The night before listing, Shen Yijun's company was suddenly halted for additional CSRC review.
Cause: an anonymous whistleblower letter, 273 pages of attachments—every related-party deal and brush order.
That evening Lin Zhi and Fu Juanzhou drank on the terrace of his Tai Ping Lake villa.
He handed her a glass; on the rim was printed in tiny letters:
Full Ratchet Anti-Dilution
"Gift for you," he smiled. "Anyone who ever dilutes you again, I'll make sure they never recover."
Lin Zhi took the glass, fingertip tracing his palm.
"Fu Juanzhou, do you know the cruelest part of full ratchet anti-dilution?"
"Tell me."
"It makes the founder remember for the rest of his life—who actually controls the company."