178: Chapter 178 Class

At 2:00 PM on Friday, Lu Manqi parked her car outside the south gate of Jiang University.

Today, she had deliberately shed her sharp professional edge.

Instead of a stiff business suit, she wore an off-white knitted cardigan paired with dark brown wide-leg pants and simple flat loafers.

Her long hair fell naturally over her shoulders, her face had only a thin layer of foundation, and her lipstick was a dusty rose shade close to her natural lip color.

She had cast off the sharp efficiency of a private bank manager, appearing gentle and low-profile, looking exactly like an alumna returning to her alma mater for an academic lecture.

Her aura was soft and understated, yet she still possessed a standout presence that could be noticed at a glance in a crowd without seeming abrupt or forced.

Su Wanqing had sent a WeChat message in advance, sharing the location of Lecture Hall 402 with her.

Lu Manqi deliberately entered quietly through the back door and took a seat in the second-to-last row by the aisle.

Her gaze slowly swept across the crowd in the front rows and quickly locked onto a familiar figure.

In a window seat in the fourth row from the back, Jiang Chen was dressed in a simple white T-shirt and dark casual trousers, looking down and nonchalantly scrolling through his phone, exuding a cold and aloof "do not disturb" vibe.

The warm afternoon sun slanted through the window frames, tracing sharp and distinct contours on his handsome profile, yet he kept his eyes downcast with an air of indifference and quiet reserve, never participating in classroom chatter or seeking attention.

Lu Manqi calmly withdrew her gaze, opened her leather notebook, and neatly wrote a line on the title page: Survey on Financial Credit Needs for University Student Entrepreneurship.

Then she looked up and focused on the podium, maintaining a look of concentration throughout, never glancing back toward Jiang Chen.

This class was a student entrepreneurship project roadshow, focusing on financial venture capital and startup valuation.

When it was the third project's turn, a tall male student walked up to the podium and opened a PPT.

The moment the main title came into view, Lu Manqi clearly noticed Jiang Chen slowly putting down his phone, though he still leaned quietly against the back of his chair, his gaze falling flatly on the screen without any intention of speaking up.

The PPT slide clearly read: Hard Carbon Anode Material Project — Analysis of Startup Valuation and Investment-Financing Pricing Logic.

Lu Manqi raised her eyebrows slightly.

This project not only fit the new energy sector but also focused on the financial scope of startup valuation and equity financing pricing, which happened to highly overlap with the direction of investment and financing analysis for tech-innovation enterprises she had been deeply researching lately.

The boy on stage spoke haltingly, piling up a lot of industry data but failing to clarify the core logic of the valuation model at all.

When discussing comparable company P/E ratio benchmarks and startup risk premium calculations, the logic was full of holes.

Su Wanqing frowned and interrupted directly, her tone carrying the rigor of a teaching mentor.

"The average P/E ratio parameters you chose for the tech-innovation industry are incorrect. You failed to distinguish the risk valuation difference between mature companies and startup projects. The risk premium coefficient was inflated out of thin air, making the entire foundation of the valuation model unstable."

The boy's face instantly flushed red, and he stammered on stage, unable to defend himself.

An awkward silence fell over the classroom; the students below looked at each other, and no one dared to speak up.

Jiang Chen remained quietly in his window seat, his expression calm and rippleless, as if the flaws on stage and the awkwardness in the room had nothing to do with him.

Su Wanqing looked around the room, and seeing no response, she personally began to break down the logic in a steady, professional tone: "This valuation applies last year's average static P/E ratio for the new energy sector, completely ignoring the unique nature of early-stage tech projects."

"Enterprises in the R&D stage have a high proportion of intangible assets and no immediate cash flow, so they cannot be directly benchmarked against mature listed companies. A dual-model correction using R&D stage discounted cash flow plus industry benchmarking should be used; otherwise, the valuation premium will be at least 30% too high, completely detached from the actual pricing rules of the venture capital market."

She paused and looked at the embarrassed boy on stage, returning to her strict teaching tone.

"In an entrepreneurship project roadshow, financial valuation is the core lifeline. Every coefficient and every model must withstand the scrutiny of investors. Go back and refine your valuation framework, and report back next week with a revised financing plan."

Sitting in the back, Lu Manqi's fountain pen tip rested quietly on the paper.

She peeked at Jiang Chen by the window and found that he had picked up his phone again at some point, looking down indifferently and swiping the screen at random, maintaining a low-profile stance of being too lazy to get involved in classroom trivialities.

Looking back at Su Wanqing, her gaze flickered over Jiang Chen for a split second, carrying a hint of understanding and tacit approval.

In her heart, Lu Manqi silently noted their teacher-student relationship: Professional philosophies align, and their private relationship is not shallow. Jiang Chen has a low-key personality and never easily shows his brilliance in class.

The bell rang on time, and the students packed their books and got up to leave.

Lu Manqi stood up calmly and walked out the back door, leaning against the corridor railing and keeping her eyes fixed on the front door of the classroom.

Before long, Jiang Chen walked out slowly with a backpack. As he reached the corner of the corridor, his gaze inadvertently swept over and met hers, his footsteps pausing almost imperceptibly.

Then, without being forced or evasive, he walked toward her along the corridor with the natural attitude of a casual acquaintance, still maintaining that cold, quiet, and unassuming manner.

Lu Manqi secretly gave herself points: He didn't deliberately avoid her but instead met her head-on.

Without waiting for him to speak first, Lu Manqi softened her tone, speaking in a casual and natural way, striking just the right balance.

"This 'Entrepreneurial Finance' course is a core elective taught by Sister Wanqing. She specifically invited me to sit in on the student venture capital project survey. I didn't expect it to be such a coincidence that you also took this course."

"It's an elective," Jiang Chen replied concisely in a flat tone, without much chatter or extra pleasantries.

"Do you often come to Jiang University to audit these kinds of courses?" he asked casually with an indifferent tone.

"Today is the first time."

Lu Manqi smiled faintly and answered calmly.

"However, Teacher Su mentioned there are several more financial venture capital roadshows coming up, which align highly with our bank's student entrepreneurship credit and tech-innovation private equity business. I'll likely come back for more surveys."

Jiang Chen nodded slightly.

Just then, Su Wanqing walked out of the classroom holding a stack of course materials and handouts. Seeing the two standing side by side, she paused slightly.

Her gaze swept back and forth between Lu Manqi and Jiang Chen, her expression showing no flaws, her tone carrying a perfectly measured surprise: "You two... know each other?"

Lu Manqi had already prepared her explanation and answered with a calm, shallow smile.

"Mr. Jiang is a high-end asset client of our private bank. We've had quite a few professional interactions regarding asset allocation and private equity venture capital business. I also just found out that he's actually a student in the Department of Finance at Jiang University. I was quite stunned when I ran into him in the corridor just now."

Su Wanqing let out a thoughtful "Oh," drawing out the sound slightly. She turned to look at Jiang Chen, a faint and measured smile playing on her lips, carrying a hint of a mentor's teasing.

"Jiang Chen, you're already deeply involved in venture capital valuation and asset allocation, and you even have a dedicated private bank manager handling your net worth. Is there even any need for you to listen seriously to my lectures on Entrepreneurial Finance and equity valuation theory?"

The corners of Jiang Chen's mouth twitched upward. He thought to himself that although there was clearly nothing between him and Manager Lu, why did he feel like he was being caught in the act?

An illusion.

It must be an illusion.

But he still spoke up.

"Teacher Su teaches the underlying theoretical framework of finance and the entrepreneurship investment-financing system. Although they overlap with market practice, they have different focuses. The theoretical foundation that should be heard must, of course, be listened to properly."