My capital is quite large.

Chapter 320 Penguin Changes Leaders

In Nanjing, the sudden wave of middle-level departures at Haofeng Group did not seem to cause much of a stir from the outside.

According to reports from major financial media outlets and the technology sector, this is not even considered a personnel upheaval.

Because the physical isolation inside the large-scale apartment building was so well done, outsiders once thought that this was just a normal "talent pool upgrade and structural optimization" carried out by Haofeng Group after completing its group restructuring.

This reshuffling of senior and middle management personnel has, in its most direct form, resulted in dozens of highly valuable management trainee positions suddenly appearing out of nowhere during Haofeng Group's autumn campus recruitment this year!

In previous years, these spots were mostly reserved in advance by people with connections and those who made underhanded dealings.

Now that everything has been taken down, the positions have been freed up, which is undoubtedly a major benefit for graduating students from Jinling University and even universities throughout the province!

……

However, unlike the vibrant and peaceful life in Nanjing, this transformation was quite different.

Due to changes in geopolitical factors, the ban on Korean entertainment was quietly implemented through internal communication, albeit without official channels.

Although the authorities have denied the introduction of this policy, this internal communication, which is more like a guiding opinion, undoubtedly indicates the attitude of the higher authorities.

With this order in effect, apart from Haofeng Film & Television, which managed to remain unaffected by clearing out its Korean drama resources early on, this order has had a significant impact.

The entire domestic film, television, variety show, and artist management industry was immediately plunged into despair!

In the past few years, the Korean wave has been so strong in mainland China that almost every leading traditional film and television company has several big projects co-produced with Korean stars.

With the current tightening of policies, all co-productions, imported Korean dramas, and even variety shows featuring Korean stars are facing indefinite bans and suspensions!

In this devastating industry storm, the biggest losers and the most severely damaged were...

The first to be affected is Tencent, which has been spending heavily on buying up entertainment companies in the past two years!

……

Inside the highest conference room of Tencent's headquarters in the Fiyta Building, Nanshan District, Shenzhen.

"Snapped!"

A detailed report of financial losses, bearing the official seal of Tencent Video, was slammed onto the conference table.

The manager in charge of Tencent Pictures and video business was standing below, sweating profusely, his legs feeling weak.

Seated at the head of the conference table were several vice presidents of Tencent, while in the very center, resting with his eyes closed, was Tencent's CEO, Pony Ma.

"How did this happen?!"

One of the vice presidents, Lin Jinghua, pointed at the report, his face ashen, almost roaring:

"Can someone explain to me why this is happening?!"

"Thirty-six major Sino-Korean co-productions are all stuck at the censorship line! All the deposits and advance payments made upfront have become worthless debts!"

"And another thing! The exclusive broadcasting rights to the two Korean dramas, 'My Love from the Star' and 'The Heirs,' which we bought back from Haofeng for a sky-high price... are now also facing the risk of being removed from all online platforms!"

Lin Jinghua's voice revealed an unconcealable heartache:

"If we include the loss of these copyrights and depreciation, your film and television department's total bad debts in the Korean Wave sector this year have exceeded three billion!!"

"Three billion yuan! What are you doing with Tencent Video's risk control?!"

Faced with the vice president's stern questioning, which sounded like it could skin a person alive, the head of the film and television department defended himself in a trembling voice:

"President Lin... this really isn't our department's fault. It was entirely due to unforeseen circumstances. Who could have imagined that the Koreans would suddenly come up with such a self-destructive system..."

"force majeure?!"

The vice president sneered, ignoring his excuses completely, and pointed at his nose, angrily rebuking him:

"Haofeng is also a private enterprise, so how come there isn't a single Korean drama in their copyright library?!"

How come they cashed out the rights to "My Love from the Star" and "The Heirs" at a high price beforehand and withdrew from the K-pop scene?!

The vice president was so angry he was grinding his teeth.

"And what about you? You took tons of the group's cash and went to help others take over! Now, we've got a hot potato stuck in our hands!"

"If we report this year's massive 3 billion bad debt, how will the group maintain its share price in Hong Kong? How will we explain this to the board of directors and the shareholders?!"

"In the entertainment sector, how much money has the group invested in Tencent Video, and how much traffic has it poured into it? Is this how you repay the group and Mr. Ma?!"

Faced with Vice President Lin's questioning, the head of the film and television department turned pale and could not utter another word.

Silence fell over the meeting room.

In this atmosphere that was almost frozen in time.

Pony, who had been leaning back in his chair with his eyes closed, slowly opened them.

A flicker of weariness at the incompetence of his own executives flashed in those deep, gentle eyes.

That's enough.

Pony Ma uttered two words calmly, his voice not loud, but enough to shut up Vice President Lin, who was reprimanding his supervisor.

Arguing won't solve anything.

"Notify the Group's Audit Department and Supervision Department to take over operations at Tencent Video this afternoon!"

"Give me a thorough, inside-out audit of my finances and projects. Any discrepancies, any instances of illicit gains in the procurement process—regardless of who is involved—will be handed over to the judiciary for serious punishment!"

The phrase "seriously dealt with" is tantamount to a final verdict being handed down at the highest level to these incompetent former subordinates.

"Tencent Video needs a restructuring and a change of leadership."

Pony Ma withdrew her gaze and looked at the bespectacled man sitting at the end of the conference table.

"Sun Zhonghuai".

"Starting tomorrow, you will take over all of Penguin Video's business and team, and assume the role of Chairman of Penguin Online Video."

"Forget about those lousy Korean dramas. I want you to take the new team and shift all your energy and resources entirely to Tencent's original content!"

"Whether it's movies, TV series, or variety shows, in this current downturn in the film and television industry, Tencent Video must build its competitive advantage as quickly as possible!"

"Yes, Mr. Ma! I will certainly live up to your expectations!" Sun Zhonghuai's voice was full of determination.