Chapter 174: Troublemaking
Zhang Lei of Hillhouse Capital is still very proud of his reputation. He locked Pony Ma, Martin Lau, Qiangdong, and Xie Jingxing in a conference room for negotiations, and no one could leave until the talks were concluded.

Including him, the five of them talked for more than six hours. Even though Xie Jingxing was young and energetic, his prostate couldn't take it anymore. In the end, the three parties made compromises and the urine holding competition was a complete success.

Tencent's investment conditions are similar, and Yunhe's valuation has been reduced to 240 billion.

Taihe paid US$7.5 million to acquire 5% of JD.com's old shares, and JD.com paid 24 billion yuan to subscribe to 10% of Yunhe Value-added's registered new shares, which have lower voting rights than old shares.

It is hard to say who has gained an advantage between the two, after all, Yunhe's early development came at a good time.

A large number of industrial land storage cold chain centers and urban commercial land distribution stations across the country were basically purchased before the real estate took off. The long-distance bulk commodity transportation channels are also stronger than JD.com. All in all, the valuation of 240 billion is really not high.

Brother Qiangdong's performance in the Taihe office was like a wink to a blind man. After the meeting, he stood in the toilet and complained about Xiao Xie's dishonesty while trying to pee.

But this cooperation is undoubtedly a success. Ele.me and Meituan are moving into second- and third-tier markets at an average rate of entering one city every three days.

They perfectly replicated the battle of online ride-hailing services. The first thing Zhang Xuhao did when he arrived at the company every morning was to look at the financial statements. He watched the daily cash burn jump from 800 million to 1300 million.

It seemed a bit difficult to burn 5 million yuan of funds in February, so he signed without shaking hands or panic, and even held his breath and cursed the marketing department for being useless and not being able to spend the money.

Brother Qiangdong was very excited about this situation. He wanted JD.com to launch a food delivery project to contribute to the entire market, so that the crowdsourcing logistics business would become the infrastructure of the food delivery industry more quickly.

To date, Xie Jingxing's expected "second phase of competition in the food delivery industry" has been realized.

Ele.me has the support of two big trees, Tencent and Yunhe. Even if Meituan puts a dog in Zhang Xuhao's office, it will not be able to beat Ele.me within half a year.

The blood drained from Meituan in the past six months is enough to make the seeds planted by Su He in Wang Xing's heart take root and sprout. By then, there will be no need for Zhang Xuhao's office to exist.

Xie Jingxing personally catalyzed the competition in the food delivery industry, used capital to help him build the grandest stage in the venture capital circle this year, and it was reasonable for him to eventually dismantle the stage with his own hands.

"Enjoy it. Not everyone has the opportunity to become the glamorous protagonist, even for only half a year."

He looked at the good news Zhang Xuhao had sent again, responded silently in his heart, and then continued to busy himself looking for the next protagonist.

…………

At the same time, in Beijing, in a high-end office building on the East Second Ring Road, the capital stage was crumbling and the protagonists made their debut.

"Mr. Jin, are you leaving?" the financial manager holding documents asked as he blocked the office door.

Jin Yan, a middle-aged woman with short hair and capable temperament, said in a gentle tone: "I'm having dinner with a friend."

"There is a document that needs your signature. The partner needs it urgently."

The financial manager glanced at the pretty girl standing next to Jin Yan and didn't explain the matter clearly.

Jin Yan frowned slightly: "Please leave it in my office first. If you have anything to say, we can talk when I come back."

"Director Jin, this really can't be delayed any longer. Hanli is pressing us hard and there's nothing President Li can do to stop us." The financial manager said half-heartedly.

"If Mr. Li can't stop it, bring the people from 'Han Li' to find me."

Jin Yan felt a little embarrassed, so she left after saying a few words.

The financial manager stood there awkwardly. The delicate-looking girl gave him an apologetic smile, and he nodded in response.

After watching the two leave, he came to the company's front desk and asked, "Xiao Jing, who was that girl who just went out with President Jin? She looks familiar to me."

"Oh, she is Song Anli. She participated in a very popular variety show last year." Xiaoqian at the front desk replied casually.

The financial manager was puzzled: "Director Jin wants to sign her?"

"Maybe, maybe she is upset with Xie Jingxing and wants to pursue her dream of entering the entertainment industry."

"You mean Xie Jingxing?"

"Yes, actually, when the variety show was broadcast last year, people on the Internet said that Xie Jingxing and Zhao Mengche had a better CP feeling... Song Anli likes to play tricks on the show and is particularly green tea..."

Xiaoqian at the front desk enthusiastically shared gossip, and the financial manager's eyes unconsciously turned to the company sign behind her.

——Pony Galloping.

Brother Gou, the sharks are smelling the scent and coming, why can’t you understand that capital comes with blood?

He took a deep breath, straightened his clothes and walked towards the HR manager's office. The company could no longer continue the internal fighting.

"Assistant Song, this 'Eight Vegetarian Steak' is the signature dish of my restaurant. Please try it and give me your comments. If there is anything I didn't do well, I can improve it."

There were only vegetarian dishes on the table, and Jin Yan was speaking politely.

"When I was studying abroad for a few years, I was craving for home-cooked food, and I thought I would open a restaurant when I return to China."

Song Anli looked at him with admiration: "Boss Jin, your restaurant's cooking skills are amazing. I want to become your apprentice."

"'Ba Ba Su' is a famous vegetarian dish. The cooking method is not very particular, but the ingredients themselves are the most important. You have to choose the right ingredients, such as white fungus from Sichuan, morels from Yunnan, and shiitake mushrooms from Fujian."

Jin Yan took a sip of tea and said, "Assistant Song, you don't need to become my disciple. Just call me sister and I will teach you how to choose the ingredients."

"Sister Yan Zi, then it's a deal. You will teach me after we finish the investment." Song Anli agreed immediately.

Jin Yan looked surprised and pretended to sigh: "You are such a difficult sister. We agreed to only eat and not talk about work."

"'Hanli' refers to the Hanli Future Fund, right? Sister Yan Zi, I don't want to embarrass you." The admiration in Song Anli's eyes disappeared.

Hanli Future Fund is one of the investors of Xiaoma Pentium. It breached the gambling agreement after Li Ming's death and was the first to jump out to collect debts just one month later.

Xiaoma Pentium has some money in its account for the time being, but Jin Yan is unwilling to directly repurchase shares to repay debts.

She brought in Li Ruigang from the Chinese Culture Fund to take over. People in the circle call him Uncle Li because he has extensive connections and experience, and it is rumored that he has an all-powerful background, literally.

Uncle Li offered Xiaoma Pentium an initial valuation of 36 billion, on the condition that all existing shareholders would be cleared out.

This orphan and widow now have financial support from above and the support of a team of senior executives who are mindful of Li Ming's friendship. They can try to maintain the situation in the future and maybe even turn a disaster into a blessing and move to a higher level.

For example, because Chinese Culture came forward to make an offer, the representative of the investor "CCB Culture" who signed the gambling agreement among the existing shareholders of Xiaoma Pentium said that the gambling default debt issue could be postponed.

They led existing shareholders to give a valuation of 42 billion yuan and make additional investments in Xiaoma Pentium.

Jin Yan, whose husband had died, was completely relieved and gradually became eager. Uncle Li just called out a price and helped her earn an extra 6 million in valuation.

She knew that the money was not easy to get. Li Ming's elder sister and younger sister held a large number of shares in the company. One was in charge of the advertising business, and the other was in charge of finance and personnel.

The financial manager is Li Ming's sister Li Li's man. These days, she has encouraged Hanli to come to collect the debt and try to disrupt the due diligence of Chinese Culture to prevent the merger. This is so that the sisters and the existing investors led by Jianyin Culture can join hands to control Xiaoma Pentium and drive her, the widow, out.

But even though Jin Yan knew it, there was no way she would give up Uncle Li and cooperate with this little girl who only offered a valuation of 20 billion.

Asking you to come around the company to help raise the price and treating you to good food and drinks is already a big honor for you, but you really think you are a dish.

Jin Yan thought secretly and ignored Song Anli's knocking.

"Boss Jin, I've been wishing you a happy New Year and now we have a certain understanding of each other."

Song Anli put down her chopsticks and said slowly: "It seems to me that you don't know much about the financial investment industry, at least you don't know about Jianyin Culture."

"I can't help it. I never interfered with any of Xiaoma Pentium's affairs when Li Ming was alive. All the money he got from gambling with your financial institutions was invested in the company, and I didn't spend a penny."

Jin Yan began to lay her cards on the table: "Now that he's gone, he's left us, an orphan and a widow, with this mess. I don't know what to do if I have to take on this responsibility."

"Since I'm being chased for debt right in front of you, I'm not afraid of you making fun of me. He and I have been separated for many years. If we didn't have a child, we would have divorced long ago."

She paused for a moment and said calmly, "So I don't have any hope for what will happen to Pony Galloping in the future. I just want to sell more to save some money for my daughter. That's all I'll do in my life."

The highest bidder wins. If you don’t have money, don’t complain. She served tea and saw the guest off.

Song Anli didn't see it, she lowered her head and took out a document from her bag: "CCB Culture is state-owned, and Pony.com is one of the few large projects they have had since their establishment."

China Construction Bank, China Publishing Group, China Film Group...

Jin Yan looked at the list of LPs of China Construction Bank International and didn't think much of it. If she didn't have some background, she wouldn't have been able to grab the star project of Xiaoma Pentium in the first place, and she wouldn't be able to compete with Uncle Li of China Media Capital now.

"This means that no matter whether it is Chinese culture or us, he will not easily let anyone in." Seeing that she didn't understand, Song Anli had to speak more bluntly.

The entertainment industry's game of having powerful connections is useless in the financial industry. As long as there is profit to be made, anyone who comes will be slapped in the face. At most, you can use your background to kill me, but if you can't, I will cheat you without any negotiation.

"After completing due diligence, China Media will know that Pony.com is not worth 36 billion."

Song Anli said quietly: "CCB Culture knows that you are not worth 42 billion. They are pulling down Chinese Culture and Mr. Li Ming's two sisters."

"Assistant Song's words are biased. As far as I know, Xiyou has never come to Xiaoma Pentium for due diligence. How can she know us better than Chinese Culture?"

Jin Yan retorted bluntly that she didn't believe that Jianyin Culture would cheat Chinese Culture. At most, the Li Li sisters wanted to get rid of her.

Song Anli was silent for a few seconds: "Mr. Xie met Mr. Li Ming in person before the New Year."

"He's almost going crazy because of the listing. I'm not surprised by anything he says." Jin Yan couldn't help but prop up her arms.

Song Anli smiled and said, "He hopes that we can help you and his brothers to make Pony Galloping a success."

"We are talking about feelings now, what was he doing before?" Jin Yan curled her lips in disdain with a face full of resentment.

Song Anli was helpless: "That's true. Being too emotional is not a good thing."

Jin Yan opened her mouth but no sound came out. In the past few years, Xiaoma Pentium was sought after by capital, and Li Ming listened to the capital's instigation and became ambitious. He set up a VIE equity structure to accept foreign investment and prepared to go public in the United States.

Later, as international relations became tense and Chinese stocks listed in the United States collapsed overall, he wanted to return to China to list.

However, if they wanted to list on the domestic stock market, they had to dismantle VIE first. In addition, I heard from the bigwigs behind me that the country was going to tighten the listing review for media companies.

In order to save time, the VIE reform process was compressed and a "Xiao Ma Huan Teng" shell was roughly put on Xiao Ma Pentium. Li Ming's two sisters held more than 50% of the shares of Xiao Ma Huan Teng, and he himself held 38% of the shares.

After conversion, this part of equity is only equivalent to 8% of Xiaoma Pentium's equity in Jin Yan's hands.

That is why, even though she had the support of Uncle Li and the company's senior executives, she was increasingly squeezed out by the Li Li sisters.

So Jin Yan didn't want to talk about friendship. No matter what Li Ming talked about with Xiyou before he died, she only cared about money.

"Mr. Xie is willing to do his best to help Mr. Li Ming realize his last wish."

Song Anli completely lost her patience: "Since you don't want to be acquired by Xiyou, Xiyou will provide you with a long-term loan of 12 billion yuan to help you recover the shares of Jianyin Culture."

"...What are the conditions?" Jin Yan's eyes lit up.

China Construction Bank Culture is the second largest shareholder of Xiaoma Pentium, owning 15% of the shares. Combined with the 8% in her hands, it would be easy for China Media Capital to kick out the Li Li sisters.

Song Anli emphasized: "This is about accumulating virtue and doing good deeds, without any conditions."

"Sister, I don't know how to do business. Li Ming left us an orphan and a widow. I really don't know what to do and I don't dare to trust anyone..." Jin Yan's eyes were red.

"Please move forward as soon as possible. The relationship between the company's senior executives and Mr. Li Ming cannot withstand the internal fighting."

Song Anli stood up and said goodbye, adding half a sentence in her heart that she didn't say out loud - it shouldn't be wasted on you.

Screenwriter Kong Ergou and producer Zhong Lifang are important assets of Xiaoma Pentium worth 20 billion yuan.

The next morning, Jin Yan met with Uncle Li for a long secret talk. That afternoon, she used her authority as chairman to forcibly convene an extraordinary shareholders' meeting.

She announced a new financing plan with great enthusiasm. She personally acquired the 15% stake held by China Construction Bank Culture at the compensation price for breach of contract, and China Media Capital took over the shares held by other shareholders at a valuation of 36 billion.

Sister Li Li did not say a word during the entire meeting. That night, the original and duplicate company business licenses and all company seals were stolen and locked in the lounge in Li Li's office.

On the morning of the third day, CCB Culture took the lead in forcibly convening a board meeting, removing Jin Yan from the position of chairman and adding a seat on the CCB Culture board of directors.

The financing plan with a valuation of 36 billion yuan of CMC was vetoed, and the terms of reference of the board of directors and shareholders were amended. All proposals were approved and Li Li was appointed as the chairman of the company.

That afternoon, the due diligence team of China Media Capital left the office of Pony.com and lowered the valuation to 30 billion.

And it requires either the Li Li sisters or Jin Yan to step down and sign a performance betting agreement.

The capital stage of Pony Ma was demolished.

That night, Song Anli tasted the "Ba Ba Su" again, accompanied by Jin Yan and most of the executives of Xiaoma Pentium.

"CCB Culture wants the entire Pony.com, and they are the banker here," she announced to the senior management team.

Zhong Lifang, vice chairman of Xiaoma Pentium and known as the company's "left brain", looked at Jin Yan. Jin Yan avoided her gaze and looked at other people. Everyone was silent.

Song Anli raised the corners of her mouth and raised her chin slightly: “You may not know that Mr. Xie happens to be good at killing the dealer at Tianmen.”

(End of this chapter)