February 24, Zhou Xi, nine o'clock in the morning.
Henglong Group Headquarters Top, Board of Directors Meeting Room.
The dark ring-shaped conference table had a cold sheen, and the air was filled with a solemnity that was different from the past.
Six of the seven board seats have been filled, but the chairman's seat, which symbolizes the greatest authority, is temporarily vacant.
Lin Wanqing was sitting in his seat, pointing his fingers at the neatly arranged documents in front of him unconsciously.
Her eyes sometimes glanced at the empty main seat opposite, and sometimes her eyes briefly crossed with those of Chief Operating Officer Song Zhongping sitting on the side - the latter had no expression on his face and just nodded slightly.
Independent Director's three people have already taken their seats.
Independent Director Three people:
Li Weimin, a senior accountant (who has a long history of friendship with Lin Wanqing).
Former regulatory official Sun Zhengping.
Academic economist Wu Hongyuan.
The latter two have severely criticized the financial opacity led by Lin Wanqing in the last Board of Directors, but this does not mean that they will naturally support Zhao Chen's radical contraction.
Liu Mingyu was sitting on the recording bench, with a recorder and laptop in front of him, looking professional and distant.
Meeting Room has temporarily added three chairs at the side and rear.
Su Wantang, Chen Xi, Zhang Qingxue sat there quietly.
As an important shareholder holding 5% of the shares, Su Wantang is qualified to attend;
Chen Xi and Zhang Qingxue were allowed to observe in the name of "core members of Special Task Force and need to provide professional explanations at any time."
The three of them were all dressed in strict dark formal suits, with solemn expressions, like staff members who were about to witness an important battle.
At 9:01, Meeting Room's door was pushed open.
Zhao Chen stepped in. He was wearing a well-tailored dark blue suit today, without a tie, and the top button of his shirt was loosened. It was a little less rigid, but a little more undoubtedly in control.
He walked straight to the chairman's seat and sat down, looking calmly at the audience.
"Good morning, fellow directors. Board of Directors has been convened temporarily, and the topic has been clarified in the meeting notice."
Zhao Chen Get straight to the point, no unnecessary pleasantries,
"Today's topic Temporary Board Meeting is to review the <Emergency Plan to Deal with the Current Debt Renewal Dilemma and Follow-up Financing Strategic Adjustment>."
"This plan was led by Director Lin Wanqing, and was jointly formulated by General Manager Zhang Qingxue, Assistant Chen Xi and related personnel. I believe everyone has heard about it recently.
Recently, the company has encountered some resistance with some financial institutions on debt renewal issues due to Strategic Adjustment.
After investigation and discussion, Special Task Force submitted a response plan containing two paths."
His eyes passed over Lin Wanqing and fell on the three Independent Director:
"Today, all directors are invited to review this matter and make a decision."
He projected the conclusion of the "Emergency Plan" on the big screen, with the red and blue paths clearly distinguishable.
As soon as he finished speaking, Lin Wanqing straightened his back and prepared to speak.
But Independent Director Sun Zhengping spoke first. The former official had a serious face and his usual cautious voice:
"I have read the plan. Path A, the so-called 'Expansion Compromise', is essentially to overthrow the Contraction Strategy passed before Board of Directors and return to the old, high-risk path of High Leverage.
I firmly oppose it. The root cause of the company's hidden dangers in the past few years lies in blind expansion and out-of-control debt. This lesson must not be forgotten!"
"I second the motion."
Economist Wu Hongyuan pushed up his glasses and spoke in a rational and firm tone.
"From the perspective of corporate governance and long-term value, Path B insisting on Strategic Resolve is the right direction. Although Short-term Pain is inevitable, Bone Scraping and Toxin Removal is imperative.
We cannot sway back and forth just because of pressure from financial institutions, as that will only make the market more doubtful of management's determination and ability."
The two Independent Director's clear objections made Lin Wanqing's face darken.
She looked at her friend Li Weimin, but Li Weimin was just holding the tea cup and did not express his position for the time being.
Chief Operating Officer Song Zhongping Cleared his throat, the veteran in his fifties, with a simple face but shrewd eyes, said slowly:
"I have no objection to the general direction of Contraction Strategy. But Director Sun, Director Wu, it doesn't hurt to stand and talk.
The risks written in Path B, 'Capital Chain is extremely nervous' and 'technical breach of contract', behind these words may be the suspension of production, Suppliers blocking the door, or the inability to pay employees' wages!
At the operational level, we face these specific issues every day. Strategy is of course important, but the company must survive first."
What he said was true, and it also represented some of Pragmatist Faction's concerns.
He does not fully support Lin Wanqing, but he also has doubts about the radical contraction of Zhao Chen and is in a cautious wait-and-see state.
Lin Wanqing seized the opportunity and immediately spoke with a helpless and heavy tone:
"Mr. Song said what is in my heart. I want the company to be healthy more than anyone else, but the reality is that banks and capital markets have already voted with their feet.
They don't understand our 'Strategic Resolve', they only see us shrinking and selling assets, so they lose confidence in our Continuous Operation ability!