When the big guy wants to run, he never lets Leek see that he wants to run.

When the big guy doesn't want to run, he always makes Leek think he wants to run.

So, when the 27th, the last trading week of July, came. As soon as the market opened in the morning, all the investors who were fooled by the idea that "the Hang Seng Index has stabilized" were instantly shocked.

"Kowloon Shipping/Wharf/XX Maritime/XX Logistics plummeted across the board! The average drop in the morning was 15%!

"In the afternoon, the downward pressure began to drive the entire shipping industry sector! And some stocks in the price fell to 20% ~ 30%, there was a large volume of transactions!"

All kinds of strange phenomena are not just one end. Stock critics who are just bad money don't know how to interpret it for a while, in short, the market of shipping stocks is gradually increasing the volume of transactions in the downward decline.

said that it looks like the dealer wants to cut the meat and run away, and the acting skills are a bit poor.

It seems that the real bookmaker never seems to be so composed, and in the process of running away, he easily discards so many valuations that have been pushed up.

Especially when some shipping stocks fell to more than seven percent, the price bubble was not so high. Many high-quality companies with strong brands and international business channels have also begun to raise money to buy back shares. The price fell and the volume rose for a while, and it looked confusing.

This confusion lasted for a trading week, and by August 3, there was finally a piece of news that cleared the clouds and made everyone think they could see it clearly.

Today, Lanfang Culture announced that it would raise its card against Xiangjiang XX Maritime Affairs. After many days of fundraising, Lanfang Culture has once again expanded its shareholding on the basis of its previous status as a major shareholder, and has become the largest shareholder, accounting for 45% of the shares.

Lanfang Culture has now committed to making a privatization offer for the company at a premium of 30% on top of the average price over the past 18 days. If the majority of shareholders are willing to sell their shares, they can be delivered in a unified manner. ”

Gu Kun wants to buy some high-quality assets! Take advantage of the trend to acquire a certain shipping company in Xiangjiang!

At this moment, everyone reacted.

Most of the equity of this shipping company must have been slowly absorbed by Gu Kun when he was at the point of seven or eight thousand points before, so the overall acquisition cost should be relatively low.

In addition, the companies selected by Gu Kun are all originally not too high in terms of perennial price-to-book ratio, not too loud brands, and relatively large number of high-quality net assets, so it is completely logical to acquire them to make up for the shortcomings of Lanfang's shipping industry and realize "Lanfang's industrial upgrading".

As for the conditions offered by the acquirer, such as "an additional 30% premium over the average price of the previous 180 days", it is actually meaningless, because the regulatory authorities of the exchange will definitely investigate whether there is a suspicion of deliberately suppressing recent prices in this process.

Moreover, the general result of the survey is that "if the average transaction price in the recent past 180 days is significantly higher than the average transaction price in the past 180 days plus 30%", then the regulator will definitely require the acquirer to acquire according to the recent average price plus a certain premium.

Gu Kun's attitude is purely for Xiaosan to see, and it does not mean that he can successfully privatize at the price he wants in the end.

As for the successful privatization, it does not mean that Xiaosan or other shareholders have to sell all their shares to Gu Kun's Lanfang Culture and let Gu Kun reach 100% control.

It is only said that the privatization will lead to the delisting of the shares from the Hong Kong Stock Exchange, and the company's shares will not be publicly traded on the secondary market from then on. If you want to sell shares again, it will be more troublesome, and you will have to give priority to negotiation between internal shareholders to absorb funds, and the valuation will not be as high as the listed state, and it may be a lifetime.

For those who don't want to "speculate on stocks and become shareholders", they will definitely run away as soon as they hear about privatization.

If you trust Gu Kun very much and don't want to run away for the rest of your life, you want to eat dividends in the new company reorganized as "Lanfang Marine" from now on, and believe that Gu Kun can give all shareholders enough dividends, then it doesn't matter if you keep it.

Gu Kun is still very tolerant of this kind of little brother who is willing to hold on to his thighs because he trusts in his future.

……

The process of privatization and delisting of a maritime company may take several months, and it can be completed at the end of the third quarter or October at the earliest.

Liang Jinsong can't really wait for the shipping stocks to divide the winners and losers, and then engage in other sections, so in August, he successively copied the operation in shipping stocks in other areas that wanted to acquire high-quality assets and throw out some bubbles to cash out.

However, the longer these sectors hold back, the lower the recent stock price of the target stock is temporarily made, and the longer it stays at a low level, the lower the cost of privatization and delisting.

In addition, in addition to the officially announced privatization news, the fake news on the trail is also flying.

For example, Gu Kun actually has a crush on a medium-sized and relatively stable Xiangjiang Bank A, and actually wants to privatize this bank A.

However, in the process of building momentum and selling chips to reduce prices, it may not be A that is the most ruthless at the beginning, but the stock price of another B bank.

If Gu Kun openly said in a public statement that he wanted to privatize B, and then reversed himself, then he would definitely be punished by the regulatory authorities.

However, the securities laws of any country will not care about those gossip from unknown sources.

"It is possible that Gu Kun wants to cover up the price reduction of the stock prices of other stocks in the same sector by pretending to want to privatize A, and actually privatize B after a few months to half a year" This kind of statement can be passed on by ordinary leeks who do not have to bear legal responsibility.

The official can even repeatedly state clarification and fulfill the obligation of clarification when the leeks spread the most fiercely, but this still can't change what Xiaosan is willing to believe.

In this way, whether Gu Kun wants to privatize or take the opportunity to sell his chips has become even more confusing and deceptive.

And the best part is that this trick is a way of shipping that others can't learn at all.

Because in the atmosphere of the general Southeast Asian financial crisis, the mainstream of neighboring countries is now deflation, liquidity shortage, and lack of money.

Even if there is a lack of money, the industrial structure and Xiangjiang are not complementary, and there is no capital to "undertake the industries that Xiangjiang transferred out in the crisis".

But there is a blue side. As a port country on the main international trade routes, Lanfang has been benchmarking and learning from Lijiapo. Now, taking advantage of the fact that during the financial crisis, Li Jiapo is not suitable for buying the bottom because of the low degree of damage and the inability to lower asset prices, so it is also very reasonable to turn to Xiangjiang.

Except for Gu Kun, the sovereign investors of any other Southeast Asian country cannot deceive investors by posing that they want to "buy a set of shipping companies, banks, and real estate companies to upgrade their own related industries".

……

With such a good shipping environment, it becomes much easier to cash out equity.

In August, Gu Kun threw out a small half of the shipping industry sector on the Hong Kong stocks, and by the end of the third quarter at the end of September, Liang Jinsong had helped him sort out the entire shipping stocks.

Originally, at its peak, there were about 10 billion US dollars of Xiangjiang shipping stocks in the hands of Gu Kun, and in the end, only a middle-to-upper shipping company with a total share capital of about 2 billion US dollars was retained, and the complete privatization was completed (this is still a part of the premium in the privatization process, and the original market value was less than 2 billion US dollars)

The remaining $8 billion in stocks were all sold off and turned into $6 billion in cash, about $2 billion evaporated in the process, but this is also acceptable. After all, the market value is not equal to the cash amount, and it can be turned into cash at a 7% discount, which is considered a victory when the stock index is high.

Although in the privatization case, Gu Kun suffered a slight loss and bought a less valuable company at a high price, but this privatization covered the withdrawal of other funds, explaining Gu Kun's sale of other shipping stocks as a "technical adjustment" and "having to withdraw funds from other peer companies in order to successfully privatize the company".

In other words, Gu Kun's sale of stocks gives people the impression that it is no longer for the sake of running away, but for optimizing integration, "in order to buy shares of more potential companies, and having to throw away some relatively junk stocks to raise money".

In any stock market crash sell-off, the easiest thing to deceive is the "technical adjustment".

Even if the ocean stock circuit breaker twice a week in later generations, at the beginning, in order to stabilize people's hearts, the authorities of the oceanic countries also made a few blind blows about Twitter's governance, saying that it was a "technical adjustment".

Gu Kun and Liang Jinsong's operations can be said to be very conscientious compared to their predecessors on Wall Street.

After shipping stocks, the operation of financial stocks is similar, but this answer sheet will not be completely completed until the end of the year.

According to the later review, Gu Kun originally held the second most chips in the financial sector of Hong Kong stocks, second only to real estate stocks.

At that time, Gu Kun's $80 billion chips amounted to about $45 billion in real estate and finance, more than $20 billion in shipping and network telecommunications, and billions in the rest of the miscellaneous sectors, less than 10 billion.

In the end, most of the 20 billion stocks in the financial sector successfully ran away in accordance with the idea of "mixing the runaway with privatized high-performance stocks and disguised as technical adjustments".

In the end, Gu Kun got a Heung Kong bank with a market value of $5 billion, and the remaining 15 billion other financial stocks turned into about 13 billion in cash.

In the process, the Hang Seng Index also fell along with the general decline in the financial and shipping sectors.

From 16,000 at the end of July, to below the 15,000 mark at the end of August, to 14,000 at the end of September and 12,000 at the end of the year. However, there was no major panic in the whole process, and it was stabilized again and again by the slogan of "technical adjustment".

Among them, Liang Jinsong naturally did a lot of extremely important work to stabilize people's hearts, but he specialized in the art industry, and Gu Kun couldn't understand the details.

Relying on the $5 billion in cash drawn out of the shipping industry, the $13 billion in the financial industry, and the fact that other miscellaneous sectors were thrown away and cashed out two or three billion, Gu Kun finally completely liquidated and paid off the leverage he owed to margin and securities lending institutions in the Hong Kong stock market.

At least he doesn't have to worry about being liquidated by other new shorts who reacted because of the leverage.

"With a market value of 80 billion US dollars, the shipping industry has reduced its holdings by 11 billion, the financial industry has reduced its holdings by 20 billion, and other miscellaneous chips have reduced its holdings by 4 billion, and the balance of chips on the market should be 45 billion US dollars, mainly leaving the already very high network telecommunications stocks, plus a large number of real estate companies, but because these real estate companies also have a natural downward depreciation, the total share capital is only 40 billion.

However, the leverage of 21 billion has finally been paid off. The follow-up is equivalent to using 13 billion capital in exchange for 40 billion stocks in the field, as well as picking up a shipping company worth 2 billion, a bank worth 5 billion, and a negligible real estate company. ”

The ease of paying off the leverage completely is not something that ordinary people can experience.

——

(PS: Apologize, I admit that these chapters have a bit of data, maybe I'm a more research-based person, like to delve into it, and write things too much to pursue logical reasonableness.) But the good news is that it's over today, and there won't be a lot of trickery about financial accounts in the future.

Let's start to re-enter the rhythm of cool writing tomorrow. There are some things, I didn't plan to write in such detail at the beginning, but in the process of writing, I studied and deepened it, and found that the problems were much more than the outline envisioned at the beginning, especially how to run the running link, I admit that I was not professional at the beginning, and even the initial idea was a bit fake)