novelraw Chapter 440: Conflict of Interest
Chapter 440: Conflict of Interest
Sensing He Zhihui's abnormal reaction, He Jingping discreetly kicked him under the table.
His tone carried a hint of warning and reminder: "Zhihui, Chairman Tang is about your age, but his achievements far surpass yours. You should engage with him more in the future and learn from him."
He knew his son very well.
He Zhihui was capable and had decent qualities, but he had a weakness for beautiful women and was somewhat frivolous. Normally, He Jingping turned a blind eye to it, but today was different—Lin Muxue was Tang Song’s assistant and was obviously close to him.
If He Zhihui offended Tang Song with his flippant behavior, the consequences would be severe.
He Zhihui quickly restrained the unusual emotion in his eyes and shifted his gaze to Tang Song, putting on a smile. "I definitely need to learn from Chairman Tang. I heard that Lanfeng International Hotel is also under your name—I’m a regular there."
"You flatter me." Tang Song lightly tapped the rim of his crystal glass, the crisp sound making his voice seem even more composed.
Hearing this, He Jingping chuckled twice, lifted his wine glass, and enthusiastically clinked glasses with the others.
He smoothly transitioned the conversation to the quarterly report of Huashang Fushi and the recent strategic planning meeting.
Tang Song maintained a faint smile throughout, conversing with He Jingping effortlessly, his words confident and casual.He Zhihui, sitting beside them, interjected several times but received little response.
Noticing Tang Song’s attitude, He Zhihui subconsciously curled his lips. It was obvious that the other party didn’t take him, a second-generation heir relying entirely on his father, seriously.
But he had to admit—Tang Song had the right to be this dismissive.
Tang Song had suddenly acquired 35% of Huashang Fushi’s shares. As chairman, He Jingping had, of course, investigated his background.
Based on available online information, aside from Songmei Fashion, Tang Song also held an 80% stake in Lanfeng International Hotel and a 34% stake in Bocai Yingrui Management Consulting in Beijing.
Owning such high-quality assets at his age was proof that he was no ordinary person.
Still, He Zhihui wasn’t too intimidated.
His family had been thriving in Yan City for years. Aside from Huashang Fushi, they had multiple businesses spanning trade, healthcare, and agriculture. They were, without a doubt, the dominant force in the region.
Then, from the corner of his eye, he stole a glance at Lin Muxue across the table.
Compared to a year ago, she looked even more stunning now. Nᴇw ɴovel chaptᴇrs are published on novelFirｅ.net
It was mainly her aura and sense of style—she was incredibly striking.
He had been with countless women, but only a few had left a lasting impression. The model, Little Xue, was one of them.
After all, she had rejected him multiple times.
Men always hold on to their regrets.
Just then, his father kicked him under the table again, snapping him back to attention. He quickly sat up straight, putting on a serious expression as if he were listening intently.
He Jingping cleared his throat and said, "Right now, the 'He Yiyi' IP has secured a strong foothold in the Douyin fashion sector and has gained industry recognition. Chairman Tang, you entered through the live-streaming sector and expanded Songmei Fashion to this scale in such a short time. As a veteran in the apparel industry, I must say, I’m very impressed."
His tone was sincere, his gaze appreciative, but there was also a hint of probing in his eyes.
Tang Song set down his chopsticks, his voice steady and indifferent. "You overpraise me, Chairman He. Songmei Fashion’s success has a degree of luck involved. Huashang Fushi has remained strong for so many years—your capabilities are what’s truly impressive. I believe our cooperation will benefit both companies."
He Jingping shook his head, raised his glass, and clinked it lightly with Tang Song’s, his tone tinged with sentiment. "To be honest, Huashang Fushi is struggling to keep up with the times. I recently traveled to Hangzhou and met with several fashion e-commerce and MCN companies—it was eye-opening. Our reform is urgent!"
He then launched into an impassioned speech about his trip, covering everything from the explosive growth of live-streaming e-commerce to the importance of flexible supply chains and the trend of brand IP development.
Listening to his lengthy discourse, Tang Song raised an eyebrow slightly, sensing that something was off.
He had only wanted to use Huashang Fushi’s newly upgraded production line at their headquarters for part of Songmei Fashion’s manufacturing. Yet, He Jingping kept steering the conversation elsewhere, avoiding the main topic—it was clear he had other plans.
Once there was a pause in He Jingping’s speech, Tang Song looked at him and got straight to the point. "Chairman He, I assume Mr. Wu has already discussed my proposal with you. I want the new production line at Huashang Fushi’s headquarters. A five-year exclusivity agreement plus production capacity priority."
He Jingping put down his wine glass and contemplated for a moment before speaking cautiously. "To be frank, Chairman Tang, we upgraded those two production lines specifically to build a flexible supply chain focused on e-commerce.
We spent over six months and invested more than 60 million to complete a full digital transformation, achieving C2M customization capabilities.
These new production lines can handle a minimum order of 50 pieces, offer a seven-day rapid turnaround, triple SKU capacity, and reduce capital occupation by 60%!
Of course, this production line could be exclusively used for Songmei Fashion, but my suggestion is—we should collaborate more deeply!"
"Oh? In what way?" Tang Song leaned forward slightly, his gaze sharp and bright.
He Jingping’s eyes glinted as he chuckled. "My idea is—why don’t we set up a joint venture?
Huashang Fushi will provide the production lines, resources, design, and management team, while Songmei will provide the IP and traffic. The equity split is negotiable.
We’ll operate the new company independently, fully integrating our resources to build this brand together.
This way, Songmei retains its independence while gaining full access to Huashang Fushi’s resources."
Hearing this, Tang Song instantly understood—
He Jingping wanted Songmei Fashion’s IP and traffic.
Currently, Huashang Fushi operated with a dual model—its OEM business was declining due to competition from Southeast Asia, while its independent brand had seen little success.
Now that Huashang Fushi was actively preparing for an IPO, it was looking for a new growth driver.
Seeing Tang Song remain silent, He Zhihui added, "I spoke with President Zhang from Sequoia before. The live-streaming e-commerce + flexible supply chain model is a hot investment trend right now.
If our joint venture reaches 500 million GMV, at a 4x price-to-sales ratio (PS), we’re looking at a 2 billion valuation!
Most importantly, this will accelerate Huashang Fushi’s IPO process. By then, the value of your shares will at least triple!"
Tang Song glanced at He Zhihui. "President He, you certainly know a lot."
He Jingping patted his son’s shoulder and smiled. "Chairman Tang, Zhihui previously led the brand operations for 'Huashang·Qingyu' and has extensive experience in this area. He later moved into management at Huashang Cultural & Creative, working closely with major live-streaming e-commerce companies.
Once our joint venture is established, I’d like to recommend him as the person in charge."
With a confident smile, He Zhihui spoke in a clear voice. "Chairman Tang, as a shareholder of Huashang Fushi, our interests are aligned.
The era of solo efforts is over. To grow bigger and stronger, we must integrate resources and develop together.
With Huashang Fushi’s full support, inventory risk and financial pressure will be minimized. Our joint venture has immense potential!
Both Huashang Fushi and Songmei Fashion will gain unprecedented opportunities!"
After speaking, the father and son duo looked at Tang Song expectantly, full of confidence.
By all accounts, this was an excellent opportunity.
Especially with Huashang Fushi’s IPO on the horizon—it was an irresistible offer for anyone.
With Huashang Fushi’s current net assets at 800 million, plus the joint venture’s prospects, the IPO’s price-to-book ratio (PB) could reach 3.55–4.55x, potentially pushing the final valuation beyond 3 billion.
They didn’t believe Tang Song would refuse.
As silence stretched on, the atmosphere in the private room became tense and heavy.
Lin Muxue subtly shifted her legs, her attention drawn to the conversation.
She didn’t fully understand everything, but after working at a financial company for so long, she could grasp the general idea.
On a personal level, she really disliked He Zhihui and didn’t want him to have too much cooperation with Tang Song.
But she knew how to weigh priorities.
This was an IPO—many companies’ ultimate goal and the most important channel for shareholders to cash out.
"Sorry, Chairman He." Tang Song regretfully shook his head, his tone serious. "I have a clear vision for the future of Songmei Fashion, including the positioning and development path of our new brand, HEYIStudio. Right now, Songmei needs to focus on building its own brand, not diverting its energy into a joint venture."
As his words fell, the atmosphere in the private room seemed to freeze for a few seconds.
He Zhihui raised an eyebrow, and a subtle shift occurred in his gaze toward Tang Song.
He Jingping’s smile stiffened slightly but quickly returned to normal.
He picked up his wine glass, took a small sip, and probed, "Chairman Tang, are you concerned about control over the joint venture? That’s something we can negotiate to ensure your interests are protected."
"It’s not that." Tang Song crossed his hands on the table. "The joint venture model would affect my strategic layout for Songmei Fashion and conflicts with my goals, so I have to decline."
Seeing this, He Zhihui couldn’t help but interject, "Chairman Tang, the market is so competitive now—relying on a single company alone…"
Tang Song directly interrupted him, his tone calm. "Let’s just talk about the OEM business."
No matter how enticing He Jingping and his son made it sound, it simply wasn’t going to sway him.
Songmei Fashion was tied to his Growth Plan Task, and he had to follow his plan step by step.
Besides, the future was full of uncertainties, and the scale of the two companies was completely mismatched. If they partnered now, Songmei Fashion would inevitably become subordinate to Huashang Fushi—it was entirely unnecessary.
He didn’t need to sell the company or go public to make money.
Having his words cut off so directly, a surge of inexplicable frustration rose in He Zhihui’s chest.
This guy didn’t take him seriously at all and was treating him with complete indifference.
Gritting his teeth, He Zhihui said, "Chairman Tang, we’ve already been in talks with several live-streaming e-commerce companies in Hangzhou. Two of them are willing to establish a joint venture with Huashang Fushi and are even open to cross-shareholding. Meanwhile, we currently only have one flexible production line."
"That’s enough, Zhihui!" He Jingping waved his hand, maintaining his smile. "Chairman Tang, we can take our time discussing the collaboration—there’s no rush."
Tang Song glanced at He Zhihui indifferently and said firmly, "Chairman He, I take this matter very seriously and don’t want to drag it out. Give me a clear answer."
As a board member and a 35% shareholder, he had actively reached out to He Jingping to seek cooperation, which was also a way of generating value and business for Huashang Fushi.
But He Jingping clearly had his own agenda.
Finding a new growth point for Huashang Fushi was one objective, but more importantly, he wanted to groom his son.
After all, at 55 years old, he needed He Zhihui to establish a solid achievement as a successor.
Hearing Tang Song’s blunt words, He Jingping’s smile gradually faded.
He took a sip of his drink, then said, "If that’s the case, Chairman Tang, perhaps you should wait a little. We’ve already begun planning a third new production line at our second factory in the outskirts.
We can start with the existing production line for initial cooperation. Once the new line is operational, we can customize a production plan specifically for Songmei Fashion, ensuring both product quality and delivery timelines."
His words were smooth and left no gaps, but the meaning was clear—it was a rejection.
As chairman, He Jingping had absolute control over the company. His refusal was equivalent to Huashang Fushi’s refusal.
A slight smirk appeared at the corner of He Zhihui’s lips as he glanced at Tang Song’s face.
But to his disappointment, he didn’t see the frustration or anger he had hoped for.
Instead, Tang Song remained as calm and composed as ever.
"Alright, I understand." Tang Song nodded lightly, his expression relaxed as if he didn’t take this matter to heart at all.
He Jingping frowned slightly but didn’t say anything further.
Although Tang Song was a shareholder and board member, this was ultimately a partnership between two companies.
His refusal was legitimate and did not violate company law. Even if Tang Song wanted to retaliate, there was no real leverage to do so.
Beside him, Lin Muxue’s heart skipped a beat, her eyes flickering with excitement.
Holy sht! I mean, seriously—holy sht!
Bold move! You two actually dared to reject Chairman Tang!
The banquet continued, and He Jingping and Tang Song still exchanged pleasantries, but the atmosphere had subtly shifted.
9:00 PM
Watching Tang Song and Lin Muxue step into the Rolls-Royce Phantom and slowly drive away, He Zhihui’s face darkened.
"Dad, what do we do now? Should we continue negotiating with Yingqu Media? Their scale and traffic are larger, but their conditions are quite demanding. Some of the other shareholders might object—especially Tang Song, given his 35% stake."
In corporate governance, major decisions required approval from shareholders representing at least two-thirds of the voting rights.
If the joint venture involved core business or assets, it could fall under that category.
Even if they pushed it through the board as a non-major decision, Tang Song could still legally challenge it.
They had prioritized a partnership with Songmei Fashion not only because both companies were based in Yan City, making operations easier, but also because they were wary of Tang Song’s veto power.
He Jingping’s gaze darkened. "We’re not at the point of a fallout yet. Let’s wait a bit longer. I’ll have Wu Wei reach out to him privately. Whether it works out or not, it’s no big deal."
In his eyes, this truly wasn’t a big deal.
It was just a small conflict of interest between the two parties.
His goal was to use the joint venture to create a viral internet brand, helping his son secure a firm position in the company while also boosting Huashang Fushi’s performance for a future IPO.
Meanwhile, Tang Song valued Songmei Fashion highly and refused to give up control over his brand.
If they couldn’t collaborate deeply, they would simply stick to the OEM business.
As for the third smart production line, he would have to wait. After all, each one required at least 30 million yuan in cash, which wasn’t in Huashang Fushi’s short-term plans.
Inside the Silent Rolls-Royce Phantom
Lin Muxue shifted slightly in her seat, her gaze turning toward Tang Song.
He sat quietly, his posture tall and relaxed.
Under his high-bridged nose, his thin lips were lightly pressed together. His slightly tousled hair reflected the soft glow of the dim car lights.
At this moment, he exuded an irresistible charm.
Sensing her gaze, Tang Song turned his head.
Their eyes met, and he smiled, warm and gentle under the soft lighting.
In an instant, Little Xue melted like water, her face flushing faintly.
Then, his clear and magnetic voice rang out.
"Little Xue, you know He Zhihui, right?"
Lin Muxue’s body tensed. She bit her lip and spoke softly, "We had some contact at work before, but I’m not familiar with him at all. I haven’t seen him in almost two years. If not for today, I would have completely forgotten about him."
"Hmm, it’s fine. I was just asking." Tang Song’s lips curled upward.
He reached out, placing his hand on her smooth thigh, gently kneading—his touch reassuring.
Back when he completed the side task 'Observation and Control' with Lin Muxue, he had obtained the passive skill—Observer.
With his current level of perception and observation, he had naturally noticed the subtle exchanges between He Zhihui and Lin Muxue.
That was one of the reasons for his less-than-friendly attitude toward He Zhihui.
Leaning back against the soft leather seat, Lin Muxue gazed at the starlit ceiling above, rubbing her legs together lightly, her face growing even redder and hotter.
Tang Song adjusted his hand’s position, rolled down the rear window slightly, and let the cool night breeze wash over them.
Lin Muxue took a deep breath and gripped Tang Song’s left hand tightly. Her voice trembled slightly as she asked, "Chairman Tang, will you continue working with Huashang Fushi?"
She had already had quite a bit of red wine and definitely didn’t want to make a mess in the car.
Tang Song turned his face to look at her and smiled. "Of course, I will."
"But… He Jingping obviously wasn’t sincere. Who knows when that so-called third production line will actually materialize? He was just brushing you off."
"Not bad, Little Xue. You’ve improved a lot."
Lin Muxue licked her lips nervously and shyly said, "It’s all thanks to your teachings."
Tang Song chuckled softly, reaching out to pinch her fair, delicate face.
His voice was calm. "It doesn’t matter. Since He Jingping refuses, I’ll just take control of Huashang Fushi and restructure the board. Little Xue, your new task has arrived."
"Huh?" Lin Muxue was momentarily stunned, then immediately sat up straight. "Chairman Tang, please instruct me!"
"Notify the Investment and Research Departments at Confluent Capital to conduct a comprehensive assessment of Huashang Fushi. Investigate the company’s shareholder structure and draft an acquisition plan—I want to secure more than 50% of the shares."
Since the system had already assigned this task, Tang Song was determined to acquire Huashang Fushi’s exclusive high-end production facility.
Besides, as Songmei Fashion continued to grow, deeper collaboration with Huashang Fushi would be inevitable.
Taking control of the company was the right move—it would prevent unnecessary obstacles.
"Understood, Chairman Tang!" Lin Muxue took a deep breath, her excitement making her body tremble slightly.
He Jingping, He Zhihui—your good days are numbered!
Do you have any idea what kind of power a billion-dollar private equity boss wields?
Do you have any clue about the true value of the man behind Su Yu?
Hahaha! Finally! I, Empress Muxue, am about to truly take part in a financial war!
This is the kind of legendary experience I’ll be bragging about for years!
Shengyuan Scenic Residence
The bathroom door was gently pushed open, and a soft mist drifted out with each of her steps.
Wen Ruan stood naked in front of the full-length mirror inside her walk-in closet, carefully examining her reflection.
Her skin, soaked in warm water, looked even more delicate and smooth, glowing with a faint radiance.
Her curvy, supple figure, complemented by her toned abs and sculpted lines from regular workouts, exuded just the right amount of mature feminine charm.
She pinched her cheeks and then her chest, her face filled with satisfaction.
She wasn’t sure if it was just her imagination, but ever since she started "playing ball" with Tang Song, her skin had improved dramatically.
Her current state was nearly as good as it had been two years ago.
She had heard before that a harmonious married life could improve blood circulation, regulate hormones, and relieve stress—benefiting the skin to some extent.
But she hadn’t expected her results to be this effective!
At the thought of this, Wen Ruan couldn’t help but lick her full, glossy lips.
Looks like I need to squeeze even more out of Tang Song!
After admiring herself in the mirror for a while, she reached for the silk robe hanging on the rack, gave it a slight shake, and draped it over her shoulders.
The robe flowed over her skin like water, molding against her exaggerated curves.
Back in the bedroom, she glanced at her unread messages.
Aside from some work reports from the printing factory, there were also a few messages from long-lost relatives—all trying to reconnect now.
For the past few days, her assistant team had already begun taking over operations at Yanbei Printing Factory.
Although she had considered appointing her father as General Manager, she knew he wasn’t entirely up to the task—especially since the role involved coordinating with Tangyi Precision.
In the end, she had hired Deju Renhe to find a professional manager for the job.
For now, her father could stay as the Vice GM, and when the time was right, he could take over completely.
Sitting on the soft, plush bed, Wen Ruan opened her chat with Tang Song, lifted her robe, took a half-revealing, seductive selfie, and sent it to him.
Seeing that Tang Song didn’t reply immediately, a hint of jealousy crept in.
She was almost certain that this damn man was busy fooling around with some other woman.
Stretching lazily, Wen Ruan was just about to open King of Glory to relax when her phone suddenly vibrated with a new friend request.
Seeing the username, her body stiffened, and she accidentally dropped the phone onto the bed.
[Qingning]
Friend request message: "I’m Liu Qingning."
Wen Ruan stared at the request for a long time, then took a deep breath and tapped Accept.
Sooner or later, she had to face this.
After all, she had already met Su Yu.
Liu Qingning wasn’t that big of a deal!
After mentally preparing herself, Wen Ruan hovered her fingers over the chat box, hesitating on what to say.
Just then, her phone vibrated again.
[Qingning]: "Hello, Wen Ruan. I’m sorry it took me so long to reach out. I just wasn’t mentally prepared before. Also, this past month has been the busiest time of my life."
[Qingning]: "I didn’t add you for any other reason. I just wanted to tell you about my story with Tang Song. Would you be willing to listen?"
Wen Ruan bit her lower lip, her fingers quickly tapping out a response:
"Hello, Qingning. It’s nice to meet you. If you’re willing to share, I’d be happy to be your listener."
[Qingning]: "Our story starts back in 2005..."