In Hong Kong, we build a global business empire

Watching the discussion, John Reed breathed a deep sigh of relief; the situation was developing as he had expected.

When everyone had stopped discussing, he stood in front of the whiteboard and said with a smile, "Everyone's evaluation of Mr. Lin is very accurate. I wonder if everyone has seen the latest edition of Forbes magazine that was released this morning. I think that as Mr. Lin's partners, we should do something."

Upon hearing this, several executive directors present nodded in unison, clearly indicating that they had all seen it.

Forbes has a significant influence in the American business world. Many business people can obtain the latest industry trends and in-depth analysis through Forbes magazine, and its profiles of prominent figures have, to a certain extent, defined the power and prestige landscape of the business world.

Therefore, in each issue, Forbes will dedicate an article to reporting on a particularly outstanding business leader.

This issue of Forbes features Lin Haoran, Hong Kong's richest man who has recently risen to fame.

Most importantly, when Forbes reports on a business tycoon in the past, it mainly focuses on praise, mainly talking about how the person succeeded, how insightful they were, and how they led their company to glory.

This is a tradition, and also a tribute to top business achievements.

However, this report on Lin Haoran is unusual.

One of the executive directors, who clearly hadn't read it yet, asked curiously, "This morning's magazine? Is there anything special about it?"

John Reed answered directly: "In the latest issue of Forbes magazine today, they published a feature article about Mr. Lin."

The article, titled "The End of the Bubble: Why Did Lin Haoran's Wealth Myth Collapse Overnight?", claimed that his wealth had shrunk by 40%-50%, and that the authority of the rich list had collapsed.

On the surface, the article discusses the rise of this "mysterious young tycoon from the East," but between the lines it is full of hints, doubts, and even subtle denigration, suggesting that Lin Haoran's success was due to "luck or information asymmetry."

It questions the transparency of Mr. Lin's wealth sources, suggesting that his success may be related to certain 'non-market factors', and attempts to attribute his investment miracle to 'luck' or 'information asymmetry' that are difficult to replicate.

In particular, Mr. Lin's Oriental Media Group recently released a list of Hong Kong's richest people, which, as everyone knows, also sparked considerable discussion in the United States.

The reason, of course, is Mr. Lin's wealth of HK$678 billion on the rich list. I think everyone should know that Forbes published an article questioning the transparency and lack of basis of the rich list data, which caused quite a bit of controversy in the United States at the time!
Later, Forbes published a crisis warning article about Hong Kong's real estate industry, which reportedly quickly reached Hong Kong, triggering a real estate crisis there.

At this point, many people present nodded in agreement.

They were naturally aware of this matter. Twenty days had passed since the Hong Kong Rich List was released, so the buzz surrounding the Hong Kong Rich List in the United States had gradually dissipated.

However, everyone knew that Forbes published that article questioning the Oriental Media Group back then.

Unexpectedly, they are now directly targeting Lin Haoran himself.

John Reed continued, "Forbes' three consecutive articles about Hong Kong are clearly aimed at Mr. Lin Haoran himself. As you all know, Forbes had planned to publish a list of America's richest people long ago, and many of you here have probably even been personally visited by his boss."

As far as I know, the reason is that Mr. Lin's Oriental Media Group was the first to release the rich list, causing Forbes to lose its global first release of the "rich list", which thoroughly angered the other party.

This morning, Forbes published an article about Mr. Lin, which, as far as I know, has already caused quite a bit of controversy in the United States.

Because he successfully predicted the decline in US stocks, Mr. Lin has gained many fans in the United States. However, many Forbes magazine supporters have begun to question Mr. Lin because of this Forbes article.

Some believe his rich list is inaccurate and exaggerated, that his wealth is built on a bubble that could burst at any moment, and some even question whether his accurate prediction of the US stock market decline was just another stroke of luck or the use of some kind of insider information.

After he finished speaking, he took out more than a dozen copies of Forbes magazine that he had prepared beforehand and distributed them to the executive directors present.

Everyone immediately noticed the photo of Lin Haoran on the magazine cover, which was a photo of him giving a speech at MIT.

Above the photo is a striking headline: "The End of the Bubble: How Did Lin Haoran's Wealth Myth Collapse Overnight?"

The photo shows Lin Haoran in high spirits during his speech, creating a stark contrast with the sense of panic and despair conveyed in the title.

The board members took the magazine and quickly began to read it.

The only sound in the meeting room was the rustling of papers turning over; the atmosphere was so heavy it seemed like it could be wrung out of water.

As they read on, many people frowned more and more, their faces revealing undisguised disdain.

The article begins in a relatively restrained manner, reviewing Lin Haoran's rise in recent years, mentioning how mysterious and suspicious the source of funds was for each of Lin Haoran's acquisitions in Hong Kong, how he became the richest man in Hong Kong in three years, and even vaguely mentioning that the source of funds may be external rather than his own strength.

But soon, the pen took a sharp turn for the worse.

It devotes a large portion of its content to describing the recent turmoil in Hong Kong's real estate market, citing the views of some anonymous "analysts" and "market observers," forcibly linking the decline in real estate prices to Lin Haoran's massive real estate asset portfolio, and arbitrarily concluding that the value of his core assets has shrunk significantly.

What's even more despicable is that the article cleverly compares the rich list data released by Oriental Media Group with the current "market reality," implying that the list is nothing more than a "numbers game built on sand dunes," and alluding to Lin Haoran using the media platform to "create wealth for himself" and "exaggerate his net worth."

Regarding Lin Haoran's feat of accurately predicting the decline of US stocks, which has been verified by the market, the article glosses over it with words such as "amazing coincidence" and "inexplicable accuracy," and meaningfully mentions that "some international hedge funds have also profited handsomely as a result," attempting to establish a vague and suggestive causal relationship.

Reading through the entire article, it doesn't resemble a rigorous business profile; rather, it's more like a meticulously crafted "accusation," substituting speculation for evidence and insinuations for conclusions.

Its core purpose seems to be to firmly attach negative labels such as "bubble", "collapse", "unsustainable" and "information advantage" to Lin Haoran.

However, as Citibank had been cooperating with Lin Haoran for a long time, the executive directors present were very clear that Lin Haoran had truly acquired his wealth entirely through his own abilities.

For example, in 1979, Citibank directly profited $11.4 billion in gold futures, a feat in which it was personally involved. The executive directors present, as top executives of Citibank, were naturally well aware of this.

Subsequently, they introduced Apple to Lin Haoran, who invested ten million US dollars in Apple to acquire a 10% stake. As a result, a year later, he made a profit of two to three hundred million US dollars. At the time, the senior executives of Citibank regretted not investing themselves.

Lin Haoran also invested in Toyota and Sony in Japan, but he used his connections at Citibank to operate discreetly and avoid market fluctuations. They may not know exactly how much he ultimately profited, but it was at least several billion US dollars.

These are just a small part of the investment cases in which Lin Haoran collaborated with Citibank.

There are also many more investments involving Europe, Southeast Asia, Japan, and even the United States. Although Lin Haoran may not have made all of them through Citibank, his accurate vision and strong execution have been repeatedly verified through Citibank's intelligence network and market observation.

With a "whoosh," Chief Risk Officer Mark slammed the magazine shut, but this time, his face showed not only disdain but also a sense of absurdity.

"External funding? Suspicious source?"

He scoffed and said disdainfully, "Everyone here knows that Mr. Lin fought a real battle in the gold futures market with real margin and the leverage we provided."
In that battle, how much did we at Citibank profit from just getting a share? We can see his cash flow clearly in our bank accounts! Every single transaction was clean market profit!
However, Forbes actually claimed that Mr. Lin's source of funds was highly suspicious, suspecting that he was merely a puppet and must be backed by some large conglomerate. Ridiculous! Absolutely ridiculous!

The director in charge of Asian business continued, "We provided localized services and some conveniences for the investments in Toyota and Sony, but the core valuation judgments, entry timing, and position control were all led by Mr. Lin's own team."

He paid the full service fee and complied with all market rules. The subsequent rise and fall of the Japanese market speaks for itself. His success was due to his accurate grasp of trends, and had absolutely nothing to do with any 'mysterious external funds'.

As Li Guowei listened to the rebuttals from these insiders, he felt more confident and proud that his boss had gained the approval of Citibank's top management.

He added at the opportune moment, his tone calm yet weighty: "As far as I know, the main source of funds for all of the boss's acquisitions in Hong Kong is the return of profits from previous global investments."

The assets it acquired, whether shares in Hongkong Land, Hutchison Whampoa, Wharf Holdings, and Hang Seng Group, or equity stakes in public utilities such as Hong Kong Telephone, Hong Kong Electric, and Kowloon Motor Bus, are all core, high-quality assets of Hong Kong's economy, with reasonable valuations and transparent pricing.

The idea that "wealth is built on bubbles" is pure nonsense. A serious study will show that my boss really likes to privatize listed companies directly, such as Hongkong Land, Chow Sang Sang, and Oriental Media Group.

If companies like Hong Kong Electric Holdings, Hong Kong and China Gas, Kowloon Motor Bus, and Hong Kong Telephone were not privatized due to their public utility nature, my boss might have already made them completely private companies.

This clearly demonstrates that my boss, Mr. Lin Haoran, has very ample funds.

Xiangjiang Real Estate has indeed made adjustments recently, but the owner's asset portfolio has a high proportion of commercial real estate and rental properties, and the cash flow is very stable. Moreover, companies with real estate businesses, including Hongkong Land Group, Hong Kong Electric Group, and Wanqing Group, have already completely eliminated their debts, making them highly resistant to economic cycles.

Therefore, the so-called 'overnight collapse' is nothing but alarmist talk.

As the former general manager of Hengsheng Bank, Li Guowei was clearly more aware of how powerful Lin Haoran was in Hong Kong.

This clear understanding is something that these Americans, thousands of miles away, could hardly comprehend.

Li Guowei's words were like the last drop of water being thrown into a boiling oil pan, instantly igniting the emotions of everyone in the conference room.

That wasn't just a rebuttal; it was a clear depiction of the solid outline of Lin Haoran's business empire from the perspective of an insider. A financial behemoth that favors cash flow, focuses on core assets, and even has the ability to privatize numerous listed companies, possesses a level of financial health and stability far beyond what that superficial Forbes article could imagine.

"Did you hear that?"

John Reed's voice rang out at the opportune moment, full of power and rousing.

"As one of Mr. Lin's closest assistants in Hong Kong, Mr. Li's testimony is more compelling than any speculation."

Mr. Lin's wealth is not a paper bubble, but a solid castle built from golden assets such as Hongkong Land, Hong Kong Electric, and Hutchison Whampoa!
This is just Mr. Lin's assets in Hong Kong. As we all know, Mr. Lin not only owns assets in Hong Kong, but also has considerable assets in Japan and the United States.

Does Forbes think it can tear down this castle with an article full of prejudice and conjecture?
They are not only insulting Mr. Lin's intelligence and hard work, but also the professional judgment of our most important financial partner and witness at Citibank!

These words immediately won the approval of everyone present.

Indeed, in their view, Forbes's remarks were utterly ridiculous.

HK$678 billion is only about US$113 billion.

Doesn't Lin Haoran have a fortune of $113 billion?
Obviously, this is impossible.

Citibank already knew that Lin Haoran had made billions of dollars in the projects they collaborated on.

There are still many things they don't know.
Not only did they not believe that Lin Haoran didn't have HK$678 billion, but everyone present even shared the same thought: Lin Haoran might have definitely concealed it.

The other party may have more than this amount of wealth.

Only Lin Haoran knows the exact amount he possesses.

Once this idea emerged, it quickly took root in the minds of many directors, bringing an even deeper shock.

Yes, just considering the portion that Citibank was involved in or aware of, there was $11.4 billion in gold futures, hundreds of millions of dollars invested in Apple, a conservative estimate of over a billion dollars invested in Japan, hundreds of millions of dollars shorting FX168, and investments in Imeco…

It is said that there was also stockpiling of crude oil before the oil crisis, which they were unaware of but could find out through intelligence investigations.

All of these factors combined, the known or roughly known figures, already amount to an astonishing number, approaching or even exceeding the HK$678 billion threshold questioned by Forbes.

And this may only be the tip of the iceberg!
This is only part of what Citibank is aware of.

What about Lin Haoran's other investments made outside of Citibank, in Europe, Southeast Asia, and even the United States?
What about the continuous cash flow and asset appreciation generated by his vast industrial and utility equity holdings in Hong Kong?

The "numbers game built on sand dunes" that Forbes magazine mocked is probably the opposite of what the knowledgeable Citibank board members think. The estimates in that Hong Kong rich list may not only not be exaggerated, but may even be seriously underestimated!

The executive directors present started discussing it again.

However, this time they were discussing the denial of Forbes magazine's authority.

“Mr. John, in my opinion, Forbes is not as authoritative as people think; in fact, it’s rather ridiculous!”

"Authority? Forbes' authority is built on their recognition and endorsement of the existing business order."

When an "outlier" like Mr. Lin appears who doesn't play by the rules and can't be easily categorized by their outdated models, their first reaction is not curiosity and learning, but questioning and suppression, trying to incorporate him into a framework they can understand, or even one with a derogatory connotation.

This isn't authority; it's arrogance and ignorance.

"What's even more ridiculous is their way of arguing, which is full of vague and untraceable sources of information such as 'it is believed,' 'analysts believe,' and 'market observers have pointed out.'"

When it comes to Mr. Lin's real and verifiable investment cases, they either downplay them or gloss over them with "luck".

As for their inexplicable successes, such as predicting a decline in US stocks, they imply that it was "just a coincidence" or "a stroke of luck."

How is this logic any different from the medieval practice of attributing inexplicable natural phenomena to 'witchcraft'? The editors of Forbes need to update their thinking.

"Don't forget their previous article that was pessimistic about Hong Kong's real estate market. Now it seems that it was more like 'battle preparation' to coordinate with this attack."

First, create panic and undermine market confidence, then take advantage of the situation to forcibly link Mr. Lin's wealth with the 'collapsed' real estate market.

This manipulation of public opinion and guidance of expectations has deviated from the neutrality and objectivity that the media should uphold, and is more like a premeditated commercial attack.

If their rich list's authority is built on such methods, then that authority is worthless.

"The title and cover design of this article are full of sensational visual violence, such as 'The End of the Bubble' and 'Overnight Collapse,' which are accompanied by a photo of Mr. Lin giving a speech with great energy, deliberately creating a strong and misleading contrast."

This is not serious business reporting at all; it's a cheap trick used by tabloids to grab attention. Forbes is willing to lower its standards for the sake of sales and buzz.

Seeing this, John Reed knew that everyone had reached a high degree of consensus on the contempt and criticism of Forbes, and the atmosphere had reached its peak.

He knew it was time to transform this emotion into a concrete and unstoppable will to act.

He began by saying, “Mr. Walter, and everyone else, Mr. Lin is an executive director of Citibank, and is part of us, so we are already on the same side as Mr. Lin.”

If Forbes targets Mr. Lin without cause, then it is tantamount to targeting Citibank.

If we do nothing, won't we become a laughingstock? Won't people think Citibank is weak and easily bullied? Who will believe that we will stand up for our Citibank partners when they face injustice?

Therefore, inaction is not an option! Silence is defeat! We must act, and act in a way that is clear and transparent to everyone, including Forbes and all potential provocateurs!

We at Citibank should stand shoulder to shoulder with Mr. Lin Haoran!

We don't just share in his glory when he's at his peak; we stand with him without hesitation when he faces storms, sheltering him from the wind and rain, and using our actions to transform these storms into a baptism that enhances his prestige and strengthens the alliance!
These are the real ones!

The words "walking side by side" resonated deeply with every board member when John Reed uttered them.

This word transcends simple "support" or "cooperation"; it signifies a close bond of shared destiny and mutual support.

As everyone knows, Lin Haoran is not just an executive director of Citibank, but also a super-rich man under the age of thirty, a business tycoon recognized by everyone present. This not only represents his current achievements, but also his immeasurable future!

It was hard for those present to imagine what level Lin Haoran could reach in the future.

But they all know that a young man who can accurately seize major opportunities such as the oil crisis, global gold, Japanese stock market, and US stock market fluctuations in just a few years, and successfully build a huge business empire spanning Hong Kong, Japan, the United States, and Europe, has almost unlimited future potential.

He not only possesses an astonishing ability to accumulate wealth, but also demonstrates a strategic vision, risk control ability, and resource integration skills that transcend age and region.

Citibank should take advantage of the fact that such a person is currently being slandered and attacked by others to provide the strongest and most unreserved support.

This is precisely the best time to consolidate alliances and deepen trust, and even an irreplaceable "golden window of opportunity."

At this point, Citibank Chairman Walter Riston finally spoke.

"Ladies and gentlemen, Mr. John is right. There is an old Chinese saying: 'It is easy to add flowers to brocade, but difficult to send charcoal in the snow.'"

For Mr. Lin, this malicious report by Forbes is like a sudden blizzard. Others may be watching, doubting, or even kicking him while he's down.

But for us at Citi, this is precisely a fantastic opportunity to demonstrate our true value and deepen our 'comradeship' with this future business leader!

While others are questioning the 'authenticity' of Mr. Lin's wealth, we should use the strongest voice to tell the world: We believe in him, because we have watched him build this business empire step by step!
When others suggest that he succeeded through 'luck' or 'insider information,' we should stand up for him and tell the world that Mr. Lin's success stems from his unparalleled wisdom and foresight!
When others try to destroy his credibility using words like 'bubble' and 'collapse,' we should stand shoulder to shoulder with them!

At this point, Walter Riston paused for a moment before continuing, "So, since Forbes has declared war on Mr. Lin Haoran, then we at Citibank should also declare war on Forbes!" (End of Chapter)