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.

Jiang Chen laughed as he leaned on the chair, not responding.

If Ling Zhongtian successfully destroyed Future Technology’s server data, he would definitely do the same thing.

But unfortunately, that was the reality of things.

“With a thunderous stance, a critical hit was given to his opponent, worthy of the name “dictator”, was the headline of BBC.”

“Mr. Zhang is overrating me.” The odd time Jiang Chen was humble.

“But President Jiang doesn’t think this decision lack consideration?” Zhang Jianfeng pulled up a chair and sat beside Jiang Chen as he began to talk in a casual tone.

“Oh?” Jiang Chen responded in a disagreeing tone.

“Are you involved with Lingyu Technology’s server?”

“No.” Jiang Chen smiled.

“The security system was customized by 361 Corporation.”

“That’s unfortunate. Ling Zhongtian only bought insurance for the server but didn’t buy it for the game’s data. Would you pay the penalty for this?”

“For the loss of data, our programmers have already provided support to the police,” Zhang Jianfeng casually said.

“Isn’t the hacker already caught?” Jiang Chen also responded in a nonchalant tone.

“There is a hacker called Xie Lei. He has been in contact with Black Tiger before.” Zhang Jianfeng locked his eyes onto Jiang Chen’s.

“You are still bloating like usual, but you know it is useless on me.” Jiang Chen picked up the teacup on the table as he smiled at him.

Funny. Would the contact person be enough to confirm a crime? If so, it would be a pity for those people.

Without evidence, everything was bullsheet.

The silence ensued for half a minute.

“President Jiang doesn’t seem to care about the interest of Lingyu Technology?” Zhang Jianfeng’s topic suddenly changed as he looked in the direction of the door.

“Do you think <New Era> needs the resources of Lingyu Technology? We already controlled the high grounds of the market,” Jiang Chen said nonchalantly as he put down the cup in his hand.

[The best part is about to come.]

“Would you not consider a partnership? If it utilized 361 Phone Helper’s platform, <New Era>’s user base would climb to new heights.”

“<New Era> currently will not consider opening third-party servers,” Jiang Chen rejected expressionlessly.

[Funny. Not only would it involve cloud computing, but even if I gave the game to you, without the modified server, maintenance cost alone would make you go deep into the red.]

“Since President Jiang is confident that you can control the premium game market, what’s your opinion on casual games?”

Even with the existing high-quality premium games, casual games have not lost their market.

Jiang Chen obviously considered pushing out a few casual games like Angry Birds, and Temple Run, but the plan was never fulfilled.

The reason was simply that those games depended on creativity, not software. Although the apocalypse’s technology was impeccable, it was pointless for casual games. Future Technology didn’t possess any talents in game development. Therefore, the plan had to be rejected.

But Zhang Jianfeng brought it up again.

“You mean?” Jiang Chen was quite interested.

“We can work together.” Zhang Jianfeng crossed his finger and genuinely looked at Jiang Chen. “Lingyu Technology, no, Chenfeng Entertainment. Right now, it is a company we control together right? We can definitely collaborate together with our talent base, and start a new project with the main focus being on the downstream market. Using 361 Phone Helper and Future 1.0, we could use both channels to promote it.”

“With the power of the two companies, we can easily split the entire mobile game market!” In the end, Zhang Jianfeng was almost annunciating word by word.

Jiang Chen paused for a second before he started laughing.

“Did you selectively choose to ignore Baidu and Tencent?”

“On the mobile platform, our ability is no less than any of them. Maybe President Jiang should be more confident with our alliance.” Zhang Jianfeng smiled.

“I don’t plan on giving this building up.” Jiang Chen stared at the ceiling.

“Of course, as a trophy. The fact that it belongs to you now won’t change.”

The building with a cost of 870 million was sold at a discount of 600 million. They were at least the second-biggest shareholder of Chenfeng Entertainment, 361 Corporation was certainly willing to cut the lost.

“What about the previous Chenfeng employees?” Jiang Chen asked softly.

He originally planned to cut them completely, but now it seemed like it would be a waste to not use them.

“Work at the previous location? Or lease a floor in this building? It would be your decision.” Zhang Jianfeng had a bright smile on because he knew Jiang Chen was tempted.

No one would reject a cake that was put right in front of their mouth.

“If you brought up the partnership, in the beginning, we could have worked together a long time ago.” Jiang Chen suddenly laughed.

“But it is still not too late right?” Zhang Jianfeng got up, extending his right hand once again.

“That’s right. Because I think we should split this market.”

Also standing up, Jiang Chen held onto the extended hand with a triumphant smile on his face.