章節 1354: Chapter 1354: Big Bang
Involving financial fraud, Wheelock Shipping simply did not dare to hire an accounting firm from Hong Kong.
Such matters must be kept as secret as possible.
Therefore, the best option for this matter was to hire an accounting firm controlled by the Sydney Consortium behind the scenes.
Dainst Accounting Firm, one of the top ten accounting firms in Australia, was cultivated by the Sydney Consortium.
As a third-party financial auditor, Dainste Accounting Firm has sufficient credibility to fool investors in Hong Kong.
In order to curb the decline in the stock price when urgently re-producing financial reports, Justin Kyle held a press conference that lasted half an hour.
During the press conference, Justin Kyle adopted an extremely tough stance, criticising the report of the Jiuding Securities Research Institute as extremely wrong and full of malice, and repeatedly affirming that Wheelock Shipping Company's operations were in good condition, that there was no loss at all, and that the company was now preparing last year's financial report, which would be announced to the public soon. Investors were asked to remain rational.
It must be said that the effect of this press conference was very good. After being widely reported in the media, market sentiment was greatly appeased, and more investors chose to wait and see for the time being.
Xia Yu absolutely did not believe Justin Kyle's words.
His Jiuding Business Research Institute had a very clear grasp of the situation of various companies in Xiangjiang, and it could be said that it was the party with the most information other than the business operators.
Before the sudden emergence of Trailblazer Corporation to acquire Wheelock Shipping Company, Xia Yu had already investigated very clearly, and he knew exactly what the fundamentals of Wheelock Shipping Company were.
It was absolutely impossible for the company to have made a significant improvement after Trailing Company had taken over, as it had immediately filled the holes from the previous three quarters.
Justin Kyle had vowed that Wheelock Shipping Company's financial reports would prove everything, and Xia Yu knew without even thinking what he was trying to do.
But guess what, the key is still to come up with strong evidence.
It can only be said that Justin Kyle underestimated Xia Yu's ability to gather information.
At Xia Yu's order, the net immediately began to secretly monitor the relevant financial figures of Wheelock Shipping Company. At the same time, intelligence agents infiltrated the finance department at night and installed listening devices.
Soon, there were results.
Jiuding Building, Xia Yu's office.
Xia Yu leaned back in his chair in a comfortable position, holding in his hand a copy of the financial report that the intelligence agents had made, which was the most authentic one.
'As expected, Wheelock Shipping has suffered heavy losses, even higher than the Jiuding Securities Research Institute's analysis.'
After reading the financial report, Xia Yu said coldly, then threw the report onto the desk and turned on a specially made recorder.
'...Sarah, the data here needs to be adjusted a bit, complete the production as soon as possible...Dainste Accounting Firm...'
This wiretap recording was selected by the intelligence officers of Luowang from among many recordings and was also the most useful.
At the same time, based on the content of the wiretap, the network also investigated information about Dainste Accounting Firm and, before Xia Yu gave the order, arranged for personnel from the Australian branch to begin operations.
On the Dainste Accounting Firm side, there had been no gains for the time being, but there was still time.
Later, Xia Yu made an instruction, telling the network to fully monitor the relevant personnel of Dainste Accounting Firm and to definitely catch a clue.
More than a week passed in a flash.
The market value of Wheelock Shipping Company fell to around 6.5 billion Hong Kong dollars and then stabilised. Although the fluctuations were severe, at least it did not continue to fall.
On the morning of 24 February, Wheelock Shipping Company officially announced its financial report for the previous year.
The report showed that in 1984, Wheelock Shipping Company's total turnover was 9.7234 billion Hong Kong dollars, with a net profit of 362 million Hong Kong dollars and a net profit margin of 3.72%.
Although the net profit margin was very low, Wheelock Shipping managed to remain profitable in a sluggish shipping market, and it had turned losses into profits compared to 1983.
In contrast, shipping companies in Hong Kong such as IMC, Orient Overseas Container Line and Wah Kwong Shipping were all in the red.
The difference was clear!
Moreover, this time, Wheelock Shipping had not yet received profit dividends from its five subsidiaries.
Considering the special influence of Wheelock Shipping Company and the entire Wheelock Group, the market value of Wheelock Shipping Company will naturally not be limited by the price-earnings ratio.
After the financial report was released, the stock price of Wheelock Shipping Company started to skyrocket.
At the close of trading that day, the market value of Wheelock Shipping Company had returned to the scale of tens of billions of Hong Kong dollars, reaching as high as 10.742 billion Hong Kong dollars.
The one-day increase was as high as 65%!
The increase jumped to the top of Hong Kong stocks!
Of course, Wheelock Shipping Company could not avoid becoming the biggest hot topic in the capital market.
Over the years, the credibility of the Jiuding Securities Research Institute has been established, but this time it took a big hit over Wheelock Shipping Company. It is not that no one questioned it.
It's just that Wheelock Shipping Company's financial report was done very reasonably, and the net profit margin was only 3.72%, which was not outrageous.
So although some people privately questioned it, they could not produce evidence and could not find any loopholes in Wheelock Shipping's financial reports.
Some relatively cautious investors took advantage of the rising share price of Wheelock Shipping to secretly sell their shares.
On February 25, under the manipulation of Top Leading, the share price of Wheelock Shipping continued to rise amid controversy, and once again surged past the HK$12 billion mark.
Just as Justin Kyle let out a long sigh of relief, the share price of Wheelock Shipping Company fluctuated violently for a few minutes, and then a large number of sell orders appeared on the market, and the share price began to fall.
While he was confused, his subordinate suddenly rushed into the operation room to report an emergency to him.
'President, it's bad, the Jiuding Securities Research Institute has publicly reported our company's financial fraud to the Securities Regulatory Commission and the Hong Kong Stock Exchange under real names.'
'How is that possible!'
'How dare they do that?'
Justin Kyle's face paled, and he yelled in disbelief, his heartbeat suddenly accelerating.
This was a blatant act of defiance. How did the Jiuding Securities Research Institute have the nerve to report this?
The Jiuding Securities Research Institute was directly gambling with the company's reputation. This was absolutely insane!
This was completely unexpected by Justin Kyle, and caught him off guard.
'Could it be that... they have sufficient evidence?'
'Has the company's true situation been leaked? Is there a traitor?'
Justin Kyle's mind suddenly came up with a few ideas, causing his palms to sweat rapidly and his body to tremble with nervousness.
'We must find out what's going on!'
Thinking this, Justin Kyle hurriedly left the operations room and called Myron Marjorie, asking him to call in all the people involved in preparing the financial report to his office.
In addition to urgently investigating the traitor, he also had to double-check the accounting situation to ensure that it would be difficult to detect.
The Securities Regulatory Commission and the Hong Kong Stock Exchange received a real-name report and will definitely come to Wheelock Shipping to investigate the accounts!
This is a fatal crisis!
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