The news spread quickly. It was impossible to keep such a targeted operation a secret. Many people felt that something big was about to happen when they heard the news.
After acquiring Tianying Copper Industry, Jiafeng Electronics stopped storing alloy copper raw materials and instead shipped them daily to avoid stockpiling goods and tying up cash.
The price has doubled today, but it still has to be used. This puts a lot of pressure on Lu Feng. Although he has 80 million, if he spends all of that money, he'll be courting death.
This morning, Panda TV announced that it had reached an agreement with Jiafeng Electronics to reduce its contract manufacturing of Weipuda products to Jiafeng Electronics for a period of no less than three months, in order to support private enterprises and set an example in promoting in-depth market-oriented reforms.
They also stated that Panda Factory remains a top-tier factory in China, and its product quality is only more reliable than that of Jiafeng Electronics Factory. Finally, they mentioned that Jiafeng Electronics sent its most professional team to inspect the factory, and they were so impressed by its first-class quality that they were speechless.
The entire piece conveys the same message: the panda of yesteryear is still as sharp as ever.
Huang Youwei was flipping through today's newspaper when there was a knock on the door. Secretary Cui came in and said, "Haochen Copper Industry has made a move against Tianying Copper Industry. It's already causing quite a stir in the industry. Most of the large copper companies have joined the Copper Industry Association or the local Chamber of Commerce. Some small businesses are terrified by this move."
They were more than just terrified; they were trembling with fear. Haochen Copper Industry was practically a king in the industry, and together with a group of companies in the Copper Industry Association, they controlled not only the seller's market but also the buyer's market.
With just a word from General Manager Li, a small to medium-sized copper factory could be wiped out. These companies had no choice but to submit.
Huang Youwei listened to Secretary Cui's brief explanation of the market situation and then called over several vice mayors to ask them questions!
“It’s time!” Huang Youwei said in a low voice.
Secretary Cui nodded, then suddenly thought of something and whispered, "If Hao Chen Copper Industry is destroyed, and Lu Feng starts to aggressively expand into the copper industry, copying this move again, wouldn't it cause trouble if he controls a large electronics company and holds the pricing power for copper?"
Upon hearing this, Huang Youwei's eyes flashed with a fierce light, which disappeared the next second. He pondered and said, "He's a smart man!"
Lu Feng was indeed a smart man. He understood very well what Huang Youwei wanted. Relying solely on Jiafeng Electronics would not be enough to drive the local economy and employment. It was just a matter of having Lu Feng as a vanguard.
Two hours later, the local public security bureau received orders to carry out the arrest operation. At 10:30 a.m., three police cars stopped in front of Haochen Copper Industry's office building.
Inside the chairman's office, several police officers held up arrest warrants and said, "You are suspected of price gouging, market disruption, and monopolistic practices. Come with us!"
Mr. Li sat there and sighed, then smiled instead of getting angry. He looked up and said, "Can you finish this cigarette?"
"You smoke!"
Mr. Li, smoking a cigarette, said, “I was a miner in the 1970s. Back then, my dream was to eat a white flour steamed bun. I remember when my wife had just given birth to my son, I took the white flour ration coupons I had exchanged with someone and went to the supply and marketing cooperative to buy two jin of white flour. I had never made white flour before, so the steaming wasn’t very good, but my wife still ate it with great relish. She ate both jin of white flour in one go.”
“At that time, I thought that I must make sure she eats white flour steamed buns every day. For this dream, I quit this job that others considered very good in 1979. I worked in the coal industry, the clothing industry, and after going around in circles, I came back to the copper industry. Life is like a dream. Looking back, I don’t even know how I built such a big business.”
"I divorced my wife because I made some money and started hanging out with a woman at a dance hall. Maybe this is the only time I'm truly sober. In other people's eyes, my life over the past few decades has been glamorous, but I feel like I've been drifting all these years. This moment feels exceptionally grounded!"
He sat there muttering to himself, all the boss-like aura about him completely gone, as if he had returned to the identity of a miner, speaking in a very low voice.
After the cigarette burned out, Mr. Li stood up and extended his hand.
The handcuffs were put on, one of the policemen draped a shirt over his hand, and the two of them grabbed his arms and led him outside.
The news of Haochen Copper's CEO's arrest once again shocked everyone. Only half a day had passed, from the price increase of Tianying Copper in the morning, to Panda reaching an OEM agreement with Jiafeng Electronics, and then to CEO Li's arrest.
In just one morning, the intensity of the clashes was dazzling, and everyone had the same feeling that things were really about to change.
People within the copper industry association sensed something was wrong, and many companies immediately announced their withdrawal from the association, instantly shattering the price alliance.
Prices negotiated with many companies were shattered in an instant, and chaos ensued in the copper industry.
With such a dramatic change occurring at Haochen Copper Industry, it will definitely be affected in the short term, and this behemoth will vacate a huge market share.
With the threat gone, medium-sized enterprises began to get restless and eager to seize more market share. At 1 p.m., a company called Sanyuan Copper Industry offered the lowest price for high-strength alloy copper at 8,943 yuan per ton.
This price, compared to before, has been halved, astonishing the entire industry and startling outsiders who were shocked by how lucrative the copper industry had been previously.
At 3 p.m., Mr. Li was formally arrested. He was very clear about what he had done and would not be sentenced to more than a few years, at most five years.
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