"What?" As soon as he finished speaking, the venue immediately exploded. Many of the shareholders present also bought Hutchison stocks at high prices. They even bought them at the peak price in 1973, and some may have lost 100%. In the eighties or nineties, many people have become numb to this stock. The reason why they do not sell is because they have already lost too much.
It's okay to lose money, but now they are asked to take out a large amount of money. How can I tolerate this? After talking to the bank representatives sitting in the first row, except Shen Bi, everyone else was a little surprised, but it had nothing to do with them. If the shareholders could really spend money, it would further reduce the risk for the bank.
"Chen Sheng is also planning to invest together?" someone below raised his hand and asked.
"Of course, according to the proportion, I will inject 100 million Hong Kong dollars, and all the remaining shareholders will bear it together. Considering that not all shareholders are present, you will not inject capital according to your own proportion. Those who are willing to inject more can get additional shares, but those who are unwilling to inject capital or do not come to the site will have their shares diluted partially." Chen Zhiwen explained.
"Then why didn't Chen Shenglai inject more capital?" someone else asked.
Chen Zhiwen said: "My shareholding ratio has reached 49.9%. Once more capital is injected, the shareholding ratio will exceed 50%, triggering an acquisition invitation, so I can only rely on everyone present."
"No, why?" "No money." "Forget it, file for bankruptcy."
The voices below are endless, and many people have become excited. They once invested millions, but now they only lose tens of thousands. Now they have to invest millions? Who wants this?
"Sheng Chen, since you are so optimistic about Hutchison's future, you might as well trigger the acquisition invitation. You can give us a price for the stocks in our hands. If the price is right, we will sell it to you. From now on, Hutchison will be yours alone." ." Another 50-year-old bald man shouted loudly.
"Yeah, since you like it, you can play alone."
"right!"
"That's right, we all evacuated."
"What a great idea!"
After a while, the rhythm of the scene completely changed. Several bank representatives in the first row were also stunned. Shen Bi, on the other hand, looked back at the ones who shouted loudest, and seemed to understand something.
"Hutchison is a listed company, and everyone is a shareholder of Hutchison. Now the Hong Kong market has improved. In just a few years, I believe Hutchison will be able to get out of the current predicament, and everyone will be able to get the dividends they deserve. "Chen Zhiwen said.
"Hong Kong's economy is getting better, and there are too many stocks that are good for investment. I don't think we need to take risks on Hutchison?" Below, several people whispered to the people around them. Several people formed a group, and then the news was dispersed.
This sentence makes sense. Hong Kong's economy does have a recovery trend. Not to mention investors like them who have been in the stock market for a long time, even ordinary people can see it. The most basic Hang Seng Index and land prices have begun to slowly It has risen, and many people have begun to bid for land at government auctions.
But Hutchison is still half-dead now, and the debt is too heavy. They may be able to recover in the future by injecting funds, but with a high probability, it will definitely not be comparable to other normal investments, not to mention, there is still a certain probability that they will not survive. of.
Is this such a loss? Now we need to inject a large amount of capital. If we use this capital to buy other houses or stocks now, the benefits in a few years will definitely be better than investing in Hutchison?
The voices below were bustling, and Shen Bi frowned a little. He was brought here at such a fast pace?
Zhou Jiayang on the side picked up the microphone and said: "Everyone, please keep quiet. Although Chen Sheng is the major shareholder of Hutchison, if you are unwilling to inject capital, we will fully respect your request, but Hutchison's situation is indeed Additional capital injection is required to recover, so we offer a second option, which is that Hutchison will apply for delisting in the future. After delisting, our capital injection will not be restricted by the Securities and Exchange Law. In this way, Chen Sheng can directly If you are willing to invest, you can follow up on a large-scale capital injection. If you are not willing, just reduce the share share."
"Delisting? Are you kidding?" A bunch of stock investors exploded again. Although the current share price of Hutchison is terrible, you can still make money by selling it. If Hutchison is privatized, what the hell? All the funds turned into equity of unlisted companies that could not be directly traded, and there was really no penny left.
Zhou Jiayang waited for a while, and after the voice at the scene became quieter, he said: "Everyone, it is useless to speak loudly. We should still vote at the shareholders' meeting. As long as more than 66.7% of people agree, then Hutchison can apply. Delisted.”
"Smart enough." Shen Bi smiled below. If Hutchison is to be privatized according to the acquisition invitation, the transaction price must be higher than the highest price within half a year. The previous price seemed to be 4.9 Hong Kong dollars, which is higher than the current price. Three times more expensive, the cost of privatization in this case is too high.
However, there are not many restrictions on delisting. As long as 66.7% of shareholders agree and follow the process, Chen Zhiwen alone owns 49.9% of the stocks. In addition, many people on the scene must have been bought by him. It is completely controlled. Of course, privatization also needs the consent of their creditor banks.
"Sheng Chen, if we delist, everyone's losses will be too great. Why don't you offer a price to acquire the stocks in our hands." Someone else said below.
Chen Zhiwen said into the microphone: "Sorry, I already own 49.9% of the stock. If I acquire more, it will trigger an acquisition invitation. If you are not optimistic about delisting or the company's new management, you can buy it before delisting." The stock is sold to others, and those who are optimistic about the new management can still hold on to it for the long term.
I hope you understand that Hutchison's current situation is very dangerous and its debt is very serious. Only a large amount of capital injection can save Hutchison. But now Hutchison can no longer obtain funds through additional shares, so it can only delist. , I will not be subject to any restrictions on my capital injection after delisting. I believe that in ten years, Hutchison will definitely regain its previous status. By then, I will also rearrange Hutchison’s listing. I am willing to share the joys and sorrows with us. Shareholders will surely be rewarded by then. "
"Are you kidding? Wait ten years?" There was another buzzing voice below. When investing in Hong Kong, everyone wants to make money in half a month. Who is willing to wait for you for ten years? Who plays stocks in the stock market and doesn’t expect to get rich overnight by investing in stocks? For ten years, you no longer know how much money you can make by investing in other stocks. Who will share the joys and sorrows with you?
"Sheng Chen, the acquisition invitation is a restriction on you. It has no requirements on me. I own 2.5 million Hutchison shares. Let's do this. I'll sell it to you at 1.1 times the current market price. What do you think?" Another person said He stood up and said.
"I can too."
"I would like that too."
Suddenly, many people stood up and expressed their willingness to sell stocks now. Before they came, many people just hoped that Hutchison would go bankrupt and go bankrupt. Everyone could share a little bit, and now they know that they are about to be With privatization, more people are thinking about letting go.
Shen Bi looked at the people behind him and frowned. He didn't know for a moment whether they were asking for help or for real.
Based on his experience in Hong Kong, few companies choose to delist, because once they voluntarily delist, they will be restricted from listing again for a period of time in the future. This is unacceptable to many people. Besides, The stock market itself is the best way to obtain funds. Who would give up unless they have to?
For investors, the risk of delisting is also very high. Of course, under normal circumstances, in order to protect ordinary shareholders, the stock exchange will require a price mechanism that allows ordinary shareholders to withdraw. However, this is a loophole. In Hong Kong’s history, In the few cases of voluntary delisting, the price was not as stipulated in the acquisition offer.
Even a takeover offer actually has a lot of loopholes. Land's share-for-share acquisition of Milk International theoretically triggers a takeover offer, but there is not even a transaction price. It can be regarded as seizing a loophole in the takeover offer and avoiding it. After 50%, the price will be sky-high.
"Chen Sheng, if you want to acquire it, you have to be sincere, right?" A person below said loudly, causing many people to appeal. In fact, everyone already understood that this was a game, but there was nothing they could do about it. They controlled the entire situation. The situation is that if there is a vote, once 66.7% of people agree to delist, the stocks in the hands of people like them will be embarrassing.
"Then I increase the purchase price by 20%. What do you think?" Chen Zhiwen said.
The easiest way to deal with a disunited group is to bribe some of the people in it. Under the deliberate guidance of a few people, it can cause a very large differentiation effect. Of course, the most important thing is that Hutchison's current situation is so bad. Many shareholders really want to be relieved. In addition, he asked them to make another large capital injection, which aroused public outrage.
"20% is still too low. The average purchase price in the market is 30%." Several other people said in succession, which also caused some people to agree. No one would mind that the money is too much, and if it can be sold at a high price, who would disagree?
"30% is normal market behavior. This is not the case with Hutchison. To acquire all the shares, I need to take a lot of risks. However, I can still increase the price to 25%. You can discuss it internally. If you are willing, now You can trade it, if you don’t want to, then continue to hold it." Chen Zhiwen said.
Different from the takeover offer, there is no way to enforce it after delisting. In other words, even if Chen Zhiwen owns 99.9% of Hutchison shares and a few others hold 0.1% of the shares, he can only let it go. At most, he can Dilute the other party's shares by injecting capital.
However, Chen Zhiwen doesn't care very much, because to ordinary investors, the shares of an unlisted company, especially such a small number of shares, are like a meat bun with no return, no dividends, and not like a major shareholder. That way you can have management rights and sell it, but who dares to ask for Hutchison now?
The stock investors below were having another discussion, and the discussion was endless. Chen Zhiwen looked at the bank representatives in the first row below and said, "Dear bank friends, do you have any opinions on Hutchison's delisting?"
Regarding this privatization, which took a long time to reveal its true purpose, the bank representatives looked at each other a few times. This matter seemed to be too big for them to decide.
Shen Bi in the middle said: "I agree with Chen Sheng's delisting, but in the future, Chen Sheng needs to give us a detailed plan on the debt issue."
"Okay, no problem." Chen Zhiwen nodded and said.
Shen Bi has already spoken, and others can't say anything. The banking syndicate itself depends on the boss. Although some of their banks are far more powerful overseas than HSBC, this is Hong Kong, and no international bank can do so in Hong Kong. Better than HSBC.
"Dear shareholders, you still have time to consider this matter of delisting." Zhou Jiayang said on the side: "It's almost noon now. Our group has booked a sumptuous lunch for you at the Hilton Hotel. Please go together."
(End of chapter)
