Chapter 314: Capital Succubus

Words : 1760 Updated : Oct 5th, 2025

"It’s really a pity." Zhou Hongwei heaved a sigh. For any project, the hardest part is often going from 0 to 1. Tianxing had an absolute head start, Qihu had the technology, and had they united, they could have swept everything before them. But Qihu wasn’t content with playing second fiddle to Tianxing, and Tianxing wouldn’t settle for playing second to Qihu either. Lu Liang was adamant in his stance, and cooperation between the two sides had become impossible. Lu Liang just smiled, not responding, and waved to Zhu Hu, who had just come in the door. Zhu Hu approached with a smile brimming on his face. "Mr. Lu, Mr. Zhou, good afternoon." Zhu Hu was in a great mood—the D round, the final round before going public. As long as they went public, the 50 million US Dollars invested by Golden Sand River in successive rounds would bring back more than tenfold in returns. In fact, whether it’s Golden Sand River or Redwood, as venture capital firms, failure is common, and success is the exception. But if even one company they invest in goes public successfully, the substantial profits it generates can offset the failures of the previous 99 companies. Because the investment of 50 million US Dollars doesn’t come all at once, it starts with increments of three to five million US Dollars. Panda was worth it, which was why they kept raising their bets. Most other companies fell at the A-round financing, with losses only amounting to hundreds of thousands or a few million US Dollars. "Mr. Lu, are you interested in participating in the D round as well?" Zhu Hu inquired. Lu Liang shook his head with a smile, "The IPO is near, what’s most important now is to share. Let’s leave the allocation of this round to others." To list on Nasdaq, there are two mandatory criteria. First, there must be 400 shareholders holding more than 100 shares each; second, there must be at least three market makers. For the former, Panda plans to distribute 5% of its equity into a stock pool for the company, allowing platform hosts and mid-to-senior management to subscribe and fulfill the shareholder requirements. For the latter’s three market makers, Panda is planning to bring them in during the D round financing, these being Interactive Brokers, De Mei, and IGH Securities from the United States. These three are specialists in market making for Chinese concept stocks, having managed the US listings for companies like NetEase, Ali, and Sina. Little Wang was chatting with the blonde, blue-eyed market maker manager, and before long, the two suddenly headed in Lu Liang’s direction. "Mr. Lu, Mr. Cruick would like to get to know you," Little Wang said with a wry smile, a look of resignation written all over his face. Lu Liang was like a siren of capital, attracting the wealthy and powerful wherever he went, whether at home or abroad. The key issue was that he couldn’t refuse—there were only so many institutions dealing with Chinese concept stocks on Wall Street. He had paid out millions in consultation fees and had gone to great lengths to invite them over—there would be no refunds if the listing failed, and he’d have to buy back their equity holdings from this round with interest. It was a humble position—if the Qing Dynasty had not yet fallen, and the Empress Dowager was alive, she would probably just shake her head at the sight. But there was no helping it; since Panda wasn’t a unicorn company and still sought to go public in the United States, it was like begging on bended knees. "Lu, hello." Cruick beamed with a face full of smiles, a marked change from his previous prideful demeanor with Little Wang, now enthusiastic as a puppy who had spotted a bone. If he had a tail, it would surely be wagging like a propeller. Little Wang’s eyes twitched as he felt like he was the one catering to a goddess, only to see his goddess catering to someone else right in front of him. His heart, suddenly in pain. "Cruick, hello." Lu Liang said, extending his right hand with light laughter. Cruick hastily gripped it, murmuring to himself, "This is the financial butcher." The look in his eyes so affectionate, his grip so firm, Lu Liang could almost feel his perspiration being wrung out and quickly withdrew his hand. "I’m sorry, I got a bit excited meeting you for the first time," Cruick said with an embarrassed laugh, his gaze slightly reluctant to let go. In the West, individual heroism prevails because ultimately, it’s all about capital sticking together—even the government is a spokesperson for capital. If you offend capital, you could be shot in the back at any moment and then ruled to have committed suicide. That’s why they yearn for superheroes. Marvel and DC superheroes are imaginary because no one in reality can challenge the authority of Wall Street capital. But then, Lu Liang appeared, facing and defeating three opponents at once, eight opponents at a time, always emerging victorious, and now he was walking away unscathed. Cruick, as a spokesperson for De Mei and part of Wall Street capital, couldn’t help but admire Lu Liang. Just like those within the system, who know its strength, they understand just how difficult it is to defeat it. Lu Liang glanced at Little Wang, who was sulking like a woman confined to her quarters, and asked with a smile, "Cruick, what are the odds of Panda passing the Nasdaq listing review?" Little Wang’s eyes lit up with hope as he turned to look at Cruick. It was just like his adoptive father to remember him at a critical moment. He had just asked the same question, but the other party, like a wily bureaucrat, kept beating around the bush without revealing the truth. Zhu Hu and Zhou Hongwei also perked up their ears to eavesdrop; their companies held a total of 28% equity in Panda. If the listing failed, the severity of their losses would be second only to Little Wang himself. Though they had signed a repurchase agreement with Panda during previous rounds of financing to recoup their principal plus interest. Yet, the logic of capital dictates that if you were supposed to make 10 million but end up making nothing, it’s as if you’ve lost 10 million. Cruick pondered before revealing the truth to his idol, "Under normal circumstances, the probability of passing the Nasdaq listing review is 77%, but for Chinese concept stocks, it’s around 68%. For Panda at present, it’s only about 55%." All these probabilities are based on meeting the necessary hard criteria. Looking back at the Chinese concept stocks that have gone public in the United States, they have been leaders in their respective industries, or at the very least, powerful second-place contenders. Panda is only the third in the live streaming field and merely sought to take advantage of Douhu’s failed merger to sneak into the market. Upon hearing this, Zhu Hu and Zhou Hongwei’s brows furrowed in worry; a 55% chance didn’t even meet the passing threshold. Little Wang was momentarily stunned, and for an instant, his flashy white suit lost its luster, as if it had been covered in dust. "Cruick, please help us." Lu Liang sighed softly, knowing that a 55% probability was not low. Cruick changed the subject, his gaze landing on Lu Liang with a teasing smile, "Lu, if you could step in, the success rate would increase by at least ten percentage points." Ever since Tianxing Private Equity had taken a position in Tesla, the company’s market value had risen by 2.35 times. Sёarch* The NôvelFire(.)net website on Google to access chapters of novels early and in the highest quality. In the period after the six-month lock-up expired, Tianxing’s actions were unexpected by the market. Instead of selling off to realize gains, they took advantage of the price drop during the lock-up period to acquire an additional 420,000 shares. This move helped Tesla’s market value break through a hundred billion US dollars. The shares that originally cost 2.8 billion US dollars were now worth over 70 billion US dollars. Lu Liang had once again proven to Wall Street his unmatched foresight and market influence. The final valuation of Panda’s IPO in the United States would certainly not exceed 2.3 billion US dollars. With Lu Liang’s mere appearance and a few shout-outs, the New York Stock Exchange would definitely loosen its listing review. "Let’s talk about it when the time comes." Lu Liang pondered and didn’t immediately respond, knowing that what Cruick said was true. They say East Country is a society built on relationships, where everything is about who you know, but the West is no less so. They simply put these hidden relationships out in the open, such as political donations, where money is given openly – it can’t be called corruption. Or, for instance, recommendation letters from celebrities for school admissions or job applications, clearly saying, "This person is under my protection, they must be passed." These practices are purposely ignored by the informed public, as if blowing up India’s shortcomings and throwing them into an Indian slum for fun for a few nights — see if that keeps the peace or silences the chatter about the harmonious Indian populace. Cruick, still smiling, knew that Lu Liang was one of his kind. If one could help, even if choosing to ignore the situation, one wouldn’t help without compensation, since paid services or cooperation better reflect a person’s value and contributions. Pretending to be a good person by helping with everything for free would not only fail to earn gratitude but also might lead others to perceive the individual as cheap or suspect ulterior motives. Cruick left after exchanging contact information with Lu Liang, insisting that Lu Liang should reach out if he ever visited New York, as many friends, including some of his old acquaintances, were eager to meet him. Approaching four o’clock, The two-hour financing meeting also came to an end. After this round of financing, Lu Liang’s shareholding was further diluted to just 10.98%. After the meeting, Little Wang, Zhu Hu, and Zhou Hongwei exchanged glances and tacitly approached Lu Liang. The 55% chance of passing the review hung over them like a dark cloud. If they could add ten percentage points, at least it would be above the passing mark, and the likelihood of success would greatly increase.

Chapter 314: Capital Succubus

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