v3 Chapter 813： If you don’t know anything, then **** him (1/2)

”Roland, what you do is nothing like what an old friend should do.”

Norman Shi Yahuai said with sharp eyes like a knife.

Now that it is clear that Xia Yu is going to establish Xiangjiang Telephone Company, Roland Kadoorie exchanged shares with him, which not only improved his self-insurance capability, but also greatly increased the control of China Light and Power Co., Ltd., and transferred all the pressure to Swire Group. Body.

All the benefits have been given to Roland Kadoorie, but he is carrying the pressure. Where is there such a good thing in the world?

Really think that the leader of the alliance is back to resist the pressure?

Roland Kadoorie didn’t seem to see Norman Shiyahuai’s anger, and said with a smile: “Norman, after all, HeungKong Telephone Company is operated and controlled by Swire Group. No matter what, Xia Yu will find you. If the equity I hold is transferred Given the Swire Group, your control over HeungKong Telephone Company will be greatly enhanced, isn't it?”

”Share swap is beneficial to both of us and it is definitely a win-win situation.”

On the face of it, this is indeed true.

But if this is the case, then it is clearly the pressure that both parties have to bear, and it will be borne by the Swire Group. The pressure on the Swire Group will be even greater!

Therefore, Norman Shi Yahuai said indifferently: ”Although we say that, since we are allies, we naturally have to advance and retreat together. As long as you don't sell the equity, it will be the same in your hands as in my hands.”

”Roland, I believe you will abide by our agreement.”

”As for you are worried that Xia Yu will move China Light & Power Co., Ltd., you don’t have to worry about it. His target is Hong Kong Telephone Company. Even if you really intend to move China Light & Power Co., Ltd., you hold 34% of the shares and we hold 100% of the shares. Eleventh, we hold a total of 45% of the shares. It is impossible for him to secretly acquire enough shares.”

”If you acquire the equity held by Swire Group, then you have to initiate a tender offer to all shareholders. Now the market value of China Light and Power Co., Ltd. is close to 1.9 billion Hong Kong dollars. Are you sure you can spend that much money?”

Facing a series of sharp rhetoric by Norman Shi Yahuai, Roland Kadoorie was speechless.

The truth is true as Norman Shiyahuai said.

According to the regulations of the Hong Kong Stock Exchange, if a listed company’s majority shareholder holds more than 35% of the shares, mandatory rules will be triggered, requiring it to initiate a takeover invitation to all shareholders for a full-scale takeover. Of course, it can also apply for an exemption, but those who apply for exemption It's too difficult!

If 50% of the shareholders accept the invitation, they can purchase the shares sold by any shareholder at the agreed price; if the purchase exceeds 75% and the tradable shares are less than 25%, and the listing requirements are not met, they will be forced to delist; if the shareholding ratio is More than 90% have the right to compulsorily acquire shares in the hands of any shareholder.

Of course, the above situation is that the equity is clearly concentrated under the name of a major shareholder.

Before Xia Yu, they used to buy secretly through separate accounts. No account would exceed 5%, and there was no need to publicize the shareholding ratio. The control of some acquired companies was really unknown, and the official could not find it. , These rules cannot be activated.

Therefore, Roland Kadoorie can also re-register the company and hold it as a shell company that is ostensibly unrelated to it, so that it can avoid triggering the rules, otherwise it will have to initiate an acquisition from all shareholders.

That’s why, many of the largest shareholders in Hong Kong’s listed companies have a shareholding ratio of about 34%, and the highest ratio is 34.9%, just to get the exemption in case of uncertainty. The right and the ability to acquire the company guarantees control of the company.

Having said that, now that Norman Shiyahuai is talking about this, it is not easy for Rolandz Kadoorie to propose the acquisition of the shares of China Light and Power Co., Ltd. held by Swire Group, otherwise it will be a distrust of Norman Shiyahuai. , Distrust of the alliance between the two parties.

Because of the power gap, without the alliance relationship, the Kadoorie family suffered even more.

The ability of the Swire Consortium to resist the Jiuding Consortium does not mean that his Kadoorie family has this confidence.

”OK, Norman, then I hope we can support each other on our respective boards.” Roland Kadoorie pretended to smile easily.

Norman Shiya said with a smile: ”Of course, I will always give the most firm support to allies.”

Next, the two chatted for a long time before Roland Kadoorie chose the opportunity to leave.

Watching Roland's Kadoorie's car go away, Norman Shi Yahuai sneered, eyes full of indifference.

Today, Roland Kadoorie came to the door, making Norman Shiyahuai feel worthless for his previous attitude.