章節 974: Chapter 974: Complete monopoly on the Hong Kong electricity market
After arranging for Standard Chartered Bank to acquire the shares of Cao Guangbiao,
Xia Yu arranged for the Bright Fund in the UK to get ready to take responsibility for acquiring the 20% stake in Cathay Pacific held by HSBC through HSBC Holdings, the parent company of HSBC Hong Kong.
He then asked Wang Qi to come up with an effective strategy for the Soong family, laying the groundwork for the subsequent move.
Finally, Xia Yu personally visited Huo Yingdong again to explain his thoughts and express his wish to acquire the 16% stake he held in Hong Kong Airport Ground Services.
Huo Yingdong readily agreed to Xia Yu's request.
Xia Yu had thought that the first piece of good news after June would be Standard Chartered Bank successfully acquiring the shares of Tso Kwong-piu.
But he had not expected to receive the good news from Wang Qi first.
After a long period of public relations, and after suffering at the hands of Zhao Bo of China Power Company, the Kadoorie family finally became tired of dealing with it and chose to hold back their hatred and admit defeat.
The Kadoorie family agreed to transfer the 34% of China Power Company shares they held, but they made one request: they wanted to talk to Xia Yu in person.
and stated that the location was 2 Ice House Street, Central, Hong Kong – St. George's Building!
This building, a twenty-story Grade A commercial building built by the Kadoorie family in 1968, is a landmark building of the Kadoorie family on Hong Kong Island.
Although a little surprised by the Kadoorie family's request, St. George's Building was not a den of thieves or a lair, and Xia Yu told Wang Qi to reply to the Kadoorie family that he would arrive promptly at 9am the next morning.
...
Early the next morning, Xia Yu drove to Ice House Street in Central, Hong Kong Island, with his complete acquisition team and a team of bodyguards.
Guided by the reception staff waiting there, Xia Yu and his entourage arrived at the top floor of St. George's Building.
After the reception staff opened the door, Xia Yu saw seven people sitting inside, with Sir Horace Kadoorie and his son in the centre.
However, due to his frail health, Sir Lawrence Kadoorie was being supported by Michael Kadoorie as he stood up. He did not come towards Xia Yu, but instead gave a calm nod of his head in Xia Yu's direction.
Xia Yu did not care, and led his people forward at a leisurely pace, extending his hand to Sir Lawrence Kadoorie: 'Sir Lawrence Kadoorie, good morning!'
'Mr Xia, welcome!'
'Please sit down!'
Roland Kadoorie's expression was indifferent, and he said in a lukewarm tone.
Xia Yu didn't care about Roland Kadoorie's cold attitude. After all, he knew what he had done to the Kadoorie family in the past. Roland Kadoorie had even fainted from anger. It was already pretty good that he could look so calm at this moment.
Xia Yu sat down in a dignified manner, and the subordinates who came with him also sat next to him, the two sides clearly separated.
There was nothing to talk about with Lord Kadoorie, so Xia Yu asked straightaway, 'Mr Kadoorie, to save time, shall we get started?'
Lord Kadoorie nodded slightly and said, 'That's what I was thinking.'
Xia Yu immediately asked, 'I want the shares of China Light and Power in your hands. Name your price.'
Lawrence Kadoorie looked Xia Yu straight in the eye and said firmly, 'Thirty-four percent of the shares. As long as you pay 900 million, it's yours. The Kadoorie family will have no further relationship with you.'
Xia Yu looked straight at Lawrence Kadoorie, who did not look away, his gaze still firm.
Xia Yu couldn't help but smile and said, 'Mr. Kadoorie, you are being really greedy. This price is completely unrealistic. You don't have any sincerity at all!'
According to the price offered by Lawrence Kadoorie, 34% of the equity was worth 900 million Hong Kong dollars, which meant that in his eyes, CLP Power Hong Kong was worth 2.647 billion Hong Kong dollars!
This price was absolutely ridiculous!
You have to know that the market value of CLP Power Hong Kong was only HK$1.89 billion at its peak in the past two years, before Xia Yu's sniper takeover of CLP Power Hong Kong.
After the takeover, CLP Power Hong Kong has been constantly tossed around by Zhao Bo, its assets have been shrinking, internal conflicts are commonplace, and its stock has been classified as a junk stock.
The market value of CLP Power Hong Kong is now only HK$874 million!
Based on the current market value, the value of the Kadoorie family's stake in CLP is only HK$297.16 million!
Lawrence Kadoorie's offer is more than three times the actual value!
It is higher than the entire market value of CLP!
It is no wonder that Xia Yu sneered at him for lacking sincerity.
'Mr Kadoorie, if I accept your price, then tomorrow the entire city of Hong Kong will laugh at me for being a fool with too much money to spend. Do you believe that?'
Xia Yu leaned slightly forward, crossed his arms on the table, tilted his head and asked.
Before Lawrence Kadoorie could say anything, his son Michael Kadoorie couldn't hold back any longer and said directly, 'Mr Xia, we are all sensible people, let's get straight to the point. If you hadn't asked Zhao Bo to maliciously transfer assets and suppress the share price, would CLP Power Hong Kong have been kicked out of the Hang Seng Index and become a junk stock?'
'If China Power was a junk stock company, would you still be sitting here talking to us?'
'If you hadn't entered China Power, then under normal circumstances and the general market trend, the company's market value would definitely have reached more than HK$2.5 billion by now!'
'If you want to buy our family's shares at the current market value, then I'm sure there are many companies in the United States and Europe that would be willing to pay a higher price!'
'We have agreed to withdraw from the transfer of equity, but that doesn't mean we are pushovers!'
With these four 'ifs' and the last sentence, coupled with an expression of indignation, Michael Kadoorie instantly gathered momentum.
However, Xia Yu could not feel the pressure. He knew that Michael Kadoorie was just a paper tiger.
The Kadoorie family could absolutely sell the equity to a foreign company, but then someone would have to want it. And they would have to really want to do it!
Given the current situation of China Light and Power, even if an overseas company that is not familiar with the situation wants to buy, it will not pay a high price. If they know the situation, they will even hesitate to take on this hot potato.
Furthermore, if the shares are really sold to an overseas company, the Kadoorie family will be choosing to make the already bad relationship between the two sides even worse.
Most of the Kadoorie family's other assets are in Hong Kong, including companies in the fields of real estate, textiles, carpets, and rubber.
Given the current power of the Jiuding Consortium, if Xia Yu deliberately wanted to fight to the death with them, then the future of the Kadoorie family was completely foreseeable, and the Jiuding Consortium could completely encircle the Kadoorie family.
It was precisely because they considered that 'one must bow one's head under the same roof', that the Kadoorie family endured their hatred and negotiated with Xia Yu, all for the sake of the family's future interests.
Because Xia Yu had this understanding in his heart, he didn't care in the face of Michael Kadoorie's final bluff.
Since the Kadoorie family had already shown a posture of submission, there was no need for him to be nice and give them face, since they had already got what they wanted.
He just smiled faintly and said, 'Mr. Junior Kadoorie, I have never thought that you are easy to bully, nor have I ever thought that way. I am just being matter-of-fact.'
'I didn't say it would be calculated according to the current market value either, but since you think it's not appropriate, then I will give the Kadoorie family face and calculate it according to the current market value, with a 40% premium.'
Afterwards, he looked at his subordinate next to him and said, 'Calculate the amount.'
The subordinate had already been calculating and immediately reported the result: "A 40% premium is 416 million Hong Kong dollars!'
Xia Yu smiled again and looked at Sir Lawrence Kadoorie, saying, "Mr. Kadoorie, I have been very sincere with this price, haven't I?'
'When I usually acquire a company, it is often at the same price or lower, and the highest premium is 20%!'
Michael Kadoorie's eyebrows rose, and he was about to argue back, but he was stopped by Lawrence Kadoorie.
Lawrence Kadoorie looked at Xia Yu with sharp eyes and said, 'Mr Xia, the shrunk assets of China Light and Power Company went to Hongkong Electric Company, and Hongkong Electric Company is your company. You have taken advantage of our interests, but now you are pretending to be generous. This is too much, isn't it?'
Although Xia Yu had done this, he could not admit it.
He shook his head and denied it, saying, 'Mr Kadoorie, you can't say such things. Why is China Light and Power listed as a junk stock? The reason is that the company's management is in chaos, and its business situation and revenue are very bad. Why is this so? Isn't it because you oppose everything at the board meetings?'
'Which motion proposed by Zhao Bo to the board of directors is not beneficial to the company?'
Xia Yu's accusation was true, and this was also the view of public opinion, so of course Lawrence Kadoorie would not argue with Xia Yu in this regard. It was untenable anyway.
So he backed down a step, using lofty words to maintain his dignity, and then made another offer.
'The development of the company concerns all its members. The reason we oppose it is because the proposal is unreasonable and will bring huge risks to the company.'
'We need to take responsibility, but it is only a small part. To show the responsibility of our family, I can take a step back and lower the price by 100 million Hong Kong dollars, only 800 million!'
...
Both sides backed down a little, and the price negotiations finally got back on track.
Next, not only Xia Yu and Lord Lawrence Kadoorie negotiated, but negotiators from both sides also participated one after the other.
After more than an hour of intense negotiations, the two sides were very close to an agreement.
Xia Yu's side offered 600 million Hong Kong dollars, and the Kadoorie family offered 620 million Hong Kong dollars.
Xia Yu and Sir Lawrence Kadoorie looked at each other, both falling silent.
No one else spoke either. Everyone present knew that the final decision rested in the hands of the two men, and that there would only be one more offer, depending on who spoke first.
Xia Yu knew that in today's negotiations, the price was not what Lord Kadoorie really cared about. It would be enough to save face if the price was over 600 million Hong Kong dollars.
What he cared about even more was something else, and that was the key to Lord Kadoorie's need for Xia Yu to negotiate personally.
Before Xia Yu came, he had already made preparations.
Judging from the Kadoorie family's performance in the negotiations just now, Xia Yu was willing to give in on this.
After all, in his opinion, the Kadoorie family no longer had any assets that he needed.
He just smiled and said, 'Mr Kadoorie, since we have come to this point, let's compromise. I will add another 10 million Hong Kong dollars, making it a total of 610 million Hong Kong dollars!'
'With the burden of China Light & Power removed and an extra 610 million Hong Kong dollars, I believe that with your abilities and those of Mr Kadoorie Jr., the Kadoorie family will have a clear path in other fields.'
'I think we will still have opportunities for win-win cooperation in the future, and it will definitely be enjoyable.'
'What do you think?'
Roland Kadoorie narrowed his eyes slightly, looked deeply at Xia Yu, and a smile appeared on his wrinkled old face. He said with deep meaning, 'Mr. Xia has never missed a word about the capital market, and he will definitely not be wrong about our future prospects. I'll take your kind words for it.'
'This will definitely not be wrong. I wish the Kadoorie family a bright future!'
Xia Yu clasped his fists and laughed frankly, his smile also containing a deep meaning.
Roland Kadoorie and Michael Kadoorie, father and son, both let out a sigh of relief. After looking at each other, Roland Kadoorie instructed his subordinate, 'Get the contract ready.'
After that, the subordinates on both sides got busy together, and soon a complete contract was drafted. After confirming that there were no traps, Xia Yu and Roland Kadoorie formally signed the contract.
In the end, Xia Yu was handed a copy of the transaction contract and a certificate of equity ownership.
After instructing his subordinates to keep it safe, Xia Yu stood up and extended his hand to Lord Lawrence Kadoorie.
The latter, supported by Michael Kadoorie, stood up and extended his hand to shake Xia Yu's.
'Lord Kadoorie, thank you for your generosity!'
'I'll need you to arrange for someone to go with me to the Jiuding Bank later, and all the money will be transferred to your account at the HSBC,'
Xia Yu said to Lawrence Kadoorie with a smile.
'No problem, I'll have Michael go with you.' Lawrence Kadoorie said, then looked at his son, who nodded immediately.
Considering that it was almost noon, Xia Yu immediately took Michael Kadoorie to Jiuding Bank.
St. George's Building is in Central, Hong Kong Island, and the HSBC headquarters are located 50 metres away. Jiuding Bank is also just over 40 metres from St. George's Building.
Liu Tianci had received instructions from Xia Yu yesterday, so he spent the morning at the headquarters.
When Xia Yu arrived with Michael Kadoorie, he immediately arranged for the transfer of the funds, and the sum of 610 million Hong Kong dollars was transferred to the account designated by Michael Kadoorie.
Xia Yu then personally accompanied Michael Kadoorie to HSBC, where they arranged with Shen Bi the subsequent transfer procedures.
Of course, Xia Yu no longer cared about these things.
He only knew that after taking over the Kadoorie family's shares, in addition to the remaining 3.6% of the total shares still in public hands, he actually held 96.4% of the shares of China Light and Power.
Together with the already wholly-owned Hongkong Electric Company, he completely monopolised the electricity market in Hong Kong and became the veritable king of electricity!
That afternoon, China Light and Power Company President Zhao Bo formally submitted a delisting application to the oldest Hong Kong stock exchange.
Despite the repeated persuasion of the shocked chairman of the board of directors of the Hong Kong Stock Exchange, in the face of Zhao Bo's firm attitude and high shareholding ratio, he could only sigh and sign to approve the agreement.
The stock exchange suspended trading in China Light and Power Company's shares that afternoon and issued an explanatory announcement. After the news spread, the stock exchange shook and the whole of Hong Kong was shocked, and the impact subsequently spread rapidly to Southeast Asia...
PS: The purchase price of 610 million is actually a loss for the Kadoorie family. The market value of CLP Power Hong Kong was around 1.89 billion before it fell. Xia Yu's previous acquisitions had a minimum premium of 20%.
Xia Yu has the additional title of 'King of Electricity'.
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