Chapter 23
The regular swaying of the hard-sleeper carriage, like a hypnotic beat, failed to soothe the turmoil in Li Ming's heart. Outside the window, the familiar scenery of the North China Plain gradually turned unfamiliar; farmland was replaced by increasingly dense factories and buildings, and the air seemed to be filled with the fast-paced anxiety of a big city. This was his first time leaving Shanxi Province since his rebirth, and his destination was Beijing, a city that held countless dreams and struggles.
He declined Zhao Zhen's suggestion to "find a family connection to pick him up and drop him off," and also declined Li Ziqing's offer to accompany him, choosing to go alone. This was not only to save money, but more like a ritual—he needed to face this test alone that could determine the future of "Mingyu."
Beijing West Railway Station was vast and bustling, and the throngs of people speaking in all sorts of accents swept over him, making him instantly feel his own insignificance. Following the address, he transferred to the subway, walked a while, and finally stood beneath that unremarkable office building in Zhongguancun, yet bearing the bronze plaque of "Leiyao Capital." The glass curtain wall reflected the afternoon sun, cold and dazzling.
The receptionist was well-trained; after confirming his appointment, she led him to a small meeting room. The interior was simply yet modernly decorated, with a faint aroma of coffee and a certain invisible pressure in the air. Li Ming took a deep breath, placed the old backpack containing the simplified business plan and the platform demo USB drive on his lap, and straightened his back.
The wait wasn't long; the door opened, and Zhang Lei walked in. Unlike his casual attire in Jinyang last time, he was wearing a well-fitting dark shirt today, without a tie. His eyes were sharp, his steps were steady, and he exuded an aura of authority that came from someone who had long held a high position.
"Li Ming, welcome to Beijing." Zhang Lei extended his hand, his smile still calm, but the scrutiny in his eyes was more direct and profound than before.
"Mr. Zhang, thank you for giving me this opportunity." Li Ming stood up and shook hands with him in a respectful but not arrogant manner.
Without much small talk, Zhang Lei cut straight to the point: "I've reviewed your business plan again. The ideas are bold, especially your assessment of mobile internet trends. However," he shifted his tone, leaning forward slightly, creating an even stronger sense of pressure, "I'd like to hear more about how you plan to swim from that small pond in Jinyang to this vast ocean. What exactly is your core competitiveness? Is it merely... a seemingly good idea?"
Meeting his gaze, Li Ming knew the real confrontation had begun. He didn't rush to present the demo, but instead started by discussing the current state of "Mingyu Technology," frankly acknowledging the cash flow support provided by the e-commerce business, and also candidly mentioning the internal debates within the team regarding the development path and the recent public relations crisis. His narration was objective and calm, as if he were analyzing another company; this maturity beyond his years caused a flicker of surprise in Zhang Lei's eyes.
Then, he took over the conversation and began to explain his concept of "core competitiveness".
“Mr. Zhang, I believe our core advantage lies not in how powerful we are now, but in being ‘early’ and ‘accurate’.” Li Ming took a deep breath and spoke steadily, “We saw the huge potential market for local life services ahead of time and have already begun to explore and test the waters in regional markets. What we have accumulated is not technological barriers—technology can be caught up with—but an understanding of real user needs and experience in ‘pioneering’ a field that has not yet been taken seriously by giants.”
He paused, then dropped a crucial piece of information: "Moreover, we are not unprepared. Just before coming to Beijing, we completed an asset liquidation, obtaining more than 400,000 yuan in cash reserves, which is enough to support the research and development and initial market promotion of our platform project for the next year."
"Four hundred thousand?" Zhang Lei raised an eyebrow, seemingly somewhat surprised that such a figure came from a team led by high school students. "Asset liquidation? What assets?"
“The domain name,” Li Ming said frankly, “I sold a domain name that I thought would have value in the future to a Silicon Valley startup.”
He didn't reveal specific details about Zoom, but the keywords "Silicon Valley startup" and "400,000" carry significant weight. This is tantamount to telling Zhang Lei: I not only have ideas and a team, but also unique vision and the ability to acquire resources independently; I don't entirely need your investment.
Zhang Lei leaned back in his chair, his fingers unconsciously tapping on the smooth surface of the table. He scrutinized Li Ming for a long time, then suddenly smiled and said, "Interesting. It seems I underestimated you last time." The meaning behind his words was enigmatic, neither praise nor warning.
"Then, tell me your terms." Zhang Lei skipped the investment discussion and moved on to the next stage. "If Leiyao Capital invests, what kind of cooperation do you prefer? How much capital do you need? How many shares are you willing to give up?"
The core issues are looming large.
Li Ming had already prepared his statement, clearly saying, "We hope to raise angel round funding, with an amount between two and three million RMB. We will offer no more than 15% of the shares." This valuation was considered bold for a student startup project at the time.
Zhang Lei didn't speak, he just stared at him quietly, and the air in the conference room seemed to freeze.
“Two million, 15%…” Zhang Lei repeated, a half-smile playing on his lips. “Li Ming, you have quite the appetite. Do you think ‘Mingyu Technology’ is worth that price right now? Just for a rough demo and your meager achievements in Jinyang?”
"Whether it's worth it or not depends on how you view the future market," Li Ming said without hesitation. "I believe that the sector we've chosen will give rise to companies with market capitalizations of tens or even hundreds of billions in the future. The first-mover advantage we have now, as well as the execution and learning capabilities of our team, are our greatest value. This investment is a bet on the future."
"Betting on the future?" Zhang Lei leaned forward, his eyes blazing. "I can give you three million, or even five million. But," his tone suddenly hardened, "I want 30% of the shares, and Lei Yao must have veto power over core decisions, as well as priority lead investment rights in future financing rounds. At the same time, the company's finance and key technical personnel need to be dispatched or approved by us."
Li Ming's heart sank. Zhang Lei's terms, just as Li Ziqing had warned, were filled with a strong desire for control. A 30% stake plus a veto right meant that "Mingyu Technology" might no longer belong to "Li" and would become a pawn on Lei Yao Capital's chessboard. The dispatch of finance and personnel officials further strangled the company.
This is a typical VC technique for controlling early-stage projects, but for Li Ming, who was determined to control his own destiny, it was tantamount to drinking poison to quench his thirst.
A long silence fell over the meeting room. Sunlight streamed in through the window, casting shifting shadows on the smooth tabletop.
Li Ming was undergoing a fierce internal struggle. Accepting the offer meant gaining valuable funding and the backing of Lei Yao Capital, which would greatly accelerate the company's development and allow it to seize market share more quickly. However, the cost was the loss of autonomy and the risk that the company might deviate from its intended course due to the will of capital.
Refusal means continuing to rely on one's own slow accumulation, facing many uncertainties alone, with development speed possibly as slow as a snail, or even missing the window of opportunity and being overtaken by later entrants.
On one hand, there is the possibility of taking off by leveraging external forces but potentially losing wings; on the other hand, there is the possibility of independence but a long and arduous road ahead.
He recalled his father Li Jianhua's silent yet steadfast back, his mother Wang Xiuqin's earnest admonitions on the phone, Li Ziqing's unwavering trust, and his team members' continued efforts despite their disagreements... He was reborn not to become anyone's appendage, but to completely take control of his own destiny and rewrite all his regrets!
He took a deep breath, raised his head, and met Zhang Lei's gaze, which seemed to see right through him. His tone was calm yet firm:
“Mr. Zhang, thank you very much for your high regard and generous terms. However,” he clearly stated each word, “we cannot accept veto power or the assignment of key personnel. 'Mingyu' can accept investment, but the founding team must maintain its leadership in strategy and operations. This is our bottom line.”
The smile on Zhang Lei's face gradually faded, replaced by a deep, emotionless expression. He stared at Li Ming, as if reassessing the young man's courage and worth.
“Young man, confidence is a good thing,” Zhang Lei said slowly, his voice revealing neither joy nor anger. “But excessive confidence is arrogance. Without Lei Yao’s resources, how far do you think you can go? Can you withstand the increasingly powerful competitors that will soon arrive?”
“How far we can go depends on our own efforts and choices.” Li Ming stood up, his attitude still respectful, but his spine straight. “We believe in our own judgment and are willing to bear the consequences of our choices. I’m sorry to have disappointed you.”
He picked up his old schoolbag and bowed slightly: "Thank you again for your time and guidance."
After saying that, he turned around and walked steadily toward the door of the conference room.
Just as he gripped the doorknob, Zhang Lei's emotionless voice came from behind him:
"Li Ming".
Li Ming paused, but did not turn around.
"Remember your choice today." Zhang Lei's voice was calm and even. "This is the path you chose yourself. I hope that when we meet again, you won't regret your decision today."
Li Ming did not answer, but gently opened the door and went out.
The corridor was brightly lit. He walked step by step toward the elevator, feeling a deep gaze coming from the direction of the conference room behind him.
He knew that he had rejected a seemingly smooth shortcut and chosen a treacherous path full of thorns.
The elevator doors slowly closed, shutting out the invisible pressure from Lei Yao Capital. Li Ming leaned against the cold elevator wall and let out a long, silent breath. His palms were already soaked with sweat.
However, his eyes were unusually bright, filled with determination and resolve.
Having chosen to forge ahead independently, he must now run faster and hone his skills more relentlessly, carving out a bloody path for "Mingyu" in the jungle surrounded by giants.
The Beijing sunset cast a long shadow of him through the elevator's glass window. Unbeknownst to him, after he left, Zhang Lei stood before the conference room's floor-to-ceiling window, watching the receding, somewhat slender yet remarkably upright figure below, picked up his phone, and dialed a number.
"Hey? Keep an eye on that student team in Jinyang called 'Mingyu Technology,' especially that young man named Li Ming..."
“He said 'no' to the conditions we offered.”
There was a moment of silence on the other end of the phone, as if someone was somewhat surprised.
A meaningful smile curved at the corners of Zhang Lei's lips:
"Interesting. It seems this game... has only just begun."
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