"Chairman, the situation of Cathay Pacific is indeed very complicated, so the collection of information is relatively slow, so you have to wait for a long time. ”

After handing the information to Xia Yu, Huo Jianning explained with some embarrassment.

After all, Jiuding Securities Company and Jiuding Newspaper Company are both good at collecting commercial information, and they themselves have a lot of information, and he still spent three days in this situation, and he felt a little embarrassed.

Xia Yu smiled absently, let him sit down, and looked at it.

This look is nearly twenty minutes.

The situation at Cathay Pacific is indeed complicated.

Xia Yu should say that it is worthy of being one of the core companies of the Swire Consortium, which not only involves a wide range of business, but also does a very rigorous job in the control of the company.

According to the information, although Cathay Pacific is a core member of the Swire Consortium, it is actually a third-level subsidiary, or even a fourth-level subsidiary.

However, considering that the business of Heung Kong and even Asia is handled by the Heung Kong Swire Group, which is separated from the British Swire Group in London, Xia Yu regards the Heung Kong Swire Group as the core body of the Heung Kong Swire Consortium.

The Swire Group is not listed, and is 62% controlled by the British Swire Group.

Under the Heung Kong Swire Group, there are a number of first-tier subsidiaries, such as Swire Pacific Limited, Swire Shipping, Swire Industrial, Swire Financial, etc., which have the largest assets and have been listed.

At the time of its relationship with Cathay Pacific, Swire Pacific Limited had been listed in May 1973.

In terms of shareholding structure, the Heung Kong Swire Group holds 34 percent of the equity of Swire Pacific Limited, and then the Shi Yahuai family holds 17 percent of the shares through a family trust held by the sole authority, the Qiu family of Singapore holds 7.8 percent, the Heung Kong Song family holds 6.7 percent of the shares, HSBC holds 6.1 percent of the shares, Jiuding Securities holds 4.9 percent of the shares, Standard Chartered Bank holds 4.5 percent of the shares, and Jiuding Insurance holds 3.8 percent of the shares......

Although the three companies of the Jiuding consortium secretly held 13.2% of the shares, Xia Yu did not have any chance to take over Swire Pacific.

Just because the two parties of Heung Kong Swire Group and Shi Yahuai Family Trust hold a total of 51% of the shares, this equity ratio directly makes everyone die.

This was not the case in the past few years, but who let Xia Yu hunt the British-funded consortium one after another, scared the Shi Yahuai family to quickly increase their shareholding, and it became the current situation, Xia Yu has no way to blame anyone, who let himself not directly engage in the Swire Consortium in the first place, he has missed the opportunity.

Below Swire Pacific Limited are three direct secondary subsidiaries, namely Swire Properties Limited, Swire Aviation Limited and Swire Beverages Holdings Limited.

None of the three companies are listed and are 100% owned by Swire Pacific Limited.

So Xia Yu can't do it at this level.

I can only continue to look down for opportunities.

Under Swire Airways, there are three third-tier subsidiaries, namely Heung Kong Airport Ground Handling Company, Cathay Pacific Airways and Heung Kong Aircraft Engineering Company Limited.

Of these three companies, the core is undoubtedly Cathay Pacific Airways!

It's a pity that Cathay Pacific Airways is not listed.

In terms of the company's shareholding structure, the parent company Swire Airlines holds 42 percent of the shares, HSBC holds 20 percent of the shares, Heung Kong Song Family holds 16 percent of the shares, Standard Chartered Bank holds 13 percent of the shares, the sister company Xiangjiang Airport Ground Handling Company holds 5 percent of the shares, and the Heung Kong Aircraft Engineering Company holds 4 percent of the shares.

Although Cathay Pacific is not a listed company, its parent company, Swire Pacific Limited, is a listed company, so it still has to publish its financial results on time every quarter and year.

Last year, Cathay Pacific Airways achieved an operating revenue of HK$2.16 billion, carrying 2.15 million passengers a year and a net profit of HK$470 million.

In terms of the company's assets, the most important thing is the aircraft, the company has 21 aircraft, including six Boeing 747 series aircraft, including the best Boeing 747-200 three, the company's total assets are as high as 3.74 billion Hong Kong dollars, net assets of 1.72 billion Hong Kong dollars, the asset-liability ratio is 54%, the debt ratio is not high.

In terms of detailed assets, in addition to aircraft, the most important ones are the shares and subsidiaries held.

Cathay Pacific holds 24.8 percent of the shares of its sister company, Heung Kong Aircraft Engineering Company, and 4 percent of the shares of Heung Kong Airport Ground Handling Company.

In addition, there are four fourth-tier (group-level) subsidiaries, namely Yajie Laundry, the largest laundry factory in Hong Kong that is wholly owned, Air Escort Co., Ltd., which is 51% owned by Air Guard, Cathay Pacific Air Cargo, which is wholly owned by Cathay Pacific Air Cargo, and which is 51% owned by In-flight Catering Services.

These four subsidiaries provide a favorable guarantee for Cathay Pacific's services.

It's a pity that these four subsidiaries are either wholly owned by Cathay Pacific, or the shareholding ratio is as high as 51%, and Xia Yu can't start from here.

And to be honest, if these four companies were not subsidiaries of Cathay Pacific, they would not have developed so well, so even if Xia Yu acquires them, they will decline after losing Cathay Pacific's business.

Therefore, Xia Yu can only find opportunities at the level of Cathay Pacific and its brother companies.

But the chances are almost non-existent.

Because Cathay Pacific Airways, Heung Kong Airport Ground Handling Company and Heung Kong Aircraft Engineering Co., Ltd. are cross-shareholdings.

In Cathay Pacific's shareholding, parent company Swire Aviation is the largest shareholder with 42% of the shares, while Heung Kong Airport Ground Handling Company and Heung Kong Aircraft Engineering Company are ranked fifth and sixth respectively, holding 5% and 4% of the shares respectively.

The three together hold 51% of the shares of Cathay Pacific Airways!

Even if Standard Chartered Bank itself holds 13% of the shares, Xia Yu will only hold 49% of the shares of HSBC and the Song family, which cannot shake the rule of the Swire Consortium over Cathay Pacific!

The Heung Kong Aircraft Engineering Company has been listed since 1965, with the parent company Swire Aviation holding 26.2 percent of the shares and Cathay Pacific Airways holding 24.8 percent of the shares.

Fifty-one percent of the two!

Although Jiuding Securities now holds 17.7% of the shares (owned by the former Jardine Matheson Consortium) and Standard Chartered Bank holds 10.09% of the shares, adding up to only 28.6%, the acquisition of 8.4% of the shares held by HSBC and 12% of the public is not enough.

Not to mention that the public equity can never be acquired in its entirety, unless the company is privatized.

If it can't buy Heung Kong Aircraft Engineering Company, then its 4% stake in Cathay Pacific will definitely not be able to buy it.

Then let's look at the ground handling company of Xiangjiang Airport.

The company was founded in 1961 by the Swire Consortium, the Jardine Matheson Consortium and Hutchison Enterprises, with the Swire Consortium at 45 percent, the Jardine Matheson Consortium at 40 percent and Hutchison at 15 percent.

However, two years ago, when the Jardine Matheson Consortium was dismembered, 40 percent of the shares held by the Jardine Matheson Consortium were bought by Chinese-funded tycoons, Cao Guangbiao, the tycoon of Yongxin Group, bought 24 percent, and Huo Yingdong bought 16 percent.

The 15% of the Hutchison enterprises entered the Hutchison Whampoa with the merger of Hutchison International and Whampoa Dockyard, and Hutchison Whampoa was acquired by Xia Yu, so the 15% equity is now in the hands of Jiuding Industrial Group.

Four per cent of the 45 per cent stake in Swire was transferred to Cathay Pacific, which at this time held 41 per cent.

However, despite the transfer, Swire Airways and Cathay Pacific still hold a combined 45% stake in Heung Kong Airport Ground Handling Company.

It is the only company in which the Swire Consortium holds no more than 50% of the shares.

And because the ground service company of Xiangjiang Airport is not listed, the other two shareholders are Chinese tycoons, namely Cao Guangbiao and Huo Yingdong, Xia Yu has great confidence in winning the equity in their hands.

But even if they take their shares, plus the 15 percent they own, that's only 55 percent, not 67 percent, and they can't control the board of directors at all.

A veto on Swire would have blocked all important proposals, such as the proposal to sell 5% of the company's stake in Cathay Pacific!

So what seems to be the most likely place to succeed is actually a dead end!

Rao is Xia Yu prides himself on being well-informed and resourceful, and in the face of this interlocking and flawless situation, a trace of sorrow also appeared between his eyebrows.

It's hard......

Is there really no chance?

Xia Yu thought with a big headache.

PS: In order to design this situation, it took more than four hours to collect information and repeatedly scrutinize it, the problem is here, what reasonable way to get Cathay Pacific Airways?