The Hope You Gave Me: 47-Maixiang

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.

I didn't expect it to be crowded with parents of similar age to them, and it took 15 minutes to find a seat.

Min Hui secretly observes Xin Qi. With his impatient personality, he will be upset when many people are crowded, not to mention that the restaurant is 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 the Maixiangyu.

"Two days, only one day belongs to me, which is tomorrow."

"AM or PM?"

"A forum in the morning and a report in the afternoon."

"Wow, AIMax is a very high-end industry conference. If you can give a presentation alone, you are very good."

Min Hui looked at him and smiled: "I'm very good."

"But not humble enough," he added.

"I don't need it in front of you." Min Hui took a bite of the beef burger, "You always give me a low score, so I have to raise myself up so you can get the correct average."

"The mouth is not forgiving," he added.

Min Hui glared at him.

"Dad, I can't eat it anymore." Su Quan had a great appetite and ordered a chicken McNugget and a cheeseburger. As a result, after the chicken McNugget was eaten, after a few bites of the hamburger, he couldn't eat it. When he moved, he shoved it into Xin Qi's hand, "You 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 habit of cleanliness, and does not eat any leftovers, let alone what others have eaten half, no matter if the 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 didn't get tired of it. Once I grew fat, my mother was anxious. broken."

"You? Are you fat?"

"Yes, I can't take part in strenuous exercise. I stay at home every day, and the more I eat, the fatter I get."

"And then?"

"My dad took the plunge and gave me a different high school. There is only one Greek restaurant nearby. I still eat every day and lose weight again."

Xin Qi only talks about the past in the most relaxed state. Min Hui smiled and looked at him silently.

He's still handsome, refreshed and radiant wherever he sits, 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 tall and slender, but he 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.

Whether he dresses or looks like Xin Qi is incompatible with the surrounding environment, even Su Quan thinks it is very cool to be with him, and he only sticks to his father all the way.

Min Hui couldn't help but feel a little lost.

"Which hotel are you staying at?" he asked. "I can take the baby 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 capable?"

"I know."

"We hired it with 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 don’t get along 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 is difficult for you to make him believe anything, once he believes, he will firmly believe in it and become closer to you. . The second kind of person is just the opposite. It is easy to be credulous and believe what others say is true. However, once she finds out that you are lying, she will never believe a word you say again, and immediately stop loss and distance from you. God for this The two types of people are fair, and let them have both gains and losses. In the end, no one suffers a big loss. I am 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, or 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 you don't want to come. She will do the presentation, but the PPT is yours. ."

"Yes."

"Min Hui—" Xin Qi was a little puzzled, "I don't appreciate your attitude. The business between you and me has nothing to do with Business. Since you want 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 can think too much."

"Besides, you have such a bad temper, and you are always picky. I will never be able to work under you for a long time. I am afraid that I will bring you losses when I get angry."

"What's the loss?"

"I'm a core technician."

Xin Qi was stunned for a moment, then smiled: "My temper is bad, but your temper is good. Every time you quarrel with me, you let me go. After a long time, it becomes a habit, and you get used to it. I really don't want to try it. Maybe we're good partners?"

"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."

"No need for that. 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 that I can't guarantee that I will be able to work under you for a long time, given your consistent bad behavior. Temper. So please measure carefully, don't buy Bai'an impulsively."

"I'm never impulsive when it comes to doing business."

"That's fine."

He didn't speak for a long time, and when he spoke again, he changed the subject: "If you are an MBO, the management team needs personal investment. Generally, it is 10% of the total price, and it will cost you more than 200 yuan. Wan, do you have this money?"

"A little, not so much, I borrowed some from a friend."

"For example—"

"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 ashamed 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 much 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 with low interest, quick approval, and quick release."

"Pull it down." Xin Qi looked at the sky.

"Don't worry, there is still time," Min Hui said, "there is always a solution."

"No, there is no way out." Xin Qi squeezed the paper cup into a ball and threw it into the dinner plate.

***

As a result, at night, Min Hui still went with her to see Xin Qi, unable to withstand Cao Mu's repeated pleas.

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 talk about it. We have GS1.0, There are a lot of people who come to the door. They pick us, and we pick them."

The meeting 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.

In the first 20 minutes, Min Huidu was answering a series of technical questions raised by Ling Jianbo. Xin Qi then 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 Class II medical devices, and Class III devices are being declared. You also know that Class II devices can be applied for directly at the provincial drug administration, but Class III devices must go through the national The Food and Drug Administration, and we are going to do clinical trials. Our products are still in the clinical trial stage." Cao Mu explained.

"According to the process, AI products go through six steps from application to approval, including product finalization, testing, clinical trials, registration application, technical review, and administrative approval. The six steps cannot be carried out at the same time, and the first step must be passed. Take the second step. Now all 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 process is very cautious. So far, no AI company has obtained the three types of applications. Device certification." 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 10 million." Min Hui replied, "It will take about two to three years to complete all of them."

"Yuanlai is an established medical device company. Many of its products should have passed the CFDA's three-category demonstration. It should be easier to sell if equipped with AI." Xin Qi said.

"I haven't paid much attention to this one in the past, but we did cooperate with it 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, a business plan. Also included in the attachment."

“Dongcheng Technology, a subsidiary of BBG, is a high-end medical equipment company and 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 that can be added to BBG can apply for FDA certification in the United States, and then be packaged and sold on Dongcheng Technology’s equipment.” 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. 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 20% equity." 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 requires 30% equity."

"As we talked just now, your products have not yet been certified as Class III devices, and clinical trials will take two to three years, which means more input and less output. It's not a small risk for investors. 20% is a reasonable ratio." Xin Qi's attitude remained unchanged.

"At 28%, I was able to persuade one of the private equity firms to exit. In addition, both private equity funds gave me a higher percentage of equity than you."

"But they don't add up to as much money as I put together. 23%, both private placements are going to exit."

"If the two companies withdraw, 25%."

"23%, exclusive, is my final offer. Before eight 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, without any expression on his face, his eyes were calm and cold.

Cao Mu thought for a while and said, "Thank you, I'll go back and communicate with the team first, and I will answer you tomorrow."

"Okay."

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 finance, but intuitively thinks that 130 million yuan and 23% 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 make This is the reason to reduce the investment quota or even withdraw. Since he is exclusive, if it fails, I will not have time to find someone else." Cao Mu said, "This is one of them."

“Besides, I have already talked verbally 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 others Think I'm seeing big fish throwing small fish."

"That's right."

"Tomorrow afternoon, I will also go to meet two investors to hear what conditions they offer us, maybe even better than Xin Qi's."

"Well, I'll 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."