Rebirth of the investment era

"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're too polite. I'm just a small person. There are so many talents in the domestic investment industry. Compared with all the big guys in the industry, I'm nothing. But Mr. Su, your right-hand man, Mr. Liang is very awesome. I have benefited a lot from the several meetings and conversations I had 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 macroeconomic situation, Our President Su is much better than me. In the past, I discussed some topics with President Du, and many of the insights came from our President Su."

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

Su Yu smiled and said: "It's impossible to talk about."

"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 up the entire Series B financing plan on our own, 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 was surprised and said: "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 in it?"

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

"I suddenly have a 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 result of the wave of investment in Internet companies in 2000, needless to say, Mr. Su should also 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 am 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 Three Fast 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, per se."

“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' Series B 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 Institutions seem 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 at General Atlantic."

"Unfortunately……"

"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 heard Mr. Du's words, he was doubtful 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 its user growth report and business volume growth report detailed data 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. It seems that the only thing left to express the concept is '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 make it clear.

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 rise, , 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, 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, with the rapid increase in the number of smartphone users and the exponential explosion in the number of mobile Internet users, the company's 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.

Then, even if General Atlantic Capital, which led the investment, cannot take such a large investment share alone due to the group's investment strategy, it would not be difficult 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 chuckled, "Since I have reached a preliminary agreement on collaborative investment with Mr. Liang several times, and now I have made an appointment with Mr. Su in person in Hong Kong, I definitely have 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 'Yanjing Sankuai Online' project and share the B-round shares together, it is impossible. Regardless of any other conditions attached, 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 market opportunities." The best investment opportunity, I agree 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 naturally do our best."

"Mr. Su is really an upright person. Mr. Su's words are enough." Mr. Du smiled softly and looked at Su Yu seriously. After a while, he asked, "Mr. Su's opinion on 'new energy'" What are your thoughts on the automobile 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 subject 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, whether it is a level 1 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, very optimistic!" Mr. Du said without any hesitation, "Not long ago, I visited the Japanese market and our domestic related market companies that are doing this, and found that this concept that has been talked about for several years seems to have suddenly become a reality. It’s possible to implement the technology and routes.”

"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 large investment market worth tens of trillions that cannot be ignored, but at the current time point and analyzing the entire automobile industry, it can be seen that this route has already With such an investment vision and the possibility of technology and product implementation, Su Yu still felt that it was a bit too advanced, and he was inevitably a little shocked.

Mr. Du mentioned a list of ‘new energy vehicle’ industry companies that he mainly inspected.

Su Yu listened carefully and found that except for the well-known ones in his inherent impression, he had no impression of the others. Of course... what he paid attention to was that the other party mentioned the 'Ning De Era', which would be in the field of 'power batteries' in later generations. A world-class rookie giant.

Of course, the current ‘Ning De Era’ has not yet grown up.

Whether it is the power battery technology route studied or the technical reserves, they are still relatively behind several other companies in the Japanese and Korean markets.

"Ningde Times!" Su Yu said softly, "After Mr. Du inspected it, what thoughts does he have about this company?"

When Mr. Du saw Su Yu suddenly mentioning this company, his eyes suddenly lit up and he said with a smile: "Mr. Su is really a sharp eye. He can see the company with the most potential here at a glance. To be honest, I After the inspection, I chatted with two CEOs of their company, Zeng, and they were very confident in the development of their company. This company was established in 2011, so it’s only been three years now, but its core entrepreneurial team has It comes from a well-known company in the same industry in Japan. Its technological development and technological accumulation are quite strong. Although it has only been established for 3 years, its business development is quite rapid. At present, on the 'power battery' route, regardless of Both technology and products are at the forefront of the industry. Although the application scenarios have not yet been implemented, the future expectations... are really good!"

"Mr. Du is interested in this company?" Su Yu suddenly understood and said with a smile.

Mr. Du responded with a smile: "I really can't hide anything from Mr. Su. As far as I know, the two Mr. Zeng are quite clear about the development route of the company 'Ningde Times'. Of course... it also stems from the two people's previous cooperation." They have rich business management experience. According to them, Ningde Era has reached a critical period in the research and development of technical routes. In order to further lead its opponents in technology and further develop in the field of 'power battery', they It is intentional to launch the first round of financing plan.”

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

Mr. Du sighed softly and said, "It's not that easy. I compiled the relevant research data and asked the headquarters for their opinion. No surprise, it was rejected."

"Rejected?" Su Yu was slightly stunned.

On the current timeline, investment enthusiasm in the field of "new energy vehicles" is actually not cold.

Not to mention the frequency of attacks by various institutions in the primary market, even in the secondary market, in the second half of the current year, stock investor Warren Buffett did not hesitate to increase his position in BYD's stock in a large amount after inspecting its factory. This shows that...global investment institutions have always had expectations for the future of this field.

It stands to reason that at this time, ‘Ningde Era’ has already demonstrated its industry’s technological advantages and product competitiveness.

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

"It's the two presidents of Ningde Era, Zeng. Are their financing needs too high?" Su Yu thought for a while and asked.

Mr. Du nodded and said, "That's true!"

"Boss, Mr. Zeng, what are your expectations for financing needs?" Su Yu asked curiously.

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

"The market valuation of US$5 billion is close to the market value of 35 billion Chinese dollars?" Su Yu's eyelids twitched. "No wonder the investment plan reported by President Du was rejected by your group without further investigation and review."

Although the market value of 35 billion is less than a fraction of the market value of trillions at the peak of the 'Ning De Era' in later generations, at this time... it has been three years since the company was founded, and the technical route is not yet fully mature. Future products The application market is still in a state of flux, and 'new energy vehicles' are still purely a concept. The market valuation requirement of 35 billion is still too outrageous. After all, 'Meituan' at this time, that is, 'Sankuai Online' company dared to ask for a valuation of US$3 billion in Series B financing, which is less than 60% of the current 'Ningde Times'.