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The weather in Hong Kong in mid-May is hot, as an island city, the air is also soaked in the slightly fishy smell of the sea, standing in the empty reception hall, looking through the crowd and the glass door at the light rain outside the hall, the outdoor water vapor is thick and hazy, walking to the door and watching a group of black birds skimming low in the rain, Zhai Danqing took a breath, thinking that Hong Kong is really stuffy, and suddenly saw Tang Jing, who was holding Zhang Ke's arm, came over and looked at him. Pen | fun | pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ

"Ah, you're talking to me?" Zhai Danqing came to his senses and asked.

"Hong Kong, is there any place you particularly want to go, Zhang Ke can't make any heart-warming suggestions." Tang Jing said.

Zhai Danqing stretched out a tail finger, scratched his ears and temples in an elegant posture, and said with a smile: "Jianye has a drier spring this year, and there are not many rainy days, so finding a place to sit down and watching the rain outside the window is already quite a good enjoyment for me - there is no special place I want to go." ”

"Then go to the beach, listen to the weather forecast, this rain is going to be heavy." Tang Jing said.

Zhang Ke and they didn't go to the hotel, they went directly to the dock near the hotel to find a coffee shop to sit down, the air was filled with the strong aroma of coffee, and in the dimly lit shop, looking at the rain outside the window, they would feel a trace of luxury and decadence.

Zhang Ke was not in the mood to appreciate the petty bourgeoisie in the rain, and Ye Jianbin and Sun Shangyi would come to the coffee shop to meet him with Liu Chengwei and some officials of CNOOC's listing working group.

Among the three domestic oil giants, CNOOC is the oldest and smallest, but the scale should not be underestimated, the total scale of oil exploration, development, production and sales business assets to be listed in Xianghai is nearly 24 billion, and the net assets are more than 11 billion, which is also the core assets of CNOOC, which is also placed under CNOOC, which is to be listed on the stock market.

CNOOC Limited plans to raise US$1 billion by issuing a 24% stake on the Hong Kong Stock Exchange, which is not much, and Kumho Corporation can barely come up with US$1 billion at this time. Since the establishment of Kumho Corporation, through various means in Southeast Asia financing funds up to 1.6 billion US dollars, at this time only to invest 600 million US dollars, Dongshan Island port construction project and 10 million tons of steel industry base and other projects have not ushered in the peak period of construction, although the current undertaking of Dongshan Iron and Steel iron ore import business, on the one hand, Dongshan Iron and Steel consumption of iron ore is relatively limited, on the other hand, Kumho Corporation's capital strength is so strong, there are more financial means to reduce the occupation of cash, Kumho is temporarily no financial pressure,

It's just that Kumho really wants to wrap up 24% of CNOOC's equity, which is not an ordinary financial investment, but a strategic investment, and controlling 24% of CNOOC's equity can directly affect the development direction of CNOOC and infiltrate CNOOC's management.

CNOOC Limited and the CNOOC Corporation behind CNOOC are the only force in China's offshore oil energy strategy, and it can be said to be the whole force at this time, how can other capital forces be allowed to exert influence and infiltrate it at the level of development strategy? Even if the central government's top brass were to open the cracks, the overseas oil giants and other capital forces would swarm over and squeeze Kumho out of the way when they smelled the smell of flesh.

Even if Kumho invests in the open market through the Hong Kong Stock Exchange, Kumho can't be too showy, and directly dedicates $300 million to participate in the new share issuance, and the shareholding ratio reaches 7.2%, which is almost the limit - if the financing is successful, controlling the shareholding ratio to 5-6% is the most beneficial to Kumho Corporation's financial structure.

Ye Jianbin, Sun Shangyi, Liu Chengwei and other people walked in, plus the entourage and drivers, crowded the small café, and there were representatives of CNOOC's lead underwriter of the stock issuance.

Liu Chengwei didn't mind Zhang Kexuan meeting on such an occasion, he had been running between conference rooms all day during this time, and he would feel disgusted when he saw the long conference table in the conference room, or the strong aroma of coffee in this small shop made people feel comfortable.

Although Kumho has pledged a financing share of US$400 million, there is also a lot of pressure on the remaining US$600 million issuance share, especially in the Hong Kong media, which has recently received a lot of negative reports about CNOOC, and Liu Chengwei and other senior executives of CNOOC have no experience in dealing with these issues and are still very passive.

Zhang Ke invited Liu Chengwei and others to sit down, and said straight to the point: "The situation is not optimistic than we expected, the economic situation is also a little turbulent, the temperature in North America is warming, crude oil consumption in North America is also weakening, oil prices are likely to decline further in June, let's discuss alternatives to the failure of the issuance......

Liu Chengwei didn't know what other alternatives Zhang Ke could propose, so he straightened his waist and looked at Zhang Ke, expecting him to continue.

"Kumho cannot issue new shares, and bonds can be issued through the Stock Exchange, and Kumho's direct subscription ratio of bonds can be raised to a higher level, ensuring that CNOOC's financing plan can be smooth." Zhang Ke said.

Liu Chengwei heard Zhang Ke say this, his mood was quite complicated, and his habitual thinking made him have some doubts about Kumho's hot pillow, glanced at Zhang Ke, and quickly took this doubt out of his eyes, and felt a little ashamed in his heart.

Liu Chengwei knew that Kumho Commercial could hold a huge amount of money in his hands, and it was also raised through the issuance of corporate bonds to Chinese businessmen in Southeast Asia, and he had to pay interest on the bonds to investors, and if Kumho repurchased bonds from CNOOC, the interest on the bonds that could be obtained by using this part of the funds would not be much higher than the interest on the bonds to be paid, which could be said to be almost an unprofitable business, at least much lower than the expected return on equity investment, and the funds used would be extremely huge, which would seriously affect the development plan of Kumho Commercial, Liu Chengwei pondered for a moment and looked at Zhang Ke, or ask, "Why?" The tone was very sincere.

"I have learned that this financing is very important for the development of CNOOC and the development of the national offshore oil industry," said Zhang Ke, "Kumho is a commercial institution, and it should be its own responsibility to pursue commercial profits, otherwise it will be a dereliction of duty - we have seriously thought about it, and if Kumho's interests can be aligned with the interests of the country, the future road can go further." Buying CNOOC bonds, at least not at a loss, is not a loss-making deal – besides, the IPO plan does not mean that it will fail, and I think that there is such an alternative as a precautionary measure, which will put less pressure on the shoulders of CNOOC's top management, and of course we still want to promote the IPO as much as possible. ”

In 99 years, almost all of China's offshore oil exploitation equipment relied on imports, especially the equipment for deep-sea exploration and exploitation, and the cost was even more huge to an astonishing extent, and the cost of large-scale deep-sea drilling ships was more than hundreds of millions of dollars, and CNOOC did not have the strength to directly purchase it, and even if it was rented, the daily rent was as high as two or three hundred thousand US dollars. Although the central government unswervingly adheres to the development of CNOOC, the country's foreign exchange reserves are limited, and there are too many strategic development levels that need to be supported at the same time, so the foreign exchange support for CNOOC is very limited, and overseas financing is an extremely critical step for the development of CNOOC.

"We have also communicated urgently with the senior management of Nanyang Shipping, and if CNOOC is willing to give priority to chartering Nanyang Shipping's oil tankers, they can also participate in the bond subscription program......

Participating in the issuance of CNOOC bonds, Kumho Corporation's direct income will drop sharply, but it is not absolutely without benefits, CNOOC Energy will successfully finance, will inevitably promote the development of the national offshore oil industry, the demand for offshore oil extraction, crude oil transportation equipment will surge, CNOOC enters the field of refined oil refining, the demand for ocean transportation will also rise sharply, and a large number of orders can flow to Kumho Corporation's shareholding enterprises such as Nanyang Shipping, Dongshan Shipbuilding, Dongshan Iron and Steel, increasing Kumho Corporation's marginal income.

The issuance of the bonds is a last resort plan to dispel the concerns of CNOOC's senior management and to get CNOOC's senior management to agree with Kumho to make suggestions for overseas listing at a deeper level. Although CNOOC Limited can issue bonds through the open market after a successful listing, that is a different concept.

At present, the media mainly questions that CNOOC's monopoly monopoly will be impacted, Zhang Ke suggested that CNOOC's top management should respond more flexibly, and on the other hand, he hopes that CNOOC will urge the competent authority, the State Economic and Trade Commission, to take a tougher stance on the monopoly of the oil industry.

In addition to the development of the offshore oil industry, China is actively promoting its accession to the General Agreement on Tariffs and Trade (GATT), promoting the overseas listing of super-large state-owned enterprises, accelerating the process of integration with the global economy, and increasing the intensity of opening up.

Although the central government is not expected to allocate another billion US dollars to CNOOC, it is still possible to get the State Council to issue a voice position.

I talked a lot with Liu Chengwei and others in the café, and I also learned more about the difficulties encountered by CNOOC in its listing. In the first half of '97, the red chips in the Hong Kong securities market were in high demand, as long as there were state-owned enterprises listed in Hong Kong for financing, they would almost be oversubscribed by ten times or dozens of times, and CNOOC Limited had obtained less than 80% of the shadow orders at this time, and it was also necessary to take into account that a considerable number of these shadow orders would be withdrawn at the last moment.