Chapter 108: Twin Dragons of the Double Plates

Words : 1562 Updated : Sep 17th, 2025

One billion dollars in valuation, even if Li Bing were sold, NIO wouldn't be worth that much. In reality, he had only invested twenty million dollars, and then utilized an AB-share structure. Simply put, investors provide the funds, Li Bing starts the business, but one of his shares counts as five, ensuring control. A one hundred million dollar financing round is essentially about selling the remaining 80% of the shares after accounting for his own 20%. If Lu Liang took over the entire twenty million dollars deficit, he could own 20% of NIO. But whether he could cash out remained uncertain, as the pit was too deep, with indefinite prospects and a high likelihood of failure. Otherwise entities like Tencent, JD, and Gaoling, which could afford the shares, had only tentatively invested one to two million dollars. And it still took Li Bing's reputation to get them to invest that one or two million dollars. After all, as the founder of Yiche, he had a successful track record. If it had been a total novice, clueless and penniless, they likely wouldn't have even spared a glance. Lu Liang pondered for a long time, "I'm in for ten million dollars, you'll have to figure out the rest yourself." He was almost out of money too, previously having three hundred and ten million, but buying a house left him with an even three hundred million, then later subscribing to sixteen units totaling thirty-two million dollars, which converts to two hundred and three million RMB. His available funds had dwindled to less than one hundred million. Sёarᴄh the Nôvel(F)ire.nёt website on Google to access chapters of novels early and in the highest quality. Investing ten million dollars now, he would only have just over thirty million RMB left and he'd probably have to start being more frugal. There were still eighty million in private equity, but he planned to let that roll in the financial markets, not earmarked for venture capital. After all, if he were to invest, it would be in himself. The pit of new energy vehicles was vast; not prepared to put in ten or twenty billion dollars, he wasn't ready to officially enter the arena. Li Bing was ecstatic, clutching Lu Liang's hand, "Mr. Lu, thank you, thank you so much." His expectations of Lu Liang had been low, having met only once before. It had merely been a tentative feeler, hoping at most for five million. Unexpectedly, it was double that. "Mr. Li, don't rush your thanks, I would like to know what conditions companies like JD and Tencent had proposed?" Lu Liang smiled slightly, having heard it said that money from venture capitalists wasn't easy to come by; one should never take it unless absolutely necessary. Even if one must, ensuring enough funds in the company to operate and maintain bargaining power was essential to avoid being manipulated by venture capital. With new policies on new energy imminent, Li Bing probably couldn't wait, which is why he turned to someone he barely knew. Lu Liang wanted bargaining power, curious about the terms those institutions might have asked for, he wanted the same rights. "After the Series B, a board of directors will be formed. If participating in the next round, the investor gets a seat on the board to help make corporate decisions." Li Bing informed him truthfully, along with the agreements he'd signed with various venture capital institutions. Within eight months after the Series A fundraising ended, the first concept car must come out. Otherwise, all funds must be returned, principal and interest included. Lu Liang understood, "Mr. Li, I wish us a very successful partnership." "A very successful partnership." Li Bing smiled; he had experienced similar situations when establishing Yiche. Capital pursued profits aggressively, like a whip with hooks, and the assurance agreements were like a red line. If the bet was met within the specified time, the whip wouldn't fall; otherwise, each lash would tear flesh. September 6, Monday. Li Bing arrived at Tianxing Capital to sign the subscription agreement and waited for the ten o'clock news conference. He couldn't help but be curious, "Mr. Lu, do you really have this much free time? With the new policy release, the new energy sector will surely explode." According to his knowledge, Lu Liang also managed a private fund of one billion dollars; otherwise, he wouldn't have sought investment from Lu Liang. "Mr. Li, I've always said that I'm very optimistic about the development of the new energy industry," Lu Liang replied with a calm smile. Li Bing suddenly realized that back then, Lu Liang wasn't just flattering him, but he genuinely believed in this industry. This meant that he had probably been well prepared to stay calm and composed. As time ticked away, Lu Liang sipped on the Dancong tea that Old Meng had brought him; Old Meng had led him astray, as he had developed a taste for tea and seldom drank coffee or Red Bull anymore. However, he didn't resist this change, Now that he had money, it was time to take good care of his health. At ten in the morning, the State Council held a press conference and announced the "Parallel Management Method of Average Fuel Consumption and New Energy Vehicle Points of Passenger Car Enterprises," which would officially be implemented on January 1 of the following year and the first settlement would occur on December 30 of the same year. Unlike the United States, our country adopted a dual-point policy, points for fuel consumption and new energy vehicles. In simple terms, the government allocates certain carbon emission points to every car manufacturer, whether they are importers, joint ventures, or domestic brands, and at the same time increases new energy vehicle points, with allowance for trading. For example, if Wuling sold 100,000 fuel cars last year, this year they would only have a quota of 80,000. If they exceeded that, they must purchase new energy points to offset it or produce their new energy vehicles to generate points. If the settlement day showed a negative number, the enterprises would face relevant penalties next year, such as suspension of declarations and production of high fuel consumption products. "That's harsh; this move directly hits a major artery," Li Bing remarked in amazement, and there was a hint of pleasure in his disaster. He still remembered the initial reason for establishing Yiche; it was because he disdained the arrogance of 4S shops that, relying on information asymmetry, would quote irrational prices. After Yiche was established, it integrated car manufacturers and distributors of all levels, making car prices across regions transparent. Later, when Yiche went public, he also considered transitioning to a complete vehicle manufacturer, but traditional car companies were arrogantly untouchable. They were like stones in a latrine, stinky and hard, clinging to resources provided by the government, yet unwilling to develop new technologies or let others develop them. The production permit was like a chasm, blocking all outsiders; they acted as both referees and players. Until five years ago, when the country pushed the development of the new energy industry, whether for environmental protection or energy security. At that time, Li Bing saw hope; he had waited and waited, and finally, this day had arrived. The dual-point policy showed the country's determination to actively cut off the arm of fuel vehicles just to develop new energy. Once the press conference ended, Li Bing's phone started ringing non-stop with friends calling to ask for his opinion. "Mr. Lu, if there's nothing else, I'll take my leave," said Li Bing and hurriedly left. "Mr. Li, take care," Lu Liang did not accompany him out but went straight to the neighboring trading room. All the traders looked at Lu Liang as if a deity had descended, their faces filled with admiration. Lu Liang smiled and looked up. The screens on the wall were bright red; the entire new energy sector had surged by 6.25%, with the index dramatically rising by 92 points to a new total of 1564 points. Out of 54 component stocks, 31 hit the upper limit while the remaining 23 saw at least 2.32% increases. Among the 11 stocks Lu Liang heavily held, 9 had hit the upper limit, while only Ganfeng Lithium and Duofu rose by 7.85% and 6.53%, respectively. "BYD is going to take off," Lu Liang couldn't help but remark; the new energy policy had the biggest impact on BYD. Because it was a global leader in lithium batteries and also produced and sold its new energy vehicles, it was a leader in both sectors. Next year, when the points officially commenced, BYD's new energy points would absolutely take the lead. If the country did not set a price cap on carbon points, BYD might even control the bargaining power of the carbon point market. This was no longer like a pie falling from the sky but as if a gold mine had suddenly appeared at one's doorstep; with a current market value of 162.1 billion, it wouldn't be surprising to see it multiply by three to five or even seven times.

Chapter 108: Twin Dragons of the Double Plates

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