Year: I had a good time when I was young

Chapter 922 Grabbing food
Chu Xiangqian didn't have to worry about his wife and little daughter at home all the time, so he naturally focused on business.

It has been a week since the bank run occurred.

Except for Standard Chartered, HSBC and Hang Seng, other banks, whether Chinese or foreign capital, basically experienced a shortage of funds.

The worst hit of them have been forced to declare bankruptcy, just like the previous four banks.

Now even more people are panicking.

The Hong Kong government is also in a state of panic. It is simply impossible to raise enough money in a short period of time.

In the end, they could only seek help from London while lobbying local capital to step in and stabilize the market.

HSBC and Standard Chartered are willing to swallow some high-quality assets, but the two banks want to wait a little longer.

When everyone can no longer afford it, the price will be lower and the conditions will be more generous.

Chu Xiangqian just showed up at Hang Seng's board of directors and was about to discuss the establishment of a securities department when several shareholders surrounded him.

Testing whether Chu Xiangqian is interested in buying other banks.

Chu Xiangqian is no fool. If he takes action at this time, even if the price is extremely low, he will still have to bear a huge debt.

Moreover, some local capitals still retain a glimmer of hope. Negotiating terms with them will make the other party feel that they still have the capital to bid.

If he doesn't let go, Chu Xiangqian will be in trouble.

Banks that have lost their customers and savings are worthless. It would be better to wait for them to go bankrupt, buy out their business offices, and expand the number of Hang Seng branches.

By the way, take over those bank loans that have good repayment capacity but have not expired.

Even though most of the business halls are actually just rented stores, during this special period when real estate prices are falling, some owners are willing to sell part of their properties to save their other businesses.

When everyone heard what Chu Xiangqian said, they couldn't help but smile and shook their heads. If they were in his place, they would not accept the negative assets of these banks at this time.

Not to mention that Chu Xiangqian holds 34% of Hang Seng's shares, and Standard Chartered has also begun to purchase Standard Chartered's shares on the stock market.

It would be foolish to buy more when you already have two banks.

Even they themselves would not be willing to do so, let alone Chu Xiangqian.

However, although he failed to help others, Chu Xiangqian's proposal to expand the number of Hang Seng branches was quickly approved unanimously by the board of directors.

Regarding the proposal to set up a securities department, some people felt that this would cause dissatisfaction among the foreigners.

But think about Chu Xiangqian's connections and relationships in London, plus the fact that he has never lost money in business.

Even though there was some hesitation in my heart, it was passed unanimously again in the end.

After the board meeting, Chu Xiangqian took Huang Huilin, who had just been appointed by the board of directors as deputy head of Hang Seng Securities Department, to meet with Hader of the Administrative Secretary.

Once the securities department is established under Huang Huilin and achieves certain results, he will be promoted to supervisor.

She has the support of her biological father Huang Shitong and Chinese stockbrokers behind her, even if she knows nothing.

There is also enough time for her to study.

Chu Xiangqian also had the idea of ​​recruiting Huang Shitong and others.

Hader was hesitant at first. After all, the Hong Kong Stock Exchange was still fully controlled by Yingzi at that time, and whoever wanted to go public depended entirely on the foreigners' mood.

Moreover, the foreigners have made a very good calculation in order to obtain stable benefits.

In order to guard against the rise of Chinese capital, the Hong Kong Stock Exchange has maintained a scale of 60 listed companies for a long time.

This was also the case in the late 200s, when the Far East Exchange was established. Within just a few years, companies were listed and traded there. To put it bluntly, Chinese capital had actually formed a huge force, but it had always been suppressed.

As soon as the hole was opened, people swarmed in.

There were not many voices of opposition from the foreigners in the Hong Kong Stock Exchange regarding Chu Xiangqian's establishment of a securities department.

Chu Xiangqian managed the time very well.

Even Swire Properties is in urgent need of funds to stabilize its stock price, and the exchange hopes to stabilize the number of transactions which is falling every day.

With Chu Xiangqian's reputation in Hong Kong Island, many local capitals will follow him and follow his trend in the stock market.

Even if he himself invested money in the stock market, it would be of great benefit to the recovery of Hong Kong Island's economy.

But HSBC strongly opposed it and even said publicly in the newspaper that Chu Xiangqian was disrupting the market.

Unfortunately, Chu Xiangqian's actions in helping Hang Seng and Standard Chartered to stabilize their share prices are, to a certain extent, stabilizing Hong Kong's finances at the moment.

It also provides a safe haven for many ordinary people where they don’t have to worry about their money being lost overnight.

It is slandering him at this time, but the grassroots people simply don’t believe what HSBC says.

Chu Xiangqian knew that HSBC might have been eyeing Hang Seng for a long time, but unfortunately he had intervened in advance and now HSBC controlled 34% and had a veto power.

Moreover, Hang Seng’s share price at this time did not plummet as HSBC expected.

It is basically impossible to acquire 5% of Hang Seng's shares with only 51 million Hong Kong dollars as in the previous life.

Now Hang Seng wants to interfere in stock market transactions again. HSBC, which has always regarded Hong Kong Island's financial business as its own reserve, naturally will not agree to this.

Chu Xiangqian waved at Huang Huilin, signaling her to go out and wait.

Huang Huilin knew at a glance that her boss wanted to discuss some private deal with the foreigner Hader.

As soon as Huang Huilin left, Hader said with a smile, “Stark, it’s not that I won’t help you, but a few days ago, HSBC knew that you wanted to set up a securities department, so they contacted me and the people from the Financial Secretary in advance.

Someone from London called me these past two days.

So if you want to join the game, I am not the problem, HSBC is.”

Chu Xiangqian believed what Hader said, but he also knew in his heart that this guy just didn't want to offend both sides and wanted to stay out of it.

At worst, Harder knew who he needed to lobby in order to suppress HSBC's dissatisfaction and obstruction.

Sure enough, after some questioning, Hader shook his head helplessly.

After thinking for a while, he whispered, "I heard that Downing Street has discussed whether to allocate some funds to aid Hong Kong Island and stabilize the market here.

But you must also know that the Labour Party has not achieved much in the economy in the past two years. Last year, it was so short of money that it had to borrow money from the British government in order to stabilize the exchange rate of the pound.

So you just need to tell Downing Street that local capital in Hong Kong Island has the ability and obligation to help the Hong Kong government stabilize the financial market.

I believe that London will not allow Hang Seng to start securities business, but even if they want to set up a second exchange, it is not impossible.”

Chu Xiangqian, however, was not very interested in the exchange, although it had been quite profitable in the past thirty years, namely, six, seven and eight.

But the intensity of supervision will continue to increase.

In addition, the Hong Kong government has made it clear that in the future, whether it is an individual or an institution, the number of shares held in the exchange shall not exceed 5%.

(End of this chapter)