ryethenovel Chapter 260 Abu Dhabi Leads the Investment
Chapter 260 Abu Dhabi Leads the Investment
At 7:25, Carly knocked on the door right on time.
Dinner was at an upscale restaurant in Palo Alto, renowned for its Mediterranean cuisine. Khalid had booked a private room.
When they arrived, Khalid was already waiting. Not alone—three people were sitting in the private room. Besides Khalid himself, there was an older Arab man, dressed in a traditional white robe, with a dignified air; and a woman in her thirties, wearing a suit and skirt, glasses, and holding a tablet computer.
"Lingyun!" Khalid gave him a warm hug. "Long time no see. The internet cafes in Doha are doing fantastic business; young people love them."
"Khalid, it's nice to see you again." Ling Yun smiled, then turned his gaze to the other two.
"Let me introduce you," Khalid said, switching to a more formal tone. "This is Sheikh Al Nahyan, Chairman of the Digital Investment Committee of the Abu Dhabi Investment Authority. This is Dr. Leila Almazroui, our Chief Technology Advisor."
The group shook hands and exchanged pleasantries before taking their seats. The private room was decorated in an Arabic style, with intricate carpets and miniature paintings on the walls. Appetizers were already laid out on the table: hummus, tomato sauce, and naan.
"Let's eat first, then talk business," Sheikh said in a low, gentle voice. "Making friends at the dinner table and conducting business in the conference room is our tradition."
Dinner was enjoyable, and Khalid described the bustling scene at internet cafes in Doha—the lines stretched around the block, and young people waited two hours to play StarCraft. Dr. Lyra then asked a few technical questions about StarCraft's data encryption algorithms and server architecture.
Ling Yun answered cautiously and in detail. He could sense that this female technical consultant was very professional, and her questions were all to the point.
The main courses are served: roasted lamb chops, seafood tagine, and saffron rice. The aroma of spices is rich and intense.
Halfway through the meal, Sheikh put down his knife and fork and wiped his mouth. "Mr. Ling, Khalid gave me a detailed introduction to you and your business. I always appreciate visionary young people, especially those who can see trends for the next ten or twenty years."
"You flatter me." Ling Yun also put down his cutlery.
"It's not an overstatement," Sheikh said, picking up his water glass. "The Arab world has ancient wisdom, but it also needs to embrace the new era. We don't want to be just oil providers; we want to participate in shaping the future. Digital communication, connecting people, is part of that future."
"Xingyu is willing to become a bridge connecting the Arab world and the rest of the world," Ling Yun said.
“A bridge needs a solid foundation,” Sheikh said, looking at him. “You need funding, we need technology and influence. It sounds like a great collaboration. But I’d like to know, besides funding, what else do you need?”
This is a clever question. It skips the bargaining stage and goes straight to the strategic level.
Ling Yun thought for a few seconds. "We need three things."
"Please speak."
"First, localization support in the Middle East. This involves more than just translation; it means product design that aligns with local culture and customs."
"Dr. Lyra's team can handle it," Sheikh nodded.
"Secondly, there's the political buffer," Ling Yun said. "Xingyu is a global company, but my Chinese background could become an obstacle at times. We need influential international shareholders to balance this risk."
Sheikh smiled. "The Abu Dhabi Investment Authority has invested hundreds of billions of dollars globally, and we have friends in Washington, Brussels, and Beijing. We can provide this buffer."
"Third," Ling Yun paused, "long-term strategic patience. Xingyu's vision needs five to ten years to be realized. We need shareholders to understand this, not to pursue short-term returns, not to interfere in day-to-day operations, but to provide support at critical moments."
The private room fell silent. Only the faint sound of the air conditioner vents could be heard.
Sheikh nodded slowly. "These demands are negotiable. But in exchange, we need some guarantees."
"Please speak."
"The Abu Dhabi Investment Authority will become Xingyu's exclusive strategic partner in the Middle East and North Africa. We will have priority investment and cooperation rights for all future business expansions in the region."
"Sure," Ling Yun said, "but the scope of exclusivity needs to be clearly defined so as not to affect our cooperation in other regions."
"Of course," Sheikh smiled. "Furthermore, we hope to have a seat on the board. Not to interfere, but to maintain communication channels."
"This requires consultation with other investors, but I personally agree in principle."
"Very well." Sheikh raised his water glass. "Then let's talk about valuation. Khalid told me you're expecting 8.5 million?"
"This valuation is based on a complete vision," Ling Yun said. "If it were just the current instant messaging business, the valuation would be lower. But we're selling the future."
Dr. Lyra then spoke, her voice clear and calm: "We've done a detailed model. Based on Xingyu's current growth curve, market space, competitive landscape, and the market buzz generated by Microsoft's acquisition of ICQ, a valuation of $8.5 million is at the high end of a reasonable range, but not unacceptable."
The endorsement from the technical advisor carried significant weight. Sheikh glanced at her, then turned to Ling Yun.
"If we were to lead this round, what size stake would we need?"
"This round of financing totals $1.7 million, and we are willing to give up to 30% of it to the lead investor," Ling Yun said. "However, the lead investor will need to coordinate with other investment institutions to help complete the financing."
"30%...that's $5100 million." Sheikh did the math quickly. "The Abu Dhabi Investment Authority can provide that money. But we're asking for co-investment rights—in subsequent financing rounds, we can make proportional investments to prevent equity dilution."
"This is a standard clause and can be written into the agreement."
In the latter part of dinner, the conversation shifted to more relaxed topics. Khalid talked about several Silicon Valley startups he had recently invested in, and Dr. Leila shared insights into the current state of tech entrepreneurship in the Arab world. Lingyun discussed the development of China's internet market—although it is still in its early stages, it has enormous potential.
Dinner ended at 9:30. Everyone stood up and shook hands again.
"The specific terms will be negotiated by the team," Sheikh said. "I hope to reach a preliminary agreement within a week."
"We will proceed as soon as possible," Ling Yun said.
Stepping out of the restaurant, the night air was slightly cool. Khalid and Sheikh got into the waiting limousine, while Dr. Lyra got into another car. The window rolled down, and Khalid waved to Ling Yun: "I'll have my team contact Carly tomorrow. Hope we can work together!"
"It's a pleasure working with you."
The car drove away. Carly let out a long sigh of relief, her shoulders slumping. "Oh my god, my palms were sweating so much from nervousness."
"They performed very well," Ling Yun said. "At least one company is willing to lead the investment. It will be much easier to leverage Abu Dhabi's interest to persuade the others."
"Goldman Sachs and Morgan Stanley tomorrow..."
"Tell them that we already have a strategic investor who has provided a term sheet," Ling Yun said, opening the car door. "Make them nervous."
On the way back to the apartment, Ling Yun leaned back in the car seat and closed her eyes. Jet lag, the packed meetings, and the intense mental strain all rushed over her at that moment. Her temples throbbed slightly.
"You need to rest," Carly said. "Tomorrow morning at Goldman Sachs, 2 pm at Morgan Stanley, and then coffee with people from Sequoia Capital in the evening. My schedule is packed."
"Hmm," Ling Yun responded, without opening his eyes.
The car was parked downstairs at the apartment building. As Lingyun got out of the car, Carly called out to him.
"Ling".
He turned around.
"What you said in the meeting today," Carly hesitated, "about the world splitting apart, about standing at a crossroads... were you serious?"
The light from the streetlamp shone on her face from the side, half bright and half in shadow.
"I'm serious," Ling Yun said. "So we have to run fast enough to get over the walls before they're built."