On March 17, 1993, Masako Uejima concurrently served as the chairman of the board of directors and CEO of Xinfei Electronic Technology Co., Ltd., and held a meeting in Tokyo to review the annual report and dividends of the previous year, as well as the appointment and dismissal of management.

Of course, the appointment and dismissal of management is actually not useful at all, and Xinfei Electronic Technology Company is not just controlled by Xinchuang Electronics Group. And half of the company's orders come from the new venture electronics group. In fact, Xinchuang Electronics Group is the inventor and authorizes the core patent to Xinfei Electronic Technology Co., Ltd. as the exclusive agent.

To put it simply, don't look at such a big company as Xinfei Electronic Technology and the shareholders of a bunch of listed companies. However, these shareholders are not the top users, and the top ones are only the New Venture Electronics Group.

Even if some shareholders put forward unreliable opinions, Xinchuang Electronics Group can veto it with one vote. Of course, if the relationship is stiff, you can veto each other, and if you veto my proposal and I will veto yours, it can put the company's board of directors in an impasse. Of course, it hasn't reached that point yet, but a bunch of small shareholders who have suffered heavy losses used to treat major shareholders and management as idols, but now they are enemies!

The board of directors has just begun.

A bunch of shareholders have accused listed companies of not doing a good job of maintaining stock prices and protecting the interests of investors.

Uejima said: "Since we went public, the cumulative dividends have almost exceeded $5 billion! Far more than the funds we originally raised from the Tokyo Stock Exchange in Japan! Besides, even the current market value has not fallen below the issue price, in US dollars, the initial IPO was $12.5 billion, and now it is $14.3 billion!"

"But this is Japan! We bought stocks in yen, and I bought it for 50,000 yen per share, and now I only have 10,000 yen left!"

"That's it, that's it, you issued 25,000 yen per share, but now it's only 10,000 yen per share!"

"Unscrupulous enterprises, lose money!"

"Pay me back my hard-earned money!"

Ueshima said calmly: "I understand your feelings! At present, I have not consulted our boss, but ...... I pay 10 billion yen myself, and if anyone is willing to sell it for 25,000 yen, I can buy it!

"You really bought it?"

"Really!"

Ueshima said calmly: "You won't believe that I can't take out my personal property of 10 billion yen!"

After Ueshima's announcement, there were people on the spot who said they would sell the stock to her at a price 1.5 times more than the market price!

The lady on the island was indifferent, saying that he would accept all the orders.

Although the company will soon be privatized and delisted, it ...... But Ueshima knows that if it is listed in another market, the valuation will definitely increase several times!

Moreover...... The current performance is lifeless and deliberate.

If the performance is too good, the company's valuation will be higher. Privatization and delisting will also be more costly. Even if the price is several times higher now, in fact, as long as the parent company injects new technologies and products, growth can quickly recover.

Next, Ueshima proposed that Xinfei Electronic Technology Company would not pay dividends this year. Instead, $1 billion in cash is used to buy back shares in the market, one at a time to boost the stock price and allow shareholders to reap the benefits. Of course, if the stock price exceeds 15,000 yen, the repurchase will be stopped!

This proposal was quickly approved by the majority of shareholders.

In the following days, Xinfei Electronic Technology Co., Ltd. started to buy back funds, and the amount of repurchase per day was not very large, only a few hundred million yen. However, it caused a moderate rebound in the stock price of Xinfei Electronic Technology Company. In a short period of time, it rose by 30% to more than 13,000 yen per share! Later, the stock price was once known by some arbitrage workers, and it was speculated to more than 15,000 yen.

Subsequently, Xinfei Electronics Co., Ltd. announced that its stock price was higher than 15,000 yen and that it would suspend the buyback......

Subsequently, the stock price plummeted, and at one point fell to 12,000 yen per share!

After a short period of sharp rise and fall, Xinfei Electronic Technology Co., Ltd. restarted the repurchase, and said: "At present, the company has repurchased a total of 6.45 million shares, costing 800 million US dollars, and the balance of the repurchase is still 200 million US dollars." When the $1 billion buyback fund is used up, we will suspend the buyback program!"

After this news was announced, a large number of investors in the market began to sell around 150 yen per share, for fear that they would sell too late and that they would no longer repurchase after the repurchase amount of the listed company was exhausted.

At the same time as the sell-off of stocks surged, Uejima was quietly arranged, and Japan's new venture branch Co., Ltd. allocated a large amount of funds to buy shares of Xinfei Electronic Technology Company.

Basically, the previous buyback of listed companies to maintain market value and stock price was just a pretense for activating investment to trade, and after the stock price skyrocketed and plummeted, many investors who originally pretended to be dead also began to trade.

At this time, as a dark chess account to increase the number of stocks, it can quietly absorb more stocks that are sold by investors!

Lin Qi explained that the cost per share should not exceed 20,000 yen, so Uejima deliberately released a pretense of 15,000 yen per share repurchase. As soon as many investors saw the stock price approaching 15,000 yen, they rushed to sell!

As of early April, the listed company had repurchased 7.49 million shares with its own funds. Japan's new venture Co., Ltd. increased its holdings by 16 million shares with $1.5 billion. Combined, the rat is $2.5 billion, which will take the 23.49 million shares held by other investors in the market, that is, about 18.79% of the shares redeemed from the market. In addition, the new venture electronics group previously held 53.75 million shares.

At present, the total direct and indirect shareholding ratio has increased to 77.24 million shares. In the market, there are only about 47.76 million shares left that have not been repurchased.

The holders of these shares are mainly large enterprises such as Panasonic and Sony. Although, in recent years, due to financial pressure, they have also cut meat and sold some of it, but in general, these large companies, unlike ordinary retail investors, see the wind and rain, and casually cut and sell the stocks they have held for a long time.

However, on April 3, Lin Qi officially announced in Hong Kong: "In view of the downturn in the Japanese stock market, the share price of Xinfei Electronics is seriously undervalued." And, it is difficult to get new financing, and going public has lost its meaning. So...... I have decided to start the privatization and delisting plan of Xinfei Electronic Technology Company! At present, we have already started to apply...... At the same time, we launched a tender offer, and the price of 25,000 yen per share was also the IPO price of the original listing, and in Japanese yen, it was the issue price of 25,000 yen per share, of course, we were 100 US dollars per share in US dollars, and now we are privatized and delisted, which is slightly favorable! In addition, after we went public, we only raised 2.5 billion US dollars. However, the dividend is more than $5 billion! So, I don't think we owe investors anything! And we are now making a tender offer at a price that is twice as high as the market price! Even if the Nikkei rebounds to 20,000 points, I don't think the stock price will be higher than it is now! So...... This buyback offer will allow investors to recover more funds and invest in other stocks! If you are willing to wait and become shareholders of non-listed companies, we are also welcome!"

After this news was released, Japanese investors couldn't help but be shocked!

Nima's ......

What is this operation?

25,000 yen issuance price!

The financing was used for development free of charge, after which ...... If you delist at the same price? Well, maybe the listed company has paid dividends! However, Lin Qi, you have a conscience, you are a major shareholder, and most of the dividends are not shared by yourself?

Of course, don't blame Xinfei Electronic Technology Company!

It's because the Japanese stock market has crashed, and other companies may lose even more!

And Xinfei Electronic Technology Co., Ltd. is supported by performance and will pay dividends. If you grit your teeth and insist, you should manage your finances and eat dividends every year, and sooner or later you can rely on dividends to return to your capital!

But...... Now Lin Qi said, I won't play anymore, delisted!

Therefore, it is purely a dream to expect to survive until the next round of bull market and earn back with interest...... Now there are two options for investors to accept the tender offer, or to sell the shares to Lin Qi at the specified price. Either that...... After the tender offer closes, a vote will be taken to decide whether to privatize and delist based on the number of shares.

It is estimated that the probability of getting a negative vote is not high at present!

Because although 38% of the equity has not been recovered, it is dispersed into tens of thousands of shareholders. Sony and Panasonic now combine for just 15 percent. Even if the two companies call on other shareholders to oppose it, the other shareholders may not be on their own page.

As long as there is another 6% of the equity recovery, then one-third of the shareholders' votes will not be able to make up the veto, and the privatization and delisting will be completed in one go!