"Xu Sheng, this is the newspaper that Hongkong Land has just published!" In the office, Wang Liming handed over a newspaper.

Xu Zhi took the newspaper and read it carefully, this is a plan announced by Hongkong Land to exchange two new shares of Hongkong Land plus 76 Hong Kong dollars with a weekly interest rate of 10% bonds for Wharf shares, and it is estimated to purchase an additional 31 million shares, intending to increase Wharf shares from 20% to 49%.

Bao Fuda later publicly announced that this was not an acquisition, and he had no intention of changing the structure of the board of directors of Wharf, but anyone with a discerning eye knew that the purpose of this acquisition was to expel Bao Yugang and Wu Guangzheng.

Wang Liming said: "Bao Yugang is in Europe these days, and Hongkong's plan should be to take advantage of this time to quickly cut through the chaos and acquire enough Wharf shares, and now there is only one Wu Guang in the Bao family who is presiding over the overall situation, if the reaction is a little slow, it may be too late." ”

"Don't worry, Hongkong Land used this trick when it bought the dairy company a few years ago, and although there are bonds this time, shareholders no longer believe in this kind of acquisition promise. Xu Zhijie said.

Wang Liming said: "Hongkong Land has just sold the Golden Gate Building, and the cash on hand should exceed 1 billion, if they are willing to buy it with cash, it will be much easier." ”

"If you have cash on hand, you can be prepared for any accidents, although bonds have interest, but after all, you don't have to pay now, and the interest is only 10%, which is lower than the minimum prime rate of 12%. Xu Zhi said with a smile.

Wang Liming said: "Then what are we going to do?"

"Can the bonds issued by Hongkong Land be converted into shares?" Xu Zhi asked rhetorically, and Wang Liming was not clear about his agreement with Bao Yugang.

Wang Liming said: "No. ”

"Then we won't be involved for the time being. Xu Zhidao: "The people of Jardine Matheson Group should also be worried that Hongkong Land will also be targeted by Chinese capital, so they dare not exchange all shares for shares like the acquisition of Dairy Farm Company back then." ”

Wang Liming said: "Although Jardine Matheson holds less than 20% of Hongkong Land's shares, but looking at the whole of Xiangjiang, we are the ones who can do it!"

"There's no need for the time being, if this kind of acquisition war breaks out, I guess all my other investment plans will have to be delayed, and now is not the time. Xu Zhi shook his head and vetoed. Now that the real estate economy is about to reach its peak, Hongkong Land has a total market value of more than 10 billion Hong Kong dollars because it owns more than 10 Central buildings.

Wang Liming asked: "Then we will wait for Bao Yugang's reaction?"

Xu Zhi smiled: "It is estimated that Bao Yugang should also know!"

……

Just 10 minutes after Hongkong Land announced its acquisition plan, Wu Guangzheng immediately made a transatlantic phone call and informed Bao Yugang of what had happened.

Bao Yugang only replied: "I know!"

The next day, June 21, Bao Yugang canceled the scheduled golf event with members of the British royal family, and instead made an appointment with Shen Bi, the chairman of HSBC, who was also in London at the time, and explained that he was about to carry out an anti-purchase plan, hoping that HSBC would borrow 1.5 billion Hong Kong dollars.

Shen Bi agreed!

Subsequently, Bao Yugang canceled the meeting with the Mexican president, made a detour from London to Switzerland, and then returned to Xiangjiang, and returned to the company for a while, and then found Xu Zhi directly.

Xu Zhi's Mid-Levels Villa is located in Repulse Bay, which was once an asset of Hutchison Whampoa, and was later transferred to Xu Zhi, with a total area of more than 6,000 square feet, with a separate sports room and conference room.

In the conference room, Bao Yugang asked directly: "Xu Sheng, according to our previous agreement, I am now bidding 105 Hong Kong dollars a share, cash, which is more than Hongkong Land's bid, I don't know if you are satisfied." ”

"Yes. Xu Zhi didn't ask for more, this is already the price at which Bao Yugang is ready to buy on the stock market, even if he doesn't make a move, retail investors will be crazy about this price, and Jardine Matheson will also take the opportunity to cash out, once he misses the opportunity, the acquisition war is over, and the stock price will fall immediately.

Bao Yugang got a satisfactory reply and said: "Okay, with Xu Sheng's shares, I am more confident in this acquisition!"

"Wait. Xu Zhi took out a newspaper and said, "Bao Sheng, you better read this newspaper first, right?"

Bao Yugang took it, and at first glance he saw the title of the Hong Kong Economic Journal: "Two birds in the forest are better than one bird in hand"

This is a short political and economic commentary in the Hong Kong Economic Journal, arguing that Hongkong Land's move is aimed at selling Wharf shares at a high price, with the purpose of buying Hongkong Land to consolidate its controlling stake, and describing Hongkong Land's "additional purchase" method as "encircling Wei to save Zhao", and pointing out that if Hongkong Land encounters a counter-takeover by Bao Yugang, it will definitely sell Wharf shares with broken wrists.

Xu Zhi asked, "Bao Sheng, what do you think of this comment." ”

"Quite discerning. Bao Yugang smiled: "Actually, I have also thought about this problem, but for me, winning the controlling stake in Wharf is the most real, other things are not important, if Hongkong Land really lets go, just to cash out, then I must be happier, because this can avoid a bigger price increase later." And Xu Sheng, you have 10% of the shares here, I only need to buy another 9%, and Jardine Matheson can't cash out much!"

"Since there is no problem, then I will first congratulate Bao Sheng on the upcoming acquisition of Wharf. Xu Zhihaha laughed.

Bao Yugang shook his head with a wry smile and said: "That can't compare to Xu Sheng's majesty, and the assets of Hehuang and Hong Kong Electric are even more enviable!"

"Although the scale of Wharf is not comparable to that of Hutchison Whampoa, it is basically a very high-quality asset, especially Harbour City, although it is currently losing a lot of money, but the whole project is about to be completed, and in the future, Harbour City will inevitably become a new commercial center in Hong Kong." ”

"Not necessarily, if Harbour City does not go smoothly as expected, then Wharf may really lose money. Pao Yugang said that the most important reason why Wharf was successfully attacked by Li Jiacheng in 78 was the low stock price, and the reason for the downturn was that the Harbour City project was too large, and Hongkong Land was unwilling to introduce foreign funds, which eventually led to the company's losses and the stock price plummeted, so there was a series of subsequent equity disputes.

Xu Zhidao: "If Bao Sheng is not optimistic about this project, why don't you transfer it to me in the future, I can exchange it for HK Electric's power generation business, and the power generation business is impossible to lose money, and it can make a stable net profit of about 200 million to 300 million Hong Kong dollars every year over the years, how about it?"

In later generations, Harbour City collected more than HK$10 billion in rent, accounted for more than half of the Wharf Group's net profit, and accounted for 8% of the total annual retail sales of Hong Kong. And if you look at the annual financial report of the future power industry (the power generation company after the spin-off of HK Electric), the net profit for a year is almost 8 billion Hong Kong dollars.

The reason why the profit of the power industry is so high is that after Li Ka-shing became the owner of Hong Kong Electric, the price was raised 7 times in 10 consecutive years, and in 2009, the electricity price on Hong Kong Island was 1.19 yuan/kWh, and the entire Kowloon on the opposite side was only 0.88. For this reason, Lao Li doesn't know how many people in Xiangjiang scolded vampires, and this choice is a little tangled between net profit and reputation.

"Xu Sheng is really willing. Bao Yugang was obviously very impressed, but in the end he refused: "Harbour City is not for sale, but if Xu Sheng really intends to sell the power generation business of HK Electric, the price can be negotiated." ”

Xu Zhi shrugged his shoulders and said: "Also, it's too early to say this, let's wait for Bao Sheng to really enter the Wharf, let's discuss it." ”

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