Chapter 344 - 232: Mutual Destruction? Wu Ting Becomes the 2nd Largest Shareholder

Chapter 344: Chapter 232: Mutual Destruction? Wu Ting Becomes the 2nd Largest Shareholder

All the shareholders were present.

At the meeting, Jin Yihong looked unwell and extremely haggard.

After the board meeting began, the first shareholder launched an attack.

"President Jin, you went to the Southern Country by yourself recently. Was there any progress? It’s only been a short while, and our group’s stock price has already fallen to one-third of its peak. Don’t you think you owe us an explanation!"

After that shareholder finished, another picked up the thread seamlessly:

"President Jin, we supported your R&D plan with Lou Musaang, but it’s been so many days. The Banzhe Project is now completely stagnant. Lou Musaang has been hospitalized for health reasons and hasn’t even shown his face. How can you expect us to have any confidence in the Banzhe Project?"

"Exactly! And the Fengmu Tiada project, the collaboration with Wu’s Pharmaceutical Company that was supposed to stabilize the market, is even more of a fantasy. Dr. Wu has completely disappeared these days, and Dr. Jia Jun hasn’t given us a single update on its progress."

"Meanwhile, the medical devices from Wu’s Pharmaceutical Company are flying off the shelves on our production lines. But the Fengmu Tiada project alone hasn’t made the slightest splash."

After the shareholders finished stating their case, they revealed their true intentions.

"President Jin, you are, after all, the meritorious figure who led our group all this way. We have always supported your decisions."

"But this time is truly different. Unless you can show us tangible progress and results from either the Banzhe Project or the Fengmu Tiada project, we will call a vote to accept Pfizer Pharmaceutical’s acquisition proposal!"

The proposal received the support of the majority of shareholders as soon as it was made.

"President Jin, our stock price has already fallen low enough. If the Banzhe Project shows no more progress, any further drop in price will be beyond what we can bear."

Within the company’s board of directors, most shareholders had turned against her, though of course, some still supported Jin Yihong.

However, based on the current equity ratios, Jin Yihong and her supporters only held 30% of the shares.

A shareholders’ meeting with over 67% support can initiate resolutions to amend the company’s articles of association, increase or decrease registered capital, and decide on mergers, spin-offs, dissolution, or changes in corporate structure!

Currently, Jin Pharmaceutical Group’s market value had evaporated by two-thirds, leaving only about 50 billion.

There were only two paths before Jin Yihong. The first was to accept the shareholders’ resolution, complete the merger with Pfizer Pharmaceutical, and sell the Banzhe Project to them. After Pfizer took over, they would become the largest shareholder, and Jin Pharmaceutical Group would be at their mercy.

The second path was for Jin Yihong to buy out 37% of the shares at a price higher than the 1.2x market premium offered by Pfizer’s Xie Bin, which meant she would need to raise at least 20 billion!

Jin Yihong certainly couldn’t produce such a huge sum of money unless she raised it by taking on debt from all sides.

However, even if she managed to buy back 67% of the shares and stick to her original strategy, if the Banzhe Project failed to produce results and the Yangzheng Xiujie Pill continued to be suppressed by Sorafenib,

then Jin Pharmaceutical Group’s stock price would only continue to fall. The shares in her hands would rapidly devalue, leading to her complete bankruptcy.

This was the dilemma Xie Bin had presented to Jin Yihong.

Just then, everyone noticed that one of the shareholders was holding a phone, live-streaming the meeting.

Jin Yihong noticed it too.

After being discovered, the shareholder felt his skin crawl under Jin Yihong’s gaze and was about to turn off his phone.

Xie Bin’s arrogant laughter suddenly came from the phone.

"How could I miss such a spectacular shareholders’ meeting for Jin Pharmaceutical Group?"

"President Lin, just put the video and audio on speaker. I’d like to say a few words to President Jin and everyone here."

Jin Yihong never expected Xie Bin to be so brazen.

He was remotely controlling one of her shareholders during the board meeting, all just to humiliate her.

On the phone’s screen, Xie Bin spoke with the air of someone who had everything under control:

"President Jin, and all you shareholders, I have prepared three plans for you: a best-case, a mid-case, and a worst-case."

"The best-case plan is the merger contract between Pfizer and Jin Pharmaceutical Group. Pfizer becomes the largest shareholder and completes the acquisition of the Banzhe Project. President Jin remains the chairman of Jin Pharmaceutical Group."

"After the dust settles, Pfizer will make peace with Jin Pharmaceutical Group. We will also return the Yangzheng Xiujie Pill’s rightful market share, continue developing the Banzhe Project, and Jin Pharmaceutical Group’s stock price will rise again. All you shareholders can go back to resting easy and living lives of luxury... This is the simplest, most amicable strategy, a true win-win solution."

"As for the mid-case plan, I, on behalf of Pfizer Group, will directly acquire the shares from all of you present. I am offering a 1.2 times premium on the current market price to buy up a total of 67% of the equity. If this happens, all of you here will only be able to cash out at this low point and leave. Afterward, once I’ve completed the corporate restructuring and policy adjustments, the resurgence of Jin Pharmaceutical Group will have nothing to do with any of you."

"And as for you, President Jin, I will have you expelled from the board of directors. You will never again have the chance to interfere in any matter concerning the Jin Pharmaceutical Group that you worked so painstakingly to build from scratch."

"It may be a bit cruel, but at least it will get Jin Pharmaceutical Group back on track."

After Xie Bin finished speaking, a chill ran through all the shareholders.

Then, after a pause, Xie Bin laid out an even colder plan:

"The worst-case plan is the one nobody wants to see. President Jin sells everything she owns to outbid my 1.2x premium and buys back 67% of the shares. And after that, she continues her futile resistance."