What's wrong with me being a rich man?

Chapter 620 Skilled and Effortless (4k)

The live interviews between the two major media outlets and the four founders of car companies had to end abruptly after being cut short by Jinma Group.

Ying Jianren was absolutely the core of this interview. He should have raised objections and questions based on his own interests, and steered the conversation toward the short sellers' disruption of the financial market order. After all, Jinma Shares' stock price was indeed affected by Yu Xing's remarks and public opinion.

Regardless of their actual strength, they are, after all, a listed company, so such questioning is naturally justified.

Prior to this interview, Ying Jianren had already criticized Yu Xing's short-selling activities, and also mentioned the range-extending technology used in silicon carbon technology. Now, he has brought in three entrepreneurs dedicated to the new energy industry, as well as the media resources allocated by Alibaba, the world's largest tech giant...

Such a campaign of publicity and public opinion attack will, in principle, produce excellent results.

However, with Zotye's own dealers turning against them, the "principles" suddenly shifted to the other side!

Although it is still a listed company, fraud and subsidy fraud are undoubtedly extremely serious accusations, and may even lead to a series of chain reactions, ultimately resulting in delisting, bankruptcy and other situations.

Unfortunately, this person was one of Zotye's own people!

The person who gave the media interview is Zhao Yong, the legal representative and general manager of Sichuan Yongduo Automobile. He also holds 49% of the company's shares and is an authorized dealer of Zotye Automobile.

"Zotye delivered 44 pure electric trucks to me last month. The manufacturer said they would deliver them at a discounted price at the end of the year, but this month I discovered that they had altered the vehicle VIN codes!"

"The VIN code for a product manufactured in 2015 was altered to 2016. I called several times, and they said there was no problem and that it could circumvent the expiration restrictions of the Ministry of Industry and Information Technology's subsidy announcement!"

“The more I thought about it, the more scared I became. If this were discovered, we wouldn’t be able to get a license plate, and it involves millions of yuan in subsidies. So, I chose to stand up and expose this!”

When interviewed by NetEase Finance, Zhao Yong appeared to be a victim, and the fraudulent method he revealed was quite simple: modifying the VIN code of the car at the time of manufacture.

The VIN code is like a car's ID card. It is the legal basis for vehicle management offices to process license plates, transfer ownership, and annual inspections. It must be completely consistent with the information on the vehicle registration certificate and the vehicle registration document. If they are different, the process will be rejected.

Insurance companies can also use VIN codes to accurately identify information such as the vehicle's production time and configuration, which can be used to determine insurance premiums, damage assessments, and other business.

Zotye changed only one letter in the Vehicle Identification Number (VIN) of this batch of cars, changing the tenth digit "F" representing 2015 to "G" representing 2016, thus causing the vehicle registration system to mistakenly identify them as new 2016 models.

According to the "Technical Conditions for Safe Operation of Motor Vehicles", the VIN code cannot be changed once it is stamped, but for manufacturers, the technology to change it is obviously not a problem.

The fraud reported by Zhao Yong seems so simple, but in reality, it is because the new energy industry is still in its early stages of development, and the regulatory measures are insufficient. Production dates and VIN codes are not forcibly linked to the official platform, allowing companies to manipulate VINs and declaration information independently.

The data disconnect between the applicant and the subsidy provider creates a loophole.

However, this approach also benefits dealers, because the subsidies are divided into two parts: national subsidies and local subsidies, the latter of which is applied for by the dealers.

However, as someone discovered and exposed this simple and crude method, the biggest problem arose.

For Zhao Yong, he can no longer apply for local subsidies and is also facing a huge risk of loss. If the VIN code is found to be inconsistent, the cost of taking the car is a minor issue; he may very well face legal consequences.

Manufacturers and distributors, who profited from a loophole, are now being tracked down because of the same loophole.

Zhao Yong's choice was simple: stand up, report the incident by his real name, and become a victim, while using public opinion to put pressure on the manufacturers, so as to avoid being outnumbered and strangled.

As for who exactly is investigating Zotye Auto's subsidy issues...

Zhao Yong didn't know, but if he had to guess, he had a vague idea.

Meanwhile, looking at a research report circulating that afternoon, supposedly from a fervent fan of the Baixiaosheng Forum, it not only quickly "added" the newly emerged subsidy issue, but also listed the situation of the shadow companies visited recently, and once again emphasized the suspicion that Zotye had gone public through a backdoor listing last month...

Ultimately, Jinma Shares hit its daily limit down before the market closed today.

The dealers' whistleblowing is solid evidence, the circulated research report reveals enormous risks, and it remains to be seen what forces ultimately exposed Zotye's fraudulent activities...

The "King of Short Sellers" has remained silent in the face of recent attacks from Tie Niu's side.

Neither Silicon Carbon Group, Silicon Carbon Data, nor Yu Xing himself responded. However, the live broadcast of the joint interview by the two major media outlets immediately displayed the title of "King of Short Sellers," and people both inside and outside the industry immediately thought of that century's biggest short seller.

So you're finally giving up on pretending and shorting the market, huh?
Zotye's financial crisis occurred precisely during Ying Jianren's live stream, which immediately amplified the event's popularity and relevance.

The jokes and memes created by netizens this time were even faster than the trending topics on social media.

—Mr. Yu: I rarely short sell for free, but I'll make an exception for you!
—When Zotye's fraud was exposed, Ying Jianren curiously approached President Yu, wanting to know how the other party had discovered it. President Yu told him, "Oh, short selling and car manufacturing are both my sweet spots."

Ying Jianren angrily called President Yu, saying that he had already yielded before, so why was he still being shorted? President Yu apologized, "I'm sorry, I'm used to shorting."

—Ying and his team have racked their brains to smear the king of short sellers, but the problem is they don't have much brainpower left.

—Mr. Yu: I remember now, I remember now, I am not that car manufacturer who is belittled by everyone, I am the ruthless king of short sellers!
—A gathering of heroes, no, a meeting of radishes!
—Mr. Yu: Just keep yelling and yelling and yelling!!
Due to restrictions on the domestic stock market, Jinma shares could only hit the daily limit down, but the situation in the following trading days was obviously not good either. The super-hot media coverage would cause a severe stampede and sell-off in the stock price.

Some people reading the widely circulated research report suddenly discovered something: the content was arranged almost exactly like an article on Weibo that previously smeared Silicon Carbon Group, mentioning related-party transactions, suspected subsidy fraud, and shadow companies. It was as if they had just changed the company name and published it.

However, what carbon silicon doesn't know is that Tie Niu and Zotye are definitely real!
Who was behind this? Who else could it be?
Xu Xin also saw the sudden situation almost immediately and instantly thought of the increasingly incomprehensible head of the silicon carbon industry.

She had been aware of Ying Jianren's statement from Tieniu Group, but she did not expect that President Yu's counterattack would be so swift and ruthless, and that it would actually expose the other party's fraudulent activities.

Looking at it this way, Mr. Yu's initial skepticism is remarkably consistent with his current situation.

After quickly browsing the relevant information, Xu Xin learned that President Yu had already set off for Hong Kong. After thinking for a moment, she called Li Song, who had been appearing and disappearing mysteriously recently.

She cut to the chase: "Did Mr. Yu short Jinma?"

Li Song immediately denied it: "No."

Xu Xin exclaimed in surprise, "Isn't it President Yu? Really not? Then how could you have found Zotye's problems so quickly?"

"Of course not. Jinma doesn't allow margin trading or securities lending, so it can't be shorted at all," Li Song said matter-of-factly. "So, how can you say that President Yu is shorting Jinma?"

Xu Xin laughed in exasperation, realizing that she was just saying it out of habit.

She said with a hint of anger, "Why are you arguing with me like that! I'm asking you, wasn't this done by President Yu?"

"I guess so," Li Song said with a hint of pride. "I didn't even meet President Yu. I just chatted with Zhang Yangxu a few times, met with someone who wanted to join Guoshanfeng, and then we took people to conduct on-site research. In the end, we locked onto Zhao Yong of Yongduo Auto. We coaxed and intimidated him into submission. Zotye and its dealers had a major conflict of interest. This was a real bloodbath!" He sighed with regret, "It's just that Jinma couldn't be shorted, otherwise... Sigh, meeting President Yu made me realize that shorting can be so easy. What a waste of my life!"

Xu Xin frowned: "Zhang Yangxu? So that was President Yu's instruction? How was it given?"

Li Song briefly explained the key points of the matter, demonstrating an expert's approach to identifying problems. These included the time-limited nature of the recommended catalog for new energy vehicles, the industry's tiered subsidy system, and the loopholes in the self-declaration of VIN codes.

He concluded by saying, "In short, four words: handling things with ease!"

Xu Xin murmured, "With ease? Indeed, with ease."

She remembered the joke she had just seen: short selling and car manufacturing, this time it really was President Yu's double dessert zone.

However, Xu Xin did not expect that if Ying Jianren really had a problem, how could he still dare to be so disrespectful?
Oh right, there was another person who rushed up to President Yu earlier.

Xu Xin expressed this confusion.

"What's so strange about that?" Li Song scoffed. "You've been in the investment business for years, haven't you seen your fair share of idiots? Stupid ones aside, how many bad ones haven't you seen? There are plenty who are both stupid and bad. Look at Guo Shanfeng's past short-selling records, do you still have a soft spot for listed companies?"

Upon hearing this, Xu Xin's confusion vanished instantly.

Just as she was about to speak, she suddenly heard airport flight announcements in the background of the phone. After a moment of surprise, she asked, "Where are you? Where are you going?"

"Huh? Um, not going anywhere." Li Song coughed. "Well, I'll finish my research on Zotye's dealers today and go back to Shanghai tomorrow."

Xu Xin didn't believe such nonsense. Thinking about her husband's obsession with the "King of Short Sellers," she immediately asked, "You're going to Hong Kong? What are you going to do there! Don't go looking for trouble!"

“How am I looking for trouble?” Li Song didn’t hide it. “The King of Short Sellers is making a public appearance in Hong Kong, I have to go and see him! Even if President Yu doesn’t take me, I can still be a spectator!”

Xu Xin retorted angrily, "Are you crazy! There are so many reporters over there, and you went with them. What will people think of me? How am I supposed to explain myself!"

Li Song retorted, "Can you really explain it clearly right now?"

Xu Xin was completely stunned.

"Stop fooling yourself! Your husband is a short seller!" Li Song declared vehemently. "Your key business partner is a short seller! Your mahjong buddies are short sellers! Do you think people outside are looking at you right now?!"

Xu Xin: "..."

Li Song was exceptionally clear-headed: "President Xu, open your eyes and look at the world. People now think you're a member of the King of Short Sellers, and what about that Xiong Xiaoge? Don't others think so too? It's just that no one will say it to your face!"

He continued, "Anyway, I'm going to learn short selling from Mr. Yu. If the 'over-the-peak' has been exposed, so be it. Mr. Yu is the king of short selling, not the 'over-the-peak'. If Mr. Yu wants to, he can create many more 'over-the-peak's in the future. Since it's hard to say, I might as well follow along and enjoy the benefits."

Xu Xin: "You..."

"Moreover, regarding this shorting of Jinma, I discovered something I had previously overlooked," Li Song said earnestly. "In the past, President Yu had to keep his shorting activities secret. Now, he is a well-known king of short sellers, with countless resources at his disposal. He might have had some reservations before, but now in China, it's not easy to hire or find people. Legitimate companies are fine, but those fraudulent companies are better off not appearing in front of President Yu."

Hearing this, Xu Xin sighed deeply: "I suddenly have a similar feeling to that of a few years ago. Too sharp, too sharp is not good."

Li Song sneered, "I think President Yu has reached this point, so this is how it is."

Xu Xin sensed her husband's unprecedented determination. After a moment of silence, she said, "Sigh, they're dragging people into this mess, forcing long positions to turn into short positions."

"Hehe, this time shorting Jinma, tsk, the answer really is right there in the riddle." Li Song savored the success of this operation. "Ying Jianren also said that what he said was the final question."

Xu Xin couldn't stop Li Song's advance, but upon hearing this, her thoughts raced, and she asked a question: "If Tie Niu really has a problem, is LeEco far behind?"

Li Song was shocked: "President Yu had asked me for LeEco's materials before."

The Jinma incident is a confirmation of Mr. Yu's previous judgment. What about his previous judgment on LeEco?

The phone suddenly went silent on both ends. The couple had a feeling that if the Golden Horse Awards were going to fail, LeEco's fate seemed to be just around the corner.

……

The flight from Shanghai arrived in Hong Kong at 5:30 p.m., and the group from the Silicon Carbon Group discreetly traveled by car to their hotel.

Yu Xing, Cui Zhiyu, and others also wore large black face masks, giving them the appearance of celebrities traveling together.

"Mr. Yu, what are you looking at?" Cui Zhiyu noticed that his boss had been staring outside the car.

“This is my first time in Hong Kong,” Yu Xing replied. “I want to see if our car is on the streets here.”

Cui Zhiyu laughed and said, "Hong Kong uses right-hand drive, so there definitely aren't any here."

Yu Xing nodded and looked at it for a while longer: "I think we can consider overseas operations next year, like in Australia where there is no place to protect us. I just don't know if the king of short selling will have any impact."

Cui Zhiyu couldn't answer that question; the "King of Short Sellers" certainly had a huge influence.

The group arrived at the hotel, but before they even got out of the car, they saw media reporters waiting outside.

Yu Xing was still somewhat uncertain: "Are there really any celebrities coming?"

Cui Zhiyu was now 100% certain: "The news has definitely been leaked."

Outside the hotel, there were numerous reporters with their cameras and microphones, and cars were surrounded by them.

Yu Xing waited for his security personnel to separate the crowd before getting out of the car and heading towards the hotel.

The "King of Short Sellers" made his first public appearance since being exposed, with flashbulbs going off constantly and a barrage of questions flying around.

Just as Yu Xing was about to step into the hotel, he heard a new question about the Golden Horse Awards scandal.

He glanced at the reporter who had asked the question and gave a brief response: "I'm surprised. He's very brave."

(End of this chapter)