A song from Chengdu revived a closed-down pub.

Ye Yao fell silent.

Su Fan said, "If it were just those investors wanting their money back, what they would want most is for Tengfei to operate stably and be able to make payments. But now, every single piece of news is damaging Tengfei's credit, forcing banks, partners, and tourists to withdraw funds from Tengfei. If Tengfei is truly driven to collapse, those investors will be even less likely to get their money back. So, demanding repayment is just a facade. What the person behind it really wants is to make Tengfei lose its financing ability, create a liquidity crisis, and then force you to sell high-quality assets or hand over control of the group."

Ye Yao stared at Su Fan for a while, a hint of surprise appearing in her eyes.

She originally thought that Su Fan had just come to inquire about the situation after seeing that something had happened to the Ye family.

Unexpectedly, he was able to guess the other party's purpose quite well based solely on publicly available information online.

Ye Yao no longer concealed anything: "We have indeed discovered some problems. The investors who came to our door yesterday made almost identical demands. They all wanted Tengfei to come up with a complete repayment plan within ten working days. Several small shareholders of other groups have also been contacted by unidentified investment institutions. The prices offered by these institutions are not high, but they promise to help them resolve the funds trapped in the funds. In addition, several companies are also inquiring about the sale intentions of several mature scenic spots and resorts under Tengfei."

Su Fan asked, "Can these investment institutions trace the actual investors?"

"We can't find any information at the moment. On the surface, there seems to be no connection between us."

Su Fan smiled and said, "Then it matches up."

"What matches?"

"Some people are creating panic in front of others, some are buying up assets at low prices behind others, and some are preparing to secretly accumulate shares while the stock price is falling. It seems like there are three groups of people, but in reality, it is very likely that there is only one hand."

Ye Yao's expression gradually turned serious: "Who do you think it could be?"

"Whoever has been eyeing Tengfei's shares, and whoever has profited the most from this crisis, is the prime suspect."

Su Fan did not name names directly.

But Ye Yao already understood who he was talking about.

She said in a deep voice, "You said it was the group of capital that Xiao Ri Zi was involved in. Some of the funds that Ye Xuan transferred out originally flowed to Xiao Ri Zi. Now, someone is taking advantage of the fund's collapse to target Tengfei. These two things cannot be just a coincidence."

Su Fan said, "We can investigate who's behind it all later. Right now, the most important thing is to figure out the internal problems at Tengfei."

"Should internal issues be clearly distinguished?"

"The money owed by the fund is the fund's responsibility, the guarantee provided by the Ye family is the Ye family's responsibility, and how much responsibility Tengfei Group, as a listed company, needs to bear is another matter. The biggest problem now is that these three things are mixed up. Outsiders are deliberately mixing them up to make everyone think that every debt left by Ye Xuan should be repaid by Tengfei Group. If you try to protect the Ye family's reputation by directly withdrawing money from the listed company to fill the hole, then you will have truly fallen into their trap."

Ye Yao's expression shifted: "Why?"

"Because the listed company is not the Ye family's private money bag, Tengfei has other shareholders. If those guarantees did not go through legal procedures, the listed company should not have to bear the responsibility. However, you took the initiative to use the company's money to repay the fund's debts, which may constitute related party fund misappropriation or harm the interests of minority shareholders. At that time, the other party will not even need to spread rumors. You yourselves can create a real regulatory problem for Tengfei."

Ye Yao was taken aback.

These past few days, everyone in the Ye family has been thinking about how to raise money as quickly as possible to plug the hole.

Few people realize that not all the money should come from the Ascendas Group.

Su Fan stood up: "Take me to see my second uncle."

"Are you really going to get involved?"

"I'm just trying to understand the situation."

Ye Yao looked at him: "Didn't you just say you weren't worried?"

"I don't really care. I just can't stand seeing someone run such a big company worse than my newly established company."

Ye Yao rolled her eyes, but still picked up her phone and called Ye Sicheng.

……

Half an hour later, Su Fan met Ye Sicheng in a small conference room at Tengfei Group.

Ye Sicheng had just finished a meeting and met Su Fan, saying, "We'll handle the company's affairs; you don't need to let these things affect you."

Su Fan didn't respond to that question, but instead asked directly, "How much principal has been demanded for repayment so far?"

Ye Sicheng was taken aback, but still answered, "More than five hundred million."

"What about the agreed-upon returns, capital occupation fees, and breach of contract compensation?"

"In the worst-case scenario, it could be close to a billion."

"Of these guarantees, how many were directly provided by the Ascendas Group?"

"Strictly speaking, Ascendas Group itself did not provide direct guarantees; most of the guarantees came from two of its subsidiaries."

"Has it been approved by the board of directors?"

"Some went through internal procedures, while others only had the company seal and the signature of the person in charge."

"Have any guarantees that have gone through the proper procedures met the standards for mandatory public disclosure?"

Ye Sicheng's expression gradually became serious: "It should have been achieved."

"Has it been disclosed?"

"no."

Su Fan continued, "How much cash does the group currently have readily available? And how much is due in the next three months for construction payments, bank interest, salaries, and project investments?"

"Free cash flow is less than 300 million, and fixed expenses in the next three months will be around 400 million."

How much credit is left unused?

"It's close to 600 million, but two banks have already suspended lending today."

How much stable cash flow do your established scenic spots and hotels generate each month?

"This needs to be specifically accounted for by the finance department, but under normal circumstances, there should be no problem maintaining the group's daily operations."

"Are there any shareholders reducing their holdings? Are there any unfamiliar institutions making concentrated purchases in the secondary market?"

Ye Sicheng directly summoned Zhang Hang, the person in charge of securities affairs.

Su Fan asked the same question again.

Zhang Hang hesitated for a moment, but Ye Sicheng said, "Tell the truth, don't hide anything."

Zhang Hang then said, "There are no reductions in holdings at the moment. The buying accounts today are quite scattered, and there is no obvious connection at the moment."

How many of the fund's investors also hold shares in Tengfei?

Six.

"Where's the person who came today?"

"Four."

……

After a series of questions, Ye Sicheng's gaze towards Su Fan had completely changed.

Each of these questions points directly to the most critical aspect of Tengfei's current development.

He doesn't sound like a layman, talking in generalities.

It's more like a professional financial advisor conducting a risk assessment before crisis management.

Ye Sicheng couldn't help but ask, "Xiao Fan, you even know about listed companies?"

"I know a little."