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Chapter 1858 - Greedy, Disgusting Face
Chapter 1858 - Greedy, Disgusting Face
Chapter 1858: Greedy, Disgusting Face
Translator: Atlas Studios Editor: Atlas Studios
Lanxin Corporation’s investment into Wen Corporation did not stop Qian Jianhui from calling for the shareholder’s meeting in a bid to take control of the Wen Corporation. Instead, he was even more determined to do so.
Firstly, Sun Yichen and a couple of other directors had pledged allegiance towards Qian Jianhui and used their power to insert some of Qian Jianhui’s people into core positions within Wen Corporation.
With support from the other directors, Sun Yichen rose up in rank quickly in the organization, while secretly working hand in hand with Mr. Cao. Wen Corporation was split into two factions, one with Old Mr. Wen as the leader and the other with Qian Jianhui at the forefront. The conflict that had been going on in the Wen Corporation for many years was increasing.
Such sharp and intense conflicts would completely explode at the shareholder’s meeting.
Any observant man could see that Wen Corporation was undergoing huge reforms, and internally, no one could declare whether the Wen faction could defeat the Qian faction after being suppressed by them.
“The shareholder’s meeting will be the day after tomorrow. Qian Jianhui has made many moves during this period to contact the smaller shareholders and some of the other directors. He has even approached the executives of the Wen Corporation and those long-time employees.
“In order to get the support of these people, he secretly promised them that once he took control of the corporation, he will dilute the shares and give it out to the directors, the executives and some of the employees, which will increase their profits. Hence, many were on board with this idea.”
A big organization was supported by its shareholders, directors, executives, employees, and talents to form a huge structure. This structure supported the functioning of the organization and was the core structure of any organization. It was just like a body. If the skeletal structure that supported a human fell apart, then so would the body.
Qian Jianhui was a cunning old man. He decided that he would rather gain the support of these people than get more profits. With such great promises, no one would reject him.
Wen Family was embroiled in turmoil.
Old Mr. Wen looked solemn, and under his wrinkled eyelids were a pair of sharp eyes. “This cunning old man planned it out indeed. He doesn’t hold many shares. Hence, diluting the shares will hurt the profits of the Wen Family the most. At the same time, he can get the support of a majority of the organization, which means he’s killing two birds with one stone.”
Qian Jianhui’s actions looked as if he was sacrificing his own benefits, but it was only beneficial to him as he could make use of it to rise above the Wen Family.
“Qian Jianhui’s suggestion is to release twenty percent of new stocks to bring up our stock prices and attract more investors to bring us out of this crisis. With the support of the shareholders, directors, executives and loyal employees, then Wen Family’s stockholding will be less than forty percent due to the various crisis that we faced as well as the release of the new stocks.”
The Qian faction and the shareholders formed up a group to go against the Wen Family, making use of the Wen Corporation’s current vulnerability.
Today, the thirty percent of shares that Wen Xinya held was diluted to less than twenty percent.
Grandpa’s shares were just as such.
Wen Family had lost its absolute control over the Wen Corporation.
Old Mr. Wen frowned. “Do we know how many shares Qian Jianhui currently holds?”
Qian Jianhui could only act so bold if he had more tricks up his sleeves, which made Old Mr. Wen relatively paranoid.
Wen Xinya paused for a while and said, “Based on what I know, Qian Jianhui holds twenty-five percent of our shares as of today.”
The other ten percent came from Li Corporation.
Xia Ruya had made use of Wen Corporation’s low stock prices to purchase some shares, and because it had been so well-hidden that she had never realized it till recently, she only found out a few days ago when Qian Jianhui approached her at Wen Corporation, alerting her to it.
Based on her preliminary guess, Xia Ruya held at least fifteen percent of Wen Corporation’s shares, and this was also what gave the chance for Qian Jianhui to dilute the shares.
Old Mr. Wen closed his eyes. “Based on the shareholder’s rights, anybody with above twenty-five percent of stock holdings can control the company. Qian Jianhui is a cunning old man that has been plotting for decades and finally revealed how greedy he is. But, is this not a little too ugly?”
Old Mr. Wen’s old face carried an air of unhappiness, and his cold voice revealed everything that he meant.
Over the past years, Wen Corporation had been controlled by one family, and to prevent shareholders from fighting for control, they had kept the shares split up. Within the shareholders, only Qian Jianhui held over ten percent of shares. The shareholders thus felt oppressed by Wen Corporation, and he naturally gained their support when he wanted to take over control of the corporation.
Wen Xinya thoughtfully said, “Although Qian Jianhui is old and cunning, he’s being too rushed.”
Clearly, Qian Jianhui had been smart for a lifetime, but he made a mistake at a critical juncture and missed out on the variables.
Old Mr. Wen’s gaze shifted for a moment and asked, “Why did Lanxin Corporation invest in the Wen Corporation?”
Old Mr. Wen could not figure out why Lanxin Corporation would invest in the Wen Corporation at such a critical juncture, but he always felt that it was related to Xinya.
In the past, he did not give it a second thought as it looked as if Xinya and Lanxin Corporation had not many ties, but today, he felt as if there must be a certain relationship between the two of them.
Wen Xinya did not intend to reveal that she was the real boss of Lanxin Corporation. Hence, she just winked and laughed. “Grandpa, you will know in the future.”
It was still not yet the correct time to tell Grandpa.
Although Old Mr. Wen had many doubts, he did not press her for an answer. “How confident are you in dealing with Qian Jianhui?”
From the start, Xinya looked too calm when dealing with Qian Jianhui. He guessed that she had her own reasons.
Wen Xinya said, “100%!”
From Wen Corporation’s money laundering issue, Grandpa entering the police station, their quality control issues, Sun Yichen’s betrayal, Qian Jianhui’s taking over control, to Xia Ruya’s plotting, she had been caught in multiple conflicts and was slowly taking over control of the entire situation.
Although she said it casually, Old Mr. Wen could not help but take in a deep breath. He gazed at Wen Xinya with a complicated expression, only replying after a moment, “Indeed, the new waves ride on the preceding waves.”
It looked like his granddaughter had many secrets indeed. He felt like he was still slightly looking down on her.
Wen Xinya laughed. She could understand Grandpa’s shock at this moment, but she did not intend to explain much.