Chapter 317: I Will Always Be Your Firm Supporter
Li Tang bid farewell to Lu Chenyi, temporarily halting discussions about cooperating on new exploration projects, and rushed directly to Jiangnan Province with Fred and his team.
Jiangnan Province wasn't far from Haigang City. Their destination, Lanting Steel, was located by the river, making the journey quick by car.
Lanting Steel was a private, family-owned business of decent size, producing several hundred thousand tons of steel annually. In Jiangnan Province, there were numerous similar private steel companies. Generally, no one paid much attention to a steel mill of this scale, but this company's owner had suddenly stepped into the spotlight.
When Wu Yaoting saw Li Tang, he immediately understood the purpose of their visit.
"Boss Li, you're here at the right moment. I've talked extensively with Fred, that foreigner, but couldn't convince him. Foreigners are so stubborn!" Wu Yaoting began grumbling as soon as he saw Li Tang. "Language barriers make things difficult. If the translation isn't accurate, misunderstandings occur. When it comes to business, it's better to deal with our own people to avoid such issues."
Li Tang glanced around Wu Yaoting's lavishly decorated office—carved dragon and phoenix motifs adorned the rosewood furniture, an enormous solid-wood tea table occupied the center, and the walls featured aged flower and bird paintings. Clearly, private business owners knew how to impress visitors.
"We've met before, right, Boss Wu?" Li Tang asked calmly.
"We certainly have. Our Lanting Steel agreed to the long-term supply contract precisely because we trusted you, Boss Li!" Wu Yaoting replied as he began preparing tea, evidently intending to demonstrate his tea-brewing skills.
"Boss Wu, no need to go to all this trouble. We came today because we have an urgent matter. Let's talk directly," Li Tang said firmly.
"Look at you—such a busy boss," Wu Yaoting continued leisurely, ignoring Li Tang's suggestion. "Unlike you, I run a small business and have plenty of free time. Tea is my only hobby."
"Recently, you told Fred you want to terminate our contract?" Li Tang directly questioned.
"Ah, indeed, there's been a bit of disagreement on that," Wu Yaoting sighed. "After signing the contract, our factory encountered some issues, causing a cash-flow problem. So, we're hoping for your understanding—could you return our prepayment temporarily? It's an emergency."
"Returning the prepayment isn't possible according to our contract," Li Tang replied calmly but firmly. "However, we guarantee the iron ore will be delivered as promised."
"Can't you be flexible?" Wu Yaoting grimaced at the thought of losing money.
Initially, he'd seen the ten-year contract for one million tons of iron ore annually at a very favorable price, happily accepting the condition of a five-million-dollar prepayment. However, circumstances had changed. Canceling the contract meant forfeiting this prepayment—over 30 million yuan!
Instead of arguing over money, Li Tang cut to the heart of the matter: "I want to know why you've suddenly decided to terminate the contract."
"Every household has its own difficulties. Boss Li, you're a big boss; you wouldn't understand the struggles of small enterprises!" Wu Yaoting replied defensively.
"Your company's annual revenue exceeds a billion yuan, doesn't it?" Li Tang sneered. "That's hardly small."
"We genuinely lack funds. Return our prepayment now, and once our situation improves, we'll re-sign the contract. What do you say?"
"No way," Li Tang said decisively.
Bang!
Wu Yaoting slammed down the tea utensils, losing his earlier composure. His forced smile disappeared instantly. "You're trying to drive us to bankruptcy!"
"Who's pushing whom?" Li Tang retorted coldly. "Tell me who's behind this!"
"Are you paranoid?" Wu Yaoting snorted defiantly. "Not everything is a conspiracy! Cash-flow issues are common in business. Show some empathy, help us out now—that's friendship. But your approach is heartless!"
"Tell me the real reason, and I'll consider refunding your prepayment," Li Tang insisted, eager to uncover the plot.
"We truly need money urgently!" Wu Yaoting stubbornly refused to reveal more.
Li Tang stared at Wu Yaoting, maintaining silence.
Both were businessmen; Wu Yaoting had considerable local influence. Unafraid, he calmly met Li Tang's gaze without flinching.
"You won't get your prepayment back, but there's no need to terminate the contract. When Lianying Mining's mines begin operations, we'll deliver according to the agreement. Five million dollars isn't a small sum, after all," Li Tang stated plainly, rising to leave.
"Goodbye—won't see you out!" Wu Yaoting called sarcastically after him.
Wu maintained his calm facade until Li Tang disappeared from sight. Then, unable to suppress his rage, he threw his antique teacup onto the table. It rolled off the edge and shattered on the floor, scattering valuable fragments.
"Damn him—so arrogant!" Wu growled furiously.
After all, losing five million dollars for nothing would upset anyone.
"Our contract clearly states we can't retrieve the prepayment if we terminate it ourselves. What now?" someone asked cautiously.
"What else can we do?" Wu Yaoting sneered. "Get the media here! We must terminate the contract! Also, hire the best lawyers—sue Li Tang Shengshi Holdings and Lianying Mining!"
Numerous reporters soon arrived, many from influential financial media outlets. They knew they'd receive hefty "red envelopes"—otherwise, why rush over eagerly?
Facing the cameras, Wu Yaoting spoke confidently without notes, clearly prepared:
"Lianying Mining, a listed company in Australia, has rapidly risen in value, skyrocketing from a mere 1 billion Australian dollars to over 7 billion within a year! Beneath this glittering exterior lies darkness! Their CEO in Australia is a notorious swindler, fined 10 million dollars for spreading false information to inflate stock prices!"
The journalists gasped audibly.
"In our contract negotiations, they promised a groundbreaking iron ore mine with endless high-quality ore. Instead, they took our large prepayment and used it to pay their fines. It was all lies!"
"But Lianying Mining's real owner is Chinese!" a reporter shouted.
"Yes! I've met him—a young, inexperienced kid. How could someone like that possibly manage a world-class mine? They're deceiving us, exploiting our urgent need for iron ore! I'm risking retaliation by exposing this, but conscience demands action! Don't let anyone else be fooled!"
"I'll use legal means to protect our rights and fight this evil to the end!"
…
Following Lanting Steel's unilateral contract termination announcement, multiple smaller steel companies quickly followed suit, declaring they'd abandoned negotiations with Lianying Mining due to "uncertainties."
As more firms accused Lianying Mining of fraud and unethical practices, the situation rapidly spiraled out of control. Almost overnight, Lianying Mining went from a shining star to a pariah.
Its stock price plummeted instantly from 6 Australian dollars to 4.8 dollars, erasing over a billion dollars in market value—devastating for a company at such a critical juncture.
The president of Lucatti International, which had recently invested 500 million USD, urgently contacted Fred for clarification. Worse, the additional promised 1 billion-dollar loan was now indefinitely suspended, worsening Lianying Mining's predicament.
The stock price threatened to drop further, possibly below 4 dollars.
Global financial communities buzzed, discussing whether Lianying Mining, this rocket-like unicorn whose growth resembled an internet bubble, had finally burst.
Commentators branded it a speculative bubble inflated by the mysterious Chinese owner and Fred. Once exposed, the fantasy would vanish—this was clearly a company with zero real profit, they claimed. Financial statements don't lie. Since this mysterious owner took over, Lianying Mining hadn't generated a single dollar.
The promised "world-class mine," self-built railway, private ports, and cargo ships delivering iron ore to China—all seemed mere fantasy. Perhaps those supply contracts with Chinese firms were merely self-scripted plays by this mysterious owner.
Why didn't he accept interviews or appear publicly? Why choose Fred, a CEO with a notoriously bad reputation? Perhaps the answer was simple: he didn't dare show his face, hiding his sinister intentions in darkness!
The dominoes fell relentlessly. Analysts, shareholders, regulators—everyone turned against Lianying Mining. Unquestionably, this was the company's gravest crisis since its inception.
Lianying's management woke bewildered—how had yesterday's darling become today's outcast?
Kent, Olivia, Katherine, and others flew overnight to Haigang City to join Li Tang and Fred. Alice halted her ongoing work with Shazhai Molybdenum and rushed over, alongside managers Dai Yingchi and He Runqi.
In the hotel conference room, everyone wore solemn faces. The atmosphere was stifling—heavy clouds pressing upon every heart.
He Runqi finally broke the oppressive silence, seething: "This is undoubtedly a deliberate attack!"
"Who could have influenced Australian regulators to target us with massive fines?"
"Who convinced these steel companies to abandon profitable contracts and publicly vilify us?"
"Who holds such enormous power?"
"It's ruthless! They're trying to kill us!"
"We must fight back! No retreat!"
"If they want a fight, let's give it to them!"
Angry voices filled the room, youthful indignation ignited by betrayal and sabotage.
"First, we must stop the situation from deteriorating further," Alice urgently pleaded.
"How?" someone asked desperately.
"We can hold a press conference to clarify the truth publicly!"
"It won't work," came a despairing reply.
Everyone turned toward Li Tang, eyes filled with anxious expectation. Yet, amidst the storm, Li Tang remained composed, steady as always. He spoke calmly, reassuringly:
"No matter how severe the situation, I'm right here—I will always be your firm supporter."
Fred had faced situations as dire as this before: "When people begin losing trust in you, distrust spreads like an infection. Before long, the entire world abandons you."
"But that's still better than just sitting here doing nothing, waiting for doom!"
"In a situation like this, the more you confront or publicly defend yourself, the messier things will become."
"If we let things continue as they are, sooner or later, we're finished!"
Some truths were ugly but undeniable. For Lianying Mining, it was like having a malignant tumor; if unchecked, the cancer cells would spread, eventually taking the company's life.
They were teetering on the edge of ruin.
Li Tang's mind was also unsettled, though he managed to stay relatively calm. Even if Lianying Mining went bankrupt, it would only burn his skin superficially, not damage his foundation. He believed he could rebuild everything from scratch even if he lost it all. But submitting passively to this fate was unbearable.
He couldn't accept that humiliation.
"I gathered everyone here not to discuss solutions to our immediate crisis," Li Tang calmly scanned everyone's anxious faces, his reassuring demeanor providing a faint glimmer of comfort, "but to remind everyone to remain calm, stabilize your emotions, and continue your current work diligently. If we panic, we'll lose any chance of recovery. Go back and focus on your tasks, ignore external noise."
"How can we pretend nothing has happened and just carry on?" Kent responded indignantly.
"I'll investigate this matter thoroughly," Li Tang said in a soothing, confident tone. "I'll handle it personally. Just do your jobs—leave the rest to me."
How could they remain composed amid relentless external attacks?
Each person's heart trembled, fearing they'd wake up tomorrow to find the company bankrupt. This wasn't just Li Tang's issue; it concerned everyone's future. Everyone present held high-level positions at Lianying Mining, with excellent salaries and promising careers. Knowing their futures might abruptly end, doing nothing felt nearly impossible.
"What are you planning to do?" Alice had always trusted Li Tang implicitly, viewing him as nearly omnipotent. He'd solved countless crises before; surely he could now. Yet she was deeply unsettled.
"Take a day to rest, then return to your positions tomorrow and keep things steady," Li Tang said, turning to Fred, Kent, and Olivia. "Continue the mine construction according to schedule—don't halt any progress."
"Alright," Fred nodded. "Should I head back to Perth too?"
"Yes. Return immediately. I'll handle things here," Li Tang assured him with a faint smile. "I promise, I'll give everyone a satisfactory outcome."
They had come hastily from different locations to Haigang City, briefly met with Li Tang, and then left hurriedly, carrying heavy hearts. They genuinely didn't know how to resolve this crisis.
Lu Chenyi had called repeatedly to continue discussing the iron ore exploration project, but Li Tang repeatedly claimed he was busy. Finding new ore deposits and earning cash rewards or securing loans wasn't as critical as addressing their current reputational crisis.
Without Lianying Mining's survival, loans would be meaningless.
While observing operations at the dock and warehouse, Li Tang unexpectedly received a call from Wu Yueming.
"Perhaps I can help you," Wu Yueming's simple statement shone like the first rays of dawn amid darkness.
Li Tang quickly traveled to a port city in Jiangnan Province to meet Wu Yueming.
This businessman, who had risen from recycling scrap materials, wore plain clothing, enjoying a modest breakfast of seafood porridge and pickles.
"Would you like some?" Wu offered politely when he saw Li Tang hesitating.
"Sure," Li Tang replied, lifting a bowl of seafood porridge and eating hungrily, beads of sweat forming from the steaming hot meal. "This seafood tastes incredibly fresh!"
"Freshly caught this morning. The seafood was still lively before going into the pot," Wu said, finishing his meal and reclining with crossed legs, gazing at the distant sea. "When I was young, seafood was cheap. We had no rice or meat, only seafood—crabs, sea snails—I ate them till I was sick. I promised myself I'd never touch seafood again if I got rich. Now seafood prices keep rising; even I hesitate sometimes."
"With your current status, Boss Wu, what delicacy can't you afford?" Li Tang asked lightly, wiping his mouth.
"I know you're anxious about Lianying Mining, so let's talk while we walk by the sea," Wu suggested, paying the bill and leading Li Tang toward the seaside path.
"The sea breeze feels chilly," Li Tang remarked, feeling the cold wind and the salty scent.
"You get used to it." Wu leisurely walked along with hands in his pockets, finally broaching the subject Li Tang was eager to discuss. "I saw the news. Those accusations by Wu Yaoting were exaggerated, distorted, and intentionally misleading."
"You know Wu Yaoting?" Li Tang wondered if they were relatives, which would complicate things further.
"I know him—same industry, we frequently cross paths. That guy is cunning, opportunistic. From the first time I met him, I knew we weren't alike. Credibility is fundamental in business," Wu glanced at Li Tang, smiling lightly. "Don't you think, Boss Li?"
"I agree," Li Tang nodded.
"But," Wu Yueming continued thoughtfully, "I understand why Wu Yaoting acted that way."
"So you think I deserve the accusations?" Li Tang joked dryly, suppressing his emotions.
"They're separate issues," Wu cleared his throat, continuing calmly, "I met with Hu Shitan and Wu Yan around the same time."
"Oh?" Li Tang's attention sharpened.
"They informed me directly: whoever signs a long-term iron ore supply contract with Lianying Mining won't get any more ore from Rio Tinto or BHP Billiton."
Wu's revelation was short but potent, explaining the motivations behind Wu Yaoting and other steel companies quickly cutting ties with Lianying Mining. It became evident these steel mills were pressured by Wu Yan and Hu Shitan.
Li Tang walked silently, digesting this news. Initially, he'd assumed only Rio Tinto or BHP Billiton was targeting him, not both simultaneously. These were global mining giants—especially BHP Billiton, the industry leader!
Joining forces to crush a relatively small, emerging firm like Lianying Mining indicated the seriousness of their threat. Li Tang felt an enormous weight press down on him. If only one giant had targeted him, there might have been a chance. Against both, Lianying Mining had almost zero chance—it was like ants challenging elephants.
Wu Yueming eventually broke the silence. "My Fengli Group can manage this situation. We have our ports, logistics fleet, and diverse raw material sources—Africa, Australia, Canada. Even without Rio Tinto and BHP, we can maintain production, though at higher costs. Their ores are cheaper, better quality, and closer, making them difficult to replace."
After a long silence, Wu added, "But smaller steel mills like Lanting Steel depend heavily on these suppliers. Without Rio Tinto and BHP ores, their production halts entirely."
Seeing Li Tang's silence, Wu continued, "That's why I understand Wu Yaoting's actions. Doing business sometimes requires swallowing pride to survive, even if you're rich."
"He went too far with his performance," Li Tang remarked bitterly.
"Perhaps he received other promises we don't know about," Wu Yueming speculated. "Lanting Steel previously never secured long-term deals with Rio Tinto or BHP. If offered priority access to cheaper, higher-quality ore, that's highly tempting."
"So easily bought?" Li Tang laughed bitterly.
"If importing a million tons of ore per year saves $10 per ton, that's $10 million annually," Wu said simply. "That's more than most people earn in a lifetime."
"True," Li Tang sighed, suddenly comprehending why Wu Yaoting so decisively abandoned the $5 million advance payment.
After offering limited evidence and insight, Wu Yueming sympathetically patted Li Tang's shoulder. "Entrepreneurship is tough. I sincerely hope you overcome these challenges. Lianying Mining's growth benefits everyone."
"Thank you deeply for this valuable information," Li Tang replied sincerely.
After leaving Wu Yueming and Jiangnan Province, Li Tang traveled directly back to Haigang City. Among the contracted steel mills, Haigang Steel's two-million-ton annual deal was largest and most critical. If they withdrew, Lianying Mining would collapse instantly. Haigang's stance was decisive.
Li Tang returned to Haigang Steel's headquarters, meeting smoothly with Lu Chenyi.
"You finally showed up!" Lu Chenyi joked casually. "Thought you were playing hide-and-seek with me."
"Just returned from Jiangnan," Li Tang replied nervously, unsure of Lu's position.
"Went to see Lanting Steel?" Lu quickly guessed.
"You already know?" Li Tang smiled wryly.
"Media and commentators have gone wild about Lianying Mining," Lu handed Li Tang a teacup personally. "You, previously an esteemed entrepreneur and national pride, are now nearly labeled a fraudster by the press!"
"I've never cared about outside opinions," Li Tang calmly sipped tea, meeting Lu's gaze. "Do you?"
"Me?" Lu laughed openly. "It's not my concern!"
"Will Haigang Steel cancel our contract?" Li Tang asked bluntly.
"Should we?" Lu asked back.
"I don't know," Li Tang admitted anxiously. A Haigang withdrawal would be disastrous.
Lu smiled reassuringly, placing a hand firmly on Li Tang's shoulder. With unwavering conviction, he declared, "I called you here to tell you clearly: rest assured, I will always be your firm supporter."
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