Rebirth of the Strongest Tycoon

"Chairman, the situation of Cathay Pacific Airways is indeed very complicated, so the collection of information is relatively slow, making you wait for a long time."

After handing the information to Xia Yu, Huo Jianning explained a little embarrassedly.

After all, the two companies, Jiuding Securities Company and Jiuding Newspaper Company, are good at collecting business information, and they have a lot of information. In this case, it took him three days, and he felt a little embarrassed.

Xia Yu smiled indifferently, and after letting him sit down, he flipped through the pages.

This is about twenty minutes.

The Cathay Pacific situation is indeed complicated.

Xia Yu should say that it is worthy of being one of the core companies of the Taikoo Consortium. It not only involves a wide range of businesses, but also is very strict in terms of company control.

According to the data, although Cathay Pacific is a core member of the Swire consortium, it is actually a third-level subsidiary, or even a fourth-level subsidiary.

However, considering that the business of Heungkong and even Asia is handled by Heungkong Swire Group, which is separated from the British Swire Group in London, England, Xia Yu regarded Heungkong Swire Group as the core subject of Heungkong Swire Consortium.

Heung Kong Swire Pacific Group is not listed, and is controlled by 62% of the British Taikoo Group. You don't have to think about it, just pass directly, there is no chance.

Under Heungkong Swire Group, there are many first-tier subsidiaries, such as Swire Pacific Limited by Share Ltd, Swire Shipping, Swire Industries, Swire Finance, etc., which have the largest assets and have already been listed.

Swire Pacific Limited was listed in May 1973 when associated with Cathay Pacific.

In terms of shareholding structure, Heung Kong Swire Pacific Group holds 34% of the shares of Swire Pacific Co., Ltd., and then the Shi Yahuai family holds 17% of the shares through a wholly-owned family trust, and the Singapore Qiu family holds 10%. 7.8, Hong Kong Songjia holds 6.7 percent, HSBC holds 6.1 percent, Jiuding Securities holds 4.9 percent, Standard Chartered Bank holds 4.5 percent, and Jiuding holds 4.5 percent. Insurance holds 3.8% of the shares...

Although the three companies of the Jiuding Consortium secretly held 13.2% of the shares, Xia Yu had no chance to win Swire Co., Ltd.

Just because Heung Kong Swire Pacific Group and the Shi Yahuai Family Trust together hold 51% of the shares, this shareholding ratio directly makes everyone give up.

This was not the case in the past few years, but who made Xia Yu hunt the big British consortiums one after another, and scared the Shi Yahuai family to increase their shareholding quickly, and this is the situation now, Xia Yu can't blame anyone, who let himself I didn't directly engage in the Taikoo consortium at the beginning, and I already missed the opportunity.

Under Swire Pacific Limited, there are three directly subordinate secondary subsidiaries, namely Swire Properties Limited, Swire Airlines Limited and Swire Beverage Holdings Limited.

None of the three companies are listed and are 100% controlled by Swire Pacific Limited.

So Xia Yu couldn't do anything at this level.

Just keep looking down for opportunities.

Under the banner of Swire Airlines, there are three tertiary subsidiaries, namely Heungkong Airport Ground Handling Company, Cathay Pacific Airways and Heungkong Aircraft Engineering Co., Ltd.

Among these three companies, the most core is undoubtedly Cathay Pacific Airways!

Unfortunately, Cathay Pacific is not listed.

In terms of the company's shareholding structure, the parent company Swire Pacific holds 42%, HSBC holds 20%, Hong Kong Songjia holds 16%, and Standard Chartered Bank holds 13% , the brother company Heungkong Airport Ground Service Company holds 5% of the shares, and Heungkong Aircraft Engineering Company holds 4% of the shares.

Although Cathay Pacific is not a listed company, its parent company, Swire Pacific Limited, is a listed company.

Therefore, it is still necessary to publish financial reports on time every quarter and year.

Last year, Cathay Pacific achieved an operating income of HK$2.16 billion, carried 2.15 million passengers a year, and had a net profit of HK$470 million.

In terms of company assets, the most important thing is the aircraft. The company owns 21 aircraft, including six Boeing 747 series aircraft, including three of the best Boeing 747-200. The company's total assets are as high as 3.7 billion. 40 million Hong Kong dollars, net assets of 1.72 billion Hong Kong dollars, asset-liability ratio of 54%, the debt ratio is not high.

In terms of detailed assets, in addition to the aircraft, the more important ones are the shares and subsidiaries.

Cathay Pacific holds a 24.8 percent stake in sister company Heung Kong Aircraft Engineering and a 4 percent stake in Heung Kong Airport Ground Services.

In addition, there are four tier-4 (group-level) subsidiaries, which are the largest laundry factory in Hong Kong, which is wholly-owned by Yajie Laundry Co., Ltd., and Aviation Guard Co., Ltd., which holds 51% of the shares. , wholly-owned Cathay Pacific Cargo, and 51 percent-owned in-flight catering services.

These four subsidiaries provide a favorable guarantee for Cathay Pacific's services.

It's a pity that these four subsidiaries are either wholly owned by Cathay Pacific Airways, or the shareholding ratio is as high as 51%, and Xia Yu can't do it from here.

And to be honest, these four companies would not have developed so well if they were not subsidiaries of Cathay Pacific, so even if Xia Yu acquired them, they would have declined after losing the business of Cathay Pacific.

Therefore, Xia Yu can only look for opportunities at the level of Cathay Pacific and its brother companies.

But the opportunity is almost non-existent.

Because Cathay Pacific Airways, Heungkong Airport Ground Handling Company and Heungkong Aircraft Engineering Company have cross-shareholdings.

Among the shares of Cathay Pacific Airways, the parent company Swire Pacific is the largest shareholder holding 42% of the shares. Hong Kong Airport Ground Handling Company and Hong Kong Aircraft Engineering Company ranked fifth and sixth respectively, holding 5% and 100% respectively. four-thirds of the equity.

The three hold a combined 51% stake in Cathay Pacific!

Even if Standard Chartered Bank itself holds 13% of the shares, and Xia Yu manages HSBC and the Song family, the shareholding ratio will only be 49%, which cannot shake the Swire consortium's domination of Cathay Pacific!

Heung Kong Aircraft Engineering Co., Ltd. was listed in 1965. The largest shareholder is the parent company Swire Airlines, holding 26.2% of the shares; the second largest shareholder is Cathay Pacific Airways, which holds 24% of the shares. Eight.

The two add up to fifty-one percent!

Although Jiuding Securities now holds 17.7% of the shares (formerly owned by the Jardine Consortium), Standard Chartered Bank holds 10.09% of the shares, adding up to only 28.6%. It acquired the shares held by HSBC Bank. 8.4 percent, and 12 percent of the public are not enough either.

Not to mention that the public's equity can never be fully acquired, unless the company is privatized.

If the Hong Kong Aircraft Engineering Company cannot be acquired, then its 4% stake in Cathay Pacific Airways cannot be bought.

Then look at the Hong Kong Airport Ground Service Company.

This company was established in 1961. At that time, Swire Consortium, Jardine Consortium and Hutchison Enterprises were jointly established. The Swire Consortium was 45%, the Jardine Consortium was 45%, and Hutchison was 100%. of fifteen.

But two years ago, when the Jardine Consortium was dismembered, 40% of the equity held by the Jardine Consortium was bought by the Chinese bigwigs, and the tycoon of Yongxin Group, Cao Guangbiao, bought 24%. Huo Yingdong bought 16%.

The 15% belonging to Hutchison Enterprises entered Hutchison Whampoa after the merger of Hutchison International and Whampoa Dockyard, and Hutchison Whampoa was acquired by Xia Yu, so this 15% equity Now in the hands of Jiuding Industrial Group.

The 45% stake that originally belonged to Swire Airlines was transferred to Cathay Pacific Airways with 4%. At this time, the shareholding ratio of Swire Airlines was 41%.

But no matter how it is transferred, Swire Pacific and Cathay Pacific still hold a combined 45% stake in the Hong Kong Airport Ground Handling Company.

This is the only company in which the Swire consortium holds no more than 50 percent of the shares.

And because the Hong Kong Airport Ground Service Company has not been listed, the other two shareholders are Chinese bigwigs, namely Cao Guangbiao and Huo Yingdong, Xia Yu has great confidence in taking their shares.

But even if they took their equity and added 15% of their own, it would only be 55%, not 67%, and they would not be able to control the board of directors at all.

A single veto from Swire can block all important proposals, such as the proposal to sell the company's 5% stake in Cathay Pacific!

So what seems to be the most likely place to succeed is actually a dead end!

Rao is Xia Yu, who prides himself on being knowledgeable and resourceful. Facing this interlocking and flawless situation, there is also a trace of sadness on his brows.

difficult...

Is there really no chance?

Xia Yu thought with a great headache.

PS: In order to design this situation, it took more than four hours to collect information and scrutinize it again and again. The problem lies here. What reasonable method is used to get Cathay Pacific? It's time to test the level, everyone is welcome to speak up, crowdfunding to write a book, if everyone's opinions are good, I will copy the book review directly, and comment directly in the chapter of this chapter of the .asxs. reading app book.