章節 972: Chapter 972: The Shih Yahuai family is powerful but overcautious
In order to ensure the effective implementation of his strategy to curb property prices in Hong Kong, Xia Yu tilted his work schedule towards the real estate sector.
He went to Jiuding Real Estate Group many times to conduct on-site investigations and, based on his own experience and memories, gave important instructions, so that Liu Shihao quickly got a clear idea of the direction and context of the actions to be taken.
Another week later...
Liu Tianci and Garth Liddle worked together to sort out the information and present it to Xia Yu.
In the face of this information, the Swire Group and the Shi Yahuai family were like naked men, with almost no secrets from Xia Yu.
It has to be said that the Swire Group is worthy of its reputation as the second of the original four British financial groups. After the Hong Kong stock market has risen, its strength has grown with each passing day. Apart from Xia Yu, none of the other Chinese tycoons are its match.
Even the Wheelock Group is now being pulled further and further behind by the Swire Group.
The Swire Group's development could not have been so good without the shrewdness and prudence of the Sze Ah Wai family.
But precisely because of the Sze Ah Wai family's prudence, the Swire Group and the Sze Ah Wai family itself have a high debt ratio.
In the information in Xia Yu's hands, the unit of Hong Kong dollars is used uniformly for ease of reading, and the assets have been converted according to the exchange rate.
Moreover, since only some companies in the Swire group are listed, when calculating the statistics, the listed companies are calculated according to the market value, and the unlisted companies are calculated according to the actual assets.
Although this method of calculation is definitely not rigorous, it is the simplest and most effective method, and it has no impact on Xia Yu's actions.
After all, the value of the shares of listed companies is relatively intangible. If they are used as collateral for bank loans, they are generally discounted by about 30% to 50%, so shares worth HKD 10 million can only get a loan of about HKD 3 million to 5 million.
HSI constituent stocks are better, as they can be pledged at a discount of up to 50%, but if they are not HSI constituent stocks, then sorry, the bank will only give a discount of between 30% and 35%, and generally only 30%!
If it is a non-listed company, then it is considered to be even more risky in the eyes of banks and securities companies. Very few banks and securities companies will do equity pledge business with non-listed companies. Even if they will, the pledge rate given will be very low, and it may even be as low as 20%!
If a company's value multiplies four or five times after listing, and it is pledged at a 30% discount, it will be roughly the same as the asset amount before listing.
If you consider the risks of a company before it goes public, it makes sense that the equity and assets pledged for loans have a low pledge rate...
Let's get back to the topic.
First, let's talk about the John Swire & Sons Group. The group's total assets are around 24.26 billion Hong Kong dollars, net assets are 8.81 billion Hong Kong dollars, and liabilities are 15.45 billion Hong Kong dollars, for a debt ratio of 63.7%!
And the Swire group in Hong Kong is the most important subsidiary of the British Swire group, accounting for more than 60% of the British Swire group's strength.
The total assets of the Swire group in Hong Kong are about HK$15.77 billion, with liabilities of HK$9.24 billion and net assets of HK$6.53 billion. The group's debt ratio is 58.6%, which is lower than that of the parent company, the British Swire group.
Finally, there is the Swire family itself.
The Swire family's assets are mainly held under internal family trusts and family funds, and the vast majority of assets are shares in various Swire Group companies, both listed and unlisted.
Because these companies have already been counted as debt when calculating the assets of the Swire Group, they cannot be counted towards the Swire family in principle.
The total assets of the Swire family amount to around 8.32 billion Hong Kong dollars and can be divided into four parts.
The first part is the stocks and equity of listed or unlisted companies, worth around 6.65 billion Hong Kong dollars.
The second part is the fixed assets of the Swire family, such as buildings, houses, villas, cars, yachts, etc. The total value of these things is around 460 million Hong Kong dollars, which is a real value without a hint of water.
It's just that this part of the assets is more difficult to cash out, but if you take out a mortgage, the pledge rate is still quite high.
The third part is the Shi Yahuai family's liquid funds in various banks, which amount to about HK$120 million. This is the Shi Yahuai family's funds for risk control, which will not be easily used, even if these funds are idle!
These liquid funds belong to the family, and are different from the liquid funds of various companies.
The last part is the debt of the Shi Yahuai family, which amounts to about HK$1.09 billion!
The assets purchased with the loan money also belong to the Shih Ya-Huai family, but they are simply deducted when calculating the net assets.
But Xia Yu is not asking for the amount of the Shih Ya-Huai family's net assets, so these liabilities of the Shih Ya-Huai family must definitely be included in the calculation.
After all, the information also explains it.
The reason why the Shih Ya-Huai family has such a high debt is because they have increased their shareholding in the past two years by taking out loans.
This also shows the Shih Ya-Huai family's prudence and caution, which is to prevent people like Xia Yu.
But the Shih Yahuai family probably didn't expect that no matter how careful they were, Xia Yu would still target them if he wanted to!
"The Shih Yahuai family's debt is 1.09 billion Hong Kong dollars, which was borrowed using a pledge of listed and non-listed company stocks worth 3.1 billion Hong Kong dollars.'
'So in fact, of the Shih Yahuai family's assets, the first part, worth 6.65 billion Hong Kong dollars, 3.1 billion of it cannot be touched.'
'Even if the remaining HK$3.55 billion in equity is used to take out a loan, only about HK$1.2 billion can be borrowed. But unless Norman Shih Yahui is brain-damaged, he would not take this suicidal path.'
'In this way, the Shih Yahui family may seem to have huge assets, but in fact, after borrowing HK$1.09 billion to increase its stake, its room for manoeuvre has been severely reduced.'
'The Sze Ah Wai family has sacrificed its offensive power in exchange for defensive power, but while this defensive power can protect them from others, it is hard to say whether it can protect them from me...hehe...'
Xia Yu's mouth unconsciously curled up into an arc at this thought.
The Sze Ah Wai family's prudence had both advantages and disadvantages. The advantage was that it strengthened their control over the Swire Group and its various companies, but the disadvantage was also obvious: their funds were tied up and their room for manoeuvre had become smaller.
The difference between stocks and cash was obvious in this regard.
To give a simple example, if the Shih Ya-Hwei family's assets are HK$3 billion in cash, but they have used it all to buy HK$3 billion worth of stocks, these stocks are not money, and if they are used as collateral for a loan at the bank, only HK$1 billion to HK$1.5 billion in cash can be re-loaned.
Although the total assets of the Shi Yahuai family have increased by HK$1 billion to HK$1.5 billion, the HK$3 billion worth of stocks have been frozen, and the only thing that can be manipulated is the HK$1 billion to HK$1.5 billion in cash that has been refinanced. The deterrent effect and actual lethality of this cannot be compared to that of HK$3 billion in cash!
Given the current situation of the Shih Yahuai family, they only need to hold out for a few years. After paying off the loans with the dividends from the various companies, they will be able to remove the hidden dangers brought about by increasing their shareholding.
At that time, the Shih Yahuai family will be able to rest assured. But how would Xia Yu let them have their way? After these few years of wretched development, the Shih Yahuai family should forget about it, he won't give it to them!
"Now that it's clear, it's time to take action...'
After thinking for a while, Xia Yu opened the safe behind him and took out a notebook, browsing through the plans and ideas he had previously written down.
It was evening in no time.
After dinner, Xia Yu bought some fruit and drove to Bao Yugang's home.
After meeting, they exchanged friendly and enthusiastic greetings, and then Xia Yu and Bao Yugang drank tea in the living room and chatted about trivial matters.
After three rounds of tea, Xia Yu talked about the purpose of his visit tonight.
'Bao, I came to see you tonight mainly because I have an immature idea and I want to see if you can help. I plan to take action against Cathay Pacific!'
Bao just wanted to say that it was no problem, but suddenly heard Xia Yu's last words. His expression instantly became serious, and he looked at Xia Yu with burning eyes, inquiring with concern, 'Ah Yu, I remember that Cathay Pacific is not listed, right? Even its parent company Swire Pacific is not listed, so how can you take action?'
'Wait... Are you planning to do something to Swire Pacific?'
'This is the biggest foundation of the Swire Group. If you touch it, Norman Shiawei will definitely have to fight with you to the death!'
'How confident are you?'
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