The investment era of rebirth

Chapter 557 The Journey of the Bull Market ([-])!

"Mr. Du is well-known in the domestic investment circle, and I am also familiar with it." Su Yu said with a smile.

"Haha..." President Du laughed loudly, "President Su, you are welcome. 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 really nothing. It is your right-hand man, President Su. Mr. Liang is very powerful, I have met and talked with him several times, and I have benefited a lot every time."

Sitting beside Su Yu, Liang Bin coughed lightly when he heard Mr. Du praise him so much, and replied with a little embarrassment: "Mr. Du is really polite. In fact, when it comes to the investment opinions of various industries under the current macro economy, Our Boss Su is much better than me, and I discussed some topics with Boss Du in the past, and many of the opinions came from our Boss Su."

"Really?" Mr. Du said in surprise, "Mr. Su also has a deep understanding of the primary market?"

Su Yu said with a smile: "It's impossible to talk about it."

"After Hongshan Capital gave up the investment project of Yanjing Sankuai Online, in fact, as long as you 'Yuhang Investment' are willing to participate in the investment, there is basically no suspense." Mr. Du said, "Actually, in a sense We at General Atlantic would also like to thank you for your timely participation."

"after all……"

Mr. Du paused, and continued: "After all, if you hadn't participated in the investment in time, with the B-round financing plan signed by Mr. Huang of "Global Atlantic Capital" and "Yanjing Sankuai Online", once Hongshan Capital gave up, If Ali Baba is going public and has no intention of subscribing shares, we 'Global Atlantic Capital' need to eat all the shares of the entire B-round financing plan alone, which is quite a financial pressure for our company."

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

Mr. Du was surprised and said: "Mr. Su's news... is not ordinary well-informed!"

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

"Indeed." Seeing Su Yu mentioning this matter, Mr. Du did not hide it, "Currently, the investment in the primary market of 'mobile Internet' is on the cusp and the popularity is very high. Many investment institutions believe that this is the development of the future era , the most extensive application market, and the most foreseeable traffic entrance, everyone agrees that there are huge opportunities for development and investment in this field."

Su Yu agreed, nodded, and said, "There is nothing wrong with this expectation."

"There is nothing wrong with anticipating." Mr. Du said, "But when everyone can foresee the situation, Mr. Su thinks that there are still cheap investment opportunities in the market? If everyone wants something, the price will naturally It will be ridiculously expensive, and now in the field of 'mobile Internet', even for start-up companies, the valuation of the A round of financing has been fired to the sky, how much future excess profit can there be in it?"

"The investment market seems to be booming, but in fact...the more prosperous the place, the more risky it is."

"I have a feeling in a trance..."

Mr. Du paused for a while, squinted his eyes, and continued: "At present, everyone's pursuit of investment projects in the primary market in the field of 'mobile Internet' is a bit like the scene of everyone's pursuit of Internet companies around 2000. As for the wave of investment in Internet companies in 2000, and the final result, I don't need to say, President Su should have a good idea."

"So..." Su Yu said, "Du is always 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 group of companies with a market value of hundreds of billions or even trillions of market value will grow. It will not take the lead in promoting the B-round financing plan of the 'Yanjing Sankuai Online' project."

"Only relatively speaking..."

"I don't really like the investment atmosphere of 'mobile Internet' related companies in the entire investment market at this time. I feel that they are too hyped."

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

"The real problem is that from the current point of view, there are still very few investment opportunities with certainty."

Su Yu smiled and said: "Although Mr. Du said so, the valuation given by your 'Global Atlantic Capital' in this round of 'Yanjing Sankuai Online' round B financing plan is not cheap, and not only It is not cheap, and it is significantly higher than the average valuation of this company by major institutions in the market. That is because the valuation given by you in the lead investment of this project exceeds the general valuation of market institutions, so the follow-up investors It is the organization that seems so hesitant.”

"Good things are naturally more expensive." Mr. Du said, "In my opinion, although we have given the project 'Yanjing Sankuai Online' a valuation nearly 30% higher than the market, in terms of its development and future In terms of growth potential, I think this project is the cheapest project in our 'Pan Atlantic' investment in the past two years."

"Unfortunately……"

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

"Otherwise, from the point of view of my heart, I am not willing to find investment partners to join hands to eat this project together."

"Oh, is that so?" Su Yu was skeptical when he heard Mr. Du's words, and said with a smile, "It seems that we 'Yuhang Investment' got a big deal this time."

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

Su Yu responded: "I think both of us can get to this point. We can 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 whom. Of course ... The reason why our 'Yuhang Investment' is so active in contacting Mr. Du is that our company recognizes the valuation level given by your 'Global Atlantic Capital' on the 'Yanjing Three Express Online' project, and also 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 read its user growth report and business volume growth report detailed data in the past two months?" Mr. Du said, "In Before this, in a sense, we all underestimated the potential of the 'group buying' market."

"I have never underestimated it all the time." Su Yu said with a smile, "Mr. Du, you said so much, you won't want to change the previous plan at this time, right? So, but..."

Seeing what the other party said, Su Yu said that the "Yanjing Sankuai Online" project is a very potential and cost-effective investment project, and has been emphasizing the principle of "expensive and expensive" in the investment market. The concept seems to be short of the word 'increase'.

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

So I thought about it for a long time, and under the repeated emphasis of the other party, I couldn't help but speak directly to make it clear.

This project has been dragged on for so long. Liang Bin and He Qian ran between Hong Kong City and Yanjing, and it took a lot of effort to get to this point. Well, the investment field of 'Mobile Internet' is getting hotter and hotter, which will only become more and more unfavorable for their goal of winning this project.

At the same time, both inside and out, the other party expressed the hope that their 'Yuhang Investment' would make further profits when they participated in this project, but what the other party said was that the company 'Yanjing Sankuai Online' is laying the foundation for the domestic market. On the basis of being the leader of group buying websites, the number of smartphone users is rapidly increasing, and the scale of "mobile Internet" users is exploding exponentially. The company's business scale, revenue scale, and user scale are also developing exponentially. It is also true.

in other words……

If they are in the last step of the negotiation at this time, they have given up the subscription for the shares of the B-round financing of this project.

Well, even if the leading investor 'Global Atlantic Capital' can't afford such a large investment share alone due to the group's investment strategy, it would be no difficulty at all to find another partner immediately after the first investment. Maybe... gave up following the investment two weeks ago The Hongshan Capital already regretted it at this moment.

"Mr. Su misunderstood." Mr. Du said with a chuckle, "Since I have made a preliminary agreement on joint investment in several meetings with Mr. Liang, and now I have asked Mr. Su to come to Hong Kong City in person, I definitely have no regrets." I mean, after all, everyone is in a shopping mall. Whether you make money or not, reputation is always the first. Since I promised you to jointly invest in the "Yanjing Sankuai Online" project and jointly eat the share of the B round, it is impossible Add any other conditions, this point... I ask President Su to relax as much as possible."

"President Nadu means..."

After Su Yu clarified his words, he was slightly taken aback when he heard the other party's answer. For a while, he suddenly couldn't figure out what the other party meant.

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

When Su Yu heard this, he suddenly realized the real purpose of the other party's appointment to Hong Kong City.

Thinking of this round of investment plans for the 'Yanjing Three Fast Online', the other party really gave face and transferred some benefits, Su Yu pondered for a while, and asked tentatively: "Compared to the 'Pan Atlantic' where Mr. Capital Group', we 'Yuhang Investment' are only a small company, and we may be very limited in what we can do to help, of course...As long as we can do what we can and Mr. Du needs, we will naturally do our best."

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

Su Yu didn't expect the other party to change the subject, and suddenly brought up this concept, and said with a smile: "The expectation is very good, and the story is also good, but at present, it is still only a concept, and there is no substantial technological breakthrough. The market is still the secondary market, and the 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 went to the Japanese market and our domestic related market companies, and found this concept that has been shouted for several years. It is possible to implement the technology and route.”

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

Although Su Yu, as a reborn person, knows that this field will explode in an all-round way in the future, and it is a large investment market of [-] trillion yuan that cannot be ignored, but standing at the current time point and analyzing the entire automobile industry, it can be seen that this route has already passed. Su Yu still felt that he was a little too advanced with such an investment vision of technology and product landing, and he couldn't help but feel a little shocked in his heart.

Mr. Du mentioned a series of companies in the 'new energy vehicle' industry that he mainly inspected.

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

Of course, the 'Ningde Era' has not grown up yet.

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

"Ningde Era!" Su Yu said softly, "After Mr. Du's inspection, what do you think about this company?"

When Mr. Du saw Su Yu mentioning this company suddenly, his eyes lit up suddenly, and he said with a smile: "Mr. Su is really astute, and he can see the most potential company here at a glance. To be honest, I After the inspection, I chatted with the two CEOs of their company, and I have full confidence in the development of the company. The company was established in 2011, and it is only three years old, but its core entrepreneurial team is It is from a well-known Japanese company in the same industry. Its technology development and technology accumulation are quite strong. Although it has only been established for 3 years, its business development is quite rapid. At present, in the "power battery" route, no matter Whether it is technology or products, they are all at the forefront of the industry. Although the application scenarios have not yet been implemented, the future expectations... are really good!"

"Mr. Du has taken a fancy to 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 path of the company 'Ningde Times'. They have rich experience in corporate management. According to them, the research and development of the technical route of the "Ningde era" has reached a critical period. In order to further lead the opponents in technology and further deepen the field of "power batteries", they It is intentional to launch the first round of financing plan.”

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

Mr. Du sighed softly, and said, "It's not that easy. I sorted out the relevant research data and asked the headquarters for opinions. It was no surprise that I was rejected."

"Rejected?" Su Yu was slightly taken aback.

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

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

It stands to reason that the 'Ningde Era' has 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 'Global Atlantic' should not directly veto the investment plan proposed by the core managers within the group.

"It's the two presidents of 'Ningde Era'. Are they too demanding for financing?" Su Yu asked after thinking about it.

President Du nodded and said, "That's true!"

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

Mr. Du responded with a smile: "10 billion US dollars, 20% of the stock financing conditions."

"The market valuation of 50 billion U.S. dollars is close to the market value of 350 billion Chinese dollars?" Su Yu's eyelids twitched, "No wonder the investment plan reported by President Du was directly rejected by your group without further investigation and review."

Although the market value of 350 billion is not even a fraction of the market value of trillions compared with the peak moment of the "Ningde Era" later generations, but at this time... the company has been established for 3 years, and the technical route is not yet fully mature. Future products The application market is still vague, and when 'new energy vehicles' are still in the concept, the market valuation requirement of 350 billion is still too far-fetched. After all, the 'Meituan' at this time, namely ' Sankuai Online' company dared to ask for a valuation of US$30 billion in the B round of financing, which is less than 60% of the current 'Ningde Era'.

(End of this chapter)