At 9:30 am on February 22, 2019, the annual general meeting of shareholders of the Hong Kong Stock Exchange was held at the Financial Town Hall on Hong Kong Island.
Representatives of large and small shareholders entered the venue one by one. At the same time, there were media reporters outside the venue waiting for the latest results.
Yan Jianxin, secretary of the board of directors of the Hong Kong Stock Exchange, asked for instructions from the chairman of the board of directors, Jiao Youlan, and announced in English: "Everyone, this year's annual meeting of the Hong Kong Stock Exchange will now begin, and the first agenda item will begin..."
In the past, the rotation of shareholders of the Hong Kong Stock Exchange was held directly in the conference hall of the Hong Kong Stock Exchange, without using the auditorium at all.
Because in addition to the major shareholder, the Hong Kong government, which holds less than 6% of the shares, the Hong Kong Stock Exchange also has twelve secondary controller entities approved by the Hong Kong government, accounting for a total of 76% of the shares.
It was disclosed in the annual report of the Hong Kong Stock Exchange that the information of the twelve secondary controller entities can be found on the official website of the Hong Kong Stock Exchange, but in fact it cannot be found. That’s how awesome!
But these secondary controllers actually know who they are. You can guess it by looking at the work resumes of the six directors elected by shareholders of the Hong Kong Stock Exchange!
Before the reforms of Li Xiaojia, the then CEO of the Hong Kong Stock Exchange, in 2017, Hong Kong stocks implemented the policy of same shares, same rights, and there were no AB shares. Therefore, many large companies will not risk reducing their controlling shareholding to about 30%. Instead, they will hold more than 50% of the shares and firmly control their own companies.
Hong Kong stocks also had financial operations back then. Luo Zhaohui, the Hong Kong stock prodigy at that time and closely related to Liu Daxiong, once made all the difference in the Hong Kong stock market!
Therefore, the Hong Kong Stock Exchange stipulates that listed companies must have at least 25% of their outstanding outstanding shares. Companies with a total share capital of more than 400 million yuan can reduce the float ratio to at least 10%. The Hong Kong Stock Exchange currently follows this rule.
Listening to the voice of Yan Jianxin, the secretary to the board of directors who presided over the meeting, Jiao Youlan, the chairman of the board of directors, pondered slightly.
This year's shareholders were so active and enthusiastic that the shareholders' meeting had to be held in the Financial Town Hall on Hong Kong Island, which can accommodate more people.
What an eventful time!
It was difficult for her to see where Mr. Jing's chances of winning were. This time, British and American capital, headed by Lenny Mellon, set the table. Even if Mr. Jing holds 10% of the shares, what's the use? It’s not like we can’t elect a director.
The candidate put forward by Bank of East Asia, the entity that is the secondary controller of the Hong Kong Stock Exchange, is Michael Kadoorie, who is unlikely to be elected today.
There is a process for the shareholders' meeting, and the candidates for the board of directors proposed by all parties are clear-cut. According to the regulations of the Hong Kong Stock Exchange, two director seats need to be up for election at the annual general meeting of shareholders.
This year, it is a person recommended by the Financial Secretary of the Hong Kong Government and a person recommended by the shareholders of the Hong Kong Stock Exchange. Needless to say, the selection of candidates from the Hong Kong government is the focus of the competition on the candidates for directors recommended by the shareholders of the Hong Kong Stock Exchange!
JPMorgan Chase, Bank of New York Mellon, HSBC, BlackRock, Vanguard Group, Swire Group, and Standard Chartered Bank jointly recommended Carlos Bellman, who has a background in JPMorgan Chase.
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Lanny Mellon did not go to the Hong Kong Financial City Hall, nor did he sit at home and wait. Today, he has joined forces with various forces to prevent Jing Gao from entering the board of directors of the Hong Kong Stock Exchange, which also consumes a lot of resources. In his heart, he was waiting for a while to taste the fruits of victory.
"let's start!"
Lenny Mellon's confidant nodded, "Mr. Mellon, there are six items on the agenda for today's shareholders' meeting. The third item on the agenda is to elect new directors. The 2018 annual financial statements will be reviewed and approved. It will start in about half an hour. vote."
Lenny Mellon smiled as he sipped his whiskey on the rocks. Looking out the window at the street scene in Central.
He is currently in the Mandarin Oriental Hotel not far from the Hong Kong Financial City Hall. Wait for the results for a while.
Just after the end of this year, the Hong Kong government approved Bank of East Asia, which holds 3.78% of the shares of the Hong Kong Stock Exchange, as the thirteenth secondary controller entity of the Hong Kong Stock Exchange. This is an effort made by Jinggao.
But what's the use?
He can definitely avenge his shame!
The year before last, when Jing Gao brought Uber to Hong Kong for listing and hoped to adopt the AB-share system, he was unanimously rejected by shareholders like them!
AB shares are a general trend among global exchanges, but they don’t want to use them on Uber, the leading company in China’s travel industry. Because this will not be conducive to their efforts to control Uber in the future.
At that time, Jing Gao's attention was focused on Li, the richest man, who came forward, and the two sides engaged in a war of words in the media. It ended with Jing Gao secretly acquiring 8.7% of the shares of the Hong Kong Stock Exchange! This share share is enough to ensure that Uber goes public!
He, HSBC, Morgan Stanley and others went to communicate with Jing Gao, but he was ignored by Jing Gao and was humiliated on the spot! This stuck in his mind.
Today, after planning for so long, I finally want to avenge my shame!
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"Mr. Michael Kadoorie was nominated by the Bank of East Asia, the secondary controller of the Hong Kong Stock Exchange. Mr. Kadoorie has been doing business in Hong Kong Island for many years and is a well-known entrepreneur. He joins the board of directors of the Hong Kong Stock Exchange and must have some influence on the governance of the board of directors. benefit.
Carlos Bellman has worked in JP Morgan Asia Pacific for many years and is familiar with various situations in the Asian financial industry. By joining the board of directors of the Hong Kong Stock Exchange, he can give full play to his advantages in the financial industry and increase the strength of the Hong Kong Stock Exchange.
Below, please vote on behalf of shareholders! "
Jiao Youlan, chairman of the board of directors, said a few impartial words on the podium and announced the start of voting.
In her eyes, although the Hong Kong Stock Exchange has an extraordinary status, it is a financial center of financial centers. But this vote is not actually a thrilling battle. In fact, it is a vote with a clear situation. There are only a few major voting parties in Gein!
Moreover, Hong Kong shareholders may still support the nominees of Bank of New York and JPMorgan Chase.
As for the power of these two parties, she didn't want to offend anyone, so she naturally remained neutral.
One by one, shareholder representatives began to vote, and people kept coming in and out of the auditorium to receive remote instructions from the bosses.
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Hong Kong Island, Shangri-La Hotel Pacific Place.
Shangri-La Hotel is a property of the Guo family in Malaysia. The Pacific Place store is not far from the Hong Kong Island Financial Auditorium, where the Hong Kong Stock Exchange's general meeting is held today.
At this time, the second-generation descendants of the Chinese giant business families from Southeast Asia gathered here quietly. The children of the Guo family, Lin family, and Qiu family are all here. Of course not all. Otherwise, it will not be quietly but openly.
Guo Lingyu, chairman and CEO of Bank of East Asia, entertained everyone as the host. Here are her cousin Guo Huiguang, who is in charge of the family business, uncles from the Qiu family, and elders of her good friend Lin Lujing.
Guo Siyue, chairman of Yuexiu Bank, was also there, and beside her was Qiu Qiqing, the most outstanding girl among the three generations of the Qiu family.
Everyone was smiling and drinking tea.
"Let's start voting!" Guo Huiguang asked the 33-year-old beautiful young woman Guo Lingyu while drinking tea with a smile.
Guo Lingyu's dress does not have much of the nobility of a wealthy businessman family, but rather looks like a Western-style workplace elite. This is related to her experience of studying in the United States and working at Goldman Sachs for a long time.
"Yes."
Guo Huiguang is the daughter of King Guo Sugar. When her two brothers disappointed their father, she took over the power of the Guo family and said, "Then let's get started! So that our Mr. Jing won't be impatient."
Everyone agreed and called their respective connections. Everything is going according to protocol.
