Time flies, and 1998 is ushered in in a blink of an eye.

In the past two months, the Hong Kong stock market has been volatile:

It first rebounded to 12,800 points in early November, and then slipped to 10,600 points in mid-November due to weak investor confidence and a sharp drop in trading volume, approaching the lowest record in October.

By the end of November, international speculators were unable to destroy the Hong Kong dollar linked exchange rate after repeated attacks, and finally they were unwilling to temporarily withdraw from the Hong Kong financial market. As the threat was lifted, the market gradually stabilized, and the Hang Seng Index closed at 12,050 points at the end of November;

In the first half of December, investors took advantage of the dip, and the Hang Seng Index once climbed to 13,200 points.

Unfortunately, people's hearts are still timid, and rumors that foreign predators are still eyeing it, finally fell to 12,250 points at the end of the year, down 28.8% for the year, and the total turnover more than doubled from last year to 3.8 trillion Hong Kong dollars.

At the same time, the situation in South Korea is extremely tragic: in mid-November, the won gave up the fixed exchange rate against the US dollar, and then the won fell wildly, depreciating by half a week, which is equivalent to cutting off half of the "cake" made by Koreans in recent decades, and the problem of capital difficulties of Korean enterprises has become more and more prominent. In December, South Korea could no longer hold on, so it could only ask the IMF for help and completely open its financial door.

Looking back at 1997, the impact of the Asian financial crisis is undoubtedly enormous, and it is clear that this year will write a grand mark in history.

Looking ahead to 1998, the Asian financial crisis is still going on, especially the ordeal in Xiangjiang is not over.

Friday, January 2.

On the first working day after New Year's Day, Lin Zuhui came to New Era Group.

He's in a good mood as always. Recently, Lin Zuhui is equivalent to holding AK in his hand, facing a group of opponents with kitchen knives, he can 'bin... bin... bin', defeating one opponent after another.

When I picked up the newspaper on the table, it was almost the same 'tragic news', such and such a company went bankrupt, such and such a staff jumped off a building, and a certain country's currency depreciated wildly..... News like these.

By this time, Hong Kong's real estate had fallen by 30%, and most of it had returned to the level of early 1996, which was equivalent to the peak in the first quarter of 1994. The important thing is that there is not much transaction volume in the property, which means that everyone knows that the property may still fall.

After a while, Liang Zhenxun came to Lin Zuhui's office with a smile on his face.

He believes that as an employee of the boss, he is very lucky, and several group companies under the boss have not reduced their staff so far, and everyone does not need to worry about losing their jobs.

After all, in this environment, losing your job is losing your last hope. Many people have mortgages and car loans in their names, and once they can't pay them, the bank will have to confiscate them, and there will be nothing left.

"Boss, gold futures have all been closed, with a profit of 8.61 billion Hong Kong dollars and a return of 9.82 billion Hong Kong dollars."

Lin Zuhui said with a smile: "I'm afraid this year's net profit will have to be 75 billion Hong Kong dollars, which is really a bumper year." ”

The reason for such a high net profit is the sale of five office buildings, five shopping malls, four luxury residential projects in Mid-Levels, and some scattered rent-collecting properties; This part of the income alone is almost 35 billion Hong Kong dollars.

In addition, in the first eight months of this year, the real estate market is very good, and the group's annual normal profit may exceed 30 billion; Now it is another gold futures income of more than 8.6 billion, which can be described as the biggest harvest year.

Liang Zhenxun echoed: "The boss is well commanded! How many companies are now trembling and will go bankrupt at any time; Only we are very relaxed and can take the initiative at any time. ”

After following the boss for so many years, he knows that most of the money in the company's account will be used to buy the bottom, and the dividends will not be very large next year. And the accounts of the New Era Group are lying with a huge amount of cash of 86 billion Hong Kong dollars.

Then, Liang Zhenxun said: "China Bus Company has also performed well this year, with a net profit of more than 2 billion. ”

Lin Zuhui nodded, and under his guidance, China Bus sold a large number of its properties, leaving only some core properties and land.

"This year, we will be able to pay dividends in cash, and we will be able to recoup a lot of acquisition costs! This company was originally in the transportation business, and we want to return it to the basics. ”

Liang Zhenxun immediately said, "Okay." ”

Lin Zuhui added: "It just so happens that Xu Zhantang's two listed companies have not escaped the financial crisis. China and Pakistan will leave some funds and prepare to acquire Citybus at that time, and take back all the routes on Hong Kong Island again. ”

At its peak, the combined market value of Xu Zhantang's two listed companies was 5 billion Hong Kong dollars, and now it is only about 3 billion Hong Kong dollars. The market value is secondary, the value of important properties has depreciated, and his two listed companies have borrowed to invest in a large number of properties.

Xu Zhantang will not only sell Citybus, but also take out antiques to sell them for the two listed companies not to be liquidated.

Liang Zhenxun's eyes lit up and said, "That's true! Last year, Citybus often competed with us for customers, and this year it was our turn to acquire it. ”

The two sides not only rushed to grab customers, but also bought new buses to improve their services, in short, the competition was fierce. The bus business has stable profits, for example, the net profit of China Bus last year was 180 million, although the proportion of the company is not high, but it is still relatively bright. If all the Hong Kong Island bus lines are recovered, there is still hope for an annual profit of 300 million.

Then Lin Zuhui arranged: "Sony's shares can be bought slowly recently." Although there is still the possibility of a decline, we have done it quite successfully. As for Sony's market capitalization, I am optimistic about the long-term. ”

Liang Zhenxun nodded and said, "Okay, I'll arrange it!" ”

After Liang Zhenxun left, Lin Zuhui calculated in his heart that the New Era Group made a big profit of 8.6 billion Hong Kong dollars in gold futures, so Hengjin Investment earned almost 12 billion Hong Kong dollars, and the cash flow of Hengjin Investment also exceeded the 50 billion mark.

Chen Bin, president of the group, then also came to Lin Zuhui's office.

"Boss, I just got the news that Sun Hung Kai suddenly announced that it will suspend construction or slow down the development of its 10 sites!"

Sun Hung Kai is one of the four major real estate developers in Hong Kong, and announcing such news at this time is foreseeable to have a great psychological impact on the real estate and stock market.

Lin Zuhui said calmly: "It's a wise choice, Xiangjiang Real Estate will fall by 30%, and this cycle may be very long." ”

Chen Bin nodded and said, "Fortunately, we reduced a large number of land plans more than a year ago, and we have lost the least amount in developing real estate at present. ”

.......

In early January, international speculators once again came to Xiangjiang to 'make waves', and in their view, Xiangjiang seemed to have become an 'ATM'; although Lin Zuhui's five listed companies were listed in the market last time, the international speculators withdrew after all with a profit of about 2 billion Hong Kong dollars.

Therefore, they did not retreat, but took advantage of the panic of the sharp depreciation of the Indonesian rupiah to come to Xiangjiang again and continue to probe.

Thursday, January 8.

In the evening, Lin Zuhui came to the family office for a meeting with several senior investment managers.

He sat on the main seat, and his heart behaved very calmly, he knew that this month was still a tentative sniping by international speculators, and the real decisive battle in Xiangjiang in his previous life was in August; And in May, international speculators also sniped at Heung Kong Finance.

In any case, with a huge amount of 60 billion Hong Kong dollars, the family office is definitely a hidden dragon in Xiangjiang, which can deal a fatal blow to international speculators at any time.

Since it is a fatal blow, it is better not to expose it now, so as not to cause too much impact. So, this time he wants to set a suitable standard line.

"Today the Hang Seng Index fell to 10,700 points, and in a few trading days this year (5 trading days), the Hang Seng Index has fallen by 1,500 points. Therefore, this time we will aim for 10,000 points, but we will not allow the Hang Seng Index to penetrate this line; In other words, once the Hang Seng Index falls below 10,200 points, you have to fire with all your might. ”

Everyone nodded, and Li Hao asked tentatively: "The boss thinks that this international speculator is just a tentative sniping?" ”

After all, the funds of the family office are to be bought, and if this is the last sniping of international speculators, it is obvious that all the funds of the family office should also be bought, so as not to rebound in the Hang Seng Index and miss the opportunity.

Lin Zuhui said generously: "The Asian financial crisis is still having a huge impact this year, and international speculators will not miss such a good opportunity and hope to bring down the financial sector of Hong Kong." And judging from the strength of this time, it is obviously not a decisive battle, so everyone should be restless, there will be opportunities in the future! ”

Everyone laughed, Lin Zuhui's family office has this strength, which is a huge amount of money of 60 billion. Importantly, they are not alone, with the HKMA maintaining the Hong Kong dollar exchange rate on the front, and a number of companies under the boss's firm grip on the market.

In fact, the strength of international speculators is much lower than that of Xiangjiang. If it weren't for the big bubble in Xiangjiang, how could there be today's catastrophe.

As a matter of fact, although the HKMA's 'one-of-a-box' approach has preserved the Hong Kong dollar, every time the interest rate and the interest rate on bank lending are raised, Hong Kong's real estate and economy will fall, and a number of bankrupt enterprises will increase.

The reason is simple, with such a high interest rate, who will buy a property?

Banks also dare not borrow money indiscriminately because they need to ensure sufficient cash flow.

Not only do companies have to borrow 'usury', but banks don't necessarily lend money.

Therefore, Hong Kong's economy will have to deteriorate this year.

However, in Lin Zuhui's view, if they don't break or stand, as long as they defeat the international speculators once and let them lose billions or tens of billions, they will automatically retreat.

At that time, Hong Kong will be able to concentrate on recovering its economy.

In this life, the size of Lin Zuhui's company and the economy of Xiangjiang are still no problem.

What's more, he also has the big strategy of 'establishing a port with culture' and 'rejuvenating Hong Kong with science and technology'!

.......

At this time.

Soros and other predators are also remotely directing international speculators on Wall Street to snipe at Xiangjiang.

In the conference room, these predators are like 'colonists', treating Xiangjiang as their prey.

Soros said lightly: "Our goal this time is very simple, it is to break the Hang Seng Index of Xiangjiang to 10,000 points!" ”

It seems that the international speculators are attacking the Hong Kong exchange rate, but in fact, their real intention is the Hong Kong index, of course, these are interlocking.

A head of an investment institution said: "If it weren't for the five listed companies, the Hang Seng Index would have broken through 10,000 points." ”

Everyone nodded one after another, and even showed admiration, the five listed companies are all one mastermind, and the market value of the five listed companies accounts for 25% of the Xiangjiang stock market (increased), no matter how fierce the general environment falls, the five stocks are always very stable, and even become a safe haven for investors, and they have bought one after another.

Soros said with a smile: "The bottom line is broken step by step, the five listed companies can't change much of the result, Xiangjiang has become our ATM, as long as we press the button, we can withdraw cash." ”

Everyone very much agreed with Soros's words, and some people chimed in: "Snipe a few more times, and those retail investors will no longer have confidence!" ”

"Haha," everyone laughed.

Then, Soros added: "Good news for everyone, the Zurich Group and the First Chicago Bank have decided to cancel the commitment to subscribe to Peregrine's preferred shares. This means that Asia's largest independently listed investment bank outside of Japan will soon go bankrupt, and the Hong Kong stock market will face a fatal blow. ”

The crowd was smiling, and it was really good news.

.......

The next day, Friday.

In the morning newspaper, there was an important news, the Zurich Group and the First Chicago Bank of the United States, announced that they had decided to cancel the subscription to the preferred shares issued by Peregrine.

For a time, Peregrine was clearly very dangerous.

In November last year, Peregrine's cash flow was already in a hurry, and then he approached the Zurich Group, hoping that the other party would subscribe for 24% of Peregrine's preferred shares for $200 million and become the largest shareholder. Zurich Group is not stupid, and the condition given is to send a team to Peregrine and decide to implement its commitment until the financial environment in Southeast Asia is no longer bad.

To be honest, if Liang Botao found Lin Zuhui at that time, maybe Lin Zuhui would look at the friendship between the two and lend Peregrine to Peregrine with a loan situation.

However, at this time, Peregrine was Du Huilian in charge of the bond business in Southeast Asia, so Du Huilian, as a foreigner, and Lin Zuhui was not very familiar with him, so he did not think of Lin Zuhui's Bahrain Bank for the first time.

"Boss, Liang Sheng asks to see you!" Li Ke walked into the office and said.

Lin Zuhui was stunned for a moment, what is this talking about, he is not afraid of anything.

"Well, please let him in!"

Soon, Liang Botao walked in.

Lin Zuhui accompanied him to sit down on the sofa, after all, others were not his subordinates, at most they were his part-time consultants; And there are hundreds of such consultants, Lin Zuhui.

"Lin Sheng, if Peregrine can't raise funds this weekend, he will announce liquidation next Monday. So I want to come to you and think of a way! Liang Botao took a sip of tea and hurriedly put it down.

Lin Zuhui said: "How much does it cost? ”

Liang Botao knew Lin Zuhui very well, so he came to ask for help as soon as possible, and he also thought about finding the Bank of Bahrain at the beginning, but Du Huilian and others advocated looking for the Zurich Group. However, finding anyone is almost the same, Peregrine is difficult!

"Peregrine has almost $1 billion in bad debts and a net worth of just over $600 million."

Lin Zuhui said: "How much is the market value of Peregrine? ”

Liang Botao said: "Less than 3 billion Hong Kong dollars! ”

At its peak, 11 billion Hong Kong dollars has fallen by more than 70%, which can be described as one of the most ruthless stocks in Xiangjiang.

Lin Zuhui thought about it for a while and said: "In the company, if the Bank of Bahrain injects capital into Peregrine, it will definitely be the absolute major shareholder, and Du Huilian and others will be held responsible; To be honest, Peregrine has one that I like, and that is you. I can lend you $300 million personally, but you may not be able to save Peregrine, but you will be burdened with huge debts, which is not a good personal choice. ”

With a net debt of more than $300 million, an injection of $300 million may not be saved, after all, it is impossible to cash out some assets immediately. Peregrine has so many bad debts, and Lin Zuhui has also heard of it: Peregrine holds $200 million in bad debts on bonds of Asian companies, $200 million each on swaps and other bonds, and an Indonesian taxi company loan of $270 million with no hope of recovering (wanting to underwrite bonds issued by others), plus hedging losses on the Xiangjiang side, adding up to nearly $1 billion in bad debts.

The assets of Peregrine are only 45~5 billion Hong Kong dollars, and it is obvious that the liquidation is imminent, and there is almost no time.

Liang Botao thought for a while, and then said: "Bahrain Bank to buy Peregrine, thanks to your affordability, I will work for you in the future!" ”

After a little comparison, he knew how to choose, that is, for personal gain. Assuming that he chooses a personal loan to save the company, 300 million US dollars may not be able to do it, and the consequence is that he has a personal debt of more than 2 billion Hong Kong dollars, which will be difficult in that day.

If he works for this part-time, he can still become a billionaire, after all, he knows the salary of Lin Zuhui's executives.

Lin Zuhui nodded, and then dialed a phone call and asked Octopus Financial Group and Bank of Bahrain to organize a team and immediately contact Peregrine.

After putting down the phone, Lin Zuhui said: "It happened to be done over the weekend, and it was announced to the public that you will now return to Peregrine to prepare materials, and the two sides will communicate in detail." ”

Although he agreed, the procedures that should be taken still have to be followed, and the $500 million is worth it; If it is higher, then it is obviously not cost-effective, then let Peregrine go bankrupt and make another acquisition.

Peregrine has a few things that Lin Zuhui values very much:

First: the business of investment banking. 80% of the shares of mainland companies listed in Hong Kong (red chips) are underwritten by Peregrine, and 20% of the H shares of red chips are underwritten by Peregrine, so Liang Botao is also called the 'father of red chips'.

Second: Liang Botao himself. Lin Zuhui has always been stingy with talents, and this kind of talent is also worth investing in when he becomes his son's wife in the future.

Third: 63% of the equity of Guangsheng Bank is worth about 1.6 billion Hong Kong dollars, and it can appreciate in the future.

Overall, with the acquisition of Peregrine, Bank of Bahrain's Asian business has been greatly enhanced.

Liang Botao nodded, and immediately said: "Okay, I'll go back and prepare, and I will definitely give the most favorable conditions!" However, I want to ask, how to hold Du Huilian responsible, he shouldn't be at fault, right? ”

Lin Zuhui said with a smile: "There must be a fault of dereliction of responsibility, so many directors of Peregrine have to resign." If Peregrine fails, they will not be so easy, and the court will definitely pursue their legal mistakes, and the consequences will not be so simple. ”

Liang Botao nodded, he understood that what Lin Zuhui said was very reasonable, and as for not mentioning his responsibility, it was obvious that he was giving himself face.

"Okay, in that case, I'll arrange it after passing this level first!"

That day.

The Hang Seng Index fell another 350 points to 10,350 points.

It's coming the weekend, and it's clear that Hong Kong investors are once again unhappy about spending the weekend. Everyone is thinking about whether Monday will penetrate the psychological defense line of 10,000 points.

International speculators have twice tried to penetrate this line of defense, and it seems that it will be achieved on Monday, and Hong Kong investors are thinking so, and the market sentiment is sluggish.