"The richest man in Mainland China is once again suspected of hostile takeover!"
"Morningstar Semiconductor has internal conflicts, and Mr. Fang's increase in stock holdings is under investigation!"
“Fang Zhuo Meng returns to 2002, Morningstar may become Sina’s No. 2!”
"Fang and Liang are at odds over Morningstar's equity!"
On December 20, Fang Zhuo sat in the CEO office of Hang Lung 23 and frowned at some relevant media reports.
The current progress has been unexpected. Previously, out of hope and politeness, he made a call to Liang Gongwei, and then the matter was ignored.
Hey, it’s better not to fight.
However, even if there is no fight, Mr. Liang's reaction will not be much worse if he discloses the holding information in accordance with regulations.
Fang Zhuo felt that the tone of communication on the phone was definitely kind enough. He really didn't expect or underestimated Mr. Liang's inner determination, or perhaps Mr. Liang had already had some judgment about himself.
His eyes fell on the media reports on the screen. It was a review of Sina's acquisition and speculation on the increase in Morningstar's holdings. It was eloquent and spectacular.
Fang Zhuo sighed helplessly, that was all in the past in 2002.
A shot fired seven years ago, the sound of bullets piercing the air still echoes seven years later.
From the bottom of his heart, he didn't want this matter to cause a big stir in public opinion. It was related to the development of semiconductors in the territory and also involved Baodao enterprises. It was better to keep a low profile.
However, Mr. Liang directly used the unspoken rules of the Hong Kong stock market to make such a move. It was obvious that he wanted to buy time to appease the internal affairs, and then it would be very easy to continue the negotiation or to be tough to the end.
I was forced to have no choice but to sit back and watch the emergence of the "poison pill plan", and I could only fight back through the board of directors' defense.
This attack and defense is a complete rift, and it is destined to push this matter into an intense situation.
Previously, the company team gave two plans, either to directly privatize the company through a comprehensive acquisition of 90%, or to increase the shareholding to 30% and seek control through a mandatory tender offer.
Now, the hope of the former has been shattered. In addition to whether it can receive enough public shares, what is equally important in this plan is the shares in Mr. Liang's hands. This was originally planned to gather Morningstar's internal lobbying, and under the situation, a two-pronged approach was adopted.
Convincing the other party is completely impossible now.
As for the second plan that has been temporarily suspended due to investigation... it can still serve as a guarantee.
Fang Zhuo had no insider trading at all this time. The so-called investigation will not stop him for long, and the increase in stock holdings and forced tender offer will turn into a price war.
When it comes to money, things become rough and simple.
No matter how much public opinion stirs up a storm, as long as the "poison pill plan" is stopped decisively, there will be room for the second plan to continue.
At ten o'clock in the morning, Fang Zhuo, who had simply handled the company's affairs, welcomed Xiangjiang's investigation team for matters related to the previous increase in holdings.
Generally speaking, this kind of grand investigation is announced and implemented after certain evidence is obtained.
However, this time, I am afraid that only "stately" is left.
The investigation team seemed to ask more questions than investigate, mainly describing the intention of the leader of Yike to increase his holdings, whether he knew about Morningstar's recent good news, related transactions between its subsidiary companies and Morningstar, etc.
Fang Zhuo talked about his increase in holdings in a calm mood and did not get angry about this sudden investigation.
He is not that domineering. If he wants Morning Star, he can't even allow the other party to counterattack.
"When will this investigation end?" Fang Zhuo asked when Xiangjiang's friends stood up to leave. Xu Zhongxian, executive director of the Municipal Supervision Department of Xiangjiang, is the leader of this investigation team. He said politely: "Mr. Fang, we understand
Your mood will be verified as soon as possible."
Fang Zhuo asked again: "Can the results be announced before the Spring Festival?"
Xu Zhongxian thought for a moment and replied: "I can't be sure now. I can only say that our Municipal Supervision Department will try our best to bring this matter to an end."
Xiangjiang's Market Supervision Department is an administrative department that jointly supervises insider trading with the Law Enforcement Department, the Insider Trading Tribunal and other departments.
Fang Zhuo said "hmm" and still said: "As I just said, there is no problem with my increase in holdings this time. I have no resistance and even welcome you to investigate. I hope it will be before the Spring Festival at the latest."
can bring an investigation like this to an end."
Xu Zhongxian thought that this time was okay, but he did not make a promise. He just smiled and said: "Why did Mr. Fang set the time to the Spring Festival? I will communicate with everyone after I go back."
Fang Zhuo nodded slightly and gave his own reason: "Before the Spring Festival, I want Morning Star."
The smile on Xu Zhongxian's face froze, and he felt the strong determination from Mr. Fang.
He said again: "I understand, Mr. Fang, this matter will definitely be handled fairly."
Fang Zhuo stretched out his hand and shook hands with Director Xu before sending these Xiangjiang visitors out.
Xiangjiang responded quickly to this investigation. I am afraid there are some factors behind it. Mr. Liang was able to bring Morningstar from zero to a tens of billions of listings. His determination, ability and means are all there.
After the formal guests left, Fang Zhuo returned to the president's office to listen to the latest analysis from the company's acquisition team.
Everyone was surprised by Mr. Liang’s quick and resolute counterattack. Now, in addition to continuing to communicate with part of Morningstar’s management, one thing that is more noteworthy is that Mr. Liang may use major company issues to temporarily suspend trading.
Insider trading investigation eases offensive for some time.
A temporary suspension of trading of the company's shares can also mitigate the attack for a period of time.
Plus there is the upcoming annual report...this is the customary non-operational time.
Fang Zhuo's intentions have been made clear, and there are still many stumbling blocks that the opponent can set up.
Today, unlike in the past, it is not easy to hide the presence of giants.
However, today is different from the past, and giants do not have to hide.
Whether it is an investigation, suspension of trading, or annual report, every obstacle will be removed. They are just small twists and turns leading to the final goal. The most important thing is the ownership of Morning Star.
Fangzhuo's original planned price for the mandatory offer was to fluctuate by 15%. Now, respecting the advice of professionals, the price has fluctuated to 30%.
He himself is also ready to fly to Xiangjiang before the Spring Festival, intending to end the stalemate as soon as possible and complete the final control of Morning Star.
Seven years ago, Fang Zhuo thought carefully about how to crack Sina's poison pill plan. Today, he no longer has to think like this.
The best solution to defeating the poison pill plan is not to dismantle it, but to prevent it from appearing in the first place.
The final winner of this attack was announced after the horn was blown.
On December 21, Morningstar held its second board meeting. Chairman Liang Gongwei once again proposed the "Shareholder Rights Plan", but this time it was still rejected.
The difference from last time is that last time there were 4 abstentions, this time there were 2 abstentions and 2 votes against.
Acquisitions are coming, and poison pills are hard to throw away. The transcoding has been serious recently, which makes us more motivated and updates faster. Please use your little hands to exit the reading mode. Thank you