1993 Glamour at a Glance

Chapter 288 New Master

The board just so happens not to be monolithic at the moment.

The newcomer, Guan Bonian, was not familiar to Ke Yusheng, and he had never even heard Han An mention that Hua Venture Capital had such a person before.

But at this time, the representatives of the minority shareholders who didn't know the details were only shocked by Song Yang's handwriting, and only Ke Yusheng and others' hearts sank directly.

No wonder ICBC, the biggest creditor, didn't send anyone.

The main banks that Huaguo Real Estate initially chose to deal with funds were naturally HSBC and Standard Chartered, the two shareholding parties. However, since 92, ICBC has started overseas business expansion.In 95, the Xiangdao branch was established, and through upper-level operations and a huge credit line, Huaguo Real Estate was snatched away as a customer.

This is also an incentive for HSBC and Standard Chartered to seek the heart of Huaguo Real Estate.

Through continuous operations in the past two years, Huaguo Real Estate has accumulated nearly 5 million outstanding loans with ICBC.

Now it seems that Song Yang actually got the debt over there.There is no doubt that this Song Yang has already got the support of the big leaders in the mainland just as Han An worried about before.

So Ke Yusheng looked at Guan Bonian: I'm afraid he also came to cooperate with Song Yang.

The creditor's rights purchased with real money, and then through the crisis that Huaguo Real Estate has broken out, negotiated debt-to-equity swaps.With the presence of other minority shareholders at this time, what is the position of the two shareholders, HSBC and Standard Chartered, in refusing to reduce the size of the company's debt?Just because you don't want your shares to be diluted?
Those small shareholders with only a few hands, at most hundreds of hands, don't care if the proportion of shares that are already a few digits behind the decimal point is reduced a little bit, as long as the stock price of each share can eventually rise back and make money.

"Such a large-scale debt-to-equity swap is not a trivial matter." Guan Bonian said solemnly, "Once it is discussed and decided, it will directly change the company's equity structure. It will also have a great impact on shareholders. There is no doubt that this requires a suspension Reorganized. Moreover, in order to protect the interests of shareholders, the reorganized company needs to come up with a practical business strategy so that the market can restore confidence in Huaguo Real Estate."

"So, Director Guan is not opposed to my debt-to-equity swap in principle?" Song Yang smiled and looked at Ke Yusheng and the others, "What about the other directors' opinions?"

Ke Yusheng frowned and said, "Currently, the company's market value has fallen to less than 23 billion Hong Kong coins. When is the debt-to-equity swap Mr. Song is discussing based on the stock price? What do you think about the redemption?"

At present, there are nearly 900 stocks in the Xiangdao stock market, and the total market capitalization has just dropped a lot, fluctuating around 4 trillion yuan, and there is a further downward trend.

Among them, Huaguo Real Estate fell very hard, falling from more than 40 billion before to less than 23 billion.And now Song Yang claims to have 7.2 million creditor's rights on hand. If it is converted into shares, how much will it take?Immediately became the largest shareholder.

Listed companies want to implement debt-to-equity swaps, which is actually equivalent to a financing method, which is a kind of additional issuance of new shares.These newly issued convertible bonds have the nature of both equity and creditor's rights. In fact, the company still has to bear this debt, but it is repaid in the form of equity dividends. This reduces short-term debt pressure and is conducive to business operations.

Therefore, convertible bonds are actually quite popular because they have double returns.Of course, this is all based on the premise that the company's prospects are still optimistic.

On the other hand, the company has to bear the dual pressure of debt repayment and equity dividends. If the business situation starts to improve, it will also tend to redeem the convertible bonds in advance.It's just that this early redemption is often done in the form of equity, and there is a slight premium.In this way, the debt is equivalent to repaying with stocks.

All in all, it is a very complicated set of operations.

At present, what Ke Yusheng raised is actually the core question: at what price Song Yang hopes Huaguo Real Estate will "redeem" those debts, which determines the percentage of Huaguo Real Estate that Song Yang will own.

"If you agree to this plan, it is natural to suspend trading and reorganize again, let's take the stock price at that time as the benchmark." Song Yang saw Ke Yusheng and others' faces change again, and said with a smile, "As for the redemption... if The company decides to redeem the stock directly during the reorganization period, so under normal circumstances, the premium will be 20%.”

The reason for Ke Yusheng's ugly face is that he still doesn't know how the meeting will go.

If these small shareholders feel that after the company's shareholding structure changes drastically, they will listen to Song Yang, the "quasi-big shareholder"'s suggestion on the company's future business strategy, then maybe they will drive some people to let the stock price recover before the suspension of trading again misfortune.

Whether it will pick up some heat or continue to fall is uncertain.

In any case, Song Yang has made it clear that he is more inclined to convert the debts in his hands into pure equity.

It's not just an offer to hold convertible bonds for a double benefit.

At this moment, Guan Bonian said again: "Due to the major business mistakes Han An made during his tenure as executive director, Hua Venture Capital's so-called largest shareholder of Huaguo Real Estate is also considering gradually withdrawing. The way of exiting According to the regulations, it needs to obtain the consent of other shareholders and report to the stock exchange for approval. The original shareholders naturally have the priority, but in order to make the transition smoother, the condition for the exit of Hua Venture Capital is to let Huaguo Real Estate The size of the debt can be reduced to a more reasonable and safer ratio."

This statement caused an uproar again.

Ke Yusheng looked deeply at Guan Bonian.

This is a question of whether Huaguo Real Estate can continue to maintain its listing qualifications!

According to regulations, if the general reduction of holdings is only through block transactions, the proportion of stocks that can be traded for a continuous period of time is limited.However, if it is an agreement transfer, a considerable proportion can be transferred at one time, as long as the disclosure business can be performed in accordance with the regulations and reported to the exchange for compliance confirmation.

Of course, all of this will be done during the suspension and reorganization.

However, after the trading suspension is over, the company has changed its owner. It is difficult to say whether it will be able to maintain its listing qualification in the future.

Is the real purpose now is delisting and reorganization?
If this is the case, what are HSBC and Standard Chartered doing so hard?Not only that, but some of the layouts that have already been done will be a big loss!
But is it now time to spend real money to buy the shares in Hua Venture Capital?
This is a bad idea!
As for reducing the scale of debt to a reasonable ratio first, it is natural to first convert debt into equity, so that the shareholding ratio of the original shareholders will be diluted a lot.

Don't even think about it, now Song Yang has the most debts, and the priority to reduce the debt must be in his hands.

Otherwise, Huaguo Real Estate in the future will be equivalent to working for Song Yang for a period of time, and will have to pay back the principal and interest of those huge debts in his hands.

If Song Yang hadn't been backed by Shi Youming, a master asset manager, as a think tank, he would have been confused by these complicated operations of listed companies by now.

It's just that he now knows very well that this method of operation is to make shareholders such as HSBC and Standard Chartered hard to say, to be upright and achieve their goals.

This is also because Song Yang can spend real money to help Hua Venture Capital solve some problems of the parent company.

And what he gets will be the largest proportion of shares in Huaguo Real Estate, a listed company.

Will HSBC and Standard Chartered follow suit?
Ke Yusheng's expression turned ugly, and he really wanted to say that it would be better to delist and liquidate.

At this moment, the other small shareholders all looked at Song Yang in unison.

How is he going to manage Huaguo Real Estate?

……

How complicated is the current problem of Huaguo Real Estate?
HSBC and Standard Chartered originally thought well.

Li Xian used the so-called "Xinxiangdao No. 1" fund to obtain a sum of financing for Huaguo Real Estate by subscribing for new shares and some financial derivatives.
This money first filled some of the holes left by HSBC and Standard Chartered, and then, Han An took the blame for this part and made Hua Venture Capital unjust.

As for those leeks who subscribed for "Xinxiangdao No. 1", what can they do if they encounter the stock market crash in Xiangdao?At most, Li Xian was fired and the bank issued a sincere apology.

After so many years of ups and downs, banks like HSBC have seen a lot.

What Xiang Sheng thinks that "Xinxiangdao No. 1" will make money by short selling is just his imagination.Did Li Xian make it clear?It just emphasizes their "professionalism".

In fact, through secret operations, HSBC and Standard Chartered have secretly held some interests.At that time, some proxies will be introduced, and a plan in which HSBC and Standard Chartered will dominate can be voted at the general meeting of shareholders.

Now a Song Yang was killed halfway.

With the absolute voice of 7.2 million creditor's rights and the "internal and external cooperation" of Hua Venture Capital, a major shareholder, they are no longer able to compete with it.

The key things that are under the table cannot be brought out, otherwise it will arouse the wrath of other small shareholders.A charge of maliciously manipulating the company's stock price cannot be escaped, and the scandal of "Xinxiangdao No. 1" will also affect HSBC itself.

Facing the crowd, Song Yang just said helplessly: "At present, I am only the representative of the creditor, and the other is just an investor who has just raised his card. I don't know enough about the internal problems of Huaguo Real Estate, and I don't have the identity and position to express any opinions." .”

...You fucking want the stock price to drop a bit more, so that you can get more shares when the trading is suspended and restructured again!
Ke Yusheng thought so.

Guan Bonian first hypocritically asked Ke Yusheng and others to see if they were interested in acquiring the Huaguo Real Estate shares held by Hua Venture Capital.

How could Ke Yusheng answer?It wasn't in the plan at all!

How could a serious conspirator use real money for acquisitions?It's all a coincidence!

Guan Bonian asked Song Yang again, and this time Song Yang replied: "It can be considered. However, I need to further investigate the current situation of Huaguo Real Estate."

"This is the due procedure. Since the direction is possible, then Mr. Song is already a prospective director, and he is likely to become a major shareholder of Huaguo Real Estate. You can raise your ideas. I believe that this is also the time to come to participate today. The shareholders of the meeting are concerned."

After going around in a circle, it is nothing more than to make sure that Huaguo Real Estate will reorganize in this direction.

Ke Yu was numb.

Want to play with this Song Yang with a smaller proportion of shares in the future?

If Huaguo Real Estate cannot become a shell for HSBC and Standard Chartered to make high profits from various operations, it is better to reduce or even withdraw.

Perhaps taking advantage of the stock market crash, Li Xian "cut the meat" in time, but there is no need for Ke Yusheng to lose a general in HSBC.

He was already thinking about these things.

Song Yang considered it for a while before he said: "Actually, I first bought the shares of Huaguo Real Estate in the secondary market, and then bought those debts. The main reason is that Huaguo Real Estate owns the 6000-square-foot giant building that I want to take over in the mainland. There are many off-plan properties, and I never thought about taking over Huaguo Real Estate. In a hurry, I really don't have any mature opinions."

Ke Yusheng looked at him coldly: "It's just more than 6000 million unplanned properties. You can spend that much money to buy shares and creditor's rights. Can't you redeem them directly?"How innocent are you pretending to be!
"Many people here may not know me yet." Song Yang smiled again, "My business is mainly in the mainland. On the Xiangdao side, there are only five companies in total."

Ke Yusheng continued to slander: Listen, only.

"One is engaged in film and television investment, and a subsidiary of a mainland trading company, which is convenient for business docking in Xiangdao. An asset management company, a consulting company, and a financial service company have recently been established. These companies, with Huaguo Real Estate's The main business, the connection is not very close."

Song Yang paused and continued: "Of course, since I took over the unfinished giant building in the mainland, I am also interested in entering the real estate field, but the current focus is on the mainland. As far as I am interested in Huaguo Real Estate In my opinion, the main direction in the future should also be in the mainland, and it is no longer property management, but investment in real estate projects, and only follow-up investment. Currently, the property market in Xiangdao has gone down, and the potential in the mainland is even greater.”

"On the other hand, Xiangdao can take advantage of the opportunity after the real estate market has fallen to try to acquire some high-quality assets and find a way to manage them well. Of course, that's all I'm saying at the moment, and I can't come up with it right away to make everyone think it's a big deal. I’m not optimistic about the plan. I can only tell everyone that my investment vision should be good.”

"Amazon, which went public in the United States this year, is the company I invested in from the earliest round. Aigao Electronics, we will also subscribe for newly issued shares to become the second largest shareholder. Sun Advertising, which I founded in the Mainland, is currently the best in the Mainland. One of the leading advertising companies. If there is no accident, Sanyou Electronics and Wave Channel, which we invested in, will also be listed in the mainland this year. Therefore, if I decide to participate in Huaguo Real Estate, it should still be able to bring some help.”

When Huaguo Real Estate issued new shares before, it used Song Yang as a good publicity.

But these people really don't know enough about Song Yang. Now that Song Yang has introduced himself like this, it seems that he already has a very large business territory, and even a listed company in the United States has a lot of shares.

Ke Yusheng was a little numb.

Is the judgment wrong?

This kind of bragging, these small leek shareholders who had lost money and had red eyes now have golden eyes, and they won’t sell their pots and sell their iron to increase their positions after returning, right?Will the stock price go up?
Then he woke up and looked at Guan Bonian.

If the stock price rises a little bit, Hua Venture Capital, which is about to withdraw, can receive more money.

Is this some kind of exchange?

The problem is...he looked at Song Yang again: this guy doesn't care about money?How much money does he have?
Ke Yusheng suddenly didn't think about quitting now.

What if Huaguo Real Estate can really be revived by him?
……

The extraordinary shareholders meeting of Huaguo Real Estate was held for two days, and the issues discussed were not only the current debt solution, the exit rhythm of Hua Venture Capital, but also the high-level structure during the transition period.

Just relying on the status of the shareholder who has already raised his cards, Song Yang won an independent director seat, but he said that he would let one of his subordinates take it.

Yue Huimin didn't expect that he would suddenly become an independent director of a listed company, and he might become an executive director afterward.

"The first task is to find a way to deal with the old foxes of HSBC and Standard Chartered, and investigate the actual situation of Huaguo Real Estate."

Song Yang grinned sneeringly: "They have a good idea now, and they still want to rub against me. It's too early for the stock market crash to end, so set up a game to kick them out!"

"How to set it up?"

"Of course it is the [-] plan. As a company with a domestic background, it is reasonable for Huaguo Real Estate to support the desire of ordinary people in Xiangdao to live in cheap housing?"

"...Of course it's reasonable, but it's hard to make money."

"Am I worried that I won't be able to make money in a short time?"

Le Huimin thought about the huge amount of money that is now being opened up in South Korea, and heaved a long sigh: "You worry about a fart!"

(End of this chapter)