At the exact same time Fanhai was being shorted by major institutions, Jing Tianping’s “Tianping Supermarket” was truly divorcing itself from Fanhai.

Fanhai first acquired Xianglong Live from Qinghui. Afterwards, because Jing Bo resolutely opposed the merger agreement with Xianglong, Jing Hong had no choice but to liquidate his shares in Wujie during a new round of financing—completely “abandoning” Wujie to foster Xianglong instead, just as he had discussed back then.

Jing Bo’s choice was not hard to understand. Jing Bo wanted to be CEO and wanted management control. History had fully demonstrated that even if Wujie and Xianglong merged, Jing Bo—having lost the CEO seat—might not be able to stay in the end anyway. Ultimately, he would be left with only money and no company; however, money was the one thing Jing Bo did not lack.

Just over two years after Jing Hong took the reins, both Jing Bo and Yang Shuo were swept out the door by him within a matter of months, with not a single one remaining. Jing Tianping, who had been supported for over a decade, naturally couldn’t stomach this and immediately announced he was severing ties with Fanhai to establish an independent entity. Furthermore, because Jing Tianping had already broken off relations with Jing Hong by pressuring the shareholders, things had reached a point where Jing Tianping had no choice—it was impossible for him to continue entrusting the management of Tianping Supermarket to Jing Hong.

Jing Hong had anticipated this and held no regrets.

In Jing Hong’s eyes, although “livestreaming” as a whole was inferior to Qinghui’s side—where Qinghui made a fortune daily through e-commerce livestreaming—the gaming sector absolutely could not be lost. Otherwise, Fanhai’s future would be in peril, as gaming revenue accounted for one-third of Fanhai’s total revenue. In Jing Hong’s view, Xianglong’s CEO possessed strong capabilities and a sharp vision, aligning far better with his requirements.

Fortunately, Zhou Chang did not hold a hobby of investing in companies purely to destroy them, nor did he like playing “Gu warfare”—letting Qinghui’s game livestreaming and its invested Xianglong Live compete to the death just to breed a single “Gu King”. At Xianglong’s request, after negotiating several times with Fanhai and securing benefits, he let go of Xianglong Live. He wanted to build Qinghui’s own gaming livestream platform and focus on it wholeheartedly; currently, various metrics were showing an extremely rapid upward trend.

After the announcement was made, various tech and finance bloggers posted their commentary one after another:

Financial Little Wang: Ah! Xianglong Live! The 21st century’s version of recognizing a thief as one’s father!!! Even Yang Kang would bow in defeat!!!

Shanghai Financial Beauty retweeted Financial Little Wang:

What nerve to talk? Xianglong Live’s Qinghui Daddy has already fathered a birth son! They don’t want this adopted one anymore! If Xianglong doesn’t figure out a way themselves, they’ll be abandoned by Daddy and crushed to death by Daddy! To survive, Xianglong got down on its knees to beg Qinghui Daddy: Daddy, spare my life! I’ve already found a new adoptive father!!! The new adoptive father is giving you so much money!!! Could you please, for the sake of old times and piles of cash, let me go? [Sob][Sob][Sob]

However, the public’s focus quickly shifted to another matter—the conflict within the Jing family.

Jing Tianping publicly announced a complete decoupling from Fanhai. He would no longer hand over operations to Fanhai, would reclaim all management rights, and would not renew business cooperation regarding fresh produce with Fanhai upon the contract’s expiration.

At that time, Fanhai was being shorted, and its stock price sat at an all-time low. Thus, after Jing Tianping delivered his high-profile “decoupling” speech, Fanhai’s stock price plummeted once again.

For a time, “Fanhai Group Brothers’ Discord” became the biggest commercial event. Industry insiders speculated on what had happened within the Jing family, ultimately determining it was related to “Wujie Live”.

Capital Moth: If it loses “Tianping Supermarket,” Fanhai Group risks withdrawing from the tens-of-billions fresh produce track. Building new frontline warehouses for fresh produce now is far too late. If Tianping Supermarket becomes independent, the blow to Fanhai will be immense.

Some professionals offered “explainer” posts:

Shanghai Financial Beauty: Exactly, exactly! Let me give a brief explainer on the “fresh produce circle”! Back then, Qinghui’s Zhou Chang was extraordinarily decisive—he dumped massive funds into constructing large frontline warehouses for fresh produce inside commercial districts, squeezing delivery times for white-collar workers to an absolute, terrifying extreme! He snared a massive audience.

But was Fanhai’s Jing Hong any push-over??? Quickly, he leveraged “Tianping Supermarket”! He used the supermarket’s refrigerators and freezers as storage hubs for fresh produce, cutting out massive costs. Not only were delivery times short, but delivery fees were also low! He instantly reclaimed the advantage.

However, let me clarify: Fanhai actually got dumb lucky this time! Could Zhou Chang not think of “using supermarket fridges and freezers as storage for fresh produce”? No, he could think of it, but by partnering with a supermarket, Qinghui Group could hardly guarantee fresh produce quality because it wouldn’t hold management control.

To give an extreme example: what if the supermarket staff didn’t store the fresh produce properly and just tossed it on the floor? Qinghui would have no recourse; those supermarkets belonged to others, so Qinghui couldn’t manage them or monitor them. Even if the supermarket smeared dirt on the items, Qinghui wouldn’t know. Hence, Zhou Chang abandoned that path.

As for Fanhai—hahahaha, wasn’t it a coincidence? Jing Tianping was incompetent, so Jing Haiping’s parents forced Jing Haiping to manage the supermarket for Jing Tianping, collect management fees, and act as a worker for Jing Tianping. In the end, it actually worked out. Which means, through a roundabout way, Fanhai held management over Tianping Supermarket! But now, tsk tsk tsk, with Fanhai undergoing this upheaval, signals of war are rising again in the fresh produce market!

Comments below read:

What “signals of war rising again”… If Fanhai is done for, only Qinghui remains. When those two fought before, the 3rd, 4th, and 5th places all kicked the bucket long ago! Just like when Coca-Cola and Pepsi fought, Future Cola disappeared; when Wanglaoji and Jiaduobao fought, Heqizheng vanished. Every time Fanhai and Qinghui battle it out, #3, #4, and #5 are like: Help!!! I’m terrified!!!

Capital Moth continued the explainer:

Not just fresh produce, but also “New Consumption”. Over the past two years, “New Consumption” has been a massive trend—domestic cosmetics, domestic beverages, domestic snacks emerging in endless streams. Fanhai doesn’t manufacture these things, but these items all take off via the internet: posting reports and reviews online, starting with Key Opinion Leaders before moving to regular users to take the internet marketing route. Now, to bolster online marketing and capture more “New Consumption,” offline supermarket coordination is extremely vital—such as granting eye-level shelf space and useful promotions, enticing New Consumption vendors to lean their marketing budgets toward Fanhai.

Financial Little Wang: Other bloggers have said all there is to say about the impact on Fanhai’s operations, so I won’t repeat it. However, these factors alone aren’t enough to trigger a stock collapse. The crash is partly due to operational impact, but partly because investors are questioning Jing Hong’s ability to win people’s hearts—falling out even with his own uncle. Is he still too young after all?

As the stock price dipped further, Fanhai’s shareholders could no longer sit still.

They questioned Jing Hong once again: “‘Tianping’ is truly going independent, what’s going on?!”

Yet Jing Hong maintained the same response: “It will come back, and this time it will merge into Fanhai—belonging entirely to Fanhai. Jing Tianping acted ugly; I can act even uglier. Fanhai Group will never be choked by this matter again.”

……

Afterward, without hesitation, Jing Hong retrieved all data from the period when Fanhai managed “Tianping”.

Then, Jing Hong began making arrangements.

In 2018, financial regulations grew stricter. Jing Tianping’s “Tianping Supermarket” had always been handed over to Fanhai for management, but as an independent company, its finances were settled independently. Because its development momentum was quite good, “Tianping Supermarket” was still selecting new locations and constructing new stores.

Profits in the retail industry were low; thus, to seize new commercial districts and prime locations for sustained profitability, Tianping Supermarket’s “expansion” relied primarily on bank loans.

Yet over the years, Jing Tianping had rarely meddled in “management”. He perhaps didn’t realize at all that the reason “Tianping Supermarket” could secure astronomical loans, select new locations, build new stores, gain the upper hand against rival supermarkets, and continuously boost sales was not because of “Tianping” itself, but because of its relationship with Fanhai Group.

In other words, relying solely on “Tianping Supermarket’s” own turnover and net profit, it was actually insufficient to secure loans of that magnitude from banks. The main reason major banks were willing to lend “Tianping” so much money without worrying about default was largely due to Tianping Supermarket’s ties to Fanhai Group—and its connection to Jing Haiping and Jing Hong.

The suppliers were no different. Like other supermarkets, Tianping Supermarket would delay various payments to suppliers. One key reason these suppliers “trusted” Tianping was also its connection to Fanhai Group. High turnover with low profit margin was typical for the retail industry, and retailers delaying payments was an industry “unspoken rule,” sometimes dragging on for half a year or a full year.

Jing Tianping had completely underestimated Fanhai Group’s deep influence on Tianping Supermarket.

Due to expansion, Tianping Supermarket’s debt ratio was actually quite high, holding 7 to 8 billion in short-term borrowings and tens of billions in payable bonds.

Jing Hong instructed his assistant Tan Qian to notify all of “Tianping’s” lenders that Fanhai Group no longer held any connection to Tianping Supermarket. “Tianping Supermarket” actually had loans across various major banks that exceeded its actual repayment capability; back then, those loan agreements contained clauses regarding “Fanhai Group managing Tianping,” which Jing Tianping had paid little attention to.

Instantly, several banks re-audited “Tianping Supermarket’s” loan status. Stating that a major change had occurred in Tianping’s circumstances, they demanded that “Tianping Supermarket” immediately repay a portion of its loans. As for the unreleased loan portions, they naturally withheld them, given that project loans were disbursed in installments.

At the same time, upon hearing about Tianping Supermarket’s situation, various suppliers rushed in to demand payment, withholding all new inventory. A few grew frantic, even issuing lawyer’s letters and drafting indictments, warning Tianping that they were preparing to sue.

If Jing Tianping were listed as a dishonest judgment debtor, the impact on his son would be severe.

Moreover, if the crisis continued to escalate, Jing Tianping’s “Tianping” shares would be hard to transfer. If debt enforcement was mandated and bank accounts frozen, “Tianping” might ultimately collapse, leaving all shares as worthless paper.

By separating from Fanhai Group, “Tianping” instantly plunged into crisis.

Of course, not all banks and suppliers kicked him while he was down; some long-term suppliers allowed Tianping to delay payments a bit longer, showing great loyalty and goodwill.

Regarding the single largest supplier, under Tan Qian’s coordination, Jing Hong engaged in an audio call with the company’s CEO.

“CEO Zhu,” Jing Hong said calmly with just one sentence, “there is a common saying: ‘A gentleman does not stand beneath a dangerous wall.’“

CEO Zhu: “…”

It was a blatant threat, yet CEO Zhu was powerless to resist. The next day, that company joined the ranks of those demanding immediate repayment.

……

Jing Tianping was left with no options; no banks were willing to extend loans to him, and construction projects for several new Tianping supermarkets ground to a halt. Yet a halted construction site was extremely dangerous, wasting labor and money every day. Even large real estate companies could not endure “halted construction sites”—it was a complete vicious cycle.

Based on Tianping’s net profit, it also failed to meet the conditions to issue further bonds.

Finally, someone advised Jing Tianping: “You can try reaching out to CEO Zhou of Qinghui. As Fanhai’s longtime rival, Qinghui might lend you money to help turn your capital around and weather the crisis. Both Fanhai and Qinghui hold vast amounts of cash on their balance sheets and have the capacity to do so.”

Jing Tianping had no choice but to follow suit.

However, despite saying he “had no choice,” Jing Tianping actually believed that given the competitive relationship between Qinghui and Fanhai, and between Zhou Chang and Jing Hong, there was an eight-to-nine-out-of-ten chance he could secure this loan.

The day after MindMedicine announced the completion of its Phase I clinical trial, Jing Tianping met with Zhou Chang in person at Zhou Chang’s office.

When Jing Tianping arrived, Zhou Chang was still reviewing documents. He didn’t even raise his head, merely uttering calmly, “Sit,” while slightly gesturing toward the chair across his desk with his finger.

Having no alternative, Jing Tianping sat across from Zhou Chang.

Zhou Chang appeared to be reading a document that someone else had already reviewed. He radiated impatience all over. The document was only two pages long, yet when Zhou Chang turned the page, he made a sharp, impatient snap with the paper. Knitting his brows, he flipped and cursed under his breath: “Handwriting like a dog’s crawl.”

For some reason, even though the anger wasn’t directed at him, Jing Tianping’s heart thudded nervously.

Once finished, Zhou Chang tossed the document aside and finally raised his head. Interlocking his fingers, he glanced at Jing Tianping and asked: “This CEO Jing—the CEO Jing who is neither the old CEO Jing nor the young CEO Jing—to what do I owe the honor of your visit?”

“…” Jing Tianping actually felt Zhou Chang was far from friendly; that phrase “neither the old CEO Jing nor the young CEO Jing” carried a subtle trace of irony. Nonetheless, he pushed a proposal toward Zhou Chang and said, “Tianping has just separated from Fanhai, and liquidity is currently a bit tight. CEO Zhou may have heard that due to the decoupling, the repayment pressure is a bit heavy all at once.”

Zhou Chang glanced at the clock on his desk and asked, “And?”

Seeing Zhou Chang’s demeanor, Jing Tianping unconsciously quickened his pace of speech. Pulling out a document, he stated: “‘Tianping Supermarket’ operates very well, with revenue reaching nearly 60 billion—one-tenth of Qinghui’s. We hope Qinghui Group can extend a loan to Tianping to help us navigate this crisis.”

“Oh?” Zhou Chang’s expression turned into a faint, half-smiling smirk. “What benefit does Qinghui gain from doing that?”

“The benefit,” Jing Tianping replied, “is that it can deal a heavy blow to Fanhai. Currently, multiple Fanhai operations are tied to Tianping. For example, Tianping Supermarket serves as the storage hub for Fanhai’s fresh produce business. If Tianping can operate normally without relying on Fanhai, Fanhai won’t be able to compete with Qinghui in this tens-of-billions fresh produce track. For another example—”

After hearing him out, Zhou Chang remarked: “Not very attractive. I don’t trust Tianping Supermarket’s operational capability—meaning its repayment capability—once independent. This money would likely go down the drain. Qinghui has already finished constructing its own frontline warehouses and has no need for Tianping Supermarket. Furthermore,” Zhou Chang offered a subtle smile, “you are out of touch, and your online news is outdated. This quarter, Qinghui and Fanhai’s market shares in fresh produce have returned to the same level.”

By leveraging Qinghui’s big data, the locations for Qinghui’s fresh produce frontline warehouses were all selected with extreme precision, targeting areas where nearby customers possessed higher income levels and spending power.

Simultaneously, a few months prior, to compete with Fanhai in “fresh produce,” Zhou Chang had devised a solution: allocating a small portion of the frontline warehouses to open “Workshops”—including “Fish Workshops,” “Meat Workshops,” “Fruit Workshops,” and so on. Customers could not only buy fresh produce but also enjoy cooking services; they could order in-store or place orders via the app. In other words, Qinghui could now offer simple processing of fresh produce—such as descaling, slicing meat, or even deep-frying—whereas Fanhai, constrained by “Tianping Supermarket,” lacked its own frontline warehouses and could not provide such services.

Riding on these “Fresh Produce Workshops,” Qinghui experienced explosive growth, raising signals of war in the fresh produce domain once again. Zhou Chang actually held full confidence in Qinghui’s new strategy and didn’t even want to force Fanhai into building its own frontline warehouses.

“This…” Jing Tianping was somewhat bewildered.

Prompted by Zhou Chang, Jing Tianping only then recalled that a few months ago, the young girl Jing Yu seemed to have mentioned something about workshops while eating at his home. She had said it caught Jing Hong off guard, and Jing Hong had even evaluated Zhou Chang as “a true game-changer who can turn the tide on any settled matter.” But back then, the “Wujie” incident hadn’t occurred yet, so he had quickly forgotten about it.

Jing Tianping paused for a long while, his mind blank, before regaining his train of thought and adding: “Or… or… Qinghui can inject capital into Tianping, and I am willing to yield some shares of Tianping Supermarket…”

“Ha,” Zhou Chang let out a chuckle. “I already said: ‘I don’t trust Tianping Supermarket’s operational capability—meaning its repayment capability—once independent. This money would likely go down the drain.’“

“That’s not it,” Jing Tianping argued. “Qinghui Group can also dispatch two senior executives…”

“Don’t want them,” Zhou Chang interjected. “It offers no substantive help to Qinghui’s overall strategy, and Qinghui doesn’t do pure financial investments. Besides…” Zhou Chang added, “If I wanted a supermarket, I could acquire a far better one. There’s no need to throw in a few executives—talent is scarce these days.”

“…” Jing Tianping refused to believe Zhou Chang was genuinely uninterested. He spoke up once more: “As long as Tianping goes independent, investors will doubt Jing Hong’s management capabilities—failing out even with his own family. This will definitely be a massive blow to Fanhai, and an exceptionally good opportunity for Qinghui.”

Not a single ripple stirred in Zhou Chang’s eyes; his gaze even turned slightly cold.

Jing Tianping had studied abroad as well and knew some half-baked English. Seeing Zhou Chang like this, Jing Tianping pressed with a follow-up: “A loan, or an investment, either is fine, OK?”

Zhou Chang looked at him, his gaze bordering on cruel. Without even glancing at the document, he picked it up and tossed it right back at Jing Tianping. Then, the corner of Zhou Chang’s mouth tugged up as he replied with a single word of English:

“Nope~”