章節 229: Chapter 229: 36.7 Million HKD (Part 1)
Two days later, Ma Tengdong handed over the investigation report on Minghong Toy Factory to Xia Yu.
After reading it, Xia Yu raised an eyebrow. It seemed that the acquisition value of Minghong Toy Factory was quite good!
The land of Minghong Toy Factory was owned, the machinery had just been updated, and they were preparing to make significant strides, only to be tricked by the Americans.
Now, Minghong Toy Factory was mired in difficulties. The toys they produced couldn't be sold, the entire factory had stopped operating, and the bank was aggressively pursuing debts.
The owner of Minghong Toy Factory was already considering cutting losses and exiting because if things continued this way, bankruptcy was inevitable. It would be better to quickly admit defeat, find a way to stop the losses, and recover some money.
The total assets of Minghong Toy Factory, including the land, factory buildings, and machinery, were around 5 million HKD. Most of the assets were in the land, but they owed the bank 4 million HKD in debt, leaving a net asset value of only 1 million HKD. Additionally, they still owed 158 employees a month's salary.
If they continued to delay, the bank interest would keep increasing, and the assets would decrease day by day. Eventually, in a bankruptcy liquidation, nothing would be left.
"Looking at it this way, the acquisition value of Minghong Toy Factory is indeed quite good!" Xia Yu said with a smile.
"Yes, Boss. I had people analyze it, and it is indeed suitable for acquisition. Moreover, the cost is not very high. We can definitely negotiate the price down to below 1 million HKD, making the acquisition cost very low and the results quick to see."
Ma Tengdong nodded in agreement.
Acquiring Minghong Toy Factory now was like taking advantage of a fire. The fire was partly due to their own actions and partly caused by the bank.
The bank was merciless, eager to stuff money into others' hands when there was no need, and to kick them when they were down.
But once Minghong Toy Factory was acquired by Jiuding Animation Co., Ltd., the bank's debt collectors would surely turn away immediately, and they might even hope Jiuding Animation Co., Ltd. would take out more loans.
After all, Jiuding Animation Co., Ltd. had a strong backing and would definitely be able to repay the bank's money.
"Then let's proceed with the acquisition. Complete it within four days."
Xia Yu decisively made the decision. There was no need to hesitate. Besides, most of the assets were land, so buying it would be profitable.
"Understood. I'll arrange it right away."
Ma Tengdong nodded in agreement.
...
When Xia Yu arrived at Jiuding Media Company, he had not been seated for long before Yan Wenhan came to him with a strange expression.
Xia Yu raised his eyebrows, looking at the newspaper Yan Wenhan was holding, and asked quietly, "What's wrong?"
"Boss, take a look. *Sing Tao Daily* has actually undergone a rebranding, and Sing Tao News Agency has been launched."
Yan Wenhan handed the newspaper to Xia Yu, explaining.
Xia Yu was surprised. It seemed that less than a month had passed since he learned that Sing Tao News Group was planning to establish a news agency. Could it really be up and running so quickly?
Was this a joke?
With Xia Yu's oversight and the substantial resources invested, Jiuding News Agency had taken two months to establish. Could Sing Tao News Group be even better?
Xia Yu found this hard to believe. If they had such capability, they wouldn't be suffering repeated defeats against Jiuding Media Company.
Perplexed, he took the newspaper from Yan Wenhan and began browsing. He noticed that *Sing Tao Daily* had indeed been revamped, with a new international news section that occupied nearly one-third of the pages.
Under these news sections, it was uniformly noted that the news came from Sing Tao News Agency, or some news articles began with "According to Sing Tao News Agency...".
However, upon further inspection, Xia Yu's expression relaxed. Scanning through the other news, he noticed that the quality of the news was uneven, and the writing level was much lower compared to Jiuding News Agency.
Seeing this, Xia Yu withdrew his gaze, a smile playing at the corners of his mouth. Whether it was amusement or derision, he shook his head and laughed.
He understood why Yan Wenhan's expression had been strange.
Hu Xian had made a foolish decision, showing a lack of judgment.
From the level of these news articles, it was clear that Sing Tao News Agency was not comparable to Jiuding News Agency.
He was puzzled as to why Sing Tao News Agency was in operation so soon. It turned out to be a half-baked product. They had rushed it into use before it was fully developed, which was an unwise decision. Hu Xian, who was usually shrewd, had made such a foolish mistake.
Although *Sing Tao Daily* had improved somewhat compared to before, it still could not match *Fengyun Daily*.
As long as it fell short, no amount of improvement would make it more than a runner-up, overshadowed by the brilliance of *Fengyun Daily*, and it wouldn't have a critical impact.
"The outcome is decided! I thought we would have to compete for a while longer. It seems those tactics are no longer necessary."
Xia Yu sighed and shook his head.
"Yes, Boss. I didn't expect this either. I had high hopes for them before, but they made such a poor decision at a crucial moment. It seems not every woman is capable of holding a high position."
Yan Wenhan agreed, surprised that the opponent had lost their wits and made such a foolish decision.
Originally, Sing Tao News Group had lost the first-mover advantage. The only way was to stabilize their position and wait until Sing Tao News Agency was fully developed before striking back.
But now, by launching it prematurely, it had no effect. Although they could use it while continuing to develop and adjust, readers had no patience for a newspaper's growing pains. First impressions were crucial.
Without comparison, there was no harm. With *Fengyun Daily* as a benchmark, if *Sing Tao Daily* couldn't measure up after the rebranding, who would want to read it?
The situation now was like this: Jiuding Media Company and Sing Tao News Group were sharpening their knives, but Sing Tao News Group, as the opponent, had brought out a blunt knife and attempted to cut, completely overestimating their ability, and couldn't even kill a chicken!
"Wenhan, has the acquisition of *South China Morning Post* been completed?"
Xia Yu suddenly asked. Although only a few days had passed, this acquisition was straightforward.
Jiuding Media Company already held 84.9% of the shares, enough to control the shareholders' meeting.
A forced delisting for privatization would have the stock automatically settled at an agreed price. Shareholders had no choice.
If they didn't sell, the shares would be worthless!
So, the remaining 15.1% of shares were as good as scrap to be recycled. It was a simple task, and a few days were more than enough.
"Yes, Boss. The acquisition is complete. Now we own 100% of *South China Morning Post*. The acquisition cost 11.5 million HKD."
Yan Wenhan reported truthfully.
"Well done!"
Xia Yu smiled with approval.
11.5 million HKD for acquiring the top English newspaper *South China Morning Post* was quite cheap. To put it in perspective, *Nanyang Business Daily*, with a similar circulation of 110,000 copies, cost 12 million HKD. *South China Morning Post* was acquired for 500,000 HKD less.
In total, this acquisition cost included 12 million HKD for *Nanyang Business Daily*, 11 million HKD for *Sin Chew Daily*, 2.2 million HKD for *Everyday Daily*, and 11.5 million HKD for *South China Morning Post*. The total expenditure was 36.7 million HKD.
Originally, Jiuding Media Company had 25 million HKD in liquidity and had borrowed 20 million HKD from HSBC, totaling 45 million HKD.
After deducting the acquisition expenses, Jiuding Media Company still had 8.3 million HKD in liquidity, which was more than enough to support normal operations.
"How's the integration of the four newspapers going? When do you estimate it will be completed?"
Xia Yu asked again.
"Boss, *Nanyang Business Daily* and *South China Morning Post* are primarily business and financial newspapers. We have ample experience in this area. Previously, *Jiuding Daily* had limited space and couldn't publish many articles. Now we can transfer these articles to *Nanyang Business Daily*."
"Especially for *South China Morning Post*, it is easiest to reform. We can translate some of the news from *Jiuding Daily* into English and publish it, which will greatly improve the quality of the newspaper and help extend the influence of *Jiuding Daily* to the British audience."
Xia Yu nodded slightly, agreeing with Yan Wenhan's analysis and approach.
"As for *Sin Chew Daily*, the main task is to use Jiuding News Agency for the rebranding. Its editorial system is good, so no major changes are needed. We just need to publish some high-quality news from Jiuding News Agency to improve the newspaper's quality. With our existing channels, increasing circulation is not an issue."
"Finally, *Everyday Daily* requires the most extensive reforms. However, since the newspaper is small, the difficulty is also lower. The employees at *Everyday Daily* have received better
treatment and are very motivated now."
"In terms of operational systems, there are no major issues. The biggest challenge is in the distribution system. We are quickly integrating the distribution systems of the four newspapers, especially *Nanyang Business Daily* and *Sin Chew Daily*. Once completed, our distribution channels in Southeast Asia will reach a new level."
"However, the integration is already over halfway done. At most, it will take five days to complete the integration of the four newspapers!"
After explaining the situation, Yan Wenhan made a guarantee.
Xia Yu smiled and nodded. "Very good. Proceed according to your plan."
"Understood!" Yan Wenhan nodded in agreement.
Suddenly, Yan Wenhan remembered something and said, "Boss, you asked me to help recruit a secretary. We have already received many resumes. I've filtered out some of the less suitable ones. When would you be available for interviews?"
Yan Wenhan stood quietly, waiting for Xia Yu's instructions.
The boss's secretary was an important position, and it was best for the boss to conduct the interviews personally. After all, the secretary would be the closest person to the boss, so it was prudent to be careful.
Xia Yu raised his eyebrows, thought for a moment, and said, "Let's do it this afternoon at 3 o'clock. Notify them to come here for the interview."
"Okay." Yan Wenhan responded respectfully.
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