The Industrial Giant Reborn

Chapter 131 General Meeting of Shareholders (3) - Delisting of Hutchison

"What?" As soon as the words fell, the venue immediately exploded. Many of the shareholders present bought Hutchison stocks at high prices, even at the peak price in 1973, and some may have lost 100%. Eighty or ninety, many people have become numb to this stock, and the reason why they don't sell it is because they have lost too much.

It's okay to lose, but now let them take out a large sum of money, how can this be tolerated? Connecting to the bank representatives sitting in the first row, except for Shen Bi, everyone else was also a little surprised, but this has nothing to do with them. If the shareholders can really pay for it, it can further reduce the risk for the bank.

"Chen Sheng is also planning to inject capital with him?" a person 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. If you are willing to inject more capital, you can get extra money." Those who are unwilling to inject capital or do not come to the scene will have some of their shares diluted.” Chen Zhiwen explained.

"Then why didn't Chen Sheng come to inject more capital?" Someone asked again.

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 this aspect can only be relied on by everyone present."

"No, why?" "No money." "Forget about filing for bankruptcy."

The voices from below were endless, and many people became excited. They once invested several million in it, but now they only lost tens of thousands, and now they still want to invest in millions? Who wants this?

"Chen Sheng, since you are so optimistic about Hutchison's future, why don't you just trigger the acquisition invitation? You can make a price for the stocks in our hands. If it is suitable, we will sell them to you. From now on, Hutchison will be yours alone. ’” Another 50-year-old bald man shouted.

"Yeah, since you are optimistic, you can play alone."

"right!"

"That's right, we all withdrew."

"Good idea!"

After a while, the rhythm of the scene changed completely, and several bank representatives in the first row were also stunned, but Shen Bi looked back at the most yelling ones, and seemed to understand something.

"Hutchison is a listed company, and everyone is a shareholder of Hutchison. Now that the Hong Kong market has improved, in a few years, I believe that 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 good stocks to invest in. I don't think we need to take risks on Hutchison?" Below, a few more people whispered to the people around them. was scattered out.

This sentence is very reasonable. Hong Kong's economy is indeed showing a recovery trend. Not to mention investors like them who have been in the stock market for a long time, ordinary people can also see that the most basic Hang Seng Index and land prices have begun to slow down. It has risen, and the government auctioned the land, and many people began to bid.

But Hutchison is still half-dead, and the debt is too heavy. They injected funds, and maybe they can recover in the future, but with a high probability, it is definitely not as good as other normal investments, not to mention, there is still a certain probability that they will not survive. of.

This is too bad? Now we need to inject a large amount of capital. If this capital is used to buy other houses or stocks, the benefits in a few years will definitely be better than investment and funds?

The voices below were bustling, Shen Bi frowned a little, the rhythm was brought here so quickly?

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 not willing to inject capital, we will fully respect your request, but the situation of Hutchison is indeed Additional capital injection is required to recover, so we offer a second option, that is, Hutchison will apply for delisting in the future. After delisting, our capital injection will not be restricted by the Securities Exchange Law. In this way, Chen Sheng can directly Large-scale capital injection, if you are willing to invest, you can keep up, if you are not willing, just reduce the stock share."

"Delisting? What are you kidding?" A bunch of stockholders exploded again. Although Hutchison's current stock price is bad, it can still be sold for money. If Hutchison is privatized, what the fuck? All the funds have become equity in non-listed companies that cannot be directly traded, and it is really a penny gone.

Zhou Jiayang waited for a while, and after the sound of the scene became quieter, he said: "Everyone, it is useless to make a loud voice. Let's vote at the shareholders' meeting. As long as more than 66.7% of the people agree, then Hutchison can apply for delisting."

"Smart enough." Shen Bi smiled at the bottom. 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 seems 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.

But there are not too many restrictions on delisting. As long as 66.7% of the shareholders agree, then follow the process. Chen Zhiwen alone owns 49.9% of the stocks, and many people on the scene must have been bought by him. Of course, privatization also needs the consent of their creditor banks.

"Chen Sheng, if we delist, everyone will lose too much. Why don't you make a price and buy our stocks." Another person below said.

Chen Zhiwen said into the microphone: "Sorry, I already own 49.9% of the shares. If I buy it again, it will trigger an acquisition invitation. If you are not optimistic about delisting or the company's new management, you can sell the shares in your hands before delisting." The stock is sold to others, and those who are optimistic about the new management can still hold it for a long time.

I hope everyone understands that the current situation of Hutchison is very dangerous, and the debt is very serious. Only a large amount of capital injection can save Hutchison. After the delisting, I will not be subject to any restrictions on capital injection. I believe that after ten years, Hutchison will definitely regain its previous status. At that time, I will also re-arrange the listing of Hutchison. I am willing to share weal and woe with us. Shareholders will surely be rewarded by then. "

"Are you kidding me? Wait ten years?" There is another group of buzzing voices below, investing in Hong Kong, everyone can't wait to make money in half a month, who is willing to wait for you for ten years? Who doesn't expect to get rich overnight by investing in stocks in the stock market? For ten years, you don't know how much money you can make by investing in other stocks. Who will share the joys and sorrows with you?

"Chen Sheng, the acquisition invitation is a restriction on you, but not on me. I own 2.5 million shares of Hutchison. How about this? I'll sell it to you at 1.1 times the current market price. What do you think?" Another person stood up and said.

"I can too."

"I would too."

All of a sudden, many people stood up and expressed their willingness to sell the stocks now. Before they came, many people just hoped that Hutchison would go bankrupt and go bankrupt. With privatization, more people want to let go.

Shen Bi looked at the few people behind him and frowned, not knowing for a while whether they were trusting them or it was real.

Based on his experience in Hong Kong, very 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, which is unacceptable to many people. Besides, The stock market itself is the best channel to obtain funds. Who would give up unless it is absolutely necessary?

For investors, the risk of delisting is also great. Of course, in general, in order to protect ordinary shareholders, the stock exchange will require a price mechanism that allows ordinary shareholders to withdraw, but this is a loophole. There are few cases of voluntary delisting, and the price is not as stipulated in the acquisition offer.

And even the acquisition offer actually has a lot of loopholes. Landmark’s share-for-stock acquisition of Milk International theoretically triggered the acquisition offer, but it didn’t even have a transaction price. After 50%, it will be a situation where the price will be exorbitant.

"Chen Sheng, if you want to buy it, you have to show some sincerity, right?" A person below said loudly, which caused many people to appeal. In fact, everyone already understood that this is a game, but there is no way. The situation, if it is really a vote, once 66.7% of the people agree to delist, the stocks in their hands will be embarrassing.

"Then I will increase the purchase price by 20%, what do you think?" Chen Zhiwen said.

The easiest way to deal with a group that is not united is to buy some 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 too bad. Many shareholders really want to get rid of it. In addition, I asked them to make another large capital injection, which aroused public outrage.

"20% is still too low. Generally, 30% is used for acquisitions in the market." Several other people continued to say, which also aroused some people's agreement. No one thinks that the money is too much, and they can sell at a high price. Who would disagree?

"30% is a normal market behavior. It is not the case of Hutchison. I also need to take a lot of risks to acquire all the shares. 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 it, then continue to hold it.” Chen Zhiwen said.

Different from the takeover offer, there is no way to enforce it after delisting. That is to say, even if Chen Zhiwen owns 99.9% of Hutchison shares, there are still a few holding 0.1% of the shares, so he can only let it go. Dilute the opponent's stock by injecting capital.

However, Chen Zhiwen didn't care too much, because for ordinary investors, a share in a non-listed company, especially with such a small amount of shares, would be equivalent to meat buns beating dogs with no returns, no dividends and no big shareholders. That way you can have management rights, and you can sell it, but who dares to want the current Hutchison?

The stockholders below were discussing again, and the voices of discussion were endless. Chen Zhiwen looked at the bank representatives in the first row below, and said, "My friends from the banks, what do you think about the delisting of Hutchison?"

Regarding this privatization, which took a long time to reveal its true purpose, the bank representatives looked at each other a few times, and it seemed that this matter was too big for them to decide.

Shen Bi, who was in the middle, said: "I agree with Chen Sheng's delisting, but 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 the others can't say anything more. The bank group's actions depend on the boss itself. Although some of their banks have far more power overseas than HSBC, this is Hong Kong, and no international bank can operate in Hong Kong. Comparable to HSBC.

"Dear shareholders, you still have time to think about this issue." Zhou Jiayang said, "It's almost noon now, and our group has already ordered a sumptuous lunch for you at the Hilton Hotel. go together."