[Don't be too stressed. You can consider arranging your work reasonably and going to the United States for a vacation to rest for a while. ]

At 3:30 in the afternoon, on the computer screen there were 270,000 sell orders piled up at the stock's limit down, and on the mobile phone there was a text message sent personally by a close friend.

Jia Yueting let the landline phone ring continuously, looking down and nodding steadily at the desk.

It's only been a few hours since morning and now we're reminding him to arrange his funeral arrangements. It's too hasty.

The shrew named Su He was a scoundrel and arrogant, and did not reveal any useful information, but it was still certain that Xie Jingxing had some plans for LeEco itself rather than simply venting his anger, so it was still unknown who would win.

"Chairman, our application for suspension of trading for major issues related to private placement has been approved."

Zhao Kai rushed into the office again. This time he didn't wail or scream. Instead, he had a look of ecstasy on his face, saying, "The regulator didn't send us an inquiry letter. They just verbally notified us to make a disclosure announcement as soon as possible on any major business news that appeared in the market!"

"What is the reaction of Heilan Group to the private placement of funds it has agreed to lend us and Xingen Capital?"

Jia Yueting remained unusually calm and did not comment, as if he had expected this.

It was rare to have good news, and then there was bad news, which was really disappointing. Zhao Kai reported as tactfully as possible: "There are several legal clauses on the Heilan Group's side that need to be reviewed. Xingen Capital will first advance its investment in the LeTV Auto project."

"Has the internal stability maintenance statement been sent to them?" Jia Yueting frowned.

Zhao Kai quickly explained: "It has been sent, but the incident happened too suddenly, so they need a buffer period and hold a meeting to analyze the situation based on information from all parties."

"Zeng Qiang is still in Beijing. Let me arrange a meeting with him." Jia Yueting was in a tense state and didn't want to delay the financing progress for a moment.

Zhao Kai saw this and felt relieved, so he simply responded and left the office.

Financial fraud cases involving listed companies often start with lies that become bigger and bigger, and they can no longer deceive people, so the companies eventually expose the incident themselves.

The main reason why this phenomenon has become common is that it is difficult to provide comprehensive supervision.

For example, the investigation report released by Taihe Xiyou, no matter how shocking the content is, directly pointing out that Boss Jia committed a century-long fraud and sparked public outcry, it is impossible for the regulators to convict him and LeTV based on this investigation report of unknown origin.

In accordance with the process, oral inquiries and inquiry letters were sent, and the seriousness of the inquiry was gradually increased. If LeTV failed to give a reasonable response within the deadline, the regulator would set up an investigation team to enter the company and conduct a "preliminary informal investigation" through interviews and other means.

Only when it is determined that there are major problems will the formal investigation procedure be initiated, and the case will be closed internally by punishing them with three cups of wine, which is different from administrative penalties.

After going through various administrative penalty review and reconsideration procedures, the case will eventually be transferred to criminal prosecution procedures.

In short, it is useless for Xie Jingxing to prepare a short-selling report to stir up public opinion. If he wants to kill LeTV through a complete investigation process, he won't be able to do so for at least two to three years.

Zhao Kai originally thought that Marshal Xie’s identity and background were so impressive that he could at least skip the oral questioning stage of the regulator and speed up the informal investigation process.

As a result, it now seems that the clown is not worth mentioning. Even if the boss has fallen from grace, his influence is still there. The process from verbal inquiry to the informal investigation team entering the company can be delayed for half a year.

Xie Jingxing has made every effort to use fancy means to operate the capital, but Boss Jia only uses his strength to defeat all opponents. If you want to short LeTV, you should first go to the gym to train your waist and core strength!
Zhao Kai was full of sarcasm, and his panic eased a little. He looked back at the closed office door and let out a long sigh.

During the investigation, LeTV's stock can be suspended indefinitely to lock up trading liquidity. Even if the entire market knows that the short-selling report is authentic, so what? Who can break into the company and collect evidence?

It doesn't matter if retail investors mess around and place sell orders at the price limit, as long as the company's cash flow is maintained, those institutional investors, shareholders and creditors will have to stay put and not try to make trouble!

So now as the secretary to the board, Zhao Kai's pressure is much reduced. The most critical issue is financial cash flow. He needs to find money to plug the gap by suppressing risks such as equity pledge and supplier accounts payable before the huge debt gap of up to 30 to 40 billion collapses.

Who can predict the outcome of what will happen in the next two or three years?

Boss, you have to hold on.

Zhao Kai's blood boiled and he couldn't calm down for a long time. He roared in his heart - Thirty years of fame and glory are dust and dirt, eight thousand miles of journey are cloud and moon.

…………

"It's outrageous. You can't even send a letter of inquiry?"

Late at night, in the Grapefruit Capital office, Tang Man, who had just heard the latest news, had a red face. He was so angry that his blood was stuck in his chest and he slammed the table.

Su He curled up in the soft sofa and said calmly: "Keep it normal. If you are allowed to do it on the first day, others will do it on the fifteenth."

"How can this be the same!" Tang Man refuted without hesitation.

The tone was a little high, and Su He instinctively retorted without thinking: "What's the difference? Your young master has eight-pack abs and a mermaid line, and his waist is stronger and his body is in good shape?"

"..."

Tang Man was suddenly speechless, and then her eyes were full of suspicion. She looked at Su He carefully without any concealment.

No matter what problems LeEco has, Taihe Xiyou fabricated without any evidence to accuse the founder of a multi-billion dollar company of serious illegal crimes. If it were any other organization, they would have been punished by the regulators long ago. There is no way they can get away with it by using "anonymous distribution".

It's like two people bump into each other in the aisle, and at the same time, they fall to the ground and throw a tantrum, acting like a scoundrel and using tricks. Who has the right to say who has lost face?
"Forget it, you should sort out the situation with Xingye first and then have a meeting with Meizu. I have an appointment with Juntai."

Su He knew she had said something wrong so she changed the subject. Tang Man was too lazy to discuss what she was talking about and quickly escorted her out of the country.

The short-selling report of Taihe Xiyou has the upper hand in public opinion. The pressure that LeTV needs to bear after only issuing verbal inquiries is obvious. How can LeTV be able to confront it so head-on?
There is only one explanation that makes sense: Jia Yueting has entered a last-ditch effort.

The so-called direct confrontation is actually probably just a delay. He will take care of the aftermath, wipe the butt that needs to be wiped, and then commit suicide by disembowelment to give the world an explanation.

"No matter how carefully your young master trains you, it will be in vain. You will never be able to change your superficiality in this lifetime."

Tang Man closed the office door and complained with a pout, then turned back and sat down at her desk. Meizu's online board meeting was just about ready.

"Mr. Bai, Mr. Li, and Mr. Xie are on a business trip in the United States. Due to the time difference, it is early morning over there." She explained first.

Bai Yongxiang smiled and said, "Boss Huang is also busy, and the bosses are not attending the meeting, so let's all work hard."

"Then please let Mr. Li speak first?" Tang Man got straight to the point as time was limited.

"Okay, since this is related to the e-commerce Double Eleven promotion, I'll start with the marketing arrangements."

Li Nan started by spending money on celebrity chasing at public expense: "This year's Meizu brand launch will be held in two weeks, on October 10st. We have a simple plan. We don't want to turn the launch into a concert. We can just invite 21 guests to sing and dance to liven things up."

G.E.M. and SHN48, both of them are veteran actors, and they were there at their concert last year.

The former has a good public image and high professional level, which plays a supporting role; the latter is suitable for the young student party audience of Meilan's low-end product line. Siba Media has not developed well in the past two years and was on the verge of bankruptcy. Miao Nan heard that his young coach had led its seed round through Taihe when he just returned to China, and immediately rushed in to invest several million without thinking, which solved the urgent problem.

Tang Man listened to Li Nan introducing his masterpiece in a long and rambling manner as if he were showing off a treasure, and thought to herself, my young marshal not only has a strong waist and kidneys, but he is also currently living a life of luxury and having fun with women in the United States. How can Jia Yueting compare to him?
Putting a LeEco logo on a knockoff smartphone and using the self-created term "ecological backlash" as an excuse to consider yourself a hard tech entrepreneur is like a toad jumping off a cliff and pretending to be Batman.

Including mobile phones, automobiles, sports, and Internet finance, these seven broken ecosystems that used to put him on the altar will now become the death warrant that drains his last drop of cash flow.

"Now we will vote on the proposal to increase the marketing subsidy for the Meizu Blue sub-brand and expand the budget for sales channels. I declare that it has been passed unanimously. Thank you to all the directors for attending the meeting."

President Bai Yongxiang made the final summary: "At the beginning of the creation of the Meizu Blue sub-brand, General Manager Xie said that Meizu Blue would continue to lose money. In the low-end price market, we have only one competitor, Xiaomi."

"LeTV suddenly came in and shipped 200 million units at a subsidy rate of 700 yuan per phone, which caught us off guard. Now that Meizu's new models are being released, we must grab back market share. I've finished speaking, does Mr. Tang have anything to add?" He is very good at getting along with everyone and is meticulous in his work.

Tang Man pursed her red lips and smiled lightly, "It is better to pursue the enemy with all the remaining courage and give Jia Yueting a lesson in corporate cash flow management. On behalf of all shareholders, I am waiting for you to report back from the front line."

After the video was hung up, she stretched lazily, stood up, put on her coat, picked up her bag and walked out of the office.

I made an appointment with the fund manager of Industrial Bank who holds shares in LeTV. His stock price hit the limit down at the opening today, and it was the super high margin of the put option provided by Grapefruit Capital that covered it.

It is basically equivalent to that when the options are exercised in the future, Grapefruit Capital will take over their holdings. There will be losses but they can be sold and the shares will not rot.

Perhaps compared to the losses, the fund manager himself wanted to treat it as a bad debt; but their old president was looking at him with a sharp gaze, what a joke, he would be joining Jichun Bank next year!
Tang Man smiled brightly and gracefully as she gave Jia Yueting another lesson - public relations resources in the financial industry.

…………

"Su He, you are so cruel. You have been kidnapped by Mr. Xie for three years and have never returned to your parents' home. Shouldn't you drink a glass of wine as a punishment?"

It was late at night and the dew was heavy. The heat in the hotpot room in the villa was just enough to dispel the cold. The head of the proprietary trading department of Juntai Securities was extremely enthusiastic.

Su He tucked her hair around her ears and said, "You should talk to Mr. Xie about this. I was abducted."

"You've taken advantage of me and you'll have to drink two glasses of wine as a penalty. Ask the ladies here, do you need to be seduced by Mr. Xie? One look from him and you'll abandon your family and career and elope with Mr. Xie, right?"

The eldest brother half teased and half offended the test, and the only two other women present cooperated and said yes.

Su He answered the questions with great interest, but was thinking about other things.

Last year, when Mr. Xie went to Beijing to accompany Queen Zhou, he met a man working in the gray financial industry and something unpleasant happened.

The other party reported the name of Juntai Securities Vice President Chen, who was familiar with Taihe. Song Anli called her specifically to inquire about the situation. Then after the stock market crash this summer, Vice President Chen was transferred and resigned because he was involved in the illegal outsourcing of securities sales business.

The enthusiasm of the head of the self-operated department today comes from this. In the past two years, Xiyou and Taihe have terminated many of their cooperation with Juntai.

"Dr. Hu, we have an old relationship. I will definitely think of you first when there are good projects." After a few rounds of drinks, Su He calmly started the conversation.

"Pour some wine for Mr. Su!"

The boss waved his hand cheerfully and said: "LeEco was hit by the limit down when it opened today. It's so pitiful. You came out to save us in times of crisis."

The handsome young man with a burly build and full of masculinity sat down like a Bodhisattva holding a bottle of black bear spirit. His strong biceps bulged out his white shirt, and he held the wine dispenser and poured the wine according to the sound.

The other two ladies who accompanied him were one old and one young. Their appearance was another matter, but their rustic makeup and dress formed a sharp contrast with the handsome young man.

It can be said that the boss is very dedicated. If Su He enjoyed it before, now she just thinks this guy talks better than he sings and it’s all nonsense.

"If the stock price continues to fall like this, LeEco's institutional shareholders may have to lower LeEco's valuation again."

She was frank and said that Tang Man should have met with the manager of the fund under Industrial Bank by now, and would lower LeTV's valuation to the 20 yuan range tomorrow.

Based on today's limit down price, there is room for two limit downs.

The boss suddenly became alert and looked at Su He calmly. He paused for a moment and then swallowed his reserved words: "How much do you want?"

"It depends on how many you have." Su He suddenly smiled.

The pledge ratio of LeTV's total equity is as high as 32.8%, and Jia Yueting and his sister account for 84% of it, almost pledging all of their shares.

These equity pledges are divided into dozens of transactions, some of which are traded directly with banks, and some are taken over by securities firms' proprietary businesses.

The latter makes money from the price difference between the two ends. On one hand, it earns interest from LeEco, and on the other hand, it splits the pledged equity into small parts and sells them on the market, selling the "beneficial rights" of the pledged loan interest.

Without specific data, Su He does not know the total amount of LeTV equity pledge "beneficiary rights" that can be circulated in the market, but Juntai holds about 7%, which is enough.

Of course, the more the better.

When a stock is suspended, its market value is locked and cannot fall, so it will not reach the forced liquidation line of pledged equity. LeTV's group of unsophisticated executives had better think this way.

When the fund under Industrial Bank joined hands with Central Huijin Investment, the two institutional major shareholders lowered the valuation and used the valuation to break through the equity pledge line, and the "beneficiary rights" belonging to the derivatives collapsed first.

According to common logic, LeTV's operating condition is not good, and it will be difficult to repay the pledged equity when it expires, which will trigger extremely high punitive interest.

The interest rate is so high that it can be described as being calculated on a daily basis. Major shareholders of listed companies are trying their best to repay the money one day earlier, while the pledgers are trying every means to delay it for one day.

The reason why the head of Juntai's proprietary business did not speak human language at the beginning was because of this idea. So when Su He told him clearly that LeTV's valuation would be lowered and would directly break through the equity pledge line, the situation changed again.

Delayed repayment and default are two different things. No matter how high the interest rate is, you have to get the money in order for it to count.

"Just stop here tonight, and help me collect some more from the market. We can deliver whenever there is stock."

Su He picked up the bottle of Coke, opened it and took a sip, then patted the black bear demon on the shoulder and said, "You have a really good body, young man."

"Thank you, Mr. Su." The black bear demon lowered his eyebrows and glanced at the glass of wine he poured.

Su He smiled and left. Wasn't it possible to break into LeTV and get evidence during the stock suspension? Amateur players had a superficial understanding of the meaning of "capital market barbarians".

She walked straight out of the restaurant in her slender high heels, raised her rosy face, looked at the bright stars in the night sky that could guide her, and exhaled the smell of alcohol softly.

Reluctantly teach Jia Yueting how to kick the door open. (End of this chapter)