Video Editor

As Su Ning was leaving get off work, a black Mercedes-Benz S-Class sedan slowly pulled up in front of him at the intersection.

The driver got out of the car and respectfully opened the back door: "Second Young Master, are we going home?"

This was arranged by Su Jianguo, who said that since he was new to the job and not familiar with the routes, he would have the driver pick him up and drop him off for a few days.

"Thank you." Su Ning got into the car.

The car entered the traffic flow and, twenty minutes later, returned to the old villa in Jing'an.

As I walked in, Li Xiuqin was already waiting in the living room: "You're back? How was your first day at work?"

"It's alright." Su Ning took off his suit jacket, which Aunt Wang took and hung up.

"Are your colleagues easy to get along with? Is your mentor good to you?" Li Xiuqin asked in rapid succession.

"My colleagues are all very nice, and my mentor, Manager Lin, is very patient," Su Ning said. "I just started today, and my main job is to familiarize myself with the environment, deliver documents, and organize materials."

Just then, Su Qing came down the stairs and heard these words, and unconsciously pursed her lips.

Delivering documents? Organizing materials? What's the difference between this and doing odd jobs?

Her suddenly appearing younger brother, a high school graduate, is now just a gofer at Jin Chen Capital.

Su Qing felt a little embarrassed, considering that she, Su Qing, was a well-known figure in the industry, while her younger brother was just a nobody.

Who would believe it?

“Jin Chen Capital has very high requirements.” Su Qing sat down on the sofa, her tone indifferent. “You’re lucky you got in. Study hard and don’t embarrass your family.”

This statement is blunt, even somewhat harsh.

Li Xiuqin frowned: "Qingqing, how can you talk like that?"

“I’m stating the facts,” Su Qing said frankly. “The investment department of Jin Chen Capital isn’t a place anyone can get into. If it weren’t for Dad’s good relationship with President Jun, even with his qualifications, he wouldn’t have been able to get in.”

Su Ning nodded: "She's right, I will cherish this opportunity and study hard."

Su Qing glanced at him, said nothing more, and picked up a financial magazine from the coffee table to read.

Su Ming, wearing noise-canceling headphones, strolled downstairs, completely ignoring the previous conversation, and plopped down next to Su Qing: "Mom, what's for dinner? I'm hungry."

"Dinner will be served at seven o'clock." Li Xiuqin checked the time. "Your dad said he has a business dinner today and will be back later. He told us to eat first."

……

Dinner begins at seven o'clock.

Four dishes and a soup were laid out on the long dining table; Aunt Wang's cooking skills were quite good.

Su Qing ate quickly, checking her phone and replying to work messages while eating.

Su Ming, wearing headphones, ate while scrolling through short videos, completely immersed in his own world.

Only Li Xiuqin kept putting food on Suning's plate, saying, "Eat more, you work hard."

"Thank you, I can do it myself."

Halfway through the meal, Li Xiuqin got down to business: "Su Ning, now that you're working, it's inconvenient to take the bus and subway every day. Your dad and I have discussed it and we're going to buy you a car. What kind of car do you like? We'll have your dad take you to the dealership tomorrow."

Before Su Ning could speak, Su Qing spoke up first: "Just buy an Audi A4 or a BMW 3 Series. They're suitable for young people and the price is right."

Su Ming took off one earphone: "Why buy an Audi or BMW? If you're going to buy one, buy a Porsche! My classmate's brother drives a Porsche, and he's really cool!"

"What do you know?" Su Qing glanced at him. "That's your classmate's family, nouveau riche in real estate. How can you compare them?"

"Tch! Just because our family is in export trade doesn't mean we're nouveau riche?" Su Ming muttered.

Li Xiuqin ignored them and looked at Su Ning: "What kind of car do you like?"

Suning put down his chopsticks, thought for a moment, and said, "BYD, I guess."

There was a two-second silence on the table.

"BYD?" Su Qing frowned. "A domestic car?"

“Yes.” Suning nodded. “A new energy vehicle will do, the latest 2018 model.”

Su Qing's expression was a bit complicated: "Are you sure? It's not like we can't afford a nice car. Audi, BMW, Mercedes, you can choose whichever you like."

“BYD is pretty good,” Suning said. “New energy is the trend, and it’s just for commuting, so it’s enough.”

Su Ming couldn't help but laugh: "Tch! You're too modest, aren't you? Driving a BYD to work at Jin Chen Capital? Aren't you afraid your colleagues will laugh at you?"

“A car is just a means of transportation, what’s so funny about it? Besides, I’m just an intern, even if you gave me a Rolls-Royce, it wouldn’t make any sense,” Su Ning said casually.

Li Xiuqin felt a little sorry for her: "Child, you don't need to save money for the family. Buying a nicer car is also a way for you to show off."

“I’m not trying to save money,” Su Ning said earnestly. “I genuinely think BYD’s new energy vehicles are great. If you test drive one, you’ll like it too.”

Su Qing looked at Su Ning, her eyes holding a different meaning.

She thought Su Ning would take the opportunity to ask for a nice car, after all, suddenly going from a poor boy to a rich young master, any normal person would want to show off.

Unexpectedly, he asked for a BYD, and it was a new energy vehicle.

Either they're genuinely keeping a low profile, or... they have other plans.

"Are you really sure?" Su Jianguo's voice came from the doorway; he had just returned from a social engagement.

“I’ve made up my mind.” Suning stood up. “I want the BYD New Energy, the latest 2018 model.”

Su Jianguo took off his coat and sat down at the head of the table: "BYD...that's fine too. The country is promoting new energy vehicles now, so driving this car is also a way of supporting domestic products. Tomorrow I'll have my driver, Xiao Tong, accompany you to the 4S store, and if you like it, just buy it."

"Thanks dad."

“However,” Su Jianguo added, “since you’ve chosen BYD, I’ll give you the remaining budget in cash. I’ll give you the exact amount of cash the car costs, as pocket money.”

"Need not……"

"Yes, we'll take it," Li Xiuqin said quickly. "You chose the car, so we'll still pay for it. We'll keep the rest for you; you'll need the money later."

Suning didn't refuse again: "Okay, thank you, Mom and Dad."

……

After finishing her meal, Su Qing called out to Su Ning, who was about to go upstairs, "Wait a moment."

The two came to the study.

"Did you choose BYD because you genuinely like it, or were you just doing it for my benefit?" Su Qing asked directly.

"I'll show you?" Su Ning asked, puzzled. "What do you mean?"

"It shows you're thrifty and don't covet wealth," Su Qing said, staring at him. "So that Mom and Dad will think you're sensible."

Suning laughed: "You're overthinking it. I just think BYD's new energy vehicles are good, with mature technology and high cost performance. Besides, it's easy to get a license plate for a new energy vehicle in Shanghai now, you don't need to go through the bidding process."

Su Qing was silent for a moment: "Do you really think so?"

“I really think so,” Suning said. “When I worked at the convenience store, there was a regular customer who drove a BYD Tang. I rode in it a few times and it was a good experience.”

"Convenience store..." Su Qing repeated the word, her eyes filled with complex emotions. "Your life before is so different from now. Can you really adapt?"

"I'm adapting," Suning said frankly. "There may be some areas where I haven't done well enough, and I need more time."

Su Qing nodded, her tone softening slightly: "Jin Chen Capital is no ordinary place, especially the investment department, which is full of elites. Your educational background... is special, and there will definitely be gossip if you go there. Be prepared."

"I see."

"Also," Su Qing hesitated for a moment, "if you really can't adapt, or if someone bullies you, you can tell me. Although I don't like you coming to the family company, I won't stand by and watch you be bullied."

This was the first time Su Qing had shown any signs of being an older sister.

Suning was somewhat surprised: "Thank you."

"Don't thank me, I just don't want you to embarrass the Su family." Su Qing turned and left the study, but turned back at the door. "By the way, send me the model number after you buy the car, and I'll have someone get the license plate for you."

"it is good."

……

Back in her bedroom on the third floor, Su Ning stood by the window, looking at the garden in the night.

Suning felt more uncomfortable with the sudden addition of family members.

As for their individual thoughts, they're not really that important; that's just how I see it.

Moreover, choosing a BYD car wasn't just for show; I genuinely felt it was sufficient for my needs.

Having experienced both immense wealth and destitution, I've long since passed the stage of proving myself through material possessions.

Now, what I need to do is gain a foothold in this world, complete the system tasks, and recover my lost memories.

I have a feeling that my missing memories are definitely not simple, and may be related to a shocking secret.

……

The next day was the weekend, and Suning actually went to the BYD 4S store and picked up a 2018 Tang New Energy, the top-of-the-line version, which cost more than 300,000 yuan.

Su Jianguo kept his word and transferred another 300,000 yuan to him as pocket money.

On Monday morning, Suning drove his new car to work.

When I parked my car in the underground garage of the Jinchen Capital Building, there was Zhou Qingyu's Audi A4 parked right next to me.

The two met at the elevator entrance.

Zhou Qingyu glanced at Suning's new car, somewhat surprised: "BYD Tang? A new energy vehicle?"

“Yes, I just bought it,” Suning said. “It’s a new energy vehicle, quiet.”

“That’s good.” Zhou Qingyu nodded meaningfully. “New energy is the trend now, and our company is also looking at projects in this area.”

As the elevator ascended, the reflections of two people appeared in the mirror. One was a seasoned investment director, adept at opportunism and currying favor with the powerful while belittling the weak; the other was a newcomer with connections.

But Zhou Qingyu had a vague feeling that this Suning might not be as simple as he thought.

After all, Wu Kezhi has never given anyone a kind look over the years, but judging from his current indifferent attitude, it shows that Su Ning's background is definitely not simple.

The elevator doors opened, and a new week began.

……

At nine o'clock in the morning, Lin Yuming called Su Ning to the small conference room and closed the door.

“Starting today, I will teach you the basics for one hour every morning from nine to ten.” Lin Yuming placed a stack of documents on the table. “The work of the investment department is divided into several sections: industry research, project screening, due diligence, investment decision-making, and post-investment management. You are now in the project team, and you will mainly be involved in the first three stages.”

Suning took out his notebook to take notes.

“First, industry research.” Lin Yuming wrote a framework on the whiteboard. “For any investment project, the first thing to do is to see which industry it belongs to. Our research methods mainly include: desk research, expert interviews, field research, and data analysis.”

He handed Suning a report: "This is the consumer electronics industry research report that our team completed last week. Take a look at the structure."

Suning opened the report, which was very detailed: industry size, growth rate, supply chain analysis, major players, technological trends, policy environment, risk factors...

"How much did you understand?" Lin Yuming asked.

"I understand the general framework, but I'm not so clear on many of the data sources and analysis methods." Su Ning pointed to the charts in the report. He was a top-tier expert, but his biggest problem was simply that he was all talk and no action. "For example, where did this market share data come from?"

“Good question.” Lin Yuming explained, “Industry data mainly comes from several channels: reports from third-party consulting firms (such as iResearch and Analysys), data from industry associations, financial reports of listed companies, and our own research. The key is to cross-validate; we can’t just look at one source.”

Then he turned on his computer and brought up several databases: "These are databases that the company bought. You have permission to access them. From now on, look up data here. They're more reliable than Baidu."

Suning quietly noted down the website address and login method, trying to familiarize himself with the rules as much as possible.

"Next is project screening," Lin Yuming continued. "Every day we receive a large number of business plans (BPs). How do we screen them? There are several criteria: whether the market size is large enough (at least tens of billions), whether the team is reliable, whether the technology or business model is innovative, and whether the financial model is reasonable."

He pulled out three business plans from the folder: "These were received last week. Take a look and see which one has the most investment value?"

Suning took over BP's projects: AI education, biomedicine, and new energy batteries.

He quickly browsed through it and said ten minutes later, "This one on new energy batteries is the best."

"reason?"

"First, the market size is large enough, and new energy vehicles are a key industry supported by the state; second, the team has a good background, with core members having work experience at CATL and BYD; third, the technology has highlights, with energy density 15% higher than mainstream products; fourth, although the financial model is optimistic, the data sources are well-founded."

Lin Yuming was somewhat surprised; this kid had only been learning for one day, yet his perspective on the issue was surprisingly accurate.

“The analysis is good, but it missed a crucial point.” He pointed to a page in the BP, “Look here, the patent situation. Although this company has good technology, its core patents are disputed, and it is currently in litigation with the Chinese Academy of Sciences. This kind of legal risk must be considered when investing.”

Suning noted: "Understood. We also need to consider intellectual property rights and legal risks."

“Yes.” Lin Yuming nodded. “The third stage is due diligence. This is the most important step, determining whether to invest and how much to invest. Due diligence is divided into several aspects: business due diligence, financial due diligence, legal due diligence, and technical due diligence. Our project team is mainly responsible for business due diligence and part of financial due diligence.”

He pulled up a due diligence report template: "This is a standard template, familiarize yourself with it. There are specific guidelines for what questions to ask during due diligence and how to cross-validate."

Suning reviewed the template; it was very detailed, covering everything from the company's equity structure, management team, and business model to financial data, customer interviews, and supply chain verification.

He had never paid attention to these practical details before, since he only needed to ask questions and his employees would run themselves ragged.

I never imagined the specifics would be so complicated; the success of the investment is the result of everyone's hard work.

"With so much information, how long will it take to conduct a single due diligence investigation?"

“It depends on the size of the project. Small projects take a week, while large projects take a month or even longer,” Lin Yuming said. “I’m going to do due diligence on a project next week, and you can come along to learn. But for now, you need to learn the basics first.”

He assigned the first task: "Your assignment this week is: First, familiarize yourself with the writing framework of industry research reports; second, learn to use Wind and Bloomberg to search for data; third, try to analyze three business plans and write preliminary screening opinions."

"it is good."

“In addition,” Lin Yuming added, “starting today, you will begin working with the project team. You will attend morning meetings, sit in on project discussions, and be responsible for taking meeting minutes. This is the fastest way to learn.”

"clear."

Then, Lin Yuming pulled Suning into another cross-departmental meeting, where Suning acted like a diligent intern.

At lunchtime, Lin Yuming and Su Ning sat at the same table.

"How much of the meeting this morning did you understand?" Lin Yuming asked.

"About half," Su Ning said, speaking frankly based on his own experience. "I don't quite understand many of the technical terms and abbreviations."

“It’s normal. There’s a lot of jargon in this industry, you’ll learn it slowly,” Lin Yuming said, and sure enough, he didn’t notice anything unusual about Su Ning. “This afternoon, first, organize the meeting minutes and send them to me. This is to train your ability to grasp the key points.”

"it is good."

After finishing his meal and returning to his office, Su Ning began organizing the meeting minutes.

He discovered that this was a technical task; it couldn't be a simple record of events, but rather a process of extracting key information: decision-making matters, tasks to be done, responsible persons, and timelines.

It took him two hours to organize it before sending it to Lin Yuming.

Half an hour later, Lin Yuming replied: "Okay. The format is standard and the key points are well captured. But there's a problem—you remembered 'betting clause' as 'gambling clause.' Although the meanings are similar, the industry uses 'betting clause.' Be careful with the accuracy of terminology in the future."

"Okay, thank you for pointing it out, Manager Lin." Su Ning had obviously made this small mistake on purpose.

At 3 PM, Lin Yuming asked Suning to help him check some industry data.

"Check the compound annual growth rate forecast for China's smart home market over the next three years; you'll need data from three different sources."

Suning opened the database and began searching.

Half an hour later, he compiled a table listing data from three institutions: iResearch, Analysys, and IDC, and noted the differences in data release time and sample size.

Lin Yuming looked at the spreadsheet and nodded: "The efficiency is good, and the data is complete. But next time, you need to pay attention to the fact that different institutions may have different standards, so you should explain that in the remarks."

"understood."

At the end of the first day of teaching, before leaving get off work, Lin Yuming asked, "How did it go? Are you keeping up?"

"It's a bit difficult, but I can keep up." Su Ning thought for a moment and then said innocently, but in his heart he felt "damn, pretending to be innocent is so tiring," and "I just lack too much professional knowledge and need to make up for it."

“That’s normal,” Lin Yuming said. “In the investment industry, experience is more important than academic qualifications. If you listen more, observe more, and ask more questions, you will improve quickly.”

"Thank you, Manager Lin."

……

Over the next few days, Lin Yuming taught according to the plan.

The second day taught the basics of financial analysis: how to read the three major financial statements (balance sheet, income statement, and cash flow statement), how to calculate key financial ratios (gross profit margin, net profit margin, ROE, and ROA), and how to identify the red flags of financial fraud.

Suning learns very quickly; he grasps many concepts immediately.

Lin Yuming discovered that although Suning had not studied accounting, he had strong logical thinking skills and could understand the business essence behind the financial data.

The third day teaches valuation methods: price-to-earnings ratio, price-to-sales ratio, DCF model (discounted cash flow), and comparable company method.

This part is quite difficult, and Suning struggled to learn it.

Lin Yuming patiently explained: "Valuation is not a precise science, it's an art. Different industries and companies at different stages require different valuation methods. The key is to understand the assumptions and limitations of each method."

The fourth day teaches investment terms: liquidation preference, anti-dilution clauses, board seats, veto power, buyback rights...

“These terms may seem complicated, but the core is actually just one thing: protecting the interests of investors.” Lin Yuming explained with a real case: “For example, in this project, we requested liquidation priority, which means that if the company is sold, we will first get back 1.5 times the principal, and the remaining money will be distributed according to the equity ratio.”

"Can entrepreneurs accept that?" Su Ning asked.

"It depends on your negotiating position," Lin Yuming said. "For good projects, the entrepreneurs are in a stronger position, so the terms are more lenient; for ordinary projects, we are in a stronger position, so the terms are more stringent. Negotiation is a game of strategy."

After a week, Suning has made significant progress.

Moreover, he had a serious attitude towards learning, arriving at the company earliest and leaving latest every day, with his notes filled with dense text.

Before leaving get off work on Friday, Lin Yuming said to Suning, "I'm going on a business trip next week for due diligence, and you can come with me. But before you go, you need to complete a test."

"What test?"

Lin Yuming handed him a business plan: "This is a business plan for an AI healthcare company. Your tasks are: first, to conduct preliminary industry research; second, to analyze the company's strengths and weaknesses; and third, to provide an opinion on whether to recommend further due diligence. Give it to me Monday morning."

"it is good."

Suning didn't rest over the weekend; he stayed home studying that business plan.

The company develops AI-assisted diagnostics, its technology looks promising, the team has a dual background in medicine and AI, and its financial projections are also optimistic.

However, after checking industry data, Suning found that although the AI ​​healthcare sector is hot, it is difficult to commercialize, has strict regulations, and faces many competitors.

He wrote a three-page analysis report, concluding that preliminary due diligence should be conducted, but the focus should be on the product approval progress and the validation of the business model.

Su Jianguo and Li Xiuqin were both very pleased to see Suning working so well.

On Monday morning, Suning handed the report to Lin Yuming.

Lin Yuming looked at it for ten minutes, then looked up and said, "The analytical framework is basically correct, and the data is solid. But there's one problem: you're too conservative."

"keep?"

“Investment shouldn’t just focus on risks, but also on opportunities,” Lin Yuming said. “AI healthcare is difficult, but if it’s successful, the potential is extremely high. Your report clearly outlines the risks, but the analysis of the opportunities is not in-depth enough.”

He pointed to a section in the report: "Here you wrote 'the product has not yet obtained a medical device registration certificate,' which is a risk. But at the same time, we also need to analyze: what stage is the registration process at? When is it expected to obtain the certificate? How large is the market potential after obtaining the certificate?"

Suning suddenly realized: "I understand, we need to balance risks and opportunities."

“Yes.” Lin Yuming nodded. “But overall, it was done well, exceeding my expectations. Get ready, you’ll be coming with me on Wednesday for on-site due diligence at this company.”

"Really?" Su Ning's eyes lit up.

"Really." Lin Yuming smiled. "What you learn from books is never enough. In the investment business, you have to look at real people, real companies, and ask real questions. When the time comes, stick close to me, observe more, listen more, and talk less."

"understand!"

...(End of chapter)