If you want to survive in the investment field, you must have a keen sense of smell, quick movements, and accurate judgment. Good investment projects can be intercepted the day before signing.
Not to mention a project with high certainty and bright prospects like Kechuang Biotechnology. After reading the first clinical report of Endorphin, investors only had one thought in their minds: I want to grab this project.
Cheng Gang said helplessly: "If you have done research on Kechuang Biotechnology, you should know that Director Zheng is a person who is dedicated to research. After the first phase clinical trial report came out, Mr. Lei came to Suzhou for inspection and proposed to have dinner with Director Zheng."
"They all ate in our company cafeteria. After eating, the chat ended in less than 20 minutes. Director Zheng continued to work in the laboratory."
"Director Zheng spends more than fourteen hours in the laboratory every day and has no time to eat out."
"The boss is more diligent than the employees below, and I feel ashamed of myself. The first thing Mr. Lei said to me after he and Director Zheng finished eating was: If such people don't succeed, who can succeed?"
"The second sentence is: The scariest thing is that people who are more talented than you work harder than you."
Stephanie lamented: "You have to believe in Goldman Sachs' research capabilities. These are all written in our investigation report. We want to invest in science and technology biology not only for endorphins."
"What's more important is that I want to invest in Zheng Li. With top scientific research genius combined with unparalleled efforts, plus he is still so young, Zheng Li can at least support the development of Science and Technology Biotechnology in the next thirty years."
"I am very willing to come to your company to have a meal and have a chat with Director Zheng."
Cheng Gang replied: "Sorry, the first person who called was Young from IDG. Director Zheng really doesn't want to see anyone."
Young Guo of IDG has an undergraduate degree in Applied Chemistry from Shenhai Jiaotong University and a PhD in polymer chemical engineering from Massachusetts State University. He was the first outside investor to realize the value of Zheng Li.
When Kechuang Biotech was founded, Young expressed his hope to participate in the first round of venture capital, but at that time neither Zheng Li nor Lei Jun had the intention to increase capital or expand shares.
"However, we will hold a sharing session later. We will have new research results to announce at that time, and we will discuss the details of the second round of investment in detail."
"The sharing session should be held in these two days."
...
On a sunny afternoon in Suzhou in June, many investors gathered in the open conference room of Kechuang Biotech. Kechuang Biotech only sent invitation letters to the top domestic investment institutions.
Before the sharing session started, investors had already had a verbal exchange.
"Hong Bo, when will CMB International invest in biopharmaceutical companies?"
"I'm afraid Kechuang Biotechnology is not in line with your investment philosophy of CMB International, right?" Young from IDG Capital said while chatting with Wang Hongbo of CMB International.
In addition to foreign capitals such as IDG Capital, Sequoia, Goldman Sachs, and Morgan, venture capital institutions active in China also have venture capital departments established by domestic first-tier banks in China, Agriculture, Industry, Construction, Communications, and China Recruitment.
These banks generally established their own venture capital departments around 2011.
Wang Hongbo chuckled and said: "That's not what you said. CMB once led the investment in Kangtai Biotech and helped Kangtai Biotech successfully list on the GEM. We have always been committed to investing in outstanding domestic innovative companies and growing together with outstanding companies."
Young thought to himself that if you don't know who everyone is, what are you pretending to do here: "I'm afraid the only biopharmaceutical company that CMB International has invested in over the years is Kangtai Biologics, right?"
“The last time we invested in Kangtai Biotech was in 2015, and then Kangtai Biotech was listed on the GEM in 2017. I’m afraid you and I know the specific purpose of CMB International’s investment in Kangtai Biotechnology.”
"Science and Technology Biotechnology will not go public so soon. Can CMB International endure loneliness?"
Wang Hongbo smiled and said: "You don't need to worry about this. We plan to get deeply involved in venture capital in the biopharmaceutical industry from this year on. We are very optimistic about related companies that can replace domestically produced biomedicine."
Trivia: CMB International invested in Kangtai Biotech in 2015 and has never invested in the biopharmaceutical industry since then. However, it invested in five companies in the biopharmaceutical industry in two years in 2020 and 2021.
The reason is very simple. After the 2018 trade war, the country put forward the requirement for domestically produced equipment to replace foreign equipment in the backend of financial institutions, which is the so-called "de-IOE". It proposed that domestic equipment should account for at least 70% of the backend equipment of financial institutions. .
Following the same logic, the biopharmaceutical industry also wants to realize the top-level will of replacing imported products with domestic products, so pharmaceutical stocks and pharmaceutical-related venture capital have begun to rise.
Young: "CMB Capital can only help Kechuang Biotech in terms of capital operation, but IDG Capital can help Kechuang Biotech in all aspects. Our investment experience in the biomedical industry is not comparable to that of CMB International."
Before 2020, IDG Capital's investment experience in the biomedical industry was indeed much richer than that of CMB International. They had been investing in companies in the biomedical industry since 1996.
Among them, the 2007 Series A venture capital round of Jiu'an Medical, the most popular stock recently, was led by IDG Capital.
In addition, don’t think that the investment industry is too high-end. When a really good project appears, they will use any dirty means as long as it works.
Wang Hongbo: “If we only look at industry investment experience, then I think there is no need for Kechuang Biotech to send invitation letters to bank venture capital investors.”
“Wouldn’t it be better to send it directly to Goldman Sachs, Morgan, or IDG?”
"Old man, relax. Your competitor is not me. Your competitor is Goldman Sachs and Morgan. My competitor is Bocom International, CCB International, China Venture Capital, CICC and other companies."
"High-quality companies like Kechuang Biotech will definitely not introduce all foreign capital."
Young Guo replied: "I'm just curious. Logically speaking, CMB International would not invest in a company of this nature."
"What you say makes sense, but according to my information, the final decision lies with Director Zheng. He has not met any representative of any investment institution."
"Now everyone is on the same starting line."
"When I saw Director Zheng's resume, I was filled with emotion. There are really geniuses in this world. In the second round of venture capital, we increased the valuation of Kechuang Biotech at least ten times to 5 billion RMB."
"Director Zheng is only eighteen years old and his net worth exceeds RMB 4 billion. When I was eighteen years old, I was still doing test tube research in Shenhai."
Wang Hongbo: "People are different. Our understanding of Zheng Li is that he is a top scientific research talent."
"But I think he is not only talented in scientific research ability, but also in decision-making and judgment. After publishing Nature, he directly chose to drop out of school and start a business. He only met Lei Jun once and got 50 million in venture capital. .”
“Every step after getting the venture capital was just right.”
"I have to lament that the world will eventually belong to young people."
