MWC – Chapter 82 Wei Family Shareholders

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Jixiang Fang is a restaurant resembling a painting boat located on HePu Dao West Lake. Drinking wine and admiring lotus flowers here is truly a leisurely and elegant experience.

It was here that Lu Ming met the main figures of the Wei family, a prominent family.

Bao Yin Bank is a family enterprise of the Wei family, with all its shares originally held by members with the surname Wei.

A century ago, the different branches of the Wei family with inheritance rights no longer dispersed their shares. For example, Wei Baozeng’s branch has always passed the bank shares only to the eldest son, starting from the ancestor’s generation. With the recent changes, the old chairman of the Wei family transferred all his shares to Wei Baozeng.

Currently, the Wei family has over thirty branches with shares, although previously there were more. Some shares have already been repurchased by the major shareholders within the Wei family. Among these branches, only four hold more than 5% of the shares.

Originally, the old chairman held 42% of the shares and has now transferred 2% to Lu Ming, making Wei Baozeng the largest shareholder with 40% of Bao Yin Bank’s shares. Lu Ming holds 30% of the shares, making him the second-largest shareholder. A cousin, Wei Qingzhong, holds 11% of the shares, making him the third-largest shareholder. Another cousin, Wei Qingfeng, holds 7% of the shares, and a cousin named Wei Baoku holds over 5% of the shares.

These five major shareholders control over 90% of Bao Yin Bank’s shares. During the recent share transfer, although Wei Baozeng’s branch held the most shares, only 2% was transferred to Lu Ming; the remaining 28% came from other branches. This was also a strategic reshuffle by Wei Baozeng.

When discussing with his cousins and shareholders about hiring the law firm Reed for the share transfer, many cousins believed Bao Yin Bank was doomed and wanted Wei Baozeng to buy their shares, often at a low price. Even if they won the lawsuit, the bank’s situation looked grim, and if they lost, it would be even worse.

Some relatives, who had lived off the bank for generations without understanding the law, feared that the bank’s bankruptcy would leave them heavily indebted and thus half-sold and half-gave their shares to Wei Baozeng. Although Lu Ming took over as the attorney midway, their internal share transfer agreements remained unchanged.

Thus, after the lawsuit, when Lu Ming formally joined the board, Wei Baozeng and his ally Lu Ming together held 70% of the shares, ensuring they faced no obstacles within the board—a significant win.

However, today’s meeting was filled with undercurrents, which Lu Ming could sense. Especially the fourth-largest shareholder, Wei Qingfeng, who held 7% of the shares and whom Wei Baozeng called Eighth Uncle, looked particularly displeased.

Lu Ming had seen the internal share changes and heard from Wei Baozeng. This Eighth Uncle used to be the second-largest shareholder of Bao Yin Bank, holding nearly 30% of the shares. He had significant influence within the board, and many older members listened to him, making him the biggest obstacle to Wei Baozeng’s reforms.

Now, Eighth Uncle had only 7% of the shares left, with over 20% of his shares having gone to Wei Baozeng. Eighth Uncle was clever and knowledgeable about the law. Unlike others, Wei Baozeng couldn’t delay his payment. Seeing the bank on the brink of collapse and hearing about the lawsuit and the need for shares by Reed Law Firm, Eighth Uncle proactively negotiated with Wei Baozeng. If they won the case, he was willing to let Reed have 20% of his shares.

He also knew that Wei Baozeng’s father, the old master, had stored much gold, passed down from ancestors. He asked Wei Baozeng to exchange the shares for gold bars, setting a very low price, knowing what the old master could afford.

Those gold bars were the family’s lifeline, saved for desperate times, and every generation added to them. Hearing Eighth Uncle’s conditions, the old master handed over all the gold he could, securing more than 20% of the shares. Eighth Uncle, though astute, didn’t expect they’d win the lawsuit and that Bao Yin Bank would overcome its crisis. Now, in hindsight, those shares he sold off were like a clearance sale, at a tenth of their worth.

Hence, his face was dark and far from celebratory. This banquet was meant to welcome Lu Ming to the board and meet the most influential shareholders, but Eighth Uncle’s expression was grim, his goatee twitching as he occasionally coughed, leaning on his cane.

Ignoring Eighth Uncle’s antics, Wei Baozeng raised his glass with a smile, “Today, we discuss business, not family. Directors, we must thank Director Qianxing for the Empire Bank bailout. Let’s toast to Director Qianxing!”

After the main branch of Bao Yin Bank reopened, depositors swarmed in. The old chairman’s statement about respecting privacy didn’t mean much to ordinary depositors, and with a bank that had faced a run, who would trust it? However, some major clients were in a wait-and-see mode. If the crisis wasn’t resolved quickly, these long-time major clients would soon demand their money back and close their accounts.

At that time, Wei Baozeng was extremely anxious. Just then, armored vehicles with the Empire Bank logo arrived. People started spreading the news among the long queue of depositors that Empire Bank was backing Bao Yin. If Bao Yin went down, it would severely impact Donghai’s financial sector.

Sure enough, the early depositors withdrew their money smoothly. Some hesitated as it was their fixed-term deposits with no interest if withdrawn early. Others, with only Bao Yin accounts, preferred the prestige of Bao Yin’s elegantly crafted checks. If the rumors of Bao Yin’s collapse were false, why bother withdrawing?

By noon, the line of depositors began to thin. By afternoon, the long queues had disappeared, with only a few sporadic withdrawals. The crisis seemed averted. Later, Wei Baozeng learned that his father had, despite his illness, borrowed money from many old friends, thanks to winning the lawsuit. Some old friends were finally willing to lend a hand. Even Lawyer Lu contributed a million yuan, reportedly a loan.

Wei Baozeng was deeply grateful to Lawyer Lu. By the end of the day, the money was nearly depleted, but the immediate crisis was over. Fortunately, they had a valid excuse, as only the main branch reopened, with other branches temporarily closed for reorganization. The armored vehicles with the Empire Bank logo were fake, a clever ruse by Lawyer Lu. When interviewed, Empire Bank neither confirmed nor denied the bailout, enjoying the positive publicity. These details were best kept from the directors, especially the fact that Empire Bank’s bailout was just a smokescreen.

Raising his glass, Wei Baozeng smiled at Lu Ming, “Qianxing, you must drink this toast!” Just as Lu Ming was about to respond, there was a loud knocking sound. It was Eighth Uncle, using his cane to strike the floor.

“Baozeng, are you just going to leave it at that?” Eighth Uncle’s goatee twitched higher.

Ignoring him, Wei Baozeng smiled, “Eighth Uncle, let’s toast to Director Qianxing first!”

“I can’t drink it!” Eighth Uncle abruptly stood up, assisted down the stairs by a servant.

“What’s wrong with Eighth Brother?” asked Wei Qingzhong, the third-largest shareholder. Although of the same generation as Eighth Uncle, Wei Baozeng called him Thirteenth Uncle. Thinner than a stick and always playing with walnuts, he seemed the type to enjoy gambling and dog fighting. Oblivious to the severity of the bank’s crisis, he agreed to sell his shares only if absolutely necessary, following his late father’s advice.

Thus, Thirteenth Uncle became the second-largest shareholder within the Wei family, with 11% of Bao Yin’s shares.

“Lawyer Lu, a toast to you,” said Wei Baoku, holding 5% of the shares and now the fifth-largest shareholder. Previously aligned with Eighth Uncle, he now cozied up to Lu Ming, hoping to form a new alliance. His substantial shares and alliance with Lu Ming suggested a promising partnership, unafraid of Wei Baozeng’s dominance.

Smiling, Lu Ming prepared to make a toast, noting the shifting alliances within the Wei family, aware of the underlying currents shaping the future of Bao Yin Bank.