i Dark Horse: Li Ka-shing personally is responsible for underwriting nearly 100 million new shares, cash 1.038 billion yuan, just underwriting the new shares, Li Ka-shing on the book loss of 350 million yuan, more importantly, according to the issue of new shares agreement, Li Ka-shing can be from the underwriting The new shares were paid in proportion to the commission, but Li Ka-shing did not take the penny.
Li Ka-shing believes that corporate ups and downs are both domestic and foreign. The most important thing is that enterprises must have core business regardless of their size. When the economy is down 50%, your business will only drop 10%. This is the core business. Core business can play a big role in economic ups and downs. Although macroeconomic regulation and control is a national plan, the state will not let the economy fluctuate greatly. (Steel) If it is not controlled now, the problems will not be small in the future. There are still opportunities for private enterprises. Don’t give up now. Listen to opinions, be more committed, and work hard to change the environment.
The development of businessmen who are on the wrong side of the road is also fast, and 100% of the failures are due to greed. To know, the best way to go. Do not forget to be steady in development, and not forget development in stability.
How does the Yangtze River Group achieve risk management through acquisition strategies? And how can risk management keep the Group's overall income and profit as a whole, and it can continue to grow?
The entire container terminal business of Hutchison Whampoa began with the operation of its Hong Kong international container terminal, the flagship company in Hong Kong. After the establishment of Hutchison in 1977, it has always regarded container terminals as the highlight of its business development. Since the early 1990s, this business has continued to expand overseas.
Li Ka-shing's status today is very important to Hong Kong's economy. Every move is eye-catching. When the market spreads Li Ka-shing to a company, the stock prices of these companies are all triple jumps. With Li Ka-shing buying stocks, it is often a shortcut for retail investors to make a fortune. However, there are many listed companies in Changhe, and investors must be careful.
The nature of Li Ka-shing's shareholdings can be divided into three main categories: shareholding at the time of listing, spot cash absorption, and convertible bonds. "For example, when Hutchison has a lot of shares, there is no special reason. Because of the large amount of funds, it is better to use CB (convertible bonds) to buy shares than to put money in the bank." Liang Bojun pointed out that such multinational companies like Hutchison will have independence. The financial investment department, managing liquidity, and investing in some companies are often just to increase the efficiency of capital use.
Every organization has different challenges. It is difficult to have prefabricated components that are absolutely applicable to all kinds of applications. To be honest, I am respectful of many superficial and fascinating experts. I know a lot, I know a little, sometimes, sometimes, sometimes Everyone is in the right direction, but they are playing with flowers and embroidering their legs and postures. Managers have the deepest experience and understanding of what they are responsible for and the organization they are in. Knowing the details can often prevent the crisis from happening beforehand.
According to Hong Kong news, on June 13th, "JustMayo" and "artificial mayonnaise", which were created by Li Ka-shing's investment of HK$180 million, were officially launched at the Great Supermarket of Hong Kong's PARKnSHOP supermarkets, each with a price of 237 ml and a price of HK$19.5. Although this "artificial egg" has attracted the attention of the public, many Hong Kong citizens are discouraged. According to reports, Li Ka-shing and an American university student personally fried artificial eggs to prove that artificial eggs are indeed edible. According to some netizens who have eaten, the taste of artificial eggs is very similar to tofu.
The Hutchison Group acquired the port of Felixstowe, Britain's busiest port, in 1991, and took the first step towards global expansion. In the following years, Hutchison has expanded its container terminal business to different strategic locations around the world, including 20 countries and regions in China, Southeast Asia, the Middle East, Africa, Europe and the Americas. At present, Hutchison operates 30 ports around the world with a total of 170 berths. By the end of 2001, the group had processed a total of 27 million standard containers. According to Hutchison’s 1995-2001 annual report, the revenue of the container terminal business has continued to grow steadily over the past few years.
The total revenue of the container terminal business can maintain steady growth, mainly because its port business is scattered in different regions. No matter what kind of economic environment the group faces, the degree of impact on each port is not the same. Therefore, in different periods, regions with good performance and rapid profit growth can often support regions with relatively poor performance, slow earnings growth or negative growth, which will keep the overall profitability of the Group's terminal business positive.
In order to have a deeper understanding of this complementary effect, compare the contribution of the three most representative container terminals in Hong Kong, Mainland China and Europe to the Group's overall business. The three terminals are Hong Kong's local international container terminal, Shenzhen Yantian Terminal in Mainland China and Felixstowe Port, UK.
The throughput growth rate of the three container terminals since 1997. Although the throughput of the three terminals in the past five years has been slow and fast, there are positive and negative, each has its own merits. However, after simply adding and subtracting, it is found that the overall business has maintained a growing trend and is still quite stable.
Even in the face of special circumstances, such as the continued slowdown of the European and American economies in 2001 and the increasingly fierce competition in the local container terminal industry, the number of imports and exports of Hutchison in Hong Kong and the UK ports decreased, and the throughput increased negatively; but the economic development of the Chinese mainland Outstanding, the throughput of Shenzhen Yantian Port has been maintained at an annual growth rate of more than 20%, which has caused the entire port business of Hutchison Group to fall sharply in 2001 without being affected by the sluggishness of Hong Kong and the United Kingdom. Growth situation. It can be seen that Hutchison has rationally dispersed its various investment risks due to the implementation of the strategy of business globalization, and ensured that the business and profit as a whole maintain stable growth.
On September 14, 1987, Li Ka-shing announced that its four companies raised 10.3 billion yuan, of which 2.9 billion yuan was used to acquire a 4.9% stake in Dadong Telecom. This is the largest fund-raising activity in Hong Kong's history, and it has far-reaching impact on the market. , causing a sensation in the market.
Li Ka-shing personally explained the fund-raising action to the media and answered the questions raised by the reporter. At first, Li Ka-shing used Cantonese to answer, but when the translation talked about 10.1 billion yuan, Li Ka-shing immediately grabbed the topic and couldn't wait to answer it in English, reflecting his excellent mood.
In this huge fund-raising case, Changshi is responsible for half of the amount, and the rest is the responsibility of the underwriters and shareholders. The method is to discount 20% according to the market price of the day. The specific allocation is: Changshi is 10 for one, and the contribution is 10.4 yuan per share to raise 2.078 billion yuan, and Huang Yi is 8 for one, and the price per share is 11.2 yuan. The fund raising was 3.753 billion yuan. Jiahong raised RMB 2.878 billion in the form of five-for-one, and the price per share was 4.3 yuan. The HEC offered five for one, and the price per share was $81.8 billion. The four companies raised a total of 10.327 billion yuan.
The fund-raising fund-raising feature is characterized by the use of chain underwriting, that is, the major shareholder and the holding company will indemnify a portion of the new shares in addition to the shares they hold, so that they will bear half of the underwriting tasks.
As for the remaining half of the new shares, it will be distributed by Wan Guo Bao Tong International, Dolly, Sun Hung Kai, Canada Bodong Finance and Ballyda Asia. If all shareholders accept the rights issue, the long-term system can absorb up to 6.506 billion yuan. Other underwriters are responsible for raising 5.106 billion yuan.
Under normal circumstances, this fund is of little effort for the five major underwriters. However, just as several major underwriters signed the ink on the underwriting agreement, the market reversed and was affected by the external market. The Hong Kong stock market turned downwards and plunged all the way. In the end, the top four brokers received only 0.1% to 0.4% of the total number of shareholders, and nearly 50% of the shares were independently undertaken by the underwriters.
In the face of such a bear market, brokers are complaining, and now they have to bear a $5 billion rights issue under the contract. Even if they have the ability to issue shares, they will sell wildly after the lock-up period, which puts heavy pressure on the market. Therefore, many people lobbied Li Ka-shing and took the opportunity to abandon the rights issue to raise funds. This is also the basic position of the brokerage. But from the perspective of Li Ka-shing, it is basically impossible to cancel the rights issue plan. Because Li Ka-shing's four companies have a pivotal position in the Hong Kong securities market, and their reputation has always been outstanding. Once the rights issue is suddenly cancelled due to market factors, it will be given a slogan, and it is believed that Changhe is speculating to take the money and is led by the market.
Li Ka-shing explained clearly to the 10 billion fund-raising plan: "Half of this fund-raising was underwritten by me, and the formal contract with the other underwriters has not yet been signed. It is legally possible to temporarily cancel the cancellation. But I don't want to Criticizing it as not keeping promises, because the stock price falls off and cancels the underwriting to avoid losses, so my personal responsibility must be honored. I hope to maintain the reasonable stock price of Changhe. To be honest, one of the reasons is to consolidate Changhe has the reputation of each company."
Moreover, the 10 billion fund-raising plan moved by Li Ka-shing has a clear goal and deployment in the flow of funds. Moreover, many projects have already started the initial investment, which is obviously what Li Ka-shing does not want to see. Moreover, these underwriters have relied on Li Ka-shing, the big rich man, to find food. If they offended Li Ka-shing, they still have food in Hong Kong. The underwriters weighed the pros and cons, and did not dare to sue Li Ka-shing. In essence, the underwriters signed a distribution agreement with hundreds of distributors, and ultimately $5 billion, which may not be borne by their four underwriters.
In fact, Li Ka-shing personally is responsible for underwriting nearly 100 million new shares, cash of 1.038 billion yuan, just underwriting the new shares, Li Ka-shing on the book loss of 350 million yuan, more importantly, according to the issue of new shares agreement, Li Ka-shing can be underwritten from the underwriting The new shares were paid in proportion to the commission, but Li Ka-shing did not take the penny. It was Li Ka-shing's sincere and pragmatic style that eventually made the Changhe Department's 10 billion yuan fund-raising plan a success.
It is precisely because of this fund-raising plan that the Li Ka-shing consortium stands out from the crowd and is far ahead of the top ten consortiums in Hong Kong, and its financial base is more stable and sound.
In 1987, Changshi’s comprehensive net profit after taxation reached 1.589 billion yuan, a sharp increase of 306 million yuan compared with 1.083 billion yuan in 1986, an increase of 23.85%.
It is said that the American Procter & Gamble Company wanted to enter the detergent market in mainland China many years ago, but it has never been allowed to enter.
In 1988, Hutchison helped the world's care and washing giant P&G enter the Chinese market it had dreamed of, with a condition of acquiring a 33% stake in the joint venture with an investment of 30 million yuan. It turns out that the shampoo used by the 1.3 billion people in the Mainland is related to Li Ka-shing. Those who suddenly realize it may have to say:
In 1997, P&G and Hutchison Whampoa Co., Ltd. agreed to reorganize the joint venture holding company of China, P&G. Under the agreement, P&G will increase its 69% interest to 80% at the beginning of 1998 and will exercise a number of put/subscription rights within 20 years to increase its equity to 100% by 2017.
Ten years ago, after establishing a joint venture with Hutchison, the company’s chairman said that Li Ka-shing’s company “is a valuable partner for our business in Chinaâ€. How valuable this kind of partnership was, until the end of 1997, when people could figure out their fingers, Li Ka-shing then handed out 11% of the shares held by Procter & Gamble to the American partner at a price of 650 million US dollars, compared with 30 million at that time. Compared with the investment in the US dollar, it has gained more than 20 times in just five years. After that, Li Ka-shing still holds a 20% stake in the company, with an estimated value of $1.2 billion. Despite the fierce competition, the company is still firmly holding the first position in the Chinese washing and care industry.
On May 12, 2004, Hutchison Whampoa Hong Kong announced that it would sell all of its 20% stake in Guangzhou Procter & Gamble at a price of HK$15 billion, earning HK$13.7 billion in one-off, close to Hutchison’s 2001 profit of HK$14.3 billion. . Huo Jianning, general manager of Hutchison, described the sale as a “fatful fat chicken leg tradeâ€. He denied that the sale of P&G was to fill the losses of Hutchison 3G business, and mainly to create value for shareholders. Huo Jianning said to the reporter with a smile: "What we want is the feeling of 'å“—'."
On a global scale, Hutchison has carefully constructed a multi-business network. In the face of today's global economic growth slowdown, high-quality and low-price assets are everywhere. Li Jiacheng, who has a strength of 100 billion yuan, has chosen Jiayuan to implement its established target strategy and expand its port and telecommunications business in the light market. Intensity, in order to lead the company to expand new areas, open up new industries, move towards new goals, and climb new realms.
Following the acquisition of eight port operations in six countries in 2001, Hutchison has been making great strides in mergers and acquisitions since 2001 in an attempt to secure its position as a world leader in the terminal industry. Judging from the investment move, the shipping industry market in developing countries will become one of the key points of expansion. Observing the investment method of Hutchison, it can be found that the characteristics of the company and the yellow shareholding companies are mostly adopted through the purchase of convertible bonds (CB).
According to industry analysis, there is indeed a merit in adopting a CB strategic acquisition. For companies that issue CBs, they can bring immediate cash support, which is easy to cause a positive response to the market. As the holder of the CB, you can move forward and retreat, and exercise at any time, which reduces the risk of investment.
As of the end of 2001, Hutchison had 100 billion in cash, and the ratio of net debt to net capital was only 0.7%. However, after the announcement of the results, it was conservatively financed because of the huge amount of cash. This is the first time that the stable and yellow years have emerged. A large multinational group has been made irresponsible because of the serious excess of funds.
Although in the 2001 annual report, Hutchison's treasury team and its outstanding performance are comparable to any bank, the company's ability to contingent liabilities and obtain special profits still raises strong doubts. The Asian Wall Street Journal has publicly criticized the lack of transparency of Hutchison and did not disclose the basic situation of the company's contingent liabilities. Even if it is a minority shareholder of Huang, it does not know what it is.
After the high-profile counterattack, Hutchison arranged for the financial director Lu Falan to accept the newspaper's visit in late April, but the explanation still seems to have not completely calmed the doubts of the relevant parties. Hutchison’s total liabilities for 2001 were HK$139 billion, a significant increase of 27.52% over the previous year. Lu Frank explained that the subsidiary ordered 3G mobile phones from NEC and Motorola [microblogging], and Hutchison took responsibility for making the necessary financial guarantees. The purchase of mobile phones was ready. Once the transaction is completed, the related contingent liabilities will be Cancelled in the short term, this guarantee is in line with customary business practices. Lu Frank believes that if the detailed information is listed in the annual report, it will be too complicated, and most shareholders will not pay attention to these matters. The main concern of shareholders is the investment direction and return of Hutchison.
The Asian Wall Street Journal still questioned this and once again compared Huang Tong with Enron, pointing out that Enron shareholders were also not interested in the company's liabilities, resulting in heavy losses, and finally the whole army was wiped out. Obviously, it is no doubt that the newspaper has completely cherished the management philosophy of the Orientals with the American business philosophy.
There is a rumor in the industry that the ability of Hutchison to earn special profits will gradually decline. The main reason is that Huang Tai is very good at counting. He has a very good grasp of the value and price of his investment project. He has always been good at using high-selling and low-buying strategies to create a large number of non-recurring profits. The low-in and high-investment methods will lead to difficulties in selecting future investment targets, and Li Ka-shing's personal investment style will cause unexpected difficulties in selling. Because everyone knows that Li Ka-shing is higher. In fact, this is entirely a reverie on paper. In 2007, Huang’s strategy of selling and powering India did not show any obstacles in this regard.
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