Chapter 30: The Sea of Stars in a Sugar Water Shop

The next day, Causeway Bay, Chen’s Sweet Soup Shop.

Inside the bright, brand-new glass display case, the familiar red bean soup, black sesame paste, and ginger milk curd were no longer the stars. Instead, two rows of crystal-clear glass bowls took center stage.

On the left was a delicate, snowy coconut milk sago, the translucent sago pearls and bright red goji berries floating like pearls and agates from the sea.

On the right was the dazzling, golden Mango Pomelo Sago, with plump grapefruit segments and a drizzle of coconut cream, looking every bit like a work of art.

Above the counter, a striking red sign with gold lettering read: "Chen’s Secret Recipe, Hong Kong’s First Coconut Milk Sago: $2.80; Mango Pomelo Sago: $3.50."

In the Causeway Bay of 1978, this price was undoubtedly considered "luxurious."

As the lunch hour rush approached, the street grew crowded. A young woman in a stylish dress, carrying a small handbag, walked by. Her eyes were drawn to the exquisite Mango Pomelo Sago in the display.

"Huh? Mango Pomelo Sago? What a unique name, it looks so pretty!" she said, stepping closer out of curiosity.

The shop assistant, Lu Shanshan, immediately greeted her with enthusiasm: "You have a great eye, Miss! This is our new, Hong Kong-first dessert, Mango Pomelo Sago. It’s made with top-tier Luzon mangoes, imported grapefruit pulp, and secret Thai coconut cream. The flavor profile is rich, sweet, tangy, and refreshing—perfect for this weather! Why not try a bowl?"

"$3.50?" The woman noticed the price, her brows knitting together in a moment of hesitation.

A businessman in a suit, clutching a briefcase under his arm, also stopped and leaned in to look. "Mango Pomelo Sago? The name is novel, but this price... why is it so much more expensive than other sweet soups?"

The skepticism arrived right on cue.

Lu Shanshan’s smile remained unchanged, her voice crisp and pleasant: "Sir, Miss, you get what you pay for! Just look at the ingredients: the sweetness of fresh mango purée, the tart, juicy burst of grapefruit, the smoothness of coconut cream, and the chewy texture of the sago—it’s incredibly layered. You absolutely won't find a flavor this authentic anywhere else! Many professionals from the nearby office buildings have tried it and said it was worth every cent!"

As she spoke, she nimbly used a small, delicate spoon to scoop a sample from the display bowl and offered it to the woman. "Miss, you can taste it first. If you don't like it, you don't have to buy it!"

The golden mango purée, mixed with grapefruit segments and sago, gave off an enticing, complex fruity aroma.

The woman hesitated for a second, then took the spoon and gently tasted it.

Instantly, her eyes lit up!

"Wow!" The rich, sweet mango flavor exploded in her mouth, followed immediately by the refreshing, mild acidity of the grapefruit, which perfectly balanced the sweetness. The chewy sago added a delightful texture, and the warm, smooth finish of the coconut cream tied it all together.

It was perfectly layered, the sweet-and-sour balance was just right, and the chilled temperature washed away the midday heat.

"It’s... it's delicious!" A surprised, delighted smile appeared on the woman’s face. Without hesitation, she said to Lu Shanshan, "Give me a bowl! No, make it two—I'll pack them for my colleagues to try!"

"Give me a bowl too!" The man in the suit, intrigued by her reaction, joined in. "I’ll see if it’s really worth $3.50!"

With the first adventurous customers stepping up, combined with the assistant's professional introduction and sampling strategy, the crowd began to soften.

Especially among the fashion-conscious white-collar workers, young women, and tourists who valued taste and quality, the exquisite presentation and labels like "Hong Kong’s First" and "Top-tier Imported Fruit" made the $3.50 price tag seem "premium" and "worth trying."

By 3:00 PM, the feedback from the five test-sale points in Causeway Bay, Tsim Sha Tsui, and Central had been compiled at the Kwun Tong food factory.

Gao Zhenhai held the phone logbook, his face filled with the excitement of one who had survived a crisis, as he reported to Chen Bingwen:

"Brother Wen! We did it! It’s a success!"

"Causeway Bay shop: 265 bowls of Mango Pomelo Sago sold, 243 bowls of Coconut Milk Sago! Tsim Sha Tsui shop: 178 Mango Pomelo Sago, 252 Coconut Milk Sago! Central was a bit slower, but they still sold 195 and 128 respectively! Several locations are asking for urgent restocking!"

His voice was agitated. "Many people are buying two or three bowls at a time! The staff reported that almost everyone who tried a sample ended up buying it! They complained about the price at first, but after tasting it, they all said it was worth it!"

Chen Bingwen looked at the numbers in the logbook, a gratified smile appearing on his face.

The first step was a success.

The high-end sweet soup strategy had been validated by the target market. The $3.50 Mango Pomelo Sago and the $2.80 Coconut Milk Sago had successfully carved out a niche in Hong Kong’s top-tier consumption areas.

"Ah Hai, notify Zhong Qiang: ensure full supply for the new products, and don't let the quality slip even a bit! Also," Chen Bingwen’s eyes flashed, "tell Lu Shanshan and the others to collect customer feedback, especially regarding flavor and sweetness. We need to keep optimizing."

He knew well that the high-end market had a very low tolerance for flaws. Once a reputation was established, it was worth a fortune, but it could collapse in an instant.

Just then, the phone rang again.

Gao Zhenhai picked it up, habitually reaching for his pen to record sales, only to realize the call was for Chen Bingwen.

"Mr. Chen, hello. This is Fang Wenshan from Dexin."

Fang Wenshan’s calm, slightly joyful voice came through the line. "Congratulations! The registration procedures for Chen’s Food Co., Ltd. are complete. The relevant qualification documents, the trademark registration notices, and most importantly, the draft of the asset appraisal report are all ready. Would today be convenient? I’ll bring them over to you myself."

"That’s great! Thank you, Accountant Fang!" Chen Bingwen felt a surge of energy. "I’ll wait for you at the Kwun Tong factory."

"Good, see you in an hour," Fang Wenshan said, hanging up crisply.

***

Less than an hour later, a black Crown sedan pulled steadily into the entrance of the Kwun Tong food factory.

Fang Wenshan, carrying a heavy briefcase and accompanied by a young assistant, walked in with a composed gait.

"Accountant Fang, welcome! Sorry to have you make the trip yourself." Chen Bingwen had been waiting at the entrance and reached out his hand warmly.

"Mr. Chen, congratulations! Chen’s Food Co., Ltd. sets sail today!" Fang Wenshan was all smiles, shaking Chen Bingwen’s hand firmly. His sharp eyes captured the composure in Chen Bingwen that belied his age, and he nodded inwardly. This young man seemed to undergo a transformation every time they met.

"Accountant Fang, please, come inside." Chen Bingwen led them to the office.

Inside, Gao Zhenhai, Zhong Qiang, and the others were already standing at attention. They greeted Fang Wenshan respectfully.

Fang Wenshan gave a slight nod, his gaze sweeping over the simple but tidy office, finally resting on the map of Hong Kong pinned to the wall, which marked the locations of all Chen’s factories, mobile stalls, and standard shops. A flicker of imperceptible admiration crossed his eyes.

Once seated, Fang Wenshan skipped the small talk and got straight to the point. He signaled his assistant to open the case and pull out several beautifully bound, thick documents.

"Mr. Chen, congratulations on the official establishment of your company! These are the full registration documents, articles of association, shareholder register, and most importantly, the 'Asset Appraisal Report' issued by Dexin Accounting Firm."

Fang Wenshan handed the thickest report to Chen Bingwen with both hands.

Chen Bingwen accepted it solemnly. The cover was embossed with the Dexin logo and the words "Chen’s Food Co., Ltd. Asset Appraisal Report."

He opened the cover to see a clear summary of data:

1. Fixed Assets: Cheung Sha Wan Food Factory (including land use rights and buildings): appraised at HK$320,000; Kwun Tong Food Factory and R&D warehouse (including land use rights and buildings): appraised at HK$930,000; Production equipment... Transport vehicles...

2. Intangible Assets: "Chen’s" series trademark rights (registered across all food and beverage categories): appraised at HK$120,000; Core sweet soup recipes...

Total Net Assets (Preliminary): HK$1.83 million.

One point eight three million!

Chen Bingwen could tell at a glance that Fang Wenshan had used the replacement cost method. Otherwise, there wouldn't be such a high valuation.

His earnings from the Wharf stock, after deducting the HK$960,000 for the factory and HK$210,000 for the Golden City Garden property, left him with HK$1.31 million. Even after paying off the Wing Lung Bank loan, he would still have about a million left. Combined with the HK$1.83 million valuation of Chen’s Food, his assets were nearing HK$3 million.

Although the amount he could actually mobilize was still the HK$1.3 million from the stocks, the journey from a near-bankrupt sweet soup shop in Sham Shui Po to nearly HK$3 million in assets in just a few months was a struggle only he truly understood.

"Accountant Fang, Dexin’s professionalism and efficiency are admirable. This report is truly substantial." Chen Bingwen closed the report and thanked Fang Wenshan sincerely. This report was the first solid cornerstone for Chen’s Food to stand in the capital market.

"Mr. Chen is too kind; it is my duty. It is also an honor for Dexin to participate in the growth of Chen’s," Fang Wenshan said with a smile. However, his tone shifted, becoming more serious, his eyes carrying a depth that went beyond ordinary business cooperation. "Mr. Chen, the company is now listed and taking its first steps into the commercial sea. With Chen’s current asset scale, clear business model, good cash flow, and most importantly, a helmsman with your unique vision and extraordinary courage, the room for future development is limitless."

He leaned forward slightly, lowering his voice, yet every word remained clear. "Dexin is not just an accounting firm. We have extensive experience and a vast network in financial consulting, financing, and IPO preparations. Whether Chen’s Food needs further equity or debt financing to support rapid expansion, or... if you are eyeing more long-term goals, such as entering the capital market and going public..."

Fang Wenshan paused deliberately, gazing intently at Chen Bingwen as if confirming his reaction. Clearly, the shrewd accountant had seen the massive potential in Chen’s that far exceeded its current book value.

His words echoed in the modest office, carrying the seductive power of a senior consultant who could seemingly see the future.

However, Chen Bingwen just sat quietly. The appraisal report in his hand didn't feel like a key to a palace of wealth, but rather a book whose ending he had already read. He closed the report gently, his face showing no ripples of surprise at the mention of an IPO, but rather a calmness that bordered on scrutiny.

***

Fang Wenshan keenly noticed the depth and detachment on Chen Bingwen’s face—a reaction that was certainly not what one would expect from an entrepreneur encountering the concept of an IPO for the first time.

"Accountant Fang," Chen Bingwen’s voice sounded, smooth and clear, carrying the rationality typical of a former investment banker, detached from the noise. "Thank you for Dexin’s regard and for your high expectations for Chen’s future value."

He paused slightly, looking Fang Wenshan in the eyes. "The capital market, or an IPO, is merely a natural tool for any company seeking long-term development—a means for staged financing and value reassessment. It is important, but it is by no means the ultimate goal."

The smile on Fang Wenshan’s face froze slightly. Chen Bingwen’s reaction was overly calm, and his perspective was... overly detached. He didn't sound like an entrepreneur, but rather a chess player holding the manual, overlooking the entire board.

"I agree with your judgment of Chen’s current value," Chen Bingwen picked up the report, his tone firm and professional. "This appraisal, based on assets, brand, cash flow, and growth potential, is logically clear and supported by solid data. It shows that Chen’s Food has the basic foundation to tell a story in the capital market."

"However," he switched gears, his tone sharpened with the incisiveness of a former investment banking elite, "talking about an IPO now is premature, and more importantly, the goal is far too narrow."

"Narrow?" Fang Wenshan repeated subconsciously, his brows furrowing. It was the first time in his years of practice that he had heard an entrepreneur describe an IPO goal that way.

"Correct." Chen Bingwen leaned forward, his presence becoming more oppressive and insightful. "What can an IPO bring? Nothing more than three things: financing, brand endorsement, and an exit channel for shareholders. Ultimately, these three serve a more core goal: building an unshakable business closed-loop and a moat of continuous growth."

He turned, his finger tracing the map on the wall, from the Kwun Tong factory to the Causeway Bay shop, and across the yet-to-be-fully-covered Hong Kong Island. "What is Chen’s core advantage right now? It is the unique model of a central kitchen plus standardized shops and mobile stalls; it is the high-end dessert matrix that is the first of its kind in Hong Kong; and it is the technological barrier of bottled sweet soup that we are currently conquering!"

"The funds raised from an IPO should be used to strengthen and amplify these core advantages, not to go public just for the sake of it!" Chen Bingwen’s tone was ironclad. "What do we use the financing for? Not just to open more shops—that is tactical expansion. It is to control our lifeblood: to build our own cold-chain logistics network, control core raw material sources, master supply chain leverage, and continuously iterate our core products... to build a foundation that others cannot learn or break!"

The composure on Fang Wenshan’s face vanished completely. The hand holding his teacup stopped in mid-air, his knuckles tightening unconsciously. In his twenty-plus years in the business, he had heard countless grand ambitions from bosses, but never had anyone explained the theory of capital tools and business foundation strategy so... coldly and yet so passionately, straight to the core.

Listening to Chen Bingwen’s calm but heavy analysis, Fang Wenshan straightened his back involuntarily, as if seeing the young man opposite him for the first time. He was no longer a lucky grassroots entrepreneur who needed guidance, but a chess player holding the strategy, his gaze already piercing through the next ten years.

Chen Bingwen’s eyes seemed to have pierced through the office, seeing the prototype of a massive food empire led by Chen’s. "Only when these true business moats are built, when Chen’s products are as ubiquitous as soda or Coca-Cola, when our high-end desserts become a cultural symbol in Hong Kong and even Southeast Asia—only then is an IPO the logical, value-maximizing step! At that point, an IPO isn't to solve a survival problem or to cash out, but to leverage a hundred-fold, to engage in cross-regional mergers, integrate the upstream and downstream, and perhaps even... define industry standards!"

The office fell silent. Gao Zhenhai and Zhong Qiang listened without fully understanding, but they were shaken by the grand and determined aura in Chen Bingwen’s words, feeling their blood run hot.

Fang Wenshan completely discarded his initial sense of superiority as a "guide," replacing it with a solemn respect for a true player. This young man was no lucky grassroots talent needing enlightenment; he possessed a business strategic vision far clearer, grander, and more fundamental than most CEOs of listed companies!

He viewed an IPO as a tool, not a goal. He wasn't pursuing the vanity or short-term wealth of a stock ticker; he was building a food kingdom that covered the entire industry chain—from raw materials to R&D, from production to delivery, from shops to bottled goods—holding absolute authority!

Chen Bingwen took a sip of tea, the sharp aura receding slightly, but the light in his eyes remained brilliant. "Therefore, Accountant Fang, as our important financial advisory partner, the core task at this stage should be to assist us in optimizing our financing structure, talent development, and the screening of strategic investors, laying a solid foundation for a true capital explosion in the future. Now, please help us fight this 'Battle of the Foundation' that will determine our future."

Fang Wenshan took a deep breath and stood up slowly. All traces of probing or guidance were gone from his face, replaced by sincere respect and the gravity of witnessing the start of something great.

"Mr. Chen," Fang Wenshan extended his hand, his tone more serious than ever. "Today’s conversation has been an epiphany for me. Your understanding of the essence of business, your use of capital tools, and your pursuit of long-term value far exceed my imagination. It is an honor for Dexin to participate in this 'Battle of the Foundation.' Your strategic blueprint is incredibly clear, and Dexin will mobilize our most elite forces to go all out and assist Chen’s Food in forging that unshakable moat!"

The two hands gripped each other tightly once more.

This time, it was not just a business partnership, but a deep identification and alliance under a grand vision. With his era-transcending vision and the capital wisdom accumulated from his previous life, Chen Bingwen had completely conquered this experienced financial consultant, anchoring a future for Chen’s Food that reached far beyond a mere sweet soup shop—or even an ordinary listed company—toward a vast sea of stars.