The board of directors 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 say that there was such a figure in Hua Venture Capital before.

But at this time, the minority shareholder representatives who did not know the details were only shocked by Song Yang's handiwork, and only Ke Yusheng and others' hearts sank.

No wonder ICBC, the largest creditor, didn’t send anyone here.

Huaguo Real Estate initially chose HSBC and Standard Chartered as the main banks for capital transactions, but starting in 1992, ICBC began to expand its overseas business. By 1995, the Xiangdao branch was established, and it was through upper-level operations and huge credit

Quota, snatched away Huaguo Real Estate as a customer.

This is also an incentive for HSBC and Standard Chartered to seek to capture real estate in China.

Through continuous operations in the past two years, Huaguo Real Estate has accumulated nearly 500 million in unpaid loans from ICBC.

Now it seems that Song Yang has actually obtained the creditor's rights there. There is no doubt that this Song Yang has received the support of the big leaders in the mainland just as Han An had worried before.

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

The debts acquired with real money are then negotiated for debt-for-equity swaps through the crisis that has broken out in Huaguo Real Estate. At this time, other small shareholders are present. What is the position of the two shareholders, HSBC and Standard Chartered, who refuse to reduce the company's debt scale? Just because they refuse to share shares

diluted?

Those small shareholders who only have a few lots, or at most hundreds of lots, don't care if the share ratio that is just a few decimal places becomes a little smaller, as long as the stock price of each share can eventually rise back and make money.

"Such a large-scale debt-for-equity swap is not a trivial matter." Guan Bonian said seriously, "Once discussed and decided, it will be a major event that directly changes the company's equity structure and will have a great impact on shareholders. There is no doubt that this requires a suspension of trading.

Reorganized. Moreover, in order to protect the interests of shareholders, the reorganized company needs to come up with practical business strategies so that the market can restore its confidence in Huaguo Real Estate."

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

Ke Yusheng frowned and spoke: "Currently, the company's market value has dropped to less than 2.3 billion Hong Kong dollars. When was the debt-for-equity swap discussed by Mr. Song based on the stock price? What are your thoughts on redemption?"

There are currently nearly 900 stocks in the Hong Kong stock market, and the total market value has just dropped a lot, fluctuating around 4 trillion, and there is a further downward trend.

Among them, Huaguo Real Estate has fallen very hard, from more than 4 billion before to less than 2.3 billion. Now Song Yang claims to have 720 million in debt on hand. If it is converted into shares, how much will it take? It will immediately become the largest

Shareholders.

If a listed company wants to implement a debt-for-equity swap, it is actually equivalent to a financing method, which is an additional issuance of new shares. These newly issued convertible bonds have the nature of both equity and debt. The company actually still has to bear this debt, but it is based on

Repay it in the form of equity dividends, which reduces short-term debt pressure and is conducive to operations.

Therefore, convertible bonds are actually quite popular because of their dual benefits. Of course, this is all based on the premise that the company's prospects are still promising.

The enterprise has to bear the dual pressure of debt repayment and equity dividends. If the operating conditions begin to improve, it will also tend to redeem the convertible bonds early. However, this early redemption is often done in the form of equity, and it is slightly

Premium. In this way, the debt is equivalent to paying off the debt with stocks.

All in all, it is a very complicated operation.

What Ke Yusheng is currently raising is actually the core issue: at what price Song Yang wants Huaguo Real Estate to "redeem" those debts, which determines what proportion of Huaguo Real Estate shares Song Yang will own.

"If you agree to this plan, you will naturally have to suspend trading and reorganize again. Let's take the stock price as the benchmark." Song Yang saw the expressions of Ke Yusheng and others changing again, and said with a smile, "As for the redemption... if

If the company decides to redeem shares directly during the restructuring period, then the premium will be 20% under normal circumstances."

The reason why Ke Yusheng's face looks ugly is that he doesn't know how today's meeting will go.

If these small shareholders feel that after the company's ownership structure has changed significantly, they will wait to listen to Song Yang, a "quasi-major shareholder", for his suggestions on the company's future business strategy. Then they may not lead some people to regenerate the stock price before the trading is suspended again.

misfortune.

Whether it will recover a little or continue to fall, I can't say for sure.

No matter what, Song Yang has made it clear that he prefers to convert the debt in hand into pure equity.

It's not just about holding convertible bonds to get double the benefits.

At this moment, Guan Bonian spoke again: "Due to the major business mistakes Han An made during his tenure as executive director, Hua Venture Capital, the so-called largest shareholder of Huaguo Real Estate, is also considering a gradual exit. The way to exit.

According to regulations, transfer by agreement requires the consent of other shareholders and must be reported to the Stock Exchange for approval. The original shareholders naturally have priority, but in order to make the transition smoother, Hua Venture Capital’s condition for exiting is to let Huaguo Real Estate

The debt scale can be reduced to a more reasonable and safer ratio."

This statement once again caused an uproar.

Ke Yusheng looked deeply at Guan Bonian.

This involves whether Huaguo Real Estate can continue to maintain its listing qualifications!

According to regulations, if it is just an ordinary reduction of holdings through block transactions, the proportion of stocks that can be traded in 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 regulations and the transaction can be reported

Compliance confirmation obtained.

Of course, all this will be done during the suspension and restructuring period.

However, after the suspension ends, the company is equivalent to changing its owner. It is difficult to say whether it can maintain its listing qualifications in the future.

Is the real purpose now to delist and reorganize?

If this is the case, why are HSBC and Standard Chartered still spending so much effort? Not only that, some of the arrangements they have made will suffer huge losses!

But is it possible to spend real money now to buy shares in Huachuang Pitcher?

This is the last resort!

As for reducing the debt scale to a reasonable ratio first, it is natural to first swap debt for equity, which will dilute the shareholding ratio of the original shareholders a lot.

No need to think about it, Song Yang has the most debts now, and the debts that should be reduced first must be in his hands.

Otherwise, Huaguo's future property purchase will be equivalent to working for Song Yang for a period of time and having to pay back the principal and interest of the huge debts he holds.

If Song Yang hadn't had Shi Youming, an asset management guru, as a think tank behind him, he would have been confused by the complicated operations of listed companies.

But now he knows very well that this method of operation is to make shareholders such as HSBC and Standard Chartered hard to speak out, and it can achieve the goal in an upright manner.

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

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

Will HSBC and Standard Chartered still follow?

Ke Yusheng looked ugly and 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 does he plan to run Huaguo Real Estate?

…

How complicated are Huaguo Real Estate’s current problems?

HSBC and Standard Chartered originally had good ideas.

Li Xian used the so-called "New Xiangdao No. 1" fund to obtain financing for Huaguo Real Estate by subscribing for new shares and some financial derivatives.

This money first filled some holes left by HSBC and Standard Chartered, and then Han An took part of the blame and trapped China Venture Capital in the injustice.

As for the leeks who subscribed to "New Xiangdao No. 1", what can they do if they encounter the Xiangdao stock market crash? At most, Li Xian will be laid off and the bank will issue a sincere apology.

Over the years, banks like HSBC have seen a lot of ups and downs.

Xiang Sheng's belief that "New Xiangdao No. 1" would make money through short selling was just a figment of his imagination. Did Li Xian say it clearly? He just emphasized their "professionalism".

In fact, through secret operations, HSBC and Standard Chartered have secretly held some interests. When the time comes, some agents will be introduced, and a plan will be put forward at the shareholders' meeting in which HSBC and Standard Chartered will dominate.

Now a Song Yang appeared halfway.

With the absolute say of 720 million creditor's rights and the "internal and external cooperation" of Hua Venture Capital, the major shareholder, they are no longer able to compete with them.

The key thing is that the things that are happening behind the scenes cannot be mentioned. If you do, it will arouse the anger of other small shareholders. A charge of maliciously manipulating the company's stock price cannot be escaped, and the "New Xiangdao No. 1" scandal will also affect HSBC itself.

.

Facing the crowd, Song Yang just said helplessly: "At present, I am only a representative of the creditors, and I am just an investor who has just raised a sign. I don't know enough about the internal issues of Huaguo Real Estate, and I don't have the identity and position to express any opinions.

.”

...You fucking want the stock price to fall a little further so that you can get more shares when the trading is suspended and restructured again!

Ke Yusheng thought so.

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

How can Ke Yusheng answer? This is not in the plan at all!

How can a serious conspirator use real money to play acquisitions? It's all a trick!

Guan Bonian then 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 first."

"This is the proper procedure. Since it is possible in the direction, Mr. Song is already a quasi-director and is likely to become a major shareholder of Huaguo Real Estate. You can share your thoughts. I believe this is the reason why we are here to participate today.

The shareholders of the Association are concerned.”

After going around in a circle, we first determined that Huaguo Real Estate would reorganize in this direction.

Ke Yu felt numb.

Do you want to play with 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 in various operations, it is better to reduce their holdings or even exit.

Perhaps taking advantage of the stock market crash, Li Xian's side "cut off the meat" in time, so that he, Ke Yusheng, did not have to lose a general within HSBC.
To be continued...