A song from Chengdu revived a closed-down pub.

At 10:00 a.m., the stock exchange issued an inquiry letter to Tengfei Group.

The company is required to explain the relationship between the fund in question and the listed company, whether the relevant guarantees have undergone internal approval and information disclosure procedures, and whether the abnormal transfer of fund funds will have a significant impact on the listed company's operations and debt repayment ability.

Ascendas Group quickly issued a temporary announcement.

The announcement stated that the fund in question is not a controlling subsidiary of the listed company. The fund account was previously frozen to cooperate with the investigation by relevant departments. Currently, the relevant account has been restored to normal, and all business operations of the company are proceeding normally.

However, this announcement not only failed to stabilize the market, but also attracted more questions.

Because the announcement did not clearly state how much responsibility Tengfei Group should bear for those performance-based agreements.

It also did not specify how much of the funds that had already been transferred could be recovered.

Just then, the second batch of materials was posted online.

Several guarantee agreements bearing the seals of companies affiliated with the Tengfei Group, along with their repurchase clauses, were intercepted and quickly spread.

"They just said they had nothing to do with the listed company, and then the guarantee agreement was exposed?"

"Isn't this just avoiding the main issue?"

"They won't even say how much money they guaranteed; it seems the problem is more serious than we thought!"

"If they dare to play word games in their very first announcement, how credible are their subsequent statements?"

……

Tengfei Group's initial response was thus seen as an attempt to cover up the truth.

At the same time, several banks that had partnered with Tengfei also called.

Although no immediate prepayment was requested, it was stated that a reassessment of Ascendas Group's risk level was needed.

Several new credit lines that were already nearly finalized have been temporarily shelved.

Several cultural and tourism projects under construction have also been affected.

Some construction companies are requesting settlement of project payments.

Some equipment suppliers have proposed that subsequent deliveries must be made with cash payment.

Some local partners have also requested that Tengfei Group provide new performance guarantees.

On travel platforms, there has also been a surge in inquiries about scenic spots under the Tengfei Group.

Some people are worried that the scenic area might suddenly close.

Some people are requesting refunds for unused annual passes and vacation packages.

Some people even posted photos of a scenic spot undergoing normal maintenance online, claiming that Tengfei's projects had been completely halted due to a broken funding chain.

What was originally just a turmoil in the capital market is rapidly spreading to the actual business of Tengfei Group.

The atmosphere in the conference room of Tengfei Group was extremely tense.

The group's senior management, finance director, legal counsel, and several major shareholders were all gathered here.

The phone on the table was almost constantly ringing.

Just as Ye Sicheng hung up the phone with one bank, the person in charge of another partner called.

After he finally finished dealing with the matter, his assistant quickly walked into the conference room.

"Mr. Ye, the construction company for Yunhu Resort has asked us to settle the previous phase of the project payment within three days. Also, Donglin Cultural Tourism has suspended the signing of new projects, saying that they need to reassess the group's ability to fulfill its obligations."

One shareholder couldn't help but say, "If this continues, even if the company didn't have any cash flow problems to begin with, they'll force us into them."

"How about we take money from the group's account first to appease those investors?"

The legal representative immediately objected: "At present, the validity of some guarantee agreements has not yet been clearly verified. Rashly using the listed company's funds to make payments for the fund could be considered as a transfer of benefits, or even an infringement on the rights and interests of minority shareholders."

"We can't just stand by and watch the stock price keep falling, can we?"

"Stock price is important, but compliance is even more important. If we do something illegal in order to save the stock price, the consequences will only be more serious."

……

The meeting room immediately erupted into a noisy argument.

Ye Sicheng sat in the main seat, feeling a throbbing headache coming on.

He finally realized that the other party's real brilliance lay not in releasing a few negative news stories.

Instead, they used these dubious messages to turn everyone associated with Tengfei into debt collectors.

Investors are demanding money, banks are tightening credit lines, construction companies are requesting settlement, partners are demanding guarantees, and tourists are applying for refunds.

Each person's choice, viewed individually, seems to be without fault.

But when everyone does this at the same time, it is enough to form a torrent that drags down the Tengfei Group.

……

The atmosphere was equally somber inside the Ye family's old residence.

Ye Beichen sat in the living room, looking at the screen where Tengfei Group's stock price was firmly locked at the daily limit down, his face revealing little emotion.

Zhao Ling asked with concern, "Dad, everyone's saying the company is going to go under. Is that true?"

"Even listening to half of what's said online is too much," Ye Beichen said.

Ye Wangcheng's expression was not so relaxed: "Although the news on the internet is exaggerated, the reactions of the banks and partners are real. Once this panic continues to spread, the false will be made real by them."

Ye Yun asked, "Has your second uncle found out who leaked the information?"

"No." Ye Wangcheng shook his head. "The accounts that first broke the news can't be traced back to any specific source, and the information has been processed. However, it's certain that this isn't an ordinary media report. The other party has too much detail in their hands, and the timing of releasing the information is too methodical. The first batch was about the freezing of the fund and the transfer of funds. After Tengfei responded, the second batch of guarantee agreements was immediately released. This is clearly waiting for Tengfei to speak before specifically dismantling Tengfei's response."

Ye Beichen said coldly, "Some people don't just want the Ye family to pay back the money; what they want is the Tengfei Group."

The expressions on everyone's faces turned serious.

……

When Su Fan saw the news, Tengfei Group was already at its daily limit down, locked at that level for the entire morning.

At first, he didn't take it seriously.

Because he knew that the Ye family, with such a large business, wouldn't be thrown into disarray by a few news reports.

But by noon, when the second batch of guarantee agreements was revealed and several cultural and tourism partners announced that they would suspend cooperation, Su Fan realized something was wrong.

"This is not a normal public opinion fermentation; it's more like someone is behind it, controlling the pace of things step by step."

So, Su Fan found Ye Yao, and the two arranged a meeting place.

Seeing Su Fan approach, she forced a smile: "What do you want?"

"The internet is practically sending Tengfei Group into bankruptcy liquidation. I came to see when you plan to close down."

Ye Yao rolled her eyes at him: "Can't you say something nicer?"

"Sure, congratulations to Tengfei Group for hitting the daily limit down today. It's another solid step closer to delisting."

"You'd better shut up." Ye Yao glared at him irritably.

However, his interruption eased her tense emotions somewhat.

Su Fan sat down opposite her: "Tell me, what exactly happened?"

"The company can handle it, you don't need to worry about it."

"I'm not worried about that. I'm just afraid you died without knowing why, so I came here specifically to help you find the cause of your deaths."

Ye Yao frowned and said, "It's not as serious as you make it out to be."

"Really?" Su Fan took out his phone and laid out several news articles in front of her one by one. "If this were to spread naturally, the coordination of those people would be far too perfect."