The Japanese stock market in April '93 rebounded slightly from the low point in August '92. However, the index is still down more than 60% compared to '89.

The stock price of many companies has even fallen by eighty or ninety percent of its market value.

The market has crashed and fallen for nearly three years.

For three years, the annual trading volume has been continuously decreasing.

At its peak, the trading volume of the Tokyo Stock Exchange in Japan was even several times that of the US stock market. But...... At present, the daily trading volume of the entire Tokyo Stock Exchange has shrunk to less than one trillion yen.

The decrease in liquidity has not only caused the continuous reduction in the scale of new IPO issuance, but also made it difficult for companies that have already been listed to obtain new financing.

Most of the listed companies in Japan that want to raise funds through the issuance of new shares or bonds are very difficult to be rejected by the sluggish market.

Some foreign companies listed on the Tokyo Stock Exchange are even more embarrassed!

Because, listing IPO financing has almost become a one-shot deal, and after that, not only can it not be financed, but it is also necessary to pay the fees required for listing on the exchange.

In other words, if you can get new financing again, then the cost is negligible. However, the daily trading volume is low, the stock price is low, and it is difficult to obtain new financing. Then, the listing will lose its original meaning.

In essence, for enterprises, going public is mainly to obtain financing channels, not because listed companies sound more powerful than unlisted companies, so they want to go public.

The Tokyo Stock Exchange in Japan is divided into four sections - Market 1, Market 2, Foreign Affairs and Nanny (GEM)!

Market Dept. 1 and Market Dept. 2 are home to large Japanese companies, surpassing the latter two in terms of trading volume and financing capacity.

The foreign department, mainly for some multinational companies, relatively large enterprises, has issued shares in other markets, and can continue to issue additional shares in the Japanese market to achieve cross-market listing. However, this department is only qualified for large enterprises with relatively high scale and overseas. Not only are the conditions for foreign companies to be listed in Japan more restricted, but Japanese nationals who can buy shares of foreign companies need to apply for a special application, which is higher than the threshold for buying shares in Part 1 and Part 2.

As for the nanny department, which is Japan's gem, it is not only for small and medium-sized enterprises in Japan, but also for some foreign enterprises.

Architecturally, the Tokyo Stock Exchange is ambitious to create an international financial center, rather than just a platform for Japanese companies to raise funds and invest. Strengthen the position of the yen in the international market by building an international financial center. In other words, Japan is a small country, but it dreams of being like a superpower like the United States, and printing money can suck most of the world's money and resources.

But...... By the beginning of the 90s, this plan was cut in half.

In the 90s, there were more than 130 foreign companies listed on the Tokyo Stock Exchange. Basically, they are some of the larger multinational companies, and at most these foreign companies account for nearly 7% of the market value of the Japanese stock market. However, the market continues to be sluggish, and the trading volume of the third part can almost be said to be reduced to the extreme, and some international giants have billions of dollars in shares listed on the Japanese market, but the stock of such a large market has less than tens of thousands of yen per day, and even no transaction for many days.

In a sense, since the 90s in Japan, the third part of the establishment of international large companies is basically not very different from listing and non-listing.

Therefore, from the 90s to the beginning of the 21st century, there were constantly some multinational companies listed in Japan that took the initiative to delist.

Because the company was too cheap, it voluntarily delisted. This was later on, a very common arbitrage model.

Lin Qi's delisting arbitrage is obviously ahead of the later wave of voluntary delisting of Japanese listed companies.

……

End of April.

Xinfei Electronic Technology Co., Ltd. and Xinchuang Electronics Group jointly announced that the tender offer will use $6.29 billion to repurchase 25.16 million shares. In addition, $2.5 billion was spent before, that is, $8.79 billion has been spent in just over a month to redeem stocks in the market.

A total of 48.65 million shares have been redeemed from the market, accounting for about 38.92% of the equity.

As of the end of April, Xinchuang Electronics Group actually held more than 102.4 million shares of Xinfei Electronic Technology Co., Ltd., and its shareholding ratio increased to 81.92%!

Although there are still 24.76 million shares that have not been recovered.

However, these unrecovered shares no longer affect the overall situation.

Therefore, Lin Qi held a board of directors in advance to conduct the board voting process for privatization and delisting.

Of course, just going through the process is more formal.

In fact, holding more than 80% of the shares, it is already a dominant share, and other shareholders do not even have the number of votes to make up the right of veto, so naturally only the major shareholders have the final say.

Therefore, the delisting process went very smoothly, and on May 3, Xinfei Electronic Technology announced that the board of directors voted to approve with 87.48 votes, less than 5% of the votes against, and the rest of the votes were abstentions.

After the delisting vote was passed.

Investors can still continue to sell their shares to New Venture Electronics Group until June 1.

In the following period, only a small number of small and medium-sized investors continued to sell stocks. Because, most of the small and medium-sized investors, what should be sold has already been sold.

Compared with its peak, Xinfei Electronic Technology Company had more than 100,000 shareholders, and now, there are only more than 200 shareholders left.

There are less than 200 shareholders, holding a total of 24.76 million shares. Therefore, most of these small and medium-sized investors are financial investments in large enterprises, or investors in financial institutions.

Among them, Sony and Panasonic each hold 5 million shares. In the past few years, the two companies have not sold the shares of Xinfei Electronic Technology, but have increased their holdings slightly.

After the new start-up electronic technology company announced its delisting, Sony and Panasonic each sold 10 million shares, but made a floating profit. The two companies, each with 5 million shares left unsold, are already considered profits.

Even Lin Qi has to say that the two companies of Panasonic and Sony have succeeded in mattress wool!

After 89 years in Japan, it has experienced a big bear market, but these two companies, investing in Xinfei Electronic Technology Co., Ltd., not only did not lose money, but because of the price of bottoming and privatization delisting, they gained floating profits!

However, the two companies are not willing to sell all the shares of Xinfei Electronic Technology Company, but prefer to hold a part of the shares in order to maintain the board seat of Xinfei Electronics.

Even though...... You can't interfere with Xinfei's operational decisions, but at least, to understand Xinfei's movements, it is equivalent to arranging an undercover agent to Xinfei's board of directors to constantly read Xinfei's financial statements and operating conditions!

In this regard, Lin Qi also sneered, even so, the new patents and new technologies of Xinfei Electronics are all from the New Venture Electronics Group!

By the time we understand the latest product trends of Xinfei Electronics, the products are already mature and about to be listed!

Therefore, Lin Qi deliberately sold a flaw to these two companies, and waited until these companies understood that it was useless to stare at Xinfei Electronic Technology. The business statements of the board of directors will be shown to you, and if you understand all the projects, you will not understand that the core technology of Xinfei is not developed by itself at all, but the patented technology authorized by the parent company!

If you want to keep an eye on the movements of the new venture electronics group, this is more complicated. Because there are too many research directions of Xinchuang Electronics Group, countless promising technical aspects, different products are being invested in research and development, even if they do not have a research and development team, they are also outsourced, so that some universities and research institutes can replace their own research and development.

Even if it is Lin Qi, it is impossible to know how many black technologies the company has, only that it has been 7 consecutive years, and the number of registered international patents of Xinchuang Electronics Group has continued to rank first.