Recaps

Zhao Chen ordered Henglong Group to halt all new land acquisitions in second-tier cities and below, arguing that the company’s debt and cash flow made further expansion too risky. Wu Hongwei threatened to resign, while Lin Wanqing urged a compromise, leaving the meeting’s conflict unresolved.

• Zhao Chen proposed an immediate, complete halt to new land auctions in second-tier cities and below.
• Wu Hongwei opposed the order, citing pending land deals, potential penalties, expected profits, and the impact on his department.
• Zhao Chen questioned Wu Hongwei about the debt behind the land investments and asked Lin Wanqing to explain Henglong Group’s liabilities and cash flow.
• Lin Wanqing acknowledged that some off-balance-sheet liabilities were tied to land financing, and Zhao Chen demanded the company withdraw from every registered auction that had not yet opened.
• Wu Hongwei threatened to resign if Zhao Chen shut down land investment, and Lin Wanqing tried to calm him while asking Zhao Chen to reconsider the pace.

Chen Xi reported that media outlets attacked Zhao Chen’s decision to halt land acquisition in low-tier cities, while the market and a few prominent voices offered signs of support. The chapter left Zhao Chen facing intense criticism but strengthened by Henglong Holdings’ share-price rise and Wang Shi’s warning that the industry’s downturn might come early.

• Chen Xi told Zhao Chen that coordinated reports portrayed him as an autocratic young chairman and condemned his conservative strategy.
• Chen Hao circulated critical articles in the class group chat, while Shen Zhiyi privately told Zhao Chen that she believed in him.
• Henglong Holdings’ shares rose 2.03% to 7.02 Hong Kong dollars despite a weak real-estate sector, and Chen Xi noted that investors saw lower leverage as a potential long-term benefit.
• Zhao Chen viewed the share-price rise as cautious market support for reducing debt risk rather than full approval of his strategy.
• Wang Shi told a reporter that the real-estate market’s hidden risks could bring an industry winter earlier than expected.

Zhao Chen planned a New Year’s Eve date with Shen Zhiyi, but Zhou Xiaowen, Chen Shuhua, and Li Jing joined them at the restaurant. After they praised Zhao Chen’s Bitcoin prediction, he joked that they should stop chaperoning him and Shen Zhiyi, and Zhou Xiaowen began a mock imperial decree.

• Zhao Chen invited Shen Zhiyi to lunch and a movie on New Year’s Eve, and they met at their usual restaurant.
• Zhou Xiaowen arrived with Chen Shuhua and Li Jing, turning Zhao Chen and Shen Zhiyi’s date into a group outing.
• Chen Shuhua, Li Jing, and Zhou Xiaowen praised Zhao Chen’s accurate prediction that Bitcoin would rise above one thousand US Dollars.
• Zhao Chen joked that the others should stop chaperoning him and Shen Zhiyi, making Shen Zhiyi blush and the group laugh.
• Zhou Xiaowen began a mock imperial decree and pointed at herself, Chen Shuhua, and Li Jing.

Zhao Chen returned to the villa on New Year’s Eve and promised Su Wantang that he would come home for future holidays, then began reviewing Henglong Group’s financial documents on New Year’s Day. The figures revealed substantial debt repayments coming due, and he was left weighing the group’s cash inflows against its rigid expenses.

• Zhao Chen came home late on New Year’s Eve, where Su Wantang had waited for him with warm soup.
• Su Wantang told Zhao Chen that past New Year’s holidays had felt lonely, and he promised he would come back as long as he was around.
• Zhao Chen and Su Wantang watched the New Year’s Eve gala together and exchanged New Year’s greetings at midnight.
• On New Year’s Day, Zhao Chen reviewed Chen Xi’s documents and found that Henglong Group owed 370 million Hong Kong Dollars in first-quarter debt repayments or refinancing.
• Zhao Chen compared the group’s projected monthly operating cash inflow of 110–130 million Hong Kong Dollars with its roughly 80 million in rigid monthly expenses.

Zhao Chen, Zhang Qingxue, and Chen Xi examined the group’s three billion yuan in Off-Balance Sheet Liabilities and identified suspected schemes tied to Lin Wanqing and other executives. Zhang proposed using routine audit procedures to pressure selected Cooperators to repay, leaving Lin Wanqing unaware of the broader purge.

• Zhao Chen divided the liabilities into two billion yuan in guarantees, six hundred million yuan in Equity-like Debt, and four hundred million yuan in other high-risk or contingent liabilities.
• Zhang Qingxue said some guarantees could constitute related-party embezzlement, while Chen Xi reported that at least seven Cooperators were linked to Lin Wanqing’s relatives or associates.
• Zhao Chen asked Zhang Qingxue how to recover loans from completed projects without alerting Lin Wanqing to the investigation.
• Zhang Qingxue proposed having the Legal and Finance Departments cite the annual audit and Risk Exposure investigation to demand repayment within thirty days or dispose of collateral.

Zhao Chen ordered Bitcoin swing trading, plans to invest pledged funds in Bitcoin and selected US stocks, and revealed a secret share-issuance strategy to pressure Zhao Jianguo. The chapter ended with Zhang Qingxue recognizing how the plan could force Zhao Jianguo to choose between spending cash and risking his shares and control.

• Zhao Chen instructed Chen Xi to gradually sell Bitcoin during a rise, preserve the core position, and buy back after an expected correction.
• Zhao Chen told Zhang Qingxue to hurry the transfer of the remaining 15% of shares and pledge them once transferred, directing funds toward Bitcoin and US stocks.
• Zhao Chen assigned Chen Xi to track Tesla, Nvidia, and Apple and invest available funds in building a core stock portfolio.
• Zhao Chen disclosed a secret plan to issue 200 million shares to raise 1.0 to 1.5 billion Hong Kong Dollars and pressure Zhao Jianguo to fund his stake or face dilution and liquidation risk.
• Zhao Chen planned to disclose Henglong's off-balance-sheet liabilities after the issuance, further threatening the liquidation line on Zhao Jianguo's pledged shares.
• Zhang Qingxue called Zhao Chen's plan a brilliant open scheme and identified its pressure on Zhao Jianguo.

At Henglong Group’s first meeting of 2017, Lin Wanqing reported that more than 200 million Hong Kong Dollars might be needed soon to cover maturing debts and difficult loan renewals. Zhao Chen rejected a passive response and pressed her for a concrete plan to restore lenders’ confidence, leaving the discussion focused on how the company would prove its risks were manageable and future cash flow dependable.

• Zhao Chen opened the meeting and asked Lin Wanqing to explain the Finance Department’s contingency plan for first-quarter debts.
• Lin Wanqing reported that about 370 million Hong Kong Dollars in principal was due and lenders were demanding higher rates and more collateral amid concerns about Henglong Group’s management and reputation.
• Lin Wanqing warned that the company might need to pay more than 200 million Hong Kong Dollars over the next two or three months, while its flexible cash reserves were limited.
• Zhao Chen said the company should not simply accept the lenders’ conditions and asked Lin Wanqing for a specific plan and timeline to restore market confidence.
• Lin Wanqing described plans to present the new management’s stability and development plans and assess company assets, but Zhao Chen said those measures were insufficient without proof of controllable risks and dependable future cash flow.

Zhao Chen confronted Lin Wanqing over guarantees that left Henglong exposed to 120 million Hong Kong dollars in risk and ordered repayment plans and stricter guarantee rules. Lin Wanqing objected that the measures would harm cooperative relationships, but Zhao Chen insisted the company had to protect itself.

• Chen Xi presented a report detailing Henglong's major risk exposures, including opaque contingent liabilities from guarantees for cooperators.
• Zhang Qingxue identified unreleased guarantees on the completed Jinlan Yuan and Yuefu Tiandi projects as an urgent risk, with Qiming Jianzhu and Fengyu Touzi owing about 120 million Hong Kong dollars in bank loans.
• Lin Wanqing defended the delayed repayments as an industry convention and said the cooperators needed a cash-flow grace period.
• Zhao Chen challenged Lin Wanqing to identify any policy basis for the convention and declared it abolished.
• Zhao Chen required Lin Wanqing to submit written repayment plans and schedules for both cooperators within the week.
• Zhao Chen directed Zhang Qingxue to revise the group's guarantee rules so Henglong would suspend payments owed to any cooperator until its guaranteed bank loan was repaid and the guarantee released.

Zhao Chen and Chen Xi uncovered how an apparent debt crisis could be used to pressure the company into selling assets or diluting equity, and reaffirmed their plan to pursue long-term capital through a stock issuance. Chen Xi then proposed that Su Wantang become Zhao Chen’s personal assistant to give her a meaningful role, leaving Zhao Chen concerned that the arrangement might disrespect her.

• Chen Xi explained that the exaggerated cash-pressure figures could set up a panic-driven asset sale or equity dilution benefiting the holder of a 700 million trust fund.
• Zhang Qingxue identified the plan as a trap, and Zhao Chen said the company would counter it by restoring confidence, clearing guarantees, standardizing systems, and pursuing a stock issuance.
• After Zhang Qingxue left, Chen Xi told Zhao Chen that his growing responsibilities called for a dedicated personal assistant.
• Chen Xi said Su Wantang worried about Zhao Chen and lacked purpose while alone at the villa, then proposed making her his assistant.
• Zhao Chen acknowledged Chen Xi’s reasoning but worried that the role would make Su Wantang feel like a servant.

Zhao Chen welcomed Su Wantang into her new role as his personal assistant but told her not to treat him like a formal superior. Su Wantang chose to work with him while keeping their familiar family closeness.

• Zhao Chen recalled how Su Wantang had supported him and brought warmth to his life before she arrived at his office.
• Su Wantang came in dressed for work and said she would strictly follow the superior-subordinate relationship.
• Zhao Chen told Su Wantang that her formal manner defeated the purpose of the job and reminded her of their trust and family bond.
• Zhao Chen offered Su Wantang a choice between working as his assistant in her usual familiar way or returning home.
• Su Wantang chose the assistant job, and Zhao Chen explained that she would help bridge his work and home life while Chen Xi handled formal work matters.

Lin Wanqing used gossip about Su Wantang becoming Zhao Chen’s personal assistant to stir up public opinion against Zhao Chen. On January fifth, financial media and social platforms began publishing sensational stories about the arrangement, leaving the controversy spreading beyond the company.

• Rumors spread through Henglong about Su Wantang’s relationship with Zhao Chen and the awkwardness of her role as his personal assistant.
• Lin Wanqing heard the news and considered using it to trouble Zhao Chen, but decided not to contact Zhao Jianguo in the Detention Center.
• Lin Wanqing discreetly told a Financial Media contact about Su Wantang’s appointment, framing it as a concern for the company’s image.
• On January fifth, financial media and online platforms published sensational reports questioning Su Wantang’s appointment and its implications for Henglong.

Chen Hao spread insinuations about Zhao Chen and Su Wantang in the class group, prompting Su Wantang to meet Shen Zhiyi and explain why she had become Zhao Chen’s assistant. Their conversation began with an apology and an account of Henglong’s troubled condition.

• Chen Hao posted media reports and insinuating comments about Zhao Chen and Su Wantang in the class group, stirring gossip.
• Su Wantang called Shen Zhiyi and asked to meet her to discuss the rumors.
• Shen Zhiyi agreed to meet Su Wantang at Quiet Words Cafe near the university’s east gate.
• Su Wantang apologized for the rumors and explained that she had volunteered to become Zhao Chen’s assistant because she wanted to care for him.
• Su Wantang described Henglong as weakened by financial problems, chaotic management, and hidden pests, and Shen Zhiyi listened with surprise.

After a demanding day, Zhao Chen found comfort in a call with Shen Zhiyi, who told him Su Wantang had shared some things about his troubles and offered to listen. He returned to the Villa without opening Chen Xi’s background-check report, where Su Wantang was preparing dinner.

• Zhao Chen called Shen Zhiyi from his office, and they shared how their days had gone.
• Shen Zhiyi told Zhao Chen that Su Wantang had spoken with her and offered to listen as he faced difficult matters.
• Zhao Chen and Shen Zhiyi chatted until Zhou Xiaowen called Shen Zhiyi to take her turn in the shower, then they ended the call.
• Zhao Chen left work and received Chen Xi’s encrypted preliminary background-check summary about Chen Hao and his family enterprise, but chose not to open it yet.
• Zhao Chen arrived at the Villa, where Su Wantang greeted him and told him to wash his hands for dinner.

Zhao Chen and Chen Xi orchestrated positive media coverage that elevated Chen Hao as an academic and business successor, expecting the praise to become a trap for his family’s company. As the articles spread, Chen Jianye embraced the publicity, while Chen Hao began to believe his achievements were finally being recognized.

• Zhao Chen told Chen Xi to guide the media toward comparing Chen Hao’s academic path with Zhao Chen’s, using only publicly verifiable facts presented selectively.
• Chen Xi arranged for financial media to publish articles praising Chen Hao’s studies, student leadership, and family business background.
• Chen Jianye welcomed the coverage and instructed his company’s public relations department to provide materials and promote Chen Hao’s business talent.
• Chen Hao investigated the articles, found their details accurate, and wondered whether his years of effort were finally receiving recognition.
• Chen Jianye called Chen Hao to praise the reports and urged him to cooperate with reporters and promote the Chen Family and Huanyu Construction.

Zhao Chen learned that Lin Wanqing had used money from her Cayman Islands trust to cover liabilities tied to two projects, confirming his suspicions about her control of the funds. He then triggered a reversal in the public campaign against Chen Hao by exposing the student’s failed market predictions, leaving Chen Hao’s media image under attack.

• Chen Xi told Zhao Chen that Lin Wanqing had helped the Jinlan Yuan and Yuefu Tiandi cooperators repay 100 million Hong Kong Dollars using funds from her revocable family trust.
• Zhao Chen concluded that Lin Wanqing could freely use the trust’s money and ordered Chen Xi to monitor her transfers.
• Chen Xi reported that the public campaign praising Chen Hao had reached its peak and was ready to be reversed.
• An anonymous forum post shared class chat screenshots and accounts of Chen Hao’s failed predictions about Sanjiang Shopping and Bitcoin.
• Netizens circulated a comparison chart, and blogger Dongjian Jun reposted it, sending hashtags criticizing Chen Hao up the trending lists.

Zhao Chen reviewed Chen Xi’s Bitcoin trading report, which showed a profitable sell-and-rebuy cycle and total holdings of 550,000 Bitcoin. He placed all investments in his personal offshore fund pool under Chen Xi’s independent management, reporting directly to him.

• Chen Xi reported that she sold 120,000 Bitcoin at an average price of about $1,085 and bought them back at about $847, earning approximately $29.76 million after fees.
• Chen Xi said she used five times leverage to buy another 175,000 Bitcoin, bringing Zhao Chen’s total holdings to 550,000 Bitcoin.
• Zhao Chen praised Chen Xi for surpassing the 500,000-Bitcoin target and adding to the position at a lower cost.
• Zhao Chen gave Chen Xi independent decision-making and execution authority over all investments in his personal offshore fund pool, with direct reporting to him.

Zhao Chen and Su Wantang discussed rewarding Chen Xi and Aunt Zhang for their contributions, then spoke about Chen Xi’s strained relationship with her boyfriend. Su Wantang massaged Zhao Chen as he rested on her lap and asked about his past relationships, leaving him to admit he had dated some women when he was younger.

• Zhao Chen told Su Wantang he intended to reward Chen Xi and Aunt Zhang for their work, despite Chen Xi refusing a reward.
• Su Wantang worried that Zhao Chen had many expenses, but he explained that rewarding his core team was worthwhile and that he could use money from Sanjiang Shopping.
• Su Wantang said Chen Xi’s investment banker boyfriend was often away and that Chen Xi seemed not to care much about the relationship.
• Su Wantang offered Zhao Chen a head massage, and he rested his head on her lap for the first time.
• Su Wantang asked Zhao Chen whether he had dated many women before he knew Zhiyi, and he admitted that he had dated some when he was young.

Zhao Chen rewarded Chen Xi and Zhang Qingxue, then heard that Zhao Jianguo faced suspected intentional injury and unlawful detention charges. Zhang Qingxue explained the possible penalties, leaving Zhao Chen and the others confronting the seriousness of the case.

• Zhao Chen gave Chen Xi and Zhang Qingxue one million each as personal thanks for their help.
• Zhang Qingxue reported that Zhao Jianguo’s investigation concerned suspected intentional injury and unlawful detention rather than economic crimes.
• Zhang Qingxue said Lin Wanqing had visited Zhao Jianguo in detention, hired a criminal defense lawyer, and handled messages and connections for him.
• Su Wantang, Chen Xi, and Zhang Qingxue reacted with anger and disgust, while Zhao Chen asked how long Zhao Jianguo could be imprisoned.
• Zhang Qingxue outlined the potential penalties for injury and unlawful detention, including sentences of up to ten years or more in severe cases.

Zhao Chen and his colleagues reconsidered their crisis plan after Su Wantang warned that Zhao Jianguo’s crimes could expose Zhao Chen to public condemnation as his son. They began planning for the emotional and legal fallout, while identifying Lin Wanqing as a threat who might manipulate the timing and framing of the scandal.

• Su Wantang urged Zhao Chen to consider how Zhao Jianguo’s crimes and their blood relationship could affect him personally.
• Zhao Chen warned that the scandal would become a public trial and that business statements alone would make him seem cold and calculating.
• Zhang Qingxue and Su Wantang proposed that Zhao Chen present himself as someone grieving the victims and condemning his father’s crimes.
• Zhao Chen identified Lin Wanqing as a dangerous variable, and Chen Xi and Zhang Qingxue warned that she could portray him as having framed his father to seize power.
• Zhao Chen divided the response into three simultaneous layers and assigned Zhang Qingxue the legal and commercial firewalls.
• Zhao Chen began outlining public-opinion and capital countermeasures, including plans that abandoned reliance on a single five-month window.

Zhao Chen and Chen Xi met for tea, catching up on work and campus news before Chen Xi brought up how much Su Wantang had changed. Chen Xi pointed out Wantang’s feelings toward Zhao Chen and waited to see how he would respond.

• Zhao Chen met Chen Xi at a tea house after asking Su Wantang to handle office documents.
• Chen Xi told Zhao Chen that her old-job paperwork was complete and that she was now managing Bitcoin for him.
• They discussed Chen Hao’s punishment, classmates seeking opportunities at Henglong, Li Jing’s competition success, and Zhou Xiaowen’s relationship.
• Chen Xi observed that Su Wantang seemed happier and more energetic than before, then said Wantang looked at Zhao Chen differently.

Chen Xi confided in Zhao Chen about her growing incompatibility with her boyfriend, who wanted her to give up her career, and Zhao Chen encouraged her to choose the life she wanted. Later, Chen Xi told Su Wantang about their conversation and Zhao Chen’s feelings, leaving Su Wantang quietly composed on the rooftop.

• Chen Xi explained that she could not accept her boyfriend’s wish for her to leave work and devote herself entirely to home and family.
• Zhao Chen told Chen Xi she should choose the life she wanted, and the two spent the afternoon talking as friends.
• Chen Xi and Zhao Chen returned to the company with a closer understanding of each other.
• Chen Xi met Su Wantang on the Henglong Building terrace and told her about Zhao Chen’s conversation concerning her divorce and what might come afterward.
• Su Wantang thanked Chen Xi for telling her and responded calmly.

Zhao Chen returned to Zhengfa University with Chen Xi to discuss how to maintain his student status despite his responsibilities at Henglong Group. Director Wang considered Zhao Chen’s proposal to earn early social practice credits, but left the decision to the College Academic Committee.

• Zhao Chen and Chen Xi arrived at the winter-break campus, where gatekeeper Old Zhang recognized Zhao Chen.
• Director Wang met with Zhao Chen and Chen Xi and said the school hoped Zhao Chen would complete his studies rather than suspend them.
• Zhao Chen explained that Henglong Group’s transformation kept him from attending classes and taking exams on schedule.
• Zhao Chen proposed extending his study period or receiving early credit recognition for his social practice running a listed company.
• Zhao Chen offered to provide materials and return regularly to give talks, and Director Wang said the proposal needed review by the College Academic Committee.

Zhao Chen returned to the Henglong office and called Shen Zhiyi, who told him how worried her dormmates had been during Bitcoin’s sharp decline. He promised to keep them informed and told her to reassure them that he would handle the investment.

• Zhao Chen returned to the office, where Su Wantang made him tea and quietly kept him company.
• Zhao Chen called Shen Zhiyi and told her he had gone back to campus and missed her.
• Shen Zhiyi told Zhao Chen that Xiaowen, Shuhua, and Li Jing had been anxious during Bitcoin’s plunge, though they had continued to trust his judgment.
• Zhao Chen apologized for not explaining the risks and promised to send updates during future market swings.
• Zhao Chen asked Shen Zhiyi to tell her dormmates to enjoy winter vacation and leave the Bitcoin matter to him.

Shen Zhiyi told her parents she was dating a classmate but kept Zhao Chen’s identity private. Her parents accepted her relationship and praised Zhao Chen without knowing he was her boyfriend, leaving Shen Zhiyi relieved and content to tell them more later.

• Shen Zhiyi returned to the living room and admitted to her parents that she was dating someone from her school.
• Shen Zhiyi described her boyfriend as talented and kind but did not reveal his name or other identities.
• Shen Zhiyi’s father praised Zhao Chen’s business decisions, while her mother asked how Shen Zhiyi’s boyfriend compared to him.
• Shen Zhiyi defended her boyfriend as equally outstanding, and her parents stopped asking questions and supported her relationship.
• Shen Zhiyi decided to tell her parents more about Zhao Chen once the controversy surrounding him had settled.

Zhao Chen ordered an unaudited performance express report to counter the market’s fear of the company’s undisclosed case and low valuation. Lin Wanqing began preparing the report, while Zhao Chen assigned Chen Xi to review its release strategy and wording.

• Zhao Chen compared the company’s profits with its market value and concluded that the market was pricing in a worst-case scenario.
• Zhao Chen told Lin Wanqing to prepare an unaudited annual performance express report highlighting revenue of 12.8 billion RMB and net profit of about 900 million RMB.
• Lin Wanqing agreed to oversee the report and coordinate its compliant disclosure with Liu Mingyu and Chen Qiming.
• Zhao Chen told Chen Xi to review the draft’s timing, wording, and intended interpretation from the perspectives of market reaction and disclosure strategy.