Recaps

Zhao Chen told Shen Jue he had sold his Bitcoin, while privately recognizing that someone was using her to investigate him. Shen Jue later warned him that Wall Street was offering rewards for information about the person behind the crash, leaving Zhao Chen prepared for the scrutiny.

• Shen Jue called Zhao Chen to ask whether he had sold his Bitcoin, and he claimed he had cleared his position in batches starting at 14,000.
• Zhao Chen told Su Wantang that Shen Jue had been testing him because someone was listening in, and that his account was deliberately misleading.
• Shen Jue discussed Zhao Chen with three associates, who suspected the Bitcoin dumper might be in Hong Kong or mainland China but doubted Zhao Chen had enough money to build the position.
• Shen Jue left the meeting after advising the others to treat Zhao Chen as a lucky retail investor, and the group admitted they had no way to trace the Bitcoin seller.
• Shen Jue messaged Zhao Chen that Wall Street was offering benefits for information about the market crash, and Zhao Chen replied that they should wish the investigators luck.

Zhao Chen met Shen Zhiyi and her friends at Zhengfa University and told them he had sold all his Bitcoin for roughly 22 million RMB after expenses. The chapter left him preparing to discuss a deal with Cheng Jiaxun of Yunnan Agriculture Group that evening.

• Su Wantang asked Zhao Chen about plans for Xi Xi and Aunt Zhang, and he said he would visit Zhengfa University before meeting Cheng Jiaxun that night.
• Cheng Jiaxun invited Zhao Chen to dinner, and Zhao Chen agreed to meet him at seven with Su Wantang.
• Shen Zhiyi met Zhao Chen at the university gates and brought him to lunch with Zhou Xiaowen, Chen Shuhua, and Li Jing.
• Zhao Chen told the group he had sold all his Bitcoin at 17,000 US Dollars, leaving about 22 million RMB after commissions and interest.
• Zhou Xiaowen joked that she would follow Shen Zhiyi and Zhao Chen, while the group laughed and prepared to discuss future investment opportunities.

Zhao Chen advised the women to invest in Shanxi Fenjiu and recognized Bubble Mary as a promising private investment opportunity. He then met Cheng Jiaxun, who said he had overcome his reservations about the Yunnan Agriculture Group deal.

• Zhao Chen recommended buying Shanxi Fenjiu shares, and Zhou Xiaowen and the others agreed to trust his advice.
• Li Jing brought up the popularity of blind boxes, prompting Zhao Chen to recall Bubble Mary's early valuation and future growth.
• Zhao Chen decided Bubble Mary was worth investigating, then drove Shen Zhiyi and the others back to school, where Shen Zhiyi kissed his cheek.
• Zhao Chen took Su Wantang to meet Cheng Jiaxun, who arrived at seven and said he had thought the deal through and was ready to proceed.

Zhao Chen negotiated a 20% stake in Yunnan Agriculture Group, offering to relinquish voting rights while securing financial oversight and a board seat. Cheng Jiaxun accepted a preliminary deal at a 1.943-billion-yuan valuation, with Zhao Chen agreeing to invest 390 million yuan, setting Henglong on its first step toward diversification.

• Zhao Chen challenged Yunnan Agriculture Group's IPO-based valuation by citing its unresolved financial and operational concerns, and asked for 20% equity at a lower valuation.
• Cheng Jiaxun resisted giving up that much equity, so Zhao Chen offered to waive voting rights while requesting a finance deputy director and one board seat.
• Cheng Jiaxun called his wife, who advised him to settle at eleven and a half times earnings, and he returned to accept the 20% equity stake.
• Cheng Jiaxun proposed a valuation of 1.943 billion yuan, and Zhao Chen rounded his investment up to 390 million yuan.
• Zhao Chen and Cheng Jiaxun toasted their preliminary agreement, securing expansion funding for Yunnan Agriculture Group without transferring control.

Zhao Chen and Su Wantang decided to bring Chen Xi and Zhang Qingxue back from vacation to handle due diligence and legal documents for the Yunnan Agriculture Group deal. After both agreed to return, Zhao Chen learned that Su Wantang collected Bubble Mary figurines.

• Zhao Chen and Su Wantang decided the Yunnan Agriculture Group deal required Chen Xi to lead due diligence and Zhang Qingxue to prepare the legal documents.
• Zhao Chen called Chen Xi, explained the agreement to buy 20% of Yunnan Agriculture Group at a 390 million valuation, and she agreed to return the next morning.
• Zhao Chen called Zhang Qingxue, who agreed to end her vacation early and draft the transfer and voting-rights documents.
• Zhao Chen promised to make up the missed vacation days for Chen Xi and Zhang Qingxue after the deal was completed.
• Su Wantang showed Zhao Chen her collection of Bubble Mary figurines, and he examined the products for the first time.

Zhao Chen realized the potential of Bubble Mary after Su Wantang explained blind boxes’ emotional and social appeal, and decided to invest in the company. He left Su Wantang believing her insight had revealed the opportunity, without telling her he already knew the company’s future.

• Su Wantang explained blind boxes, their resale prices, and why young people enjoyed collecting and trading them.
• Zhao Chen concluded that Bubble Mary’s appeal and customer loyalty made it a promising business.
• Su Wantang made Zhao Chen noodles while he considered her explanation and noted its key ideas on his phone.
• Zhao Chen told Su Wantang he planned to invest in Bubble Mart because of what she had said.
• Su Wantang worried the investment could fail, but Zhao Chen reassured her without revealing his knowledge of the company’s future.

Zhao Chen’s team reviewed and approved a proposed 390 million investment in Yunnan Agriculture Group, whose finances were strained despite its strong fundamentals. Henglong’s board unanimously authorized the investment subject to due diligence, and Chen Xi was set to lead the investigation in Yunnan.

• Chen Xi reported that Yunnan Agriculture Group faced severe cash-flow problems and might last only six months, while Zhao Chen said its strong fundamentals made it worth investing in.
• Zhao Chen assigned Chen Xi to conduct a week of due diligence and Zhang Qingxue to prepare the legal-document framework, then Liu Mingyu scheduled a board meeting.
• Shen Jue explained her earlier phone call to Zhao Chen, who reassured her that he had not taken offense.
• Liu Mingyu presented Henglong’s proposal to invest 390 million for a 20% stake while relinquishing voting rights and receiving a finance deputy appointment and a board seat.
• The board unanimously approved the proposed strategic investment, pending due diligence, and Chen Xi prepared to take her team to Yunnan.

After Henglong approved a strategic investment in Yunnan Agriculture Group, Zhao Chen oversaw the trading suspension and public announcement while investors debated the deal. Chen Xi arrived in Yunnan to begin due diligence, and Zhao expected the company’s fortunes to improve within a year or three.

• Chen Xi left to lead Henglong’s due diligence team in Yunnan, and Zhao Chen told Cheng Jiaxun that the board had approved the investment.
• Liu Mingyu filed Henglong’s supplemental trading suspension application, and the Hong Kong Stock Exchange published the suspension announcement.
• Henglong announced it would invest RMB 390 million for a 20% stake in Yunnan Agriculture Group, while waiving voting rights and taking a limited board role.
• Investors argued over the investment’s valuation and the risks of pig farming as Henglong’s shares resumed trading at 1 p.m.
• Zhao Chen reassured Cheng Jiaxun and Su Wantang that he trusted the data, then learned Chen Xi had arrived and would start due diligence the next day.

As Henglong’s share price fell after its investment in Yunnan Agriculture Group, Zhao Chen recognized that short sellers were driving the decline and remained confident in the company’s fundamentals. He considered future investments to build Henglong into a larger business empire, leaving his next project undecided until the Yunnan deal was settled.

• Henglong opened at 23.2 Hong Kong dollars, and Zhao Chen told Su Wantang and Zhang Qingxue that short sellers were using the Yunnan investment news to cover their positions.
• Zhao Chen predicted the share price might fall to around 20 but said Henglong would let the short sellers sell, since other investors would buy at lower prices.
• Media reports and Snowball users questioned Henglong’s investment in Yunnan Agriculture Group, while some investors defended Henglong’s improved fundamentals.
• Chen Xi told Zhao Chen that due diligence had begun and Yunnan Agriculture Group’s books were cleaner than expected, with cash-flow problems mainly caused by banks withdrawing loans.
• Zhao Chen discussed future investments with Su Wantang and said he wanted to build a vast domestic business empire before expanding globally.

Chen Xi completed due diligence on Yunnan Agriculture and found no fatal problems, clearing the way for Henglong’s investment. Zhao Chen’s team agreed to proceed with the deal, and the parties began preparing to sign in Yunnan.

• Chen Xi inspected Yunnan Agriculture’s financial, legal, and operational records with Cheng Jiaxun’s full cooperation and found that its issues were disclosed and mostly manageable.
• Chen Xi reported to Zhao Chen that Yunnan Agriculture’s finances were sound, its cash-flow crisis stemmed mainly from withdrawn bank loans, and it could recover once funded.
• Zhao Chen’s team approved the previously agreed investment of 390 million for a 20% stake, with voting rights waived, a Deputy Director of Finance appointed, and one board seat granted.
• Zhao Chen asked Zhang Qingxue to draft the agreement framework, and she arranged with Yunnan Agriculture’s legal team to finalize it that week and sign the following week.
• Zhang Qingxue told Zhao Chen that Cheng Jiaxun wanted him to attend the signing in Yunnan, and Zhao Chen agreed to arrange the trip.

Zhao Chen and his team arrived in Kunming, where Cheng Jiaxun hosted a lavish welcome banquet before Henglong Group signed its strategic investment in Yunnan Agriculture Group. At the ceremony, Cheng praised Zhao’s trust, and Zhao described the deal as a partnership built on mutual confidence.

• Cheng Jiaxun welcomed Zhao Chen and his team at Changshui Airport and arranged their hotel stay and signing.
• Cheng Jiaxun hosted a banquet attended by Yunnan business and political figures, where Zhao met local elites while his team discussed banking and contract details.
• Cheng Jiaxun announced that Henglong Group had invested 390 million for 20 percent of Yunnan Agriculture Group while yielding its voting rights.
• Cheng Jiaxun thanked Zhao for his unreserved trust and promised to standardize management and quadruple Yunnan Agriculture Group’s performance within three years.
• Zhao Chen told the audience that the investment was business, not charity, and that both companies would move forward together.

Zhao Chen and Cheng Jiaxun signed an agreement between Yunnan Agriculture Group and Henglong Group, then Zhao Chen gave his team two days off to explore Yunnan. As the group enjoyed Dali, Shangri-La, and Lijiang, the media reacted to Zhao Chen giving up voting rights as an unusual redefinition of investment.

• Zhao Chen and Cheng Jiaxun signed their agreements and toasted their partnership between Yunnan Agriculture Group and Henglong Group.
• At the banquet, Cheng Jiaxun praised Zhao Chen's vision and promised to double Yunnan Agriculture Group's performance within three years; Zhao Chen urged him to take his time.
• Zhao Chen gave Chen Xi, Zhang Qingxue, and Su Wantang two days off in Yunnan, while Liu Mingyu stayed behind to prepare the announcement.
• Zhao Chen and Su Wantang traveled to Dali and watched the sunset over Erhai Lake from their guesthouse.
• Chen Xi explored Shangri-La and shared a photo of its pigeons in the group chat, while Zhang Qingxue wandered through Lijiang and sent Chen Xi a photo of a sunbathing cat.
• The media erupted over Zhao Chen giving up voting rights, describing it as a rare redefinition of investment.

News of Zhao Chen giving up voting rights over Henglong’s 390-million-yuan investment in Shennong stirred debate among investors, while gossip media speculated about his relationship with Su Wantang. On Christmas Eve, Zhao Chen and Su Wantang spent a quiet evening by Erhai Lake before preparing to return to Shan City, where business pressures awaited him.

• Financial outlets reported that Henglong had acquired a 20% stake in Yunnan Agriculture and Zhao Chen had relinquished the stake’s voting rights, prompting debate over his decision.
• Henglong investors argued online about whether Zhao Chen’s investment was reckless or a sign of confidence in Yunnan Agriculture’s team and the pig cycle.
• Gossip outlets published reports speculating about Zhao Chen’s companion in Yunnan, while readers debated whether she was his girlfriend.
• Zhao Chen and Su Wantang shared a Christmas Eve dinner and a quiet evening on the terrace beside Erhai Lake, promising to travel together again.
• Zhao Chen prepared to return to Shan City, where he needed to follow up on the Bubble Mary investment and prepare for possible retaliation over the Bitcoin market crash.

After returning from Yunnan, Zhao Chen met Shen Zhiyi and her friends, gave them gifts, and agreed to manage their investment in Fen Liquor. He left the gathering focused on building the Henglong empire.

• Zhao Chen returned to Shan City and went to Zhengfa University to meet Shen Zhiyi, who hurried back from shopping with Zhou Xiaowen, Chen Shuhua, and Li Jing.
• Zhao Chen gave Shen Zhiyi a tie-dyed scarf and gave Zhou Xiaowen, Chen Shuhua, and Li Jing gifts from Yunnan.
• Zhao Chen told the women that Yunnan Agriculture could at least double in three years, then agreed to manage their shared investment account.
• Zhao Chen advised them to keep 2 million for spending and invest the remaining 20 million in Fen Liquor, holding the shares without trading.
• Zhao Chen left the gathering enjoying the peaceful moment and thinking about building the Henglong empire.

After returning to school, Shen Zhiyi’s roommates questioned her about Zhao Chen’s closeness with Su Wantang and urged her to consider whether she could accept the other women in his life. Shen Zhiyi admitted she was sad and afraid Zhao Chen would stop coming back, but chose not to challenge him and declared she would hold her position firmly.

• Zhao Chen drove Shen Zhiyi back to school, where Zhou Xiaowen, Chen Shuhua, and Li Jing were waiting to talk with her.
• The roommates recalled seeing a news photo of Zhao Chen with Su Wantang in Yunnan and discussed their own interest in Shen Zhiyi keeping her relationship with him.
• On a walk around the track, Chen Shuhua and Zhou Xiaowen asked Shen Zhiyi what she thought of Su Wantang and warned her that Zhao Chen had other women around him.
• Shen Zhiyi said she knew about the other women, felt sad, and feared Zhao Chen would not return, but would not fight with him or ask him to drive Su Wantang away.
• Shen Zhiyi told her roommates she would hold her position firmly, leaving them to realize she understood their concerns better than they had thought.

Zhao Chen explored investing in Bubble Mary and realized he could secure rights to the unclaimed Labobo IP as leverage. After asking Chen Xi to contact the company’s founder, he learned Bubble Mary had already found an investor and was set to vote on the financing that afternoon.

• Zhao Chen discussed Bubble Mary’s popularity and business prospects with Chen Xi, Su Wantang, and Zhang Qingxue.
• Zhang Qingxue noted that Bubble Mary held mainland-only licensing rights for its IP, giving Zhao Chen the idea to pursue overseas rights as investment leverage.
• Zhao Chen asked Zhang Qingxue to investigate Labobo’s copyright and Bubble Mary’s finances, and told Chen Xi to arrange a meeting with its founder, Wang An.
• Chen Xi called Shen Jue and learned that Bubble Mary had already found an investor and would hold a board vote on the financing that afternoon.
• Zhao Chen spoke with Shen Jue, who promised to investigate the situation involving Ningxia Huaqiang and call him back.

Zhao Chen learned Bubble Mary was voting that afternoon on financing from Ningxia Huaqiang and decided Henglong should pursue an investment. After Shen Jue recounted the company’s history and growth, Zhao Chen received founder Wang An’s number and prepared to try to secure a deal.

• Zhao Chen asked Shen Jue about Bubble Mary and learned it was seeking roughly 40 million at an 800 million valuation, with a board vote scheduled that afternoon.
• Zhao Chen told Shen Jue that investing in Bubble Mary was extremely important to Henglong because of its potential as an IP and emotional-consumption business.
• Shen Jue described how Wang An shifted from a struggling general store to designer toys after recognizing adults sought emotional connection, then launched the successful Mololoy blind boxes.
• Shen Jue explained that Bubble Mary had only recently become profitable but was growing, with nearly fifty stores, robotic stores, and several developing IPs.
• Zhao Chen learned Ningxia Huaqiang was close to signing, asked Shen Jue for Wang An’s number, and told Su Wantang he would try to reach a deal.

Zhao Chen offered to invest 50 million in Bubble Mary at a one-billion valuation, promising to waive his voting rights and avoid interfering in operations. Wang An and Bubble Mary’s shareholders postponed their planned decision on Ningxia Huaqiang’s offer to meet Zhao Chen in Beijing the next day.

• Zhao Chen called Wang An and offered 50 million for 5% of Bubble Mary at a one-billion valuation, above Ningxia Huaqiang’s 800-million offer.
• Zhao Chen promised to waive his voting rights, take no board seat, and avoid interfering in Bubble Mary’s operations, then asked Wang An to postpone the board meeting until they could talk in person.
• Wang An told Bubble Mary’s shareholders about Zhao Chen’s offer, and they weighed its higher valuation and lack of control demands against Ningxia Huaqiang’s industry connections.
• Wang An and the shareholders agreed to postpone the board meeting, and Wang An told Zhao Chen they would meet in Beijing the next day.

Zhao Chen sent Zhang Qingxue to Hong Kong to secure Mololoy’s overseas rights before negotiating with Wang An, and she agreed to buy the worldwide copyright outside mainland China from Wang Xin. Zhang Qingxue prepared to sign and transfer the money immediately, while she also planned to sound out Long Jiasheng about Labobo.

• After Wang An postponed the Board of Directors meeting, Zhao Chen told Zhang Qingxue to urgently secure Mololoy’s overseas license or copyright and contact Long Jiasheng about Labobo.
• Zhang Qingxue flew to Hong Kong and went directly to Wang Xin’s studio in Kwun Tong to discuss Mololoy.
• Zhang Qingxue offered Wang Xin a hundred-percent premium for the exclusive overseas license, then offered five hundred percent for the worldwide copyright outside mainland China.
• Wang Xin asked for thirty million Hong Kong dollars for the copyright, and Zhang Qingxue agreed.
• Zhang Qingxue presented the prepared agreement and said they would transfer the money after signing.

Zhao Chen met Bubble Mary founder Wang An in Beijing to discuss investing in the designer-toy company and demonstrated his deep knowledge of its history and business. Wang An asked Zhao Chen to identify Bubble Mary’s biggest problem, leaving Zhao’s answer for the next conversation.

• Zhang Qingxue told Zhao Chen that Wantang had signed a 30-million-Hong-Kong-dollar deal for Mololoy’s overseas rights, but Wang An had thirty days to match the offer and buy them back.
• Zhao Chen arranged for the payment to arrive that day and asked Zhang Qingxue to bring the original agreement when she returned.
• Zhao Chen flew alone to Beijing and met Wang An at a teahouse.
• Wang An asked why Zhao Chen wanted to invest in Bubble Mary, and Zhao Chen explained that he understood its appeal and potential.
• Zhao Chen recounted Bubble Mary’s early struggles, its shift to designer toys, Mololoy’s success, and the company’s recent growth.
• Wang An tested Zhao Chen by asking what he thought was Bubble Mary’s biggest problem.

Zhao Chen told Wang An that Bubble Mary faced supply-chain problems and an unhealthy dependence on Mololoy, then offered investment and support. Wang An rejected Zhao Chen’s attempt to buy existing shares beyond a small private-placement stake, and Zhao Chen planned to build trust before revealing his leverage through Bubble Mary’s overseas rights agreement.

• Zhao Chen identified Bubble Mary’s production and quality-control problems and its reliance on Mololoy, which accounted for over sixty percent of sales.
• Zhao Chen explained that Bubble Mary’s other IPs lacked resources because the company concentrated its marketing, store space, and design talent on Mololoy.
• Zhao Chen offered supply-chain support through Henglong and proposed investing at a one-billion valuation, with fifty million for a five-percent stake without voting rights.
• Zhao Chen said he wanted to acquire fifteen to twenty percent by buying shares from existing shareholders, but Wang An refused to allow outside shareholders to acquire more than ten percent.
• Wang An limited Zhao Chen to taking three to five percent in a private placement, and Zhao Chen agreed to meet the team before continuing negotiations.
• Zhao Chen recalled Zhang Qingxue’s agreement granting him worldwide rights outside mainland China and priority matching rights, but decided to wait until Wang An trusted him before using it as leverage.

Zhao Chen toured Bubble Mary and showed his knowledge of its Mololoy toys before meeting the company’s founders and investors to discuss an investment. The meeting ended with the existing shareholders reacting warily to his plan to buy additional shares and raise his stake to fifteen to twenty percent.

• Wang An introduced Zhao Chen to Bubble Mary’s finance director Zhou Zheng, operations director Su Xiaotang, investors Zhou Guoqiang and Liu Mingyuan, and legal head Chen Mo.
• Zhao Chen toured the office, praised the character of Mololoy’s designs, and discussed the positioning of Pucoky.
• Chen Xi and legal adviser Zhang Qingxue arrived, and Zhao Chen told Zhang Qingxue to hold back the overseas licensing agreement for now.
• Wang An outlined Zhao Chen’s offer of fifty million for a five percent stake at a one-billion valuation, with voting rights relinquished, and the investors said the terms were acceptable.
• Wang An revealed that Zhao Chen also wanted to buy shares from existing shareholders and increase his stake to fifteen to twenty percent, prompting Zhou Guoqiang and Liu Mingyuan to react uneasily.

Zhao Chen negotiated with Wang An and Bubble Mary’s shareholders for a 20% stake, but Wang An resisted any outside investor gaining that much influence. Zhao Chen left planning to wait until Wang An needed Mololoy’s overseas licensing rights as a reason to accept the deal.

• Zhao Chen offered to invest 200 million for a 20% stake in Bubble Mary, promising to waive voting rights and stay out of operations.
• Zhou Zheng and Liu Mingyuan said Wang An would not allow an outside shareholder to hold more than 10%, though they left open the question of buying shares from shareholders who wanted to exit.
• Wang An said he would discuss Zhao Chen’s proposal further, then explained that he wanted to prevent any single shareholder from influencing company decisions.
• After leaving the meeting, Zhao Chen told Chen Xi to wait for Wang An to realize he needed him and kept Mololoy’s overseas licensing rights in reserve.
• Zhao Chen messaged Shen Zhiyi that he might stay in Beijing two more days and planned to use a different strategy in the next day’s negotiations.

Su Xiaotang discovered that Zhao Chen’s legal counsel had bought Mololoy’s overseas rights from Wang Xin, forcing Wang An and Bubble Mary’s board to weigh reclaiming them against their expansion plans. The board ended the chapter confronting the risk that Zhao Chen could acquire more of their key IP and use it to gain control.

• Su Xiaotang learned from Wang Xin that he had sold Mololoy’s overseas rights to Zhang Qingxue for thirty million Hong Kong dollars.
• Su Xiaotang told Wang An about the indefinite buyout, and he called an online board meeting.
• Wang An and Old Zhou suspected Zhao Chen wanted control rather than a small investment, despite promising to waive his voting rights.
• Su Xiaotang explained to the board that Bubble Mary had thirty days to match the deal but lacked the cash without sacrificing its expansion budget.
• The board discussed how buying back Mololoy’s rights might not stop Zhao Chen from acquiring other characters such as Labobo.

Wang An and his team weighed Zhao Chen’s leverage over Mololoy’s overseas copyright and prepared for another round of investment negotiations. Zhao Chen planned to use the copyright dilemma to revisit his bid for shares, while Wang An resolved to test what Zhao Chen truly wanted.

• Old Zhou explained that Bubble Mary could pay thirty million to buy back Mololoy’s overseas copyright or leave its overseas market in Zhao Chen’s hands.
• Su Xiaotang and Wang An concluded that Zhao Chen was using the copyright to make Bubble Mary concede to his involvement in its future.
• Wang An decided not to buy back the copyright yet and planned to negotiate with Zhao Chen without raising it first.
• Old Zhou and Su Xiaotang insisted that Wang An retain company control and that Zhao Chen’s promise to relinquish voting rights become legally binding.
• Wang An chose to negotiate with Zhao Chen alone the next day and did not call him that night.
• Zhao Chen expected Wang An to face the copyright dilemma and planned to offer help in exchange for revisiting the share negotiations.