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Stock market sniping was first popular in the United States. The usual sniping technique is: when the control of a major shareholder of a listed company is unstable and the company¡¯s asset value is very high, it is easy for corporate snipers to covet it. After absorbing a considerable amount of shares in the market, they will propose a comprehensive Acquisition forces the other party to buy back its shares at a high price, or to change hands of the entire company to make profits. Stock market snipers are extremely unpopular with major corporate shareholders and are called green blackmail.
But Meng Youtian will not give up years of hard work and planning. Land and Wharf, known as the wings of Jardine, have always been the objects of his close attention. He set up a think tank specifically for this purpose, constantly monitoring the rise and fall of these two stocks and the holding status of Jardine Matheson, and making various imaginary attack plans.
¡°I will retire after finishing this job,¡± Meng Youtian said to himself repeatedly in his heart, repeatedly emphasizing that this was his last battle and he must do a good job and be successful. certainly. The family knew this trade secret. To his surprise, the third girl born to Zijuan showed considerable interest and talent in stock market operations.
As a preview or practice, Meng Youtian, his three girls and his think tank first pointed their finger at a relatively easy target - Qingzhou Yingni. Green Island Cement is also an old British-owned company. Its main business is the production and sales of cement and other construction materials. It owns a large amount of land in Hung Hom, Kowloon.
By quietly absorbing Qingzhou Yingni¡¯s shares in the market, Meng Youtian easily succeeded. In 1974, when the oil crisis broke out, Meng Youtian purchased 38% of the equity of Qingzhou Ying Cement at a low price through Great Wall Industrial and successfully became the chairman of the board of directors of Qingzhou Ying Cement. And reached an agreement with Qingzhou Yingni. Since the eighties. The two parties cooperated to develop the huge factory site in Hok Yuen, Hung Hom, owned by Qingzhou Yingni.
In 1975, Great Wall Industrial made another move, acquiring the US-owned Yonggao Company for HK$180 million, setting a precedent for Chinese-owned companies in Hong Kong to annex foreign-funded enterprises. Wingco owns the famous Hilton Hotel in Central, Hong Kong Island. and the Hyatt Regency in Bali, Indonesia. Proven afterwards. The acquisition was extremely successful. Because if you want to build a first-class hotel of the same size in the same location, you can't do it with twice as much money.
? One holding, one acquisition. Meng Youtian and others accumulated experience, mastered the skills, and formulated a more careful and cunning plan, and finally attacked Yihe Shuangyi in 1977.
First of all, we should secretly attract retail investors in Land and Wharf stocks in the stock market, but the pace of absorbing Wharf should be slower, more hidden, and less noticeable. Of course, after analysis and research, Meng Youtian and others have found three fatal weaknesses of Yihe.
First, Jardine is accustomed to raising development funds by issuing new shares. It has issued new shares and issued bonus shares many times, causing the stock price to be low and a large number of shares to be lost to retail investors. Second, the commercial buildings built by Land and Wharf are mainly for rental purposes, with extremely slow cash flow and low profit growth. This is also an important factor in the low stock prices of Land and Wharf.
As a British-owned company, the Jardine Clique had a grudge against the Chinese government and always had a pessimistic attitude on the issue of the "1997 transition". Instead, it worked hard to develop overseas markets, and its sphere of influence in Hong Kong was gradually declining. By 1976, Jardine Matheson held only about 5% of Wharf shares and 3% of Hong Kong Land shares, reaching a historically low ratio.
Although he adopted the method of diversified accounts and secret purchases to absorb, Meng Youtian suddenly accelerated his acquisition of real estate after holding 10% of two stocks respectively. Real estate transaction volume began to rise sharply, attracting the attention of securities analysts, and professional speculators with keen sense of smell also began to intervene. For a time, large and small investors took action one after another. Coupled with the widespread rumors in the stock market, half a year later, Land's stock price has rapidly reached a record high of 124 yuan per share. However, the average cost of the more than 10 million Land shares held by Meng Youtian is around 50 or 60 yuan. .
Jardine Matheson learned that someone was interested in acquiring Land, and knew something was wrong. It immediately deployed an emergency anti-takeover operation and went to the market to purchase Land shares held by retail investors at high prices. As Jardine Matheson invested heavily overseas in the mid-to-early 1970s, its profits stagnated and it was short of funds, so it had to turn to HSBC for help. Meng Youtian took advantage of the high price and sold Land shares in batches, making a profit of more than 600 million in one fell swoop. When interviewed by reporters, he flatly denied the relevant rumors. Land's share price subsequently fell, causing heavy losses to Jardine, which had acquired the property at a high price.
??????????????????????????????????????????????????????????????????????????????????????????????????????????????Increased to 31 percent. At this time, Wharf's stock had risen from the lowest point of 11 or 2 yuan more than a year ago to 31 yuan. Only then did Jardine wake up from the dream and once again urgently arranged an anti-takeover plan. But Meng Youtian, who was well prepared, would no longer give Jardine a chance, and the famous dusk raid on the Hong Kong stock market was launched.
"In order to protect the rights and interests of individuals and families, Great Wall Industrial has offered 50 yuan per share to purchase 20 million additional shares of Wharf, and it will be completed within a time limit." This news was broadcast on TV, radio, newspapers and press conferences that day. At 7:30 p.m., it began to be broadcast to Hong Kong citizens.
As soon as the market opened the next day, a large number of Wharf shareholders rushed to the headquarters of Great Wall Industrial Company to sell Wharf shares, and there was a huge queue. At 10:30, Great Wall Industrial opened another place to register Wharf shareholders and continue to subscribe; At half time, Great Wall Industrial announced that it had completed its acquisition target and already held 51% of Wharf's shares.
A victory in one morning was planned and prepared for a year, and can even be pushed back further. This takeover battle, which was later regarded as a legend, directly transformed Wharf from a British giant to Meng Youtian's family business, making the British power structure in Hong Kong gradually collapsed. The Battle of Wharf not only marked the economic history of Hong Kong, but also earned Meng Youtian the title of "stock market sniper".
¡°A sniper, that¡¯s what I am. Meng Youtian finally got his wish and won victory with a small fight, but it also sounded a wake-up call for him. It is very important to control the controlling stake, and the company must not be sniped just to make money.
At this time, Meng Youtian really felt that he could let go. His children had matured and he had trained a group of elite talents to help them. As long as he kept watch and gave guidance, nothing major would happen again before his death. As for after death, no matter what, children and grandchildren will have their own blessings. If you become a prodigal, you will have to suffer for yourself.
Retirement at the age of sixty is legal. Whoever doesn¡¯t let me retire is the one I¡¯m worried about. Meng Youtian sighed, it has been more than thirty years, how many old friends and good brothers can he still see when he goes back? (To be continued)