Chapter 1483 - 1476: Lost Tracks (10)
Hearing Yu Sixing explaining it this way too, Qin Zhiyou breathed a sigh of relief: "Yes, I sent them."
As long as things matched up, there would be no problem. Yu Sixing also asked, "I heard that Hanhai..."
Such a huge incident at Hanhai, even though suppressed by Qin Zhiyou, would definitely be known by insiders in the industry. Qin Zhiyou felt rather helpless: "Indeed, that’s the case. The stock market has suspended trading, and we don’t yet know what to do after the market opens tomorrow."
"About the fabrication..." Truth be told, listed companies do have their small maneuvers to beautify their performance. These kinds of things would remain benign as long as they weren’t exposed, but once out, they would inevitably cause fluctuations, especially since Hanhai is listed on the US stock exchange, where every move can affect the image of Chinese companies.
"It was my aunt who has always been doing it, with my uncle helping cover up, keeping the books looking good. If it weren’t for this major cleanup, it would be hard to detect." He had been in his position for five years; the subsidiary and Hanhai’s headquarters were a mess even before, and the degree of fabrication wasn’t large, maintaining a percentage less than five points each year, making it difficult to detect without a thorough investigation.
But what’s done is done. No doubt his aunt and uncle had also contacted the short-sellers over there, and upon receiving the news, shorted Hanhai stock together, making a fortune. The storm hadn’t arrived yet, but tomorrow the shareholders would certainly hold him accountable, and there would be fluctuations in various company projects. He had already started to prepare for the transfer of several plots of land he had bid on, as well as the transfer of shares to save the market. But he couldn’t open up policies too quickly, lest his opponents use it to spread rumors, claiming Hanhai was about to collapse, further eroding investor confidence.
Yu Sixing didn’t know what to say either. Hanhai was facing internal troubles, and so was his side. His father and brother had dumped such a mess on him, but there were no easy fixes, as securing investments almost made him vomit blood.
Both being in difficult situations, neither could criticize the other. After a long while, Qin Zhiyou himself chuckled: "It’s okay, at worst I’ll resign from this position and make a comeback some other time."
He had seen many companies on the brink of collapse over the years and had long been prepared. If he couldn’t help Hanhai through this crisis, he wouldn’t usurp their place but would rather pick someone more suitable to sit here.