APCF – Chapter 125 Collapse

“Having tea” was just a euphemism—Qi Xingchen paused in shock, then quickly realized what it meant. Dad Qi had likely been summoned by the China Securities Regulatory Commission (CSRC) to assist in an investigation.

As the chairman of a publicly listed company, being questioned was always a risk. If it were just that, Qi Yujie wouldn’t be this panicked.

Things had to be more serious than they appeared.

He couldn’t get much from the phone call, so after comforting his sister, Qi Xingchen hurriedly asked Director Zheng for a leave of absence. The incident with his alt account being exposed had stirred up a lot of buzz for Red Sun, so Director Zheng was in a good mood. He agreed immediately, saying, “Take all the time you need. Just come back within half a month. I’ll shoot the scenes with the supporting roles and the female lead first.”

As it turned out, that offhand comment became a prophecy—Qi Xingchen really was gone for a full half-month.

The situation at home was urgent. He didn’t even have time to pack and rushed straight to the airport. By the time he arrived home, it was almost dawn. The huge living room was empty and silent, with only Qi Yujie curled up on one end of the sofa, draped in a shawl. Her eyes were closed, but her brows were tightly furrowed—even in sleep, she was restless.

Qi Xingchen took off his coat and gently draped it over her shoulders. Just as he pulled out his phone to contact their older brother, a cold hand suddenly grabbed his arm.

“Xingxing, you’re back. Why didn’t you wake me?”

Qi Xingchen turned around and held her hand in return. “I just got here. You’ve been waiting here all night?”

“Mm,” Qi Yujie sat up and smoothed out her messy hair. “I couldn’t sleep with you and big brother both gone.”

“Big brother…?” Qi Xingchen frowned. “Was he called in too?”

“No, he went to dig up some news about Dad. Honestly, if he hadn’t taken so long to report back, I wouldn’t have dragged you home.”

Qi Yujie had some basic knowledge of the company’s operations, but she wasn’t familiar with upper management matters. With the two pillars of the family gone, she had no choice but to call her younger brother back—so she wouldn’t be completely without support.

Seeing how pale his sister looked, Qi Xingchen patted her back, then stood to pour a cup of hot water. “Don’t say that. I’m part of this family too. Tell me what’s going on with Dad.”

Qi Yujie took the cup and held it tightly. “A few days ago, some investors reported to the CSRC that the Qi Corporation had engaged in malicious short selling and released false information. Once we heard the news, we immediately prepared documentation to cooperate with the inspection. But when the CSRC people came, they didn’t even check the files—they took Dad away on the spot… along with officers from the Ministry of Public Security.”

The Ministry of Public Security…

Did that mean a formal case had been opened?

Short selling refers to when stockholders anticipate a market downturn and sell their stocks in advance, then buy them back at a lower price to earn the difference. Malicious short selling refers to manipulating the market by spreading false information to heighten the bearish sentiment.

The only difference between short selling and malicious short selling is that one word—malicious. Whether something constitutes malicious intent depends entirely on the short seller’s purpose.

But how does one determine intent? If there’s evidence of fabricated information, then intent can be judged. But if there’s no evidence at all, it ultimately depends on the investigator’s subjective interpretation.

Qi Xingchen asked again, “What time was Dad taken away?”

“Around 5 p.m. yesterday, just before the end of the workday.” That meant it had been nearly 12 hours.

If it were just routine questioning, he would’ve been out in an hour or two. But Dad Qi had been held overnight. Clearly, they already suspected Qi Corporation of malicious short selling.

Qi Xingchen’s heart clenched—Dad Qi was elderly, and ever since the fire incident, he had suffered from severe neurasthenia and insomnia. How could he possibly cope with being held in a cold, harsh interrogation room?

No wonder Qi Yunxiao had rushed out in the middle of the night to get information.

With his older brother’s capabilities, getting a read on the CSRC’s stance shouldn’t be a problem. Qi Xingchen helped his sister to her feet. “Sis, go get some sleep in your room. I’ll contact the Public Security Bureau and see what’s going on.”

Qi Yujie shook her head. “I can’t sleep if Dad’s not back.”

“If nothing’s wrong with Dad, and you end up falling sick from exhaustion, that’d be a loss we can’t afford.”

“It’s fine,” Qi Yujie said, walking to the side. “You go contact the Public Security Bureau. I’ll try reaching out to some friends at the Shenzhen Stock Exchange.”

Since she insisted, Qi Xingchen didn’t push her to rest. The two split up and began making calls.

But strangely, Bureau Chief Jiang—who always answered his calls instantly—was currently unreachable. His phone was completely out of service.

He tried dialing several more times, but still couldn’t get through.

Maybe it was just too early and the person was still asleep. Qi Xingchen rubbed his temples.

Just like Qi Xingchen, Qi Yujie couldn’t get through to her contacts either—every phone was turned off. With no updates, the two of them had no choice but to sit back down on the sofa, anxiously waiting for their older brother to return.

At ten in the morning, Qi Yunxiao finally came back. Qi Xingchen and Qi Yujie both looked toward the door behind him—

But there was no sign of their father.

“Bro,” Qi Xingchen’s heart sank. “Dad’s still being held?”

“Xingxing? Why are you here?” Qi Yunxiao looked slightly fatigued. “Did Yujie call you back?”

“Good thing she did—otherwise, I wouldn’t even know… Bro, what’s the situation with Dad?”

“It’s complicated,” Qi Yunxiao said, taking off his suit jacket and letting out a deep breath. “I asked to see Dad, but the staff in charge kept making up excuses and wouldn’t let me in. I tried to ask what exactly was going on, but they just kept brushing me off. I didn’t even get to see him before I had to come back.”

As the leading company in the industry and the largest corporation in H Province, the Qi Group had contributed substantial manpower and resources to the province every year. They had even donated money to build schools. Now, several buildings in H City—like the airport and public squares—were named after the Qi Group. It could be said that over the years, the Qi family had maintained excellent relationships with all major local authorities. Whenever help was needed, as long as it wasn’t illegal, the various departments were always willing to lend a hand.

But now, they couldn’t even catch a glimpse of Dad Qi. It was truly bizarre and beyond frustrating.

Qi Yujie’s face turned pale upon hearing this. Qi Xingchen thought for a moment, then abruptly stood up.

Seeing his sudden movement, Qi Yujie asked, “Xingxing, where are you going?!”

“There’s definitely something fishy going on. I’m heading to the Public Security Bureau.”

He intended to speak to Uncle Jiang, the bureau chief, and also urgently find Xu Changlin. The timing of both incidents was too close—there might be a connection.

But Qi Yunxiao stopped him. “Don’t go out yet.”

Qi Xingchen halted.

“Photos of Dad being taken away were leaked. Since last night, the news of the Qi Group being investigated has been circulating on media and public platforms. When I came back just now, there were a ton of reporters following me. They’re probably still outside the house. You’d better wait a bit.”

Qi Xingchen could only turn back, making calls to Bureau Chief Jiang while monitoring TV, Weibo, Zhihu, Toutiao, and other public platforms. Just as Qi Yunxiao had said, the photos of their father being taken away had gone viral, and negative speculations about the Qi Group were rampant. People were already making doomsday predictions like “Qi Group is finished.”

Some well-known financial bloggers and influencers had even begun publicly declaring their lack of confidence in the current state of the Qi Group.

Being in the entertainment industry, Qi Xingchen immediately noticed signs of paid commenters at work. Otherwise, it would be impossible for the story to blow up this much overnight.

And the most troubling part? They had no clue who had hired the water army.

After so many years of cutthroat competition in the business world, the Qi family had made countless enemies. Now that there was a chance to take them down, everyone was eager to get a piece of the pie. When a wall is about to fall, everyone wants to give it a push. Anyone with a stake in this mess would want a slice.

Trying to pinpoint who had started this whole thing among so many possible enemies was practically a fantasy.

Qi Xingchen rubbed his dry eyes. “I’ll have An Ran contact some media outlets and try to shut down the story. I’ll also look into which PR companies took the job.”

“No need. I already tried all that,” Qi Yunxiao said flatly. “The media isn’t accepting hush money. I’ve identified the PR company involved, but the campaign has already been fully executed—it can’t be taken back.”

Qi Yujie clutched her aching head. “But what’s the point of all this? We’ve always done things clean and by the book. If we didn’t break the law, then we didn’t break the law. Once the investigation is over, the truth will come out. Isn’t this all a waste of effort?”

“It’s not a waste,” Qi Yunxiao replied. “When the market opened this morning, Qi Group’s stock price dropped six points. And it’s still falling. I’m afraid it’ll hit the lower limit before noon.”

Qi Xingchen and Qi Yujie fell silent. Neither spoke.

They both had a bad feeling—this crisis might not be so easy to survive.

That afternoon, after half the reporters had left, Qi Xingchen slipped into the garage and chose the most inconspicuous car. After winding through back roads for over an hour and finally shaking off the lingering paparazzi, he arrived at the municipal bureau.

As soon as Qi Xingchen stepped into the bureau chief’s office, Director Jiang was momentarily stunned. “Xingchen? Weren’t you out of town?”

The last time they met, he had greeted him warmly with “my dear nephew,” but now it was just “Xingchen.” In that moment, Qi Xingchen realized why his calls hadn’t gone through earlier.

It wasn’t because the man was asleep or had no signal—it was because he had seen the Qi family’s situation deteriorating and wanted to protect himself. He had chosen to play it safe and keep his distance.

Qi Xingchen couldn’t help but let out a silent laugh, but quickly composed himself and sat down across from Director Jiang as if nothing had happened.

“Xingchen, you—”

“No need to worry. I’m not here to ask about my dad,” Qi Xingchen cut him off. “I know it’s inconvenient for you to say anything. We are, after all, uncle and nephew—I won’t make things difficult for you. I just came to ask about Xu Changlin. Did you help me find him?”

“Aiya…” Director Jiang slapped his forehead. “Look at me—my mind’s a mess. I was so busy last night I completely forgot. I’ll try to figure something out for you in a bit.”

Qi Xingchen knew that if he didn’t lock it down now, that “in a bit” might as well mean the next life. His face immediately darkened. “Uncle, you’re not even willing to help with something this small?”

Director Jiang froze when he saw him suddenly turn cold. Doubt crept into his mind.

—Does this kid not know what’s going on with his family? And he still dares act tough?

—Unless… the Qi family is confident they can get Dad Qi out?

Seeing Director Jiang’s eyes darting around suspiciously, Qi Xingchen knew his tactic had worked. He softened his tone.

“Uncle, like I said, I won’t make things hard for you. Just come up with an excuse to call Xu Changlin to the station. I’ll pretend to bump into him by chance. You won’t be involved.”

“I see…”

Now that Qi Xingchen had made a concession, Director Jiang found a reason to go along.  “Alright, I’ll help you this once more. But don’t go talking about it outside.”

“I understand. It wouldn’t do me any good to talk about it,” Qi Xingchen said.

With that matter settled, Qi Xingchen didn’t linger. He quickly found an excuse and left. On his way home, he checked the stock market. Just as Qi Yunxiao had predicted, the Qi Group’s stock had plunged into a straight-line drop.

And it was being held down by over 300,000 pending sell orders—no chance of recovery by tomorrow.

But when prices fall to an attractive low, someone is always willing to buy. After a while, both institutions and retail investors would hit their mental buy-in points and begin bottom fishing. With his basic knowledge of finance, Qi Xingchen wasn’t too worried.

Little did he know—this time, he was completely wrong.

That very night, news suddenly exploded across the internet: reports of the Qi Group’s product quality not meeting standards, multiple subsidiaries involved in fraudulent bidding practices, and falsified financial reports.

You walk by the river long enough, and eventually, your shoes will get wet. After so many years of operations, it was inevitable that the Qi Group would have some missteps—subpar product quality, clerical errors in financial reports… These issues had already been promptly corrected once discovered.

But now, with true and false claims mixed together and aired publicly, it was enough to stir investor doubt.

And with Dad Qi having seemingly vanished without a trace, even the Qi family’s official statement—that “the incident is still under investigation and due to the size of the company, it will take time”—did little to calm the public. Instead, it sparked widespread panic among investors.

Panic made the market more bearish. A bearish market made investors more panicked. In this vicious cycle, a massive sell-off began, and Qi Group’s stock price kept falling.

Even worse—just as Qi Yunxiao had managed to pay off the media to suppress certain posts, the tax bureau suddenly received an anonymous tip-off. The whistleblower claimed that several Qi Group subsidiaries had discrepancies between their accounts and tax filings, pointing to tax evasion and falsified bookkeeping. They even attached some electronic invoices as evidence.

Tax issues were no small matter. The moment the tip came in, the tax bureau drove straight to the Qi Group’s headquarters. With the chairman already taken away by the financial regulatory commission for investigation, they proceeded to take away the other person in power—Qi Yunxiao.

The scale of the tax bureau’s presence made it impossible to go unnoticed. It was even faster than Qi Xiaoming’s incident—almost immediately, photos and articles of Qi Yunxiao being taken away hit the front page of every financial news outlet.

It takes years to build a business empire, but only a single quarter to watch it collapse.