The battle between Vanke and Baoneng has been in the news since last year. All kinds of news broke out in the media, which was very exciting.
The current general situation is: Baoneng holds 25.04% of Vanke’s shares. Moreover, it has just joined forces with China Resources, Vanke's major shareholder (holding 15.31% of the shares), to veto Vanke's merger and acquisition plan to introduce Shenzhen Metro.
At the same time, the Baoneng Department proposed to remove 10 Vanke directors and 2 supervisors, including Wang Shitou and Yu Liang, as early as June. It seeks to end Vanke’s “Wang Stone Era”.
Vanke is fully engaged. Launched a massive public opinion war, sued Baoneng companies, and reported on Baoneng and China Resources. It also announced the source of funds and shareholding costs for Baoneng’s acquisition of Vanke.
The two sides were fighting fiercely.
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Jing Gao came over with a wine glass. Everyone who was chatting with Wang Shitou greeted Jing Gao one after another.
"Mr. Jing, have you finished chatting with the beauty?"
"Haha. Mr. Jing acquired Uber (China) for US$9 billion. He is a genius in the business world! Princess Wang wants to make friends with Mr. Jing. This is human nature!"
This licking is a bit too much! HNA Group has been very aggressive in mergers and acquisitions in the past two years, and its revenue is about to exceed one trillion yuan. It has a strong position in the world.
"Mr. Jing, we are all very optimistic about the future of Uber (China) and hope that under your leadership, we can win the subsidy war with Didi."
These days, which industry or industry does not have a “famous company” taking the lead? If you just look at reputation, Uber (China) will definitely lose to Didi in the field of travel. Just look at the list of investors. It can be said that the stars are shining at Didi.
Among the top BATs in the domestic venture capital circle, Baidu was in trouble in 2016. Senior executives resigned one after another, and its market value was gradually being further reduced.
As of the closing price of US stocks the day before yesterday, Baidu's market value was hovering around US$50 billion. Tencent and Alibaba are both around US$200 billion.
However, who would be intimidated by a “name” when doing business? Jing Gao was able to directly withdraw US$8.2 billion in cash, which shows how strong he is! So can Uber (China) still not win this subsidy war?
Jing Gao smiled and responded to everyone, many of whom had just seen him. He raised his glass to Wang Shitou and said, "Thank you, Mr. Wang, for attending today's shareholders' meeting and cocktail party."
In 2016, Vanke was still the largest real estate developer in China. Listed on A shares and H shares respectively. The market value is as high as more than 200 billion. Although its leader, Wang Shitou, does not have much personal wealth and is currently in dire straits, he still has a considerable status in the Chinese business community at this time.
In both circumstances, he should come over and say hello.
Wang Shitou raised his glass and drank, and said with emotion: "Seeing Boss Jing reminds me of when we were young. There are so many talented people in the world." Then he said: "Everyone, I'm sorry, I have a private matter with Boss Jing."
Everyone around him dispersed.
The crystal glazed light was bright and fell on the carpet in the banquet hall. The confidentiality of the Bankers Club is very good. It is said that "the club has no story", but the decoration is really poor and the style is old.
Wang Shitou had a wry smile on his lips, looked at the charming night view of the Huangpu River outside the window, and said, "Boss Jing, to tell you the truth, I came to the Magic City specifically to see you."
Jing Gao suddenly understood. Wang Shitou is here for investment! He is now looking for the "white horse rider" everywhere.
Let’s first review the “Baowan Controversy”.
Wang Shitou’s internal conversation on December 17 last year symbolized the beginning of the dispute between Vanke and Baoneng: a head-on conflict.
In fact, the so-called internal open letters are basically for outsiders to see. Wang Shitou mentioned that when Baoneng increased its stake in Vanke to 10%, he met and talked with Baoneng’s boss Yao for four hours.
Wang Shitou's words are a bit outrageous: It was Vanke's honor to choose Vanke's stock and increase its holdings at that point in time, but I don't welcome you if you want to become the largest shareholder. Then, list the shortcomings of Baoneng.
To put it bluntly, I just look down on Baoneng.
Vanke has been the largest real estate company in China for many years, and its market value ranks among the top among global real estate companies. The company's reputation is pretty good. Its leader said to capital: I don’t welcome you. This is not too far-fetched.
Moreover, Baoneng Department is not so kind in doing things. They often sell or spin off their assets after taking control of the company and conduct capital operations to make profits. Therefore, "Mr. Dong" later declared: If capital becomes a saboteur made in China, they will become sinners.
Baoneng's move against Gree came to an abrupt end, and was later labeled a "barbarian" by the China Securities Regulatory Commission. The China Insurance Regulatory Commission also immediately tightened its supervision of insurance funds.
But at this time, what Wang Shitou said last year was not so comfortable for capital ears. Ma De, if you have such a big loophole in Vanke's equity, how about I buy you? The rich man is the boss!
Therefore, Baoneng made it clear in June this year that he wanted to remove Wang Shitou, Yu Liang and others. If you look down on me, get out of here!
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Wang Shitou has been in the business world for a long time, and he is like a refined person. One look at Jing Gao's expression and he knew there was no need to beat around the bush, so he asked directly: "Is Phoenix Fund interested in investing in Vanke?"
Jing Gao was obsessed with the entire "Baowan Controversy". Even without assistants such as Guan Yujia providing information, he knew the situation. In fact, anyone who pays attention to the news will pay attention. After all, whenever the two sides make a move, it will be the headline.
Vanke's corporate culture believes in the professional manager system. To put it bluntly, we hope that shareholders will not interfere with the management of the senior management team and only receive dividends. Where can I find this kind of "good thing"? But the major shareholder China Resources Group has really supported it for many years.
Vanke has its historical background for doing this. During the shareholding reform that year, Wang Shitou took the lead in giving up his shares in Vanke. He has said this many times in public. And thus refined a series of "entrepreneurial spirit" and so on.
But that doesn't mean Vanke's executives don't want to hold shares. Vanke has a “Business Partner Stock Ownership Plan”. Executives use their dividends every year to purchase two asset management products, "Jinpeng" and "Deying". According to disclosures, as of the first half of 2016, these two products held a total of 7.12% of the shares.
Jing Gao saw netizens who supported Baoneng's acquisition scolding him that Vanke's stock never exceeded 10 yuan, Wang Shitou was a bastard, and he thanked Baoneng's boss Yao for helping me out.
The current stock price of Vanke is around 20 yuan, which is a price that has been beaten down. When purchasing Baoneng before, the highest point was more than 25 yuan.
so…
There is a real estate company under Mr. Jing: Xia Shang Real Estate, which is planning to merge with Canglong Real Estate and list on Hong Kong Island. Therefore, he only holds shares in Vanke and has little interest in making financial investments. This is inconsistent with the idea of holding shares and operating it personally that he has always pursued.
Jing Gao pondered and said sharply: "Mr. Wang, what benefits can I get by intervening in the Baowan dispute?"
