Group 1 - The essence of the capital market is the interplay between storytelling and valuation, where companies must craft compelling narratives while investors seek to uncover the underlying truths that affect valuations [1][4][11] - A recent case involving Tianmai Technology and the acquisition by Suzhou Qihan highlights the importance of narrative in control transfers, demonstrating how stories can shape valuations and control structures [5][15] - The capital market's narrative has become increasingly formulaic, with companies expected to present grand visions, growth trajectories, and capital backing to attract investor interest [8][9][10] Group 2 - Successful capital narratives require a combination of data, pathways, timelines, and trust, rather than mere imaginative storytelling [12] - Key roles in crafting these narratives include the "storytellers" (CEOs), "valuation translators" (investment banks and intermediaries), and "structure directors" (private equity and acquisition experts) [14][15] - Investors are becoming more discerning, often looking beyond the narrative to assess the actual financial viability and sustainability of the business model [17][20] Group 3 - Companies must align their storytelling with strategic execution to avoid becoming "credit islands" in the market, emphasizing the need for consistency between narrative and performance [21][25] - To transform narratives into value, companies should embed stories within their strategic frameworks, connect with capital markets, and respond to skepticism with tangible results [22][23][24] - The future of capital market competition will hinge on the ability to tell credible stories and deliver on those promises, rather than merely relying on valuation models [28][29]