Chapter 345 - 232: Mutual Destruction? Wu Ting Becomes the 2nd Largest Shareholder

Chapter 345: Chapter 232: Mutual Destruction? Wu Ting Becomes the 2nd Largest Shareholder

"You’ll watch helplessly as Jin Pharmaceutical Group’s stock price plummets below its issue price. Not only will the Banzhe Project fail, but your stubbornness will drag the entire Jin Pharmaceutical Group into the grave with you!"

"After our recent clashes, I trust everyone is quite clear on my—Xie Bin’s—abilities and methods."

"Best option, middling option, worst option. President Jin, it’s your call!"

With that aggressive declaration, Xie Bin shifted all the pressure onto Jin Yihong.

President Jin was obviously backed into a corner.

The board members began to urge Jin Yihong to cooperate and take the best option, which was the most harmless and would cause the least pain for everyone involved.

After all, Jin Yihong was still everyone’s chairman.

Jin Yihong was silent for a moment, then suddenly pleaded with the board members:

"Can you just give me three more days? In three days, I will hold a press conference at Jin Pharmaceutical Group and announce my final decision—whether I’ll personally buy everyone out at a 1.2x premium, or agree to President Xie’s acquisition plan."

"We’ve all worked together for so many years. Giving me three days isn’t too much to ask, is it?"

Hearing the desperation in Jin Yihong’s request, the board members hesitated.

As the others stood unsure of what to do, a voice rang out from a phone:

"President Jin, I’ll give you your three days. I await your good news."

All the shareholders were prepared to wait three more days. In the worst-case scenario, they could still cash out at a 1.2x premium. They would take a bit of a loss, but on the whole, it was acceptable.

...

...

Over the next three days, Jin Yihong scrambled to raise funds from every possible source.

Wu Ting, in the meantime, was also preparing a massive amount of capital.

Three days later, the press conference that would decide the future of Jin Pharmaceutical Group officially began.

But, to everyone’s shock, Jin Yihong used the press conference to announce a decision so drastic it defied imagination—an act of mutual destruction.

"First, due to the poor health of our R&D center’s chief scientist, Lou Musaang, the Banzhe Project will be suspended indefinitely. We are hereby declaring the project a formal R&D failure."

"Second, the Fengmu Tiada project by Wu Ting’s team will be placed under the highest level of secrecy. No progress updates will be disclosed to anyone besides me and other key personnel until the final results are ready."

"Third, I, Jin Yihong, and my supporting team will buy back company shares at the current market price until we hold 67%. We are prepared to sink or swim with Jin Pharmaceutical Group, and we will never accept an acquisition plan from Pfizer Pharmaceutical."

Jin Yihong’s announcement at the press conference left everyone stunned.

The Banzhe Project was declared a failure, and no more progress information on the Fengmu Tiada project would be released.

And she would never accept Pfizer’s acquisition plan!

It was a fierce, unyielding stance, one of total mutual destruction.

Following Jin Yihong’s kamikaze-style press conference, the stock price of Jin Pharmaceutical Group plummeted disastrously.

The opposing shareholders at Jin Pharmaceutical Group were going insane.

Jin Yihong, on the other hand, calmly convened a shareholders’ meeting.

Watching the stock price drop continuously, the shareholders were truly terrified by Jin Yihong’s ruthless resolve.

"President Jin, you’re insane! You’ve truly gone mad. If that’s how it’s going to be, we won’t play this crazy game with you. We’re transferring our shares to President Xie right now."

Right on cue, Xie Bin appeared at the board meeting.

"President Xie, President Jin is insane! We’re ready to sign the transfer contract with you—for a 1.2x premium based on yesterday’s peak price."

But as he faced these directors, Xie Bin just sneered.

"Your President Jin might be insane, but do you think I am too?"

"Things are different now. President Jin has completely torpedoed the future of Jin Pharmaceutical Group."

"The stock price of Jin Pharmaceutical Group will only continue to fall until it hits rock bottom. At a time like this, do you really think I still need to make an offer to acquire it?"

’Xie Bin never imagined Jin Yihong would rather destroy Jin Pharmaceutical Collection than cooperate with him.’

’Still, this works out too. I’ll just wait for the stock to completely collapse and for Jin Yihong to go bankrupt. It won’t be too late to make my move then. The only downside is I’ll be taking over a battered and broken Jin Pharmaceutical Group.’

’Although the result won’t be perfect, at least I will have officially sunk Jin Pharmaceutical Group.’

When they heard Xie Bin turn his back on them, the shareholders started to panic.

"President Jin, what you said... buying back shares at yesterday’s peak market value? That’s still on the table, right? A buyout until you reach 67%."

The shareholders began to beg Jin Yihong to buy them out.

Jin Yihong looked at these ungrateful wretches and said indifferently:

"I said I’m buying at the current, real-time stock price. The offer is not going to wait."

Hearing Jin Yihong’s gambit, the shareholders were utterly dumbfounded.

After Jin Yihong’s self-detonating press conference, the stock price was on the verge of hitting its daily trading limit. The losses were catastrophic.

But they knew if they didn’t sell to Jin Yihong now, the price would only drop even further. After all, Jin Pharmaceutical Group was completely done for. There was no way it would ever recover to its previous highs.

"We’ll sign! We’ll sign!"

Just as Jin Yihong’s team began to execute the buyback, purchasing shares according to pre-arranged proportions, Wu Ting also emerged as one of the buyers.

At the stock’s rock-bottom price, Wu Ting went all-in, mortgaging every asset, securing loans, and raising funds. Combined with the 2% stake from a previous share swap, Wu Ting acquired a total of 15% of the company’s stock...

Jin Yihong, meanwhile, brought her own stake directly up to 51%... ℴ

The rest—Jia Jun, Lou Musaang, Deng Feifei, and others—collectively bought back another 8%...

...

And just like that, Wu Ting became the second-largest shareholder in Jin Pharmaceutical Group!