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March 2006, headquarters of Yongren Capital in Manhattan, New York.

The morning light outside the glass curtain wall shone on the global map in the center of the conference room, with 37 red dots marking the distribution of Yongren's "golden shares".

CEO James Wilson pointed to the London location: "HSBC's 3.2% stake has been confirmed, with additional terms including a strategic takeover veto and the right to nominate a CEO."

Su Ning twirled the jade ring on her left pinky finger, her gaze sweeping over the Tokyo lights: "What are the conditions for Mitsubishi UFJ?"

“Special agreement,” Karen, the risk control director, pulled up the document, “Yongren has the right to advise on any decisions involving the Dragon Kingdom market, including but not limited to RMB bond underwriting and cross-border mergers and acquisitions.”

This is Yongren Capital's unique "Hummingbird Strategy"...

They can precisely extract the most essential control of a company like a hummingbird collecting honey, without having to bear the responsibilities of a major shareholder.

Through a special agreement structure in Delaware, these seemingly ordinary minority stakes have been granted astonishing power.

“A call from the White House,” the aide rushed in. “Treasury Secretary Paulson wants to meet at breakfast tomorrow to discuss…the issue of the Chinese currency exchange rate.”

Suning smiled slightly.

Three weeks ago, Yongren obtained a QFII quota from the State Administration of Foreign Exchange of China, becoming one of the first foreign investors to invest in A-shares.

This timing is by no means a coincidence.

“Prepare two briefings,” he instructed his team. “The version for Paulson will emphasize financial openness, while the version for the Beijing side will highlight technology imports.”

His gaze returned to the map. "Remember, we are not agents of any country, but mediators of global capital."

"clear."

……

Georgetown, Cayman Islands, September 2007.

David Cohen, general counsel for Yongren Law Firm, walked into an unassuming law firm where a safe contained a folder numbered "BR-1990".

The yellowed share certificate shows that the offshore company "Migratory Bird Investment" holds 31% of BlackRock's shares, and the signing date is November 9, 1990—one week after the fall of the Berlin Wall.

"Does Larry Fink know the truth?" David asked the local lawyer.

The old lawyer shook his head: "He always thought that Migratory Bird Investment was a shell company for the Rockefeller family. According to the agreement, the actual controller could never be disclosed before BlackRock's assets under management exceeded $1 trillion."

This secret, sealed for seventeen years, is the most crucial piece of the puzzle in Suning's financial empire.

BlackRock, which was on the verge of bankruptcy back then, now manages more than $5 trillion in assets...

This is equivalent to 7% of global GDP.

Through a carefully designed voting delegation mechanism, Yongren has always maintained influence over key decisions.

On the return flight, David calculated the latest data: Yongren's indirect holdings of Apple, Microsoft, Amazon, and the two oil giants through BlackRock, plus the "golden equity" he directly controlled, actually affected 43% of the market capitalization of the S&P 500 index components.

"Boss," he couldn't help but ask Su Ning, who was resting with his eyes closed, "this scale... has surpassed the peak of Morgan and Rothschild. Isn't it too dangerous?"

Suning opened his eyes, and outside the porthole, the sea of ​​clouds churned: "The greatest elephant has no form. People only wary of the visible giants, but ignore the 'small shareholders' scattered across hundreds of companies."

"..."

May 2008, secret meeting room at the Mayflower Hotel in Washington, D.C.

Karl Rove pushed a folder labeled "Top Secret" across the table: "Fannie Mae's internal assessment suggests that the subprime mortgage default rate may exceed 9% next quarter."

Suning remained unmoved: "What is the Ministry of Finance planning to do?"

“Paulson wants to push for congressional authorization to takeover,” Rove said in a low voice, “but the market will crash before the news is announced.”

Three days later, Yongren Capital's risk control committee suddenly passed an unusual resolution: to conduct "stress tests" on all financial derivatives positions.

Behind the surface, a team of actuaries is running a disaster model in a confidential data center in Zug, Switzerland.

“The result is confirmed,” Chief Quantitative Analyst Mark said in a tense voice, “If the MBS (mortgage-backed securities) rating is downgraded, AIG’s CDS (credit default swap) payout pressure will exceed 20 times its capital.”

Suning stared at the digital chain on the screen: "Establish CDS positions, but not through Wall Street. Use our channels in Frankfurt and Singapore."

By mid-July, Yung-Yen had quietly accumulated a nominal CDS position of up to $28 billion, all held through shell companies spread across 17 jurisdictions.

When Lehman Brothers collapsed in September, the value of these positions skyrocketed.

A later investigation by The Wall Street Journal revealed that a Luxembourg-registered SPV (Special Purpose Vehicle) under Yongren Group profited $7.4 million from a single CDS settlement, with the counterparty being none other than AIG itself, who was completely unaware of the deal…

This insurance giant had to use government bailout funds to pay the claim.

……

January 2007, Moscone Center, San Francisco.

When Steve Jobs held up the first-generation iPhone, cameras around the world simultaneously captured an unexpected moment...

Suning, dressed in a suit, sat in the first row of VIP seats, even closer to the center than the founder of Google.

At the small celebration party following the press conference, Apple CEO couldn't hide his curiosity: "Mr. Su, are you so confident in smartphones?"

Suning played with the prototype: "It's not a phone, it's an ecosystem."

He opened the pre-installed Google Maps app. “Yongren invested in Google’s Maps team back in 2004, and its own brand, Lightning, has already proven its success. Now it also holds a 1.8% stake in Apple… This is the real synergy.”

In the corner, the young Zuckerberg was nervously observing this scene.

His legal counsel has just warned that some of the funds in the upcoming Microsoft investment that Facebook is about to receive are suspected to have come from Yongren's offshore operations.

“Don’t worry,” the advisor reassured her. “They’re only asking for an observer’s seat and won’t interfere with operations.”

What Zuckerberg didn't know was that this seemingly harmless "observer" clause would bring Yongren over $40 billion in paper profits when Facebook went public in 2012...

It was this seat that allowed Suning to learn about the IPO pricing strategy in advance.

Moreover, as early as 2004, when Facebook was first founded, Suning secretly held Facebook's original shares.

So no matter how much these guys wanted to resist, it was useless; they were already Suning and Yongren's prey.

……

November 2006, G20 Finance Ministers' Meeting in Melbourne, Australia.

As U.S. Treasury Secretary Paulson hurriedly left a closed-door meeting, a Reuters reporter astutely captured a logo peeking out from his briefcase…

The "YR" logo of Yongren Capital.

The following day, the Financial Times featured a front-page question: "Who is setting the rules for the global economy?"

At the heart of this storm, Suning sat calmly in his villa on Sentosa Island, Singapore, enjoying tea with Lou Jiwei, chairman of Longguo Investment Co., Ltd., who was visiting.

“Mr. Su, there are too many rumors circulating,” Lou Jiwei probed, “saying that Yongren can influence dollar policy?”

Suning's hand, as steady as a rock, poured tea: "President Lou manages $2000 billion in foreign exchange reserves, so he should know best that the market is never controlled by any one person."

He presented an analysis report, saying, "We just see things more comprehensively than most people."

The report shows that Yongren's holdings of US Treasury bonds through BlackRock actually account for less than 2% of the total, and its real influence comes from its cross-market "information hub" status...

When an institution simultaneously grasps both the bond-buying plan of the People's Bank of China and the pace of the Federal Reserve's balance sheet reduction, it can naturally make accurate predictions.

In January 2009, at his last private dinner before leaving office, President Bush presented Su Ning with a framed photograph of the White House, saying, "Su, some people say you've made more money in these eight years than Rockefeller made in his entire life."

Su Ning accepted the gift, his gaze sweeping over the inscription "To my friend" on the photo: "Mr. President, wealth is just a number. The real gain is..."

He pointed out the window toward the Lincoln Memorial, saying, "An opportunity to participate in shaping history."

As fireworks lit up the sky above Washington for President Obama's inauguration, analysts at Yongren Capital were adjusting model parameters in their trading room...

A new political cycle means new rules, and their bosses have already prepared for the next move. ...

February 2009, the Department of Justice building in Washington, D.C.

Special Counsel Eric Holder laid out the top-secret files on Operation Phoenix on the conference table, the red dot of his laser pointer hovering over the organizational chart of Yongren Capital: "Over the past eight years, this company has secured 47 non-competitive defense contracts, totaling $380 billion. Even more suspicious is..."

He switched slides, saying, "Their short positions during the financial crisis were so precise it was almost unbelievable."

The head of the FBI's Financial Crimes Unit frowned as he looked at the transaction records: "CDS options bought a week before Lehman Brothers collapsed... This is practically insider trading."

"The problem is how do we prove it?" the SEC representative tapped on his notebook. "Their transactions were completed through special purpose vehicles in 17 jurisdictions, and our subpoena is like a piece of waste paper in the Cayman Islands."

The conference room door suddenly opened, and White House Counsel Craig rushed in: "The president has requested that the process be expedited, and results must be available before the midterm elections."

He put down a document. "This is a financial transaction record of the Yongren-Bush family that the Treasury Department just compiled."

Documents show that Neil Bush's private equity firm received two "advisory fees" totaling $1200 million from Yongren-affiliated companies over the past five years.

“That’s enough to file a case,” Prosecutor Holder said, closing the file. “Freeze Yongren’s assets in the U.S. first thing tomorrow morning and summon Su Ning himself.”

Unbeknownst to them, a completely different meeting was taking place at that very moment in the secure conference room on the top floor of the Yongren Building in New York.

“The last escrow account has been transferred to Badr Bank in Switzerland,” the chief risk officer reported. “It uses a quantum encryption protocol, which theoretically would take a billion years to crack the private key.”

Suning stared at the global asset distribution map flashing on the big screen: blue represented core assets that had been safely transferred, and red represented surface assets that could be sacrificed.

The screen is now a deep blue.

“The Department of Justice is moving faster than expected,” legal counsel David said, swiping his tablet. “They may issue the freeze order tomorrow.”

"Initiate the second phase," Suning ordered, "Let Obama's 'Phoenix' burn even brighter."

"Yes! Boss."

The following morning, when FBI agents stormed into Yongren's New York headquarters, they were greeted by bewildered cleaning staff.

The CEO's office was long gone, with only the Lincoln portrait on the wall looking down ironically at the search warrant.

What shocked the investigation team even more was that their prized asset freeze order had become a dead letter...

Yongren's main accounts in the United States have a total balance of only $3700, while the financial report three weeks ago showed that there were $180 billion in liquid assets.

"That's impossible!" Treasury Secretary Geithner roared, slamming his fist on the table at an emergency meeting. "Money doesn't just disappear!"

Federal Reserve Chairman Ben Bernanke took off his glasses and wiped them: "Actually... it may really be true. Our tracking system shows that more than 9000 micro-transactions have been transferred out through the blockchain network in the past 72 hours, each precisely controlled below the reporting threshold."

Ironically, this system that circumvents regulations is the same "anti-terrorism financing tracking platform" that Yongren developed for the Ministry of Finance three years ago.

At the same time, in Suzhou Industrial Park, China.

Jiangsu Erge and Suning jointly unveiled the "Yongren-Huaxia New Energy Innovation Center", with the words "National Strategic Emerging Industry Demonstration Project" written in both Chinese and English on the display board behind them.

The media cameras deliberately captured the five-star red flag fluttering behind them as the two shook hands.

"President Su's move to return to the motherland to invest reflects the patriotism of overseas Chinese businessmen," the leader announced into the microphone. "The industrial park will provide the most favorable policy support!"

The atmosphere was completely different at the private banquet that evening.

The director raised his glass in a gesture of respect: "President Su, rest assured, as long as these technologies remain within the country, no one can touch a hair on Yongren's head."

Suning smiled and clinked glasses.

He knew perfectly well that what had been transferred to China in the past three months was not only the 2400 patents, but more importantly, the quantum computing prototype originating from the DARPA project…

It is now the achievement of the "Loongson Quantum Laboratory".

“Our joint venture in Qianhai, Shenzhen has been approved,” Lin Shimin reported in a low voice. “Longguo Electronics Technology Group holds 51% of the shares, but we have full control over the technology management.”

This is Suning's "red hat" strategy: using its state-owned background as a shield, while retaining actual control through complex agreements.

When the Obama administration attempted to exert pressure, the Chinese Ministry of Commerce swiftly added Yongren to its "Unreliable Entities List" as a retaliatory measure...

Although this company is theoretically an American-owned enterprise.

……

Suburbs of Kolwezi, Democratic Republic of Congo.

A helicopter from Yongren Resources Group landed at the newly built cobalt mine base, and Suning, wearing a bulletproof vest, stepped onto the red soil of Africa.

The local governor arrived with a traditional dance troupe to welcome them, and the children held up signs in Chinese that read "Yongren Brings Light".

“According to the agreement,” the mine manager reported, “we invested $30 billion to build roads, hospitals, and power grids in exchange for a 15-year exclusive mining right to this world’s largest cobalt mine.”

Suning inspected the fully automated mining equipment. These giant machines, made in China, were continuously transporting cobalt-rich ore to the port, where Yongren's cargo ships would deliver it to the smelter in Ningbo.

“The President is very concerned about employment,” the governor asked cautiously. “Mr. Su, what about the 5000 jobs you promised…”

“We have exceeded our target,” the person in charge said, pulling up data from a tablet. “We currently employ 8243 local staff and have another 200 people receiving training in China.”

What they didn't mention was that most of these "employees" were dispatched by labor companies controlled by the president's relatives, while the real technical positions were all filled by Long Fang personnel.

But this is exactly the effect Suning wanted...

Making local elites a community of shared interests is more secure than any contract.

When the U.S. ambassador to the Congo protested this “neo-colonialism,” the presidential palace issued a statement calling Yongren “the most respected investor” and abruptly canceled talks with the U.S. mining giant.

……

White House Situation Room on the eve of Christmas 2010.

Obama frowned more and more as he looked at the CIA's newly submitted "Global Influence Assessment of the Yongren Group" report.

The report shows:

Controlling 12% of the global cobalt supply;

It holds an average of 9.7% of the shares in the top three new energy vehicle companies in China;

Major contractors for mobile communication infrastructure in six African countries;
Indirectly involved in the development of the Cross-border Interbank Payment System (CIPS);
"So we're not dealing with a company," Obama said, closing the file, "but a shadow state?"

National Security Advisor Jones shook his head: "It's more complicated. Their lab in Shenzhen is helping the Chinese military develop quantum radar, but at the same time, their California branch is providing satellite encryption technology for our Space Force."

“What about legally?” the president asked, turning to the Attorney General.

“A dead end,” Prosecutor Holder admitted dejectedly. “Our lawsuit in the Cayman Islands cost us $2000 million in legal fees, and all we got in return was a ruling that Yongren Capital had no direct connection with Suning.”

Snowflakes drifted down outside the window, and Obama made a decision: "Arrange a meeting between me and Suning. If we can't eliminate them, let's try to coexist."

"Yes, Mr. President."

……

During the 2011 Davos Forum, this historic meeting was finally held in a secluded villa at the foot of the Swiss Alps.

There were no reporters, no memos, just a four-hour private conversation between two powerful figures.

As Obama's motorcade departed, observers noted two details: the seizure order against Yongren's US branch was quietly lifted a week later; and the US Department of Energy suddenly approved Tesla's battery cooperation project with China's CATL.

The Economist summarized this game with a metaphorical title: "The Hunter and the Fox: When Power Meets Smarter Power."

Meanwhile, Suning, at the eye of the storm, had already flown to the Atacama Desert in Chile...

The world's largest lithium mine is currently tendering, and Yongren is, of course, the most competitive bidder.

...(End of chapter)