v3 Chapter 1185： The nature of the island consortium (1/2)

”Okay, stop complaining. Anyway, the Sanhe Consortium is one of the six major consortiums in the island country. It is placed within East Asia. There is no opponent except me.”

”We return to the topic and continue the meeting!”

Hearing what Xia Yu said, everyone calmed down and looked at Xia Yu attentively again.

Xia Yu drank his mouth water to moisturize his throat, and continued: ”My biggest goal is to control the Sanhe Consortium. Although the Sanhe Consortium has huge assets, up to more than 150 billion US dollars, it involves more than 170. They are directly affiliated to Tier 1 companies, but in fact they only need to target the 41 core enterprises of the Sanshui Club.”

”The other 136 peripheral companies that hold more than 10% of the shares do not have to deal with them. They control 41 core companies, especially the core Sanhe Bank, and these 136 peripheral companies It was indirectly controlled.”

”But don't think that it is easy to operate with only forty core companies. In fact, because of the problem of the island country consortium, the difficulty is not generally large!”

Speaking of this, Xia Yu's expression was rare and solemn, and even the tone of his words increased a lot, which made Liu Xiao and others' hearts startled.

The reason why Xia Yu attaches so much importance to it is to mention the island country’s consortium model.

The current island country consortium model, Xia Yu can be called the consortium 2.0 model, this model has been studied by economists around the world in later generations.

Before World War II, the 1.0 model of the four major chaebols in the island countries was a pyramid holding model, but when they were regrouped after the war, in order to adapt to the ”Anti-Monopoly Law” promulgated by the United States, the island country consortium changed from a direct holding company to multiple companies. Joint holdings, and then evolved into a mesh sphere holding model.

This mesh sphere holding model, like the neural network of the human brain, makes the information transmission and communication between consortiums faster and more suitable for the market environment. In addition, having a manager as the core of the brain allows the consortium to brainstorm, even if the strategy is adjusted. .

This net-shaped sphere shareholding model will make Xia Yu's acquisition very difficult, much more difficult than when it targeted the Swire Consortium and Hutchison Whampoa.

Because of the intensive cross-holding between companies, shareholders are basically corporate shareholders, and individual shareholders are almost invisible. Such shareholders add up to a small amount of equity.

Like in Xiangjiang, the top ten shareholders of a company generally have more than two-thirds of their equity.

But in island countries, the total shareholding ratio of the top ten shareholders of major companies: 37.4% for Nissan Motor Company, 27.3% for Hitachi, and 3% for Sumitomo Metal 11.7, the island country steel pipe company is 27.2%, Mitsubishi Heavy Industries is 25.8%, Toyota Motor Corporation is 36.5%, and Panasonic is 2%. Nineteen.

And this level of proportion is still more concentrated in the past ten or twenty years, and even more scattered before!

This system of legal person shareholders makes almost all of the company’s operating rights handed over to professional managers, and it is the managers of various consortiums that decide whether to keep professional managers. These managers have the intelligence similar to that of the organization department and randomize talents. Deployment.

When Maruzen Petroleum Company was in crisis before, it was the internal discussion and decision of the Sanshui Association of the Sanwa Foundation that the former deputy manager of Kansai Electric Power Company Moriju Goro was sent to Maruzen Oil as the manager of the financial sector. He Bank’s deputy general manager, Miyamori, continued to succeed, and Maruzen Petroleum was once again out of the crisis and on track.

Of course, in the face of this consortium model, it doesn't mean that there is no chance to speak up.

After all, as long as a company's equity is dispersed and listed, then the egg will be cracked and opportunities will always be found.

Few large companies like these consortia are not listed.

As long as it is listed, then 25% of the equity must be thrown out at the beginning. After 10 to 20 years or even decades of listing, shareholders will sell or buy stocks, so there will be changes .

In order to find out the situation of the island country’s commercial market, Xia Yu’s Jiuding Think Tank Business Research Institute studied the island country’s stock market. The workload was not as big as the earth, but Xia Yu did not disappoint. The data came out.

Last year, the proportion of all stock-listed companies in the island countries was as follows: domestic financial institutions held 40.7%, corporate legal persons held 24.3%, and individual shares held 100%. Of 22.9, foreign investors hold 12.1% of the shares!

From these data, it can be seen that as long as the financial institutions, individual shareholders, and foreign investors in the island country can be simultaneously engaged in, it is possible to increase the shareholding ratio to more than 34%. 50% and 66.7% or more, the difficulty will be greater.

For example, for the Sanhe consortium, forty-one core companies need to be mobilized at the same time, and it is almost difficult to maintain confidentiality.

In Xia Yu's view, the best way, and almost the only way, is to cut off the capital chain of the Sanhe Consortium, and then use huge funds to forcefully launch acquisitions and seize control of all companies!