Chapter 10: “Beauty is a disaster”

“Boss, can you at least give me some direction on how to track down Xu Jun’s hidden assets?”

Qian Heng took a sip of water. “What do you currently know about Xu Jun’s soon-to-be-listed company, ‘Tuantuan Online’?”

Cheng Yao pulled out the business registration records she had found. “I’ve looked into it. Ever since Xu Jun officially got his marriage certificate in China, Tuantuan Online hasn’t undergone any unusual changes—no capital increases, no shifts in shareholding.”

Qian Heng raised an eyebrow. “If I were you, I wouldn’t waste my time investigating Tuantuan Online’s operations at all. Do you think Xu Jun is stupid? He obviously knows that Bai Xingmeng would be watching Tuantuan Online closely.”

“Then…”

“Tuantuan Online has managed to secure four rounds of funding in just three years from Temasek, IDG, Sequoia Capital, and SoftBank, raising approximately $210 million. Right now, it’s preparing to go public on NASDAQ.”

Cheng Yao nodded. “Yeah, I saw that too.”

Qian Heng stared at her. “So you just saw it and moved on? You didn’t stop to think about what this actually means?”

Cheng Yao thought about it. What is there to infer? Xu Jun and Bai Xingmeng had a prenuptial agreement, and these rounds of financing all happened either before their marriage or after their divorce…

“You didn’t even bother to check that Chinese internet companies typically use a VIE structure when listing abroad, did you?”

“VIE?”

Cheng Yao was completely lost. She looked at Qian Heng, who twitched the corner of his mouth. Clearly, if he didn’t care about keeping up appearances, he would’ve rolled his eyes right now.

“VIE stands for Variable Interest Entities. In Chinese, it’s called ‘协议控制’—contractual control. Essentially, it means that the offshore-listed entity and the domestic operating entity are separate. The offshore entity controls the domestic business through a series of contracts, making the domestic business the VIE of the listed company.”

This was the first time Cheng Yao had encountered the term, so she quickly jotted it down in her notebook, trying to digest the new information.

“But why do we need to study the VIE structure? Isn’t that something only lawyers handling corporate listings and mergers need to know?”

Qian Heng paused and glanced at Cheng Yao. “What do you think a family lawyer does?”

“Huh?”

“You think family lawyers just mediate marital disputes and investigate cheating spouses all day? That you only need to know Marriage Law and, at most, Inheritance Law ? That you don’t need expertise in other legal fields?” Qian Heng let out a mocking chuckle. “Sure, most family lawyers operate that way, but I’m not ‘most.’

“A truly top-tier family lawyer also has to be an excellent commercial lawyer. You need to master family law, but also corporate law, securities law, and tax law. That’s how you provide specialized services that others can’t replicate, how you expand your market, and how you—like me—can get away with having a terrible temper because clients have no choice but to accept it.”

Cheng Yao silently mused to herself—this was the first time she’d heard someone so openly and confidently acknowledge that they had a bad temper…

“You don’t understand business structures, and you have no knowledge of how internet companies go public. How can you possibly help your client track down hidden assets?”

“I’ve already mapped out all the ownership structures, affiliated businesses, and subsidiaries under Xu Jun’s enterprises. During the marriage, he established 15 companies. I might not understand Tuantuan Online’s IPO process, but I know that as long as I focus on these 15 companies, which qualify for marital asset division, that should be enough.”

Qian Heng scoffed. “Sure, you could take the lazy route and throw all 15 companies into the asset division list. But with only two months left before the statute of limitations expires, do you really have the time and energy to untangle the finances and shareholding structures of all 15 companies, then pinpoint which ones are involved in asset concealment? Xu Jun isn’t stupid. He has an entire team of accountants and tax experts working for him. Do you really think we can find loopholes in financial statements that are already reporting losses? And let’s not forget—many Chinese internet companies do operate at a loss before going public.”

Cheng Yao bit her lip, staying silent.

“That’s why we need to identify the one or two companies within those 15 that are crucial to Tuantuan Online’s IPO. We focus our investigation on those and leverage the IPO’s critical timing.”

“Ugh, you really don’t know anything, do you?” Qian Heng frowned. “Alright, let me break it down for you. First, do you even understand why Xu Jun chose to list in the U.S. instead of China?”

“This one I do know!” Cheng Yao quickly responded. “If Tuantuan Online wanted to go public in the domestic stock market, it would need to meet strict requirements for revenue scale and profitability. But many internet companies operate at a loss in their early years. Plus, China’s IPO approval process is long and complicated, so a lot of companies opt for overseas listings instead.”

Hearing this, Qian Heng’s expression finally softened a bit. “Well, at least there’s still hope for you.”

“…”

“When Chinese companies go public overseas, they usually follow one of two models. The first is a direct listing, where a domestic company lists abroad. But this requires meeting stringent financial criteria: a net asset value of at least 400 million RMB, post-tax earnings of at least 60 million RMB in the past year, and a fundraising target of at least $50 million. You should know that most internet companies don’t meet these revenue thresholds, which is why they resort to the second method— indirect listing. This involves transferring assets to a holding company set up in tax havens like the Cayman Islands or the British Virgin Islands and using the VIE structure to go public.”

Cheng Yao listened intently, subconsciously asking, “Then what? How exactly does the VIE structure enable an indirect listing through offshore holding companies? What impact does this have on Xu Jun and Tuantuan Online? And why is studying the VIE structure the key to uncovering hidden assets?”

“I already cooked the meal for you, and now you want me to spoon-feed it to you too?”

“…”

Qian Heng snorted. “I’ve pointed you in the right direction. The rest is up to you. If you want to be a great lawyer, independent thinking and research skills are essential. Stop expecting others to hand everything to you on a silver platter.”

Cheng Yao nodded, feeling a mix of shame and admiration.

Even though Qian Heng had just scolded her, this time, she had to admit—it was well-deserved.

Sure, he had a terrible temper and a serious case of “boss syndrome,” but his professional skills were undeniable. The gap between them was massive. When it came to legal expertise, especially in business and finance, she was nothing more than a trembling rookie in front of him. Getting chewed out by someone truly competent? Cheng Yao could accept that.

“Wait a minute.”

Just as Cheng Yao was about to return to her room, Qian Heng called out to her. “I have a habit of eating some fruit an hour after dinner.”

“There are apples, kiwis, and bananas in the kitchen. I bought them, so help yourself.”

But Qian Heng didn’t move an inch. “Oh, and after explaining all that to you, I’m feeling pretty thirsty.”

Cheng Yao widened her eyes and looked at him. She hesitated for a moment before cautiously asking, “You’re not hinting at what I think you are, right?”

“I’m exactly hinting at what you think I am,” Qian Heng replied shamelessly, staring right back at her. “I’m tired. I don’t feel like getting up.”

Excuse me?!

The distance from the kitchen to the dining table was barely a few meters! With your height and long legs, you could reach it in just a few steps! I already bought the fruit for you—do you seriously expect me to cut it up and feed it to you too?!

Weren’t you just lecturing me about not being overly dependent and learning to do things myself?! The double standard is insane !

Just as Cheng Yao was silently roasting him in her head, Qian Heng’s devilish voice rang out again—

“Do you still want to come to me for help next time?”

Alright, alright, fine! Whatever you say!

Cheng Yao immediately stopped hesitating. She swiftly headed to the kitchen to peel some fruit for Qian Heng. There was still a long way to go. Qian Heng was right—these days, everyone was talking about sustainable development, and Cheng Yao decided she should adopt the same mindset.

She resolved to be nicer to her boss in the future. It was like saving money—if she made enough small deposits now, sooner or later, she should be able to cash out a big return from Qian Heng!

With Qian Heng’s guidance, Cheng Yao suddenly felt her thoughts become much clearer. The next day at work, she buried herself in researching legal knowledge related to the VIE structure.

She was so focused that she didn’t even notice when another partner, Wu Jun, returned to the office.

“Wu Par just walked past you and even stopped by your desk for a moment. You didn’t notice at all?” Tan Ying leaned over to Cheng Yao. “Today, Wu Par is wearing Terre d’Hermès. That scent suits him so effortlessly…”

Wu Jun didn’t linger in the open office area as he usually did. Since he didn’t lead a team, he never assigned tasks or reprimanded anyone. With his naturally flirtatious peach-blossom eyes, he might not have the godlike looks of Qian Heng, but he was charming, witty, and undeniably handsome. He was well-liked by everyone at the firm.

He walked straight into Qian Heng’s office.

“Knock.”

Qian Heng greeted him with a flat, emotionless command.

“Do we still need to knock? We’ve even slept together,” Wu Jun teased. “But you, you won’t even reply to my texts. Even if you don’t love me anymore, I still love you deeply. Look, I even brought you chocolates from Belgium.”

Qian Heng watched him set down the chocolates, his expression still cold.

Wu Jun was long accustomed to Qian Heng’s demeanor. He wasn’t bothered at all. With a grin, he casually dragged a chair over and sat across from Qian Heng. “I saw Cheng Yao just now.”

At this, Qian Heng finally lifted his head and scoffed. “So that’s why you texted me ‘I miss you’? Miss me? Ha.”

“Cheng Xi’s younger sister—I was curious, so I took a good look. She’s quite different from Cheng Xi’s intellectual beauty, but she’s stunning,” Wu Jun said with a smirk. “She has that kind of dangerously attractive aura. Fortunately, she’s completely unaware of it. If she ever learns how to dress up properly, I bet she’d stir up quite the drama in the office.”

“Didn’t notice. She looks… alright, I guess.”

“This is the first time I’ve ever heard you call someone ‘alright.'” Wu Jun chuckled knowingly. “So, is that why you brought her into your team?”

Qian Heng set down the document in his hands. “Since she’s a referral from your connections, of course, I have to ‘take good care’ of her personally.”

Wu Jun spread his hands. “Cheng Xi asked me for a favor. Her sister’s resume wasn’t particularly outstanding, but there were no major issues either, so I helped out. After all, she’s my junior alumna’s younger sister.”

Qian Heng let out a short laugh. “Just a casual favor? Let’s pretend I don’t know what you’re really up to. But why doesn’t Cheng Yao know she was referred in through connections?”

“Cheng Xi didn’t want to hurt her confidence. She wanted Cheng Yao to believe she got in on her own merits, so she asked me to keep it a secret.”

Qian Heng pressed his lips together. “You know how much I hate nepotism hires.”

Wu Jun toyed with an ornament on Qian Heng’s desk before changing the subject. “I heard you put Cheng Yao in charge of finding hidden assets in the Xu Jun-Bai Xingmeng divorce case? Sure, you can spot the discrepancies at a glance, but for a newbie, this is way too difficult—especially since she just started.”

“That’s exactly why I had her do it.”

“Hm?”

“If she fails during her probation period, the severance compensation is lower.”

“…” Wu Jun was speechless. “She’s such a pretty girl, isn’t it nice to have her around the office? Why are you being so harsh on her?”

“I don’t keep decorative vases,” Qian Heng said coldly. “If she can’t fully grasp the concept of VIE and find the key issues in this case by the end of the day, I’ll fire her for incompetence.”

“You’re not even going to give her any hints or guidance?”

Qian Heng paused for a moment, recalling how he had secretly tutored Cheng Yao the night before. But outwardly, his expression remained indifferent as he blatantly lied.

“No.”

“Qian Heng, if you keep being this cold, you’ll be single until your sperm lose motility.”

Qian Heng pressed his lips together. “I don’t believe in marriage, and I dislike children even more.”

“That’s just an excuse because you can’t find someone!”

“Wu Jun, you—”

Before Qian Heng could finish, a sudden knock on the door interrupted him.

Before he could even react, Cheng Yao appeared at the doorway. There was an unmistakable excitement on her face, her bright black eyes practically glowing. Qian Heng only took one glance at her before instinctively turning his head away.

At that moment, only one phrase flashed through his mind— femme fatale .

Author’s Note:

【Mini Theater】

Cheng Yao: Boss, let’s be honest. I’ve unclogged your pipes, cleaned your house, cooked for you, and even prepared fruit for you after meals. If all of this were savings, surely I deserve to cash out with some interest? Shouldn’t I get a bigger return?

Qian Heng: You’ve already received my body—what more do you want?

Cheng Yao: …That counts as my return?

Qian Heng: A premium service at 11,000 per night, the infamous industry tyrant’s body—what more could you ask for?

Cheng Yao: …I’m dead.