Lu Ming, undeterred by industry skepticism, continued his venture capital journey with noteworthy investments in Pinduoduo and Mihayou. His unique perspective on opportunities allowed him to see potential in diverse sectors. After successfully concluding business in Shencheng, Lu Ming took a well-deserved vacation with Yao Yun and An Yirou. Balancing his intense capitalist endeavors with moments of leisure, Lu Ming emphasized the importance of maintaining a holistic approach to life.
The announcements of Pinduoduo and Mihayou's A-round financings on October 5th caught the attention of the industry. Tiansheng Capital's investments, seemingly unrelated—one in e-commerce and the other in a two-dimensional mobile game—raised eyebrows. Pinduoduo received $100 million, valuing it at $21 billion, while Mihayou secured $78.8 million, with a valuation of $2 billion. The industry, particularly skeptical of Pinduoduo's prospects due to the established dominance of Jingdong and Alibaba, questioned the timing of Tiansheng Capital's entrance.
Unfazed by doubts, Lu Ming shifted his focus to another potential investment—Bolaiya, an unlisted domestic daily chemical company. Tiansheng Capital aimed to assist Bolaiya in navigating the complexities of the A-share market. Despite the well-known challenges faced by domestic cosmetics companies post-listing, Lu Ming saw promise in Bolaiya's dislocation competition model. The company strategically targeted cost-conscious young consumers, offering a unique positioning in the competitive beauty industry.
Instructing Li Mingyang, Lu Ming tasked Tiansheng Capital to investigate Bolaiya in Hangzhou, viewing it not only as a financial investment but as a strategic move to bolster the company's position in the beauty industry. As Li Mingyang prepared for the research tasks, Lu Ming unveiled another crucial mission—exploring the possibility of leading the D-round financing for ByteDance.
ByteDance, the innovative company behind the widely popular TikTok app, had received $100 million in Series C financing, valuing it at $500 million. Lu Ming recognized the urgency of acting swiftly in the rapidly evolving tech landscape. Instructing Li Mingyang to initiate discussions with ByteDance and strive for Tiansheng Capital's leadership in the D-round financing, Lu Ming underscored the significance of ByteDance's potential as a major player in the tech industry.
Returning from the holiday, Lu Ming faced yet another critical task—preparing for the listing of Tiansheng Capital. Aware of the challenges posed by traditional IPO processes, particularly the three-year operational requirement, he opted for a strategic backdoor listing. Leveraging shell resources in the capital market, Lu Ming aimed to expedite Tiansheng Capital's entry into the A-share market.
As the venture capitalist navigated intricate financial landscapes, his strategic decisions continued to shape the trajectory of Tiansheng Capital. The dynamic interplay of investments, market analyses, and strategic moves underscored Lu Ming's ability to navigate the complex world of venture capital with foresight and acumen.