Recaps

Zhao Chen shared a warm hotpot dinner with Su Wantang, Chen Xi, and Zhang Qingxue, then oversaw the profitable sale of several underperforming assets. The chapter ended when Shen Jue told him that officials from the Ministry of Housing and Urban-Rural Development would visit with a classified matter.

• At dinner, Zhang Qingxue said she was nearing divorce, and Chen Xi revealed that she had broken up with her boyfriend.
• Zhao Chen took Su Wantang's hand and promised to stay by her side as long as she did not leave him.
• Chen Xi reported interest in Riverbay International's commercial facilities, and Zhao Chen told her to keep negotiating for the best offer.
• Song Zhongping said a cultural tourism company offered 180 million for the project, and Zhao Chen approved the deal.
• Zhang Qingxue reported that two struggling companies had sold above their book values, while Chen Xi said the asset sales had recovered 120 million in one week.
• Shen Jue called Zhao Chen and said he would bring Ministry of Housing and Urban-Rural Development officials to visit that afternoon.

Zhao Chen met with city officials seeking Henglong’s help to revive Haoyu Construction’s stalled projects and agreed to review the files before deciding within a week. After the officials left, Zhao Chen and Shen Jue rode the elevator together in silence, with her faint smile suggesting she had anticipated the situation.

• Shen Jue introduced Zhao Chen to three officials who asked Henglong to take over two or three of Haoyu Construction’s stalled projects.
• Director Zhou explained that Haoyu Construction owed about 800 million yuan, while Zhang Qingxue questioned the debts, court seizures, and misused presale funds.
• Zhao Chen asked how Henglong was expected to participate, and Deputy Director Li said the task force preferred an equity acquisition of the project companies.
• Zhang Qingxue said Henglong would need at least a month for due diligence and a court commitment to lift existing seizures, while Zhao Chen promised an initial answer within a week.
• Zhao Chen saw Shen Jue waiting by the elevator after the officials departed, and they rode up together in silence.

Shen Jue proposed co-investing with Henglong to take over Haoyu Construction’s unfinished projects, and Zhao Chen ordered due diligence before deciding. Zhang Qingxue’s report found four promising projects and three troubled ones, each linked to an unexpected figure among its cooperators.

• Shen Jue offered to fund half the project takeovers in exchange for forty percent of the returns, and Zhao Chen deferred a decision until due diligence was complete.
• Zhao Chen assigned Zhang Qingxue to investigate legal risks and told Chen Xi to investigate Chen Hao as thoroughly as possible.
• Three days later, Zhang Qingxue reported that two projects were solid and two were viable with careful cost control.
• Zhang Qingxue identified an unresolved equity dispute, a project likely to lose money, and another almost certain to lose money.
• Zhang Qingxue revealed that an unexpected figure appeared on the Cooperator list for all three troubled projects.

Zhao Chen rejected three Haoyu Construction projects tied to Lin Wanqing and planned to negotiate for Haoyu’s four remaining projects by first pursuing the two profitable ones. Over dinner, Shen Jue proposed acquiring all of Haoyu Construction, but Zhao Chen declined, leaving the company focused on selective project takeovers.

• Zhang Qingxue explained that Lin Wanqing held minority stakes in three troubled Haoyu projects, and Zhao Chen decided to drop all three rather than risk getting entangled with her.
• Zhao Chen told Chen Xi and Zhang Qingxue to pursue the two profitable projects first and wait for the Ministry to ask them to take on the two low-margin projects.
• Zhao Chen told Su Wantang he expected the Ministry to return to Henglong because it had few other companies capable of taking over the projects.
• At dinner, Zhao Chen outlined his plan for Haoyu’s four viable projects to Shen Jue, who agreed with his assessment and offered her support.
• Shen Jue suggested that Zhao Chen acquire all of Haoyu Construction, but he refused because the company’s projects and team were not worth the effort and risk.

Zhao Chen learned that Chen Hao had disappeared while his father and sister struggled to deal with the family’s troubles, but chose not to seek him out or humiliate him. Meanwhile, the Ministry of Housing and Urban-Rural Development expected Henglong to accept a mix of profitable and less attractive projects, and Zhao Chen prepared to discuss the terms over dinner.

• Zhang Qingxue sent Deputy Director Li a report listing only the two most profitable projects, and Li’s side said a meeting was needed.
• Chen Xi told Zhao Chen that no one knew where Chen Hao was and that Chen Hao had not appeared to help his father, Chen Jianye, or his sister, Chen Wei.
• Zhao Chen reflected on his own imprisonment in his previous life and rejected the idea of seeking out Chen Hao to gloat.
• Shen Jue told Zhao Chen that the Ministry wanted Henglong to take some low-profit projects and possibly a project likely to lose money.
• Zhao Chen agreed to discuss low-profit projects but refused to accept a loss-making one, and Shen Jue arranged dinner to negotiate.

Zhao Chen and Shen Jue negotiated with Deputy Director Li and other officials over Henglong taking over unfinished projects, but the officials pressed them to accept a money-losing project as part of a package. Zhao Chen resisted the added risk and ended the chapter by signaling Zhang Qingxue to respond.

• Zhao Chen and Shen Jue met Deputy Director Li, Director Zhou, and Section Chief Wang for dinner to discuss the seven projects.
• Deputy Director Li proposed that Henglong take one guaranteed-profit project, one demanding project, and one loss-making project to resolve the unfinished developments as a package.
• Section Chief Wang estimated the loss-making project could lose thirty to fifty million yuan, or under twenty million if its plans and costs were adjusted.
• Zhao Chen said Henglong could not take on the uncertain losses because its cash was already committed, while Shen Jue rejected the officials' appeal to the broader picture.
• Deputy Director Li invoked the deputy mayor's wishes and said a leader's dignity could matter more than money, and Zhao Chen looked to Zhang Qingxue to answer.

Zhao Chen used Lin Wanqing’s involvement to keep Henglong from taking on two loss-making projects, then learned that Chen Wei, Chen Hao’s older sister, urgently wanted to meet him. He agreed to meet her, leaving her reasons unknown.

• Zhang Qingxue told Deputy Director Li that Henglong would avoid any projects involving Lin Wanqing, and Zhao Chen reaffirmed that this was their bottom line.
• Deputy Director Li accepted Zhao Chen’s position, and the dinner ended without further discussion of the loss-making projects.
• Shen Jue told Zhao Chen that the meeting had shut down two unwanted projects and would ease later negotiations.
• Zhao Chen returned home, told Su Wantang about the meeting, and received a call from Chen Xi saying Chen Wei wanted to meet him urgently.
• Zhao Chen agreed to let Chen Xi arrange a meeting with Chen Wei the next day.

Chen Wei asked Zhao Chen to acquire Haoyu Construction to save the company and the livelihoods of its employees, offering the entire company for one hundred million RMB and her help resolving its problems. Zhao Chen remained reluctant as Chen Wei pleaded with him, leaving the acquisition undecided.

• Zhao Chen met Chen Wei at a private tea house in Jiangbeizui, where she proposed that Henglong fully acquire Haoyu Construction.
• Chen Wei explained that Haoyu's halted projects could be revived with funding and that its collapse threatened more than a thousand families.
• Zhao Chen said Haoyu's liabilities and complications made the company a burden, and Chen Wei offered it for one hundred million RMB and promised to resolve its problems within a year.
• Chen Wei told Zhao Chen that she had sent Chen Hao abroad so he would not complicate the matter, and that Chen Jianye had agreed to let her handle the negotiations.
• Chen Wei tearfully begged Zhao Chen to take over Haoyu and said she would do anything, but Zhao Chen still had not agreed.

Chen Wei asked Zhao Chen to consider acquiring Haoyu Construction, explaining that she wanted to protect its employees and suppliers and hoped to join Henglong. Zhao Chen promised to decide within three days and sent his team to investigate Haoyu, including a project connected to Lin Wanqing.

• Chen Wei told Zhao Chen she wanted Haoyu Construction saved for its employees and suppliers, and said she hoped to help Henglong integrate it and eventually join the company.
• Zhao Chen called Zhang Qingxue for advice on securing Chen Wei's cooperation, then told Chen Wei he would give her an answer within three days.
• Zhao Chen returned to Henglong and explained his meeting with Chen Wei to Chen Xi, Zhang Qingxue, and Su Wantang.
• Zhao Chen assigned Chen Xi to investigate Haoyu Construction's legal risks, staff, suppliers, and cooperators.
• Zhao Chen said Haoyu's project involving Lin Wanqing could create an opportunity for Henglong, and told the team to investigate its details.

Zhao Chen left work early to meet Shen Zhiyi and her friends for a back-to-school hotpot dinner. The group discussed Chen Hao’s family crisis, and Zhao Chen revealed that Chen Hao’s sister had asked him to acquire Haoyu Construction.

• Zhao Chen canceled his afternoon schedule and went to Shen Zhiyi’s school to surprise her.
• Zhao Chen met Shen Zhiyi, Zhou Xiaowen, Chen Shuhua, and Li Jing, then took them to Boiling Memories for hotpot.
• The friends joked about their Henglong Harem Wealth Club and recalled following Henglong’s short squeeze battle over the summer.
• Zhou Xiaowen asked about Chen Hao, and Zhao Chen said his family was close to bankruptcy and he likely would not return to school.
• Zhao Chen told the group that Chen Hao’s sister had visited him that day to ask him to acquire Haoyu Construction.

At dinner, Zhao Chen told his friends that Chen Hao’s family wanted him to take over Haoyu Construction, but he had not decided. Zhou Xiaowen and the others celebrated their Bitcoin investment’s huge gains as Zhao Chen enjoyed a rare break before returning to his business affairs.

• Zhao Chen explained that Chen Hao’s family was in financial crisis and that Chen Hao’s sister had asked him to take over Haoyu Construction; he said he would evaluate the deal before deciding.
• Zhou Xiaowen asked whether Zhao Chen would take revenge on Chen Hao, but Zhao Chen said he was uninterested and that Chen Hao had already paid a price.
• Zhou Xiaowen showed Zhao Chen that Bitcoin had climbed to nearly 5,000 US dollars, and the group calculated that their leveraged investment had made more than five million yuan.
• Zhao Chen said they could withdraw their money through Chen Xi but advised them not to sell yet, while Zhou Xiaowen joked about attaching herself to him and Shen Zhiyi.
• Zhao Chen shared a relaxed dinner with Shen Zhiyi, Zhou Xiaowen, Li Jing, and Chen Shuhua before preparing to return to decisions involving Henglong, Haoyu Construction, and Chen Wei.

Chen Xi and Zhang Qingxue presented Zhao Chen with their investigation into Haoyu Construction, outlining its distressed finances, valuable assets, and Chen Wei’s role in keeping the company afloat. Zhao Chen decided to advance the acquisition review and seek a meeting with Shen Jue.

• Chen Xi and Zhang Qingxue reported that Haoyu had over one billion in net assets but faced a severe liquidity crisis, with nearly all its assets mortgaged.
• Chen Xi and Zhang Qingxue explained that Chen Wei had repeatedly rescued Haoyu’s troubled projects and was a capable operator.
• Chen Xi estimated Haoyu’s seven construction projects and land reserves at roughly five billion, and said reviving them would require an initial 500 million and possibly up to 1.1 billion in total.
• Chen Xi projected about 1.5 billion in net profit from completing and selling Haoyu’s projects, while Zhang Qingxue estimated Henglong’s post-acquisition debt ratio at 52.6%, or 63.1% including off-balance-sheet liabilities.
• Chen Xi and Zhang Qingxue recommended proceeding if Chen Wei cooperated, and Zhao Chen told them to advance the acquisition review, require Chen Wei to remain at Henglong for three years if the deal went through, and arrange a meeting with Shen Jue.

Zhao Chen proposed acquiring Haoyu Construction and explained to Shen Jue how the deal could revive the company while bringing Chen Wei into Henglong. Shen Jue approved the acquisition, then pressed Zhao Chen about his personal motives, and he admitted he had a little ulterior motive.

• Zhao Chen told Shen Jue that he wanted to acquire Haoyu Construction for 100 million and estimated that the investment could yield 1.5 billion in net profit over three years.
• Zhao Chen explained that Haoyu's debt ratio would remain manageable after consolidation and that Chen Wei had been keeping the troubled company afloat.
• Zhao Chen outlined four contractual safeguards that would make Chen Wei responsible for resolving Haoyu's problems and meeting its revival targets.
• Zhao Chen told Shen Jue that Chen Wei wanted to join Henglong, and Shen Jue approved the deal, saying she trusted his judgment.
• Shen Jue teased Zhao Chen about being attracted to Chen Wei, and Zhao Chen denied it before admitting he had a little ulterior motive.

Zhao Chen and Shen Jue planned to use Chen Wei and Haoyu’s stalled projects to pressure Lin Wanqing and Lu Shen while seeking policy-backed low-interest loans for Henglong’s acquisition of Haoyu. Zhao Chen hinted that Eaglet Agriculture and Animal Husbandry had hidden problems and arranged for Chen Wei to meet him the next day.

• Zhao Chen explained that Chen Wei could help control Haoyu’s projects and trap Lin Wanqing’s assets, putting pressure on Blackstone and Lu Shen.
• Shen Jue agreed to contact Deputy Director Li about support for Henglong’s Haoyu acquisition, including low-interest loans to replace Haoyu’s high-interest debt.
• Shen Jue told Zhao Chen that regulators had approved Eaglet Agriculture and Animal Husbandry’s private placement and its funds had arrived; Zhao Chen said to let the bullets fly for a while, hinting that Eaglet had problems.
• Zhao Chen told Shen Jue that Chen Wei would stay at Haoyu, learn the details of its partnership projects, and act when the time was right.
• After Shen Jue left, Zhao Chen called Chen Xi and instructed him to have Chen Wei come over the next day to discuss matters in detail.

Chen Wei accepted Henglong’s harsh offer to acquire Haoyu Construction, including extensive personal guarantees and oversight, in exchange for a possible equity incentive. Zhao Chen clarified that he wanted her to investigate Lin Wanqing’s business dealings to pressure her backers, while he turned his attention to securing greater benefits from the government.

• Chen Wei met Zhao Chen and Zhang Qingxue at Henglong to discuss its proposed acquisition of all of Haoyu Construction for one hundred million.
• Zhang Qingxue outlined conditions requiring Chen Wei to resolve Haoyu’s disputes and debts, guarantee contingent liabilities, work at Henglong, and accept strict corporate oversight.
• Zhao Chen offered Chen Wei an incentive of one million Henglong shares for every 10% reduction in Haoyu’s liabilities, and said he would arrange ten million shares for the program.
• Zhao Chen told Chen Wei to investigate every project involving Lin Wanqing’s company so he could pressure its cash flow and force it to seek funding.
• Chen Wei promised to investigate the projects, then left after Zhao Chen said the acquisition was nearly certain and he needed to secure greater government benefits.

After Chen Wei signed the agreement, Zhao Chen discussed rewarding her with equity and reflected on how Henglong’s earlier debt reduction had positioned it to acquire Haoyu Construction. The task force officially summoned him to a meeting the next morning to discuss Haoyu.

• Chen Wei signed the agreement and bowed to Zhao Chen before leaving with Zhang Qingxue.
• Zhao Chen told Shen Jue he planned to sell Henglong ten million shares at a low price to fund Chen Wei’s equity incentives, and Shen Jue agreed with the plan.
• Zhao Chen reflected that Henglong’s cash reserves and reduced debt made its planned acquisition of Haoyu possible.
• Su Wantang praised Zhao Chen’s decision to retreat and build strength, and Zhao Chen embraced her.
• A Housing and Urban-Rural Development Bureau task force called Zhao Chen and confirmed a meeting about Haoyu Construction for ten the next morning.

Zhao Chen and Shen Jue attended a government meeting to discuss Henglong’s proposed takeover of Haoyu Construction. Zhao Chen offered to acquire all of Haoyu for one hundred million and invest heavily in reviving it, while officials questioned whether Henglong would assume its debts and had sufficient funds.

• Zhao Chen met Chen Jianye in the waiting area, where Chen Jianye acknowledged Zhao Chen’s business skill and thanked him for offering Haoyu a lifeline.
• A staff member asked Chen Jianye to wait outside as Zhao Chen and Shen Jue entered the conference room.
• Vice Mayor Zhou welcomed Zhao Chen and opened the meeting with officials from several government departments.
• Deputy Director Li outlined Haoyu’s seven suspended projects, land reserves, debts, broken capital chain, and equity disputes.
• Zhao Chen proposed that Henglong buy 100% of Haoyu Construction for one hundred million and provide the additional funds needed to restart projects.
• Deputy Director Li asked whether Henglong would assume all Haoyu’s debts and whether its financing could sustain the takeover.

Zhao Chen secured government support for Henglong’s proposed acquisition and restructuring of Haoyu, including coordination on lower-interest loans. After leaving the meeting, he reflected with Shen Jue on financial risk and waited for Chen Wei’s next move.

• Zhao Chen proposed assuming Haoyu’s liabilities, injecting funds to restart projects, and replacing its costly short-term loans with longer-term loans backed by Henglong.
• Vice Mayor Zhou agreed to coordinate a preferential loan if Henglong revived Haoyu’s projects, paid workers, and delivered presold homes.
• Deputy Director Li told Zhao Chen to settle the agreement framework and proceed with the formalities.
• Zhao Chen assured Chen Jianye that he would take good care of Chen Wei before Chen Jianye entered the meeting.
• Zhao Chen and Shen Jue discussed Henglong’s low-debt strategy and how the market might respond to the acquisition.
• Zhao Chen messaged Chen Wei that the meeting had gone smoothly and awaited Chen Wei’s next move.

Zhao Chen secured unanimous board approval for Henglong’s acquisition of Haoyu Construction, then completed the deal and announced its terms. The announcements triggered intense media and investor debate over Chen Wei’s obligations and incentives and Zhao Chen’s share transfer.

• Liu Mingyu chaired Henglong’s board meeting, where the directors unanimously approved the Haoyu Construction acquisition after reviewing its due diligence report.
• After due diligence found almost no new issues, Zhao Chen signed the Equity Transfer Agreement with Chen Jianye, making Haoyu Construction Henglong’s wholly owned subsidiary.
• Henglong announced it would acquire Haoyu for RMB 100 million, with payment deferred for a year and subject to conditions including Chen Wei’s five-year employment and personal guarantee.
• Henglong disclosed an incentive granting Chen Wei shares for reducing Haoyu’s liabilities, while Zhao Chen agreed to transfer 10 million of his shares to Henglong at below-market price.
• News outlets and investors debated the acquisition’s risks and terms, and a critical analysis of Zhao Chen’s strategy reached the front page.

As Henglong’s announcements sparked fierce debate over its acquisition of Haoyu and Zhao Chen’s strategy, Zhao Chen spoke with Shen Zhiyi about the attention they had drawn. They ended the call looking ahead to the next day’s market opening and its verdict on Henglong.

• Online commentators analyzed Henglong’s acquisition terms, Chen Wei’s service and guarantee obligations, and Zhao Chen’s discounted share transfer, while influencers speculated about Henglong’s plans involving the Cooperator.
• Zhao Chen called Shen Zhiyi, who told him the Campus Forum was discussing Chen Hao’s absence, Chen Wei’s contract, and the value of her Henglong stake.
• Shen Zhiyi said she was proud of Zhao Chen’s accomplishments, and he thanked her for trusting and supporting him.
• Zhao Chen and Shen Zhiyi agreed that the market would reveal its opinion through its investment when trading began the next day.

Zhao Chen watched Henglong's stock reach a record high as media and shareholders praised his decisions, but a massive sell order drove the price down at the close. The chapter left him investigating who had dumped five million shares.

• Zhao Chen and Su Wantang entered Henglong Building through a crowd of reporters, and Zhao Chen refused interview requests.
• Henglong's stock climbed to a record 20 Hong Kong dollars before settling around 19.35 at the midday break.
• Financial media and Snowball users praised Zhao Chen's strategy as Henglong's price held steady through the afternoon.
• Liu Mingyu told Zhao Chen that a five-million-share sell order had plunged Henglong's stock to 18.05 just before the market closed.
• Zhao Chen asked Chen Xi to identify the trading seat behind the sell order.

Zhao Chen discovered that Lu Shen was behind the short sale of Henglong stock and chose to monitor him rather than strike back immediately. At home, Su Wantang worried about the threat but comforted Zhao Chen as they leaned on each other.

• Chen Xi traced the stock dumping to a Morgan Stanley seat that had borrowed shares two days earlier, and Zhao Chen suspected the seller had advance knowledge of Haoyu's acquisition announcement.
• Shen Jue told Zhao Chen that Lu Shen was behind the disguised short sale, and warned that he might make another move.
• Zhao Chen decided not to force a short squeeze and ordered Chen Xi to track Lu Shen's trading seats and positions without alerting him.
• Zhao Chen went home, told Su Wantang about Lu Shen, and said they would wait for another opportunity to strike.
• Su Wantang worried Lu Shen had more plans, then comforted Zhao Chen, who assured her he could handle the pressure with her by his side.

Zhao Chen convened a meeting to decide how Haoyu would use its 500 million yuan, and approved Chen Wei’s plan to prioritize unfinished projects while keeping those tied to Lin Wanqing on hold. He left Chen Wei to manage the projects and awaited Lu Shen’s next move.

• Henglong’s stock price stayed nearly flat, leading investors to debate whether the previous day’s short seller had finished profiting.
• Zhao Chen summoned Chen Wei and Chen Qiming to plan how to allocate Haoyu’s 500 million yuan injection.
• Chen Wei proposed spending 200 million yuan on two suspended city-center projects, 80 million on two nearly completed suburban projects, and 120 million to maintain three troubled projects, with 100 million held in reserve.
• Chen Wei recommended keeping three projects connected to Lin Wanqing on hold, and Chen Qiming warned that court freezes on the project accounts needed to be lifted.
• Zhang Qingxue said the account freezes could be addressed, and Zhao Chen approved Chen Wei’s plan and ordered her to report any problems.
• After the meeting, Zhao Chen noted that Haoyu had begun moving while Lu Shen had yet to act.

Chen Wei helped Haoyu Construction resume work while Henglong arranged to refinance its high-interest debt. She then demanded that Lin Wanqing contribute her share of additional project costs, leaving Lin to decide whether to fund the losing projects or risk losing control of them.

• Chen Wei reopened suspended Haoyu Construction projects, paid overdue construction costs, and restored the company’s operations.
• Chen Xi and Chen Qiming secured regulatory support for Henglong to refinance Haoyu’s high-interest loans through three banks.
• Chen Wei told Lin Wanqing to contribute a little over fifty million toward three projects or accept Henglong’s new valuation and priority-profit terms.
• Zhao Chen told Chen Wei to proceed with the revaluation if Lin refused to invest, and noted that Lu Shen was preoccupied with Eaglet’s poor Q3 report.

Zhao Chen reviewed Eagle Group’s third-quarter report and insider information, concluding that its core pig-farming business was deteriorating and its diversification efforts could not conceal the losses. He predicted Lu Shen would soon discover the scale of the company’s troubles, which could leave Eagle Group insolvent and Lu Shen trapped in his investment.

• Su Wantang printed Eagle Group’s third-quarter report and brought it to Zhao Chen.
• Zhao Chen read the report and Chen Xi’s insider document, which described board infighting, unexplained private-placement funds, and a worsening fourth-quarter forecast.
• Zhao Chen told Su Wantang that Eagle’s core business was failing and criticized its attempts to diversify while selling assets to prop up its results.
• Zhao Chen predicted Lu Shen would realize he had been set up when Eagle’s next reports came out and its stock price fell.
• Zhao Chen warned that Eagle Group could eventually become insolvent while Lu Shen remained unable to enter the board, audit the accounts, or recover his money.