170 Split the Marke (1/2)
Chapter 170: Split the Market
Translator: _Min_Editor: Rundi
”This is impossible! You can’t do this!”
”Mr. Jiang Chen, please don’t bring your personal grudges into the shareholder meeting. I understand differences exist between you and ex-president Ling Zhongtian…”
”This is called asset restructuring? This is robbery! Your motion will not be passed. Even if you are the biggest shareholder, Lingyu Technology will not permit you to do whatever you wish!”
…
Jiang Chen sipped from his tea on the table. Then, he sank into the chair relaxingly with his eyes narrowed, looking at the outraged shareholders. His gaze stopped on Ling Zhongtian for a brief moment, but the old man didn’t look at him. He was still gravely staring at the documents on the table.
He had already lost hope.
Jiang Chen shook his head as he looked at the only person calmly sitting there – Zhang Jianfeng.
361 Corporation held 5% of Lingyu Technology. Although the ownership percentage was not high, it must have been purchased at a premium. This time Lingyu Technology’s share plummet definite had an impact on 361 Corporation.
On the other hand, as the third-party platform, 361 Corporation operated the servers for Dota under the consent of Lingyu Technology. Although 361 Corporation’s server didn’t suffer the same fate as the permanent loss of Lingyu Technology’s user data, it certainly was negatively affected.
As the representative sent by 361 Corporation, Jiang Chen didn’t quite understand the motive behind Zhang Jianfeng's smiling face.
What is 361 Corporation thinking?
But regardless of what they had in mind, Jiang Chen was going to put the final nail in the coffin for Lingyu Technology.
”Before the vote, I want everyone to consider this. Lingyu Technology has fallen from cloud nine and has become an unprofitable corporation. Without exaggeration, it is facing the risk of being delisted. However, I am still here. If I leave, do you know what that means? After the shareholders meeting, the stock will resume trading this afternoon. Whether it is going up or going down, would be based on the decision of everyone here.”
Jiang Chen’s words turned everyone, but Zhang Jianfeng, pale.
Because of the shareholders meeting, the temporary suspension of the stock garnered a chance for Lingyu Technology to breathe. Furthermore, Jiang Chen’s recent increase in his holdings definitely added a shot of adrenaline to the investors. If it became a signal for using Lingyu Technology as a shell company to list, after Lingyu Technology consecutive circuit breaks, it would be unrealistic for the stock to skyrocket.
But if the restructuring plan failed, and Jiang Chen decreases his holding of Lingyu Technology, then it would be adding salt to Lingyu Technology’s already massive wound. Once the stock resumed trading this afternoon, Lingyu Technology would not be able to escape the fate of its continuous freefall.
Therefore, whether or not the stock in all the shareholder's hands become a piece of scrap paper would be at the discretion of Jiang Chen.
At this time, someone stood up and threatened, ”361 Corporation is also one of the shareholders, even if you forfeit your shares, they will start-”
”Ahem, 361 Corporation maintains the same stance as the new president. If President Jiang chooses to decrease his holding, for 361 Corporation, your company will lose its investment value.” Zhang Jianfeng shattered that person’s fantasy.
Seeing the person sit down at a complete loss, Jiang Chen looked at Zhang Jianfeng in surprise, but he didn’t say anything.
”If there are no other opinions, let's start the voting process,” Jiang Chen announced as he scanned everyone in the room.
After the death like announcement, all the shareholders cast their dispirited vote.
…
The proposal passed without a doubt. Only Ling Zhongtian voted against it.
The restructuring plan was as follows:
First, Lingyu Technology is renamed Chenfeng Entertainment.
Lingyu Technology will sell the about-to-be-completed Lingyu Technology building at a price of 600 million, and also bear the obligation for debt repayment.
Because of a major error caused by his decision, ex-president Ling Zhongtian will be removed as a shareholder following company protocol, a vote where greater than two-thirds of shareholders agree, and his held shares will be forcefully transferred to other shareholders at market price.
Based on the distribution plan negotiated, Jiang Chen’s shares will increase to 40%, 361 Corporation’s holding changes to 21%, becoming the second-largest shareholder.
Everyone knew Ling Zhongtian would lose a lot once the restructuring is complete. It would not be impossible to recover the market cap, but no one wanted to speak to him.
Ling Zhongtian accepted the result in silence. He shakenly stood up from his spot and left the office.
Everything here had nothing to do with him anymore.
He started to feel regret, but what could regret do now?
Business is like a battlefield. Any mercy could be fatal.
After the partnership with Future Technology and 361 Corporation, Lingyu Corporation’s future would be bright.
But why would that matter? It had nothing to do with him anymore.
He received the same fate as the Steve Jobs he idolizes, leaving the company he started. The only difference was, he could never come back.
Seeing the trembling figure leave, Jiang Chen fell deep in thought.
...
When the meeting ended, the shareholders began to leave, but Zhang Jianfeng stayed behind.
As if Jiang Chen expected him to stay, he also remained seated and looked at him with a smile.
”We meet again, President Jiang.” Zhang Jianfeng walked toward Jiang Chen and extended his right hand.
In less than two months’ time, Future Technology has already developed to the point where they could sit equally on the same table.
”That’s right. What do you think of the hand I had just played?” Jiang Chen shook Zhang Jianfeng's hand as he smiled mischievously.
”Ruthless,” Zhang Jianfeng only gave a one-word response.