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Chapter 820 Shopping malls are like battlefields

On February 2, Yulang Group in Hong Kong announced its interim results. Not only did its profits drop sharply, but its chairman Huang Yulang's shareholding dropped from more than 1% in the past to 50%.

At the same time, Yulang Group also proposes to sell new shares, which will be underwritten by Huang Yulang, and the purchase price is only HK$0.48 per share.

Huang Yulang suffered heavy personal losses. In addition to vomiting out all his past earnings, he also had to mortgage the Yulang stocks he held in order to obtain loans to fill his positions.

However, due to the huge losses in the stock market crash, Yulang Group's stock price plummeted. Under various crises, the shares of Yulang Group held by Huang Yulang continued to decline, and the controlling stake in Yulang Group was in jeopardy.

Zheng Jinghan, who had long coveted Yulang Group's "Capital" magazine, began to deploy acquisitions.

On February 2, Zheng Jinghan proposed a comprehensive acquisition proposal to Yulang International through its subsidiary company "Spaceman". The acquisition price was HK$12 per share, involving a total of HK$0.8 million.

If you only look at the book figures, the price of this acquisition is staggering, because the price-earnings ratio is as high as more than 60 times.

In the past, there have been many rumors in the market that a consortium has acquired the controlling stake in Yulang Group. The rumors involved include Jardine Matheson Group and Australian newspaper king Meifeng. The buyer may have given up seeing that Huang Yulang had no intention of giving up Yulang Group, and decided to There is no hostile takeover like Zheng Jinghan.

But now Huang Yulang owns more than [-]% of Yulang Group's equity, and his control is as stable as Mount Tai.

However, even if Huang Yulang does not work hard to consolidate control, Zheng's acquisition plan will hardly succeed.

Because Zheng Jinghan doesn't even have f shares of Yulang International on hand, and the cost of holding shares of Yulang International in the market is very high.

绝大部分是在去年股灾前以每股1港元、1. 5港元以至 3港元以上购入，有谁愿意大幅亏损去接受郑每股0.8港元的收购价？

If they are willing, the loss-making shareholders will not care about the difference of one or two cents, and have already sold in the market at the level of five or six cents.

Therefore, shareholders who hold F shares of Yulang Group will not accept the acquisition easily.

Unfortunately, Shengshi is also one of Yulang's F-share shareholders.

Zheng's appearance is actually just the prelude to the entire Yulang Group's takeover battle, and the real good show is yet to come.

Just this past month, Hu Xian, the main sniper in this takeover battle and the chairman of Sing Tao Newspaper Group, began to enter the role.

Huang Yulang faced a stronger opponent than Zheng Jinghan.

In addition to the above news, on February 2, Li Cucumber replaced Feng Wanju as the chairman of the board of directors of Kwong Sang Bank.

When Cheung Kong proposed the acquisition, it only held 27.92% of the shares of Kwong Sang Bank, and then proposed a comprehensive acquisition; since then, since the shares of Kwong Sang Bank were not higher than the purchase price, Cheung Kong continued to absorb shares of Kwong Sang Bank in large quantities in the market .

The ultimate goal of Cheung Kong’s acquisition of Kwong Sang Bank is to privatize Kwong Sang Bank. Therefore, it pointed out in the acquisition statement that the acquisition will only take effect if it acquires more than 50% of the control rights, and once it acquires more than 90% of the equity, it will exercise Powers conferred by the Companies Ordinance to compel the acquisition of the remaining shares.

According to Su Chen's analysis, if Changshi privatizes Guangshenghang, there may be two options:

One is to "destroy" Kwong Sang Hong and sell its properties for cash. The "Shuangmei" cosmetics business can be transferred to Watsons, a wholly-owned subsidiary of Hutchison Whampoa, to develop the cosmetics business. The "Shuangmei" trademark has become a retro brand.

The second is to continue to retain the main rental properties of Kwong Sang Hong in order to strengthen Cheung Kong's lineup of rental properties.

But in fact, Cheung Kong does not have major rental properties, nor does it have ideal rental income. If the real estate market reverses, Cheung Kong will be exposed to greater risks among similar real estate stocks.

But compared to this news, Su Chen is more interested in the Yulang Group.

Hu Xianzhi covets Yulang because if the two publishing groups are merged, it will become the largest publishing and printing group in Hong Kong and even Southeast Asia.

And once Shengshi's "Metropolis Morning Post" merges with Yulang Group, it will also be a business fit.

What's more, after so many years of development, "Metropolis Morning Post", because of its free strategy, its sales volume has already left behind the old Jianghu such as "Oriental Daily" and "Daily Daily".

Take a ride on the free road.

At the beginning, the "Metropolis Morning Post" was distributed for free, and everyone laughed at this newspaper for its stupidity, and it would burn too much money, but at this time, Hong Kong people understand that the free one is the most expensive.

Because "Metropolis Morning Post" already relies on huge advertisers to support itself, and its profit is no less than that of "Oriental Daily".

"The battlefield of the Yulang Group is very lively right now, so let's end it too." Su Chen told Tang Wanru, "When we rescued the market before, we had already acquired a lot of shares in the Yulang Group, so let's calmly absorb them in the market. Yulang Group shares.

I guess Hu Xian's means should be no more than this, but it doesn't matter even if we can't become the second shareholder of Yulang Group, because Hu Xian is only keeping it for us temporarily. "

"Why?" Tang Wanru was curious about what Su Chen said.

Su Chen pulled out a "Sing Tao Daily" newspaper from 85, pointing to the report on it: "In 85, Sun Plaza, Canton Road, Tsim Sha Tsui - Diwang was jointly controlled by Hu Xian and Yisheng Pacific."

"In addition to entering Hong Kong real estate, Hu Xian also made a big move in Australia, Singapore, the United States, Canada and other places, and participated in nearly 20 property investments.

Especially when she was planning to relocate Sing Tao to Australia, due to her frequent visits to Australia, her interest in investing in Australian real estate was particularly high, which was the root of her disaster. "

Tang Wanru pondered for a while, "You mean that Hu Xian's overseas investment will fail?"

"In less than a year, the overseas real estate industry will plummet. With Hu Xian's crazy expansion trend, he must bear heavy debts." Su Chen said, "We can wait."

"But don't relax your vigilance. Now that Huang Yulang has support, Hu Xian may not succeed. We will absorb it silently in the market and don't take public acquisition actions."

"Since this is the case, I don't think we need to intervene in Hu Xian's acquisition of Yulang Group."

Tang Wanru analyzed, "Let Hu Xian fight Huang Yulang and the others, and we even have to help Hu Xian and drag her into the muddy pond of Yulang Group."

"Once Hu Xian's overseas real estate investment cannot be sold for cash, and she owes cash proceeds to pay interest expenses, and is overwhelmed, Yulang Group's losses will also cause her to be devastated."

The shopping mall is actually a very realistic place, no one will sell favors without benefits.

Su Chen raised his eyes and looked at Tang Wanru seriously for a while.

Seeing the latter, his heart straightened up: "Am I wrong? Of course, the premise is that the real estate in Europe and America is not as you said."

"Your idea is very good." Su Chen said, "And it's also very good, just do as you said, it really doesn't make much sense for us to make a move now, using the Yulang Group to hold back Hu Xian's pace, and Yulang's acquisition of this company It is estimated that things will not be settled next year."

"Okay." Tang Wanru nodded, and then went to meet Hu Xian, intending to sell Sheng Shi's shares to her.

And Su Chen was busy with other things.

One very important thing...

(End of this chapter)