At Hutchison Whampoa, in the chairman's office, Lin BaoCheng was on the phone with Iwasaki FengLong.
"Iwasaki, how many shares did you buy today?"
"As we agreed, once the price fell below HK$5, we started buying. We've taken nearly 20 million shares. If you hadn't told me not to buy too quickly, we could have bought even more. Clearly, the sellers are determined," Iwasaki replied.
"They think my investment lost money. Of course they're eager to sell," Lin said with a smile. "I don't know when they'll launch their attack, but tomorrow keep buying. The lower it falls, the more we buy. Handle the timing as you see fit, or call me if needed."
"Don't worry, Lin. I brought professional traders. They know best when to buy," Iwasaki assured him.
"Then let the professionals handle it," Lin said, ending the call after a brief chat.
Turning to Cheng YuFeng, seated opposite, Lin asked: "YuFeng, have the funds from the other companies been transferred to Pacers Securities?"
"They were sent this afternoon," Cheng confirmed. "Altogether HK$100 million, without affecting operations or game console development."
"Good. When Hutchison's price drops further, have An Yuan start buying. Don't worry about catching the absolute bottom. Around HK$4, just buy without hesitation."
This was guaranteed profit. Lin had pooled funds from several company accounts, confident the shares would rise again soon.
Cheng nodded in understanding.
That evening, after the market closed, Bob and representatives of the Qi DeZun family held a press conference. They angrily accused Lin BaoCheng, chairman of Hutchison Whampoa, of investing huge sums of company funds into gold futures without board approval, going long and suffering massive losses, thereby harming shareholders. They claimed they were exposing this to protect investors.
At first, the interviews caused little stir. But once evening papers published the story, and TV stations broadcast it, the news exploded across Hong Kong.
According to Bob's account, Lin had invested over HK$600 million in gold futures, using at least five‑times leverage, losing HK$300–400 million already, with more losses ahead. He was portrayed as the man who ruined Hutchison.
For most Hong Kong citizens, it was gossip — the downfall of last year's legendary figure.
But for shareholders still holding Hutchison stock, it was a thunderclap.
They hadn't imagined Lin's investment had lost HK$300–400 million. Hutchison's profit last year was barely HK$100 million, even after selling assets. That meant Lin had lost three years' worth of profit.
Investors now expected Hutchison's shares to plunge further tomorrow, shrinking their capital.
Before Lin gained control, Hutchison was one of Hong Kong's four great trading houses, among the few companies valued over HK$1 billion. News of such losses was bound to attract attention — especially so soon after a change in control.
The next morning, as expected, every newspaper's front page carried Hutchison's story: the losses, how much Lin had lost, and speculation whether he could recover.
At 8 a.m., Lin's car left his villa in Repulse Bay. Reporters swarmed.
"Mr. Lin, what do you say about Bob's report last night?" "Mr. Lin, did Hutchison really suffer huge losses?" "Can Hutchison survive this crisis?" "What do you say about causing such disaster?"
Bodyguards blocked the crowd. Lin stayed in the car, refusing to answer.
One guard shouted: "Mr. Lin asks me to tell you Hutchison will hold a press conference at 11 a.m. today. News will be announced then, and questions answered. Please wait until then."
Hearing this, and unable to break through, the reporters dispersed to wait at Hutchison.
When Lin arrived at the company, creditors were already waiting.
The news had spread. As Hutchison's lenders, they feared collapse and default, so they came early to demand answers.
Though the saying goes "debtors are masters," in reality Hutchison couldn't ignore them. If they pressed for repayment, the impact would be severe.
Lin and Wei Li reassured them: Hutchison was fine. Even if some money was lost, the company was strong enough to repay. Contracts would be honored at maturity. Unless creditors broke terms, they should wait calmly.
With firmness and reassurance, they managed to send the creditors away.
Lin also noticed HSBC, Hutchison's main creditor, hadn't sent anyone. To avoid suspicion, he phoned Shen Zhou, asking him to send someone as a gesture.