Just when Li Xuan was about to instigate others to do things again, the acquisition war he had previously instigated Li Jiacheng and Liu Ruanxiong to launch against the Kadoorie family had already entered the climax!

The Kadoorie family is facing the biggest crisis in a century, and this has been the unanimous consensus of the financial and press circles in Hong Kong.

The initial start of this storm originated when Liu Ruanxiong, known as the "sniper of the stock market" in Hong Kong, announced that he was preparing to make a comprehensive acquisition of the Grand Hotel Group under the name of the Kadoorie family.

Only then did everyone find out that the Kadoorie family, which had owned the right to operate the hotel group for many years, was not the largest shareholder of the listed company, and its shares were only 10%.

Liang Zhonghao, the real largest shareholder of the hotel group, has transferred all 31% of the shares of the listed company under his name to Liu Ruan Xiong.

Although the Kadoorie family has a low shareholding ratio and is targeted by the vulture of Liu Nguyen Hung, at the beginning of the takeover war, everyone only generally thought that the Kadoorie family was going to hemorrhage this time.

As long as the Kadoorie family has the heart to fight back, few people will think that Liu Nguyen Hung can really swallow the big hotel group into his belly. After all, the market value of the hotel group is as high as 8 billion Hong Kong dollars, and even if Liu Ruan Xiong does not acquire it at a premium, if he wants to take absolute control of 51% of the shares, he needs to raise 4 billion Hong Kong dollars.

This is not a small amount, and it is still quite difficult with Liu Ruanxiong's current strength. People are more inclined to believe that he is bluffing, trying to force the Kadoorie family to take over their shares at a high price, so as to make a huge difference between one in and one out.

And the development of the script at the beginning seems to be completely in line with everyone's expected speculation. Although Liu Nguyen Hung announced a tender offer for Grand Hotel Group, the acquisition plan he gave was not attractive enough.

The original share price of Grand Hotel Group was around 80 Hong Kong dollars per share, and Liu Ruan Xiong gave a purchase price of 100 Hong Kong dollars per share. On the surface, it may seem like a 25% premium at once, but in reality it is not the case.

Only half of the HK$100 purchase price was paid in cash, and the other half was exchanged for shares of Lau Nguyen Hung's listed company.

Liu Nguyen Hung is a well-known "harvester" in Hong Kong's capital market, and it is often the minority shareholders of his own company that are cut. Therefore, it is naturally difficult for the shareholders of the hotel group to buy such an acquisition plan.

And Liu Nguyen Hung is not in a hurry, he already has 30% of the equity in hand, which is enough for the Kadoorie family, which has only 10% of the equity, to catch up for a while.

Liu Nguyenxiong's gesture even convinced the Kadoorie family that the other party did not really want to compete with them for control of the hotel group. So they even sent representatives to negotiate with Liu Nguyen Hung, ready to pay a part of the price to accept the 31% stake in his hands.

But others don't know that Liu Ruanxiong's move was actually a strategy discussed in advance with Li Jiacheng and his son, with the aim of consuming as much of the Kadoorie family's funds as possible.

After discovering that the Grand Hotel Group was being watched by outsiders, it was impossible for the Kadoorie family not to fight back. Unlike Liu Nguyenxiong's stock-and-cash merger plan, the Kadoorie family offered a full cash purchase plan at HK$105 per share, which was HK$5 higher than Lau's price.

This is also a helpless thing, who told them that the shares in their hands are too far behind Liu Ruanxiong. If they can't quickly close the distance between the two sides, it is likely that the market will lose confidence in them, and they will really be caught by Liu Ruanxiong.

With the increase in shareholding from 10% to 30%, the Kadoorie family spent a full HK$2.1 billion in cash. Fortunately, with their excellent reputation over the years, banks such as HSBC are willing to give sufficient credit support.

At this moment, Liu Ruanxiong, who seemed to be bluffing before, seemed to wake up all of a sudden and began to fight with the Kadoorie family. He immediately announced a change to the original acquisition plan, raising the purchase price to HK$110 per share, which was also paid in full in cash.

A large-scale acquisition that costs billions of Hong Kong dollars is naturally not something that can be concluded in a day or two. In particular, the two bidders are competing for each other to continuously increase the purchase price, which makes many small shareholders choose to wait and see, and wait for the situation to be clear before making a choice to maximize benefits.

Don't look at the bidding war between the two parties, but they actually have completely different starting points. The Kadoorie family really wanted to retain control of the company, so they were working hard to raise money to buy back the shares.

In contrast, Liu Ruan Xiong's purpose is not so simple, he is to make money. As early as when the other party announced the purchase of shares at a price of 105 Hong Kong dollars per share, he quietly dispersed and transferred a part of his shares to the other party to arbitrage in advance.

You must know that when he bought the equity from Leung Chung Ho before, the average price per share was only 78 Hong Kong dollars. And in such a back and forth, Liu Ruanxiong earned a high gross profit of nearly 35%.

On the other hand, the Kadoorie family, under his high-pressure pressure, continued to raise the purchase price to 115 Hong Kong dollars. In other words, if the Kadoorie family wants to acquire 50% of the shares, it will need to spend at least HK$4.5 billion.

Liu Ruanxiong will definitely not really compete with the other party for a controlling stake, because according to the relevant merger and acquisition regulations of the Hong Kong Stock Exchange, once the equity exceeds the 50% threshold, an unconditional general tender offer will be automatically triggered.

In fact, although Liu Nguyen Hung publicly stated that he wanted to make a full purchase of the Grand Hotel Group, he quietly sold it to the Kadoorie family while buying it. The actual equity in his hands is controlled at about 40%.

The Kadoorie family, on the other hand, is really spending cash to buy more shares. When the Kadoorie family reached 45% of the shares, they negotiated a share transfer with Liu Nguyen Hung without a hitch.

Liu Yuen Hung is willing to transfer all 40% of his shares to the Kadoorie family at a price of HK$115 per share. He can be said to have successfully achieved the Great Escape, and made a profit of nearly HK$1.2 billion from the Kadoorie family by buying low and selling high.

According to the rules of the Hong Kong Stock Exchange, after the Kadoorie family took over Liu Ruan Xiong's shares, the total shares of the Grand Hotel Group reached 85%, and the unconditional general tender offer was triggered.

This means that the holders of the remaining 15% of the shares also have the right to sell their shares to the Kadoorie family at a price of HK$115 per share before the offer deadline, and they must unconditionally agree.

The Kadoorie family paid more than $8.5 billion in cash to successfully preserve the Grand Hotel Group. Of course, they also need to prepare an additional cash of about 1.5 billion Hong Kong dollars to wait for the possible sell-off of the remaining shareholders.

At this point, the Kadoorie family had the last laugh and managed to retain control of the Grand Hotel Group, despite paying a lot of money.

But things are not so simple, Liu Nguyen Hung took advantage of the opponent's unpreparedness to launch a surprise attack, and did not leave enough time for the Kadoorie family to prepare. The Kadoorie family still relied on their good reputation to raise more than 10 billion Hong Kong dollars in cash from the bank in a short period of time, successfully repelling Liu Luanxiong's attack.

The price paid behind this is that the Kadoorie family's financial chain is stretched to the extreme. It can be said that they pledged almost everything they could pledge to the bank, so that they could raise a huge amount of 10 billion Hong Kong dollars.

Of course, as long as the Kadoorie family is given half a year to a year, they will soon be able to completely recover. After all, the purpose of their full takeover of the Grand Hotel Group is to retain control of the company, not to privatize and delist.

As soon as the Kadoorie family completes the general offer, it will be able to apply to the Hong Kong Stock Exchange to re-place the majority of its shares to public investors, and then use the withdrawn funds to repay the bank loan.

If Hong Kong stocks usher in a bull market in the future, the Kadoorie family can even raise the secondary issue price and make a lot of money!

But Liu Nguyenxiong's attack on the Grand Hotel Group is just an appetizer before a big meal. The one who really wants to make a move against the Kadoorie family is the famous Li Jiacheng, and he will not give the other party enough turnaround time.

When Li Jiacheng announced the launch of a comprehensive acquisition of another listed company in the hands of the Kadoorie family, China Power Power Company, the Kadoorie family, which had just finished a bitter battle, suddenly found that they had little money left in their hands!