After Kechuang Bio went public, almost every securities firm issued a research report on Kechuang Bio.

As underwriters, CITIC Securities, CICC, and Dongwu Securities, the first two major securities firms dared not make too much of a claim, only daring to call a target price of 2,500 yuan.

Dongwu Securities is a local brokerage firm in Suzhou, and it has no bottom line when it comes to hyping things up. It was the first company on the market to say that the target price for Kechuang Bio was 3,000 yuan.

Of course, this doesn't mean that CITIC Securities has any integrity; it just means they don't dare to go too far.

In 2021, CITIC Securities was the first to call out a target price of 3,000 yuan for Moutai. On the last trading day before the Spring Festival, the price of Moutai was 2,601 yuan. After the Spring Festival, Moutai's market value evaporated by 834.1 billion yuan.

This led to retail investors later avoiding CITIC Securities research reports altogether.

If the price of a single product of Kechuang Bio rises to 3,000 yuan, it would be equivalent to a market value of 1.2 trillion RMB. However, the current net profit is definitely not enough to support such a market value.

The reason it enjoys such a high valuation now is due to its monopolistic position in endorphins and brain-computer interfaces, which leads to its high valuation.

After Thomas completed the tests on the samples provided by Kechuang Biotechnology, he contacted Du Zhiyuan:

"It's perfect, just like the brain-computer interface with a mobile phone in the Chinese language department. The recognition rate of 99% is not an exaggeration at all. I even think it's underestimated."

"We want to do customized optimizations, so we need Kechuang Bio to open up its AI analysis algorithm for brain nerve signals to us."

"Otherwise, calling the interface through two layers will actually affect the user experience."

Du Zhiyuan smiled wryly: "Of course I know that obtaining the source code for optimization is the best way, and perhaps the only way."

"But do you think Kechuang Bio will open up its monopolistic technology to us?"

“I even know that the optimization and R&D we are doing will hardly show results, but in order to reflect the value of the Suzhou R&D Center and prevent our department from being cut, this is something we have to do.”

Big companies offer high salaries, but if you don't produce results, entire departments will be cut. For example, last year ByteDance's entire education department was cut.

While looking at the test report, Du Zhiyuan continued, "We've known each other for so long, so let me be frank."

"If we only rely on testing work, does the R&D center in Gusu need to support so many people? Most of them are master's and doctoral degree holders."

"If it's just testing work, the entire Suzhou R&D center only needs to support a maximum of ten people, including finance and human resources."

Du Zhiyuan has spent many years working in large companies and is very familiar with their operating logic.

Thomas: "Okay, the brain-computer interface is working perfectly. Mike and Chen are testing the effects on the remaining races."

Mike and Chen are a Black man and a Chinese man whose native languages ​​are English.

"I personally think there are no major problems, and we can sign a new patent licensing agreement with Kechuang Biotechnology."

"With brain-computer interface, the Xiaomi Mix 4 can easily command a price increase of 500 US dollars in the European and American markets."

"Looks like I'll be getting another good bonus this year."

Du Zhiyuan was not as optimistic as him, saying, "The licensing of brain-computer interface patents for English majors needs to be repriced."

"Negotiations are still ongoing, and the price of patent licensing will affect the total profit of the brain-computer interface mobile phone line."

Thomas asked, "Aren't we shareholders of Kechuang Bio? Aren't there any additional benefits?"

Du Zhiyuan: "Being able to get the brain-computer interface sample so quickly is already the biggest benefit you can get!"

......

This was Li Miaomiao's first time spending New Year's Day abroad. After two rounds of negotiations, she returned empty-handed and flew directly from England to Singapore, while the rest of the company returned to China first.

The founder of SecondMind is very tough; he can accept investment but not acquisition. This company is his life's work.

With the backing of Goldman Sachs and IDG Capital, he had the confidence to reject the acquisition offer from Kechuang Bio.

"Zheng Li, it's been a long time." Li Miaomiao met Zheng Li, whom she hadn't seen in a long time, at the R&D center in Lion City. Dressed in a formal suit, she looked more mature and confident than she had two years ago.

From Li Miaomiao's perspective, Zheng Li hadn't changed much; he was still the same research fanatic. Not only would he not come to pick her up, but they could only meet after Zheng Li finished his work for the day.

“Ah…” Zheng Li didn’t know what to say. He hadn’t had normal social interactions for a long time, and his communication with his subordinates at the Lion City R&D Center was limited to work and research progress.

Li Miaomiao recognized Zheng Li's expression but felt helpless: "They didn't agree to our trip to England this time. Goldman Sachs and IDG took over the shares held by SecondMind's minority shareholders, and Goldman Sachs and IDG claimed they would help them launch their Series C funding round, so their refusal was very firm."

Zheng Li comforted him, "It's okay. If we can't acquire it, we can't acquire it. We can poach people and build an AI chip and AI algorithm team from scratch."

"Secondmind is not irreplaceable."

Li Miaomiao asked, "Isn't what we value most the massive amount of data accumulated by SecondMind? If we build our own team, it will take a lot of time to accumulate data."

Zheng Li shook his head: "No, what I'm interested in isn't SecondMind's massive amount of data, but their existing technical approach. Since they don't agree to the acquisition, we can just poach the people from that technical approach team. We'll poach the person in charge first and then the team members."

"Where did you hear that I want SecondMind data?"

Li Miaomiao: "I did my homework before I went to talk to AI chip companies about acquisitions. The most important value of AI companies in the capital market is their data volume."

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