Chapter 365: The Despicable Backstabber
Atlas Studios Atlas Studios
The media soon reported about the thread that Wen Haowen had published online. At the same time, the Ai Shang Group stock battle had also been publicized.
At this moment, Jiang Shaofeng and Xiao Zhiyuan were both watching the stock market in the CEO’s office in the Xiao Corporation Office Tower.
During the past two days, the stock prices rose to 50 yuan, which was the Xiao Family’s limit. However, the Wen Family still refused to stop.
“The stock prices have risen to more than 80 yuan. Brother Xiao, why don’t we let go of all of the Ai Shang Group stocks while they’re still worth something?” Jiang Shaofeng asked, staring at the stock prices and the fluctuating numbers on the large screen. He couldn’t help but feel anxious.
Xiao Zhiyuan’s eyes were red and slightly swollen. “We’ve already acquired 40% if Ai Shang Group’s shares and just need 10% more to begin the acquirement. There are still 20% of their shares available on the stock market. We can’t let the opportunity go.”
At this point, it was already too late for the Xiao Family to back out. If they were to abort their plans to acquire Ai Shang Group, they would not only face a major loss, but also indirectly concede defeat to the Wen Family. It’d be extremely difficult for the Xiao Family to delve into the luxury brands market in the future. However, if they were to go ahead with the acquirement, they would also suffer a major loss since the Ai Shang Group stock prices would rise again.
Jiang Shaofeng’s eyes reddened and he said in exasperation, “Ai Shang Cosmetics is a top brand in the local market. Ai Shang Group is not weak, to begin with, and we initially thought that we could acquire Ai Shang Group using at most 500 million yuan. Yet, things took an unexpected turn. There’s going to be a change in the partnership agreement. I don’t care, the Jiang family is going to pull out of the acquirement.”
Due to the financial problems that the Jiang family had faced in the recent years, they had no choice but to work with the Wen Family in the past. Although they managed to keep their status as one of the four major families, their cash flow problems were not exactly resolved. Besides, the Jiang family had already lost 200 million yuan during the acquirement of Ai Shang Group, which was a major blow to the Jiang family even though they only owned 30% of the shares.
Xiao Zhiyuan did not expect Jiang Shaofeng to back out at this critical juncture. Flabbergasted, Xiao Zhiyuan said, “Brother Jiang, news of that dimwit Wen Haowen going against the Xiao Family to acquire Ai Shang Group have been released today, and the fluctuations in the stock market are tremendous. I received the news at nine o’clock this morning, and there’s already been a breakthrough of 500 points. If the stocks continue to plunge, the Wen Family will face a greater loss than us. As long as we acquire Ai Shang Group, we’ll be able to take advantage of the situation. Hence, we can’t give up now.”
There had been adverse effects on the Xiao Corporation stock prices which had been declining steeply the past few days. If Jiang Shaofeng were to pull out of the cooperation, it would be a major blow to the Xiao Corporation and result in hefty losses. At the same time, Jiang Corporation would be implicated as well.
Jiang Shaofeng was stuck in a dilemma, for he was extremely tempted by the luxury goods market. He said, “In that case, give me some time to consider.”
After Jiang Shaofeng left, Xiao Zhiyuan turned as pale as a sheet and muttered under his breath, “Jiang Shaofeng, you shameless and despicable scum. How could you think of pulling out of the project at this juncture?”
All of a sudden, the door of the office was pushed open and Assistant Li barged in hurriedly. “Mr. Xiao, there are news reports of one of the minor shareholders meeting a mysterious man in secret and selling 2% of the Ai Shang Group shares to that mysterious person. The Ai Shang Group stock prices have now gone up to a hundred yuan.”
“Is the news accurate?” Xiao Zhiyuan asked with a sullen and austere expression on his face.
“I’m not sure yet, but there’s indeed a photo of the small shareholder, and it’s confirmed that he owns 2% of the Ai Shang Group shares.”
Staring at the numbers which stopped fluctuating after it reached a hundred yuan, Xiao Zhiyuan was overwhelmed with an ominous feeling. Before he knew it, a piece of news regarding the Ai Shang Group flashed on the screen, causing him to be shocked beyond words.
“Earlier this morning, a middle-aged man claiming to be a technician from Ai Shang Group has divulged that there are toxic and cancer-causing agents in the products belonging to Ai Shang Cosmetics. The reporters have looked into the matter and it’s confirmed that the man is an employee of Ai Shang Group!”
After all that hard work to acquire Ai Shang Group, he actually ended up with nothing.
Xiao Zhiyuan retreated backward and his mind went blank.
At this moment, the door of the office was again flung open and in came a beautiful woman who seemed to be in her thirties. “Mr. Xiao, Jiang Shaofeng has let go of all the Ai Shang Group stocks that he owns and accepted an interview, during which he openly declared that he’s officially ceasing all partnerships with Xiao Corporation, the reason being that the conditions of the agreement were not met. He even revealed that the Jiang Corporation has faced a major loss during the acquirement. Hence, there are major fluctuations in the Xiao Corporation stocks and the prices have fallen over 300 points. The decline is still ongoing.”
Xiao Zhiyuan flew into a rage and kicked the glass coffee table with all his might. “Jiang Shaofeng is such a despicable and shameless scum. How could he just turn his back on us!?!”
He recalled how despicable Jiang Shaofeng looked when Wen Haowen showed up to the Jiang Corporation office to cause a stir. He was initially entertained and amused by the scene before him. In fact, he even gloated over Wen Haowen’s misfortune. Now that he had actually been backstabbed by Jiang Shaofeng, he finally had a taste of his own medicine and realized that retribution was real.
Assistant Li shrieked in terror. “Mr. Xiao, the Ai Shang Group stock prices are declining tremendously. They’re now at eighty yuan!”
Xiao Zhiyuan snapped out if his trance and yelled, “Hurry and let go of all the stocks we have now that they’re still worth something!”
Assistant Li frantically scurried towards the computer and did as he was told.
Xiao Zhiyuan stood behind Assistant Li, who was typing away furiously. Pangs of panic engulfed him and he yelled, “Assistant Li, hurry up! The stock prices have fallen to the fifties range!”
Assistant Li, who had broken out in cold sweat, had managed to let go of all their stocks. When the price at which they had sold the stocks was displayed on the screen, his stiff fingers curled up and he clenched his fists furiously.
The bright red numbers seemed to be mocking Xiao Zhiyuan and laughing at him. Boiling with fury, Xiao Zhiyuan smashed the laptop onto the ground.
Assistant Li snapped back to reality and said, “Mr. Xiao, the stocks must have fallen to five yuan all of sudden because of the person who purchased the stocks in bulk. Seems like the Wen Family came prepared. This is obviously part of their scheme to defeat the Xiao Family.”
Xiao Zhiyuan obviously understood that. As if being backstabbed by the Jiang Family wasn’t enough, he even fell into the trap laid by the Wen Family. Turning beet red with fury, he asked, “What are the total losses incurred?”
Assistant Li answered hesitantly, “100 million yuan, but that’s not including the decline in our stock prices.”