allendalepharm Chapter 41: Investment Banking Department
Chapter 41: Investment Banking Department
Early November.
Hua Ya Bank headquarters building.
In the conference room of Huayao Group's case department, Zhuang Xu, Chris, and three other team members sat around a table. The projection screen displayed "Series B Financing Plan and Technology Roadmap".
Zhuang Xu sat by the window, his face expressionless.
But as he glanced at the line "Next-generation N-type battery technology" in the corner of the PPT, his mind wandered.
The patent abstract I stayed up late reading last night was titled "A perovskite/crystalline silicon tandem solar cell structure and its preparation method".
Yu Chen's name is like a small thorn, stuck there.
"...Therefore, we believe that Rimang's first-mover advantage at the N-type TOPCon fully justifies this valuation of 2 billion."
My colleague finished his presentation.
Mr. Li, who was in charge of the project, twirled the pen in his hand and said, "Zhuang Xu, Chris, you two go first."
Chris nodded and said:
"Mr. Li, I think Rimang's fundamentals are solid. Their technology roadmap, production capacity planning, and team background are all out in the open, leaving no room for ambiguity. They have indeed hit the mark in the N-type replacement of the P-type. Although the valuation is not low, considering their growth potential and future listing prospects, the risks are manageable, and I think it's worth continuing to follow them."
After she finished speaking, she looked at the silent boy opposite her.
I heard that President Li thinks highly of him.
She's not bad looking.
As expected, after listening, President Li nodded and turned his gaze to Zhuang Xu: "Zhuang Xu, what's your opinion?"
Zhuang Xu sat up straighter and closed the notebook in front of him.
He spoke, his voice steady, but his words silenced the conference room for a moment.
"My advice is not to rush into delving into the Japanese mango; it shouldn't be the only option."
Chris frowned slightly.
"Reason?" Mr. Li leaned forward slightly, showing some interest.
"Our judgment may be flawed."
As Zhuang Xu spoke, he tapped the laptop's touchpad twice, and the projection screen switched.
The output consisted of several complex charts and curves.
"The N-type TOPCon that Rimin is betting on has a theoretical efficiency ceiling of around 28%, and reducing costs relies too heavily on lower silicon material prices and extreme optimization of the process, which is too unpredictable. This is the mainstream path, but it also means that too many people are trying to get in, making it a red ocean."
He opened a structural diagram.
"I think the real opportunity may lie in another, more cutting-edge field—perovskite and crystalline silicon tandem solar cells."
"Zhuang Xu," Chris interrupted him, "the concept of 'layered' technology has been hyped in the market for more than a year or two, hasn't it? Stability and mass production are both world-class challenges. Using a concept that's still floating in the air to negate a company that already has real production volume and customer orders, isn't that a bit too... theoretical?"
She emphasized the word "theory".
"If it's just repeating the same old tune, then it's indeed empty talk." Zhuang Xu's gaze and tone were calm. "But what if a company's lab has already figured it out, solved the most critical interface issues and initial stability problems, and even produced a first-generation sample with an efficiency exceeding 28%?"
"Which company?" Mr. Li pressed.
"Suzhou, Shuangyuan Photovoltaic." Zhuang Xu clearly uttered these four words.
His throat tightened a little when he mentioned the company.
He didn't want to mention the company, but as a member of the investment banking department, he felt obligated to bring it up.
Nie Xiguang was there, and so was Yu Chen.
"Shuangyuan?" Chris almost laughed out loud. She shook her head. "A second-tier factory? Zhuang Xu, it's good to want to find a dark horse, but investing isn't gambling. What's the background of Rimang's team? Stanford, IMEC! What does Shuangyuan have? A... unknown inventor?"
"The inventor's name is Yu Chen." Zhuang Xu's tone remained flat. He looked at President Li, as if speaking to everyone, "I have cross-verified through several channels. His patent is of very high quality. The idea is unconventional, but the internal logic is self-consistent. More importantly, I understand that Shuangyuan has established a top-priority team for this project, and Shengyuan Group has invested money and resources behind it. This is not just a spark that flashes in the lab."
The two characters "Shengyuan" are like a stone thrown into water.
"So," Chris crossed her arms and leaned back, "you want us to abandon a project with a factory, data, and orders that we can see and touch, to gamble on a second-tier factory's unfinished pie? Just based on some 'insider information' and a patent that sounds pretty good?"
"It's not about giving up," Zhuang Xu corrected her, speaking a little faster. "It's about diversifying your investments, investing in future possibilities."
"Isn't our job to discover and verify this future as early as possible?"
Their eyes met across the conference table.
"Anyone can talk the talk, Zhuang Xu," Chris said finally, her tone softening slightly. "I need to see something more concrete—sample data? Third-party testing reports? Or even just a decent business plan?"
"So we need to go and see for ourselves." Zhuang Xu turned to look at President Li. "I suggest that we increase our investigation into Shuangyuan Photovoltaic, and proceed with both sides simultaneously for comparative evaluation. If Shuangyuan's technology really has 50% of the potential I'm judging, its value may far exceed that of Rimang. If it's just a bubble, we can go back and focus on Rimang. It's not too late."
Mr. Li didn't speak, but tapped his fingers lightly on the table.
Time passed by, bit by bit.
"Okay." President Li finally made the decision. "Chris, Zhuang Xu, you two will handle this Shuangyuan line. I need to see a preliminary on-site assessment report by next week."
"Understood." Zhuang Xu nodded.
Chris nodded in agreement, without saying anything more.
---
After the meeting, Zhuang Xu returned to his workstation, took out his phone, and the screen lit up. It was a photo of an industry conference that he had saved the night before, though it was a bit blurry.
In the corner of the photo, Yu Chen is speaking on stage, his profile clearly defined.
In the audience seats further away, a figure he knew all too well was looking down, diligently taking notes.
It's Nie Xiguang.
And I still remember that snowy night, at the hotel entrance, Yu Chen shielded Nie Xiguang behind him, his gaze calm yet carrying a forceful strength.
---
Two days later, at the main gate of Shuangyuan Photovoltaic's factory in Suzhou.
Zhuang Xu and Chris got out of the car.
Zhuang Xu straightened his tie and looked at the research and development building that had been set aside in the depths of the factory area.
The security guard checked the reservation information and raised the barrier to let people in.
The two followed the administrative staff toward the research and development building.
As we approached the building entrance, the bright glass door slid open automatically to both sides.
Two people came out, talking as they walked, seemingly having just finished discussing work.
Yu Chen was walking in front, holding a tablet in his hand, and was turning his head to explain something to the person next to him.
Beside him was Nie Xiguang.
She wore a gray coat with the factory logo, her hair was simply tied back, and her face was clean and without makeup, but the natural radiance that shone from her focused work was more striking than any makeup.
The glass door was fully opened.
Inside and outside the door, four people, eight pairs of eyes, collided without any warning.