At 9:30 am on February 22, 2019, the annual general meeting of shareholders of the Hong Kong Stock Exchange was held at the Financial Town Hall on Hong Kong Island.
Representatives of large and small shareholders entered the venue one by one. At the same time, there were media reporters outside the venue waiting for the latest results.
Yan Jianxin, secretary of the board of directors of the Hong Kong Stock Exchange, asked for instructions from the chairman of the board of directors, Jiao Youlan, and announced in English: "Everyone, this year's annual meeting of the Hong Kong Stock Exchange will now begin, and the first agenda item will begin..."
In the past, the rotation of shareholders of the Hong Kong Stock Exchange was held directly in the conference hall of the Hong Kong Stock Exchange, without using the auditorium at all.
Because in addition to the major shareholder, the Hong Kong government, which holds less than 6% of the shares, the Hong Kong Stock Exchange also has 12 secondary controller entities approved by the Hong Kong government, accounting for a total of 76% of the shares.
It was disclosed in the annual report of the Hong Kong Stock Exchange that the information of the twelve secondary controller entities can be checked on the official website of the Hong Kong Stock Exchange, but in fact it cannot be found. It’s so awesome!
But we don’t even know who these secondary controllers are. You can guess it by looking at the work resumes of the six directors elected by the shareholders of the Hong Kong Stock Exchange!
Before the reform in 2017 by Li Xiaojia, the then CEO of the Hong Kong Stock Exchange, the Hong Kong stock market implemented the policy of equal shares and equal rights, and there were no AB shares. Therefore, many large companies would not take the risk of reducing their controlling shares to about 30%.
It holds more than 50% of the shares and firmly controls its own company.
In those days, Hong Kong stocks also had financial operations. Luo Zhaohui, the prodigy of Hong Kong stocks at that time, who had a close relationship with Liu Daxiong, once made all the difference in the Hong Kong stock market!
Therefore, the Hong Kong Stock Exchange stipulates that listed companies must have at least 25% of their outstanding outstanding shares. Companies with a total share capital of more than 400 million yuan can reduce the circulating ratio to at least 10%. The Hong Kong Stock Exchange currently follows this rule.
Listening to the voice of Yan Jianxin, the secretary to the board of directors who presided over the meeting, Jiao Youlan, the chairman of the board of directors, pondered slightly.
This year's shareholders were so active and enthusiastic that the shareholders' meeting had to be held in the Financial Town Hall on Hong Kong Island, which can accommodate more people.
What an eventful year!
It was difficult for her to see where Mr. Jing's chances of winning were. This time, Anglo-American Capital, headed by Lenny Mellon, set the table. What's the use of Mr. Jing holding 10% of the shares? It's not like he couldn't elect a director.
The candidate put forward by Bank of East Asia, the entity that is the secondary controller of the Hong Kong Stock Exchange, is Michael Kadoorie, who is unlikely to be elected today.
There is a process for the general meeting of shareholders, and the candidates for the board of directors recommended by all parties are clear. According to the regulations of the Hong Kong Stock Exchange, two director seats need to be replaced at the annual general meeting of shareholders.
This year, there will be one seat for the person recommended by the Finance Secretary of the Hong Kong Government, and one seat for the person recommended by the shareholders of the Hong Kong Stock Exchange. Needless to say, the candidates on the Hong Kong government side, the focus is on the competition for the director candidates recommended by the shareholders of the Hong Kong Stock Exchange!
JPMorgan Chase, Bank of New York Mellon, HSBC, BlackRock, Vanguard, Swire Pacific, and Standard Chartered Bank jointly recommended Carlos Bellman, who has a background in JPMorgan Chase.
…
…
Lanny Mellon did not go to the Hong Kong Financial City Hall, nor did he sit and wait at home. He joined forces with many parties today to prevent Jing Gao from entering the board of directors of the Hong Kong Stock Exchange, which also cost a lot of resources. He also felt that De
Wait for a while to taste the fruits of victory.
"let's start!"
Lenny Mellon's confidant nodded, "Mr. Mellon, there are six items on the agenda for today's shareholders' meeting. The third item on the agenda is to elect new directors. The 2018 annual financial statements will be reviewed and approved. It will start in about half an hour.
vote."
Lenny Mellon smiled and took a sip of whiskey on the rocks while looking out the window at the street scene in Central.
He is currently in the Mandarin Oriental Hotel not far from the Hong Kong Financial City Hall, waiting for the results.
Just after the end of this year, the Hong Kong government approved Bank of East Asia, which holds 3.78% of the shares of the Hong Kong Stock Exchange, as the 13th secondary controller entity of the Hong Kong Stock Exchange. This is an effort made by Jinggao.
But what's the use?
He can definitely avenge his shame!
The year before last, when Jing Gao brought Uber to Hong Kong for listing and hoped to adopt the AB share system, he was unanimously rejected by shareholders like them!
AB shares are a general trend for global exchanges, but they do not want to use them on Uber, China's leading company in the travel industry. This will not be conducive to their efforts to control Uber in the future.
At that time, Jing Gao's attention was focused on Li, the richest man who had come forward, and the two sides engaged in a war of words in the media. In the end, Jing Gao secretly acquired 8.7% of the shares of the Hong Kong Stock Exchange! This stock share was enough to ensure that Uber was listed.
Got it!
He, HSBC, Morgan Stanley and other people went to communicate with Jing Gao, but he was ignored by Jing Gao and was humiliated on the spot! This made him remember it in his heart.
Today, after planning for so long, I finally want to avenge my past humiliation!
…
…
"Mr. Michael Kadoorie was nominated by the Bank of East Asia, the secondary controller of the Hong Kong Stock Exchange. Mr. Kadoorie has been doing business in Hong Kong Island for many years and is a well-known entrepreneur. He joins the board of directors of the Hong Kong Stock Exchange and will definitely contribute to the governance of the board of directors.
benefit.
Carlos Bellman has worked in the Asia-Pacific region of JPMorgan Chase for many years and is familiar with various situations in the Asian financial industry. By joining the board of directors of the Hong Kong Stock Exchange, he can give full play to his advantages in the financial industry and increase the strength of the Hong Kong Stock Exchange.
Now I invite you all shareholder representatives to vote!”
Jiao Youlan, chairman of the board of directors, said a few impartial words on the podium and announced the start of voting.
In her eyes, although the Hong Kong Stock Exchange has an extraordinary status and is a financial center of financial centers, this vote is not actually a thrilling battle. In fact, it is a clear-cut vote. The main voting parties are just like that.
several!
Moreover, Hong Kong shareholders may still support the nominees of Bank of New York and JPMorgan Chase.
As for the power of these two parties, she didn't want to offend anyone, so she naturally remained neutral.
One by one, the shareholder representatives began to vote, and people kept coming in and out of the auditorium, receiving remote instructions from the bosses.
…
…
Hong Kong Island, Shangri-La Hotel Pacific Place.
Shangri-La Hotel is a property of the Guo family in Malaysia. The Pacific Place store is not far from the Hong Kong Island Financial Auditorium, where the Hong Kong Stock Exchange’s shareholders’ meeting is today.
At this time, the second-generation descendants of the Chinese giant business families from Nanyang gathered here quietly. The descendants of the Guo family, Lin family, and Qiu family were all here. Of course not all. Otherwise, it would not be quietly, but openly.
Guo Lingyu, chairman and CEO of Bank of East Asia, entertained everyone as the host. Here were her cousin Guo Huiguang, who is in charge of the family business, uncles from the Qiu family, and elders of her good friend Lin Lujing.
Guo Siyue, chairman of Yuexiu Bank, was also there, and beside her was Qiu Qiqing, the most outstanding girl among the three generations of the Qiu family.
Everyone was smiling and drinking tea.
"Let's start voting!" Guo Huiguang asked the 33-year-old beautiful young woman Guo Lingyu while drinking tea with a smile.
Guo Lingyu's dress does not have the elegance of a wealthy business family, but rather a Western-style workplace elite style. This is related to her experience of studying in the United States and working at Goldman Sachs for a long time.
"Yes."
Guo Huiguang is the daughter of King Guo Sugar. When her two brothers disappointed their father, she took over the power of the Guo family and said: "Then let's get started! Our Mr. Jing won't have to wait in a hurry."
Everyone agreed one after another and called their respective contacts. Everything was going according to the agreement.