Recaps

Lu Shen explained how he used 300 million in preferred-share financing and Lin Wanqing’s 100 million acquisition deposit to bind her company to his deal while limiting his own risk. Zhao Chen’s group uncovered the arrangement and realized Lin Wanqing’s survival depended on property prices rising before her company ran out of money.

• At Jiahe Assets, Lu Shen told Zhou Huai that he had given Lin Wanqing’s company 300 million for 30% preferred shares, with priority dividends and liquidation rights, and that her additional 100 million deposit tied her to the acquisition.
• Lu Shen explained that Lin Wanqing’s deposit would absorb losses before Jiahe’s funds, while his preferred shares would be paid first if her company was liquidated.
• At her hotel, Lin Wanqing received the 300 million transfer and acknowledged that the deal left her little choice, while her 100 million deposit represented her entire fortune.
• Chen Xi reported to Zhao Chen and Zhang Qingxue that Blackstone had funded Lin Wanqing’s company in exchange for 30% preferred shares.
• Zhao Chen concluded that Lin Wanqing was gambling on her company surviving until the properties could be sold, while Lu Shen had arranged for her to take the losses first.

After Jiahe paid the full 2.6 billion yuan for Henglong Property, Henglong’s consolidated debt ratio fell to 54.9%, and Zhao Chen predicted it would drop below 50% by the end of the third quarter. Former employees who had quit after trusting Lin Wanqing regretted their decision, and a post by one of them surged to the top of a forum’s trending list.

• Chen Xi told Zhao Chen that Jiahe’s 2.6 billion yuan had arrived, severing the connection between Henglong Property and Henglong Group.
• Chen Xi reported that Henglong’s consolidated debt ratio had fallen to 54.9%, bringing employees closer to the promised Special Bonus.
• Zhao Chen told the company chat group that Henglong had 2 billion yuan in Off-Balance Sheet Liabilities left to clear and expected the debt ratio to fall below 50% by the end of the third quarter.
• Former Henglong employees discussed how Lin Wanqing had persuaded them to resign, and they regretted leaving before the company’s turnaround.
• A forum post titled “I'm the Idiot Who Quit Henglong Back Then—Here to Accept the Hate Today” shot to the top of the trending list.

A former Henglong employee revealed that Lin Wanqing and Wang Bin had paid employees to resign to undermine Zhao Chen, prompting widespread regret and criticism online. Zhao Chen refused to respond publicly or rehire anyone who had resigned, while news of Henglong’s debt-reduction target spread through financial circles; Zhang Qingxue then arrived with good news.

• A former employee exposed Wang Bin’s payments for persuading colleagues to resign, and former employees flooded the comments with anger and regret toward Lin Wanqing and themselves.
• Chen Xi showed Zhao Chen the post, but Zhao Chen chose not to respond and told her to prevent the discussion from getting out of hand.
• Zhao Chen instructed Chen Xi not to rehire any former employees who had resigned.
• A screenshot of Zhao Chen’s target to reduce Henglong’s consolidated debt ratio below 50% by the end of the third quarter spread online and drew attention from financial analysts and investors.
• Chen Xi told Zhao Chen that people across the internet were discussing Henglong’s debt ratio, and Zhang Qingxue entered his office with good news.

Zhao Chen confirmed that Zhao Jianguo’s 170 million shares had been transferred and told Henglong to announce that the company was clean. As he discussed Henglong’s next steps with Shen Zhiyi, Chen Xi brought him an urgent meeting request from a company whose name Zhao Chen vaguely recognized.

• Zhang Qingxue told Zhao Chen that Zhao Jianguo’s 170 million shares had been transferred and the agreed 100 million payment had been sent to his designated account.
• Zhao Chen instructed the Legal Department to announce the transfer and inform the market that Henglong was completely clean.
• Zhao Chen spoke with Shen Zhiyi about the completed transfer, Henglong’s plans to sell or cut inefficient assets, and the pressure he had faced while reducing debt.
• Shen Zhiyi told Zhao Chen that she understood he had been trying to ensure Henglong survived, and Zhao Chen promised to spend time with her once work eased.
• Chen Xi interrupted Zhao Chen’s call and presented a company whose person in charge wanted to meet him in Shan City; Zhao Chen vaguely recognized the company’s name.

Zhao Chen learned that Yunnan Agriculture Group was seeking a meeting while preparing for an IPO that he believed would fail. He decided to meet its founder and wait for the company’s listing setback to create an opportunity for Henglong to invest.

• Chen Xi briefed Zhao Chen on Yunnan Agriculture Group, its founder Cheng Jiaxun, its integrated pig-farming model, and its ongoing IPO review.
• Chen Xi suggested Cheng Jiaxun might be testing Henglong’s intentions or seeking a potential investor because the company faced risks from concentrated family ownership and cash transactions.
• Zhao Chen recalled that Shennong Group’s IPO would be rejected in November 2017 and concluded that Cheng Jiaxun was seeking a backup plan.
• Zhao Chen told Chen Xi to arrange a meeting with Cheng Jiaxun as soon as possible.
• At dinner, Zhao Chen told Su Wantang that Yunnan Agriculture Group’s likely IPO failure could give Henglong the chance to invest at a favorable valuation.

Zhao Chen met Cheng Jiaxun over dinner to discuss Henglong’s interest in pig farming and the possibility of investing in an established livestock company. They found potential common ground, but cooperation remained uncertain because Cheng’s Shennong Group was preparing to go public.

• Cheng Jiaxun praised Zhao Chen’s recent moves at Henglong and asked whether the company was considering entering pig farming.
• Zhao Chen said Henglong was considering taking equity stakes in companies with strong technology, teams, and foundations rather than starting from scratch.
• Cheng Jiaxun described the losses Shennong Group suffered after swine fever killed or forced the culling of more than three thousand pigs.
• Zhao Chen suggested that a long-term strategic investor who stayed out of operations could help resolve external issues, and Cheng said he would welcome an investor with suitable terms and patience.
• Zhao Chen and Cheng Jiaxun recognized their potential to cooperate, though Shennong Group’s planned public offering made that prospect uncertain.

After dinner with Cheng Jiaxun, Zhao Chen recognized that Cheng was testing him as a potential strategic investor while keeping open the possibility of going public. News then broke that Zhao Chen had become Henglong’s controlling shareholder, prompting widespread coverage and debate about his rise and success.

• Cheng Jiaxun told Zhao Chen that going public was troublesome but he would continue pursuing it, while leaving open the possibility of discussing strategic investment.
• Zhao Chen concluded that Cheng Jiaxun was testing whether he could serve as a long-term investor who would not interfere with operations.
• Henglong announced that Zhao Jianguo’s 170 million shares had been transferred to Zhao Chen, giving Zhao Chen 66.07% of the company and control.
• Media outlets and social media reported that Zhao Chen’s Henglong stake was worth nearly 6.5 billion Hong Kong dollars and highlighted his age.
• Online commenters debated whether Zhao Chen’s success came from family advantages, financial maneuvering, or his own ability, while Henglong shareholders praised the stock’s rise.

Zhao Chen dismissed criticism of his success and continued searching for investment targets as online debate over his abilities intensified. Lu Shen, stung by comparisons portraying him as Zhao Chen’s bagholder, smashed his office belongings and called someone over.

• Zhao Chen said the market would judge his ability and told Chen Xi to keep tracking Yunnan Agriculture Group and other pig companies.
• An online discussion argued over whether Zhao Chen had earned his success, with commenters saying his future transformation of Henglong would prove his ability.
• Media attention around Zhao Chen grew, including rumors linking Lin Wanqing to Jiahe’s acquisition of Henglong Property.
• Lu Shen read articles comparing his fortune and career with Zhao Chen’s and calling him a bagholder for Jiahe’s 2.6 billion yuan deal.
• Lu Shen smashed his phone and glasses, then used another phone to call someone and ordered them to come to his place.

Lin Wanqing explained the hidden value of Henglong Property’s Jiangbei Complex to Lu Shen and pledged to buy it for 1.5 billion RMB once her company recovered. After Lu Shen asked her to monitor the complex, Lin Wanqing returned to her hotel and resolved to endure her humiliation until she could take revenge.

• Lu Shen summoned Lin Wanqing and pressed her for Henglong Property’s hidden value.
• Lin Wanqing valued the Jiangbei Complex at 1.5 billion RMB and promised to buy it herself once her company was financially stable.
• Lin Wanqing reassured Lu Shen that his 2.6 billion Hong Kong dollar investment could still turn profitable, and he told her to watch the Jiangbei Complex for unusual developments.
• Lin Wanqing received news that the Rural Commercial Bank would lend her company 200 million RMB, then reflected on her humiliation and vowed to make those responsible pay.

Zhao Chen monitored Yunnan Agriculture Group’s IPO prospects while Henglong confirmed it had researched pig farming, prompting Lu Shen to investigate the companies Zhao Chen had approached. Convinced Zhao Chen’s timing was sound, Lu Shen decided to pursue those companies first and compete with him for a deal.

• Zhao Chen and Chen Xi reviewed Yunnan Agriculture Group’s updated prospectus and decided to wait for its IPO rejection before making a move.
• Henglong’s official account confirmed preliminary research into live pig farming, and Lu Shen asked Lin Wanqing to find out what Zhao Chen was planning.
• Lin Wanqing reported that Henglong had contacted Yunnan Agriculture Group, Sichuan Agriculture Development, and Muyuan Shares, and that Zhao Chen had met Yunnan Agriculture Group’s founder.
• After studying industry reports on the pig farming downturn, Lu Shen asked Lin Wanqing to investigate the companies Henglong had contacted and their financing needs.
• Lin Wanqing acknowledged Zhao Chen’s accurate judgment, and Lu Shen resolved to approach the companies before Zhao Chen reached an agreement.

Lu Shen failed to attract East Tech Agriculture and Animal Husbandry and Yunnan Agriculture Group after approaching them on Blackstone’s behalf. Zhao Chen anticipated that Lu Shen would try again and began preparing a way to teach him a lesson.

• Lu Shen ordered analysts to contact East Tech Agriculture and Animal Husbandry and Yunnan Agriculture Group about potential cooperation.
• The founders of both companies rejected Blackstone, ending the analysts’ calls almost immediately.
• Chen Xi told Zhao Chen that Lu Shen had tried to pursue the same companies, and Zhao Chen concluded Lu Shen was acting out of desperation and would make another attempt.
• Zhao Chen told his team to keep in contact with Dongke and monitor Diannong’s IPO review while asking Chen Xi to gather detailed information on A-share-listed hog breeding companies.
• Lu Shen remained angry over the rejections as Zhao Chen began planning his next move.

Zhao Chen chose Eagle Group as bait for Lu Shen and planned a staged strategic investment approach to make the rival believe Henglong was seriously pursuing the company. He left Chen Xi to arrange the negotiations and leaks, while keeping open the possibility of meeting Eagle Group’s executives himself.

• Chen Xi gave Zhao Chen a detailed review of hog-farming companies, and he selected Eagle Group despite its declining core business, high debt, and reliance on investment income.
• Zhao Chen ordered Chen Xi to create a report that emphasized Eagle Group’s sales, expansion plans, and partnerships while minimizing its weaknesses.
• On August 1, Chen Xi presented the report, and Zhao Chen told her to discreetly contact Eagle Group’s senior executives so Lu Shen would learn Henglong was interested.
• Zhao Chen instructed Chen Xi to show strong optimism during negotiations and arrange for the report or news of the talks to reach Lu Shen.
• Zhao Chen planned to withdraw from negotiations once Lu Shen took the bait and said he might personally meet Eagle Group’s executives to make Henglong’s interest look genuine.

Zhao Chen explained to Su Wantang that Henglong would pretend to pursue a strategic investment in Eagle Group to provoke Lu Shen, and she reassured him that she supported him. After Chen Xi approached Eagle Group, Lu Shen learned of Henglong’s interest and ordered an investigation, preparing to pursue Eagle himself.

• Zhao Chen told Su Wantang that he would conduct negotiations and due diligence with Eagle Group but would not sign an investment agreement, hoping to draw Lu Shen into taking the bait.
• Su Wantang supported Zhao Chen and agreed that Lu Shen had provoked him, while Zhao Chen resolved to create another opportunity if Lu Shen did not respond.
• Chen Xi met with Wu Yide and Eagle Group’s investment head, praised the company, and said Henglong was considering a strategic investment.
• Wu Fayi promoted Eagle Group’s business prospects, and Chen Xi concluded that the company was cooperating as Zhao Chen had predicted.
• Lu Shen received Henglong’s detailed due diligence report on Eagle Group, ordered his assistant to investigate it, and decided to pursue the company first.

Lu Shen met with Eagle Group to discuss a strategic investment and was impressed by its farming history, consumer brand, and traceability system. He decided to travel to Zhengzhou the following week to negotiate in person.

• Zhou Huai told Lu Shen that Eagle Group had responded unusually enthusiastically to Jiahe's investment inquiry.
• Lu Shen and Zhou Huai met Eagle Group's Wu Fayi and Chen Guihong by video conference, where they presented the company's history, diversification plans, and Eagle Pasture Fragrance brand.
• Chen Guihong said Eagle Group wanted an investment partner who could provide resources and help open international channels.
• After discussing Eagle Group's strengths with Zhou Huai, Lu Shen decided to go to Zhengzhou the next week to negotiate in person.

After news broke that Henglong and Jiahe were competing for Eagle Group, Hou Dejian encouraged the bidding rivalry while Zhao Chen and Lu Shen each arranged to negotiate in person. Lu Shen became convinced by Zhao Chen’s interest and resolved to compete fiercely, while also ordering an investigation into Zhao Chen’s whereabouts.

• Hou Dejian heard that Lu Shen and Zhao Chen were pursuing Eagle and decided to let Henglong know Jiahe was making an aggressive offer.
• Zhao Chen told Chen Xi to arrange his personal visit to Eagle’s Zhengzhou headquarters on August 12 and allowed him to leak the news to Jiahe.
• After Zhou Huai reported Zhao Chen’s planned visit, Lu Shen cleared his schedule to negotiate with Eagle in person the next day.
• Lu Shen recalled Shen Zhiyi and grew jealous of Zhao Chen before asking Lin Wanqing to investigate Zhao Chen’s recent whereabouts.
• Lu Shen vowed to compete with Zhao Chen in the hog farming industry until the end.

Hou Dejian arranged a welcome dinner to make Henglong and Jiahe see each other as rivals for Eagle, while Zhao Chen prepared to leave for Zhengzhou. The chapter ended with Zhao Chen departing on his first business trip since taking over Henglong, carrying Su Wantang’s warm send-off with him.

• Hou Dejian decided to invite Zhao Chen and Lu Shen to the same dinner so they would see how fiercely the other side wanted Eagle.
• Wu Fayi confirmed that Zhao Chen and Lu Shen both agreed to attend the welcome dinner at Yuda International Trade the next evening.
• Su Wantang packed Zhao Chen’s suitcase as he reflected on leaving Shan City for his first business trip since taking over Henglong.
• Zhao Chen thanked Su Wantang, and she asked him to come back early.
• Zhao Chen left for Zhengzhou the next morning, reassured by the thought that Su Wantang was waiting at home.

Zhao Chen met with Eagle Group's executives to discuss Henglong's proposed investment and challenged their 20-times earnings valuation. The meeting ended without agreement, with both sides set to resume negotiations at a welcome banquet that evening.

• Wu Fayi welcomed Zhao Chen and Chen Xi at Zhengzhou airport, and Zhao chose to go straight to Eagle Group's headquarters.
• Hou Dejian introduced Eagle Group's executives before Zhao and Chen Xi presented Henglong's assessment of Eagle's strengths and proposed becoming a long-term strategic shareholder.
• Chen Guihong proposed valuing Eagle at 20 times earnings, citing projected growth, investments, its brand, and the Xiong County project.
• Zhao argued that Eagle's core livestock business was losing money and offered 15 times earnings, or 18 times if Eagle guaranteed at least 20 percent annual profit growth for three years.
• Hou Dejian and Zhao Chen traded jokes but neither yielded, so Chen Guihong suggested continuing the valuation discussion at the welcome banquet.

After Chen Xi massaged Zhao Chen and reminded him of Su Wantang’s care, Zhao Chen asked Chen Xi to buy something from her favorite brand. At a welcome banquet, Zhao Chen made a show of his interest in Eagle to convince Lu Shen that Henglong was serious about acquiring it, and Lu Shen became more determined to compete for the company.

• Chen Xi told Zhao Chen that Su Wantang had taught him how to massage Zhao Chen’s temples, and Zhao Chen felt moved by her thoughtfulness.
• Zhao Chen asked Chen Xi to watch for a new collection from the brand Su Wantang liked.
• At the banquet, Hou Dejian brought Zhao Chen and Lu Shen together, and they greeted each other as longtime acquaintances.
• Zhao Chen told Lu Shen and the Eagle executives that Henglong was serious about the Eagle project and had substantial cash to invest.
• Zhao Chen praised Eagle’s history, brand, and business strategy while Lu Shen watched for signs that he was pretending.
• Zhao Chen said he would stay until the deal was settled, and Lu Shen concluded that Zhao Chen genuinely wanted Eagle and decided he had even less reason to give it up.

Zhao Chen feigned drunken enthusiasm for Eagle during dinner, revealing supposed investment details to convince Lu Shen that he genuinely wanted the project. After the dinner, Zhao Chen admitted the performance was a ruse and estimated Lu Shen believed him by seventy or eighty percent, leaving the rest to chance.

• Zhao Chen praised Eagle and told Lu Shen that he wanted to invest, while Chen Xi pretended to anxiously stop him from speaking.
• Zhao Chen disclosed details about other pork companies, including Yunnan Agriculture Group, and Lu Shen became more convinced that Zhao Chen truly wanted Eagle.
• Hou Dejian proposed fair competition between Zhao Chen and Lu Shen, with negotiations set to continue the next day.
• After Zhao Chen left the hotel appearing drunk, he revealed to Chen Xi that he had been acting and praised her convincing performance.
• Zhao Chen told Chen Xi that Lu Shen probably believed him by seventy or eighty percent, but the outcome depended on chance.

Lu Shen offered Eagle Group a 2.07 billion yuan private placement at an 18-times P/E valuation in exchange for a 20% stake and substantial board representation. Hou Dejian postponed Eagle’s decision on Jiahe’s demand for three board seats, leaving negotiations unresolved.

• Lu Shen told Hou Dejian that Jiahe considered fifteen times earnings a reasonable valuation, while Chen Guihong argued Eagle’s growth prospects justified more.
• Zhou Huai presented Jiahe’s offer to invest 2.07 billion yuan for a 20% stake at an 18-times P/E valuation.
• Lu Shen requested three board seats, then offered to accept two if Jiahe received financial oversight and veto power over major investments and acquisitions for three years.
• Hou Dejian rejected the veto demand, and Lu Shen insisted on three board seats instead of two.
• Hou Dejian said Eagle would discuss the board-seat demand internally and respond that afternoon.
• After Lu Shen left, Hou Dejian, Chen Guihong, and Wu Fayi discussed his forceful negotiating style, and Hou said Eagle still held the initiative.

Hou Dejian chose Jiahe's 2.07-billion-yuan investment over Zhao Chen's offer, and Lu Shen agreed to the deal. Zhao Chen left saying he might buy up to 5% of Eagle on the Secondary Market, while Lu Shen savored his apparent victory.

• Wu Fayi and Chen Guihong urged Hou Dejian to accept Jiahe's offer, citing its higher valuation, direct investment, and resources.
• Hou Dejian told Zhao Chen about Jiahe's eighteen-times offer, but Zhao Chen refused to raise his terms without an earnings guarantee.
• Hou Dejian chose Jiahe, and Lu Shen agreed to invest 2.07 billion yuan for 20% of Eagle Group, with three board seats and a resident financial Deputy Director.
• Zhao Chen returned to congratulate Lu Shen and said he might buy up to 5% of Eagle's stock on the Secondary Market without seeking board representation or interfering in operations.
• After Zhao Chen left, Lu Shen privately relished what he saw as revenge, unaware how long his satisfaction would last.

After Zhao Chen left Eagle Group, he let Lu Shen believe Jiahe Assets’ investment deal was secure while preparing a trap. Eagle Group announced Jiahe’s RMB 2.07 billion investment, and online users celebrated Henglong’s apparent defeat.

• Zhao Chen told Chen Xi that his promise to buy no more than 5% of Eagle Group was an act, and predicted the company would eventually struggle under its expansion plans.
• Lu Shen dismissed Zhou Huai’s concerns about Zhao Chen buying shares and toasted his apparent loss.
• Eagle Group announced that Jiahe Assets would invest RMB 2.07 billion for a 20% stake, three board seats, and a deputy finance director.
• Snowball users reacted to the announcement, speculated that Jiahe had outbid Henglong, and shared a trending post calling Zhao Chen’s transformation effort an early defeat.

Online commentators debated Henglong’s loss of Eagle Group to Jiahe and questioned Zhao Chen’s livestock-farming strategy. Jiahe and Henglong both issued statements about the partnership, and the chapter ended with media watching Henglong’s stock price after the market opened.

• Commenters and finance influencers debated Henglong’s failed attempt to acquire Eagle Group, its cash reserves, and its remaining investment options.
• Jiahe Assets announced its strategic partnership with Eagle Group and wished Henglong success in finding other targets.
• Henglong congratulated Jiahe and Eagle, reaffirmed its interest in livestock farming, and said it would keep seeking partners.
• Commenters compared the companies’ statements and discussed Henglong’s possible next moves.
• Media outlets watched Henglong’s stock price after the market opened, but its performance disappointed them.

After Henglong lost a major project, its stock fell only slightly as investors praised Zhao Chen’s judgment and the company’s financial strength. Shen Jue warned him that Lu Shen might target him again and suggested watching Yunnan Agriculture Group, while Zhao Chen called a meeting about underperforming assets.

• Snowball users debated Henglong’s prospects and argued that its cash reserves and Zhao Chen’s past decisions supported confidence in the company.
• Chen Xi showed Zhao Chen that public opinion had turned in Henglong’s favor, and Zhao Chen said the company needed to show it could afford to lose.
• Henglong’s stock fell only 0.3%, prompting reporters and investors to recast the project loss as evidence of market confidence.
• Chen Xi, Zhang Qingxue, and Su Wantang shared positive reactions to Zhao Chen’s public statement, and Zhao Chen said the outcome exceeded expectations.
• Shen Jue warned Zhao Chen that Lu Shen might target him again and raised a possible opportunity in Yunnan Agriculture Group’s IPO.
• Zhao Chen told Chen Xi to gather Song Zhongping, Liu Mingyu, and Chen Qiming and print the prepared list of underperforming assets.

Zhao Chen reviewed Henglong’s underperforming assets and ordered most of them sold, but agreed to keep Green Energy Technology for another year while its prospects were investigated. The meeting ended with Song Zhongping tasked with monitoring the company’s research and team, while the others handled financial, legal, and sale preparations.

• Chen Xi presented a list of Henglong’s loss-making and underperforming assets, including Green Energy Technology, which had incurred heavy research and development losses.
• Zhao Chen proposed disposing of every listed asset, but Song Zhongping, Chen Qiming, and Liu Mingyu argued that Green Energy Technology’s technological potential made an immediate sale unwise.
• Zhang Qingxue warned that the company’s right-of-first-refusal clause could let its original shareholders buy Henglong’s shares cheaply, while Su Wantang urged the group to investigate whether the research team was stable.
• Zhao Chen decided to hold Green Energy Technology for another year and ordered Song Zhongping to monitor its research progress and team, Zhang Qingxue to examine the clause, and Chen Qiming to track its finances.
• Zhao Chen ordered the other underperforming assets sold, and the attendees agreed to handle the financial provisions, sale procedures, buyer follow-up, legal documents, and announcements.