After Kechuang Biotech went public, basically every brokerage published a research report on Kechuang Biotech.
As the underwriters, CITIC Securities, CICC and Soochow Securities, the first two major securities firms did not dare to exaggerate and only dared to call the target price of 2,500 yuan.
Soochow itself is a local brokerage in Suzhou, and it has no bottom line when it comes to boasting. It is the first company on the market to say that the target price of Kechuang Biotech is 3,000 yuan.
Of course, this does not mean that CITIC Securities has integrity, but they do not dare to go too far.
In 2021, CITIC Securities was the first to call out a target price of 3,000 yuan for Moutai. On the last trading day before the holiday, the unit price of Moutai was 2,601 yuan. After the Spring Festival, Moutai's market value evaporated by 834.1 billion.
As a result, retail investors later recoiled when they heard CITIC's research report.
The unit price of Kechuang Biotech has increased to 3,000 yuan, which is equivalent to the market value rising to 1.2 trillion RMB. The current net profit will definitely not be able to support this market value.
The reason why it enjoys such a high valuation now is because of its monopoly on endorphins and brain-computer connection, which leads to its high valuation.
After Thomas received the samples provided by Kechuang Biotech and completed the test, he found Du Zhiyuan:
"It's perfect. It's as perfect as a Chinese-language brain-computer connection with a mobile phone. Judging from the recognition rate of 99%, it's not an exaggeration at all. I even think it's an underestimate."
"If we want to do customized optimization, Kechuang Biotech needs to open its AI analysis algorithm of brain nerve signals to us."
"Otherwise, calling through the two-layer interface will affect the user's use effect."
Du Zhiyuan smiled bitterly: "Of course I know that getting the source code for optimization is the best way, or even the only way."
"But do you think Kechuang Biotech will open its monopoly technology to us?"
"I even know that it is difficult to see the results of the optimized R&D we do, but in order to reflect the value of the Suzhou R&D Center and prevent our department from being centrally cut down, this is what we must do."
Big companies pay high wages, but if you don't produce enough, the department will cut you off. Like last year, Byte's school education department was all cut down.
Du Zhiyuan continued while reading the test report: "We have known each other for so long, so we should be more straightforward."
"If it relies solely on testing work, does the R&D center in Suzhou need to support so many people? Most of them have master's degrees and PhDs."
"If it's just testing work, the entire Suzhou R&D center can support up to ten people, including finance and personnel."
Du Zhiyuan has been hanging out with Dachang all year round and knows the logic of Dachang's work very well.
Thomas: "Well, the brain-computer connection works perfectly. Mike and Chen are testing the effect on the remaining races."
Mike and Chen are black and Chinese native English speakers.
"I personally think there is no big problem. We can sign a new patent licensing contract with Kechuang Biotechnology."
"There is no problem in increasing the price of rice mix4 by 500 meters in European and American markets with brain-computer connection."
"It looks like there will be another good bonus this year."
Du Zhiyuan is not as optimistic as he is. “The English department’s brain-computer connection patent licensing needs to be repriced.”
"We are still negotiating. The price of patent licensing will affect the total profit of the line connecting brain-computer to mobile phone."
Thomas asked: "Aren't we shareholders of Kechuang Biotechnology? Are there no additional benefits?"
Du Zhiyuan: "You can get the brain-computer connection sample as soon as possible. This is already the biggest discount!"
...
It was the first time he spent New Year's Day abroad. After two rounds of negotiations, Li Miaomiao returned without any success and flew directly from England to Flying Lion City. The rest of the company returned home first.
The founder of secondmind is very tough. He can accept investment but not acquisition. This company is his hard work.
Coupled with the backing of Goldman Sachs and idg Capital, he has the confidence to reject Kechuang Biotech's acquisition request.
"Zheng Li, long time no see." Li Miaomiao met Zheng Li after a long absence at the R&D center in Lion City. She was wearing a formal suit and was much more mature and confident than two years ago.
From Li Miaomiao's point of view, there is not much difference between Zheng Li and Zheng Li. He still looks like a scientific research maniac. Let alone picking her up, he has to wait for Zheng Li to finish his work for the day even if he wants to meet her.
"Ah..." Zheng Li didn't know what to say. He hadn't had normal social interactions for a long time, and he only communicated with his subordinates at the Lion City R&D Center about work and research progress.
Li Miaomiao was familiar with Zheng Li's appearance but felt helpless: "The other party did not agree to go to England this time. Since Goldman Sachs and IDG took over the equity from Secondmind's minority shareholders, and Goldman Sachs and IDG announced that they would help them start the C round of fundraising, so The other party refused very forcefully.”
Zheng Li comforted: "It's okay. If you can't acquire it, then you can't acquire it. We can recruit people to build a team of AI chips and AI algorithms from scratch."
"Secondmind is not irreplaceable."
Li Miaomiao asked: "Isn't what we value the most is the massive data accumulated by SecondMind? We form our own team, and it takes a lot of time to accumulate data."
Zheng Li shook his head: "No, what I am interested in is not SecondMind's massive data, but one of their existing technical routes. Since the other party does not agree to the acquisition, we can just poach the people from the team responsible for that technical route first. After poaching people, poach team members.”
"Where did you hear that what I want is SecondMind's data?"
Li Miaomiao: "I did my homework when discussing acquisitions with AI chip companies. The capital market values companies in the AI industry, and the amount of data is the most important value."
"For example, Qiandu's Kunlun chip team, if it were not supported by data from Qiandu Maps, would it be able to enjoy a valuation of 13 billion RMB?"
"Including SenseTime and Cambrian, which have only been listed in the past two years, how could they support such a high valuation if they did not take into account the massive data they have accumulated?"
SenseTime is still in a state of loss, with a loss of 24 billion in three and a half years, but its market value exceeds 200 billion HKD. The business logic in this can only be understood by everyone.
"If that's the case, I don't need to go to England at all. Wouldn't it be better to just recruit people?"
"Why should I go all the way in vain?"
“It’s really tiring to take a cross-country flight, especially this year’s New Year’s Day is spent abroad, and I’m the only one in the hotel room during New Year’s Eve.”
"Fortunately, the hotel is not in the city center, so you can't hear the noise of other couples, otherwise it would be a bit too emo."
After Li Miaomiao finished speaking, Zheng Li felt a familiar feeling come back. He comforted: "Letting you participate in business negotiations is also to train you. This is also a life experience."
"These are all experiences. Aren't people just living for different feelings?"
Zheng Li has always believed in a way of life, that is, the life of intelligent life is to experience various feelings.
In his long career as a mage, it was precisely because he had experienced everything that he needed to experience that he discovered that pursuing the truth was the best experience, and he was able to go a long way on the road of being a mage.
Whenever the boundaries of your knowledge are expanded, or even your research helps the entire group expand the boundaries of knowledge, it is a feeling unmatched by any other.
