Chapter 307: Series B Funding: A $22 Billion Offer! The Night Before the Internet Conference!

Before the Wuzhen World Internet Conference, the China Internet Conference, hosted by the China Internet Association since its inaugural edition in 2002, has now been held ten times.

Tomorrow is the date of the eleventh China Internet Conference!

Baidu, Tencent, Sina, Sohu, 360, NetEase, and multiple subsidiaries under Senlian Capital are all on the invitation list, with over a hundred leading enterprises represented.

For Chen Yansen, attending the conference is not the priority; enhancing industry influence, reaching target customers, and uncovering business opportunities are the key goals.

The refined way to say it is connecting commercial resources, discerning industry trends, and shaping corporate image; the colloquial version is building a persona, seeking investment, and cultivating connections.

Even Li Yanhong, Ma Liyun, and Ma Wenteng couldn’t avoid it—Chen Yansen naturally wouldn’t refuse either.

Any opportunity with benefits, he’d rush toward it without being asked.

September 10, 2:00 p.m.

Inside a Boeing passenger aircraft bound for Yancheng, Chen Yansen leaned back in his business-class seat, flipping through a copy of “Photonic Crystals: Shaping the Flow of Light” to pass the time.

Zhou Shouzhi, Huang Zheng, Liang Bo, Gao Linwei, and Song Yuncheng sat scattered nearby.

Gao Linwei was viewing Pinduoduo’s financial statements on his iPad, Zhou Shouzhi was engrossed in a book titled “Commercial Law Cases,” while Huang Zheng and Liang Bo discussed Toutiao’s e-commerce advertising business.

Song Yuncheng turned slightly, stole a glance at Chen Yansen, pursed his lips, then idly flipped through the magazine in his hand.

Except for Zhang Yinjia from Orange Pay, representatives from Orange Tech, Pinduoduo Mall, and Toutiao Tech were all present.

In addition, KuaiPao, KuaiDi Taxi, Gaode Map, YunSu Express, and ByteDance were also invited.

This shows that although Senlian Capital owns no listed companies, each of its subsidiaries holds a pivotal position in its respective field.

After some time, Gao Linwei put down his iPad, instinctively yawned, checked the time on his wrist, and realized there was still an hour until landing.

He covertly observed Zhou Shouzhi, Huang Zheng, Liang Bo, and others, silently relieved that he had been sharp enough back then—not to reject joining because of FoxTao’s shabby office environment.

Otherwise, given Senlian Capital’s current scale of capital, missing the optimal window would never have allowed him to become CFO.

“Old Gao, have you arranged the dinner tonight?”

At that moment, Chen Yansen suddenly spoke, interrupting Gao Linwei’s thoughts.

“Boss, I’ve invited Yu Zong from Huake, Gao Zong from Huaxin, Ma Zong from Tencent, and Cai Zong from Goldman Sachs; the venue is set in the hotel’s rooftop banquet hall.”

Gao Linwei replied promptly.

“Old Huang, come with me tonight.” Chen Yansen nodded slightly, then instructed Huang Zheng.

“Yes, Boss.” Huang Zheng responded immediately.

He immediately understood: these four companies were the sole investors in Pinduoduo’s Series B funding—Tencent providing additional traffic resources, Huake and Huaxin offering official endorsement, and Goldman Sachs brought in to position for overseas markets.

Though the number of participating investment institutions was small, each was immensely powerful.

Time passed swiftly; the plane landed at Yancheng Airport at 4:50 p.m., and after ten minutes of taxiing, it finally came to a stop.

Chen Yansen handed his suitcase to Song Yuncheng and strode into the express lane; Zhou Shouzhi, Huang Zheng, Liang Bo, and Gao Linwei followed closely behind, while Song Yuncheng pushed two suitcases silently in their wake.

As soon as they exited the arrivals hall, they saw the driver and security personnel arranged by Xiao Jun holding up welcome signs not far away.

“Boss, hello. I’m Liu Yi, Assistant to Boss Xiao. Please follow me—the car is parked in the B2 parking area of Terminal 2.”

Liu Yi, around thirty, dressed in a sharp suit, hurried forward upon spotting Chen Yansen.

“Hmm.”

Chen Yansen replied curtly.

The group, surrounded by bodyguards, walked to the B2 parking area, where Liu Yi led them to a Maybach 62S and opened the left rear door for Chen Yansen.

Chen Yansen stepped straight in; Song Yuncheng sat on the right rear seat; Gao Linwei, ever mindful, took the front passenger seat.

Zhou Shouzhi, Huang Zheng, and Liang Bo boarded a Mercedes-AMG CLS63; the remaining security personnel squeezed into a seven-seat minivan.

Three luxury cars drove off together, speeding along the Jingping Expressway.

The twilight scenery outside the windows resembled a tranquil oil painting—golden rays shimmered softly, casting dappled light and shadow.

“Boss, Meituan’s headquarters is that building over there.”

Passing the North Fifth Ring Road, Gao Linwei pointed to a distant tower and smiled.

“A formidable opponent.”

Chen Yansen turned to look, his expression calm as he assessed it.

Currently, KuaiPao Waimai has entered the South China market and established branch offices in provincial capitals of the Northeast, now busy selecting locations, setting up stations, and steadily advancing local delivery operations through ground promotion, operations, and HR departments.

Before Meituan’s delivery team even arrived, KuaiPao had already secured its foothold.

Wang Xin wanted to replay the “Hundred Delivery Wars” strategy—Pei Yi wouldn’t give him the chance.

Half an hour later, the car pulled up outside the Beijing Marriott Hotel, located just minutes from the International Convention Center.

As soon as they entered the ground-floor lobby, Cheng Wei, Pei Yi, Liao Wei, Xiao Jun, and Zhang Yiming all rose in unison from the lounge area.

The five hurried forward, smiling warmly: “Boss, hello!”

Chen Yansen nodded slightly, his gaze sweeping over them, then turned to Liao Wei and said: “Since everyone’s gathered so neatly, book a private room for tomorrow night and we’ll chat properly.”

“No problem, I’ll take care of it.” Liao Wei chuckled.

“Carry on.”

Chen Yansen waved them off, signaling they needn’t attend to him, then walked toward the front desk with Gao Linwei and Song Yuncheng.

Zhou Shouzhi, Huang Zheng, and Liang Bo stayed behind, gathering with Xiao Jun, Liao Wei, and others to slowly discuss business collaboration.

Under Chen Yansen’s influence, their fates had all changed dramatically.

Take Liao Wei: his YunSu Express, in his previous life, would almost certainly have been eliminated by SF, STO, ZTO, and YTO before reaching the e-commerce golden age.

Now, with Chen Yansen’s support, he had successively acquired Quanfeng, Yunda, Zhongtong, Shentong , and Yuantong Express, achieving a daily volume of ten million parcels; after forming the YunSu Express Alliance and launching electronic waybills, he had unquestionably become the dominant force in private express delivery.

Once the cargo planes are modified and air freight services launch, it will mark the beginning of YunSu Express’s entry into the premium delivery market.

Also, Zhou Shouzhi was originally meant to be a co-founder of DST’s Greater China division, joining Xiaomi Tech two years later—but now he is CFO of Orange Tech.

After checking in, Chen Yansen took the elevator to the 26th floor, followed the room number, swiped his card to unlock, and pushed open the door.

Standing before the floor-to-ceiling window, he overlooked the entire Olympic Park, lush greenery stretching before him; the conference venue tomorrow lay at the intersection of Beichen East Road and Beizhonghuan Middle Road.

Thinking of the evening dinner, Chen Yansen casually shed his suit jacket and began unbuttoning his shirt from top to bottom.

“Ding-ding-ding!”

A sharp phone ring sounded!

Chen Yansen reached out, and his phone on the table flew automatically into his hand; he saw the caller ID and pressed answer.

“Come drink tonight—I’ve reserved a table at Vics Club. I’ve invited Ding Lei, Lei Yi Jun, and He Xiaopeng,” said Zhang Zhaoyang on the line.

“Can’t make it—I’ve got another dinner I can’t skip,” Chen Yansen chuckled wryly, politely declining. Who said Zhang Zhaoyang had depression?

Total nonsense!

Among Beijing’s entrepreneurs, few had a more comfortable life than him.

He regularly hiked, swam, sang karaoke, drank, acted in films, and chased women; recently he’d even appeared on several variety shows.

“Dinner? No problem! We’ve scheduled our meeting for ten p.m.,” Zhang Zhaoyang dismissed it.

Since he’d pressed so hard, Chen Yansen couldn’t refuse further and agreed.

After hanging up, he picked up a towel and headed toward the bathroom.

……

……

At seven p.m., outside a small banquet hall on the rooftop.

Chen Yansen stood tall and elegant outside the door, flanked by Gao Linwei, Zhou Shouzhi, and Huang Zheng.

“I didn’t expect Yuri Investment, after backing Orange Tech and KuaiDi Taxi, would also bring over its right-hand men.”

Cai Yongjin, General Manager of Goldman Sachs Asia, shook Chen Yansen’s hand and teased Zhou Shouzhi.

After all, the last time they met, Zhou Shouzhi was still DST Capital’s Greater China head.

“If Cai Zong has any reliable talent to recommend, I’m happy to take them all.”

Chen Yansen smiled faintly, returning the jest.

“Then what about me, Boss Chen?” Cai Yongjin’s smile vanished, his tone suddenly serious.

“Senlian’s temple is too small to hold a Buddha like you,” Chen Yansen replied with a laugh.

Who was Cai Yongjin?

He joined the World Bank headquarters twenty years ago, then moved to Morgan Stanley’s financing division; though his title as Managing Director of Goldman Sachs Asia sounded prestigious, it was far from his professional peak.

It was merely a joke—Chen Yansen took it no more seriously than that.

“Senlian’s temple isn’t small at all! The Internet Association invited eight of Senlian Capital’s wholly owned subsidiaries to this conference—Boss Chen, tomorrow your people will fill an entire row.”

Cai Yongjin continued teasing.

In his view, only Facebook’s Zuckerberg might rival Chen Yansen’s business genius.

“Please, Cai Zong, take your seat,” Chen Yansen said no more, turning to Huang Zheng.

“Cai Zong, please come inside,” Huang Zheng led Cai Yongjin into the banquet hall.

Once they were out of earshot, Zhou Shouzhi whispered: “Cai Yongjin has submitted his resignation to Goldman Sachs headquarters—this Pinduoduo investment is likely his final project there.”

“What did the Liu family offer him?” Chen Yansen’s mind flashed with fragments of insider rumors—he instantly pieced together the real reason behind Cai’s departure.

“Boss, how did you know it was the Liu family?” Zhou Shouzhi asked in disbelief.

This insider news had only just spread through Europe and America’s financial circles.

“Junlian Capital’s Zhu Nanli wants to install Liu Yiqing as CEO of Didi; but Li Yanhong refuses. Liu’s eldest daughter has spent over a decade at Goldman Sachs—if she wants to advance further, Cai Yongjin is her biggest obstacle. In ability, connections, and influence, Liu Yiqing is nowhere near Cai Yongjin—so only Cai’s voluntary departure makes sense.”

Chen Yansen analyzed with crystal clarity.

Zhou Shouzhi swallowed hard and nodded deeply.

He finally understood the gap between genius and prodigy: with just a few ambiguous rumors, Chen Yansen had deduced the true reason for Cai Yongjin’s departure from Goldman Sachs—his analytical power terrified him.

“Correct. Cai Yongjin will become CEO of the International Finance Corporation under the World Bank Group next month. He’s handing his Managing Director position to Liu Yiqing, calling it a favor—but behind the scenes, the Liu family certainly pulled strings.”

Zhou Shouzhi explained slowly.

If the Liu family hadn't relinquished part of its interests, Cai Yong would have recommended his own confidant instead of Liu Yiqing.

For Chen Yansen, this was good news.

After Liu Yiqing advances further at Goldman Sachs, she is very likely to lose interest in Didi Chuxing.

It’s possible that Junlian Capital will exit Didi Chuxing’s next funding round.

In fact, even if Liu Yiqing doesn’t secure the position of Managing Director of Goldman Sachs Asia, Junlian Capital has no intention of investing further in Didi Chuxing.

The ride-hailing market is too money-draining!

Monthly marketing costs of three to four hundred million—who can withstand that?

Not long after, Yu Heng, General Manager of the Investment Division at Huake Capital, and Gao Huiyi from Huaxin Investment arrived one after another; after brief greetings, Zhou Shouzhi led them to their seats.

Ma Wenteng and Liu Zhiping from Tencent arrived late, and upon meeting, they smiled and apologized: “Chen Zong, sorry, traffic was terrible.”

“Mr. Ma, Mr. Liu, please come in.”

Chen Yansen smiled and pulled them into the banquet hall.

The time was set for 7:30; it was only 7:20, so no one could be called late.

Inside the room sat five parties: besides Chen Yansen, Huang Zheng, Zhou Shouzhi, and Gao Weilin, the rest were potential investment institutions in Pinbei.

Pinbei was founded on September 14, 2011, began R&D on October 1, officially launched on November 18, and in just one year, rose to become the second-largest e-commerce platform.

Its growth rate far exceeded the imagination of the investment community.

Ma Wenteng smiled; a year ago, he had acquired 15% of Pinbei’s equity for just $300 million, and this investment had made him wildly rich.

The shareholders who had questioned him at last year’s board meeting now kept their mouths shut, daring not to utter a word.

“Chen Zong, regarding Pinbei’s valuation, Mr. Gao and I discussed it in advance over the phone; Huake Capital has no objection to the $22 billion offer.”

Yu Heng from Huake spoke first.

In fact, since mid-August, Gao Weilin had been in frequent communication with Huake, Huaxin, and Tencent; only after reaching consensus did he choose to meet in Yancheng to sign the letter of intent.

Only Goldman Sachs’ Cai Yong learned of Pinbei’s valuation floor a week ago.

Last year, Ali completed a private equity transaction at a valuation of $32 billion; Ali’s full-year GMV in 2011 exceeded 600 billion Huayuan, while Pinbei’s projected full-year output for 2012 was around 300 billion, so using peer comparison, a $16 billion valuation for Pinbei would be reasonable.

But Ma Liyun’s private equity transaction was to raise equity capital for Ali, with extremely low premium embedded in the valuation; combined with Pinbei’s rapid growth phase, the final offer rose from $16 billion to $22 billion.

Of course, using the price-to-sales ratio method, Pinbei’s valuation could also reach around $20 billion.

“Goldman Sachs has no objections either,” Cai Yong immediately stated.

The price had already been negotiated; there was no need to haggle over every penny and lose the best investment opportunity.

(End of Chapter)