Due to the launch of brain-computer connection, the main contents of the prospectus of Kechuang Biotech need to be completely redone.
The most important content in the prospectus is the company's valuation, the company's total share capital and the issuance price.
Originally, the three underwriters, CICC, CITIC Construction Investment and CITIC Securities, held no less than ten joint meetings with the six major shareholders of Kechuang Biotech before finalizing these.
Li Miaomiao attended the meeting as Zheng Li's plenipotentiary representative.
Now it's time to start over.
Since Kechuang Biotech only publishes quarterly reports to major shareholders, shareholders such as IDG and Temasek hold very small shares. They are unable to participate in the daily operations of the company and can only participate in the decision-making of the board of directors.
But since Zheng Li was not in Suzhou, the board of directors never met.
The 2020 annual report still states that it is expected to complete the application research and development of brain-computer connection devices on mobile phones in 2021.
The first quarter report has not been received yet. Who would have known that Zheng Li was progressing so quickly. In January, he had completed the signing of patent licensing contracts with major manufacturers.
The contract signing with Rice was also completed in the first quarter, but due to a private agreement with Lei Jun, the laboratory testing equipment was provided to Rice in advance.
Of course, IDG Capital, Temasek, and Goldman Sachs got the news earlier than the news. They got the news after the brain-computer connection patent authorization of Kechuang Biotech was approved.
It was too late to get the news, but the listing materials had not yet been submitted to the stock exchange, and major shareholders were demanding a revaluation of Kechuang Biotech.
It is impossible to value things based on the value of a single endorphin now that there is a brain-computer connection.
Li Shuyao said: "There is a very crucial question. Can I ask about it in advance?"
Li Miaomiao knew that it must be an embarrassing question for her, otherwise Li Shuyao would have asked directly, "Just tell me."
"Will iPhone 13 have a brain-computer connection function? If iPhone 13 has a brain-computer connection function, I really want to change it."
Li Miaomiao: "Tell the truth."
Li Shuyao lowered her head and said: "I just want to know if Kechuang Biotechnology has signed a contract with Apple, or if you have reached a cooperation intention now. If it is reached, the profit estimate for 2021 will be a completely different valuation."
Li Miaomiao realized that in some aspects, she had a deeper understanding than her sister, who graduated in finance and was studying at Yenching University.
She has a deeper understanding that experience is the best teacher:
"After the patent registration of Kechuang Biotech was completed a few days ago, when I was chatting with Young from IDG Capital, the head of investment in IDG's biomedical industry, he put forward a point of view."
Li Shuyao was very interested in this kind of boss chat. She hadn't realized that Li Miaomiao was already a boss: "What next?"
Li Miaomiao continued: "He roughly means from artificially synthesizing endorphins to brain-computer connection. Zheng Li has fully proved that his original development of enkephalins was not a flash of genius, but a continuous output."
“Therefore, the valuation of Kechuang Biotech cannot be based on the patent licensing of endorphins and brain-computer connected mobile phones.”
"The greatest value of Kechuang Biotechnology lies in Zheng Li. He is only twenty years old and has already completed two patented research and development projects in biomedicine that can be said to be a monopoly. His future is limitless."
"Kechuang Biotech should be valued from its source, and we should be valued based on Zhengli's R&D capabilities."
Li Shuyao couldn't help it anymore: "The problem is that this kind of thing cannot be valued. With research and development capabilities, how many patented research and development can Zheng Li guarantee that he can have in the future? How many of them can be valuable, such as brain-computer connection and endorphins?"
"It's something that's completely unquantifiable."
Li Miaomiao signaled her to calm down: "So Young proposed that if we don't give up this listing opportunity, IDG Capital is willing to invest in Kechuang Biotech's C round of investment for no reason. As long as Zheng Li is still in Kechuang Biotech, even if it invests in the Z round, IDG We will also participate in the Z-round investment.”
Li Shuyao: "Don't you want to eat alone?"
Li Miaomiao: "Goldman Sachs and Temasek both mean this. They both say there is no rush to go public. If Kechuang Bio's research and development is short of funds, they are willing to participate in the next round of investment, and they are not willing to accept an unreasonable valuation."
"They are willing to wait ten or twenty years for Zhengli's scientific research capabilities to be fully demonstrated before going public."
"Including Mr. Lei from Rice, he means the same thing."
"Kechuang Biotechnology will fully compensate you for the liquidated damages as the underwriter."
Li Shuyao: "It's not us, I'm just an intern. If you don't go public, I guess the leaders of CICC will not be able to sleep during this period and will be depressed to death."
She couldn't help but laugh at the thought.
Li Miaomiao continued: "Don't worry, I haven't finished talking yet. After reporting the situation to Zheng Li, Zheng Li said that this is still the listing, but the valuation of the listing does have to be renegotiated."
Li Shuyao asked in confusion: "If IDG and Goldman Sachs are willing to follow the investment, then Science and Technology Biotechnology is not short of money, so why is it in such a hurry to go public?"
"Zheng Li wants to cash out his stocks, so he can just sell part of them to these investment banks."
Li Miaomiao shook his head and said: "I don't know what Zheng Li is thinking. Although I consider myself the person who knows him best in the company, I often don't know what he thinks."
Zheng Li's idea is very simple. He doesn't need money and is not short of money. He is close to recovering his spell casting ability, and money will be even more useless to him after he recovers his spell casting ability.
It doesn't matter to him whether Kechuang Biotech will go public sooner or later. Since the contract has been signed, Zheng Xiang thinks it's okay to go public early. Going public early will be regarded as a benefit to employees.
Executives and middle managers who have not been listed will not be able to get options. If the company is listed, they will all receive some shares.
Li Miaomiao sighed: "I thought I could watch a show."
"If you don't go public, I won't have to work overtime every day."
Li Miaomiao: "If you don't want to do this, just resign. You don't even need to resign during the internship period and just tell the HR."
Li Shuyao: "I don't want to work hard to see if I can stay in CICC."
Li Miaomiao: "If you want to come to Soochow Securities in Suzhou, I can help you get into the headquarters. Or if you want to go to IDG Capital, Goldman Sachs, Temasek, etc., I can also help you get an interview opportunity."
"As long as your behavior is not particularly outrageous, you can be let in."
Li Shuyao felt a little emotional that her sister had more social resources than she could imagine: "Thank you, I will tell you if you want."
Li Miaomiao saw the other party's lack of interest: "So if you only count the value of endorphins and brain-computer connection, go and value the science and technology."
"There is a high probability that such a prospectus will not pass the board of directors."
"The value of brain-computer connection alone cannot be calculated solely based on the expected revenue from patent licensing. More importantly, brain-computer connection technology has a broad application space in the future."
