"Yes, the acquisition of large companies, whether in Hong Kong or internationally, is itself an opportunity, and it is too difficult to force the acquisition at an inappropriate time." Chen Zhiwen nodded and said.

Throughout the history of Hong Kong, although there were more than a dozen large-scale or medium-sized acquisitions in the seventies and eighties, they were basically a major shareholder who sold his shares to the acquirer, thus giving the acquirer the opportunity to make a move on the company.

For example, Bao Yugang later bought Wheelock, because the two shareholders of Wheelock sold their shares to the Nanyang tycoon Qiu Depat and Bao Yugang respectively, and then these two people started an infighting, and Bao Yugang won in the end.

And if there is no transfer of major shareholders, it is very difficult to slowly acquire enough shares from scratch, because in the stock market acquisition, it is easy to pull the stock price up sharply like Li Jiacheng, causing all parties to intervene in capital, and finally have to retreat.

In fact, even if HSBC does not intervene, in the case of all kinds of hot money speculation, Li Jiacheng will not be able to acquire Wharf.

Even Chen Zhiwen, who later, relied on the acquisition of 10% of the shares from Li Jiacheng and owned 40% of the shares, which was very close to absolute control, so he dared to fight, but this was also the last resort, and the priority was the vote of the shareholders' meeting.

Even if it is a small company like China and Pakistan, when it was acquired in the 80s, it was also a shareholder who transferred equity, and only the stock market sniper Da Liu, who preferred sniping, liked to shoot in the stock market, but Da Liu's essence was to finally force the listed companies attacked by him to buy back shares, rather than really wanting to acquire, so the purpose is different, and the operation methods are naturally different.

"Yes, there is no chance, so when I knew that Jardine Matheson was ready to sell the Wharf stock in his hand, I was tempted, but Chen Sheng can rest assured, I will not interfere in the operation of Wharf, and my shares do not pose any threat to Chen Sheng." Bao Yugang said with a smile. This is indeed true, he bought Wharf's shares just for investment, although he also wants to buy a company with industry, but there is no target at the moment, so he can only take part of the shares of a large company first.

"I'm not worried about this, and if Bao Sheng wants to be this director, it's no problem, the board of directors can give you a position, and you can also provide your own opinions on the board of directors in the future, and I welcome it." Chen Zhiwen smiled and said, no matter what, Bao Yugang and his son-in-law Wu Guangzheng are very capable.

As for how to operate in the future, he is lazy to personally operate, guide a direction, and leave the rest to his subordinates, and if there is a Bao family to join, it can always be a little beneficial, and the least is that if Wharf wants to do other big projects, in the case of considering the risk or lack of funds, you can also pull the Bao family's funds to do it together.

"Okay, then I'll accept this position, but I'm going to send one of my sons-in-law to Wharf as a director, Chen Sheng has no opinion, right?" Bao Yugang asked.

"It's okay." Chen Zhiwen nodded and said.

"Chen Sheng sees it like this, then I don't have any pressure." Bao Yugang laughed and said that he was worried that Chen Zhiwen would not like him to become a shareholder of Wharf, but now it seems that he is too worried.

"It's nothing, and cooperation is the norm in Hong Kong." Chen Zhiwen said with a smile: "But Bao Sheng also got the Prince Mansion and the Duke of Windsor Building, which makes me envious." ”

"Jardine Ken's sale of the Central Building was also unexpected by me, they should be very short of money." Bao Yugang said with a smile: "But doesn't Chen Sheng also have three buildings in Central, plus this hotel is the fourth, which is much better than me." ”

"The location is still not comparable, I knew that Jardine was going to sell the building, I was afraid I would have to start." Chen Zhiwen said with some pity, this is true.

Before, he knew that Jardine was intending to sell the remaining Wharf shares in his hand, but he didn't know that Jardine was also preparing to sell two buildings, otherwise, he would definitely send someone to contact him with a cheeky face, of course, such a big contradiction, it is difficult to say whether Jardine will sell it to him or not.

"Chen Sheng, there are a few buildings in Central, it is my lifelong dream, but unfortunately, when the shipping business was good, Jardine Matheson once wanted to exchange a 200,000-ton oil tanker with me in the Recreation Building, I refused at that time, and now I think about it, I really regret it." Bao Yugang sighed and said.

"It's a pity." Chen Zhiwen nodded, and asked again: "Baosheng is not optimistic about the future shipping market, right?" ”

"How do you know?" Bao Yugang said in surprise that he only told the few people he trusted the most, and it was impossible for these people to tell outsiders about it.

"It's nothing, because I'm not optimistic either, plus Bao Sheng was still selling old ships some time ago, and now he has started to make big investments in Hong Kong properties, so I guessed it." Chen Zhiwen said with a light smile that in fact, when Baojia Assets could not target a large company, they began to invest in small properties, acquiring villas, office floor properties and so on in various places.

"Why is Chen Sheng not optimistic about shipping?" Bao Yugang asked curiously.

"I don't know about shipping, but just compare the required tonnage of shipping with the tonnage that is being built in shipyards around the world." Chen Zhiwen said: "Unless the global economy can grow by more than 10% a year in the future, there will definitely be a serious surplus of maritime tonnage." ”

"The road is simple, that's the truth." Bao Yugang nodded and said, "So I'm ready to enter the real estate industry in Hong Kong, but it's too late now." ”

"Actually, it's not without goals." Chen Zhiwen said suddenly: "I know one, which is very suitable for Bao Sheng." ”

"Which one?" Bao Yugang suddenly came to his senses, he couldn't find a suitable target, if there really was, then there would be a direction.

"What Bao Sheng actually thinks about should be to stabilize his wealth and leave them to future generations?" Chen Zhiwen did not answer directly.

"Yes, the shipping market is unpredictable, especially in recent years, the oil crisis, regional wars, the impact is too great, when making money is naturally profiteering, but if an accident, it is also possible to go bankrupt, tens of millions of tons of ships, if you can't find customers, it will lose millions of Hong Kong dollars every day, this risk is too great, I don't want my descendants to do such a business." Bao Yugang nodded and said: "It just so happens that the shipping market may change, and I also want to take this opportunity to invest in some properties and real estate businesses in Hong Kong. ”

"This idea is no problem, but the current Hong Kong real estate market, relatively hot, Bao Sheng no matter how much money you have, once a British-funded company launches an acquisition war, then the stock price may immediately increase several times, just like the situation that Li Jiacheng encountered at the beginning, or you start your own real estate company from scratch, but you have no experience, no team in this area, it is estimated that it will take a few years to succeed, but you should not forget that the real estate crisis in 73 years may reappear at any time, so it is still difficult to work." Chen Zhiwen shook his head and said.

"Chen Sheng doesn't have to go around in circles anymore, is there any condition to tell me that I can't do it?" Bao Yugang asked a little eagerly.

"What I prepare for Bao Sheng is not a real estate company, but an industry that is more stable than real estate, no matter what crisis it encounters, there will be no shortage of business." Chen Zhiwen smiled, and then pointed to the table lamp next to him.

"Chen Sheng, are you talking about electricity?" Bao Yugang is a smart person, so naturally he won't think that Chen Zhiwen is talking about a desk lamp.

"Yes, it is electricity, no matter what economic crisis, real estate crisis, ordinary people, office buildings, factories are to use electricity, even in the 73 years of economic environment, Hong Kong's two power plants, but the growth momentum has become a little lower, and with more and more people in Hong Kong, the demand for electricity will only increase." Chen Zhiwen said with a smile.

"Actually, I've thought about it before." Bao Yugang paused and said: "Hong Kong Electric, although it does not have a major shareholder, has a high market capitalization, unless it is negotiated with their board of directors, it is difficult to acquire."

CLP Power has a major shareholder, but its controlling family, the Kadoorie family, is also very strong, and I am not sure.

Which one is Chen Sheng referring to? ”

"CLP." Chen Zhiwen said with a smile: "The Kadoorie family is indeed very strong, and it is difficult for you to deal with it alone, but if we join forces, it will be much simpler." ”

"Chen Sheng also has ideas for power companies?" Bao Yugang asked.

"Yes, but it is impossible for the Hong Kong government to agree to one person to control the electricity of the whole of Hong Kong, not even the British ghosts, so how about two power companies, one of us?" Chen Zhiwen smiled and said.

In the 60s, CLP Power and Hong Kong HK Electric had thought of merging to improve power generation efficiency and grid laying costs, but they were opposed by all local tyrants, and it was estimated that once there was a real monopoly, everyone might become lambs to the slaughter.

Although there are many monopolies in Hong Kong, even if the two power groups have monopolies in their respective places, because there are two, they dare not go too far, and there can be a comparison.

"It turns out that Chen Sheng has taken a fancy to Hong Kong Electric?" Bao Yugang said with a smile.

"Yes, and we can also adopt a model similar to the current Wharf, for example, if I get a controlling stake in HK Electric in the future, then you can become the majority shareholder of HK Electric, and vice versa, I can become the majority shareholder of CLP, so that no matter whether the future of Hong Kong is on Hong Kong Island or in Kowloon, we will not lose." Chen Zhiwen said.

In later generations, there were four of the most famous infrastructure companies in Hong Kong, which were claimed by the media to make money lying down, namely Hong Kong Electric, CLP Power, China Gas and Hong Kong Telecom.

At present, Hong Kong's gas has not been popularized on a large scale, and telecommunications is even earlier, and it is not too late to prepare in the 80s, but the first two have existed in Hong Kong for nearly 100 years.

Electricity, like water, is the most basic need of a city, food can also be diversified, water and electricity are not chosen, Hong Kong's water, because there has been a public relations crisis, so it is controlled by the Hong Kong government, outsiders have no chance to interfere, besides, looking at the world, the tap water industry is not a profiteering industry.

Electricity, on the other hand, has always been privately owned, with the entire Hong Kong Island power plant being Hong Kong Electric and the Kowloon Peninsula power plant being CLP Power.

"That's fine, it's just that, Chen Sheng, I have another question, maybe I'm a little suspicious." Bao Yugang asked: "In terms of the current economic development of Hong Kong, although Hong Kong Island is the core, the development has been almost, and although the economy of the Kowloon Peninsula is a little worse, the future is absolutely limitless. ”

"Bao Sheng is not wrong to think so, but now many of my investments are in Kowloon, which does not mean that the future will be, and Hong Kong Island in the future will also be my key investment direction, so it is no problem to choose Hong Kong Island and Kowloon." Chen Zhiwen said: "And we also implement the strategy of mutual shareholding, and I don't need to hesitate to choose which one." ”

If Hong Kong's industry can continue forever, and the factories of Midea, Red Bull and other companies are expected to be in Hong Kong, then Chen Zhiwen will naturally give priority to China Power, but as long as the mainland starts to open up, it will only take a few years, and a large number of basic processing industries in Hong Kong will be transferred, which is the inevitable development of industry, from high-cost areas to low-cost areas, because if it is not transferred, it will compete but has been transferred.

The transfer of the United States, not because of the cost problem, in Hong Kong has its own land, plus considerable profits, a little artificial growth on the United States of the impact is not big for the time being, at least in the 80s There is no big problem, but the future of the United States is to become a large manufacturing group in the electronics industry, involving traditional household appliances and new electronic products, the production base area and artificial talents required are massive, Hong Kong has a total population of less than 5 million, and the number of workers is at most one million, plus the current real estate bull market, Construction companies are still competing for people in interlacing, and now there is no problem when the overseas market has not been fully expanded, and in the future, it will definitely not be enough.

Of course, even if Hong Kong's industries are transferred, the scale of CLP's power generation in later generations will still be greater than that of HK Electric, after all, CLP Power will cover more people in the future, but what Chen Zhiwen cares about is not a Hong Kong market, as long as there is a foundation, the outward expansion of the market will definitely be greater.

Therefore, at least from the current point of view, the scale of HK Electric and CLP Power is about the same, as for the future, it depends on the ability of long-term operation, and because of its long-term operation on Hong Kong Island, HK Electric has a long history, has a large number of high-quality land, and is also the source of land for two of the four walled villages under Li Ka-shing in later generations, so Chan Chi-man naturally preferred it.

"I see, but these two companies are not very easy to start, what do we need to do?" Bao Yugang asked, he is the king of ships, and he is the world's top level in the field of shipping, but he has no experience in acquiring companies.

"If you want to make a peaceful acquisition, not to mention China Power, even HK Electric's side is also controlled by a group of ghost management, they will not agree to our acquisition, so we still have to use strong, we need to be patient, slowly acquire for a long time, and when the acquisition reaches a sufficient share, we will make a heavy hand." Chen Zhiwen said.

In the original history, Li Ka-shing was able to acquire HK Electric because Jardine Matheson first acquired HK Electric in 1981, and Jardine Matheson's acquisition was not a forced purchase, but a negotiated one. After Jardine Matheson became the majority shareholder, it was much easier to transfer it to Li Ka Cheng, otherwise Li Ka Seng would not have acquired HK Electric.

"It's true, to acquire such a large company, it does take a long-term plan, but even so, when we acquire a certain number of shares, it is still difficult to hide, and there will be movements on the stock price." Bao Yugang frowned and said.

"Yes, so we need to control the stock price to a certain extent, but we can't rely on a lot of selling, which will cause an abnormality in the total trading volume, and we can appropriately affect the Hong Kong electricity market through all kinds of news." Chen Zhiwen said with a smile.

"What kind of message would have such an impact? You can't spread rumors, right? Bao Yugang asked puzzled.

"Of course not, it's a waiting." Chen Zhiwen paused and said: "Just like when I started to buy Wharf's shares, I was also waiting for the right opportunity to slowly buy Wharf shares, and I waited for two or three years before Jardine Matheson Group became weak due to overseas business losses, and then made a dead move."

We can also use the same strategy for HK Electric and CLP, wait, when the opportunity comes, we will start, and if we don't wait for the opportunity, we will become the majority shareholder of these two companies, and we will not lose money, and even if we don't want to hold it, we can make money by selling it, and maybe we can scare the Kadoorie family and let them take over at a high price. ”

"Okay, then I'll start tomorrow." Bao Yugang nodded and agreed, he knew that Chen Zhiwen had something to tell him, but the last sentence was reasonable, if it was not successful, it would be said, but it would definitely not be lost, he was now ready to transfer a large amount of funds from the ocean to the mainland, so much money always needed a place to go, even if he acquired the shares of Wharf plus two buildings this time, it was only a small part of his assets.

In the future, he still needs to sell all kinds of ships in his hands, and even sell part of his business, so in the next year or two, with so much money, he can't buy houses one by one, right?

It's not bad to invest in shares of power companies, and once you really wait for the opportunity, it's worth the money.

PS: Ask for a monthly pass.

(End of chapter)