Chapter 301: First Trial Investment
Chapter 301: First Trial Investment (5k)
June 30th is the supplier meeting for the Yuxing Electric Railway Project, and the newly established Zhibo Company will also be present.
Therefore, Zhang Yong never expected that Yu Xing, whom he was going to meet in Shencheng tomorrow, would suddenly come to Pengcheng today.
He looked at Yu Xing, who had no expression on his face, and then at the people who followed him in. He subconsciously stood up from his seat and blurted out, "Yu, President Yu, why are you here?"
Yu Xing said nothing and stretched out his hand towards his secretary Zhang Yangxu.
Zhang Yong's mind quickly turned, and he coughed dryly and said, "Let me introduce to you, this is Mr. Yu from Silicon Carbon Group, who is also our shareholder and the one who gave us..."
Yu Xing interrupted directly: "Zhang Yong, why did you change the research and development direction of millimeter-wave radar?"
Zhang Yong didn't expect that Yu Xing already knew the news, and he also didn't expect the other party to question him so bluntly in public.
He explained somewhat embarrassedly: "Mr. Yu, this is based on the actual situation. Our team encountered many difficulties after starting research and development, and I think we need to adjust in this direction..."
Yu Xing interrupted again, "You didn't find it difficult when you asked me for money, but now you're talking about difficulty in developing it? Is it difficult to just call me to change the direction? If you find it difficult to call me and ask for money, is it difficult for you to send me a free WeChat message to talk about it?"
Zhang Yong was speechless.
He thought about calling to talk, but he was almost sure that the other party would not agree to his changes.
"I hope my investment doesn't cause you any trouble? Even if you don't say thank you to me, at least this kind of communication is necessary, right?" Yu Xing stared at Zhang Yong on the other side of the conference table.
Zhang Yong came back to his senses from his initial shock and panic, and said slowly: "Mr. Yu, please sit down first. This matter is..."
Yu Xing had no intention of sitting down, but raised his voice: "Answer me! Have I embarrassed you?"
Zhang Yong said nothing.
However, the deputy general manager Su Yongqiang next to him saw that Yu Xing had been so aggressive since he entered the door, and couldn't help but frowned and said: "Mr. Yu, don't thank us on the left and embarrass us on the right. Didn't you invest in us for profit? We are changing our direction now for the better survival and development of the company. Let's talk business!"
Yu Xing had been interrupting Zhang Yong, but when he heard this kind of counterattack, he smiled a little and pointed to the person on his right, introducing his identity: "This is our company's legal officer Huo Jingfu."
Huo Jingfu calmly showed the documents and said steadily: "This is not a business matter, but a legal one. According to the contract we signed and the company charter agreed to by all shareholders of Zhibo Company, Mr. Yu has 70% of the voting rights."
Deputy General Manager Su Yongqiang was a little confused. 70% of the voting rights? Didn't Yu Xing hold 30% of the shares?
He turned his head to look at Zhang Yong. What does this mean?
Zhang Yong sighed silently, knowing that Mr. Yu must be very annoyed now, but there is still room for maneuver.
At the same time, he was somewhat dissatisfied with Yu Xing's tough attitude right from the start.
As for the 70% voting rights, I originally proposed an investment of 1000 million, and Yu Xing was willing to increase the funds to 1500 million. One of the agreements was to set up voting rights for AB shares, but...
Zhang Yong said with some difficulty: "Mr. Yu, you said that your voting rights would not interfere with the normal operation of the company."
"Then tell me, is this normal?" Yu Xing took the contract from the legal officer and slammed it on the table. "The only reason I invested in you was the research and development of 77GHz millimeter-wave radar. You changed direction without saying a word. Tell me, is this normal?"
Zhang Yong tried to explain: "Mr. Yu, the research and development of 77GHz millimeter wave is inherently insufficient at present. We can only continue to develop and develop by focusing on 24GHz."
Yu Xing slammed the feasibility report before Zhibo Company was established on the table: "What did the feasibility report say? Did you only see this deficiency in the past few days?"
Zhang Yong frowned.
Yu Xing reached out again and took the printed transfer record from Zhang Yangxu: "Yu Qing, Zhang Yong, we have only met twice in total. My investment decision, my speed of transferring money, and my increase from 1000 million to 1500 million, what was wrong with me?"
After he finished speaking, he pointed to the voting rights documents and investment contract on the table and said, "Yu Li, we agreed on the research and development direction in advance, and we agreed on the distribution of voting rights according to the process. I didn't force you to sign this, did I?"
Yu Xing didn't think there was anything wrong with him. If Zhibo was unwilling to do it, they could have just made it known in advance, and he would have naturally found someone else instead of changing direction without saying a word like he did now.
If it weren’t for Sun Hao’s call, the subsequent development would be unimaginable.
Yu Xing's investment was divided into stages. The first payment was 500 million, and the second payment depended on the progress. By then, there was no progress at all for 77GHz. Zhibo Company had no choice but to use force or deception to deal with the situation.
The words were clear and the documents on the desk were also clear.
Zhang Yong met Yu Xing's serious eyes and sighed helplessly: "Then Mr. Yu, what do you say we should do? Since you are so unwilling, then we can change it back."
"Whether it's changed or not, it has nothing to do with you." Yu Xing stopped looking at Zhang Yong and scanned the people in the conference room. He pointed at Su Yongqiang who had just confronted him and said, "This guy said it well. Let's talk business. You may think I was aggressive today, but the root of all this is Zhang Yong's breach of contract. As an investor, I can only say that Zhang Yong has lost my trust. I want to remove him from the position of general manager and let Sun Hao take over temporarily. I will look for a more suitable candidate later."
Zhang Yong didn't expect that Yu Xing would dare to directly drive away him, the founder.
He opened his mouth but no sound came out. He then looked at his long-time friend Sun Hao. How could Yu Xing know the company's news?
Zhang Yong felt his heart pounding, and said in shock and anger: "Yu Xing! I am the founder! You can't remove me!!"
Yu Xing pointed to the documents on the table and said, "I'm not asking for your opinion, I'm informing you now."
Zhang Yong angrily said: "You!"
Sun Hao, who was named to take over the position temporarily, felt the tension in the conference room and tried to smooth things over: "Mr. Yu, Mr. Zhang, we can talk about this. We all want to make millimeter-wave radar better."
Yu Xing looked at Sun Hao and said calmly, "I'm also notifying you."
Sun Hao: “…”
Tang Wei, an associate professor from Chengdu University of Electronic Science and Technology, had been silent the whole time. When he saw this scene, he frowned and said in dissatisfaction, "Mr. Yu, how can you do things this way? You are too overbearing."
Yu Xing said calmly: "Because my money didn't come from the wind."
Tang Wei was choked, but still advised: "Mr. Yu, Zhang Yong did not consider this matter properly, but you can't do this."
"The trust between us is fragile. I have tried my best to be sincere." Yu Xing looked at the associate professor. "Like I said just now, you want money, I think it may not be enough, I took the initiative to ask for 500 million. You want people, I asked Bai Xiaosheng to help with the priority screening. You don't have a policy, so I have to ask Xu Xin for help this time. Am I not sincere enough? Do I want to come here like this today? Do you want me to watch this place every day in the future?"
Yu Xing added, "You think the contract is a piece of waste paper, and you think the money I invested is just playing house. OK, Professor Tang, then I want to know if the colleagues and students you brought in from school also treat the things they gave up as a joke? Either we look for a more suitable and trustworthy candidate, or we don't need to bother with it anymore, just part ways and return the investment."
He didn't necessarily need these people. Although he was quite satisfied with Zhibo's speed and configuration before, what was the point if the direction of the core team was inconsistent with what he wanted?
Tang Wei opened his mouth, but this time no words came out easily.
When he resigned from Chengdian, he did take with him a total of seven colleagues and graduates. Although he could get some temporary satisfaction, what about the jobs and future of those seven people?
Similarly, this group of people is no joke, and the requirements of the capital side are obviously no joke either.
Otherwise, we would be in the situation right now.
Tang Wei felt a style of cruelty that was completely different from that in the ivory tower.
From his appearance to the proposal for removal, the situation changed so quickly that everyone in the conference room was shocked and dissatisfied. However, although most of this dissatisfaction was directed at Yu Xing, a small part was also blamed on Zhang Yong.
Although Mr. Yu’s money seems to have been taken from Alibaba, communication should indeed take place before making a decision.
Zhang Yong was full of confidence during the meeting today, but he never expected that he would end up in such an embarrassing situation now.
He looked at Yu Xing, then at the silent people in the conference room, and finally tried: "Boss Yu, I, I can rebuild the trust between us. I didn't think this through."
Yu Xing nodded.
Zhang Yong suddenly breathed a sigh of relief.
Yu Xing walked towards Zhang Yong's seat and said, "Okay, next time you have an idea for starting a business, you can come to me."
Zhang Yong was furious: "You..."
"The direction of 77GHz millimeter-wave radar has been demonstrated, and the difficulties faced by the domestic industry are clear. The entire market is hungry for food." Yu Xing's conversation partner has changed to other people in the conference room. "I still believe in Mr. Sun and Professor Tang. If you are willing, I can also provide a follow-up investment commitment after 1500 million."
Zhang Yong looked at Sun Hao and Tang Wei unconsciously. If the two core members he recruited could still stand on the same side, even if Yu Xing had 70% of the voting rights, he could still start a new team. However, when he saw Sun Hao's apologetic look and Tang Wei's complicated look, he immediately felt disappointed.
Yu Xing walked up to Zhang Yong and stretched out his right hand: "Mr. Zhang, let's work together again next time."
Zhang Yong knew that if he stretched out his hand, it would mean the end, so he hesitated to stretch out his right hand, hoping that there would be voices of support in the meeting room.
However, the conference room was completely silent. Even the deputy general manager Su Yongqiang, who had spoken earlier, stared at the table without looking up.
Silence represents a stance.
Zhang Yong signed the contract himself, negotiated the funding, and knew about voting rights. But now that he was so brutally removed from office, he felt a deep sense of regret in his heart.
What if we hadn’t looked for Yu Xing in the first place?
What if we had discussed and communicated in advance?
in case……
He still didn't extend his hand, but just said coldly: "Mr. Yu, hello, your investment is really good!"
Yu Xing said politely: "Xu Xin taught me how to invest. She is good. I can only say that my investment is like Xu Xin's."
Zhang Yong had nothing more to say at this point and left the meeting room where the 24GHz work was discussed in embarrassment.
The door to the conference room was opened and closed.
Seeing that no one followed him out, Yu Xing gently sat down in the seat where Zhang Yong had originally presided over the meeting and said calmly, "I'm also very sorry that this situation has occurred. I'm an entrepreneur myself. I've worked on WeChat, and my Bai Xiaosheng is about to go public. What I want to say is that the core strength of Zhibo Company is the R&D team. We can do without a CEO, but we can't do without Sun Hao and Tang Wei, and we can't leave the cooperation with Chengdian."
"In the future, I will also promote technical cooperation with Southeast University. As everyone knows, there is a national key laboratory for millimeter wave there. I am definitely not here to disrupt the development of the company. I want to gather the top forces in the country to seek breakthroughs in millimeter wave radar."
"The breakthrough in millimeter-wave radar is valuable to me, to the domestic auto industry, and to everyone present here."
"Similarly, I must emphasize again that if we do not have a unified understanding of these values, Zhibo Company will not receive my investment."
"I also promise again that as long as Zhibo Company makes progress, the follow-up investment will not be less than 1500 million, and I will also actively help find investment institutions."
"The company doesn't have to worry about survival at this stage. I will support you. If I can't, Red Falcon Capital can support you. If Red Falcon can't, there are IDG and Capital Today."
Yu Xing looked around at everyone and added silently in his heart, if IDG and Today Capital can't support you, there are still Guo Shanfeng who can support you.
He waited for everyone to digest the situation, and finally looked at Sun Hao who had temporarily taken over the position: "Boss Sun, you will have to work hard for a while, and you can discuss it again. I will go back to the hotel first."
Yu Xing stood up and extended his right hand to Sun Hao again.
Sun Hao stretched out his hand a little flustered, and Yu Xing shook it tightly.
He watched the other party lead people out of the meeting room, and only had one thought in his mind: money is also hot...
The founder left the meeting halfway through.
Everyone looked at each other, then thought about the situation that was swept away by the strong wind, and looked at each other in confusion.
Sun Hao was not that strong-willed. After thinking for a while, he asked for the opinions of everyone present: "What should we do? What should we do now? Should we call Zhang Yong and ask him to come back?"
Deputy General Manager Su Yongqiang's mind became active at this time, but he was unwilling to be the first to speak.
"Alas." Professor Tang Wei sighed, "Forget it, stop shouting, let's leave it like this for now."
Su Yongqiang did not agree directly, but said hesitantly: "Is there any hope for this 77GHz millimeter wave?"
If there is no hope, the initial verification will not pass and Zhibo Company will not be established.
When Tang Wei heard this question, he didn't think much about it, but just confirmed: "There is hope, but it is difficult."
Su Yongqiang got the answer he wanted and frowned, "Well, it's difficult. Yu Xing is too domineering. He said he could support the company, but who knows if the follow-up funds can be in place."
"Yu Xing is a man who is willing to share his money. He made a lot of money from the sale of his WeChat company, and before the sale he distributed all the options he promised to his employees, tens of millions in total." Someone said, "I think Yu Xing is still trustworthy in this regard."
The story of Yu Xing’s WeChat company dividing the money is still widely circulated.
You can say he is sharp, overbearing, and ungrateful, but you cannot say he is reluctant to give money. Not to mention WeChat, Zhibo's financing increased from 1000 million to 1500 million.
The discussion voices in the conference room gradually increased.
Su Yongqiang saw the situation clearly and gradually turned the topic to how the work at 77GHz would be carried out.
When the meeting came to a hurried end, Su Yongqiang quickly caught up with the temporary CEO Sun Hao who was leaving and suggested, "Mr. Sun, you are going to attend the silicon carbon supplier meeting tomorrow, right? Otherwise, I will go with you. After all, this matter involves follow-up funds. Let's discuss it together and then talk to Yu Xing."
Sun Hao thought about it and agreed.
Su Yongqiang breathed a sigh of relief, chatted with Sun Hao for a few more words and then returned to his office.
He really hopes that he can move from the deputy general manager's office to the general manager's office in the future.
Mr. Zhang is gone, so let me carry on his legacy.
……
The supplier meeting and financing meeting of Shencheng Carbon Silicon Technology was held as scheduled.
On June 6, at 30:15 in the morning, Xu Xin arrived at the conference hall on the th floor of the financial center in advance to sign in and found that many people were already there.
She looked for Yu Xing and then joined his conversation with Xiong Xiaoge.
After a while, Xu Xin took advantage of Xiong Xiaoge's phone call and asked Yu Xing curiously, "Mr. Yu, what company are those two from?"
Yu Xing followed her gaze and answered casually, "Zhibo Company, they make millimeter wave radars, what's wrong?"
"They seem to be looking at me all the time." Xu Xin didn't think it was his illusion and was quite puzzled.
"Oh, maybe they are short of money." Yu Xing nodded. "Millimeter wave radar is a special area in the domestic supply chain. Foreign countries block it from being sold, so we have to do it ourselves. I invested more than 200 million US dollars in them, and we will invest more in the future. I have asked someone to prove it, and there is hope that it can be made. He has several related patents in his hands, and there should be more in the future."
Xu Xin smiled and praised: "Mr. Yu, you are capable now. Your investment is also in good shape."
Yu Xing said modestly: "Alas, I am just a novice. I still need to continue to learn from excellent investors like Mr. Xu."
Xu Xin was not polite: "Then you study hard."
Yu Xing nodded seriously. He had to learn about investment and was already studying hard.
After a while, Xu Xin saw Yu Xing go to greet others. She thought for a moment and then walked over to Zhibo Company. Seeing the names on the two badges, she asked politely, "Mr. Sun? I'm Xu Xin from Capital Today. I heard that your millimeter-wave radar has great prospects. Let's exchange business cards and chat if we need anything later."
Sun Hao's face flushed a little. Is this the investor Xu Xin who trained Yu Xing?
He took the business card, turned around and left with the deputy general manager without saying a word.
Xu Xin stood there in a daze, huh?
Why does it seem like he is running away?
This time she felt it was her own illusion.
Xu Xin thought about it for a while but didn't understand. In the end, he could only conclude that being in technology was probably incomprehensible.
Not surprising, not surprising.
(End of this chapter)