The empty gloves and white wolves that Liang Yuan said are nothing at all.

In the share swap negotiations led by Nubjian, there was a fierce debate over the proportion of shares to be exchanged between the two parties, after all, every one percent of the ups and downs involved millions of huge interests.

The one-to-one ratio replacement is proposed by the middle shareholders of Hongkong Land, but discerning people know that whether it is Hongkong Land or Jardine Matheson shares, even if the stock market crash is successfully passed, the stock prices of the two companies can recover to the origin before the stock market crash, and the task will be successfully completed, that is to say, the current share price of Jardine Matheson and Hongkong Land doubled or doubled and doubled is the maximum valuation of the company.

Under normal circumstances, Hongkong Land's market capitalization basically hovers between HK$14 billion and HK$16 billion, and if there is heavy good news for Hong Kong's economy, a temporary surge to HK$20 billion is the maximum market value that Hongkong Land can achieve at this time.

The imminent establishment of the Federal Telekom, the original valuation of this giant enterprise by countless economic circles around the world is more than 300 billion Hong Kong dollars, and Yuanjia owns 9% of the shares of Deutsche Telekom worth at least 27 billion Hong Kong dollars.

Whether at home or abroad, in the 20th century, the price-earnings ratio of listed companies that were linked to high technology was almost not lower than 50 times, and in the near future, after the reunification of Germany, West German Telekom was reorganized into Deutsche Telekom and listed on the same day, the whole of Europe fell into a frenzy.

In front of the Frankish stock trading floor, buyers from European countries who subscribed for Deutsche Telekom shares lined up dozens of kilometers long, and the German media of that year had made an interesting statistic that on the day of Deutsche Telekom's listing, all enterprises in Germany received their employees asking for leave to queue up to buy Deutsche Telekom shares, and the total number of applications was close to 30% of the total number of registered labor in Germany.

As a result, Deutsche Telekom's share price more than tripled in the year it went public.

Faced with the greed of his negotiating opponents, Niu Bijian, who was born in Jardine Matheson, was unceremonious. It is clearly pointed out that compared to the infinite future of BT, the development prospects of Hongkong Land are really limited.

"In three years' time, it is unlikely that Hongkong Land's share price will more than double in any case, and it is almost inevitable that West Deutsche Telecom's share price will increase by 2-3 times, not to mention that the Federal Republic of Germany, which is at the heart of the European economy, is not comparable to Hong Kong's small land. ”

Of course, there are also those who question the future value of West German Telekom, if all of them are as good as Niu Bijian describes. Wouldn't this kind of stock swap become a fool.

In the face of doubts, he smiled and didn't care, but once again threw out the "Great Jardine Plan", and Niu Bijian firmly believed that if capital took root in Hong Kong, it would get a richer return than West German Telecom.

Hearing the familiar arguments of the middle shareholders of Hongkong Land, the remaining suspicions of Hongkong Land's middle shareholders finally completely dissipated, and almost half of the middle shareholders of Hongkong Land who drove Niu Bijian out of Jardine were one of the masterminds behind the scenes, otherwise the Kaisark family alone would not have won more than half of the support rate on the board of directors.

Although the conflict between the worldviews of the two sides can only be judged by time, the pace of the negotiations has accelerated considerably, and a week before Liang Yuan returned to Hong Kong from the Federal Republic of Germany, the negotiations between the two sides made a major breakthrough.

After an agreement with the Federal Government of the Federal Republic of Germany to invest in West German Telecommunications. Liang Yuan divided the whole agreement in two, and the agreement worth $2.4 billion to deliver a 9% stake in West German Telekom in three tranches was put into a new company called "Fengyuan" investment company, which had just been registered in Bermuda.

In the future, after the successful merger of the two Germanys, an additional investment of 900 million US dollars was made to obtain a 6% stake in Deutsche Telekom after the reorganization on the basis of West German Telekom, and Liang Yuan remained under the Asian Development Bank.

It can be said that the part of the entire agreement about injecting $2.4 billion to acquire 9% of the shares of West German Telekom in the first half of the agreement is the sum of Liang Yuan's package and sale of the largest underground party in East Germany, plus Yuanjia's own remuneration for selling coolies in the process of reunification between the two Germanys, and the additional investment in the latter part of the agreement. It is a reward for Yuanjia's meritorious deeds after the reunification of the two Germanys, after all, it only costs 900 million US dollars to get 6% of Deutsche Telekom's total shares. It can be seen as pie in the sky.

In the contract agreed to start drafting by the shareholders of Niubijian and Jardine Matheson, it was stipulated that the "Fengyuan" investment company registered in Bermuda would use its own shares to exchange for the shares of Hongkong Land held by the shareholders of Huàn Jardine Matheson, which means that "Fengyuan", which owns 9% of the total shares of West German Telecom, only needs to replace 29% of its total shares to achieve an absolute control of 51% of Hongkong Land.

If Hong Kong dollar cash is used as a reference for transactions, the valuation of "Fengyuan" investment company is about 26 billion Hong Kong dollars, and the valuation of Hongkong Land is 14.8 billion Hong Kong dollars.

With a company worth HK$50 billion valued at only HK$26 billion, it can be said that Yuanjia has offered an unusually conscientious deal price for Jardine's mid-term shareholder group.

The senior management of Yuanjia also had questions about Liang Yuan's large profit margin. However, someone gave a shocking answer - even if the capital injected into Deutsche Telekom will double by about four to five times after three years, Liang Yuan firmly believes that the same amount of capital will increase in his own hands much more than the capital injected into Deutsche Telekom.

Liang Yuan's answer brought all the discussions within Yuanjia to an abrupt end.

Past historical facts have proved that the appreciation of capital in Liang Yuan's hands is far greater than the appreciation of waiting for Deutsche Telekom, so Liang Yuan decided to realize the dividends obtained by Yuanjia from East Germany immediately, and Shun Lì obtained a consensus within Yuanjia.

Capital's sensitivity and greed for profit are far beyond the imagination of ordinary people. After the preliminary verification and preparation work was completed, it only took a week for Nu Bijian to quietly complete the 11.3% equity swap of Hongkong Land, and before that, Tang Wan used a large amount of money to turn the Hong Kong stock market upside down with the help of the stock market crash, but only absorbed 4.6% of the shares from retail investors.

The shareholders of Jardine Matheson, who had already redeemed their own shares in the land, also became shareholders of Fengyuan Investment Company, and in the blink of an eye, Niu Bijian and his enemies became colleagues working together in the same company, and then some people tried to get more benefits, and under the guise of reminiscing about the past, they tried to use funds to buy the shares of "Fengyuan" Investment Company.

After all, a freak like someone is a once-in-a-lifetime opportunity, and it is already a rare opportunity in life that cannot be missed in the eyes of ordinary business people to make capital safer in three years.

Although he was puzzled by the instructions issued by the group headquarters, he still faithfully carried out Liang Yuan's intentions, and when he expressed that if the price was right, things were not negotiable, and in just two days, the medium-sized shareholders of Jardine Matheson gathered more than HK$700 million in funds.

Of course, for these former Hongkong Land shareholders who have lost their chips, Yuanjia will certainly not implement the original substantial concession plan, and the two sides are now negotiating around the price per share of Fengyuan Investment.

After a long period of silence, Simon Kaisak, the head of the Jardine family, finally bowed his head to his old rival and took the initiative to call Niu Bijian to try to cut the largest piece of this delicious cake.

In Liang Yuan's eyes, the current capital mobilization capacity of more than $3 billion in the hands of Jardine Matheson can perfectly top the big hole left by the $2.4 billion injection of Yuanjiacid Telecom.

Liang Yuan's world has been tossed for half a year, and the full picture of the acquisition plan for Jardine has not been fully launched until this time.

Strictly speaking, someone is just acting as a pure second-hand dealer, and the core of the plan is to get shares from the West German government and sell them at a higher price, and the extra profits are just enough to replace the shares of Hongkong Land, and the whole plan is simply too typical to be a typical empty glove white wolf.

Of course, Qi Lianshan's so-called capital operation is just a polite statement to take care of the boss's face. (To be continued......)