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Recently, Xu Junzhe was feeling rather happy.
Xu Deming called him back to Xiahai City and gave him some money, allowing him to continue developing the shared electric bike business.
Though it was only fifty million, it showed Xu Deming and Xu Wanting’s supportive attitude towards him.
Junzhe knew that his recent efforts were paying off.
Most importantly, it seemed that because his grandparents had come to visit, Xu Deming discussed with him and allowed him to try managing Fengxiang Jewelry.
Upon hearing this news, Xu Junzhe was almost ecstatic.
What exactly was Fengxiang Jewelry?
It was a mammoth worth 20 billion, one of the famous jewelry brands not only in China but also globally renowned.
Its main business includes gold, diamonds, agate, jade jewelry, and more, with a tremendously vast operation.
Junzhe had long harbored ambitions for Fengxiang Jewelry, but previously, without graduating, he couldn’t achieve it.
Yet, on this day returning home, Xu Deming unexpectedly instructed him to give it a try.
It seemed his cousin, Xu Ankang, also wanted to join Fengxiang Jewelry, overseeing a business segment. Junzhe, too, needed to oversee a segment, competing with Xu Ankang for future control of Fengxiang Jewelry.
Xu Deming had made it clear that once the competition began, he and Xu Wanting would support him.
Upon hearing this news, Junzhe couldn’t contain his joy.
He was so happy that he couldn’t sleep for almost a day and night.
However, Xu Deming, Xu Wanting, and others did not mention Xu Mo in relation to Fengxiang Jewelry. It seemed they had already excluded Xu Mo from their plans regarding Fengxiang Jewelry.
Junzhe didn’t know yet what Xu Deming and Xu Wanting were thinking. For now, he just wanted to quickly develop the shared electric bike business, prove his abilities rapidly, and then join Fengxiang Jewelry.
Once he controlled Fengxiang Jewelry, everything would be set in stone!
So, with fifty million in hand, Junzhe hurriedly returned to Beijing that day, intending to continue showcasing his talents.
The financing plan was already underway, and now with this sum added, he estimated it would be easy to secure funding.
Currently, the market value of the shared electric bike business had exceeded at least two billion. Investors had already contacted him, interested in investing.
Junzhe naturally didn’t refuse. He immediately opened the doors and let the investors come in for inspection.
“This is our business!”
“These are our data. Our electric bikes are performing very well right now, with tremendous potential and strong upward momentum!”
“Due to the development of shared bikes, we have even broader opportunities. As big as the shared bike space is, so are our prospects!”
“Please believe in us. We will definitely succeed, expanding nationwide and even internationally!”
Junzhe’s words undeniably moved many investors. They nodded in agreement, seeing shared electric bikes as a future trend, distinct from shared bicycles and with considerable potential.
Several investors gathered, discussing investment strategies. Junzhe listened to their murmurs excitedly.
Once the funding was secured, it would mean he was halfway to success. Whether he sold the business later or managed it himself, it would prove his capabilities and be profitable.
He couldn’t go wrong. He was certain to succeed!
He needed to prove to Xie Bingyan, Xu Deming, and the others that he was absolutely worthy of Fengxiang Jewelry.
So, his excitement shook every cell in his body.
However, as they talked, one of the investors suddenly noticed something and his face froze.
The discussion halted.
He passed his phone to the other investors, who looked at it, their expressions freezing.
“You guys…” Junzhe was mildly surprised, about to inquire further, but a secretary hurriedly pushed open the door and whispered something in his ear.
Junzhe paused, his face instantly turning pale.
“Junzhe’s Shared Electric Bikes, the financial chain is about to break! The batteries for the electric bikes’s serious losses!”
“The shared electric bike project is a risky and failing venture. After investigation, there’s a high probability—up to 45%—of shared electric bikes on the streets being stolen, damaged, or abandoned. The losses are extremely severe. Investors are finding it unsustainable!”
“The shared electric bike trend is short-lived. The batteries are expensive as well as the charging costs, leading to massive losses…”
Junzhe was stunned.
If this news had surfaced at any other time, perhaps he could manage it, could leverage some media contacts.
But now, it had gone viral, causing a stir among people.
Junzhe’s breath quickened as he hurriedly turned to his computer to check the data.
With each swipe of his screen, dozens of refund notifications popped up—tens, hundreds, even hundreds more…
“What’s going on? Who wrote this news?”
“God help us!”
“Why are they all refunding deposits? This can’t be happening! Deposits can’t be refunded!”
“This news is fake, it’s fake! We don’t have any risk of financial collapse!”
He frantically shouted, trying to stop users from requesting refunds, but he realized he couldn’t stop them.
Once panic set in on this scale, all users would start to panic.
It was clearly a panic-driven mass refund.
Junzhe watched as the money in his account visibly dwindled at an alarming rate. What started with fifty million quickly blinked down to thirty million, then twenty million, eight million, five million, three million…
“Stop! They can’t continue to refund!” How could Junzhe bear to watch his account drain?
He immediately ordered a halt.
However, despite the funds in the account stabilizing, refund requests kept pouring in.
It seemed some users, not seeing their deposits returned promptly, bombarded the company’s customer service with calls.
Refund requests quickly piled up, reaching over ten thousand in the blink of an eye, leaving Junzhe unable to process them.
Despite receiving Xu Deming’s fifty million windfall, Junzhe had invested almost all his other funds in advertising and the shared electric bikes. How much money was left in his account?
It was at its limit.
In other words, he couldn’t refund customers’ deposits in the short term.
Junzhe’s face turned pale. He hadn’t anticipated this situation.
Seeing his distress, several investors seemed to grasp the severity and quickly turned away.
Junzhe angrily declared, “Stay calm! Stay calm! Notify the customers that we will refund their deposits within seven days. We guarantee there’s no risk of financial collapse, and our company is operating normally!”
“Yes!”
“Mr. Xu, there’s new information coming out, take a look!”
Junzhe glanced at it and his face turned ashen, drained of color, hands and feet icy cold.
He saw a top trending topic on Weibo: “Junzhe’s Shared Electric Bikes, financial chain has collapsed! User deposits are now irretrievable, with over 13,000 in line for refunds!”
“The number keeps rising!”
Panic!
It seemed everyone was in a state of panic.
Few were willing to leave their 999 yuan deposits anymore.
Once the risk surfaced, these people would immediately apply for refunds.
If ten thousand couldn’t get refunds on the first day, it might rise to twenty thousand the second day, thirty thousand the third, forty thousand the fourth…
Currently, he probably had around eighty thousand users.
If it reached eighty thousand, he’d need at least eighty million to settle.
“It’s over!” Junzhe’s vision blurred, swaying on the brink of collapse. He knew this project was finished.
The project had detonated.
The danger was unstoppable.
The massive deposits had become the final straw that broke them.
“Even if he managed to raise eighty million and refunded all user deposits, it wouldn’t matter. The massive losses had already occurred, and no one would invest in them again.
“Damn it! Damn it!”
“It’s Xu Mo’s doing! It’s him!”
Junzhe felt blood boiling in his heart, gritting his teeth in frustration.