Chapter 641
See You Tomorrow
Chapter 641 See You Tomorrow (4k)
Yu Xing said things that satisfied Jia Yueting and Sun Hongbin, and almost without hesitation launched a direct critique of LeEco.
He didn't understand why Jia Yueting, who had always been wary of him, chose to appear in front of him at this time, but since that was the case, he would naturally grant his request.
Up until he received the forged research report, Guo Shanfeng had not shorted LeEco.
But then, in the next moment, it happened.
Yu Xing's voice wasn't loud, but with Jia Yueting, the boss of the party involved, present, and Sun Hongbin, a well-known real estate boss, beside him, his question, uttered in the guise of a short seller, was like a thunderclap in the banquet hall.
Jia Yueting was completely bewildered and blank, unable to give an immediate response.
Sun Hongbin became anxious.
He stepped forward and said in a low voice, "President Yu, there's a misunderstanding. You are a leader in the new energy industry, and I came here because Leader Zhu believes we should learn more from you."
Yu Xing's gaze swept over, causing a small ripple in his heart.
The development of the Silicon Carbon Group to its current state is inseparable from Zhu Zehui's support and assistance in Lingang. He did express certain requests, and he also intended to let Guo Shanfeng keep a low profile for a period of time, agreeing that it was necessary to talk about politics at this stage.
but……
They've come uninvited again, joined forces again, fabricated research reports again, and recently been talking a lot about ecology.
Having this person right in front of me is really tempting.
He was about to be sent to the frontier but refused to obey orders; suddenly, the precious sword in its sheath made a sound.
That's enough, that's enough, we'll deal with the future later.
Yu Xing replied to Sun Hongbin: "I don't know what misunderstanding you're referring to. Since you've asked, I'll honestly address my questions about LeEco. As for car manufacturing, I..."
In his panic, Jia Yueting suddenly became exceptionally clear-headed and interrupted loudly, "President Yu, I know you have objections to LeEco's car manufacturing!"
He didn't want Yu Xing to mention the problems with LeEco. Since facing questions was inevitable, he would focus on the non-listed car manufacturing business and then go back to cut ties and make amends. He absolutely couldn't let the listed company, this lifeline, burst!
Yu Xing was interrupted, so he just stared at Jia Yueting in front of him and let him do his thing.
"LeEco is going to make range-extended vehicles and cheaper silicon carbon products. Do you think this will pose a threat to Silicon Carbon Group?" Jia Yueting's voice revealed a lot of sincere grief and indignation. It wasn't the content of his grief and indignation, but his unexpected surprise that the situation could turn so suddenly.
The guests in the banquet hall were quickly drawn over and gathered around the interlude during the silicon carbon roadshow dinner.
Cui Zhanpeng, who had previously criticized Yu Xing, squeezed to the front, watching the scene intently. Compared to the online short selling at the media conference of the big short sellers arriving in Hong Kong, this face-to-face short selling seemed even rarer and more exciting...
Seeing that Yu Xing had no intention of defending himself, Jia Yueting continued to invoke his influential endorsement: "President Yu, the car market is so big that one company like Silicon Carbon Group can't possibly dominate it all. Why bother with this? If LeEco's car manufacturing really has major problems, would Alibaba still be talking to us? Would Jack Ma talk to me?"
"To be honest, Ren Yuxi, the CEO of Tencent, has already decided to invest in our LeEco Auto!"
"LeEco did face some financial pressure in its previous car manufacturing ventures, but now with Alibaba and Tencent backing it, will those pressures still be pressures?"
Jia Yueting amplified the support from the two giants, trying his best to shake the will and ideas of the short sellers.
He stood there, staring wide-eyed. He thought that what he was about to say would give him psychological support, but when he saw that Yu Xing seemed about to speak, he immediately panicked and hurriedly pulled up more chips.
Jia Yueting looked at Sun Hongbin, and this time it was a complete lie: "And Mr. Sun from Sunac will also invest in our car manufacturing business. Funding is no longer a weakness for LeEco!"
Sun Hongbin remained silent at first, then nodded under Jia Yueting's gaze. With the cooperation between Sunac and LeEco, the two sides were on the same side at this moment, and they should get through this hurdle first.
He admitted on the spot: "Yes, LeEco has secured the cooperation and support of Alibaba and Tencent, and I am also willing to invest in this area. Mr. Yu, LeEco's car manufacturing may face challenges, but didn't the Silicon Carbon Group achieve its current success by constantly overcoming challenges?"
Seeing that neither of them was vying to speak, Yu Xing, facing the changes in LeEco's car manufacturing and the onlookers, calmly said, "What do I care what Alibaba and Tencent do? What do I care whether you invest in their car manufacturing or not?"
"My question now is about LeEco's listed company..."
Upon hearing the part that terrified him the most, Jia Yueting immediately interrupted, saying, "Yu Xing! You're scared! You keep saying it's okay, that you're not worried about Alibaba, Tencent, and Sunac, but you're actually afraid that LeEco will take over the new energy market!"
Yu Xing tried to speak again, but was interrupted once more.
Seeing that Jia Yueting used this tactic, he simply ignored him, moved a few steps to the side, and then faced the other people in the banquet hall.
As soon as the short sellers made their move, the crowd shifted to the side.
Yu Xing stated the complete statement: "My question concerns the issues of LeEco, the listed company."
Hearing this before Jia Yueting could stop him, all his fear and worry seemed to vanish instantly, replaced by concerns about his future.
Sun Hongbin's gaze sharpened. He glanced at Jia Yueting, who had already moved over, and a big question suddenly popped into his mind.
At this moment, Yu Xing waved to Sun Hongbin and said, "Mr. Sun, give me your research report."
Sun Hongbin hesitated for two seconds before handing the 2.0 research report to Yu Xing.
“LeEco’s car manufacturing is not my question. My question is about LeEco’s sales volume, gross profit margin and revenue.” Yu Xing opened the forged report. “This research, which was falsely attributed to Guo Shanfeng, is full of errors and omissions, but it also mentions a few points that I also have questions about. LeEco said that it sold 300 million TVs last year and disclosed a gross profit margin of 15%, but whether it is the data from industry suppliers or the breakdown of the cost per TV, there are significant differences from the financial data.”
He looked at Jia Yueting: "Mr. Jia, how do you explain this?"
Sun Hongbin said in a deep voice, "President Yu, you must take responsibility for what you say at this moment."
“There are only a few panel suppliers, and you can verify this data with someone right now,” Yu Xing said. “According to the data I’ve seen, the shortage is 120 million units, and the overstatement rate exceeds 60%. Can this still be considered within the margin of error?”
Seeing Yu Xing's certainty, Sun Hongbin's suspicions grew even stronger, and he couldn't help but look at Jia Yueting with a questioning gaze.
Yu Xing did not rush to raise the next data question, but waited for Jia Yueting to explain point by point.
Facing the scrutiny of short sellers, the questions from partners, and the onlookers, and considering the data presented by Yu Xing, how could Jia Yueting have asked such a question without careful research?
Listed company, financial statement fraud, top stock on the ChiNext board, non-listed businesses, car manufacturing story, debt black hole, sudden stock collapse...
In a short while, a variety of thoughts flashed through his mind. Jia Yueting tried to respond to the short seller's questions verbally, but his mind kept replaying the fear he had been experiencing for some time.
His breathing grew heavier, and he suddenly shouted, "You still say you didn't short LeEco?!"
Yu Xing didn't hear any explanation, only these words, and shook his head slightly.
Seeing this action further agitated Jia Yueting, and his fear turned into impulsiveness, causing him to suddenly pounce on the short sellers.
Yu Xing didn't move, and the bodyguards on both sides, who had been on guard, directly restrained the emotionally unstable LeEco CEO.
There was no chaos at the scene; the teams accompanying the two were all outside the banquet hall, and only Jia Yueting's struggle could be seen in the crowd.
Sun Hongbin's face darkened. Seeing Jia Yueting's reaction, the biggest problem was right in front of him: President Yu's doubts seemed to be true... And if they were true, how much of the financial report was inflated when the proportion of such a core business was so high?
In LeEco's 2015 financial report, terminal business accounted for nearly half of the revenue and was regarded as the core of revenue growth, the most important of which was the "explosive growth" in the sales of Super TV.
Sun Hongbin did see LeEco's internal financial data during this period, and some discrepancies appeared between the figures and the financial statements, but these were generally within acceptable limits. Now...
He was lost in thought and was momentarily stunned.
Yu Xing's Q&A session was clearly not going well. He looked at Jia Yueting, who was still struggling, and gestured for the bodyguards to manually remove him. He then said to Sun Hongbin, "Mr. Sun, one thing at a time. You ask, and I'll answer. I did not short LeEco, and LeEco is not worth shorting. But to say that LeEco has no problems is something I don't believe either. It's that simple."
Sun Hongbin was somewhat bewildered. He had come here because he believed that Guo Shanfeng had not shorted LeEco. A listed company like LeEco had no interests in the face of global short sellers, and the research report also had many obvious problems.
This trip was partly to mediate between the two sides, and partly at Jia Yueting's request to proactively mitigate the impact and risks of short selling against LeEco.
Am I going to die now?
Is he going to die right now?
Sun Hongbin looked at Yu Xing with a strange expression, and suddenly asked the same question as Jia Yueting: "President Yu, didn't you say that Shanfeng didn't short LeEco? Then why did you investigate its situation?"
“I didn’t conduct any research on Guoshanfeng, but another organization provided me with research data.” Yu Xing was referring to Li Song, who conducted the actual research. “After seeing it, I thought the logic was correct and the data verified it was also consistent.”
Sun Hongbin swallowed hard: "Then...then why didn't you announce it?"
Yu Xing sighed: "It's because you didn't come to me."
Sun Hongbin: "..."
Yu Xing could no longer see Jia Yueting's shadow. At this moment, he sighed slightly, "I failed to talk about politics when I should have, and that is my shortcoming."
Sun Hongbin was completely dumbfounded.
He suddenly didn't understand. If LeEco really had such big problems, why did Jia Yueting insist on coming to Yu Xing in person to eliminate the possibility of short selling by Guoshan Peak?
Sun Hongbin couldn't understand it, and wanting to know the reason behind it all, he simply asked the short seller directly: "Old Jia... why did Jia Yueting come to you???"
Yu Xing was both amused and exasperated: "I also want to know, why did he come? Didn't you come with me? Why did you all come? Why are you asking me?"
Sun Hongbin was completely confused.
He sensed something was amiss. It seemed that if they hadn't met face-to-face, President Yu would have brought up some political matters and wouldn't have wanted to cause any more trouble. But, but... he couldn't resist coming up to him and pressing him for answers.
Yes, even though they clearly had serious problems, they went to the big short seller and asked him to deny them. The "inquiry" turned into "interrogation".
Sun Hongbin muttered, "Isn't this just suicide? What was he thinking?"
Seeing Sun Hongbin's reaction, Yu Xing thought that either he was an excellent actor or he genuinely didn't know some of the details. After a moment's thought, he asked, "Where did you get that research report?"
Sun Hongbin reiterated his previous statement, saying that it was received by LeEco executives.
Yu Xing pondered for a while but still couldn't figure out the situation. However, no matter what, he decided to draw his sword and kill someone.
If you kill them, that's the end of it. If you can't kill them, and they've become more powerful, then we'll see.
Yu Xing raised the wine glass he had been holding the whole time and toasted all the guests who were watching with great interest, then took a couple of sips of wine.
Squeezed in front, Cui Zhanpeng unconsciously followed suit, drank a glass of wine, and as they dispersed, he couldn't help but say to his friend, "This big short seller, at first I thought he was quite hateful, but after watching him for a while, I actually developed a different kind of feeling."
My friend laughed and said, "What does that mean? He's stopped manipulating the market? Stopping insider trading?"
Cui Zhanpeng shook his head, unable to explain, still suspected of market manipulation and insider trading. However, upon witnessing the fraudsters' loss of composure, his hateful expression seemed to fade, replaced by... ferocity.
LeEco is probably finished.
This became the latest topic of conversation among the banquet guests, and the situation will soon be confirmed tomorrow.
With the same thought in mind, Sun Hongbin hurriedly, helplessly, and shockedly bid farewell to Yu Xing, wanting to ask Jia Yueting for clarification. However, when he arrived at the banquet hall, he couldn't find anyone. When he asked the secretary, he was told that Jia Yueting had left with his men.
They've left? Went back to their room? Returned to the mainland?
Sun Hongbin couldn't get through by phone, and when he knocked on the door of the room, there was no response. He then called LeEco but couldn't reach anyone there either.
He was so anxious he was pacing back and forth, even suspecting that the person was being controlled by a major short seller.
It wasn't until two hours later that Sun Hongbin received a text message from Jia Yueting: "I'm going back to take care of some things. See you tomorrow."
Sun Hongbin called again, but still couldn't get through. He could only send a long text message with several questions, hoping to get answers, but there was no response at all.
Left with no other option, he considered returning to the mainland overnight, planning to meet Jia Yueting in Beijing the next day.
But this is like handing a head to the king of short sellers; what will happen when we meet tomorrow...?
Sun Hongbin was extremely distressed and worried. As he watched the spread of public opinion, he discovered that news about LeEco was already flying all over the internet.
Good things don't go out, bad things pass thousands of miles.
Sun Hongbin covered his face, having forced the king of short selling to his face. He still didn't know what Jia Yueting was thinking. Maybe he had anesthesia in his brain and didn't feel any pain, while Sun Hongbin's heart was bleeding...
(End of this chapter)