Chapter 569: Li Jiuying’s Countermeasure!
Downtown. The Li Family!
Just as Li Yi was discussing with Li Futiao, Huang Lixing, and others how to bring down the Li family, a very different scene was unfolding at the Li family residence in another part of the city.
In the study, Li Jiuying’s expression appeared calm on the surface.
Although the gold shop had been hit by a run on deposits—an event that had come suddenly—he wasn’t entirely unprepared for it.
After all, with gold prices so high right now, some investors had likely purchased their gold at prices half—or even less—of what they were today.
Selling now would mean a profit of one or two times the original investment; naturally, some would be unable to resist such temptation and would seek to withdraw their gold from their accounts or simply convert it into cash.
Therefore, while reaping massive profits this time, he had also set aside a reserve in the accounts of each gold shop specifically to prevent a potential run on the bank.
However, the current situation has still taken him somewhat by surprise.
First, the number of people rushing to withdraw their funds was simply too high; a massive influx of customers flooded his various branches, demanding to withdraw the gold accumulated in their accounts.
Second, the media was fanning the flames; almost overnight, newspapers of all sizes were reporting that the Li family was at risk of default, which made Li Jiuying sense a strong whiff of conspiracy.
Based on his years of experience in the business world, it was clear that someone was orchestrating this behind the scenes. Therefore, while he ordered his staff to issue a public announcement to calm the public, he also instructed them to launch an investigation into the matter.
“Knock, knock, knock!”
Just as Li Jiuying was deep in thought, a series of urgent knocks suddenly sounded at the door.
“Come in!”
As the study door swung open, Li Jiuying saw his trusted assistant, Liao Yong, walk in with a grim expression.
“Boss, in less than half a day, 190 million Hong Kong dollars has been withdrawn from all our branches. Several branches have already run out of funds. What should we do?”
After hearing Liao Yong’s report, Li Jiuying didn’t answer him but asked in return, “Have you made any progress on the investigation I asked you to look into?”
“Yes!”
Liao Yong continued, “We paid a hefty sum to buy off the editors of several gossip tabloids. According to them, they only reported the news about our potential default after receiving money from others, and…”
“And what?”
“And the other party had already approached them a week ago, though they only received the articles yesterday…”
Hearing this, Li Jiuying felt a sudden chill run down her spine—it meant the other side had been planning this all along.
No wonder so many newspapers and media outlets suddenly started reporting those baseless rumors—and why they spread so quickly!
“If I’m not mistaken, that Da Quan Zai is behind this!” Li Jiuying said coldly.
Ever since Star Company had suddenly started buying up large quantities of physical gold a while back, he’d had a vague feeling they were targeting him—he never expected it would actually come to pass.
“Boss, what should we do now?”
“Continue mobilizing funds to ensure every client’s gold holdings are fully redeemed!”
Li Jiuying understood the importance of business reputation all too well. Hong Kong Island was a small place, with a population of only a few million. Once a family’s business reputation was ruined, there would be no chance of making a comeback.
Besides, the Li family wasn’t in a situation where their assets were insufficient to cover their debts.
Although the gold accumulation plan had indeed caused them some losses, over the years they had invested the funds raised in real estate and banking, making a substantial profit. Therefore, they were fully capable of paying back their clients.
“Boss, some clients don’t want their money back—they want gold…”
“Then find a way to acquire the gold!”
“What about the price?”
“Buy it at market price. If the company doesn’t have enough funds, we’ll borrow from the bank.”
Li Jiuying then looked at Liao Yong and said earnestly, “Let me tell you, a crisis is also an opportunity. If we weather this storm, the Li family’s reputation will be gilded with gold. From now on, when Hong Kong residents invest in gold, they’ll look to us, the Li family, without fail!”
Li Jiuying had now figured out why Star Company had suddenly launched a massive buyout of physical gold—their goal was to rapidly drive up the price of gold.
Once gold prices skyrocketed—combined with their sensational media coverage—they could easily trigger a run on the Li Family Gold Shop.
If the Lai family couldn’t hold out, bankruptcy would be inevitable.
Unfortunately for them, the Lai family’s financial strength went far beyond that. While ten billion Hong Kong dollars was a substantial sum, it was not enough to bring down the Lai family.
Nevertheless, Li Jiuying was still startled by the terrifying tactics of that young man from Star Company.
That young man’s business acumen was truly astonishing. Having returned to Hong Kong Island only a dozen days ago, he had nearly driven the Lai family to the brink of ruin—he was truly a formidable figure.
At this moment, he was also reflecting: was it worth it to rashly offend such a powerful and cunning business prodigy?
But there was no turning back now; having come this far, he had no choice but to see it through to the end!
With that in mind, Li Jiuying spoke again: “I hear that bastard Ma Biao has already taken over all of Huang Lixing’s dozen or so ships and three casinos?”
“Yes, he’s already taken them over!”
“Make him cough up half of it. The Li family has suffered such massive losses this time; someone must share the burden!” Li Jiuying said in a deep voice.
“Wouldn’t that be a bit unseemly? After all, we previously…”
“There’s no such thing as ‘good’ or ‘bad.’ What does that Ma Biao think he is? Why should we be the ones bearing the brunt of that Da Quan Zai’s attack while he reaps the benefits?”
“What if he refuses to comply?”
“Hmph, I doubt he has the guts. After offending the Li family and the entire Hua Capital Group, even if you gave Ma Biao ten times the courage, he wouldn’t dare cross our Ying Capital Group again,” Li Jiuying said confidently.
“Yes, I’ll contact Ma Biao right away!”
“Go on, and tell the manager of the jewelry store to make sure every single customer gets paid out, no matter what!” Li Jiuying instructed once more.
“Yes!”
After speaking, Liao Yong hurriedly left.
After watching Liao Yong leave, Li Jiuying paused to reflect for a moment, then immediately picked up the phone on the desk and dialed a number.
“Ring… ring…”
The call was answered quickly, and a deep voice came through the receiver: “Hello?”
“Sir, that big shot has launched a counterattack against our Li family. Our family’s jewelry store has been hit by a run on deposits, and the losses are catastrophic!”
“I’m already aware of the situation over there. I can assure you that the entire British Capital Group will stand behind you. No matter how great the Li family’s losses may be this time, we will provide you with full compensation!”
“With your assurance, I’m put at ease!” Li Jiuying said gratefully.
“What’s the current situation? Do you have enough funds to weather this crisis?”
“It’s not a major problem. Although some of our funds are tied up in that real estate project on Happy Valley, with Longheng Bank on our side, it’s simply impossible for that big shot to use such tactics to bring down the Li family!” Li Jiuying said confidently.
“Good. Go ahead and deal with that man. If you need anything, just give me a call!”
“Alright…”
With the backing of the British-funded conglomerate’s bigwigs, Li Jiuying felt much more confident.
What he didn’t know, however, was that Li Yi didn’t have just one trump card up his sleeve—he had a surprise attack in store as well.
Just as Li Jiuying thought victory was assured, Li Yi struck again…
………