My autobiography is definitely not a tragedy!
Chapter 362 - 241: Rumors Resurface

Chapter 362: Chapter 241: Rumors Resurface

April 20th, Friday.

The weather was clear, but the stock market was gloomy.

Chang Chun Biological faced its fifth limit down, and its market value had plummeted by 41% since Monday.

"Million shares in a locked limit order! Are they really not even allowing us the chance to cut our losses and exit?"

"Oh my life! Is this the rhythm of falling straight into an ST?"

"Ha! Don’t talk about ST, I’d believe it if you said they were being delisted!"

"Delisted? No way, that would be the first stock in the Da Hua Country A shares to be forcibly delisted for serious violations..."

"Whether it delists or not isn’t for us to worry about, but does this count as a listed company’s false statement? Can heavy-stock investors demand compensation by law?"

"Compensation by law? The person above must be hallucinating."

"Alas! Patching up life, squandering money in the stock market..."

Innumerable investors who had stepped on a landmine were wailing. Tomorrow would be the weekend, but they saw no hope of escaping their predicament.

As the case details were exposed one by one, the chairman of Chang Chun was detained by the police. It was no surprise that Chang Chun Biological’s shares would soon be suspended and marked as ST, then continue its limit down...

The Xu Group.

"Mr. Xu, as of now, we have lost 3.7 billion. If this continues, I’m afraid things will be bad..." Cui Jizhong said with concern.

"I can do the math!" Xu Jingsong said with a gloomy face.

It’s one thing to have a vague idea, but watching things deteriorate before your eyes was quite another.

Given the current rate of decline, they’d be lucky if one or two billion of their nine billion investment was salvaged, and the worst-case scenario was a total loss.

The huge paper loss was one thing, but Elder Xu Bolin’s criticisms were the bigger problem he had to face.

With such a big loss, hiding it was certainly no longer possible.

Although Xu Bolin and his son had been temporarily pacified by the investment department, there was no guarantee that at the next board meeting, having heard the news, they would not attack again.

"What’s the situation over at Qinling Mountains?"

"According to the news from the higher-ups, the situation is still optimistic. They have been wrestling with the local authorities on this matter for more than a day or two; it’s not something that a slight breeze will change.

Currently, the construction work has resumed," Cui Jizhong reported.

Over a thousand illegal villas constructed—it was such a huge fuss that the upper echelons surely knew the details.

The reason it had been dragged out was related to the particular national conditions...

Xu Jingsong breathed a sigh of relief upon hearing this.

One piece of bad news and one piece of good news meant that at least he wasn’t burnt out on both ends.

As long as the Qinling Mountains project was completed, and they acted quickly to sell it off, that sum would be secured.

For some reason, ever since this issue was exposed, he had been feeling anxious, as if something was going to happen.

"Instruct the person in charge over there to hasten the construction period and finish as soon as possible, and find a few more marketing agencies to sell off those villas quickly!"

"Yes, Mr. Xu," Cui Jizhong nodded, then hesitated before speaking.

"There’s one more thing. A large amount of capital is tied up in the stock market. Although our liquidity won’t run dry, it will become quite tight.

The investment plan for the second half of the year may be affected. Do you think we need to ask the strategic department to slow down the expansion pace a little..."

The Xu Group originally had over 20 billion in liquid funds on their books, but now nearly half of that was tied up, leaving just over ten billion.

Though ten billion may seem like a lot, for the massive scale of the Xu Group, it was akin to walking a tightrope.

However, Xu Jingsong decisively rejected Cui Jizhong’s prudent suggestion.

"No! If the company slows down its strategic investments, it will signal to the outside world that the Xu family is indeed experiencing operational difficulties.

Xu Bolin and his son will have even more reason to question my competence, and we will be at an even greater disadvantage at the board of directors.

So, we absolutely cannot slow down our strategic pace, we need to find a way to finance!"

"But... our debt ratio is already high, and although there’s still a portion of our loan quota left at the bank, that money was already earmarked for other uses.

If we issue corporate bonds to raise funds, we’ll need the board’s approval, and that too will raise doubts from the outside.

Taking all this into account, there remains a funding gap of several billion..."

Although the real estate situation is dire, at least there are no ’three red lines’ yet.

In the developers’ mad expansion model of "collecting money with one hand, and scooping up land with the other," the turnover rate of capital for real estate companies has reached its peak.

Under these circumstances, conjuring up nearly ten billion from thin air, even for the Xu Group, is not so easy.

"Ha! Have you forgotten that our group has just acquired a P2P company recently?"

"This... Do you mean to self-finance using this P2P company?" Cui Jizhong’s eyes widened.

P2P, also known as peer-to-peer lending, is a model where small amounts of funds are pooled together to loan to individuals in need of capital.

It’s a form of financial product within internet finance (ITFIN).

What Cui Jizhong refers to as self-financing, is turning the peer-to-peer intermediary service into a means of raising funds for oneself or indirectly for oneself.

"Mr. Xu, wouldn’t this be somewhat risky?" Cui Jizhong furrowed his brow.

Concerning platforms self-financing, although there is yet no clear legal definition by the state, it’s widely believed that self-financing platforms could potentially breach criminal laws against illegal absorption of public deposits, unauthorized establishment of financial institutions, etc.

Because P2P platform self-financing translates to an entity borrowing from itself, risk control becomes virtually non-existent, and aspects like repayment capability reviews and collateral guarantees are mere formalities, leading to defaults or bad debts.

And when bad debts arise, all safeguard measures fail to provide any tangible protection, often resulting in investors losing their entire principal.

Thus, P2P platform self-financing is entirely playing on the fringes of the law.

If nothing goes wrong, all is well; but should something happen, the Xu Group might find itself in serious trouble.

Although P2P was initially aimed at suppressing usury and promoting private financing, the profit-seeking nature of capital turned it into an uncontrollable beast.

To attract more funds, it’s quite common for P2P platforms to offer annualized returns of 10%, and many small and medium-sized platforms continuously raise interest rates, ultimately creating a cycle of taking new loans to pay old ones.

This "robbing Peter to pay Paul" model is simply an alternative form of the Ponzi scheme.

From 2017 to 2018, although a large number of P2P financial companies remained active in the market, in reality, many had already started to collapse.

Now with stricter asset management, Xu Jingsong’s approach has a suspicion of acting against the wind.

"Such a small risk, my Xu Group can still shoulder!" Xu Jingsong remained unconcerned.

Seeing Cui Jizhong was about to say more, Xu Jingsong directly interrupted him.

"No need to say more, just do as I told you."

"This... Yes!" Cui Jizhong could only nod in agreement.

"Bro!"

Just at that moment, the door was pushed open, and Xu Jingfeng, clad in a black biker leather jacket, sauntered in.

Seeing the other person’s appearance, Xu Jingsong fought to suppress the disgust in his heart.

"What are you doing here? I’m quite busy today, I don’t have time to keep you company."

"Bro! I didn’t want to come either, but you promised me the investment for that movie, and Uncle Cui... Mr. Cui keeps telling me to wait, wait, how many days have I waited now? I’m just anxious!"

Xu Jingfeng complained and even gave Cui Jizhong a glare.

Cui Jizhong could only offer a bitter smile.

On hearing this, Xu Jingsong’s gaze suddenly darkened.

Stupid brother, you probably don’t even know the situation I’m in right now, and you’re still here causing me trouble?

Movie investment?

Do you really think money blows in with the wind?

Xu Jingfeng clearly hadn’t learned to "read the room" yet and kept blustering on and on.

"Bro! You have no idea, these past few days I and a few other guys met with lots of producers, been so busy I’ve hardly touched the ground, and we’ve finally spotted a superb movie script!

Top writers, big investments, massive productions, we’re hiring big shots, it’s definitely a blockbuster!

Even Mr. Hong praised our unique vision, and said he wanted to co-invest with us.

Bro! This movie is a guaranteed moneymaker, a goldmine, just invest worry-free, I wouldn’t dare promise tenfold returns, but quadrupling or quintupling the money is definitely doable, it’s like picking up money!

Miss this chance and the opportunity will be gone!"

Xu Jingsong’s temples twitched.

Picking up money? Do you think everyone in this world can just open their mouth and pick up money from me like you do?

Although he wanted to slap some sense into this foolish Ou Doudou, Xu Jingsong, after all, had deep enough schemes and managed his expression well.

He patiently put on a kindly smile.

"Hehe! Since even Mr. Hong wants to invest, the movie must be good, alright then, within 10 days, 200 million will be transferred to your account."

On hearing these words, Cui Jizhong’s brow slightly furrowed, but since it was Xu Jingsong’s decision, he naturally didn’t have much to say.

"200 million?" Xu Jingfeng seemed to think it was too little and pouted.

"Ahem! Mr. Xu, the group’s funds are tight recently, and there are many investment projects, after all, it’s your first time investing in a movie, trying with 200 million is already a lot," Cui Jizhong quickly interjected.

"Hmm... Alright then." Xu Jingfeng conceded reluctantly.

"Alright, alright. When the company has spare funds, I’ll definitely increase support for your movie. That should be sufficient, right?"

"Hehe! You said it."

"I said it, alright, let me walk you out. In the future, try not to come to the company dressed like this, it’s not a good influence.

By the way, what’s the movie you’re interested in called?"

"Oh! It’s called ’Magic City Fortress,’ it’s a super thrilling sci-fi film, definitely marketable!"

"Hmm! Sounds good."

"..."

"Click!" The office door was opened.

Xu Jingsong affectionately escorted Xu Jingfeng out the door, in front of others, this was a pair of deeply affectionate brothers.

Everyone knew what Xu Jingfeng was like, and for Xu Jingsong to still protect his brother earned him a solid reputation for brotherly love and respect.

However, today, the atmosphere outside the office felt a bit off—too quiet?

Not even reaching the elevator, Xu Jingsong’s frown deepened.

All the unusual looks and whisperings behind my back... could it be my imagination?

"Manager Wang, come here for a moment!"

Cui Jizhong seemed to notice Xu Jingsong’s displeasure and promptly called a manager’s name.

A middle-aged greasy-looking uncle approached somewhat nervously.

"Mr. Xu, Mr. Cui, Mr. Xu!" He nodded and bowed.

"What’s going on? It’s working hours, what’s with all the whispering?"

Cui Jizhong pointed at some gossiping female office workers in the distance, which scared them into immediately scattering and falling silent.

"This... this..." Manager Wang broke out in beads of sweat on his forehead.

"Speak up!" Xu Jingsong demanded coldly, startling Manager Wang with a shudder.

"There... there appeared a rumor about Mr. Xu online!"

"A rumor about my brother?" Xu Jingfeng suddenly became interested.

Could it be some juicy gossip?

Xu Jingsong, however, furrowed his eyebrows.

Rumor?

Another rumor?

Could it be that same old Xu Bolin again?

Ha! The same trick, and you want to use it on me a second time? You underestimate me, Xu Jingsong, far too much.

"This... Mr. Xu, please... please see for yourself."

Manager Wang dared not answer and could only nervously present his phone.

Before Cui Jizhong could take it, Xu Jingfeng snatched it away.

Swiping through, Xu Jingfeng’s expression went from initial excitement to shock to disbelief, and with a complex look on his face, he looked up at his own brother...

"What’s going on?"

Xu Jingsong felt a sense of foreboding in his heart.

But in front of others, he still kept that impassive professional mask in place, taking the phone calmly.

However, after half a minute...

Xu Jingsong lost control of his expression!

His face distorted, his eyes bloodshot.

"Who! Who exactly is it!!!!"