Video Game Empire

Previously, the Kadoorie family had to raise a total of 10 billion yuan because they triggered a full acquisition of the hotel group. The assets in their hands can be mainly divided into three parts, the equity of China Power Corporation, the equity of the hotel group, and the property and other investments.

The majority of this is naturally the shareholding in Chunghwa Electric Power Company, and the total market value of CLP is now around 30 billion Hong Kong dollars. The Kadoorie family holds a 30% stake, which is a market value of 9 billion.

The mortgage interest rate of Hong Kong banks for equity pledge usually does not exceed 40%. That is to say, the Kadoorie family mortgages all the CLP shares they hold to the bank, and they can exchange up to 5.5 billion in cash.

This is 4.5 billion short of the total fundraising goal of 10 billion! As for the properties and other investments held by the Kadoorie family, even if they can get back 2 billion in cash after they are mortgaged to the bank, there is still a shortfall of 2.5 billion.

And the remaining part of the gap, which requires the use of large hotel groups to mortgage the bank. Because the Kadoorie family initiated a comprehensive acquisition of the hotel group, they could pre-mortgage the entire hotel group to the bank.

Of course, the market value cannot be calculated according to the premium given by the Kadoorie family, but according to the total market value of 8 billion before the outbreak of the acquisition war. That is to say, the Kadoorie family used the entire hotel group as collateral, and they could exchange almost 5 billion funds from the bank.

After deducting the 2.5 billion gap needed to complete the acquisition before, the remaining funds they can use are only 2.5 billion Hong Kong dollars!

If the Kadoorie family wants to keep the control of CLP, they must increase the shareholding to more than 50%. Not to mention whether the full acquisition will be triggered in the future, he only holds 30% of the shares and the remaining 20% ​​of the shares. Even if there is no premium and only the acquisition at the market price, at least 6 billion funds are needed.

This is all in the most ideal situation to estimate the capital chain of the Kadoorie family. In fact, under the pressure of Li Xuan, the second shareholder, CLP has been issuing new shares in recent years to raise the funds needed to expand power generation capacity.

In order to ensure that their shareholding ratio is not diluted, the Kadoorie family can only continuously increase their holdings of new shares in proportion. And this requires a lot of capital investment, so the Kadoorie family chose to mortgage part of the equity to the bank to raise funds.

Of the 30% equity they hold in CLP, only about 20% remain unsecured. That is to say, the actual capital chain of the Kadoorie family is much tighter than the previous estimate. The remaining funds they can use are not 2.5 billion, but only a few hundred million at most.

On the other hand, Li Ka-shing made adequate preparations before taking action. The two listed companies in his hands, Cheung Kong Industrial and Hutchison Whampoa, can bring him sufficient bank credit.

What's more, the 14.5% CLP shares that Li Xuan transferred to him does not require him to pay immediately, but can wait for the settlement to be settled when the funds are more abundant.

Therefore, with such a huge disparity in the financial strength of the two sides, there is no suspense about who China Power will eventually fall into.

Unless the Kadoorie family can obtain a huge amount of unsecured credit from the bank, this is not a problem that can be solved by one or two billion, but at least 5 billion Hong Kong dollars.

How could any bank dare to disregard huge risks and make such a huge endorsement to the Kadoorie family?

Li Xuan wished that Pu Weishi from HSBC could jump out of his head and be the savior at this time.

Hong Kong public opinion has described Li Jiacheng and Kadoorie's CLP acquisition battle as another epic showdown between Huaying Capital after Li Xuan and Yihe Group competed for the land company!

If HSBC chooses to fully support the Kadoorie family at this juncture, Li Xuan will just take the opportunity to dirty the other party's hands and put the hat of malicious suppression of Chinese capital on HSBC's head first!

You must know that Li Jiacheng is also one of HSBC's important customers. Even if HSBC can't achieve a complete level at this time, it can't help it out of reason!

It's a pity that Pu Wei Shi and HSBC are very clear-headed, and they know what choices they should make!

Therefore, the battle of dragons and tigers expected by public opinion failed to be staged, but it was a shocking rolling massacre-kill! The Kadoorie family hardly resisted, and watched the CLP, which was developed by their own hands, finally fall into the hands of Li Jiacheng.

It is estimated that even Li Jiacheng himself could not believe that he would win so easily, but the fact is right in front of him. The whole Hong Kong was in an uproar, and this was exactly what Li Xuan wanted to achieve!

Britain's 150-year colonial rule over Hong Kong has made most Hong Kongers subconsciously regard themselves as second-class citizens. In fact, since the late 1970s, the proportion of Chinese capital in Hong Kong's economy has gradually caught up and surpassed that of British capital.

Wharf, Hutchison Whampoa, Wheelock, these long-established British firms are controlled by Chinese capital one by one. But it wasn't until Li Xuan seized Landmark from Yihe Group that Hong Kong people realized that their power had turned out to be so powerful!

However, Li Xuan belongs to an outlier in the hearts of most Hong Kong people, and in just a few years, he has ascended the throne of the world's richest man. Such an amazing growth rate of wealth is unprecedented in Hong Kong, even in the world!

Therefore, in the eyes of many Hong Kong people, anything Li Xuan does does not have broad representative significance! In contrast, Li Jiacheng, who started from scratch in the 1950s, is the most outstanding representative of the new generation of Chinese entrepreneurs who rose after the war in Hong Kong.

Different from the pre-war Chinese comprador capitalists, Li Jiacheng's generation of tycoons is a tycoon, relying on the hard-working Lion Rock spirit to make a fortune step by step, and can even attract ordinary Hong Kong citizens!

And Li Jiacheng's opponent this time, the Kadoorie family, is the number one British chaebol in Hong Kong after the gradual weakening of the Jardine He Group. The showdown between Li Jiacheng and Kadoorie truly represents the competition between Hong Kong's top Chinese and British capital!

Now, since Li Jiacheng can sack Kadoorie, can the Chinese tycoons in Hong Kong, such as Bao Yugang, Huo Yingdong, Guo Desheng, Zheng Yutong, and Li Zhaoji, who are of his same generation, can also wrestle with Shi Huai Ya of Swire Group. ?

It can be said that the shock caused by the CLP battle in Hong Kong is even more profound than that of Li Xuan's acquisition of Landmark a few years ago. The impact of Li Xuan's actions at the time was more of establishing a special status for him and the Oriental Group in Hong Kong.

But this time is different. Li Jiacheng's hearty victory has caused all kinds of ripples in the entire Chinese capital circle.

Soon, someone really set their sights on Shi Huai Ya of Swire Group, trying to persuade Li Xuan to simply do nothing and overthrow the second-largest British chaebol in Hong Kong after Kadoorie. Stomp your feet hard.

"Mr. Cao, I am very willing to take Cathay Pacific in my pocket, but since He Nai's listing in 1986, Swire Pacific's shareholding ratio has never been lower than 50%.

You also know that Cathay Pacific contributes nearly half of the profits of the entire Swire Group, and Shi Huai Ya will never sell this golden rooster that only lays golden eggs to others!

To be honest, Dragonair has come to this point. Although it has nothing to do with the deliberate suppression of the Hong Kong government, the mistakes in your own development positioning are also to blame! "Facing Cao Guangbiao who was several decades older than his father sitting in front of him~www.wuxiaspot.com~ Li Xuan ruthlessly commented.

Cao Guangbiao is a famous "textile tycoon" in Hong Kong and the largest sweater manufacturer in the world. In the initial stage of Hong Kong's post-war industry, the textile industry occupies a very important position.

However, with the entry into force of the International Textile Trade Agreement in 1974, Hong Kong's textile exports were subject to quota restrictions, which turned from prosperity to decline. After entering the 1980s, local labor costs in Hong Kong began to soar, and the labor-intensive textile industry was the first to bear the brunt.

Textile tycoons have begun to break through, some relocated their factories to the north, and some chose to change careers. Among them, there are many examples of very successful transformation. For example, Lin Baixin and Chen Tinghua have become well-known real estate tycoons in Hong Kong and Kowloon, and their family assets have doubled several times.

If there is a rising sky, it will naturally be unlucky. The most typical failure case is Cao Guangbiao. He did not choose to enter the real estate industry at that time, but envied Cathay Pacific Airways, which made a lot of money, so he established Dragonair, wanting to take a share of the aviation industry!

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