Young is a veteran figure in the domestic investment community. From 1996 to 1999, he worked at Soros Fund Management in New York and helped manage the $3 billion Quantum Industrial Holdings hedge fund.
As a seasoned investor, he received the "Forbes Best Venture Capitalist" award last year.
This investment in Kechuang Biotechnology was far more exciting and thrilling for him than being named one of "Forbes' Best Venture Capitalists".
His biggest regret also stems from Kechuang Bio, regretting that he didn't participate in the first round of investment.
Due to the IPO of Kechuang Biotechnology and the rampant overseas epidemic, Young has spent most of this year in Shenhai.
IDG's office in Shenhai is located on Jinling West Road in Jing'an District. Young is chatting with Stephanie from Goldman Sachs.
They are both investors in the Kechuang Bio project and have been in close contact recently.
Young paced back and forth in his office: “When we were investing in Kechuang Bio’s Series B round, I had a feeling that it would become the most successful project I had ever handled.”
"I just didn't expect it to succeed so quickly. I never thought I would be reluctant to let the companies I invest in go public. I hoped they would go public later so I could burn more money."
Young has invested in many star unicorns in the market, such as iQiyi and Bilibili.
However, when investing in these companies, going public is the ultimate goal.
Stephanie sighed, "Who would have thought that Kechuang Bio would go public so early? With Zheng Li's leadership, the value of brain-computer interfaces goes far beyond this."
"Recently, there has been a lot of talk about metaverse in the primary and secondary markets. The value of science and technology innovation can only be fully realized in the metaverse."
By this time, NFTs had become very popular, and a single NFT digital artwork fetched a record price of nearly 70 million US dollars.
The metaverse wave that started in the cryptocurrency world has already affected the venture capital industry, with more and more startups claiming to be building metaverses.
Goldman Sachs executives like Stephanie receive information much earlier than the outside world; she knows that Facebook and Google are both venturing into the metaverse.
"Kechuang Bio is about to go public after its Series B funding round is over, but none of us can meet with Zheng Li, let alone persuade him to postpone the IPO."
"As long as he is still with Kechuang Bio, we will continue to invest in him."
Young shook his head helplessly: "Who isn't like that? Our IDG office manager in Singapore wanted to meet Mr. Zheng, but Mr. Zheng refused to see us."
"According to our information in Singapore, Mr. Zheng stays in the laboratory every day and does not go out. He does not need social interaction or entertainment. He is a genius who is completely immersed in his own world."
Stephanie chuckled and said, "I heard something before: after Zheng Li went to Singapore, the wealthy families there were very happy, considering he was a top genius."
"In Chinese terms, he is a self-made millionaire with a net worth of over 100 billion US dollars. He has no family constraints and is practically the perfect marriage partner."
"Several families in Singapore have eligible daughters and are thinking of holding a ball and inviting Zheng Li to participate, mainly to play matchmaker."
“Zheng Li never went. Later, when the National University of Singapore held an honorary doctorate awarding ceremony for Zheng Li, a family specially arranged for their eldest daughter to attend.”
"After a brief chat, Zheng Li explained the underlying principles of brain-computer interface technology to the young lady, who had never seen anything like it before. She couldn't understand at all but still tried to pretend."
"After he finished speaking, Zheng Li asked her a few questions. If they were business questions, the young lady might have been able to answer them, but when he asked her about a certain algorithm in statistics, she couldn't answer them at all."
"After a brief chat, it is said that Zheng Li subtly expressed his contempt for her intelligence, which led the young lady to say after returning home that she would never see Zheng Li again, because seeing him once made her doubt her own intelligence."
Women are usually very gossipy, and even though Stephanie was thousands of miles away in Shanghai, she could still find out gossip about Singapore.
Young couldn't help but chuckle: "If my daughter were of the right age, I would also like to marry her off to Mr. Zheng."
"It's really not easy for a wealthy person like Mr. Zheng to be so simple-minded, with only scientific research in his life."
"For these wealthy families in Singapore, Mr. Zheng's wealth is secondary; his genes are the most important."
“Money is not that important to Mr. Zheng. In our observation, what is most important to him is to have a quiet and high-quality research environment so that he can do what he wants to do.”
"We have no means to interfere with Mr. Zheng's decision, nor do we need to. As long as he maintains such efficient and reliable R&D capabilities, we can continue to hold the shares of Kechuang Bio."
Stephanie nodded and said, "Yes, he really doesn't care about these things. If it were me, I could register another company just for the patent on brain-computer interfaces."
“He transferred the brain-computer interface patent to a new company, and there’s nothing we can do about it. It’s perfectly reasonable and legal.”
"I even subtly mentioned during a remote video conference that Kechuang Bio could adopt a VIE structure to register a company in the Cayman Islands and then list it on the US or Hong Kong stock exchanges."
"Fearing that Mr. Zheng might not understand, Lei Jun later personally explained it to him in detail again, but Zheng Li calmly said that it was unnecessary. Even though doing so could bring him huge benefits."
Holding stocks in China is tax-free, but you will have to pay taxes when you trade stocks and realize the cash.
Young: "Mr. Zheng is currently in Singapore. Various people in Singapore have repeatedly said that if he wants to immigrate to Singapore, they will give him the green light, but Mr. Zheng has not agreed."
In the top investment circles, any news circulates very quickly, especially news about Zheng Li, who is the absolute controller of the largest unicorn company in recent years.
Rumors abound about Li Miaomiao becoming the executive vice president of Kechuang Biotechnology at the young age of twenty. Li Shuyao had heard a lot of these rumors at CICC, but she didn't tell Li Miaomiao.
Young continued, "You should know that Mr. Zheng's company is B2B, so he doesn't need to consider public opinion. Kechuang Bio is not a B2C company, so public opinion has no impact on him."
To B stands for To Business, which means my customer base is mainly enterprise customers; To C stands for To Consumer, which means my customer base is mainly individual customers.
This is a common saying in the internet industry.
Even with endorphins, Kechuang Bio sells them to major hospitals and distribution channels, rather than to individual customers.
Stephanie: "He is a very simple and special person. Every time I communicate with him, he gets to the heart of any issue, but it always feels like he lives in his own world."
Young strongly agreed with Stephanie's feelings, and everyone who had come into contact with Zheng Li had a similar feeling: "It is precisely because he has always lived in his own world that he has been able to consistently produce outstanding results."
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