While explaining her theory, Shen Ling was also observing Mark's expression so that she can know what he is thinking.
She also had a couple of theories that can indicate that the Emperor might be aware of the truth but she wasn't hundred percent sure of them and neither did Mark appear to be welcoming such a theory. Hence, she didn't bother to reveal them.
Anyway, the princess ended her analysis with the final topic, Mark's revenge, "I have analyzed your movements from your arrival to the Imperial City. First, you acquired a store, then, slowly lived the life of an ordinary weapon seller but sold unique weapons called firearms.
Then, you get into a fight with the Song clan and you acted on an impulse, showing off the power of your battle vehicle.
After that, you traveled hundreds of kilometers just to kill the Cerberus, showing off your own power and impress the second prince.