Facing Chu Huan's rejection, Qi Dezun was a little surprised at first. He couldn't believe that there were still people in Xiangjiang who would refuse to become the general manager of Hutchison International.
But then Qi Dezun understood, and the look in his eyes towards Chu Huan changed again.
If someone can reject a beautiful future without hesitation, then the only possibility is that this person thinks that the future he creates is even better!
Chu Huan, at the age of 19, has already proven his ability in today's matter, so in his own opinion, his future must be bright.
Moreover, such young people are inevitably arrogant and do not want to be restrained by others.
"Haha, since Chu Huan you have already made your own decision, I won't force you!"
Qi Dezun's sermons are gentle and smooth, and there is no situation in the novel where you will get angry if you fail to recruit people, and there is no sinister threat to you.
Businessmen pay attention to being friendly and making money, and buying and selling cannot be done by benevolence and righteousness. What's more, now that Chu Huan and Qi Dezun have reached a cooperation, it is naturally even less likely to be angry.
Qi Dezun did not stay in the hotel for too long. The two parties agreed to sign the contract with the lawyer tomorrow morning, and Qi Dezun left.
"Ah Huan, congratulations!" Guo Henian congratulated Chu Huan with a smile. Although he didn't know at what price Chu Huan purchased the milk company's shares, he could probably guess it by calculating the time.
Thinking of Chu Huan, who made 20 to 30 million in one business, even Guo Henian couldn't help but admire him.
Chu Huan said modestly: "It's just luck. Uncle Guo, please don't say that again, otherwise I will be embarrassed!"
Seeing Chu Huan's look, Guo Henian couldn't help but laugh again.
That night, Chu Huan was hosting in Yongji and invited Cao Wenjin and Guo Henian, as well as Cao Yunshang as company!
"I didn't expect that the Niu War is not over yet, Ah Huan, you have already completed your work!" Cao Wenjin was also very happy at this time.
He was really happy that his future son-in-law was capable. If Chu Huan continued to develop at the current rate, he would probably surpass him in the near future.
"I thought Qi Dezun would ask you about the cattle battle!" Cao Yunshang also said beside him.
"No!" Chu Huan said firmly: "This person is very proud. If I join Hutchison International, he will naturally discuss this matter with me, but I have not joined now, and neither has he.
Reason to discuss this matter with me."
Cao Wenjin and Guo Henian nodded, and then Guo Henian asked with a smile: "Ah Huan, you were the first person to participate in the Niu War. What do you think of this war?"
"I just hit it by mistake!" Chu Huan said modestly at first, and then said firmly: "But the milk company will still lose!"
"How?" Guo Henian asked.
...
The cattle buying war is still going on. After three days of silence, the dairy company finally launched its counterattack on November 8.
The milk company first placed advertisements in newspapers to express its rejection of the land acquisition.
On the evening of November 9th.
Dairy Company executives held a press conference. Chairman of the Board of Directors Zhou Xinian, Executive Director and General Manager Curran, Dairy Dairy Director and Hutchison International Chief Executive Qi Dezun, Dairy Dairy Director and Wheelock Chairman John Madden, and Luo Fuqi and his son (London)
Chief Director Li Zhu and others attended the press conference.
The lineup was extremely powerful and attracted reporters from all over Hong Kong.
Li Zhu, as the representative of the dairy company's board of directors, put forward three reasons for opposing the Land Acquisition at the press conference.
1. If the acquisition proposal is accepted, the dividend of Dairy Farm shares will be reduced. Because according to 1972 data, the dividend of Dairy Farm is HK$3 per share, and the total dividend of Land and Land is HK$24. Calculated in terms of dividend income, there is no benefit to Dairy Farm shareholders.
fair.
Second, if the acquisition proposal is accepted, it will also reduce the profits of shareholders of Dairy Farm. Because in 1972, Dairy Farm's profit per share was HK$3.65 and Land's profit per share was HK$2.58. Land's acquisition proposal will reduce the profits of shareholders of Dairy Farm.
Third, the purpose of the real estate acquisition is to use the advantages of the dairy company to expand its business, but the dairy company already has a good reputation in all aspects and has its own strength, so there is no need to resort to mergers and acquisitions.
After putting forward these three reasons, Li Zhu emphasized that Land's acquisition of the dairy company was unlikely to succeed.
The reporters at the scene actually thought so too.
Because the milk company's lineup is now too strong, Hutchison International and Wheelock, among the four major British consortiums, are all on the side of the milk company.
Although the two consortiums alone are not the rivals of Jardine and He, which is behind Land, when they are put together, it is different. Even Jardine has to weigh this power!
The top management of the milk company reacted completely at this time, especially after receiving some kind of reminder, so their counterattack was very efficient.
Step by step!
Only one night later, on the morning of November 10, in major newspapers in Hong Kong, the dairy company once again took action to deal with the acquisition of Land.
On that day, the Board of Directors of the Dairy Farm Company announced a series of countermeasures through newspaper advertisements, including splitting the Dairy Farm shares into five shares, and then giving out bonus shares. After the split, each share would be given one bonus share.
In other words, after splitting the shares and issuing bonus shares, each share of the Milk Company's stock becomes ten shares.
The Milk Company also announced that its net profit after tax in 1972 is expected to exceed HK$26.7 million, a sharp increase of 35% from 1971. Dividends distributed in 1972 will reach HK$3 per share, a sharp increase of 67% from HK$1.8 per share in 1971.
%.
At this time, the Hong Kong stock market was entering a bull market period, and investors' understanding of the stock market was far less profound than it was later.
Therefore, whenever there is a stock split or bonus issue in the stock market, the stock price will inevitably soar.
This chapter is not over yet, please click on the next page to continue reading! This move by the board of directors of the dairy company is obviously to suit their interests and they are trying their best to win over small shareholders.
Sure enough, on that day, the milk company's share price soared, reaching a maximum of HK$290 per share, and finally closed at HK$268 per share.
Compared with the closing price on October 27, the stock price more than doubled in just ten days.
On this day, Land's stock price was also driven up to a record high of HK$127 per share, with a price-to-earnings ratio as high as 98.45 times. The Hang Seng Index rose to 759 points, and the full-day trading volume on four stock exchanges set a new record of HK$700 million.
...
Inside Fengwu Securities, Liu Zhiyuan expressed to Chu Huan with excitement: "Master Huan, all Hong Kong Land's stocks were sold today, with an average of HK$125 per share!"
Chu Huan sat on the sofa with a satisfied expression.
As of now, all my advance plans in the battle of "Bull-Building War" have come to an end.
Initially, Chu Huan took out a loan of HK$33 million from the Bank of East Asia, HK$20 million to buy Dairy Farm shares at an average purchase price of HK$105 per share, and HK$5 million to buy Land shares at an average purchase price of HK$81 per share.
Today, the milk company's shares were sold to Qi Dezun at a price of HK$270 per share, earning a total of HK$51.3 million. The profit after excluding the principal and various other expenses was around 30.5 million.
Land's shares were sold in the market at a price of HK$125 per share, resulting in a profit of HK$7.72 million. After throwing away the principal and various expenses, the profit was about 2.5 million!
In other words, this time, I just made money from the Bank of East Asia loan... Of course, interest is not included!
However, the repayment date of Bank of East Asia has not yet arrived, which means that Chu Huan once again has 58 million Hong Kong dollars in liquidity.
In addition, Chu Huan also used his previous funds to buy 32 million Hong Kong Hang Seng Index on the Hong Kong stock market. Although he intermittently allocated a batch of funds for the development of various companies, the growth rate of the Hong Kong Hang Seng Index at that time
, it was enough for Chu Huan to meet the funds needed at that time.
When the 32 million cash was used to buy the Hang Seng Index, the Hang Seng Index was at 605 points. The repeated jumps in the past few months sometimes made Chu Huan make money, and sometimes caused Chu Huan to lose money.
However, the start of the bull buying war directly stimulated the Hang Seng Index, causing the Hang Seng Index to soar.
According to today's Hang Seng Index of 759 points, after deducting the funds that Chu Huan had misappropriated before, 32 million has now become...hell, it's 32 million.
But this is already good, at least Chu Huan's previous investments have been offset.
Then add in companies such as Black and White Video, Shanhai Cinema, fantasy comics, martial arts magazines, Yunhai Chain, Brothers Audio and Video, as well as Sun Hung Kai's stocks, and Chu Huan's net worth at this time is already over 100 million!
Cao Yunshang knew Chu Huan's properties best. After Cao Yunshang figured it out, he couldn't help but look at Chu Huan in surprise.
Although Chu Huan's net worth of more than 100 million yuan is somewhat unreasonable, after all, he still owes 33 million Hong Kong dollars to the Bank of East Asia, as well as 14 million HK dollars in loans from other banks due to the expansion of Shanhai Cinema.
But at this time, Chu Huan’s net worth is indeed over 100 million!
A 19-year-old boy with a net worth of over 100 million!
This should be unprecedented in the business history of Xiangjiang. The most important thing is to start from scratch!
"No wonder daddy always says that your future is limitless. Not only the future, but now no one in Xiangjiang Mall can underestimate you!"
Cao Yunshang couldn't help but preach.
With 58 million Hong Kong dollars in cash in hand, no one dares to underestimate Chu Huan.
"Haha, don't you feel that your vision was very good before and you chose such an excellent future husband like me?"
Chu Huan proudly preached to Cao Yunshang.
Cao Yunshang directly gave Chu Huan a roll of his eyes and said: "You are not humble at all."
"Modest? Why should you be humble? Looking at the previous business history of Xiangjiang, who has done it at my age?" Chu Huan never knew what humility was when he was in front of Cao Yunshang.
Seeing Chu Huan's look, Cao Yunshang was speechless for a while, and then changed the subject.
"Looking at the attitude of the top management of the Dairy Milk Company, they are really determined to fight back against the Dairy Milk Company's acquisition!"
Seeing that Chu Huan didn't speak, Cao Yunshang continued to preach.
"Do you think they will succeed this time?"
Chu Huan chuckled and said, "You have forgotten what I said before."
Cao Yunshang immediately thought of what Chu Huan had said to them in Yongji.
If Zhou Xinian and others of the Dairy Company really want to counterattack the successful acquisition of Land, there is only one way, which is to spend real money to acquire the scattered shares of the Dairy Company, and at the same time cooperate with the existing Xiangjiang Real Estate Group to develop their own land and improve the situation.
Shareholders have confidence in the dairy company, otherwise it would be impossible for them to successfully fight back.
"I watched the press conference. Although the battle was quite big, nothing practical was presented. Investors will not read the data they mentioned. They only believe in what they want to see.
In terms of real estate development, Land is also second to none in the entire Xiangjiang, but Dairy Farm has no other serious development projects in this area except buying land.
From a future perspective, the merger of the milk company into Land is the best way to maximize profits.
If the shareholders of the milk company can let go of their inner feelings and come up with cash together, they can survive this difficulty. But look at their approach, they actually have the idea of fighting a public opinion war with Land.
.
That’s ridiculous!”
Chu Huan spoke slowly.
Cao Yunshang was still a little puzzled: "Then why did Qi Dezun buy the shares of the milk company in your hand? Isn't this a waste of money?
Although Hutchison International is a huge consortium, more than 50 million in cash is not a small sum for them, and it has almost wiped out their working capital!"
Chu Huan smiled, "Although doing business depends on the pros and cons, in the final analysis it is about dealing with people. As long as you study this person thoroughly, your business will not be difficult.
Since Qi Dezun took control of Hutchison International, it has been smooth sailing, and it has brought Hutchison International to a level never seen before. With his proud personality, he naturally thinks that he is omnipotent. When such a person does things
, it’s hard to care about what other people think.
To put it simply, he is a self-centered person, so Qi Dezun believes that as long as he has my 190,000 shares in his hand, he can persuade Zhou Xinian and others to unite them.
To put it bluntly, they wanted to use this 190,000 shares to force Zhou Xinian and others to spend real money to acquire the shares of the milk company from investors.
But after all, he thought about one thing wrong. Zhou Xinian was old, and because of the previous incident, Zhou Xinian had already wanted to retire, so he was not very interested in milk companies, real estate, etc.
Mind you, now he no longer wants to live a bloody life.
It would be best if he could continue to save the milk company peacefully. If he could not save it, he would not want to suffer greater losses.
As for John Madden, he definitely has his own little one. Qi Dezun owns shares of Wheelock, and the relationship between the two is pretty good, but who can guarantee that one day Qi Dezun will not give John Madden a thorn in the back?
Wheelock now has its own development plan, and it is impossible for John Madden to disrupt Wheelock's development plan for the sake of the milk company.
So, in the end, Qi Dezun can only do a useless job!"
Cao Yunshang suddenly realized: "So in this acquisition battle, only Qi Dezun failed?"
Chu Huan shook his head: "Qi Dezun has not lost, at least it seems that he has not lost at this stage. Although it seems that he bought the milk company's shares from me at a high price, don't forget, that is a real 19
10,000 shares, if in the next few days, the milk company really cannot withstand the acquisition of Land.
Then Qi Dezun can change his identity and exchange the shares of the dairy company in his hands for shares of Land.
By then, Qi Dezun will be a shareholder of Landmark. This time Landmark's acquisition of the milk company will inevitably lead to fragmented equity within the company. At that time, whether Qi Dezun sells his shares to Henry Keswick or keeps them in his own hands,
If you plan your land carefully, you may have unexpected gains.”
Cao Yunshang suddenly realized, "I understand, no matter what the outcome of this acquisition is, there will be no losers!"
Are there no losers?
This is naturally the case at this stage, but the real situation is that Qi Dezun's radical behavior this time caused Hutchison International's liquidity to bottom out again. The situation will become apparent when the Hong Kong stock market crash next year, and even
It may accelerate Hutchison International's defeat.
In addition, because Qi Dezun had more 190,000 shares of Dairy Milk, a different situation would arise within Land, and Henry Keswick would have one more enemy to face directly.
...
Now that the milk company's board of directors has taken action, Real Estate will naturally fight back.
Compared with the sluggish actions of the dairy company, Land's counterattack appears to be much more swift and swift.
November 11th.
Henry Keswick, the chief executive of Jardine Matheson and Chairman of Land, took full advantage of Jardine Matheson's momentum in Hong Kong and Land's good reputation as one of the world's three largest real estate companies. He took advantage of the situation and launched an overwhelming psychological offensive against the dairy company's shareholders.
On November 11, Hong Kong Land published advertisements in major newspapers in Hong Kong, boldly flaunting itself as the "King of Stocks", and at the same time, with the title "Shareholders of Dairy Company should consider the following matters", it proposed measures for the Board of Directors of Dairy Company to split its shares and issue dividends.
Multiple questions.
1. Why did Dairy Farm split its shares and give out bonus shares now? This move by Dairy Farm did not change the company's assets. It just changed the shares worth HK$268 each into ten shares worth HK$26.8 each.
2. Is the growth rate of the president of Dairy Farm really wrong? The board of directors of Dairy Farm predicted that the company's profit will increase by 35% in 1972. In fact, it included the proceeds from Dairy Farm's rights issue in May 1972. If this amount is included
Excluding this, the actual growth rate of the dairy company was only 21%.
Third, the board of directors of Dairy Farm ignored the future. Dairy Farm did not publish a forecast for 1973, but Land had clearly pointed out its profit growth in the next three years in its acquisition proposal.
Fourth, Landmark did not forget to remind shareholders of Dairy Milk Company that if Landmark ceased its acquisition activities, Dairy Farm's share price would fall from HK$268 per share to HK$135 per share before the acquisition proposal, a drop of 49%.
Land's counterattack doesn't stop there. The public opinion war is now letting them play very smoothly.
After a three-day break, on November 4, Land Land once again launched a public opinion war, and in the process, the milk company's shortcomings of slow action were once again exposed.
On November 14, Real Estate first pointed at the weakness of the dairy company in owning large tracts of high-quality land but not knowing how to make good use of it, and said sarcastically: Everyone knows that only green grass can grow in barren mountains and wild ridges, and absolutely no profit will grow. Of course, Your Excellency
I know the truth.
Then, Landmark flaunted its advantages: only by building high-altitude skyscrapers on the land can shareholders win profits soaring into the sky.
On November 15th, Landmark once again published a full-page advertisement, claiming to be "among the world's three largest real estate companies" and proudly claiming: its performance has increased linearly every year in the past five years, so in terms of past performance, it is Landmark; in terms of future sustenance, it is Landmark.
, also land!
On November 16, Land Land issued an open letter to the shareholders of Dairy Farm, raising nine questions to the board of directors of Dairy Farm.
1. Why did the dairy company not disclose its profit outlook for 1973 and 1974?
This chapter is not finished yet, please click on the next page to continue reading the exciting content! Second, why does the milk company not disclose its asset value?
3. Why did the milk company significantly increase its authorized share capital?
Fourth, who really doesn’t welcome the land-share swap proposal?
5. Is the trading vitality of stocks in the stock market worth studying?
6. What is the real estate expertise of Dairy Milk Company? Dairy Milk Company has sold most of its real estate with great development potential in the past? Why?
7. Is the real estate business limited to Hong Kong?
8. If the acquisition is successful, Land will retain all employees of the dairy company and administrative management will become a problem?
9. Regardless of whether the acquisition succeeds or fails, the stock prices of both parties will fall back afterwards, so why is there any unexpected risk in accepting the acquisition proposal?
After reading Land's hotel questioning, Chu Huan also lamented Henry Keswick's chicken thief. In these nine questions, Land made full use of its own advantages to attack the milk company's weaknesses and use its own strengths to attack the enemy's weaknesses.
, this trick is really sneaky.
At this time, the milk company finally had a decent counterattack.
November 17th!
The milk company issued statements in major newspapers in Hong Kong to fight back against Land!
All shareholders should consider that: the proposal is to exchange stocks for stocks, not cash for stocks; the market price of stocks can fall or rise; therefore, you must judge the value of Heung Kong Land's stock exchange proposal with extreme caution.
At the same time, the advertisement also called on shareholders of the dairy company to wait for notification from the board of directors of the dairy company to avoid taking rash actions and losing all future rights and interests.
This was just the first step in the dairy company's counterattack, which came on November 18.
The board of directors of Dairy Farm published another full-page advertisement in response to Land's share exchange proposal. The advertisement showed in a chart that after revaluation by experts, the asset value of Dairy Farm's shares was as high as 80 Hong Kong dollars per share, while the asset value of the two shares of Land and Land was only 56 Hong Kong dollars.
The advertisement reminds shareholders of the milk company: Please carefully measure the facts. The share exchange of Heung Kong Land Company will reduce your earnings per share, dividends per share, and assets per share.
In this public opinion war, until now, the dairy company has come up with some effective measures to hit Land's pain points.
However, Henry Keswick had already made sufficient preparations to acquire the Milk Company, and Land's response speed was simply not comparable to that of the Milk Company.
The next day, November 19, Land immediately issued a statement to refute it.
First, a spokesman for Landmark questioned the accuracy of the asset assessment of the Dairy Farm, and also stated that Landmark would hire professional surveyors to assess the assets.
One day later, on November 21, Land directly published two pages of advertisements in major newspapers in Hong Kong.
One of the pages claimed that after revaluation by professional surveyors, the asset value per share of Landmark had increased to HK$51. In other words, the asset value of two shares of Landmark had reached HK$102, which was much higher than the level of HK$80 per share of Dairy Farm.
The stock is clearly good for Dairy Farm shareholders.
Another page told Dairy Farm shareholders how to exchange Land shares, stating that those who accepted the exchange would receive new Land shares within four days. In order to win the support of Dairy Farm shareholders and eliminate their concerns, Land announced the cancellation of the conditions attached to the acquisition.
, that is, 'the acceptance of share exchange shall be no less than 90% of the issued shares of Dairy Farm, or a lower percentage determined by Heungkong Land.'
At this time, the war between the two sides had reached its most intense stage, and the Milk Company also changed its habit of procrastinating. On the same day, the Board of Directors of the Milk Company published a page of advertisement in the newspaper... and reprinted it!
In the advertisement, the accuracy of Land's asset revaluation was questioned.
The advertisement pointed out: On October 30 this year, your company claimed that based on the recent valuation standards of the Board of Directors, the net current assets of Land Corporation were no less than HK$1.75 billion, or approximately HK$28 per share. However, yesterday's advertisement pointed out that
Hongkong Land's stock is worth HK$51 per share, which means the total current assets are approximately HK$3.2 billion. Can you explain how the net current assets can increase by HK$1.4 billion within a few weeks?
This is the power of Zhou Xinian, Qi Dezun, John Madden, Curran and others after they give up their personal ideas and unite as one.
The milk company's counterattack hits home.
Even Henry Keswick did not dare to take it lightly in the face of such counterattack. He personally came forward that night, held a press conference, and issued a statement to clarify the questions raised by the milk company.
Henry Keswick said that during Land's asset revaluation on October 30, the board of directors adopted a conservative valuation method to value developed properties based on investment principles, while properties under development were valued based on thorough adjustments.
principled valuation.
As for the asset revaluation on November 20, the valuation was made by professional surveyors based on the open market price of Land Corporation's properties and was approved by another independent valuation professional agency.
Henry Keswick emphasized that Heung Kong Land's real estate is valued based on open market price, which is naturally different from the original investment principles as the valuation standard. Therefore, the obtained asset value is also very different.
This explanation allowed Henry Keswick to easily resolve the milk company's counterattack.
Later, Henry Keswick did not forget to counterattack at the press conference.
He said: Although Dairy Farm has not announced the details of the standards used for its company valuation, I believe that the professional valuation standards that our company relies on are roughly the same as those cited by Dairy Farm.
Speculators should understand that a real estate company can fairly value its assets based on open market prices; however, if a trading organization sells the properties it relies on to maintain its business for development purposes, it will be difficult for the company to account to its shareholders.
The implication is that the accuracy of the asset revaluation of the dairy company is doubtful.
During this period of time, Chu Huan has been paying attention to this cattle purchase war. With the development of the matter now, the advantages of real estate are self-evident.
Cao Yunshang leaned in Chu Huan's arms and made the same judgment.
"It seems that this war is about to end!"
Chu Huan smiled and said: "No, the milk company still has many cards to play. The 190,000 shares in Qi Dezun's hands, as well as Zhou Xinian's connections in Xiangjiang, as long as the milk company does not want to be so easily captured,