Chapter Three: Buying a Factory Made of Debt

The bank representative spoke. “If Lanshi’s valid vote is below twenty-five percent, we approve a ninety-day enforcement settlement.” Approval reached seventy-eight percent. [Enforcement-settlement precondition satisfied.] [Actual-control progress: 72%.] Shen transferred ¥876,800—the minimum mandatory investment—into the protected account. Lawyers uploaded the capital agreement, shareholder resolution, and voting proxies. The registration portal returned a red warning: “Equity is subject to judicial freeze. Online amendment unavailable.” [01:56:44] The finance manager sank into a chair. “It is over.” Shen stared at the phrase “actual control.” Control did not come only from registration.