But reality taught Du Huilian a lesson: "The ideal is very plump, and the reality is very skinny". The top of the form

Reality gave Du Huilian a lesson called "The ideal is very plump, the reality is very skinny", and Rong Zhijian, chairman of CITIC Pacific, listened to Du Huilian's hope that CITIC Pacific would buy Baifuler's convertible bonds, and without saying a word, Rong Zhijian politely rejected Du Huilian. Later, Du Huilian visited Li Ka-shing, chairman of Hong Kong Cheung Kong Asset, who is a shareholder of Peregrine, and he also said that he would not lend a helping hand to him.

At that time, Du Huilian was very angry, and after getting into the car, he punched the carport. Then, his expression calmed down, took out a cigarette, smoked half of it, and then said to the driver, "Go to the Bank of China Building." ”

In terms of politics, Bank of China Group has a greater possibility than CITIC Pacific to save Peregrine due to political factors. After all, it is difficult for CITIC Pacific to say whether it is state-owned or owned by the Rong family. The Bank of China can clearly be the will of the country.

"Bang bang bang bang ......" The sound of throwing things from the chairman's office can be clearly heard outside the chairman's office, and because of this, the office staff of the Baifuler Group are very depressed, and the overall atmosphere is very dull. But what everyone says, everyone knows that the big boss is in a bad mood.

"Those dog officials of the Bank of China, when they need Lao Tzu, they run faster than anyone else, and now they are in trouble, they are all TMD......" Du Huilian was very angry, he has always been a gentleman, he scolded, and today he has been rejected continuously, and Baifuler's convertible bonds are so unattractive at some point.

In fact, there is a reason why Peregrine's above-industry average compensation and year-end bonuses motivate employees, and the year-end dividends are directly linked to short-term returns rather than long-term investment returns, and are paid in cash rather than stock options. The direct result of this policy is the company's high growth and the accompanying low-quality assets. High-salary incentives and cash payments that focus on short-term benefits have had unforeseen and harmful consequences for companies.

As a result, the proportion of shorting HSI futures and Hong Kong stocks in the current Baifuller securities brokerage seat has reached nearly 30% of the shorting of the Hong Kong stock market, so Baifuller has offended the central government and the CITIC and Bank of China on behalf of the central government, as well as the Hong Kong government that has returned to the motherland. Naturally, Baifuler's life is not easy, and he wants to find Bank of China, CITIC, Li Ka-shing, and the king of ships...... Financing, how is it possible?

On the second day, Du Hui was sitting in the chairman's office worried, and he was informed by the secretary: Qiao Ge, the head of the Hong Kong office of the Swiss Zurich Group, came to visit.

"Please, please." Du Huilian's decadent expression was not there all of a sudden, and he became energetic, what happened to Qiao Ge's door, Du Huilian didn't know, but he knew that the Swiss Zurich Group was one of the top ten financial groups in the world.

"Mr. Du, long time no see."

"Mr. Jogo, welcome." Du Huilian offered the Longjing tea he had concocted with both hands, "Please." ”

"Mr. Jiuwen Du's tea ceremony skills are good, I want to try it today." Qiao Ge took the tea, sniffed it first, blew a cool breeze, and tasted it slowly, "Yes, the taste is sweet." Mr. Du is really good at tea art. ”

"Mr. Qiao Ge has won the award, the tea is delicious, mainly the tea is good!"

"Mr. Du is humble." Qiao Ge smiled and shook his head, as if he did not agree with Du Huilian's opinion, "Mr. Du's ability can be seen by the world, Peregrine started from 40 million US dollars, and developed into the largest investment bank in Hong Kong with total assets of 24 billion Hong Kong dollars, a market value of 12.6 billion Hong Kong dollars, including financing, investment, securities, futures and foreign exchange brokerage and asset management, and ranked among the top 500 in the world by Fortune magazine. And this, Mr. Du only spent 10 years. ”

"Mr. Chogo is falsely accused, and Peferer is indeed the world's best developed investment bank with the brightest future prospects." Du Huilian was naturally overjoyed to see Qiao Ge appreciating Baifu so much, "Mr. Qiao Ge, Baifu is now issuing redeemable convertible preferred shares, I wonder what the Swiss Zurich Group thinks about the future development prospects of Baifuler?" ”

"There is a lot of news in the market that Baifuller wants to raise funds, and today I am here to negotiate with Baifuller on behalf of the Zurich Group on the subscription of redeemable convertible preferred shares." Jogo said with a smile, he was very direct, not like a businessman.

Instead of pondering the doorway, Du Huilian was overjoyed to introduce the redeemable convertible preferred shares issued by Baifuler, "with an issue size of US$500 million to US$600 million (or equivalent in Hong Kong dollars)." The issue price is a 5% to 10% premium to the weighted average closing price of the Company in the 10 trading days prior to the date of the announcement, at a subscription price of each redeemable convertible preference share. The Conversion Option is one redeemable convertible preferred share that can be converted into one common share of the Company, which may be converted at any time after the issuance of redeemable convertible preferred shares.

The dividend is 30% of the Company's net profit per annum and will be distributed to redeemable convertible preference shares and ordinary shareholders of the Company as a mandatory dividend, and each redeemable convertible preference share will be entitled to the same dividend per share as each ordinary share.

In the event of any of the following circumstances, a compulsory conversion will be implemented, and holders of redeemable convertible preference shares shall convert their redeemable convertible preference shares into ordinary shares of the Company, (1) the Company's consolidated net profit for 1998 shall not be less than HK$1.06 billion; second, the company's comprehensive net profit in 1999 was not less than RMB 1.25 billion; Third, the company's consolidated net profit in 2000 was not less than RMB 1.55 billion.

In addition, the Company shall have the right to repurchase the redeemable convertible preferred shares of the Subscriber in whole or in part by the 36th month after the completion date of the redeemable convertible preferred shares in cash at an annualized IRR of 4-5% less the dividends paid by the Company on the par value of the unexercised redeemable convertible preferred shares.

The maximum gross proceeds from the issuance of redeemable convertible preferred shares will be up to $600 million. The net proceeds from the issuance of redeemable convertible preference shares will be used as general working capital for the Group to repay the Group's debts as they mature. ”

"OK, Zurich Group can subscribe for $200 million of the Pefer's redeemable convertible preferred shares." Qiao Ge did not bargain, and directly agreed to Du Huilian's conditions, and at the same time directly opened the $200 million Baifuler redeemable convertible preferred shares, accounting for 1/3 of the size of the offering.

Du Huilian didn't think deeply about why Zurich Group would come to Baifuler at this time to subscribe for its redeemable convertible preferred shares, after all, Baifuler is really dangerous today, with a loss of nearly 800 million US dollars, nearly half of its assets. However, this is also due to the fact that Du Huilian has always been very confident in the Baifu under his auspices.

But in fact, the Zurich Group was not so kind to help Pefler, and even more unwilling to jump into the quagmire of Pefler, and on January 9, 1998, the Zurich Group announced the cancellation of the preferred shares that had been promised to subscribe.

The reason why Zurich Group came to Baifuler to visit Du Huilian and promised to subscribe to Baifuler's redeemable convertible preferred shares is to stabilize Baifuler, you must know that now European and American capital is short 30% of Hong Kong's position in Baifuler, and Baifuler cannot go bankrupt at this time, otherwise the dream of European and American capital to turn Hong Kong into an ATM will be in vain. What's more, in order to short Hong Kong, they spend more than US$1 billion a day on Hong Kong dollar borrowing and securities lending, how can they fail?

Not only the Zurich Group, but also the Zurich Group delayed the lack of funds in the following month, in order to comfort the irritable Du Huilian. On December 16, First Chicago Bank also pledged to subscribe for $25 million of Pefowl's redeemable convertible preferred shares. Finally, of course, on January 9, 1998, First Chicago Bank of the United States announced that it had also cancelled the preferred shares it had committed to subscribe for.

The special branches of the First Chicago Bank and the Zurich Group in the United States made Liu Si have to postpone the time of Baifuler under his command for 2 months, and Liu Si can be said to grit his teeth with hatred.

Because Liu Si not only wants to acquire Baifuler, but also hopes to use Baifuler's rich experience in mergers and acquisitions to help Liu Si acquire banks, Hong Kong telecommunications companies and other companies.

The main targets for bank acquisitions are Wing Lung Bank and Guangan Bank. The reason why these two banks is mainly because the equity of these two banks is relatively concentrated, and they are well-developed, and they are high-quality banks.

Wing Lung Bank Limited (formerly stock code: 00096) is a medium-sized bank in Hong Kong, principally engaged in the provision of financial services such as retail and corporate banking, credit, securities and futures trading, personal finance, trust and property management, MPF and insurance, with 42 branches and representative offices in Hong Kong, Mainland China and overseas. The founders of Wing Lung Bank Limited are the main and largest shareholders with more than 60% of the shares. And all along, the Wu family has had a demand to sell the shares of Wing Lung Bank, but it has not been completed due to price and other factors.

Kwong On Bank was founded in 1938 by Mr. Leung Kai-yi, the father of Dr. Anthony Leung Ting-pong, the former member and chairman of the Urban Council (the predecessor of the Food and Environmental Hygiene Department), and is one of the small and medium-sized banks in Hong Kong. In addition, the shareholding structure of Gwangan Bank is simpler, with the sum of the shares of Fuji Bank (the predecessor of Mizuho Industrial Bank in 1965) and the shares of the Liang family exceeding 80%. Similarly, both Fuji Bank and the Liang family are interested in selling their stakes in Guang'an Bank.

Hong Kong Telecommunications Co., Ltd. was established in 1988, by the Hong Kong Telephone Company and the Great Eastern Telegraph Company (Hong Kong) Co., Ltd., and at the same time replaced Hong Kong Telegraph Co., Ltd. as a constituent stock of the Hang Seng Index, in 1990 Hong Kong Telecommunications reorganized, spun off four wholly-owned companies: Hong Kong Telephone Company Limited, which is in charge of Hong Kong fixed-line telephone, Hong Kong International Telecommunications Co., Ltd. (formerly known as Great Eastern Telegraph Company (Hong Kong) Limited), which is in charge of IDD voice and telegraph in Hong Kong, Hong Kong Telecom CSL Limited, which is in charge of mobile communications services in Hong Kong, and Computasia Limited, which is in charge of Internet services in Hong Kong, and CITIC Hong Kong, the parent company of CITIC Pacific, acquired a 20% stake for HK$10 billion. HKT's fixed-line telephone business was inherited from the franchise contract of the Hong Kong Telephone Company Limited, and even when HKT was restructured in 1990, the Hong Kong Telephone Company Limited remained as a licensee until 1995, when the then British Government granted licences to Hutchison Telecom, New Telecom and New World Telephone on 1 July.

As the largest telephone system company in Hong Kong, Hong Kong Telecom's influence is naturally self-evident, so the acquisition of Hong Kong Telecom, Liu Si is mainly to expand the influence of the Liu family or the Xingyu consortium in Hong Kong.

The most important thing is that the current operation of Hong Kong Telecom is not good, there are three competitors of Hutchison Telecom, New Telecom, and New World Telephone, plus there is the Asian financial crisis, and as a constituent stock of the Hang Seng Index with a bad prospect at present, Hong Kong Telecom is the constituent stock that has attacked the Hong Kong stock market the most by European and American capital, and its market value has fallen by more than 70% compared with the peak, and the current market value is only less than 15.9 billion Hong Kong dollars.

Later, in 2000, under the Internet bubble and Li Zekai's management, Yingke Telecom, which was formed by the acquisition of Hong Kong Telecom in the form of empty gloves and white wolves, had a market value of 200 billion Hong Kong dollars at its peak!