After returning to Hong Kong from Singapore, Li Hualong wanted to rest at home for two days and spend more time with his family, but there was something urgent waiting for him to do, so he had to end his vacation early, and on the third day after returning to Hong Kong, he went to the Mandarin Oriental Hotel to sign his name on the shoulders of many documents.

Previously, Hongkong Land offered to exchange Jardine Matheson Building for Lane Crawford Building, and Li Hualong had already agreed, but Hongkong Land's negotiations to acquire the old headquarters building of the Bank of East Asia encountered some obstacles.

Li Huawen and the senior management of the Bank of East Asia both felt that since Hongkong Land planned to demolish a number of old buildings and merge them into a single piece of land for redevelopment, the selling price of the old buildings of the Bank of East Asia should be higher than the market price.

Later, the Bank of East Asia lowered the price slightly, and when Hongkong Land and the Bank of East Asia were almost negotiated, Lee Hualong offered to sell the Starlight Company in Tsim Sha Tsui to Wharf.

Wharf, an associate of Hongkong Land, has always been the two main companies of Jardine Matheson Matheson and Hongkong Land.

Wharf and Hongkong Land are known as the wings of Jardine Matheson, and Jardine Matheson is the controlling shareholder of these two companies, and the chairman of the board of directors of these two companies is appointed by Jardine Matheson, and in many cases, the chairman of the board of directors of Jardine Matheson is also the chairman of the board of directors of these two companies.

The Hong Kong Harbour Tunnel has not yet been opened to traffic, and the traffic between Hong Kong Island and Kowloon can only be completed by ship, and most people travel between the two places through the Tsim Sha Tsui Pier.

Today, Wharf Corporation is a conglomerate mainly engaged in wharf warehouses, and the company's most important asset is that it owns a large amount of land along the Tsim Sha Tsui waterfront, which has many warehouses, and many people in the Hong Kong real estate industry covet the high-quality land owned by Wharf.

Before. Li Hualong also took the initiative to negotiate with the Wharf Company to purchase a warehouse on the waterfront in Tsim Sha Tsui, and he hoped to rebuild the warehouse and tear it down and rebuild it into a large-scale mixed-use property, but the Wharf Company had no intention of selling the land. Be prepared to develop your own.

Since he couldn't buy the land, Li Hualong thought of acquiring the Wharf Company, in fact, as early as 20 years ago, Li Hualong thought that he would be able to buy Wharf one day in the future. Invested in the construction of Hong Kong's largest shopping mall on the waterfront in Tsim Sha Tsui.

Li Hualong vaguely remembers another time and space, Bao Yugang successfully acquired the Wharf Company, realized the strategy of "abandoning the ship and landing", and became one of the few elites who could successfully escape the world shipping disaster in the 80s, but the media "strong man broke his arm" and "vomited blood" to describe the acquisition, which shows that Bao Yugang paid a great price for the acquisition of Wharf.

Li Hualong does not want to "vomit blood" to buy Wharf, he wants to buy Wharf at the lowest cost, and now Jardine Matheson is not the absolute controlling shareholder of Wharf, as long as he finds a way to dilute Jardine Matheson's shares in Wharf. When the global oil crisis hits and the Hong Kong stock market plummets, he can buy enough Wharf shares at a lower price to control the company, or even become an absolute controlling shareholder.

The sale of Starlight to Wharf was a very important move.

Li Hualong felt that the Hong Kong stock market would continue to follow a bull market trend in the next six months, or even more than a year, and he did not ask Wharf to buy Xingguang Hong with cash, but to issue new shares. and acquisitions by way of issuance of convertible bonds.

The issuance of new shares does not require an increase in Wharf's debt ratio, and Li Hualong is optimistic about the prospects of the stock market, and he feels that he can sell the shares at a higher price and cash out.

As for the issuance of convertible bonds. Lee did not consider converting into a stock in the future, because he knew that within two years, the Hong Kong stock market would turn from a bull market to a bear market, and in two years, Wharf's stock price would fall sharply.

If so, Li Hualong holds the convertible bonds of Wharf Corporation. When it expires, he can ask Wharf to cash in the bonds, with two simple words: "repay the money".

Before Wharf repays the money, it needs to raise funds, and there are generally two options, one is to issue new shares, and the other is to borrow money from the bank.

As Hong Kong's economy and Hong Kong's stock market become more and more sluggish, whether Wharf increases its total share capital or increases its debt ratio, it will definitely cause the stock price to continue to fall, which creates good conditions for Li Hualong's acquisition of Wharf.

After Li Hualong proposed to sell Xingguang Hong to Wharf, several senior executives of Jardine Matheson were worried that Wharf's acquisition of Xingguang Hong would create conditions for Li Hualong to acquire Wharf, but more executives were optimistic.

In order to prevent Li Hualong from acquiring Wharf, Jardine Matheson and Wharf proposed that Li Hualong should not buy Wharf shares from the stock market for two years.

Li Hualong carefully read these conditions and said that he could accept them, and he felt that the conditions proposed by Jardine Matheson and Wharf were not very restrictive to him, and if he really wanted to buy Wharf's shares from the stock market within two years, he could completely let a trusted friend buy Wharf's shares, and when he launched a tender offer for Wharf in the future, he would buy the shares in his friend's hands at a suitable price, so that he could take absolute control of Wharf in a timely manner.

In order to create more favorable conditions for the acquisition of Wharf Company, Li Hualong also put forward some additional conditions, within four years, Wharf sells all properties, he has the right of first refusal, if Wharf self-owned land and other companies joint venture development, Li Hualong requires limited cooperation, if the sale of Xingguangxing property, whether it is a whole sale, or a split sale, Li Hualong has the right of first refusal, and there is a price concession, within one year, the discount is 16%; 12% discount for 1 to 2 years; 2 to 3 years, 8% discount; Three to four years, four percent off.

At the beginning, the senior management of Wharf did not agree to the additional conditions proposed by Li Hualong, but Li Hualong gave a reasonable explanation, he was a minority shareholder of Wharf and could not influence the decision-making of the senior management of Wharf Company, and he sold Xingguang Hong to become a shareholder of Wharf Company, and he needed to consider his own interests.

After discussion, the senior management of Wharf felt that the conditions put forward by Li Hualong were not unacceptable, and Wharf had no intention of selling the business of Xingguang Xing, and as for the land held by the company, it had no intention of selling it to other companies, and it had no plan to cooperate with other companies to develop it.

Lee Wah Lung and Wharf valued the entire property at HK$140 million, and Wharf issued 1 million new shares and 1 million convertible bonds to acquire Starlight Company.

1,000,000 convertible bonds. The price per share was HK$70, the bonds had a maturity of more than two years, the expiry date was 31 December 1973, and the interest on the bonds was 12% (12%).

Compared to bank loan interest. For more than two years, 12 percent interest is really not much.

Regardless of whether Li Hualong chooses to convert the bonds into shares or into cash, he has to give Wharf two months' notice if he chooses to convert the bonds into shares. The 1 million bonds can be turned into 1 million shares, if the previous Wharf shares are split or increased, these bonds can also get the corresponding increase in shares, if the choice to cash the bonds into cash, then Wharf needs to pay Li Hualong 78.4 million Hong Kong dollars in cash.

On the trading day before Li Hualong signed the agreement to sell New Star Guangxing, the closing price of Wharf's shares was HK$70.8 per share, with a total share capital of 9.9 million shares and a total market capitalization of HK$700.92 million.

After Wharf issued 1 million new shares, the total share capital was 10.9 million shares, and Li Hualong held 1 million shares. With more than 9% of the shares, he joined the board of directors of Wharf Corporation and became a director.

Immediately after Lee signed the agreement to sell Starlight Company, he immediately signed an agreement for Lane Crawford Building for Jardine House.

Subsequently, Lee represented the Bank of East Asia in the sale of the old headquarters building to Hongkong Land.

After the various contracts were signed, the brothers Lee and Lee Wah Man had a respectful lunch with representatives of Jardine Matheson, Hongkong Land and Wharf to celebrate the success of their cooperation.

After lunch, Li Huawen accompanied Li Hualong to Hualong Building.

to their own office. Li Hualong personally brewed a pot of black tea.

After Li Huawen tasted the tea made by Li Hualong, he smiled and said, "Ah Long, your tea art is becoming more and more exquisite." ”

Li Hualong smiled lightly: "Don't praise me, I have a few catties and a few taels." I know it myself. ”

Li Huawen smiled slightly, and after taking a few sips of tea, he glanced at Li Hualong with a smile and said, "You are ready to buy Wharf." ”

Li Hualong smiled noncommittally and said, "I signed an agreement with Wharf Company within two years. Do not increase your holdings of Wharf's shares. ”

"Even if you sign such an agreement, you can ask someone else to buy Wharf for you, if you pay for it, it's a violation, but you know a lot of rich people, you don't have to say, just say that you are optimistic about the prospects of Wharf, they are willing to buy Wharf shares. Also, what is going on in the stock market now, I can see it clearly, the bull market and bear market alternately, the stock price rises and falls, and the Hong Kong stock market cannot continue to be bullish. If two years later, the Hong Kong stock market is not good, and the stock price of Wharf is not as high as it is now, you will cash in the bonds, and Wharf only needs to pay 78.4 million Hong Kong dollars in cash, which is definitely good news, whether it is a loan or the issuance of shares, it will cause the stock price to fall, and at that time, the agreement not to increase the number of shares for two years will end, and you will buy Wharf. ”

"I've pretty much guessed what I thought." Li Hualong said with a smile.

"In fact, as long as you are willing to pay a lot of money, it is not difficult to buy Wharf."

"Big brother, before I sold Starlight Xing, how much money do you think I spent to obtain an absolute controlling stake in Wharf Company."

"More than 50% of the shares ......" Li Huawen pondered for a moment and said with a smile, "It's a bit hard to say." Now that the stock market is doing well, many people are reluctant to sell stocks. It's the same when you feel like a bear market. ”

"In contrast, when the stock market is good, trading is more active, and it is easier to add to a stake in a listed company."

"Yes! Or do you see the problem thoroughly! Li Huawen nodded with a smile, took a sip of tea, and said, "By the way, while you are in Singapore, the Bank of East Asia held a board meeting and plans to go public in the first half of next year." ”

"Then I'll congratulate you first."

"Compared to the Bank of East Asia and the Hang Seng Bank, it is far behind." Li Huawen said with a smile, "I estimate that after the listing of BEA, the market value of BEA will not exceed 500 million Hong Kong dollars." ”

"It is not difficult to issue more new shares at the time of listing, with a market value of more than 500 million Hong Kong dollars."

"How many new shares to issue has not yet been decided. After listing, the proportion of new shares may exceed 30%. I estimate that in two or three years, BEA's share price may not be higher than the issue price, and when the time comes, I will increase my shareholdings. ”

"Listen to you, in two or three years, there will be a bear market in the Hong Kong stock market?" Li Hualong asked with a smile.

"That's not what I meant, it's you." Li Huawen said with a smile, "You are not starting to sell the shares of Global Shipping Group to cash out, which means that you are not optimistic about the prospects of the Hong Kong stock market in the next few years." ”

"What the hell is this, I sold the shares of Global Shipping Group to cash out in order to optimize asset allocation. Many of my companies have high debt ratios, and I sell stocks to cash out and reduce debt ratios. Of course, you can understand it that way. ”

"Seriously, Aaron, your every move now can affect Hong Kong's stock market and property market. If you say that the stock market is going to fall, you don't need to sell a lot of stocks, but symbolically sell some stocks, you can cause panic selling. ”

"Hong Kong's market is a little too small......," Li Hualong sighed with a smile, "It seems that I am going to speed up the pace of investment in overseas markets." ”

Li Huawen asked: "You have signed a number of large-scale investment projects in Singapore, are you not afraid of withdrawing a large amount of capital from Hong Kong, which will deal a big blow to Hong Kong's economy?" ”

Li Hualong smiled and said, "I have taken your worries into consideration. Step by step, strive to be able to walk steadily at every step. ”

After chatting a few words, Li Huawen asked again: "By the way, have you ever thought about acquiring Hongkong Land?" ”

"Say no, that's fake." Li Hualong smiled slightly.

"Oh!" Li Huawen smiled, "Hongkong Land has a large number of high-quality properties, and if Gemdale Group can acquire Hongkong Land, it will be called the king of Hong Kong." ”

"If there is an opportunity to acquire Hongkong Land, I will not let Gemdale Group come forward to buy it, but buy it at my own expense."

"One child in one business?" Li Huawen joked with a smile, "A gift for the child in Chongyi's belly? ”

"I don't know if it's a son or a daughter, I'm not in a hurry." Li Hualong said with a smile.

Xi Chongyi has been pregnant for seven months, and has been raising the baby at home for the past month, and has temporarily stopped working at TVB.

"When your children grow up, some of them will give you a headache." Li Huawen quipped.

"There is nothing in the world, and mediocre people disturb themselves!" Li Hualong said a famous sentence with a smile, he really felt that he had a good mentality. (To be continued.) )xh118R1052