章節 1178: Chapter 1178: The Nature of the Island Consortium
"Okay, stop complaining. Anyway, the Sanhe Consortium is one of the six major island consortia. Within East Asia, no one is an opponent except me.'
'Let's get back to the topic and continue the meeting!'
Hearing Xia Yu say this, the crowd quietened down and once again focused their attention on Xia Yu.
Xia Yu took a sip of water to moisten his throat and continued, 'My biggest goal is to keep the Sanhe Consortium under control. Although the Sanhe Consortium has huge assets, amounting to more than 150 billion US dollars and involving more than 170 directly affiliated first-level companies, in reality, we only need to target the 41 core companies of Sanshui Association.'
'The other 136 peripheral companies with a shareholding of more than 10% don't need to be bothered about. Controlling the 41 core companies, especially the core Sanhe Bank, means that the 136 peripheral companies are also indirectly controlled.'
'But don't you think it's easy to manipulate just because there are only 41 core companies. In fact, due to the model of the island consortium, the difficulty is not average!'
Having said that, Xia Yu's face was unusually solemn, and even his tone of voice had increased quite a bit, causing Liu Yao and the others to feel a chill in their hearts.
The reason Xia Yu attached so much importance to it was that he had to mention the island country's consortium model.
The current island country consortium model, which Xia Yu could call the consortium 2.0 model, has been studied by economists from all over the world in later generations.
Before World War II, the 1.0 model of the island's four major financial groups was the pyramid shareholding model. However, when they were reorganized after the war, in order to comply with the US Antitrust Act, the island's financial groups changed from being directly controlled by a single company to being jointly held by multiple companies, and evolved into the reticular sphere shareholding model.
This reticular sphere shareholding model, like the neural network of the human brain, allows for faster information transmission and exchange between the consortia, making it more suitable for the market environment. In addition, with the management committee as the core of the brain, the consortium can pool ideas and make strategic adjustments.
This reticular sphere shareholding model makes Xia Yu's acquisition very difficult, much more difficult than when he targeted the Swire consortium and Hutchison Whampoa.
Due to the intensive cross-shareholding between companies, the top shareholders are basically corporate shareholders, and there are almost no individual shareholders. Moreover, the combined shareholding of these corporate shareholders is not high.
In Hong Kong, for example, the combined shareholding of the top ten shareholders in a company usually accounts for more than two-thirds of the total.
However, in the island country, the combined shareholding of the top ten shareholders in major companies is: 37.4% for Nissan Motor Company, 27.3% for Hitachi, 31.7% for Sumitomo Metal, 27.2% for NKK, 25.8% for Mitsubishi Heavy Industries, 36.5% for Toyota Motor Corporation, and 29% for Panasonic.
This level of concentration has only become more pronounced over the past 20 years, and it was even more dispersed before!
This corporate shareholder system has resulted in the management of most companies being handed over to professional managers, and the managers' associations of various business groups are the ones who decide whether professional managers stay or go. These managers' associations have a function similar to that of an organisation department, randomly deploying talent.
When Maruzen Oil was in crisis, it was decided during an internal discussion of the Sansui Association of the Sanwa Consortium that Shougorou Mori, the former deputy manager of Kansai Electric Power Company, would be appointed as the manager of Maruzen Oil as a representative of the financial sector. After him, Miyamori, the deputy general manager of Sanwa Bank, continued to succeed him, which enabled Maruzen Oil to once again get out of crisis and get back on track.
Of course, in the face of this consortium model, it is not to say that there is no opportunity to take advantage of the situation.
After all, as long as a company's shares are dispersed and listed, the egg will crack open, and there will always be opportunities.
Almost none of these large conglomerate companies are unlisted.
And once they are listed, they will have to sell 25% of their shares at the very beginning. After being listed for 10, 20 or even several decades, there will always be shareholders selling or buying shares, so there will be changes.
In order to understand the business market situation in the island country, Xia Yu's Jiuding Think Tank Business Research Institute studied the island country's stock market. The workload was not generally large, but Xia Yu was not disappointed. The Business Research Institute finally managed to get the data out before the new year.
Last year, the proportion of the main body of all listed companies in the island country was: domestic financial institutions held 40.7%, corporate legal persons held 24.3%, individuals held 22.9%, and foreign investors held 12.1%!
From these figures, it can be seen that as long as you can simultaneously target the island's financial institutions, individual shareholders and foreign investors, it is possible to increase the shareholding ratio to more than 34%. As for increasing it to 50% and 66.7% or more, that will be more difficult.
For example, in order to target the Sanwa consortium, it is necessary to target 41 core companies at the same time, which requires the mobilisation of extremely large amounts of capital, and it is almost impossible to keep it confidential.
In Xia Yu's opinion, the best, and almost only, solution was to cut off the Sanhe Consortium's funding chain, and then use the huge amount of capital to forcibly push the takeover forward, taking control of all the companies!
This required the right time, the right place, and the right people, otherwise it was almost impossible to succeed!
But it was precisely because of this difficulty that when the island nation was tied to the United States with a leash, the ten major American consortia were unable to take over the island nation's six major consortia.
Even the companies under the control of the island's six major consortia fiercely competed with American consortia internationally, and many companies even aggressively attacked the United States itself, forcing the United States to use policy weapons to intervene forcibly.
For example, in 1981, in order to protect its domestic automobile companies, the US government forcibly signed an agreement with the island government, limiting the number of automobiles exported from the island to the United States to 1.68 million per year.
With the number limited, the main struggle became the struggle between the island's domestic automobile companies.
The United States dared to bully the island country like this, but it did not dare to do the same to its European allies. This shows that the island country has the world's second largest economic strength, but it does not have a matching world status. It is no wonder that it is a dog of the United States.
Xia Yu glanced at the crowd and continued, 'These 41 core companies can be divided into three parts: financial institutions, general trading companies, and manufacturing industries.'
'Financial institutions include banks, trusts, insurance companies, funds, etc. The Sanwa Group actually involves four companies: Sanwa Bank, Toyo Trust Bank, Island Life Insurance Company, and Nomura Securities.
'There are two general trading companies: Nissho Iwai Corporation and Nichimen Corporation. These two are among the top ten trading companies in the island country and sell almost everything.
'Then there are the manufacturing industries, which are the remaining 35 industrial and mining enterprises and transportation companies.'
'These three parts correspond to the three parts of production, commerce, and finance. The operation of the island's financial groups also follows the model of combining production, commerce, and finance. This is somewhat similar to the form of three-dimensional operations, with the financial platform being the air force, the general trading company being the navy, and the industry being the army. The air force and navy are there to protect the army (industry).'
'The most important of these is the general trading company. It can sell anything, from eggs and screws to cars and warships. In addition to trading functions, general trading companies also have financial services, industrial investment banking, warehousing and logistics, intelligence, investment consulting and industrial organisation functions. They are the 'general staff' of the island economy and also the strategists of the island economy.'
'The reason I've told you so much is to give you an idea, so that you don't underestimate those general trading companies on the island that only appear to be selling things on the surface.'
'When taking action, focus on Nissho Iwai Corporation and Nichimen Corporation of the Sanwa Consortium.'
'Once the operation begins, the financial platform and the general trading company must be destroyed first. Once the Sanwa financial platform and navy (general trading company) are destroyed, it will be left with a huge army (manufacturing industry) that will have nowhere to go. Under the circumstances, it will have no choice but to be slaughtered by us. Understand?'
'Understood!'
Liu Yao and the others were first taken aback, but then they all nodded in unison and raised their heads to answer loudly.
Xia Yu nodded with satisfaction, 'Well!'
'It seems that you all have a clear understanding. The next part is the final part, where specific tasks will be assigned. The second half of the meeting will be longer, so we will take a ten-minute break. If you want to clear your minds, go ahead, but don't stay here and suffer.
'Hahaha...'
'What are you laughing at? Hurry up and go!'
The crowd let out a burst of laughter, and then, amidst Xia Yu's laughter and scolding, they all got up and left the meeting room.
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