chsdbacks Chapter 10 Entering the Game
Chapter 10 Entering the Game
on the way back.
"My uncle really swallowed his pride and acted like a grandson today!"
"A true man is one who can bend and stretch, and Uncle is indeed a true man!" Lin Chen gave a thumbs up and said sincerely.
"You brat," Wang Mingyu said with a laugh.
Wang Mingyu fulfilled his promise by first publicly apologizing again at a senior management meeting of the group for the accident at the Anju project. His words were sincere, and he took full responsibility for the failure to supervise. He then submitted an application on the spot, voluntarily handing over the group's material procurement rights, which he had held for more than ten years, along with all management rights of its building materials supply chain and cement plant, to the group headquarters for unified management.
The news caused an uproar throughout the group. Procurement of materials and the building materials supply chain had always been the core foundation of Wang Mingyu's power in the group. It was the basis for him to place people, gather power, and seize profits. Now, he was handing it over without hesitation, which was tantamount to cutting off his own arm, leaving everyone astonished.
Before anyone could react, Wang Mingyu made another move, submitting his resignation to the group's board of directors. He voluntarily resigned from his two key positions as vice president of the group and general manager of the general contracting company, retaining only his seat on the board of directors. He would no longer participate in the group's daily operations and management, and would completely retreat behind the scenes.
The series of actions were swift and decisive, without any hesitation. This powerful and deeply entrenched second-in-command of the Yinghai Group withdrew from the core of power in an almost "surrender" manner, instantly plunging the previously turbulent group's upper echelons into an eerie calm.
Zhao Xiankun did not object at all, and went with the flow, approving Wang Mingyu's resignation and the transfer of power.
This was exactly what he wanted. Wang Mingyu's voluntary concession completely removed the biggest obstacle to his efforts to promote the group's reform and prepare for listing. Without Wang Mingyu's restraint, there was no force within the group that dared to openly oppose him. The previously entrenched and mutually restrictive interest structure instantly became clear, and his listing plan, which he had been preparing for many years, could finally be fully rolled out.
The downward trend in the construction industry is becoming increasingly apparent, and Yinghai's predicament of being strong in one aspect but weak in another is becoming more and more prominent, making an IPO an urgent necessity. This is Yinghai's only way to break through the deadlock and survive, and even knowing that Lin Chen and Wang Mingyu have other plans, he has no other choice.
Moreover, having led Yinghai for decades, his control over the group is deeply ingrained. Even if Lin Chen brings Jinshi Capital into the picture, he is fully confident that he can stabilize the overall situation and ultimately control the narrative.
Zhao Xiankun was clearly not as calm as he appeared. Three days after Wang Mingyu resigned as vice president, he took the initiative to contact Lin Chen, hoping that Jingshi Capital could help Yinghai Group go public.
A week later, thanks to Zhao Xiankun's efforts and the strength of Jingshi Capital, the board of directors of Yinghai Group passed a resolution to promote the group's listing. Jingshi Capital acquired 11% of Yinghai Group's shares for US$200 million, and Jingshi Capital would provide guarantees for Yinghai Group to help it go public.
Over the past ten days, Yinghai Group has been in turmoil, but the power shift at the top has been swift and decisive, leaving no trace.
In just two days, the board of directors of Yinghai Group unanimously passed two important resolutions:
First, we fully launched preparations for the Group’s A-share main board listing, established a special listing leadership group, personally led by Zhao Xiankun, with the full cooperation of the heads of all subsidiaries and departments of the Group.
Secondly, Jingshi Capital was formally appointed as the exclusive financial advisor and sponsor for Yinghai Group's listing. Lin Chen, a partner of Jingshi Capital, was appointed as the deputy leader of the listing special leading group, and was fully responsible for all matters related to the listing preparation, with full authority over overall coordination, document retrieval, and process decision-making.
Once the resolution was passed, no one in the group's senior management dared to raise any objections, even if they had many doubts.
Firstly, Wang Mingyu had already withdrawn, and no one dared to challenge Zhao Xiankun's decision; secondly, Jingshi Capital was a top-tier investment bank, having handled the IPOs of many large companies, making it the best choice for Yinghai's listing; and thirdly, Zhao Xiankun's attitude was resolute, with the support of most shareholders, making his decision final and leaving no room for rebuttal.
On that day, Lin Chen, dressed in a dark suit, stood tall and looked calm and composed as he entered the Yinghai headquarters building accompanied by Zhao Xiankun.
Zhao Xiankun convened a brief meeting with all senior executives of the group. After introducing the group's senior executives and subsidiary heads to Lin Chen, he solemnly stated:
"This is Mr. Lin from Jingshi Capital, who is also the deputy head of our Yinghai listing working group and the chief coordinator for the listing. This is the decision of the board of directors. From today onwards, Mr. Lin will be fully responsible for the group's listing preparation work. All matters related to the listing shall be based on Mr. Lin's professional opinions. All departments and subsidiaries must cooperate unconditionally and must not shirk responsibility, be negligent, or obstruct. Violators will be dealt with strictly in accordance with the group's rules and regulations."
The crowd responded enthusiastically, their gazes towards Lin Chen now filled with a mixture of awe and curiosity. Everyone understood that this young man had become the most crucial figure in the Yinghai Group, and would be a significant variable in reshaping the group's landscape.
Lin Chen stood up, a smile on his face, without any unnecessary formalities or ostentation, and simply said:
"Thank you for your trust, Chairman Zhao and everyone. In the subsequent preparations for the listing, I will act in accordance with professional rules and listing regulatory requirements, with the core goal of ensuring Yinghai's successful listing. I hope to work closely with everyone in the future."
Everyone applauded. After the brief meeting, Lin Chen walked straight into the private office area next to the chairman's office. The professional team that Jingshi Capital had dispatched in advance was already in place. The team members included elites from various fields such as investment banking, finance, law, and compliance.
Without a moment's pause, Lin Chen immediately convened the first meeting to prepare for the IPO, quickly deploying the work: comprehensively reviewing the group's equity structure, thoroughly investigating past financial records, identifying compliance risks in each subsidiary, divesting non-performing assets, reviewing related-party transactions, and formulating an IPO timetable and rectification plan...
Each task was arranged in a clear and organized manner, the decisions were precise and decisive, and the execution was extremely strong, demonstrating the professionalism and control of a top-notch capital operator.
Meanwhile, Wang Mingyu, who had stepped back from the limelight, sat in the tea room of his villa, leisurely brewing new tea, looking at the group documents and meeting minutes brought by his assistant, a faint smile playing on his lips.
Seemingly having lost all power and becoming a marginal figure within the group, she actually completely avoided all the power struggles and potential risks, and smoothly pushed Lin Chen to the forefront, allowing Jingshi Capital to enter the game without any obstacles. Lying low is not admitting defeat, and retreating is not the end.
When the IPO preparations enter the deep waters, and the group undergoes major personnel adjustments, asset restructuring, and profit redistribution, that will be the best time for him to seize the opportunity to return and completely control Yinghai.
Lin Chen stood in front of the floor-to-ceiling window in his office, overlooking the bustling cityscape of Shanghai, his eyes deep and thoughtful.