章 1046: Chapter 1046: The first target for bargain hunting
That afternoon, representatives from Malaysia's Yue Min Bank, the parent company of Yue Min Finance, once again came to negotiate with the Hong Kong government to learn more about the situation of Yue Min Finance and the Carrian Group in the economic fraud case.
In order to give the depositors waiting outside the Hong Kong government an early truth and to end the stock market crash as soon as possible, MacLehose adopted a very tough stance, urging the Department of Justice and the High Court of Hong Kong to prosecute the Carrian Group and Yue Man Finance, making it clear that he wanted to get to the bottom of the matter.
And in order to speed up efficiency, with MacLehose's approval, the High Court of Hong Kong also invited the Hong Kong Standards Accounting Firm to join the bankruptcy liquidation team.
Xia Yu was the first to receive a report from Standard Accounting Firm, and he realised that this was a goodwill gesture from MacLehose.
This would greatly expedite the liquidation process of the Carrian Group and provide an early insight into the breakdown of the Group's assets, which would be of great benefit. How could he refuse?
For this reason, after work in the evening, Xia Yu also specially called MacLehose, chatting about the Sun Hung Kai Bank incident in passing and promising to do his best to get Standard Accounting Firm to assist.
In the following days, there were several major events in the banking industry.
The first was that HSBC followed suit and, seemingly to demonstrate its leading position, placed 1.2 billion Hong Kong dollars in cash in the centre of the HSBC lobby, instantly defusing the crisis of a run on the bank.
Upon hearing this news, Xia Yu merely gave a faint smile and dismissed it, and Shen Yi could only rely on this small trick to maintain the prestige of HSBC.
He had been closely monitoring HSBC and knew that HSBC had still had to scrape together the money, and that HSBC had also received financial support from its British parent company, HSBC Holdings.
However, even though HSBC had displayed an additional HK$200 million, it could not hide the fact that it had ranked behind Jiuding Bank and Standard Chartered Bank in resolving the run on the bank.
What's more, unlike Jiuding Bank and Standard Chartered Bank, HSBC is involved with both the Carrian Group and the Swire Group. In particular, the amount of loans with the Swire Group is huge, and anyone with half a brain knows that HSBC will suffer heavy losses this time.
Therefore, although HSBC has demonstrated its strength by putting up 1.2 billion in cash to resolve the run on the bank, HSBC's stock price continues to fall with the broader market, although at best the decline has slowed considerably.
In addition to HSBC, Xia Yu also learned that Hang Seng Bank and Bank of East Asia were also urgently raising funds, as if they also wanted to follow suit to resolve the crisis.
HSBC is only the largest shareholder of Hang Seng Bank, so even if HSBC resolves the crisis, Hang Seng Bank can only be slightly relieved. To completely resolve the crisis, Hang Seng Bank still has to rely on itself, and HSBC does not have any spare funds to help Hang Seng Bank.
In the past few days, HSBC has averted the crisis of a run on its deposits, but five small banks have still gone bankrupt, bringing the total number of banks to go bankrupt in this stock market crash to eight.
The negative impact of the bankruptcy of these five small banks is already no less than that of a medium-sized bank, and it is even greater because of the sheer number.
It can be said that the banking industry in Hong Kong is now completely divided into two groups: one group is doing well, while the other is doing badly!
...
Early in the morning of the 7th of September.
Xia Yu was at home eating breakfast and occasionally browsing the newspaper.
When he read in the 'Wind and Cloud Daily' that the American company DuPont had completed the largest acquisition in American history, privatising one of the oil giants ConocoPhillips for US$7.4 billion, Xia Yu felt a little emotional.
'I'm on the rise, and other consortia aren't sitting still either!'
'Compared to those old consortia, my Jiuding Consortium is still far from being on par. I've only just got involved in oil, heavy industry is still on the doorstep, and the military industry is still not moving. In the fields I'm already involved in, the vast majority of companies are still not strong, and they can only barely dominate in one area.'
'I need to keep up the hard work...'
After putting down the newspaper, Xia Yu quickly finished his breakfast, then tidied himself up, picked up his clothes and headed to the company.
The new week was here, and it was time for his bottom-fishing operation to begin!
After gathering Liu Tianzhi, Wang Qi, Jason Gregg and the others at the headquarters for a short meeting, the bottom-fishing operation officially began.
At ten o'clock sharp, the stock market, which had been closed for two days, reopened.
The Hang Seng Index fell slightly, from 621.75 to 619.23.
Then, as many companies and wealthy individuals used their capital to enter the market and repurchase stocks, the Hang Seng Index kept fluctuating up and down.
Many institutions and retail investors who had been stuck with their funds finally saw the light and sold their stocks continuously.
As for continuing to hold on to them and waiting for the stock price to rise again?
Apart from a few honey-dew-confident stock investors who would think so, all other stock investors and institutions scrambled to clear their positions and flee.
The stock market crash is not over yet! The bank run crisis is still ongoing, and there are still many banks with a high risk of bankruptcy. The future of Hong Kong is still uncertain, and it is simply wishful thinking to expect the stock market to rebound in the long term!
It took six to seven years for the stock market crash of 1973 to recover. This time, it is hard to say how many years it will take for the impact of the stock market crash to subside. It is better to get back as much capital as possible and find something else to do...
At 3:00 p.m., Xia Yu arrived at Henderson Land Development Company Limited in a low-key manner and met with Li Zhaoji, who was waiting in the office with a cup of tea.
'Mr. Li, good afternoon!'
'Mr. Xia, it's been a long time, please sit down!'
'Please have some tea!'
'Thank you!'
...
After a few brief pleasantries, Xia Yu took the initiative to start the conversation.
'Mr. Li, since this morning, many companies have started to repurchase their stocks. Henderson Land has much more capital than they do. When are you going to do it?'
Li Zhaoji didn't hide it either. He smiled and said, 'In the next couple of days. I'm not in a hurry.'
Xia Yu laughed: 'That's right. If you have food in your hands, you won't panic in an emergency!'
Li Zhaoji shook his head and laughed, 'Mr Xia, don't make fun of me. Although Henderson Land raised HK$1 billion in June, it also spent a lot before the stock market crash, so there isn't much money left.'
'Not comparable to you, the God of Wealth. Jiuding Bank's lobby is still piled with 1 billion in cash!'
Xia Yu laughed and said modestly, 'It's just good luck that there is so much money in the vault.'
'As you know, Mr Li, bank funds are highly liquid. If my bank were to keep 1 billion Hong Kong dollars idle, the annual interest loss alone would be 80 million Hong Kong dollars.'
Li Zhaoji nodded in agreement and smiled, not dwelling on the topic.
After a brief chat, Xia Yu's expression became serious as he looked solemnly at Li Zhaoji.
'Mr Li, I came this time to buy something from you.'
Li Zhaoji's gaze sharpened, and after a moment's hesitation, he asked, 'I wonder what it is?'
Xia Yu looked directly at Li Zhaoji and said softly, 'The stake in the China Gas Company that your company holds!'
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