The investment process moves quickly, like someone with a whip and driving it, like all political marriages.

After the third-party financial, legal and evaluation institutions conducted due diligence on Ruili Technology, it was serious and efficient, and more than half a month later, Leyang Industry officially submitted the merger and acquisition plan.

Leyang Industry acquired in the form of capital increase and share expansion to control Ruili Technology. The total investment of 300 million yuan is a huge amount of money for Ruili Technology, which has three R&D lines working at the same time. More importantly, Leyang Industry proposed that one plus one must be greater than two, and far greater than two. After holding Ruili Technology, the supply chain will gradually switch over, and it is planned to transfer more than 90% of such orders to the product line of Kunpeng Industrial Robot within two years. Niu Zhaoxu calculated an account of primary school students, according to the existing orders of Leyang Industry, the purchase amount of automation product lines such as Kunpeng robots in one year is equivalent to the current quota of Ruili Technology for two and a half years. It's no longer about overtaking in a corner, it's about overtaking in a lane. Be quick! Don't just run, you have to jump off a cliff as fast as you can. This has a fatal attraction for Huang Ligong.

"Ladies and gentlemen, this is equivalent to allowing Kunpeng Robot to accelerate its running, expand rapidly in size, and bring back the upstream and downstream small and medium-sized enterprises that have settled in the Wushan Town Robot Industrial Park in one fell swoop. Our supply chain will be extremely strong, and Ruili Technology is their largest purchaser. One trick is powerful, and the whole thing is alive! Huang Ligong stood at the big conference table and said to the shareholder representatives of Ruili Technology.

There was silence. Seeing that the others didn't speak, Liu Ruiyang spoke.

"Does this mean that you want to give up the position of the controlling shareholder and let someone else merge and acquire?" His tone was calm, like a reminder rather than a question. He knows that Ruili Technology is the lifeblood of Huang Ligong, and it carries their dreams from youth to the present. In the previous rounds of communication and due diligence, although he was frank and cooperative, the default tone was strategic cooperation, not investment holding. In his consciousness, Huang Ligong should be the most unacceptable to the side of control.

Being controlled by the investee is indeed something that Huang Ligong never imagined. After receiving the terms of the merger and acquisition submitted by Leyang Industries, he couldn't sleep all night and smoked two packs of cigarettes. By the time the first rays of reddish sunlight shone into the town that was about to boil, he had already walked two and a half laps on the slow track around Wushan Lake.

Huang Ligong returned to his seat, sat down, sighed, and said, "When I first saw the merger and acquisition plan, to be honest, I really couldn't accept it. The silence of the crowd told him that the problem could not be bypassed. Their headache is not only the holding, but also his posture. "However, this is an unprecedented opportunity for the company, not only from an individual point of view, but also from the company's own development and interests. Everyone knows how Ruili Technology has come over the years. ”

Yes, everyone knows how much money is burned and how much resources are needed in the manufacturing industry. Industrial robots, especially in technology-led industries, if they can't continue to invest, technology can't continue to progress, and maintain the superiority of products, it is difficult to open and occupy the market. Ruili Technology has been established for several years, including angel investment, and has done several rounds of financing. Some are emergency support, which has maintained development for several months; Some are strategic, can be moved, and focus on development, but they can only support a year. Always facing a funding gap, always when I can take a breath, I find that I still need new investment and external financing.

"Do we need this money now?" Liu Ruiyang asked.

Huang Ligong was silent for a while, shook his head, and then nodded again. "From now on, we don't have to ask for the money. But I never looked at it, and now I have to pay for it. If you have to spend a lot of time and energy on financing every year, it will affect the speed of capturing the market. We have all seen that now we have ushered in the outbreak period of industrial robots, and domestic brands are awakening and rising. Everyone else is running into the field, we have finally created such a good situation, and now we can't slow down! Whether it is staking or rapid expansion, it must occupy more market share, and it must ...... Lots of money. ”

"I have no objection to the introduction of Leyang industry, but it feels a little weird. Over the years, all the hard work has finally created a proud product and company, which has been ......controlled by others overnight," Liu Ruiyang stopped talking, turned his head to look at Zhang Wenfeng beside him, and said, "I'm a little worried about the risk." In addition to the risks of product direction and management, will there be other risks? ”

Zhang Wenfeng understood the meaning of Liu Ruiyang's question to him. Leyang Industry was introduced by him, and he also knows more about the ravines in the capital market. "There are risks in everything, and the greater the development prospects, the greater the risks. Moreover, the risks we really care about can be negotiated as much as possible and specific terms can be formed to avoid. So, it doesn't matter whether it is controlled or not, whether it is risky or not. The important thing is whether it is worth it for sale. According to my understanding, Leyang Industry's bid can be said to be quite generous. The so-called highest price wins, this is the logic of capital and business. ”

This is his truth. He introduced Leyang Industry with the core goal of maximizing the value of his equity in Ruili Technology and successfully cashing out. He didn't want to hide it from Huang Ligong and Liu Ruiyang.

Liu Ruiyang nodded and said no more.

Huang Ligong looked at Fan Jie, who was sitting alone on the other side of the conference table. Fan Jie is a partner of the industrial investment fund of Xaar Science and Industry, and accepted Xu Qianqian's entrustment to come to the meeting. Xu Qianqian was in London at the moment, and after she left Wushan, she did not join the industrial investment fund as her father intended, but returned to England and started her career from there.

Fan Jie straightened his waist, bowed his head slightly, and said, "I remember that when we invested, Mr. Huang's promise was an independent IPO. ”

Huang Ligong immediately answered, "This shareholder meeting is just to discuss this matter with you." In the current situation, is it better to go public independently, or to be acquired by a listed company? ”

This may seem like a simple question, but it's actually quite tricky. Because this is a dilemma of choice rooted in human nature, take the baked cake at hand, or wait for the pie of the future?

In terms of investment income multiples, it is naturally better to be an independent IPO. But how long will it take for a successful standalone IPO? Everything is unknown. No matter how good the benefit is, if it cannot be realized, it is equal to zero.

When Huang Ligong raised money everywhere, the plan he made for investors was indeed an independent IPO. In this investment, Niu Zhaoxu gave two plans when exchanging views in the early stage, either strategic investment; Either the equity of the listed company is replaced, and part of the shares of the old shareholders are replaced by the shares of the listed company. The equity swap plan is beneficial to the early investors, both the founder and the various rounds of investors, can easily cash out, but the money to enter Ruili Technology is less. Huang Ligong did not hesitate and chose to increase capital and shares. It is his fundamental purpose to keep the financing money in the company, solve the company's operating cash flow, and continue to invest in the R&D sector.

He didn't discuss it with the shareholders at the time, and he won't talk about it at the moment.

"It's not time to choose one or the other, is it?" Fan Jie said politely.

"No, Mr. Fan, the barbarians have already arrived at the door." Huang Ligong shook his head, "I believe you also know that there are many companies that are entering the market and thinking about entering the market recently, most of which are large enterprises with assets of tens of billions of yuan, or listed companies. For them, it is not difficult to poach the technical backbone, or even a team. ”

"It's happening in every industry, and they don't necessarily have to be able to do it."

"What if it's our team? Or, what about their acquisitions of our competitors? Huang Ligong said earnestly, "We have developed to the point where we are today, even if we don't take the initiative to look for it, we will be stared at by many mergers and acquisitions." If we have to face such a result in the future, it is better for us to have the autonomy now, take the initiative to choose the most beneficial acquirer for us, and give full support in terms of capital, market, platform, etc., so that the enterprise can go faster. ”

"I agree with that. M&A is not a bad option. Fan Jie lifted his glasses and said in a deep voice. Huang Ligong just breathed a sigh of relief in his heart, but heard Fan Jie continue, "However, Leyang Industry is not the only choice, right? As Mr. Zhang said, the highest bidder wins, but now I only see one bidder. Mr. Huang did not inform us in advance of the financing. At least we can do a little bit to find a few bidders. ”

After speaking, he looked at Huang Ligong. Huang Ligong was speechless. He closed the notebook spread out on the table, held it in his hand, slowly stood up, and walked towards the door of the conference room.

"Mr. Fan."

"Huh?" Fan Jie stopped and turned around.

"Time is not on our side." Huang Ligong said in a deep voice. He knew that if Fan Jie walked out of the conference room, the investment would have to be postponed for a month or two. If Fan Jie really recruits new investors who are willing to bid, it will be even more protracted. You have to cut through the mess quickly. "We will officially release the gearbox next month, which will be fully used in our products. This can only succeed, not fail. ”

"Can't fail?" Fan Jie stared at him.

Huang Ligong nodded solemnly, "Then we will reconstruct the entire channel and market system." This can only succeed, not fail. Fan Jie returned to his seat and sat down. Huang Ligong glanced at Zhang Wenfeng, who couldn't care about it now, and continued, "We need not only money and resources, but also ...... acquirers."

"Do you also need the capacity to invest equity investment into venture capital?" Fan Jie's face was a little strange.

Huang Ligong nodded, "It must be able to be tied to our chariot." Even if the thunder blows up, it can face it with us and get the situation back. ”

"How bad is the situation?"

Huang Ligong smiled, "It's because we've developed to this extent!" Which of China's manufacturing industries is not like this, and which great development is not walking a tightrope on the survival line? ”

Fan Jie was a little distracted, and a stunned look swept across his face. Huang Ligong looked at him with inquiring eyes. Fan Jie smiled and said, "We have no objection to this financing." ”

His surprise was not because of what Huang Ligong said, but because of Xu Qianqian. Before attending the shareholders' meeting, Xu Qianqian made a pre-deduction with him. He argues that the stakes are too high and should be vetoed. Xu Qianqian insisted on pushing, and the reason she predicted was almost the same as what Huang Ligong said. Since it is a high-risk and high-return situation, it is more necessary to introduce large capital. success, everyone benefits; Defeat, big money has come in, and losses are minimized. And, in her words, "it's like a scam, the bigger it is, the easier it is to be exposed." However, a scam that plays too big will not work. The more people who are bound, the safer they are. Those big players will be more anxious than the scammers themselves and will do everything in their power to make the scam come true. ”