."

"I have a vague feeling..."

Mr. Du paused for a while, squinted his eyes, and continued: "The current pursuit of primary market investment projects in the field of 'mobile Internet' is a bit like the pursuit of Internet companies around 2000. As for the final outcome of the wave of investment in Internet companies in 2000, needless to say, Mr. Su should have an idea. "

"So..." Su Yu said, "Mr. Du is not optimistic about the investment direction of 'mobile Internet'?"

Mr. Du said: "It's not that I'm not optimistic. In fact, in this direction, some new technology giants will definitely be born in the future, and a number of companies with a market value of hundreds of billions or even trillions will grow. If I are really not optimistic, I will also We will not take the lead in promoting the B-round financing plan for the Yanjing Sankuai Online project.”

"Only relatively speaking..."

“I don’t really like the investment trend in ‘mobile Internet’ related companies in the entire investment market at this time. I feel that they are too hot.”

"Of course, being overhyped is not a problem in essence."

“The real problem is that from the current perspective, there are still very few relatively certain investment opportunities.”

Su Yu said with a smile: "Although Mr. Du said so, the valuation given by you 'General Atlantic Capital' in this round of 'Yanjing Sankuai Online' B round of financing project is not cheap, and not only It is not cheap, and is significantly higher than the average valuation of this company by major market institutions. That is because the valuation given to this project by you as the lead investor exceeds the general valuation of market institutions, so the following investors The organization seems so hesitant.”

"Good things are naturally more expensive." Mr. Du said, "In my opinion, although we have given the 'Yanjing Three Fast Online' project a valuation that exceeds the market by nearly 30%, from its development and future In terms of growth potential, I think this project is the cheapest one we have invested in in the past two years."

"It's a pity..."

"In terms of the overall investment strategy, the group is reducing the scale and projects of investment in China."

"Otherwise, from the bottom of my heart, I am not willing to find investment partners to join forces to jointly invest in this project."

"Oh, really?" Su Yu was doubtful when he heard Mr. Du's words and said with a smile, "Then it seems that our 'Yuhang Investment' got a big deal this time."

"Don't you think so, Mr. Su?" Mr. Du said with a smile.

Su Yu responded: "I think that for both of us to come this far, to be able to sit here today and talk openly, it is natural that both parties have common interests and are sincere. It is impossible to say who takes advantage of the other. Of course ...The reason why we at 'Yuhang Investment' are so actively in contact with Mr. Du also shows that our company recognizes the valuation level provided by your 'General Atlantic Capital' on the 'Yanjing Three Fast Online' project. I believe what Mr. Du said, you get what you pay for, and good things are always more expensive.”

"Mr. Su, when you conducted in-depth research on the company 'Yanjing Sankuai Online', you probably haven't seen the detailed data of its user growth report and business volume growth report in the past two months, right?" Mr. Du said, "In Before this, in a sense, we all underestimated the potential of the 'group buying' market."

"I have never underestimated you all this time." Su Yu said with a smile, "Mr. Du, you said so much, are you not thinking of changing the previous plan at this time? So, just..."

When Su Yu saw the other party's words, he was saying that the 'Yanjing Three Fast Online' project was a very potential and cost-effective investment project. He also kept emphasizing the principle of 'expensive and expensive' in the investment market. The concept seems to be short of the word 'increase price'.

The other party's words made Su Yu feel very uncomfortable.

So I thought about it for a long time, and when the other party emphasized it repeatedly, I couldn't help but speak directly to clarify it.

This project has been delayed for so long. Liang Bin and He Qian ran between Gangcheng and Yanjing. They spent a lot of effort to get to this point. If it continues to be delayed, as the investment market continues to , the investment field of 'mobile Internet' is becoming more and more popular, which will only become more and more unfavorable for their purpose of winning this project.

At the same time, both inside and outside the other party expressed the hope that Yuhang Investment would further benefit from participating in this project. However, what the other party said was that the company "Yanjing Sankuai Online" was laying the foundation for domestic development. On the basis of being the leading group buying website, the number of smartphone users is rapidly increasing, and the number of mobile Internet users is exploding exponentially. Its business scale, revenue scale, user scale, etc. are also growing exponentially. It's also true.

in other words……

If they give up the share subscription for the B-round financing of this project at the last step of contact.

So, even if General Atlantic Capital, which led the investment, cannot take such a large share of investment alone due to the group's investment strategy, it would not be difficult at all to find a cooperative institution immediately after switching its investment. Maybe... it gave up following the investment two weeks ago. Hongshan Capital already regretted it at this moment.

"Mr. Su misunderstood." Mr. Du laughed and said, "Since I have reached a preliminary agreement on collaborative investment in several meetings with Mr. Liang, now that I have made an appointment with Mr. Su in person in Hong Kong, I have absolutely no regrets. I mean, after all, we are in a shopping mall. Regardless of whether we make money or not, reputation is always the first priority. Since I have promised you to jointly invest in the project of 'Yanjing Sankuai Online' and share the B-round shares together, it is impossible. Regardless of any other conditions, Mr. Su please try to relax on this point."

"Then Mr. Du means..."

After Su Yu made the words clear, he was slightly stunned when he heard the other party's answer. For a moment, he suddenly couldn't figure out what the other party meant.

Mr. Du chuckled and said: "In business, since I am still the general manager of investment in the Asia-Pacific region of 'General Atlantic Capital', I have the obligation to seek the greatest investment benefits for the company as much as possible and find new opportunities in the market." The best investment opportunity, I agreed to your request, and naturally I hope... Mr. Su can do me a favor. "

When Su Yu heard this, he suddenly understood, and then he understood the real purpose of the other party's appointment with him in Hong Kong City.

Thinking about this round of investment plan for 'Yanjing Three Fast Online', the other party had indeed given face and transferred some benefits. Su Yu thought about it for a while and asked tentatively: "Compared with General Du's 'General Atlantic' Capital Group', our 'Yuhang Investment' is only a small company, and the help we can do is probably very limited. Of course... As long as it is within our ability and Mr. Du needs it, we will do our best. "

"Mr. Su is really an upright person. Mr. Su's words are enough." Mr. Du smiled softly, looked at Su Yu seriously with his eyes, and after a while, asked, "Mr. Su's opinion on 'new energy'" What are your thoughts on the automotive industry, or...what do you think the future potential of this field is?"

Su Yu didn't expect that the other party would change the topic and suddenly bring up this concept. He said with a smile: "The expectations are very good, and the story is good, but at present, it is still just a concept, and there is no substantial technological breakthrough. Moreover, no matter whether it is a first-level Whether it is the market or the secondary market, major investment institutions in the industry are mostly skeptical about this field. Why... Mr. Du is very optimistic about this field. "

"Yes, I'm very optimistic!" Mr. Du said without any hesitation, "Not long ago, I visited the Japanese market and related market companies in our country that are doing this, and found that this concept that has been called for several years seems to have the possibility of technology and route landing all of a sudden."

"Which companies did Mr. Du inspect?" Su Yu asked curiously.

Although Su Yu, as a reborn person, knows that this field will explode in the future and is a trillion-level investment market that cannot be ignored, but from the current time point, analyzing the entire automotive industry, Su Yu still feels that this route has the investment vision of technology and product landing, which is a bit too advanced, and he can't help but feel a little shocked.

Mr. Du talked about a series of companies in the "new energy vehicle" industry that he mainly inspected.

Su Yu listened carefully and found that except for a few well-known ones in his inherent impression, he had no impression of the others. Of course... He focused on the fact that the other party mentioned "Ningde Times", a world-class new giant in the field of "power batteries" in the future.

Of course, at this moment, "Ningde Times" has not grown up yet.

Whether it is the power battery technology route or the technical reserves, it is still relatively backward compared to other companies in the Japanese and Korean markets.

"Ningde Times!" Su Yu said softly, "What do you think of this company after Mr. Du's inspection?"

When Mr. Du saw Su Yu suddenly mention this company, his eyes suddenly lit up and he said with a smile: "Mr. Su is really a wise man. He saw the most promising company here at a glance. To be honest, after my inspection, I talked to the two Mr. Zengs of their company and I was full of confidence in the development of their company. This company was established in 2011. It has only been 3 years since then, but its core entrepreneurial team is from well-known Japanese peers. Its technology development and technical accumulation are quite strong. Although it has only been established for 3 years, its business development is quite rapid. At present, in the line of 'power battery', both technology and products are at the forefront of the industry. Although the application scenarios cannot be implemented yet, the future prospects are really good!"

"Does Mr. Du like this company?" Su Yu suddenly understood and said with a smile.

President Du responded with a smile: "Nothing can be hidden from President Su. As far as I know, the two presidents Zeng have a very clear idea of ​​the development path of the company 'Ningde Times'. Of course... it is also because the two of them have rich experience in corporate management. According to them, at this moment, 'Ningde Times' has reached a critical period in the research and development of technical routes. In order to further lead its competitors in technology and further deepen its presence in the field of 'power batteries', they intend to launch the first round of financing plan."

"Isn't this great?" Su Yu said, "President Du can take the opportunity to intervene."

President Du sighed and said, "It's not that easy. I sorted out the relevant research data and asked the headquarters for their opinions. Unsurprisingly, it was rejected."

"Rejected?" Su Yu was slightly stunned.

At this timeline, the investment enthusiasm in the field of 'new energy vehicles' is actually not cold.

Let alone the frequency of attacks by various institutions in the primary market, even in the secondary market, in the current second half of the year, after visiting BYD's factory, Warren Buffett did not hesitate to increase his holdings of BYD's stocks. This shows that... global investment institutions have always had expectations for the future of this field.

Logically, Ningde Times has already demonstrated its industry's technological advantages and product competitiveness at this time.

As long as the financing needs are reasonable, a mature global investment institution like Pan-Atlantic should not directly reject the investment plan proposed by its core managers within the group.

"Is it that the two Mr. Zengs of Ningde Times have too high requirements for financing needs?" Su Yu thought about it and asked.

Mr. Du nodded and said, "Indeed!"

"Mr. Zeng, what is the general expectation of financing needs?" Su Yu asked curiously.

President Du responded with a smile: "1 billion US dollars, 20% equity financing conditions."

"A market valuation of 5 billion US dollars is close to a market value of 35 billion Chinese yuan?" Su Yu's eyelids jumped, "No wonder the investment plan submitted by President Du was directly rejected by your group without any further research and review."

Although the market value of 35 billion is not even a fraction of the peak of "Ningde Times" in the future, which was a trillion yuan market value, at this time... the company was established for 3 years, the technical route is not fully mature, the future product application market is still vague, and "new energy vehicles" are still purely in the concept stage. The market valuation requirement of 35 billion is indeed too outrageous. After all, at this time, "Meituan", that is, "Three Fast Online" company, dared to ask for a valuation of 3 billion US dollars in the B round of financing, which is less than 60% of "Ningde Times" at this moment.