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47 - Wheat Fragrance
Xin Qi planned to take the mother and son to a French meal, but Su Quan was unwilling and insisted on eating Chicken McNuggets, so they had to go to a nearby McDonald's.
Unexpectedly, it was crowded with people of the same age, and it took 15 minutes to find a seat.
Min Hui secretly observed Xin Qi. With his impetuous personality, he would get upset when there were too many people, not to mention that the restaurant was crowded with people, and a boy even knocked over a cup of ketchup on his shoes. Xin Qi was not angry, but told Min Hui to protect Su Quan and go to the self-service ordering machine to order food.
"How many days will your meeting be?" Xin Qi asked while eating Maixiangyu.
"Two days, only one day belongs to me, which is tomorrow."
"AM or PM?"
"There is a forum in the morning and a report in the afternoon."
"Wow, AIMax is a very high-end industry conference. If you can make a presentation alone, it shows that you are very good."
Min Hui looked at him and smiled: "I'm very good."
"But not humble enough," he added.
"It's useless in front of you." Min Hui took a bite of the beef burger, "You always give me a low score, so I have to improve myself and let you get the correct average."
"The mouth is not forgiving." He said again.
Minhui glared at him.
"Dad, I can't eat it anymore." Su Quan's appetite opened up, he ordered a chicken McNugget and a cheeseburger, but after eating the chicken McNugget, after a few bites of the hamburger, he couldn't eat anymore. He shoved it into Xin Qi's hand, "Eat it, don't waste it."
Xin Qi took it and ate the rest of the hamburger in two mouthfuls.
Min Hui froze for a moment, looked at him, slightly moved.
Zhou Ruji has a serious addiction to cleanliness, and does not eat any leftovers, let alone what other people have eaten half, no matter if this person is Su Quan or Min Hui. Xin Qi was more particular about eating, but he didn't expect that he wouldn't mind.
"I haven't eaten McDonald's for a long time, it's been ten years." Xin Qi suddenly sighed, "There used to be a restaurant next to me when I was in high school. I went to eat it every day, and I never got tired of it. Once I grew fat, my mother was very anxious. "
"you are fat?"
"Yes, I can't participate in strenuous exercise. I stay at home every day, and the more I eat, the fatter I get."
"and after?"
"My dad made a quick decision and changed me to a high school. There was only one Greek restaurant nearby. I still went to eat every day and lost weight again."
Xin Qi only talked about the past when he was in the most relaxed state. Min Hui smiled and looked at him silently.
He was still handsome, refreshed and radiant wherever he sat, with a narcissistic grace in his gestures. He was wearing a navy blue suit, light blue shirt, dark grey checked tie and black oxfords today. There is a square scarf folded on the chest pocket, and the hair is neatly groomed. The business fan is so hard-core, as if he is ready to talk about the deal at any time.
He is slender and has a small face like an anime character. The facial features on it are very vivid. When he smiles innocently, his face immediately turns cold and arrogant. There is a small depression between the lower lip and the chin, with a clear and firm jaw, a round and smooth skull, three-dimensional and playful, and beautiful from the side.
No matter how he dresses or looks, Xin Qi is out of tune with the surrounding environment. Even Su Quan feels that it is very cool to be with him, and he only sticks to his father along the way.
Min Hui couldn't help being a little ecstatic.
"Which hotel are you staying at?" he asked. "I can take the child back when I leave."
"Sheraton. I'll give you the address and room number later."
He nodded, wiped his mouth with a tissue, took another sip of water, and suddenly asked, "Do you know Lin Xiyue?"
Min Hui let out a "hmm", and when she heard the name, she was in a bad mood.
"She is the sales director of BBG, recruited by Chen Yuan."
"Why is Cheng Qirang willing to let go?"
"So you know she's very capable?"
"Know."
"We hired it with a high salary." Xin Qi curiously studied her reaction, "Have you ever had any unhappiness with her?"
"Yes." Min Hui admitted, "but it has nothing to do with you."
"What kind of unpleasantness, can I know?"
"I'm too lazy to say it, and no one will believe it. And it's already passed." She avoided his gaze, "I used to be friends with her."
"Then now—"
"Old and dead do not communicate with each other."
He was startled: "So serious?"
Min Hui snorted coldly: "There are two kinds of people in this world: the first kind of people are suspicious by nature, it's hard for you to make him believe anything, once he believes in it, he will believe it to the end and become closer to you. This kind of person is just the opposite. It is easy to be gullible and believe what others say is true. However, once she finds out that you are lying, she will never believe a word you say, and immediately stop loss and distance from you. God treats these two kinds of people It's fair to let them gain and lose. In the end, no one suffers a big loss. I'm the second."
"I'm the first." Xin Qi shrugged, "I heard that you participated in Bai'an's MBO? Your manager Cao asked me to interview tonight."
"MBO?"
"ManagementBuyOut, which is the management team buyout."
"Yes."
"I told Cao Mu that I don't know much about Bai'an's scientific research strength. I hope you can give me a presentation alone. She said that you don't want to come. She will do the presentation, but the PPT is yours."
"That's it."
"Min Hui—" Xin Qi was puzzled, "I don't appreciate your attitude. The matter between you and me has nothing to do with Business. Since you want to be an MBO, and I'm a potential buyer, why should you—"
"—Because I don't want to embarrass you." Min Hui interrupted quietly, "Investments are all risky. I don't want you to think I'm taking advantage of you."
"You think too much."
"Besides, you have such a bad temper, and you are always picky. I definitely won't be able to work under you for long. When the time comes, I will jump ship in anger... I'm afraid it will bring you losses."
"What's the loss then?"
"I am the core technician."
Xin Qi was stunned for a moment, then smiled: "My temper is bad, but your temper is good. Every time you quarrel, you let me go. After a long time, it will become natural and you will get used to it. I really don't want to try it? Maybe we Is it a good partner?"
"I don't have a good temper either." Min Hui said bluntly, "It's for Su Tian's sake. I don't know how long I can hold on."
"That's no use. You're yourself, you don't need to play someone else."
"I didn't play the role. It was me who had a temper, and I was the one who became temperless in order to repay Su Tian."
"Okay." He leaned back and said lightly, "So my understanding is that you refuse to cooperate with me, which means that I don't have to talk to Cao Mu tonight?"
"It's not..." Min Hui scratched her head, "You can talk or buy Bai'an, I just want to say, I can't guarantee that I will be able to work under you for a long time, given your always bad temper. So Please measure carefully, and don't buy Bai'an on a whim."
"I'm never impulsive when it comes to doing business."
"That's good."
He didn't speak for a long time, and then changed the topic when he spoke again: "If you are an MBO, the management team needs to make personal contributions. Generally, it is 10% of the total price. It will cost you more than two million yuan. money, do you have it?"
"One point, not so much, I borrowed some from a friend."
"Like—"
"Zhou Ruji lent me one million."
"Really or not?" Xin Qi's face turned dark, and his words suddenly became cloudy, "Isn't there another patient in his family? Are you embarrassed to ask him to borrow it?"
"Sorry, he took the initiative to borrow it, and the money arrived the next day."
Xin Qi looked at her in disbelief: "Are you too embarrassed to take flowers?"
"I will pay interest."
"How far is it?"
"one million."
"Who are you going to borrow this million from?"
"MBO may not be successful, and the money may not be used. I'm thinking...short-term personal loans, the kind that are low-interest, fast-approved, and fast-released."
"Pull it down." Xin Qi looked at the sky.
"Don't worry, there is still time," Min Hui said, "there is always a way."
"No, there is no way out of the sky." Xin Qi squeezed the paper cup into a ball and threw it into the dinner plate ruthlessly.
In the end, at night, unable to withstand Cao Mu's repeated pleas, Min Hui still went with her to see Xin Qi.
After all, Bai'an's research and development is her responsibility, and she also wrote the PPT. It is more confident to speak, and it is also convenient for Xin Qi to ask questions and answer.
Seeing Cao Mu working so hard to find money, Min Hui felt that she was also a member of the management team, and she had to contribute to some extent.
"You don't have to put too much psychological burden on you," Cao Mu said. "The east is not bright and the west is bright. I will see other investors tomorrow. It doesn't matter if Xin Qi doesn't negotiate. We have GS1.0, so come to your door. There are a lot of people. They pick us, and we pick them."
The talks took place in the BBG conference room. On the BBG side, in addition to Xin Qi, there are financial director Chen Yuan and technical director Ling Jianbo. Cao Mu first gave a ten-minute general introduction, and Min Hui introduced the company's main products and R&D results for the next forty minutes. After that, Cao Mu also introduced the company's financial and sales situation.
When entering the question and answer session, in the first 20 minutes, Min Huidu was answering a series of technical questions raised by Ling Jianbo. Afterwards Xin Qi asked: "Have your products applied for CFDA certification? Without this certification, there would be no market access qualifications, and many large hospitals would not be able to purchase them, nor would they be able to enter the medical insurance system."
"According to your introduction, Bai'an's operating costs are still relatively expensive. If there is no certification, we are worried that it will affect the long-term development of the company." Chen Yuan also said.
Xin Qi really is not an impulse buy. Min Hui thought that only those who have a certain understanding of the industry will mention this node that all medical AI companies are most concerned about. CFDA is the abbreviation of China Food and Drug Administration. In order to ensure safety and effectiveness, the state has strict regulations on the use of drugs and devices. Medical AI is an emerging industry, and the country has not yet formulated a set of standards and regulations to measure its effectiveness.
"Our products have the certificate of the second-class medical device, and the third-class device is being declared. You also know that the second-class device can be applied directly to the provincial drug administration, but the third-class device must go through the State Food and Drug Administration. , and to do clinical trials. Our products are still in the clinical trial stage." Cao Mu explained.
"According to the process, AI products have to go through six steps: product finalization, testing, clinical trial, registration application, technical review, and administrative approval from application to review. The six steps cannot be carried out at the same time, and the second step must be passed after the first step. Step. Now all the three types of applications are stuck in the clinical trial step. Due to the high requirements of the state on the safety and effectiveness of medical products, the approval is very cautious. So far, no AI company has obtained the certification of the three types of devices. ." Min Hui said.
"Specifically, how long does the clinical trial of your product take?" Xin Qi asked.
"Clinical trials are divided into two types: prospective and retrospective. Our products require a large number of cases, and the cost of clinical trials is also very expensive"
"How much will it cost?" Chen Yuan asked.
"About ten million." Min Hui replied, "It will take two to three years to complete all of them."
"Yuanlai is an established medical device company, and many of its products should have passed the CFDA's three-category demonstration. It should be easier to sell if it is equipped with AI." Xin Qi said.
"I haven't paid much attention to this for a long time, but we did cooperate to carry it out, and the effect was quite good." Min Hui took out a stack of paper from her folder and handed it to him, "This is a specific description, in the attachment of the business plan. There are."
"Dongcheng Technology, a subsidiary of BBG, is a high-end medical equipment company, and it has obtained three types of certifications. Since we are also engaged in overseas markets, the FDA's approval of medical AI will be faster. If your products can join BBG, you can apply for FDA certification in the United States, and then carry it on the equipment of Dongcheng Technology for packaged sales." Xin Qi said.
"Yes." Cao Mu smiled.
After chatting for nearly an hour and a half, Xin Qi said, "Mr. Cao, how is the current progress of financing?"
"I have already negotiated two private placements. They are willing to invest a total of 60 million yuan, and the management team will invest 12 million yuan. We still need an investment of 60 million yuan."
"BBG is willing to invest 130 million yuan and give the management team a 20% stake," Xin Qi said succinctly and forcefully, "but we are only willing to invest exclusively. You need to persuade the two private equity firms to exit."
Cao Mu hesitated: "This... I need to think about it."
"I can only give you one day to think about it."
"Our management team is asking for a 30 percent stake."
"As we talked just now, your products have not yet obtained the certification of Class III devices, and clinical trials will take two to three years, which means more input and less output. It is not a small risk for investors. 20% is a Reasonable proportion." Xin Qi's attitude remained unchanged.
"28%, I was able to persuade one of the private placements to exit. In addition, both private placements gave me a higher percentage of equity than you."
"But they don't add as much money as I put together. At 23%, both private equity firms have to exit."
"If the two companies withdraw, 25%."
"23%, exclusive, is my final offer. Before 8 o'clock tomorrow night, I need your reply, otherwise the offer will be invalid, and I will not consider it again in the future."
Min Hui stared at Xin Qi silently, there was no expression on his face, his eyes were calm and cold.
Cao Mu thought for a moment and said, "Thank you, I'll go back and communicate with the team first, and I'll answer you tomorrow."
"OK."
Everyone shook hands and the meeting ended in a friendly atmosphere.
The night in Beijing was very cold. Back at the hotel, Min Hui asked Cao Mu, "What do you think of BBG's offer? Is it acceptable?"
She doesn't know much about financial matters, but intuitively thinks that 130 million yuan and 23% of the equity is a good condition.
"I have to discuss it with Yan Chengli. But I'm afraid it will be difficult for us to accept this offer." Cao Mu said.
"Why?" Min Hui asked in surprise.
"This is just an initial offer, he said 130 million, and the final contract is not necessarily this figure. Because there is still due diligence, he will find out the loopholes in Bai'an's finance and sales, and use this as a From reducing the investment amount or even withdrawing. Since he is an exclusive, if it doesn't work, I won't have time to find someone else." Cao Mu said, "This is one of them."
"Besides, I have verbally negotiated with the bosses of the two private equity firms. One of them is an old friend of mine, and he helped me because of my character. I don't want to go back on my word and let people think that I am a When you see a big fish throw a small fish."
"Right."
"Tomorrow afternoon, I will also go to meet two investors and hear what conditions they offer us. Maybe it's better than Xin Qi's."
"Well, I listen to you."
"All in all, this is indeed a good offer." Cao Mu said with a smile, "If there weren't those two private equity firms, I would most likely have agreed."