Chapter 169: You should thank me
Translator: _Min_ Editor: _Tat_
The earthquake has yet to settle 15 days after the Lingyu Technology data hostage incident that shocked the country’s mobile game industry,
The perpetrator’s intention was extreme malicious and didn’t leave any ground for recovery.
Despite how hard the Lingyu Technology programmer tried, he couldn’t manage to recover the lost user information. Based on industry experts’ estimations, Lingyu Technology’s direct loss was as high as 1.4 billion RMB, the magnitude of the indirect damage was even harder to quantify given the scale.
Regardless, the well-praised brand built through time has been tarnished. Even if Lingyu Technology tried to separate gamer operation from its business focus and shift to primarily game development, it would still be futile.
No matter how good the game was, players refused to buy into it for no reasons other than the fact that the game came from Lingyu Technology. Without players, no operator would dare to carry the game.
The game data was lost out of nowhere. Even if Lingyu Technology was a victim, why were their servers the only ones down while the others were fine? Couldn’t they spend more money increasing the security of the servers?
All in all, once the reputation had spread out, it was impossible to erase. Even the long-term partner of Lingyu Technology, 361 Corporation, maintained a cautious attitude with the newly developed game.
This malicious internet crime not only shook the industry, the ripple even spread to other aspects.
The angry players clearly escalated the incident, once the industry news became a society topic, bureaus had to respond to the situation.
Internet security was once again put on the table.
At the same time, the investigation is currently ongoing. A team of internet security experts was quickly formed.
The attackers’ IP was quickly locked. Even after layers of masking, it still didn’t escape the tracking of experts. Regardless of how skillful the hackers are, as long as they are here, they must leave some sort of clue.
Zhang Hao, the Black Tiger, was quickly arrested. Although he cluelessly indicated that he was not involved, he still couldn’t prove his innocence.
The computer conducting the crime was found in his room.
The frightened Zhang Hao frantically confessed the deal with Ling Zhongtian and Xie Lei. He insisted that he was framed and that it must have been Xie Lei. He was the third-ranked “Green Bird” on the hacker alliance. Only he had the ability to hack into Lingyu Technology’s servers.
But it was useless, he couldn’t provide evidence.
When he found out that the USB on his shelf disappeared, and the evidence stored in his computer vanished, Zhang Chao was completely dumbfounded.
Because Xie Lei already left the country with the reason of taking his sister to Germany for medical treatments, there was not enough evidence to prove his intent despite the suspicious source of funding. Xie Lei’s personal account did not change, only a securitized foreign account paid for the plane tickets and the medical expense. Although the action was mysterious in nature, mysteriousness could not be used as evidence.
After spending a long time gathering evidence, the investigating team couldn’t find any connection between the event and Xie Lei. However, they did find something interesting.
A few days ago, there was an illegal deal between Zhang Hao and Ling Zhongtian. A deal to attack Future Technology’s servers…
However, the mission was canceled from Zhang Hao’s side, the reason being the commission was too low. Of course, he had no recollection of this. The explanation behind this is simple – because Xie Lei used his computer, logged on his account, and canceled the quest.
The case was closed.
The perpetrator, Zhang Hao, terminated the contract because of the commission conflict with Lingyu Technology’s president, Ling Zhongtian. Therefore, he infiltrated Lingyu Technology’s server, and permanently deleted the user data which caused an insurmountable amount of economic loss to Lingyu Technology. Based on the extreme negative influence caused by society and the high value associated with the case, the supreme court’s verdict was a life sentence.
Zhang Hao appealed, but the supreme court directly rejected the plead for appeal and maintained the verdict.
As for Ling Zhongtian, although he conducted illegal activity, it was merely an unsuccessful attempt, and thus it was hard to define the nature of the crime. He was not sentenced under the law for this reason.
But it was yet to be over. Ling Zhongtian’s hiring of a hacker to attack Future Technology was quickly exposed online by “conscientious people” and Ling Zhongtian’s identity instantly changed from the victim to the villain.
Those who previously felt sympathy for him immediately turned against him and joined the new round of internet crusade against Lingyu Technology.
Of course, a small amount of voices suggested that it could be the conspiracy of Future Technology. After all, the collapse of the long-time industry leader Lingyu Technology, would benefit them the most. Of course, those voices were quickly labeled as conspirators and they vanished in the waves of public debate.
With Future Technology’s ability, why would they need to have a conspiracy against the competition? Lingyu Technology’s shit*ty games are comparable to
The quite interest thing was that the people defending Future Technology were the hardcore fans of Dota history and I am ATM. Because they cared so much, they hated it even more. When they were so disappointed at Lingyu Technology and decided to give Future Technology’s
Its dominance could not be challenged.
The victory was already decided on the main battlefield, but the crossfire had yet to cease.
Following the series of negative press and the direct result of downward pressure on revenue, Lingyu Technology’s stock price triggered 10 consecutive circuit breaks and led the index in stock depreciation as the poorest performance company after the June stock market collapse.
The total market cap was slashed off by 70% and broke through 1.5 billion. To avoid triggering loan clauses, Lingyu Technology had to increase collateral assets and pledged the about to be completed Lingyu building at the value of 530 million to the bank before it finally stopped the plunge.
Deep in red and excessive loan, Lingyu Technology was pushed into the corner without any solution.
But at the time, Future Technology began making its moves.
First, Future Technology published a statement on its official site to directly respond to the public opinion and condemn the majority shareholders Ling Zhongtian’s illegal action against Future Technology, and officially sent the lawyer letter to Ling Zhongtian.
Was Future Technology prepared to sue Lingyu Technology? Regardless of the result of the lawsuit, investors were hopeless with Lingyu Technology’s future.
The next day, Lingyu Technology once again triggered the circuit breaker. Four days later, Lingyu Technology ended the week with 980 million market cap. Within four short days, Lingyu Technology lost the value of a building. To avoid triggering the clause, Ling Zhongtian had to increase the pledged asset, this time it was 33% of his share.
He had no other choice, if he didn’t pledge in more asset, the company would be forced to go into Chapter 11 bankruptcy. When that happens, not only will he lose everything, he will also have to carry a debt of 300 million.
The about to be completed Lingyu building costed 870 million and it was built with debt. The new game development and promotion had eaten away most of the profit, from the current status quo, the investments were unrecoverable.
The lawyer letter was like declaring war. It only ignited the prelude to the battle.
When Lingyu Technology broke the record for the highest monthly decrease, Future Technology’s president began to increase Lingyu Technology’s share on the secondary market and became the biggest shareholder at 37%. Because it was not disclosed, Jiang Chen was fined 600 thousand by the security commission for an illegal transaction.
But comparable to the profit he gained by shorting Lingyu Technology, the punishment was pocket change to Jiang Chen.
Lingyu Technology ultimately changed hand.
…
Lingyu Technology building had yet to finish the renovation, but under the demand of the new president, they organized a conference room with a row of table and chairs.
Also based on the demand of the new president, a special shareholder meeting was announced.
As to the identity of the new president, it was obviously Jiang Chen.
Every shareholder’s face was gloom… No, to be more precise, other than the people sitting at the end of the table, everyone’s face was gloom.
Jiang Chen leaned against the chair as he scanned all the shareholders present. Other than the Ling Zhongtian with white hair, he was surprised to find someone he knew.
Sensing Jiang Chen’s sight, Zhang Jianfeng smiled friendly at him.
[Why is he here?]
Jiang Chen still had some impression with Zhang Jianfeng. He represented 361 Corporation before during the negotiation with Future Technology. Although nothing came to fruition, in the end, Jiang Chen had high praises regarding this talent.
361 Corporation want to be involved in this?
Jiang Chen muttered in his mind, but his expression didn’t change in the slightest. He still maintained the bright smile and started speaking.
“Everyone, I think you should all thank me.”
[Thank your mom!]
All the shareholders cursed in their mind, but no one dared to speak out loud. As to why-
“If it wasn’t for me to increase the holding of your company’s share which halted the plunge of Lingyu Technology’s share price, the share in your hands would be scrap paper.” Jiang Chen shrugged.
Ling Zhongtian slowly looked over, the aged face no longer resembled this once proud prodigy. He once made his goal to become the Steve Jobs of mobile games, but in those blurred eyes, there was only a deep weariness left.
“To be the meat on someone’s chopping board is to be at someone’s mercy.” The cracked lips opened and squeezed a sentence full of hatred.
“If you knew today would happen, why did you do it.” Jiang Chen directly responded.
Ling Zhongtian was out of words and didn’t say anything else, he just stared at the document on the table and blanked out.
“Ahem, based on the current performance of the company, as the President, I think I should do something,” he paused, Jiang Chen looked at the crowd holding their breath, a faint smile flashed across his face. But then the following sentence he said made every shareholder’s mood plunge into the abyss.
“That’s right. We are planning to initiate asset restructure… So first, I plan to sell the building-”
Who to sell it to? Is that even a question?
Left hand to right hand, Future Technology needed a headquarter fitting for its name.