Previously, the Indian journalist from the New York Times took advantage of the situation, even mocking Lao Huang for wearing a leather jacket, which sparked public outrage and led to Lao Huang's social isolation. This incident is essentially a case of corporate infighting during a period of tight liquidity due to interest rate hikes. Lao Huang, being the politically weakest link, was pushed forward as the first scapegoat. Market improvement will still require a return of liquidity.