Chapter 193 Chu Huan's Harvest (7K chapter, please subscribe~)

   Facing Chu Huan's refusal, Qi Dezun was a little surprised at first. He couldn't believe that in Xiangjiang, there are still people who would refuse to be the general manager of Hutchison International.

  But then Qi Dezun understood, and the way he looked at Chu Huan changed again.

  If people can reject a bright future without hesitation, the only possibility is that this person thinks that the future he created is even better!

  Chu Huan, at the age of 19, has already proved his ability in today's matter, so in his own opinion, his future must be bright.

  And such young people are inevitably arrogant and do not want to be restrained by others.

   "Haha, since you have already made your own decision, Chu Huan, then I won't force you!"

  Qi Dezun's preaching is as good as it is good, there is no situation in the novel where you get angry when you fail to attract, and there is no threat from your relatives.

  Businessmen, what they pay attention to is to make money with harmony, and there is no righteousness in business, not to mention that now that Chu Huan and Qi Dezun have reached a cooperation, it is naturally even less likely to be angry.

  Qi Dezun didn't stay in the hotel for too long, the two parties agreed to sign the contract tomorrow morning, and Qi Dezun left.

   "Ah Huan, congratulations!" Guo Henian congratulated Chu Huan with a smile on his face. Although he didn't know what price Chu Huan bought the milk company's stock at, he could probably guess it by calculating the time.

  Thinking of Chu Huan, who earned 20 to 30 million in one business, even Guo Henian couldn't help admiring him.

  Chu Huan said modestly: "It's just luck, Uncle Guo, please don't say that again, or I'll be embarrassed!"

  Guo Henian couldn't help laughing again when he saw Chu Huan's appearance.

  That night, at Yongji, Chu Huan was the host, invited Cao Wenjin and Guo Henian, and Cao Yunshang as company!

   "I didn't expect that the cattle war is not over yet, A Huan, you have already completed your work!" Cao Wenjin was also very happy at this time.

  He is really happy that his future son-in-law is capable. If Chu Huan develops at the current speed, he may surpass himself in the not-too-distant future.

   "I thought Qi Dezun would ask you about the war with cattle!" Cao Yunshang also said beside him.

"No!" Chu Huan said firmly: "This person is very proud. If I joined Hutchison International, he would naturally discuss this matter with me, but I have not joined now, and neither has he." Reasons to discuss this matter with me."

  Cao Wenjin and Guo Henian nodded, and then Guo Henian asked with a smile, "Ah Huan, you were the first to participate in the cattle war. What do you think of this war?"

   "I just ran into it by mistake!" Chu Huan first preached modestly, and then said firmly: "But the milk company will still lose!"

   "How?" Guo Henian asked.

  The cattle war is still going on. After three days of silence, the milk company finally launched its own counterattack on November 8.

  Milk Company first advertised in newspapers, expressing its refusal to buy land.

   It was the night of November 9th.

Dairy Company executives held a press conference, Chairman of the Board of Directors Zhou Xinian, Executive Director and General Manager Ke Lun, Director of Dairy Company and Hutchison International Daban Qi Dezun, Director of Dairy Company and Chairman of Wheelock John Madden, and Luo Fuqi and his son (London) Chief Director Li Zhu and others attended the press conference.

  The lineup is extremely strong, attracting reporters from all over Hong Kong.

  As a representative of the milk company's board of directors, Li Zhu put forward three reasons for opposing Landmark's acquisition at the press conference.

   1. If the takeover proposal is accepted, the dividends on Milk Company's stock will be reduced. Because according to the data in 1972, Milk Company paid a dividend of 3 Hong Kong dollars per share, and the dividends of Hongkong Land’s two shares totaled 2.4 Hong Kong dollars. Calculated based on dividend income, it is unfair to Dairy Milk Company’s shareholders.

  Second, if the acquisition proposal is accepted, the profits of the milk company shareholders will also be reduced. Because in 1972, Milk Company made a profit of 3.65 Hong Kong dollars per share, and Hongkong Land made a profit of 2.58 Hong Kong dollars per share. Hongkong Land's proposed takeover would cut profits for Dairy Farm shareholders.

  3. The purpose of Hongkong Land’s acquisition is to use the advantages of Milk Company to expand its business. However, Milk Company already has a good reputation in various aspects and has its own strength, so there is no need for mergers and acquisitions.

  After putting forward these three reasons, Li Zhu emphasized that Hongkong Land's acquisition of Milk Company could not be successful.

   And the reporters at the scene actually thought so.

  Because the milk company's lineup is too strong now, among the four major British consortia, Hutchison International and Wheelock are all on the side of the milk company.

  Although the two consortiums alone are not the opponents of Jardine behind Landmark, but when they are added together, it is different. Even Jardine should weigh this power!

  The top management of the milk company has fully reacted at this time, especially after getting some kind of reminder, so their counterattack efficiency is very high.

   Step by step!

   Only one night later, on the morning of November 10, in the major newspapers in Xiangjiang, the milk company made another move to deal with Landmark's acquisition.

  On the same day, the Milk Company’s board of directors announced a series of countermeasures by the Milk Company through newspaper advertisements, including splitting the shares of the Milk Company, splitting one share into five shares, and then giving bonus shares, one bonus share for each share after the split.

  In other words, after the stock split and bonus shares of Milk Company, each share becomes ten shares.

The Dairy Milk Company also announced that its net profit after tax in 1972 is expected to exceed 26.7 million Hong Kong dollars, a sharp increase of 35% over 1971, and that the dividend in 1972 will reach 3 Hong Kong dollars per share, a sharp increase of 67% over 1971's 1.8 Hong Kong dollars per share. %.

   At this time, the Hong Kong stock market was entering a period of great bull market, and investors' understanding of the stock market was far less profound than later.

   Therefore, whenever there is a stock split and bonus shares in the stock market, the price of the stock will inevitably soar.

  The milk company's board of directors is obviously doing what it likes, trying its best to win over minority shareholders.

   Sure enough, the stock price of the milk company soared sharply on this day, reaching as high as 290 Hong Kong dollars per share, and finally closed at 268 Hong Kong dollars per share.

   Compared with the closing price on October 27, the stock price has more than doubled in just a few dozen days.

  On this day, Hongkong Land’s stock price was also rushed to a historical high of 127 Hong Kong dollars per share, with a price-earnings ratio as high as 98.45 times, while the Hang Seng Index rose to 759 points, and the full-day turnover of 4 stock exchanges set a new record of 700 million Hong Kong dollars.

  In Fengwu Securities, Liu Zhiyuan said to Chu Huan excitedly: "Young Master Huan, Hongkong Land's shares have also been sold today, with an average of 125 Hong Kong dollars per share!"

  Chu Huan sat on the sofa with a satisfied expression.

   As of now, my advance layout in the battle of "Bull War" is all over.

  At the beginning, Chu Huan borrowed 33 million Hong Kong dollars from the Bank of East Asia, bought 20 million Hong Kong dollars in milk company shares, with an average purchase price of 105 Hong Kong dollars per share, and 5 million Hong Kong dollars in Landmark shares, with an average purchase price of 81 Hong Kong dollars per share.

  Now, the milk company’s stock is sold to Qi Dezun at a price of 270 Hong Kong dollars per share, and a total of 51.3 million Hong Kong dollars is obtained, and the profit after throwing away the principal and various other expenses is about 30.5 million.

  Hong Kong Land’s shares were sold at a price of HK$125 per share in the market, and a profit of HK$7.72 million was obtained. After throwing away the principal and various expenses, the profit was about 2.5 million!

   That is to say, this time, I just earned the loan from the Bank of East Asia. Of course, interest is not included!

  However, the repayment date of the Bank of East Asia has not yet come, which means that Chu Huan once again has 58 million Hong Kong dollars in liquidity in his hands.

In addition, Chu Huan also used his previous funds to purchase 32 million Hong Kong Hang Seng Index on the Hong Kong stock market. Although a batch of funds were allocated intermittently for the development of various companies, the growth rate of the Hong Kong Hang Seng Index at that time , It was enough for Chu Huan to deal with the funds needed at that time.

  When the 32 million cash was used to buy the Hang Seng Index, the Hang Seng Index was at 605 points. During the past few months, Chu Huan sometimes made money and sometimes made Chu Huan lose money.

  But because of the start of the bull war, the Hang Seng Index was directly stimulated, causing the Hang Seng Index to soar.

  According to the 759 points of the Hang Seng Index today, the funds embezzled before Chu Huan was deducted, at this time 32 million has become the **** 32 million.

   But this is not bad, at least Chu Huan's previous investments are offset.

   Then add, Black and White Video, Shanhai Cinemas, Fantasy Comics, Martial Arts Magazine, Yunhai Chain, Brothers Audiovisual and other companies, as well as Sun Hung Kai's stock, Chu Huan's net worth at this time has exceeded 100 million!

  Cao Yunshang is the one who knows Chu Huan's industries best. When Cao Yunshang figured it out, he couldn't help but look at Chu Huan in surprise.

  Although Chu Huan’s net worth of over 100 million yuan is a little watery, after all, he still owes 33 million Hong Kong dollars to the Bank of East Asia, and 14 million yuan in loans from other banks due to the expansion of Shanhai Cinemas.

  But at this time, Chu Huan's net worth is indeed over 100 million!

  A 19-year-old boy with a net worth of over 100 million!

  This should be unprecedented in the commercial history of Xiangjiang, the most important thing is to start from scratch!

   "No wonder Daddy always said that your future is limitless. It's not just the future. Even now, no one in Xiangjiang Mall can underestimate you!"

  Cao Yunshang couldn't help preaching.

   Holding 58 million Hong Kong dollars in cash, with this money, no one dares to underestimate Chu Huan.

   "Haha, do you feel that your previous vision was very good and you chose me as an excellent future husband?"

  Chu Huan proudly preached to Cao Yunshang.

  Cao Yunshang gave Chu Huan a blank stare and said, "You are not humble at all."

   "Humility? Why do you need to be humble? Looking at Xiangjiang's previous business history, who has done it at my age?" When Chu Huan was in front of Cao Yunshang, he never knew what it meant to be humble.

   Seeing Chu Huan's appearance, Cao Yunshang was also speechless for a while, and then changed the topic.

   "Looking at the posture of the milk company's executives, they are really determined to fight back against the milk company's acquisition!"

  Seeing that Chu Huan did not speak, Cao Yunshang continued to preach.

   "Do you think they will succeed this time?"

  Chu Huan chuckled and said, "You forgot what I said before."

  Cao Yunshang immediately thought of what Chu Huan had said to them in Yongji.

If Zhou Xinian and others of Dairy Milk Company really want to fight back against the success of Hongkong Land’s acquisition, there is only one way, to spend real money to buy the scattered shares of Dairy Milk Company, and at the same time cooperate with the existing Xiangjiang Real Estate Group to develop their own land, improve The shareholders have confidence in the milk company, otherwise it would be impossible for them to fight back successfully.

   "I watched the press conference. Although the battle was quite big, there was nothing practical to show. Investors would not look at the data they said. They only believed in what they wanted to see.

  Landmark is also second to none in the whole of Xiangjiang in terms of real estate development, but Dairy Company has no other serious development projects in this respect except buying land.

  It has never been seen that the merger of the milk company into Landmark is the possibility of maximizing benefits.

If the shareholders of the milk company can let go of their petty mischief and come up with cash together, they will be able to survive this difficulty, but look at what they did, they actually have the idea of ​​​​fighting a public opinion war with Landmark .

   Just ridiculous! "

  Chu Huan preached slowly.

  Cao Yunshang was still a little puzzled: "Then why did Qi Dezun buy the shares of the milk company in your hand? Isn't this a waste of money?

  Although Hutchison International is a huge consortium, the cash of more than 50 million yuan is not a small sum for them, and it almost emptied their working capital! "

  Chu Huan smiled, "Although doing business depends on the pros and cons, in the final analysis it is dealing with people. As long as you study this person thoroughly, your business will not be difficult.

Since Qi Dezun took control of Hutchison International, he has gone smoothly all the way, and has brought Hutchison International to an unprecedented height. With a proud personality, he naturally thinks that he is omnipotent. , it is difficult to scruple other people's ideas.

  Simply speaking, he is a self-centered person, so Qi Dezun believes that as long as he has my 190,000 shares in his hands, he can persuade Zhou Xinian and others to unite them.

   To put it bluntly, he wanted to use this 190,000 shares to force Zhou Xinian and others to spend real money to buy the shares of the milk company in the hands of shareholders.

But after all, he thought about one thing wrong. Zhou Xinian was getting old, and the previous incident made Zhou Xinian already have the intention of retiring, so he was not very interested in the milk company or Landmark. Care, now he doesn't want to live a **** life anymore.

   It would be best if the milk company can be kept in such a peaceful way.

  As for John Madden, he must have his own little girl, Qi Dezun owns shares in Wheelock, and the relationship between the two is not bad, but who can guarantee that one day Qi Dezun will not give John Madden a thorn in his back?

   Now that Wheelock has its own development plan, it is impossible for John Madden to disrupt Wheelock's development plan for the milk company.

  So, in the end, Qi Dezun could only do a useless effort! "

  Cao Yunshang was stunned: "So in this takeover battle, only Qi Dezun failed?"

Chu Huan shook his head: "Qi Dezun has not lost either, at least at this stage it seems that he has not lost, although it seems that he bought the milk company's stock from my hands at a high price, but don't forget, that is a real 19 Thousands of shares, if in the next few days, the milk company really can't stand the acquisition of Landmark.

   Then Qi Dezun can change his body and replace the shares of the milk company in his hand with the shares of Landmark.

At that time, Qi Dezun will be a shareholder of Landmark. This time Landmark's acquisition of Milk Company will inevitably lead to fragmented equity in the company. At that time, whether Qi Dezun will sell his stock to Henry Keswick or keep it in his own hands, Landmark plans slowly, and there may be unexpected gains. "

  Cao Yunshang suddenly said, "Understood, no matter what the outcome of this acquisition, there will be no losers!"

   Are there no losers?

This is naturally the case at this stage, but the real situation is that Qi Dezun’s aggressive behavior this time has caused Hutchison International’s liquidity to bottom out again. When the Hong Kong stock market crashes next year, the situation will become apparent. It may accelerate the speed of Hutchison International's defeat.

  In addition, because Qi Dezun had more 190,000 shares of milk in his hands, it also led to a different situation within Landmark, and Henry Keswick also had an additional enemy to face.

  Since the board of directors of the milk company has made a move, Hongkong Land will naturally fight back.

  Compared to the slow action of the milk company, Hongkong Land's counterattack was much sharper and faster.

  November 11.

  Henry Keswick, the taipan of Jardine Matheson and the chairman of Landmark Land, made full use of the momentum of Jardine Matheson Co., Ltd. in Xiangjiang at this time, and the good reputation of Hongkong Land as the world's top three real estate companies, and launched an overwhelming psychological offensive against the shareholders of Milk Company with the momentum of winning the first place.

On November 11, Hongkong Land published advertisements in major newspapers in Hong Kong, flaunting itself as the "Share King". Multiple questions.

  1. Why is Milk Company splitting its shares and giving bonus shares only now? The milk company's move did not change the company's assets in any way, but only changed the stock worth 268 Hong Kong dollars per share into ten shares worth 26.8 Hong Kong dollars per share.

  2. Is the growth rate of the CEO of the milk company really false? The Dairy Milk Company’s board of directors predicted that the company’s profit would increase by 35% in 1972, which actually included the proceeds from the Milk Company’s rights issue in May 1972. If this sum was excluded, the Dairy Milk Company’s actual growth rate was only 21%.

  3. The board of directors of the milk company ignores the future. Milk Company did not publish its forecast for 1973, while Hongkong Land clearly pointed out its profit growth for the next three years in its acquisition proposal.

  4. Hong Kong Land did not forget to remind the shareholders of Milk Company that if Hong Kong Land stopped the acquisition, the stock price of Milk Company would fall from HK$268 per share to HK$135.00 per share before the acquisition proposal, a drop of 49%.

  Landmark's counterattack is not limited to this, the public opinion war is now allowing them to play very smoothly.

  After a three-day break, on November 4th, Hong Kong Land once again launched a public opinion war, and in the process, the milk company's slow action was once again revealed.

On November 14, Hongkong Land first pointed out the weakness of the milk company who only owns a large amount of high-quality land and does not know how to make good use of it. I know why.

   Then, Hongkong Land flaunted its own advantages: the ability to build skyscrapers on the land that can grow to high altitudes can make shareholders' profits soar to the sky.

On November 15th, Hongkong Land once again boasted in its full-page advertisement that it was "ranked among the world's top three real estate companies", and proudly declared that its performance has risen in a straight line every year for the past five years, so it is Hongkong Land in terms of past performance; , and Landmark!

  On November 16, Hongkong Land issued an open letter to the shareholders of Dairy Milk Company, raising nine questions to the board of directors of Dairy Milk Company.

  1. Why did the milk company not disclose the profit outlook for 1973 and 1974?

  Second, why does the milk company not disclose its asset value?

  3. Why did the milk company increase its authorized share capital substantially?

  4. Who really does not welcome the Hongkong Land share swap proposal?

  5. Is the trading vitality of stocks in the stock market worth studying?

  6. Where is the milk company's expertise in real estate? Noon Milk Company has sold most of the real estate with great development potential? Why?

  7. Is Hong Kong’s land business limited to Hong Kong?

  8. If the acquisition is successful, Hongkong Land will retain all the employees of the milk company. Will the administrative management become a problem?

  9. Regardless of the success or failure of the acquisition, the stock prices of both parties will fall after the event. So what is the unexpected risk of accepting the acquisition proposal?

After reading Hongkong Land's hotel questioning, Chu Huan also lamented Henry Keswick's chicken thief. In these nine questions, Hongkong Land made full use of its own advantages to attack the weakness of the milk company and use its own strengths to attack the enemy's weaknesses , this trick is a sneaky trick.

   At this time, the milk company finally had a decent counterattack.

  November 17th!

  Milk Company issued a statement in the major newspapers in Xiangjiang, counterattack Landmark!

  Shareholders should consider: the content of the proposal is to exchange stocks for stocks, not cash for stocks; the market price of stocks can fall or rise; therefore, you must judge the value of Heung Kong Land’s share swap proposal very carefully.

  At the same time, the advertisement also appealed to the shareholders of Milk Company to wait for the notice from the Board of Directors of Milk Company, so as not to take rash actions and lose all future rights and interests.

   This is only the first step of the milk company's counterattack, and it will come on November 18.

  Milk Company’s board of directors published a full-page advertisement in response to Hongkong Land’s share exchange proposal. The advertisement showed that the asset value of Milk Company’s stock was as high as 80 Hong Kong dollars per share after revaluation by experts, while the asset value of Hongkong Land’s two shares was only 56 Hong Kong dollars.

  The advertisement reminds the shareholders of Dairy Milk Company: Please weigh the facts carefully and carefully. The stock exchange of Heung Kong Land Company will reduce your earnings per share, dividends per share, and assets per share.

   This public opinion war, until now, the milk company has come up with some effective measures to hit the pain points of Landmark.

  However, Henry Keswick had already made sufficient preparations for the acquisition of Milk Company, and the response speed of Hongkong Land was not comparable to that of Milk Company.

  The next day, on November 19, Landmark immediately issued a statement to refute it.

  First of all, the spokesperson of Hongkong Land questioned the accuracy of the milk company's asset appraisal, and said that Hongkong Land will hire professional surveyors to evaluate the assets.

   One day later, on November 21, Landmark directly published two pages of advertisements in major newspapers in Hong Kong.

  One version claimed that Hong Kong Land’s asset value per share had increased to HK$51 after revaluation by professional surveyors. In other words, the asset value of the two shares of Landmark has reached 102 Hong Kong dollars, which is much higher than the level of 80 Hong Kong dollars per share of Milk Company. The share swap is obviously beneficial to the shareholders of Milk Company.

  Another version tells milk company shareholders how to exchange Hongkong shares, indicating that those who accept the exchange will receive new Hongkong shares within four days. In order to win the support of Milk Company shareholders and dispel their doubts, Hong Kong Land also announced the cancellation of the conditions attached to the acquisition, that is, 'the acceptance of the share exchange shall not be less than 90% of the issued shares of Milk Company, or a lower percentage determined by Heung Kong Land . '

   At this time, the battle between the two sides has reached the most intense time, and the milk company has changed its procrastination. The board of directors of the milk company published an advertisement in the newspaper on the same day. It has been reprinted!

  In the ad, the accuracy of Hongkong Land's asset revaluation was questioned.

The advertisement pointed out: On October 30 this year, your company declared that according to the recent valuation standard of the board of directors, the net current asset value of Hongkong Land Company is not less than 1.75 billion Hong Kong dollars, which is about 28 Hong Kong dollars per share, but yesterday’s advertisement stated that Hongkong Land shares are worth HK$51 per share, which means that the total current assets are about HK$3.2 billion. Can you explain how the net current assets can increase by HK$1.4 billion within a few weeks?

  This is the power of Zhou Xinian, Qi Dezun, John Madden, Curen and others after giving up their individual ideas and uniting as one.

  The milk company's counterattack hits the nail on the head.

  Even Henry Keswick didn't dare to take it lightly in the face of such a counterattack. He came out in person that night, held a press conference, and issued a statement to clarify the doubts raised by the milk company.

Henry Keswick said that in Hongkong Land's asset revaluation on October 30, the board of directors adopted a conservative valuation method to value the developed properties according to the investment principle, while the properties under development were adjusted with transparency. principled valuation.

  As for the asset revaluation on November 20, the valuation was made by a professional surveyor based on the public market price of Hongkong Land’s real estate, and was approved by another independent professional valuation agency.

  Henry Keswick emphasized that Heung Kong Land's real estate is evaluated based on the public market price, which is naturally different from the original investment principle as the evaluation standard, so the resulting asset value is also very different.

  This explanation allowed Henry Keswick to easily resolve the milk company's counterattack.

   Then Henry Keswick at the press conference, did not forget to counterattack.

  He said: Although Dairy Milk Company has not yet announced the detailed rules for the standards used for its company valuation, I believe that the professional valuation standards cited by our company are roughly the same as those cited by Dairy Milk Company.

  Speculators should understand that a real estate company can make a fair valuation of its assets based on the open market price; but if a trading organization sells the properties on which its business depends for development, it is really difficult for the company to explain to shareholders.

  The implication is that the accuracy of the milk company's asset revaluation is doubtful.

   During this period of time, Chu Huan has been paying attention to this war of buying cattle. Now that things have developed, the advantages of Land Land are self-evident.

  Cao Yunshang leaned in Chu Huan's arms and judged in the same way.

   "It seems that this war is about to end!"

But Chu Huan said with a smile: "No, the milk company still has a lot of cards to play, the 190,000 shares in Qi Dezun's hand, and Zhou Xinian's connections in Xiangjiang, as long as the milk company doesn't want to be so simple, They will definitely not admit defeat so easily!"

   Thank you everyone, today is gone, the next chapter is at twelve o’clock in the morning~

  

  

  (end of this chapter)