Reborn in 2012, building a new energy empire

Jiang Haoran leaned back in his chair and closed his eyes.

In my mind, two distinct yet closely connected battle lines unfolded clearly:

On one side is the capital market.

This place is bustling, noisy, and provides instant feedback. A correct judgment can lead to a rapid increase in your account balance; a wrong judgment can quickly wipe out your hard-earned money.

Everything is exposed to the light of day, quantified, and presented intuitively, with a pace so fast it sends your adrenaline soaring.

On the other side is the real economy, especially the photovoltaic industry, which is currently experiencing a harsh winter. It is a cold, slow, and uncertain place.

Huge investments may not yield returns for a long time to come; key technological breakthroughs may be stalled for years on a tiny material formulation or process detail; and external policy trends may shift overnight.

Here, every step is like wading through thick mud, requiring immense patience, composure, and perseverance.

But it is precisely the latter, that cold, slow, and arduous path of real industry, that is the foundation he truly wants to build, one that can transcend economic cycles and support the future.

"President Jiang," Xiao Chen's voice pulled him back to reality, "all the first phase of the share reduction orders have been executed. A total of 20 million yuan has been recovered. Currently, our overall position in the infrastructure sector has been reduced to about 80% of the initial position."

Jiang Haoran opened his eyes and refocused his gaze on the numbers and charts flashing on the screen.

"Received. Continue to closely monitor the market this afternoon. Pay close attention to changes in trading volume and the strength of buy orders for leading stocks."

If there is a significant increase in trading volume but the stock price stagnates, or if there are signs of a substantial decrease in buy orders, prepare to execute the second phase of selling, reducing the position by another 10%.

"clear!"

He stood up and picked up his coat draped over the back of the chair: "I'm going out for a bit to get some fresh air. Call me anytime in case of emergency."

Stepping out of the office building, the crisp, early winter air of Shanghai immediately enveloped me, carrying a hint of chilly dampness.

Jiang Haoran didn't call a taxi. He zipped up his jacket and walked slowly along the sidewalk, without a specific destination in mind.

Passing by a newsstand on a street corner, today's newspaper's front page headline was about a province's high-profile announcement of the launch of a major water conservancy project worth hundreds of billions of yuan, the headline in a large, eye-catching font.

A few steps further on, next to the GG lightbox at the bus stop, there was a much smaller notice posted. It was a court notice announcing the bankruptcy liquidation of an obscure company. The handwriting was small, squeezed into a corner of the colorful commercial GG, and almost no one stopped to look at it.

Two worlds coexist on this ordinary street, so close yet seemingly separated by an invisible barrier.

The phone in my pocket vibrated again. This time it was Chen Jingge.

"Haoran," his uncle's voice came through the receiver, slightly weary from his travels, but more so resolute, "our due diligence teams have all started working on those three potential acquisition targets you identified. The initial findings..."

He paused, as if flipping through his notes: "The one in Wuxi is in the worst situation. Its cash flow has completely dried up, and most of the workers have left. But the production line was only updated two years ago, so the equipment is well maintained and the basic conditions are still there."

"The core senior engineers of the technical team at that company in Changzhou haven't left yet. They're unwilling to give up and want to persevere a little longer. The company was mainly dragged down by accounts receivable."

"The Suzhou company is the smallest, but according to professional assessments, its patents on the molding of new composite materials for photovoltaic frames are genuine and have technological barriers to entry. The owner's heart is no longer in photovoltaics; he wants to cash out and get into real estate."

Jiang Haoran stopped and looked at the endless stream of cars on the road in front of him, which seemed to never stop.

"What about the acquisition intentions and price?" he asked.

"It's about 20% lower than our initial target price," Chen Jingge said in a lower voice. "In the current industry environment, sellers have almost no room for negotiation. They're just grateful if someone will take over and settle their debts. We have complete control over the negotiations."

Jiang Haoran remained silent for a few seconds. The winter wind blew across the street, swirling up a few withered leaves.

"Don't rush things. The market hasn't hit rock bottom yet. Let's continue negotiating," he concluded calmly. "The key is to retain the technical team and core patents. Tangible assets like factories and outdated equipment can be discounted appropriately. But the core people and knowledge must be preserved as intact as possible. Non-compete clauses and confidentiality clauses for key technologies should be included in the contract."

"Understood, I will be careful," Chen Jingge replied, then his tone revealed a hint of emotion, "Haoran, to be honest, at this juncture, investing money to acquire these 'negative assets' will make many people outside, including some friends in the industry, think we... are crazy."

"I know." Jiang Haoran's gaze swept past the traffic, landing on the blurry city skyline in the distance. "That's how the market always is. The best prices are often hidden when everyone is panicking and running away. In industries that everyone thinks are 'dead,' the seeds of the next wave of rebirth are often being sown. It's precisely because others think it's crazy that we need to enter the market now."

On the other end of the phone, Chen Jingge paused for a moment, then let out a short, relieved laugh: "Good! With you saying that, I feel more at ease. Don't worry, leave this to me."

After ending the call, Jiang Haoran continued walking along the street.

Turning a corner, a brightly lit window of a chain coffee shop shows a midday financial talk show playing on a wall-mounted TV.

A guest in a suit sat in the studio, his expression excited, gesturing forcefully as he analyzed the historic investment opportunities in the infrastructure sector. On the electronic screen behind him, numerous striking red candlestick charts for the infrastructure sector were repeatedly enlarged and displayed.

Jiang Haoran paused outside the shop window, glancing at the slightly flushed face on the screen, and at the familiar candlestick chart. Then, he looked away without lingering and continued walking forward.

He pushed open the door to the café, and the bell rang crisply.

The warm air and rich aroma of coffee wafted through the air. He walked to the counter, ordered a simple iced Americano, and sat down at an empty seat by the window.

Outside the window, the city continues to operate efficiently and indifferently, with traffic and people rushing about their own business.

Unbeknownst to anyone, on this ordinary winter afternoon, capital was quietly flowing and positioning itself across different battlefields. Some were quietly withdrawing from the revelry, while others were silently sowing seeds in the cold winter.

Jiang Haoran picked up the coffee the waiter brought him; wisps of white steam rose from the rim of the cup. He leaned closer, gently blew on it, and then took a small sip.

A familiar bitterness spread across the tip of the tongue, followed by a faint, clean sweetness rising from the throat.

Just like the road he was walking on. He thought.

Lively and cold, noisy and steadfast, instant feedback and long wait... a mix of emotions.

Bitter, then sweet.