Chapter 229 [The annexation of Hengtong is less than 2 billion enough (3/10)]
Chapter 229 [Less than 2 billion is enough to annex Hengtong (310)]
Star Capital Headquarters, in the CEO's office.
Fang Hong didn't pay attention to the shocked expressions of the two people, and continued: "The people who contacted Zhongtai Capital, Qunxing took over Zhongtai's shareholding in Hengtong Pharmaceutical Group, and wanted to complete the merger and acquisition of Hengtong Pharmaceutical in a flash."
Seeing the determination shown by his immediate boss, Hua Yu realized that he was really determined to swallow up Hengtong Pharmaceutical. He immediately said: "Hengtong Pharmaceutical's assets are more than 18 billion, and our current liquidity may not be enough.
Do we need to cash out liquidity from the capital market?”
Hua Yu thought that if Qunxing Capital really planned to swallow up Hengtong Pharmaceutical Group, it would probably be cashing out a sum of money from the peripheral capital market and returning it.
Fang Hong shook his head calmly and said: "No, less than 2 billion is enough to win Hengtong."
After hearing this, Hua Yu immediately understood what he wanted to do. He planned a path with the high-tech industrial park in the northern suburbs of Xincheng, established a subsidiary, and then pledged 100% of the equity to a financial institution in exchange for a
A cash flow will be generated, and then a private equity fund will be raised to raise a sum of money. Finally, Stars Capital will pay a small part of the money in real money as subordinate funds. The older brother will be inferior and the younger brother will be given priority. If money is lost, Stars will lose money first.
In this way, the funds required for the merger and acquisition of Hengtong Pharmaceutical can be gathered. It does not need to spend too much money. Of course, it does not require Qunxing Capital to spend too much money to participate in the merger and acquisition, but spend other people's money to acquire it.
someone else's company.
When playing capital luck, you can play with other people's money and try not to use your own money.
At this time, Fang Hong thought for a moment and said: "You contact people from Zhongtai Capital and offer 3.56 billion to buy the 30% equity of Hengtong Pharmaceutical from Zhongtai Capital, but you have to divide the money into two payments."
Hua Yu said in surprise: "Split into two strokes?"
Fang Hong nodded and said: "That's right, otherwise why would Zhongtai Capital sell it to me? The net value of that 30% equity is 3.06 billion. Only by letting Zhongtai Capital see it sold to me can the benefits be maximized."
Hua Yu immediately asked: "How to do it specifically?"
Fang Hong said: "We first set up a shell company, and then used this shell company to buy the 30% equity of Hengtong Pharmaceutical held by Zhongtai Capital for 3.06 billion. We bought the other 500 million from another shell company.
Then let Zhongtai Capital also set up a shell company, and we will use the 500 million to buy it out or exchange equity, and the legal risks must be well isolated."
If risk isolation is not done well, it will become a transfer of interests, but it is not difficult to avoid the potential legal risks involved.
Hua Yu immediately understood the big BOSS's arrangement. As a result, Zhongtai Capital would definitely sell its 30% stake to Qunxing, because this would be equivalent to an extra 500 million yuan.
Moreover, since such a large amount of money is involved, there are not many people who are capable of taking it, so Zhongtai Capital will definitely choose Star Capital.
The purpose of dividing the transaction into two transactions was to avoid giving an equity premium, because according to the terms of the series of agreements signed by Zhongtai Capital and Wang Qingxiong, the difference needs to be compensated by the proceeds from the sale of Wang Qingxiong's own shares.
From a legal perspective, these are two transactions that are not related in any way. The transfer of the equity of Hengtong Pharmaceutical held by Zhongtai Capital to Qunxing Capital for 3.06 billion yuan is a separate transaction. There is no problem.
There is no behavior of selling assets at a low price, it is reasonable, legal and compliant.
The other 500 million yuan was from other transactions between Qunxing Capital and Zhongtai Capital, which had nothing to do with Hengtong Pharmaceutical, but Zhongtai Capital actually made an extra 500 million yuan.
If it is not split into two transactions, if the 30% equity of Hengtong Pharmaceutical Group held by Zhongtai Capital is purchased for 3.56 billion, this is equivalent to a premium of 500 million. According to the terms of the agreement, Wang Qingxiong needs to pay 4.54 billion
With a difference of RMB 8.1 billion, Zhongtai Capital exited with capital and profits of RMB 8.1 billion.
However, excluding the 500 million yuan premium and buying the 30% equity of Hengtong Pharmaceutical Group held by Chung Tai Capital for 3.06 billion yuan, according to the terms of the agreement, Wang Qingxiong needs to make up 5.04 billion yuan. Chung Tai Capital actually pays the capital with profits.
8.6 billion exited and earned 500 million more.
However, in terms of process, Qunxing Capital did not directly buy the 30% equity of Hengtong Pharmaceutical Group from Zhongtai Capital.
Because according to the terms of the series of agreements signed by Zhongtai and Wang Qingxiong, Hengtong Pharmaceutical's dream of going public is now shattered and it needs to repurchase the equity in Zhongtai Capital. The company needs to pay a sky-high price of 8.1 billion to repurchase the 30% equity.
It is absolutely impossible for Hengtong Pharmaceutical Group to come up with so much money now, so what should we do? The only way left for Wang Qingxiong is to sell his equity to raise the remaining funds. Currently, Wang Qingxiong holds 67% of the equity of Hengtong Pharmaceutical Group.
.
The company itself has to spend 3.06 billion to repurchase the 30% equity, but the company does not have so much liquidity and can only introduce new capital through external financing.
A new problem is coming.
In the current financial tsunami environment, capital is in a contraction cycle. Which investor is willing to provide you with financing at this time?
What's more, you still have a lot of troubles. Investors are worried about getting stuck in the quagmire and they will definitely hide away. Life is not easy in the first place. Projects with such problems will hide as far away as possible.
This is when Stars Capital comes on the scene, and Wang Qingxiong has no bargaining power at all. Stars Capital pays an additional 500 million in premium to Zhongtai Capital. Fang Hong will not take this loss, and must make up for it from Wang Qingxiong.
What should we do? Suppress the asset prices of Hengtong Pharmaceutical, including suppressing the control premium. Using less money to obtain more equity is equivalent to offsetting the premium to Zhongtai Capital. Anyway, both Zhongtai Capital and Qunxing Capital are both
Daozu, a world where only Wang Qingxiong and Hengtong Pharmaceutical Group are fish and meat will surely come true.
From the moment the dream of Hengtong Pharmaceutical going public was shattered, the fate of the company founded by Wang Qingxiong was already determined.
A lightning hunt for Hengtong Pharmaceutical began.
The plan to annex Hengtong was formulated on the spot by Fang Hong, and detailed instructions were given to Hua Yu for implementation, and then he left Qunxing Capital.
As the big boss left, Hua Yu's assistant Yue Qing couldn't help but said: "The three-step strategic plan set up for Wang Qingxiong is so clear, I suspect that you, the young boss, have already formulated it.
The plan to swallow up Hengtong Pharmaceutical is complete. I originally thought he was just a stock trading genius, but I didn’t expect that the capital operation field is so high-end, he can play like this, he is strong and ruthless enough.”
"This merger will definitely cause a sensation in the entire business district. My father is right. There is indeed a big gap between me and him." Hua Yu also sighed with emotion. He turned to glance at Yue Qing and added: "Not ruthless enough.
, is not strong enough, how could it be possible to achieve the current scale of Qunxing Capital in such a short period of time?”
After a while, Hua Yu ordered: "You go and arrange your itinerary. I will go there personally to talk to the head of Zhongtai Capital tomorrow. In addition, you immediately start implementing the first step of the three-step strategy of Whale Swallowing Hengtong Medicine."
.”
The assistant nodded and left the office to make arrangements.
The entire three-step strategy is an exquisite game, linked together.
The first step of the strategy is to prepare the required M&A funds. Qunxing Capital valued Hengtong Pharmaceutical at 9.2 billion yuan, which was about 10% lower than the normal valuation. This was to suppress the valuation and start M&A.
It was decided to spend 8.1 billion yuan to acquire 88% of the equity of Hengtong Pharmaceutical Group. With this acquisition capital, a shell company called "Ruihe" was first established. As the name suggests, the shell company had nothing.
Then he pledged 100% of Ruihe Company's equity to financial institutions and exchanged 47% of the value at a valuation of 8.1 billion yuan, or about 3.8 billion yuan.
Why can a shell company be replaced with a sky-high price of 3.8 billion?
What other financial institutions look at is not the shell company, but the credit and strength of Qunxing Capital behind the scenes.
Then Qunxing Capital invested 1.62 billion yuan in real money, and used it as inferior funds for the project. When it lost money, it lost Qunxing's money first. Why did Qunxing lose money first? Because the higher the risk, the greater the return, and the greater the benefit.
Finally, a private equity fund was launched to raise 2.68 billion yuan in funds, all of which were priority funds, with low risk but relatively small returns.
In this way, I spent 1.62 billion myself, plus 2.68 billion from the private placement, plus the 3.8 billion pledged, to get the 8.1 billion needed for the merger and acquisition funds.
