WPG0002: What a Rip-off Rich Second Generation?

Transferring money might seem trivial to most people, but to An Wuyang, it was a major issue.

Especially when the Happy Life System indicated that the funds originated from overseas, An Wuyang slapped a big red question mark on the transfer channel.

What if the money was wired directly into his personal account from abroad without any explanation?

Then, the money would come in the morning, he'd be taken in by noon, and if he couldn't explain it, he wouldn't be out by evening.

Even if the transfer happened domestically, what if it came from some company account?

Forget whether that corporate account had even applied to transfer to personal accounts—the moment a corporate account sent money to a personal one, the bank's risk control system would already be sounding the alarm!

Because An Wuyang understood these details, he cautiously asked the Happy Life System exactly how it would arrange the fund transfer channels.

"Based on the host's travel records to the Federation of White Eagles, the system has registered a JPMorgan Chase Bank account for the host in the Federation of White Eagles, using this account as one of the host's overseas fund flow channels," the Happy Life System replied.

"Based on the host's status as a Xia Kingdom citizen, the system has applied for the IRS W-8BEN form on the host's behalf, declaring the host as a non-Federation of White Eagles tax resident, thereby exempting the host from, but not limited to, capital gains tax in the US stock market and related Federation of White Eagles taxes," the Happy Life System added.

"Funds obtained by the system from the US stock market will be legally and compliantly transferred across borders through the host's JPMorgan Chase Bank account, with all personal taxes incurred upon entering Xia Kingdom territory paid," the Happy Life System further explained.

An Wuyang looked at the information the Happy Life System had fed into his mind. With this transfer method and setup, there was no legal risk, nor the risk of being caught in the morning after a morning transfer.

But there was still one small issue!

"Where did the system's initial capital come from?" An Wuyang started digging into the details.

These details had to be thoroughly investigated, because if something was wrong, An Wuyang himself would be the one going to jail. He figured the Happy Life System wouldn't serve his sentence for him, would it?

If the Happy Life System's transfer method didn't deposit the money into An Wuyang's own account, and he could freely use those funds, he wouldn't have asked a single question!

"The system's initial capital comes from BTC virtual currency, and all BTC virtual currency was obtained overseas. Additionally, the corresponding BTC virtual currency was acquired before September 30, 2017," the Happy Life System replied.

Xia Kingdom had declared that after September 30, 2017, BTC virtual currency would be illegal in Xia Kingdom, but BTC obtained before that date was considered legal as long as it was disposed of before the illegality deadline.

In short, the Happy Life System's initial capital, profit-making methods, reward transfer channels—everything was legal, compliant, and traceable.

This was extremely important!

Otherwise, if a sudden sum of money appeared in An Wuyang's personal account, wouldn't that be asking for trouble?

Honestly, given An Wuyang's family background, he couldn't care less about an annual reward of over three hundred thousand. After all, their family's Wugengtian Pharmaceutical Group had an annual net profit of over fifty million.

So An Wuyang really didn't care about the Happy Life System. He was already very happy!

After figuring out the Happy Life System's information, An Wuyang yawned and fell into a deep sleep.

Neither the Happy Life System nor his disappointing College Entrance Examination scores could keep the wealthy and carefree An Wuyang awake. That was probably the confidence that came from a family business earning half a billion a year?

Around eight in the morning, An Wuyang was woken up by his mother, Li Wenya, who reminded him to get up, wash up, and get ready for breakfast.

After washing up in his room's bathroom, An Wuyang went to the living room, where his father, An Huchun, was already seated at the dining table.

"Did you check your scores?" An Huchun asked first.

"Yeah, I checked them early this morning," An Wuyang confirmed. "Just over four hundred points. I can only pick some private Second-tier Universities."

Neither An Huchun nor Li Wenya was surprised that An Wuyang only scored in the four hundreds on the College Entrance Examination.

Hadn't the mock exams before the test given a rough idea of his level?

"Even though the score is a bit low, at least you can get into an undergraduate school," Li Wenya sighed.

"Wuyang, we have something to tell you," An Huchun said, his tone turning somewhat formal.

An Wuyang was puzzled. Their family had a harmonious relationship, and their usual communication was relaxed and easygoing. So An Huchun's sudden formal tone naturally made him curious.

"This thing... well... um..." An Huchun suddenly stammered, unable to get the words out.

Li Wenya walked over carrying a plate of fried eggs and took over the conversation. "Wugengtian is in a bit of a bad spot. It's facing the risk of bankruptcy."

Huh?

An Wuyang looked at Li Wenya in surprise, then turned to An Huchun.

"Dad, Mom, are you worried I'll turn into a spoiled rich kid in college? Or that I'll go down the wrong path?" An Wuyang asked sarcastically.

Li Wenya replied, "We do have those concerns, but what I just said is true. Wugengtian really is on the verge of bankruptcy."

"No way," An Wuyang said, still confused. "I remember when I graduated middle school, I saw the group's financial statements in Dad's study. The annual net profit was over fifty million, right?"

How could a long-established pharmaceutical company with an annual net profit of over fifty million be on the verge of bankruptcy in just three years?

That didn't make sense!

"That's why they say: it's not the rich second generation wasting their inheritance that's scary, it's the rich second generation having entrepreneurial ideas," Li Wenya said, glancing at An Huchun.

An Wuyang instinctively retorted, "I don't have any entrepreneurial—"

He stopped mid-sentence, realizing he wasn't a rich second generation. To be precise, he was a rich third generation; his dad was the rich second generation.

An Wuyang looked at An Huchun, a puzzled expression on his face. What exactly had his dad done to drive the family business to the brink of collapse?

An Huchun looked embarrassed.

Li Wenya explained for her husband. "After your grandfather passed away, your dad took over the group and also inherited your grandfather's legacy. He poured a huge amount of money into modernizing Chinese herbal medicine research."

"Just from 2018 to 2020, the group invested over a hundred million in Chinese herbal medicine research, but didn't make any significant progress," Li Wenya added.

"This situation drained the group's cash flow, and now the cash flow is nearly collapsing. Based on my preliminary audit, the group's problems are very serious." Li Wenya was a senior partner at Mingjing Law Firm.

When her husband told her about Wugengtian Pharmaceutical Group's situation, she had teamed up with an accounting firm to conduct a preliminary audit. The specifics were simply terrible.