On December 21, HSBC began to feel unbearable in the face of Lin Qi's ignorance and intent on increasing his holdings of HSBC shares, and officially sent a letter stating:

"If you don't stop the hostile takeover, HSBC will take action. Including the sale of assets to Cheung Kong Asset, Hutchison Whampoa, Jardine Matheson, Merrill Lynch, Standard Chartered, Goldman Sachs and other companies, your company's high-priced acquisition may outweigh the losses. ”

The next day, Lin Qi officially said: "You can talk." ”

Subsequently, HSBC's management team and important shareholders started formal meetings and negotiations with Lin Qi.

When Pu Weishi heard that Lin Qi was finally willing to show up for negotiations, he couldn't help but show a overjoyed face.

He hasn't slept well these days, and is almost driven crazy by the new start-up, and he has roped in a bunch of local and international capital in Hong Kong to support him, in fact, those capitals are also cannibalistic and do not spit out bones. If you are forced to sell your assets to those capitals, HSBC's century-old foundation will come to naught and become a real empty shell.

As the current HSBC senior, Pu Weishi naturally does not want his tenure to leave these stains. If there is a stain on the tenure, it will seriously affect the reputation after retirement.

……

On December 23, Lin Qi and HSBC's management negotiated an appointment in the administrative office building of the new venture electronics group.

"Mr. Lin, according to our latest news, the equity you have acquired has reached the level of a tender offer. You are obliged to disclose to investors what you really hold. As soon as he met, he couldn't wait to ask questions.

"No problem, Zhang Ru, bring me a copy of the documents in my briefcase, I haven't read it yet. Lin Qi smiled.

Soon after, Zhang Ru took out a stack of materials in Lin Qi's briefcase.

Lin Qi opened the information, took a calculator vulgarly, and counted how much HSBC equity he bought in front of these HSBC management like street vendors.

This kind of practice makes the management of HSBC want to beat people! Nima's and HSBC's equity are like the boss of the stall to settle accounts, even if it is a spoof, there is a limit, right?

What's more, Boss Lin, you produce computers, and you input data on the computer, and soon it will come out? Take a calculator to calculate, why don't you just take an abacus?

Of course, Lin Qi also considered taking an abacus, but he wouldn't use it.

Fortunately, after a while, Lin Qi still calculated clearly and said: "I bought about 31% of the equity of HSBC, in my personal name, my wife's name, my friend, my company, and my partner." In short, we hold 31% of the equity as a whole, and when necessary, it can be aggregated into one account, then, the nominal majority shareholder is formed. ”

"HSBC doesn't welcome such a hostile takeover! You should be aware that HSBC has always been dominated by management, extremely dispersed shareholdings, and our key employees hold shares. Equity incentives are considered part of HSBC's corporate culture. Considerable employees share in HSBC's growth by holding shares in HSBC. Your company, too, is this culture. However, if there is one more controlling shareholder, our corporate culture and equity incentive method will change, and all our small and medium-sized shareholders and employees holding shares are not willing to have an authoritative major shareholder!"

The corporate culture of the fart!

HSBC's shareholding diversification is mainly due to multiple reasons. In the beginning, HSBC was established in Hong Kong, and the shareholders were not too dispersed. However, after a long period of development, especially during the Japanese occupation of Hong Kong in World War II, a large number of precious metals and valuable items of HSBC were looted, and after that, a large number of bonds and military bills were issued to loot HSBC and Hong Kong's financial industries. Therefore, after World War II, HSBC was financially bankrupt. However, the Hong Kong government allowed bankruptcy, revitalized HSBC with capital injections, and brought in a lot of capital. In addition, after HSBC went public, it carried out many financings, but HSBC's dividends and performance growth were more stable than the real estate prices in the same period, and many small and medium-sized shareholders firmly held them for a long time, which further diversified the equity.

In addition, due to the dispersion of shareholdings and the absence of major shareholder constraints, the management led by HSBC's Taipan gradually began to gain a greater voice in order to seek benefits for the management. HSBC has set up some employees to subscribe for equity at a lower market price, and the subscribed equity, some of which HSBC issues additional equity, and some of which HSBC buys back in the market and then sells to internal employees at a low price.

Management is looking for excuses to steal shareholder benefits and myth it into corporate culture.

Lin Qi said disapprenousively: "If I say to the employees of HSBC that I can raise my salary and let them get the same salary as the core employees of the new entrepreneurship department, do you think they will support you or support me? I said to those small and medium-sized shareholders, increase the intensity of dividends, and a series of mechanisms that can create benefits for shareholders, do you say they support you or support me?"

"Okay, what the hell is Mr. Lin going to let HSBC go! You know, we can't deal with the acquisition!" Pu Weishi said in a deep voice.

In fact, before that, HSBC had already made preparations, that is, on top of HSBC, the so-called HSBC Holdings. HSBC's shareholding is dispersed, but they have devised a series of plans to get the original shareholders to agree to exchange their shares for HSBC Holdings.

HSBC and HSBC Holdings, the two shells, are actually a team of one company. However, HSBC is still headquartered in Hong Kong, while HSBC Holdings has moved to London.

In terms of assets, the two have also undergone a series of exchanges, and HSBC can sell a large number of assets to HSBC. HSBC will sell some assets to HSBC, and the two will swap assets as if by magic.

People who want to forcibly buy it may find that the asset they want has been replaced with a toxic junk asset after they buy it.

In addition, HSBC has also pulled in some reinforcements, if necessary, through the private placement of new shares to the reinforcements, or simply split the assets and sell them to different buyers. Then, if you buy it based on the assets of HSBC, you will naturally be disappointed!

"Actually, we just want to get a bank for the future. Whether it's HSBC or not is not so important. So, I can stop buying shares in HSBC, but as a condition, I need HSBC's subsidiary, Hang Seng Bank. Lin Qi put forward the condition, "Sell Hang Seng Bank to me, and I will no longer buy HSBC!"

"It can't be!"

Pu Weishi was almost about to slap the table, and his heart was full of anger, Hang Seng Bank is also a golden sign among the many subsidiaries of HSBC.

In the 60s, when there was a run on Hong Kong's banking sector, HSBC acquired a 51% stake in Hang Seng Bank for only HK$50 million. After that, it increased to 62.14%. Since then, Hang Seng has been growing faster than HSBC, in a sense, it is smaller, but it has always grown faster than HSBC, and the return to shareholders has far exceeded HSBC.

This is because HSBC has carried out a series of global mergers and acquisitions, which require the issuance of new shares, diluting the earnings of existing shareholders. However, Hang Seng's equity is relatively stable, and there has been no additional issuance, which is really a return far higher than HSBC.

At the same time, in terms of local business in Hong Kong, Hang Seng is mainly engaged in SME loans and real estate mortgage loans, etc., and has customers in Hong Kong second only to HSBC and Standard Chartered. Later, BOCHK will surpass Hang Seng, but it will be a later matter.

At present, Hang Seng Bank has more than 80 branches and more than 200 outlets in Hong Kong. The total assets are more than 200 billion Hong Kong dollars, and the net assets are 10 billion yuan. The total market capitalization of the stock market is only $15 billion. However, the annual profit scale is also close to HK$1.8 billion.

Although Hang Seng is still trading at less than 10 times P/E, it seems very undervalued. However, HSBC has been a Hang Seng shareholder for more than 20 years, and with dividends, the rate of return should be close to 100 times!

"Mr. Pwis don't worry, we can still negotiate specific issues. ”

In the end, in the stalemate between the two sides, they finally sat down at the negotiating table again, but such a project is obviously impossible to be finalized by just two people.

The next day, Pu Weishi brought a professional negotiation team, and the new entrepreneur on the bar, to this point, both of them have become the controlling figures, as for the specific details of the peace talks, are handed over to the negotiation team, the two sides are fighting for every inch of land.

Less than also saw the strength of a professional team, the whole process can be called thrilling, and the meeting minutes, at first only less than one person, and then temporarily pulled out two people.

On the 27th, the two sides finally reached a consensus.

The final result of the peace talks is that from now on, new entrepreneurs need to sell 31% of the HSBC shares that have been purchased, of which 21% of the shares, to Standard Chartered, Huikong, Cheung Kong Industrial, Citibank, **** and other institutions. Cashing out HK$21 billion has recovered the cost of Lin Qi to buy HSBC shares.

In addition, the remaining 10% of the equity, which is currently worth more than 10 billion yuan, will be repurchased by HSBC itself, and the payment price is 62.14% of the equity of HSBC-controlled Hang Seng Bank.

Hang Seng's market capitalization has now soared to HK$18 billion, with a 62.14% stake, which is about the same as the 10% stake of HSBC.

Therefore, both parties decided to exchange shares for shares.

Both sides are afraid of long nights and dreams, so the delivery speed is incredible.

As of December 29, the delivery procedures have been completed!

Overall, Lin Qi did not pay a penny in this transaction, which is equivalent to making a Hang Seng Bank for nothing!

As in the process of this confrontation, Hang Seng Bank, which has completely become a soy sauce public, was notified by the previous boss HSBC, everyone, since the beginning of January 90, your boss is Lin Qi, good luck!

After a period of panic, soon some Hang Seng Bank employees were pleasantly surprised!

A subsidiary of the new start-up department!

It's worth it!

You must know that the Department of New Entrepreneurship is not only the largest consortium in Hong Kong, but also the highest in terms of treatment. In particular, those employees at the headquarters of Xinchuang Electronics Group are millions, tens of millions, hundreds of millions...... They are all employees, why are those people so rich?

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