Recaps

Zhao Chen reviewed Eagle Group’s worsening finances with Henglong’s senior team and warned them to keep debt under control while seeking pig-farming investments. After the meeting, Chen Xi told Zhao Chen there had been a new development involving Yunnan Agriculture Group.

• Zhao Chen convened Henglong’s core team to discuss Eagle Group’s Q3 results and Henglong’s plans to enter pig farming.
• Chen Qiming, Liu Mingyu, Chen Xi, and Chen Wei described Eagle Group’s falling profits, strained cash flow, unclear private-placement funds, and conflict between Lu Shen and Eagle’s management.
• Zhao Chen said Eagle Group’s high debt and weak core business had made Lu Shen’s investment risky, and instructed Henglong to keep its debt ratio under control.
• Zhao Chen told the team that Henglong would pursue pig-farming investments only in companies with low debt, strong cash flow, and reliable teams, and would wait rather than make a bad deal.
• After the others left, Chen Xi told Zhao Chen that there had been a new development at Yunnan Agriculture Group.

Zhao Chen decided to wait for Yunnan Agriculture Group’s IPO to fail before pursuing it, while Eagle Group’s collapsing share price put Lu Shen’s investment under pressure. He left Chen Xi tracking both situations as he waited for Lu Shen to make his next move.

• Chen Xi told Zhao Chen that Yunnan Agriculture Group’s prospectus exposed cash transactions, a disease outbreak, and concentrated family ownership, and that regulators had given the company thirty days to respond.
• Zhao Chen judged that Yunnan Agriculture Group was unlikely to resolve its regulatory problems in time and told Chen Xi to monitor its IPO process while they waited for its valuation to fall.
• Chen Xi showed Zhao Chen that Eagle Group’s shares had dropped more than eight percent, putting Jiahe’s 2.07 billion yuan investment at risk of a substantial paper loss.
• Zhao Chen predicted that Lu Shen would try to join Eagle Group’s board to rescue his investment, since he could neither sell the restricted shares nor easily find someone to take over.
• Chen Xi left after Zhao Chen told her to keep watching Lu Shen, and Zhao Chen told Su Wantang that business decisions could mean the difference of billions.

Zhao Chen announced a seven-day National Day sale to clear Henglong’s slow-moving property and parking-space inventory, recover cash, and reduce debt. The meeting ended with the campaign approved and staff assigned to work in shifts.

• At a Henglong meeting, Li Guowei and other executives warned Zhao Chen that steep discounts could cut profits, provoke competitors, and damage the company’s reputation.
• Song Zhongping backed the sale, and Zhao Chen argued that holding unsold properties would bring mounting costs and greater risks as the market changed.
• Chen Qiming calculated that the campaign could recover about 1.65 billion yuan while reducing profits by around 120 million yuan.
• Zhao Chen set discounts of 10% on old-development inventory and 5% on selected hard-to-sell units in new developments, with parking spaces bundled and further discounts negotiable.
• Zhao Chen established safeguards for existing owners and said the proceeds would go toward repaying debt; Li Guowei accepted the plan.
• Zhao Chen ordered Henglong staff to work in shifts throughout the seven-day National Day campaign and demanded results afterward.

Zhao Chen’s National Day discounts drew buyers to Henglong and rapidly cleared difficult-to-sell inventory while rival developments struggled to respond. After five days, Henglong had recovered 580 million, and Zhao Chen took a day off to meet Shen Zhiyi, who urged him to rest.

• On October 1, Henglong’s 10% discounts brought crowds to its sales offices, and the company sold 56 units in an hour, recovering 120 million.
• Chen Xi told Zhao Chen that competitors were caught unprepared and accused Henglong of a “Pearl Harbor sneak attack,” and Zhao Chen called it striking first.
• As Henglong kept selling homes, rival sales offices remained quiet, and online investors discussed Zhao Chen’s inventory-clearing strategy.
• On October 5, Chen Xi reported that Henglong had sold 217 units, cleared 1,800 parking spaces and over 60% of low-efficiency inventory, and recovered 580 million.
• The next morning, Zhao Chen met Shen Zhiyi, explained that clearing the unsold inventory would make future sales easier, and agreed to rest.

Henglong celebrated 830 million in National Day sales amid a nationwide property slump, and its share price climbed above 20 Hong Kong dollars. Zhao Chen then asked Chen Xi to check whether Lu Shen was still holding his short position, leaving their score unsettled.

• Chen Qiming reported that National Day sales among the top 100 real estate companies had fallen sharply, while Henglong made 830 million after cutting prices.
• Zhao Chen dismissed competitors' complaints and told Henglong's executives to let the market speak for itself.
• Henglong's stock rose to a new high of 20.85 Hong Kong dollars as shareholders and financial media praised the company.
• At dinner, Zhao Chen told Su Wantang that the sales results mattered more to him than the share price because they proved his market foresight.
• Zhao Chen asked Chen Xi to check whether Lu Shen still held his short position, hoping his floating profit had turned into a loss.

Zhao Chen learned that Lu Shen had continued building a large position in Henglong, and began to suspect Lu Shen was laying the groundwork for a major move rather than merely gambling on the stock. The chapter ended with Zhao Chen wondering whether Lu Shen was waiting for an opportunity like the one that had emerged in the final month of the previous year.

• Chen Xi reported that Lu Shen had added shares through three accounts, bringing his total position to 12 million shares and his unrealized loss to about 20 million.
• Zhao Chen told Chen Xi to keep monitoring Lu Shen and said his financial arrangements could become vulnerable if Jiahe's investment and loan cycle developed a flaw.
• Over the following days, Henglong's stock fluctuated between 19 and 20 as Lu Shen expanded his position to more than 25 million shares.
• Zhao Chen recognized that Lu Shen's gradual buying resembled the way Zhao Chen had built his own position before a decisive move the previous year.
• Zhao Chen ordered Chen Xi to investigate Lu Shen's contacts and any new ties to Eaglet or other institutions.
• Zhao Chen wondered whether Lu Shen was waiting for an opportunity like the one in the final month of the previous year, when Zhao Jianguo had been taken away.

Chen Wei proposed selling Haoyu Construction’s mortgaged headquarters without first repaying its 60 million loan, using Henglong as guarantor so the sale proceeds could cover the debt. Zhao Chen approved negotiations, leaving Chen Wei determined to complete the deal as a test of her abilities.

• Chen Wei reviewed Haoyu’s non-core assets and identified its headquarters building as a valuable property burdened by a 60 million mortgage.
• Chen Wei and Zhang Qingxue met Zhao Chen and proposed transferring the building with the mortgage still in place, backed by a Henglong guarantee.
• Chen Wei explained that selling the building could net 70 million and help fund Haoyu’s projects without further investment from the parent company.
• Zhang Qingxue said the bank was likely to agree if Henglong guaranteed repayment, and Zhao Chen told them to negotiate.
• Chen Wei left determined to complete the sale and prove her abilities.

Chen Wei and Zhang Qingxue negotiated with President Zheng to approve the sale of Haoyu’s mortgaged headquarters under conditions backed by Henglong’s guarantee. They left with the bank agreeing to complete the transfer and disbursement within a week, and planned to report back to Zhao Chen.

• Chen Wei and Zhang Qingxue asked President Zheng’s bank to allow Haoyu to sell its headquarters before repaying the mortgage, with Henglong guaranteeing the transaction.
• Zhang Qingxue explained that Henglong expected Haoyu to operate independently and had other strategic uses for its cash.
• The Credit Department manager raised concerns about risk and timing, and proposed safeguards including an escrowed down payment.
• President Zheng agreed to approve the transfer if Henglong provided an unconditional guarantee, the buyer paid a 40% down payment into escrow, and the bank supervised repayment of the loan first.
• Chen Wei negotiated the timeline down to one week, and President Zheng agreed on the condition that Henglong step in immediately if problems arose.
• Chen Wei and Zhang Qingxue left the bank and headed back to report the agreement to Zhao Chen.

Chen Wei and Zhang Qingxue reported that they had negotiated the sale of Henglong’s headquarters building and other assets, improving the company’s cash position and reducing its debt. Zhao Chen praised Chen Wei’s work, but called a meeting for the next day to address Lin Wanqing’s stalled projects.

• Chen Wei and Zhang Qingxue told Zhao Chen that the bank had agreed to supervise the headquarters sale, with a 40% down payment and completion within one week.
• Chen Wei reported that the two asset deals had increased net cash flow by 120 million and reduced liabilities by 160 million.
• Chen Wei explained that Lin Wanqing was ignoring messages and payment reminders, leaving three projects stalled, and Zhao Chen ordered a meeting to discuss the matter.
• Zhao Chen told Chen Wei to rest, and Su Wantang invited the group to celebrate with dinner.
• Zhao Chen praised Chen Wei as a rare talent worthy of command after she thanked him for the opportunity.

Chen Wei explained how Haoyu could use the projects’ refinancing clauses to dilute Lin Wanqing’s shares if she failed to invest, while Zhang Qingxue confirmed the plan was legally permissible with proper notice. The meeting ended with Liu Mingyu asking what Haoyu would do if Lin Wanqing refused to cooperate.

• Zhao Chen convened a meeting to discuss three stalled projects jointly owned by Haoyu and Lin Wanqing’s company.
• Chen Wei proposed refinancing the two loss-making projects at a lower valuation, leaving Lin Wanqing with 10% ownership and reducing Haoyu’s exposure to future losses.
• Chen Wei explained that a capital increase in the profitable project could also dilute Lin Wanqing to 10% and reduce her influence over it.
• Zhang Qingxue said Haoyu could begin the refinancing process after formal notice and a reasonable deadline if Lin Wanqing did not respond.
• Liu Mingyu asked what Haoyu would do if Lin Wanqing refused to cooperate.

Zhao Chen’s team moved to dilute Lin Wanqing’s stake after she refused to make an additional investment, relying on a capital majority resolution and a third-party appraisal. After Lin ignored their notices and the seven-day deadline, the appraisal began, and Chen Wei prepared to push the projects’ refinancing forward.

• Zhang Qingxue explained that Haoyu’s 80% stake let it pass a capital increase resolution and initiate a reassessment despite Lin Wanqing’s opposition, and Zhao Chen approved the plan.
• Chen Wei sent Lin a formal notice demanding that she invest or participate in the reassessment, while Zhang documented delivery through email, text, WeChat, and courier.
• After seven days passed without a response, Zhang told Chen Wei to start the third-party appraisal.
• Appraiser Zhou and his team arrived, reviewed the project materials, and began their assessment without anyone from Lin’s side present.
• Chen Wei began preparing to force through refinancing for the projects.

Chen Xi reported that Lu Shen had sued Eagle Group executives and continued increasing his short position in Henglong despite a 56-million loss, while Zhao Chen’s investigation found no weaknesses in Henglong. Su Wantang suggested Lu Shen might be waiting for events at Eagle, and Zhao Chen ordered continued surveillance as he waited for the truth to emerge.

• Chen Xi told Zhao Chen that Lu Shen had filed reports and prepared a civil suit against Eagle Group executives over the private-placement funds and alleged misconduct.
• Chen Xi reported that Lu Shen’s short position in Henglong had grown to nearly forty million shares, with an unrealized loss exceeding 56 million, and that he was still adding to it.
• Chen Xi said her investigation found no problems with Henglong’s finances, taxes, legal affairs, or Zhao Chen’s personal history, and she could not determine what Lu Shen was relying on.
• Zhao Chen ordered Chen Xi to monitor Lu Shen’s positions, funds, meetings, and other movements.
• Su Wantang suggested Lu Shen might be waiting for something outside Henglong, leading Zhao Chen to consider the dispute over Eagle’s 2.07 billion yuan private-placement funds.

Chen Wei reported that Lin Wanqing’s stake in the loss-making projects would be diluted after their valuations fell, while Zhao Chen tracked Lu Shen’s growing short position and waited for Yunnan Agriculture Group’s IPO review. After the group was rejected, Zhao Chen planned to wait for its financial pressure to worsen before negotiating, as Lin Wanqing remained absent and Lu Shen continued building his position.

• Appraiser Zhou delivered a report showing that the two projects’ valuations had fallen from 250 million to 140 million, and Chen Wei told Zhao Chen that Lin Wanqing’s shares would be diluted to 10%.
• Zhao Chen ordered Chen Wei to notify Lin Wanqing of new financing at a 100 million valuation and to execute the share adjustment if she did not respond.
• Chen Xi told Zhao Chen that Lu Shen’s tracked short position had reached 51 million shares, with unrealized losses exceeding 87 million, and Zhao Chen ordered her to keep monitoring him.
• The Securities Regulatory Commission rejected Yunnan Agriculture Group’s IPO application, citing cash transactions, private-individual procurement, profit-margin discrepancies, and epidemic-related piglet deaths.
• Zhao Chen told Chen Xi to wait a month or two before negotiating with Cheng Jiaxun, allowing Yunnan Agriculture Group’s financial pressure to increase.

Shen Jue asked Zhao Chen why Diannong’s listing had been rejected, and he explained that businesses fell into product, platform, and infrastructure categories with different sources of competitive strength. He argued that cost-focused Diannong had a stronger foundation than Eagle and told Shen Jue to wait for its valuation to fall before investing, while Su Wantang praised his insight.

• Shen Jue visited Zhao Chen and asked why Eagle had harmed Lu Shen while Diannong’s listing was rejected.
• Zhao Chen explained that product companies competed through brand, platforms through users and content, and infrastructure companies through low costs.
• Zhao Chen said Eagle had failed by expanding beyond its capabilities, while Cheng Jiaxun had kept Diannong focused on pig farming and lowered its costs.
• Zhao Chen told Shen Jue that Diannong could be a better investment than Eagle once its valuation dropped after the failed listing news settled in.
• Shen Jue said she trusted Zhao Chen and asked him to tell her when it was time to invest in Diannong.
• Su Wantang praised Zhao Chen’s explanation and said she believed Lu Shen’s schemes would not stump him.

As Bitcoin surged above $9,000, Shen Zhiyi and her friends celebrated the fortunes they had made from Zhao Chen’s investment advice over hotpot. Zhao Chen cautioned them about Bitcoin’s uncertain peak and said he had not begun selling, while his thoughts turned to an anticipated approach from Cheng Jiaxun about Yunnan Agriculture Group.

• Zhou Xiaowen, Li Jing, and Chen Shuhua calculated that their leveraged Bitcoin investment had grown to over twelve million yuan as the price reached $9,150.
• Shen Zhiyi and her friends welcomed Zhao Chen to Boiling Memories Hotpot and toasted him for helping them profit.
• Zhou Xiaowen, Li Jing, and Chen Shuhua shared how their families and classmates had changed their opinions after their Bitcoin gains.
• Zhao Chen advised the women to sell gradually when Bitcoin’s rise accelerated, but said he had not started selling because the crypto market had not gone crazy yet.
• Zhao Chen thought about Yunnan Agriculture Group and expected Cheng Jiaxun to contact him soon.

Cheng Jiaxun invited Zhao Chen and Su Wantang to dinner, where he discussed Eagle’s troubles and asked Zhao Chen what he thought of Yunnan Agriculture. The chapter ended with Zhao Chen recognizing that Cheng Jiaxun had arranged the meeting to seek his views as Yunnan Agriculture faced uncertainty over its listing and a need for financing.

• Cheng Jiaxun called Zhao Chen and arranged a private dinner for November 16, asking him to bring a family member.
• Zhao Chen invited Su Wantang, who was pleased to attend with him, and chose a riverside private kitchen restaurant for the gathering.
• Zhao Chen and Su Wantang welcomed Cheng Jiaxun and his wife, Mrs. Zhou, and the four shared dinner together.
• Cheng Jiaxun described Eagle’s failed takeover, financial problems, and falling stock price, saying he feared the risks in their industry.
• Zhao Chen attributed Eagle’s troubles to losing focus, and Cheng Jiaxun then asked what Zhao Chen thought of Yunnan Agriculture.

Zhao Chen negotiated with Cheng Jiaxun about investing in Yunnan Agriculture Group, advising him to wait until the listing fallout and valuation stabilized while using the delay to improve his own bargaining position. After news of their meeting fueled market speculation, Lu Shen ordered a plan against Zhao Chen to be set in motion.

• Zhao Chen told Cheng Jiaxun that he remained interested in Yunnan Agriculture Group but would wait until its listing issues were resolved and its valuation stabilized.
• Zhao Chen admitted to Su Wantang that his advice was partly sincere and partly intended to make Cheng Jiaxun more anxious and secure a better price.
• A media outlet published photos of Cheng Jiaxun in Shan City, prompting online debate about whether Zhao Chen would invest in Dian Agriculture.
• Lu Shen read the reports about Zhao Chen and ordered someone to set his plan in motion.

Lin Wanqing and others launched coordinated attacks against Henglong through accusations, a lawsuit, tax allegations, and workers demanding overdue wages. As Henglong's executives gathered to assess the crisis, Zhao Chen faced mounting threats to the company's stock, reputation, and control.

• Lin Wanqing posted a video accusing Henglong and Haoyu Construction of diluting her minority interests, prompting widespread public backlash and reports to regulators.
• Lu Shen released a lawyer's letter saying Zhao Jianguo's three children were suing to invalidate share transfers made after he was taken away.
• A tax influencer alleged Henglong may have underpaid taxes, while Haoyu Construction workers organized to demand overdue wages.
• After Chen Xi briefed him on the online attacks, Zhao Chen called a meeting of Henglong's senior executives for the next morning.
• Henglong's executives assessed risks to Zhao Chen's shareholding, possible tax investigations, and the workers' protests as Shen Jue and Shen Zhiyi offered support.
• Zhao Chen told the assembled executives to assess the situation as the company braced for the market opening.

Zhao Chen reassured Henglong’s executives that the allegations and worker disputes could be handled, then told Chen Xi to let public opinion worsen while they prepared a counterattack. As the market opening approached, Lu Shen expected Henglong’s stock to plunge and planned to buy in after it fell below 10.

• Zhao Chen reviewed Henglong’s debts, tax audits, share agreements, and Lin Wanqing’s claims with the executives, then ordered a brief clarification statement and told them to reassure their teams.
• After the others left, Zhao Chen admitted Lu Shen’s attack was more ruthless than expected and instructed Chen Xi to let the bad publicity build before Henglong made its move.
• Overnight, headlines and online comments turned against Henglong, with accusations of tax evasion, unpaid wages, and disputed shares dominating discussion.
• Lu Shen told Zhou Huai that a 20% drop would not be enough and ordered him to send their people in once Henglong’s stock fell below 10.

Lu Shen publicly condemned Zhao Chen and Henglong, then denied anonymous data showing he was shorting the company. Zhao Chen released the data to split public opinion and waited for Lu Shen to make another move.

• Lu Shen posted a widely shared Weibo message accusing Zhao Chen of mistreating Lin Wanqing, her children, and Henglong’s workers.
• Zhao Chen told Chen Xi that the available position records could not prove Lu Shen was behind the short selling or the other accusations, but ordered her to release the data anyway.
• An anonymous post claimed Lu Shen held 61 million Henglong short shares and had an unrealized loss of 120 million Hong Kong dollars.
• Lu Shen denied shorting Henglong and threatened legal action against those spreading the position data.
• Chen Xi reported that public opinion had begun to split, and Zhao Chen decided to wait for Lu Shen to keep making moves.

Zhao Chen arranged Henglong Group’s brief announcement ahead of its press conference, then visited Shen Zhiyi and found comfort in her support. The next morning, he prepared to face the reporters’ questions.

• Zhao Chen instructed Liu Mingyu to release a short announcement assuring shareholders that Henglong’s operations were normal and addressing concerns at the press conference.
• Henglong released the announcement at five, and investors on Snowball and Stock Bar began expressing renewed confidence in Zhao Chen.
• Zhao Chen went to Zhengfa University, where Shen Zhiyi joined him and comforted him after seeing how exhausted he was.
• Shen Zhiyi cooked noodles for Zhao Chen, and the two spent the evening talking and resting together without discussing the crisis.
• The next morning, Shen Zhiyi made Zhao Chen breakfast and encouraged him to handle the press conference well.

Zhao Chen and Henglong Group held a press conference to answer accusations about shareholder dilution, tax evasion, unpaid wages, Zhao Jianguo's alleged children, and Lu Shen. Zhao Chen left the reporters and turned to the casino, where Lu Shen's fiercest attack was expected to begin.

• Zhao Chen told his team to present the facts calmly after Lin Wanqing refused to attend the press conference.
• Zhang Qingxue presented agreements and communications to argue that Lin Wanqing's diluted shares resulted from her failure to invest as agreed.
• Chen Qiming denied Henglong had evaded taxes, citing three clean audits, while Chen Wei detailed the repayment of Haoyu Construction's unpaid wages.
• Zhao Chen said there was no evidence that Zhao Jianguo's three children were his father's and maintained that his control was legally recognized.
• Zhao Chen criticized Lu Shen for spreading lies and urged reporters to investigate Lu Shen's short-selling position before judging his posts.
• Zhao Chen left the press conference and focused on the casino opening, anticipating Lu Shen's attack that day.

Zhao Chen and his team watched Lu Shen try to drive Henglong’s stock below 15 yuan, while investors absorbed his sell orders and kept the price above that level. After the market closed, Zhao Chen wondered who was buying against Lu Shen, and an unexpected call arrived.

• Chen Xi reported that Lu Shen had built up his short position and traded the price swings, while Henglong’s shares hovered around 16 yuan.
• Zhao Chen ordered Chen Xi to track Lu Shen’s position as the press conference’s defenses of Henglong began circulating among investors.
• Lu Shen ordered his trader to resume dumping shares in the afternoon despite warnings that market sentiment was improving.
• Zhao Chen let Lu Shen continue selling, reasoning that his repeated attempts to break through 15 yuan would become increasingly costly.
• At the close, Chen Xi reported that the 15-yuan line had held despite heavy selling, and Zhao Chen questioned who was absorbing Lu Shen’s orders.
• Zhao Chen received a phone call and guessed who might be on the other end.

Zhao Chen learned that Shen Jue and other fund managers had bought at least twenty million Henglong shares at fifteen dollars, while Lu Shen still held about eighty million shares short. Zhao Chen planned to unsettle Lu Shen by announcing that Henglong was operating normally and promising further information before the next market opening.

• Shen Jue told Zhao Chen she had bought shares dumped by Lu Shen because she regretted selling thirty million shares at fifteen dollars the previous year.
• Shen Jue estimated that Lu Shen still held at least eighty million shares short and explained that he could either create panic to cover or accept his losses and buy shares back.
• Zhao Chen told Shen Jue to expect a surprise that night, then asked Liu Mingyu to announce that Henglong's operations were normal and that more information would come before the market opened.
• Zhao Chen explained to Chen Xi that the announcement was meant to make Lu Shen fear a rising stock price and that he intended to defeat him financially and mentally.

Henglong’s cryptic announcement unsettled Lu Shen and convinced Shen Jue to prepare for another long position based on her trust in Zhao Chen. At home, Zhao Chen found comfort in Su Wantang and declared that Lu Shen was as good as dead.

• Henglong released a brief announcement promising further information before the next market opening, stirring speculation among investors.
• Lu Shen ordered Zhou Huai to borrow every available share, determined to continue the short position despite the uncertain news.
• Shen Jue told three fund managers to go long, citing Zhao Chen’s assurances, and instructed them to wait for the news and Lu Shen’s reaction before acting.
• Zhao Chen asked Su Wantang whether his ruthlessness had brought about his crisis, and she reassured him that he had had no choice.
• Zhao Chen told Su Wantang he would win and that Lu Shen was as good as dead, then pulled her into his arms.