In the new week, major listed companies have announced last year's financial reports one after another, but the excellent performance has not been able to stop the decline of the stock market. Last week we experienced Black Friday, and this week we have Black Monday and Black Tuesday.
The three major indexes fell collectively, and many leading stocks suffered heavy losses. The share prices of Xinjian Real Estate and Lane Crawford fell below HK$180 billion, and HSBC also fell below HK$160 billion.
At this critical juncture, the Xiangjiang Securities Management Office organized a special meeting for the directors of the three major exchanges.
There is only one topic on the agenda, and that is the merger of the three major exchanges. There have been meetings in this regard before, but the Tung Wah Association was based on Hong Kong, so it strongly opposed it.
Now that the Tung Wah Association wants to focus on supporting the exchange that has relocated from Kuala Lumpur to Johor Bahru, it will no longer pay so much attention to the Far East Exchange.
At the meeting, after communication between all parties, it was agreed that the merger of the three major exchanges would be officially implemented after the Spring Festival. By then, there will only be one exchange in Hong Kong, called the Hong Kong United Exchange.
In terms of equity, after some wrangling, the Hong Kong Monetary Authority holds 5% of the shares, British capital holds 30%, Tung Wah Club holds 30%, Sun Hung Club holds 15%, New Asia Club and Nanjiang Club each hold 10%.
After the merger, the chairman of the exchange will be Daniel, the current chairman of the Hong Kong Stock Exchange.
After the meeting, Li Jianhui, Li Guobao, Lei Juekun, Zhang Guangwen, Li Zhaoji, Li Chaoren, Zheng Yutong, Guo Desheng, Feng Jingxi, Chen Zengxi, Qiu Degen, Lin Boxin and others held a separate consultation meeting.
This is the first time that everyone has been so harmonious since the British consortium gave in, and it is also the first time that so much cooperation has been achieved.
Starting from this month, products under the three major associations of Sun Hung, Sun Asia and Nanjiang will enter the Tung Wah Club channel, including Lai Sun Clothing, Kwai Tsing Electrical Appliances, etc.
At the same time, Hutchison Real Estate will transfer the land in Repulse Bay to Nanjiang Club for 8.5 billion. Compared with the land acquired at auction in June last year, it is only 500 million Hong Kong dollars more expensive. If you include the land acquired by Hutchison Real Estate
Following a series of follow-up tasks, as well as half-year interest of HK$8 billion, Hutchison Real Estate was actually sold at a loss this time.
Of course, the Donghua Association's concessions are conditional. In the next five years, several parties will fully support the development of the ASEAN market and increase the influence of the Chinese in ASEAN.
Especially for the Malay market, several parties will jointly develop important Malay cities such as Johor Bahru, Nanshan, Xiangfeicheng, Penang, and Kuala Lumpur.
The biggest one is that Guinea has joined forces with the Nanyang Consortium, the Rose Consortium and the Malay and Thai governments to jointly build a China Unicom link from Chiang Lai in northern Thailand, passing through Chiang Mai, going south through Bangkok, continuing south through Kuala Lumpur, and ending in Johor Bahru to Tanjong, Nanxin City.
Puerto Palapas' express railway has a total length of more than 2,000 kilometers.
Of course, due to the huge investment, based on the actual needs of all parties, priority will be given to the construction of the line from Kuala Lumpur to Tanjung Pelepas Port in Nanshan City via Johor Bahru.
In fact, seriously speaking, what is most needed at the moment is the section from Chiang Rai to Bangkok via Chiang Mai. As for the section from Kuala Lumpur to Nanxin City, it is not that urgent. After all, Kuala Lumpur has its own port for cargo transportation, and Johor Bahru City is only 1 km away from Nanxin City and Tanjung Palapa.
The distance to Sri Lanka is only 35 kilometers.
Moreover, the highway from Kuala Lumpur to Johor Bahru has been basically completed in the past few years. After the ASEAN-Hong Kong Economic Cooperation Forum ends in Sin Chew in March, it will be officially put into operation. Many representatives from the Hong Kong business community have received invitations to the opening ceremony.
In addition, with the support of several major airlines, it is quite convenient for people to travel. The presence or absence of this line does not have a big impact.
However, since the Tung Wah Association focuses on developing the Malay market, the first section of construction will be from Kuala Lumpur to Tanjung Pelepas Port in South Tanjung.
The other item is real estate development. Since Johor Bahru and Rayong have huge investments from the Tung Wah Association to build the city's central business district, they will not join in the fun.
This time, after discussions between several parties, the real estate subsidiaries of several parties will jointly develop Cebu and Bandung and build a city central business district respectively, with an estimated total investment of 100 billion Hong Kong dollars.
The candidates for the two central business district inspections were led by Zheng Yutong, including Guo Desheng, Chen Zengxi, as well as Zong Liyuan, president of Hutchison Real Estate, and Li Huidong, president of Xinjian Real Estate.
Accompanying him were representatives from many real estate companies including Cheung Kong Holdings, Henderson Land, Kowloon Construction, Guanghua Construction, Chinese Real Estate, Chow Hing Real Estate, Chinachem Group, Xinhui Real Estate and other vice president-level representatives.
It can be said that the scale is quite large, and the weight is also important. Behind each person represents a company with a market value of over 10 billion.
After everything was discussed, Li Zhaoji said with a smile: "Everyone, we are in the same boat now. We also hope to strengthen cooperation in the future and work together so that our Chinese companies can have a place in the world."
“We at the Nanjiang Association have always hoped to strengthen cooperation with everyone, but many times it is just our wishful thinking.
This time, everyone has put aside their past grudges and worked hard for a common goal. I hope that today is just the beginning of our cooperation, and that our cooperation will become closer and closer in the future.
My eldest son will stay in Cebu after the Spring Festival, and Tung Wah Association will have a great influence there. I hope everyone can take more care of him in the future."
Zheng Yutong also said that his eldest son will be stationed in Bandung after the Spring Festival and asked everyone to take good care of him in the future.
Those present heard the implication. With Tung Wah Club focusing on Malay development and Sun Hung Club also beginning to expand into the Thai market, it seems that Nanjiang Club is preparing to focus on the Philippines and New Asia Club will focus on Indonesia.
Cebu and Bandung are obviously the bridgeheads for entering the Philippine market and Indonesia.
Li Jianhui didn't have much opinion on it. Although Malay has the smallest population among the four countries, it also has the largest proportion of Chinese, and the internal situation is much simpler than that of the other three countries. In addition, it is also a member of the Commonwealth, which is more conducive to Donghua.
The goal will be achieved in the short term.
And if you want to influence the entire ASEAN, the Donghua Conference alone is not enough. It also requires the joint efforts of Xinhong, Xinya, Nanjiang and even Nanyang.
Moreover, all parties have sent out successors this time, which is enough to show the determination of capital from all parties to enter the ASEAN market on a large scale.
Li Jianhui also gave all parties reassurance, saying that in the ASEAN market, all parties should work together to develop and cooperate together to face competition from local forces as well as European and American forces.
In the Southeast Asian market, including Lane Crawford, Watsons, IKEA, Tesco, Cosway, Berjaya Department Store, Donghua Clothing Trade City and other channels, all are open to several parties.
At the same time, the Aodong Trading Group will purchase the goods required for trade with the Warsaw Pact member states, in addition to Donghua's own products, from several companies.
Seeing that Li Jianhui was so generous this time, Li Zhaoji and others were also very happy, and each of them expressed that they would do their best to help the Tung Wah Association achieve its goals in the ASEAN market in the future.
As for what these people are thinking in their hearts, it is unknown. At least Li Jianhui knows that these parties will never give up on the northern market. Now I am afraid that they are more likely to bet on both sides. This means that these people are just arranging for the heir to stay permanently.
This can be seen in the ASEAN market.
Of course, Li Jianhui is not much better. Even though he dances fiercely, Donghuahui has never thought of giving up the northern market on its own.
Moreover, Donghuahui has the largest domestic sales volume of products in the north. Whether it is Hongyu Clothing, Xinyang Clothing, or even Taoda Group, they all have production bases dedicated to domestic sales. Compared with Donghuahui, the other parties are really a little shabby.
Meet the great witch.
However, what makes the Donghua Association uncertain is whether such a big disturbance this time will affect the development of these enterprises in the north.