I Want To Be a Rich Man on Hong Kong Island

In mid-March, Hutchison \u0026 Co. held a general meeting of shareholders.

Looking at the hundreds of shareholders, big and small, Wu Guangyao was a little curious, how HSBC would attack Qi Dezun!

At this time, Qi Dezun was in high spirits on the surface, and there was no look of panic and loss at all;

Qi Dezun, representing the board of directors, first delivered a passionate speech;

After changing the topic, Qi Dezun said: "After the discussion of the board of directors, we hope that all shareholders will have a rights issue of 175 million Hong Kong dollars to relieve the temporary difficulties!"

As soon as Qi Dezun's words fell, more than a hundred shareholders talked a lot, and their emotions were even a little excited.

HSBC is not a director of Hutchison, but it can represent a group of shareholders;

Therefore, Shen Bi got up and retorted: "We do not agree! Don't talk about giving Hutchison 175 million Hong Kong dollars, even if it is 10 million Hong Kong dollars, we will not agree! The problem with Hutchison Matheson is not the problem of funds, but the whole There is a problem with the policy of the group company."

Qi Dezun's face flushed suddenly, for Qi Dezun, bringing Hutchison to this point is his proudest place;

Anyone who wants to veto and veto everything Heji Yangxing has done in the past is more sad than letting himself step down!

Shen Bi did not bring up the words to let Qi Dezun step down;

After vetoing the right issue for shareholders, he stopped talking and sat down.

Seeing Shen Bi sitting down, Qi Dezun breathed a sigh of relief;

Since Shen Bi and Wu Guangyao won't tear their skins apart with him, then he, the top class of Heji, has nothing to worry about for the time being!

However, Qi Dezun's heart has not yet let go. A shareholder and a creditor of Heji got up and said: "Qi Dezun Taipan, in view of the current situation of Heji Matheson, we, as creditors of Heji Matheson, are worried that Heji will not be able to repay the debt. So , We, the bondholders, had a unanimous discussion in advance and prepared to request the liquidation of Hutchison Matheson through legal channels!"

The words of this creditor are no less than thunder on the ground!

Before Qi Dezun could react, many people stood up and echoed;

Everyone strongly stated that Hutchison would either pay back the money immediately or accept liquidation.

Wu Guangyao was also a little surprised, Shen Bi's move was so ruthless!

If these creditors hadn't had Shen Bi's support, they probably would never have joined forces to fight against the second foreign firm in Hong Kong Island!

Qi Dezun finally came to his senses, and said loudly: "You say liquidation is liquidation, Hutchison Co., Ltd. just encountered a little trouble, and your debt is not yet due, why should we accept it!"

Usually, this group of people would never confront Qi Dezun head-on, but today they seem to have taken the courage to fight with courtesy.

Suddenly, the entire conference room was in chaos!

At this time, Shen Bi stood up and said, "Everyone listen to me!"

It was quiet for a while, and Shen Bi continued: "Mr. Qi Dezun, I have an opinion, you should listen to it first! There is a problem with Hutchison \u0026 Co., and you, as the major shareholder, will suffer the most; so why don't you let go and try someone else? Try? I suggest that Mr. Wu Guangyao, the director, contribute 160 million Hong Kong dollars and add 50 million shares of Hutchison International."

As soon as Shen Bi's words fell, the whole conference room erupted again.

At this time, the total share capital of Hutchison Matheson was 165 million shares. After an increase of 50 million shares, the total share capital became 215 million shares;

And Wu Guangyao originally held 26.5 million shares, after increasing 50 million shares, he now holds 76.5 million shares of Hutchison International, accounting for 35.6% of the total share capital, surpassing Qi Dezun in one fell swoop;

Qi Dezun itself owns 55 million shares of Hutchison International, and now the shares are diluted, only 25.7% of Hutchison International;

At the same time, Hutchison Matheson received 160 million Hong Kong dollars in cash, which can temporarily tide over the difficulties.

Qi De was so dignified that he couldn't speak, he looked fiercely at Shen Bi, and then at Wu Guangyao;

Wu Guangyao stood up and said, "Although Mr. Shen Bi's words moved me very much! However, Mr. Qi Dezun has contributed a lot to Hutchison \u0026 Co.'s scale and achievements today..."

Before Wu Guangyao finished speaking,

A shareholder got up and said: "The credit is the credit, but Hutchison \u0026 Co. is on the verge of bankruptcy. What's the use of talking about it! Mr. Wu, as a shareholder, we just hope that we can get back our investment, so I invite you to host the and Remember foreign trade!"

Next, a group of shareholders and some directors of the board of directors began to quarrel!

In the end, a group of creditors got up and left directly, threatening to go to the Hong Kong government and the court to demand that Hutchison \u0026 Co. was liquidated.

A shareholder meeting broke up before it was halfway through!

After the meeting, Qi Dezun hesitated, and took the initiative to invite Wu Guangyao and Shen Bi to sit in his office.

"Mr. Shen Bi, don't you have a good opinion of me, Qi Dezun?" Qi Dezun's tone was somewhat pleading, and he no longer had the bearing of a senior class.

Qi Dezun knows that as long as HSBC is willing to help him, he has hope to continue to be in power;

However, Qi Dezun was disappointed!

"Qi De respects the big class, this is not my family's opinion, HSBC executives, Hutchison shareholders, everyone hopes that you can step down. Of course, everyone will remember your credit, and you can continue to be a director of Hutchison \u0026 Co. Hutchison \u0026 Co. struggle!"

Up to now, Wu Guangyao has decided to show his cards, so he said from the side: "After the private placement of Heji Matheson, there is a fund that can be used to deal with the Swiss francs that Heji Matheson borrowed, and it will not be chased by creditors. At the same time, I also invited Wei Li, the 'company doctor', to manage Hutchison \u0026 Co.! I have a perfect plan for Hutchison \u0026 Co. to get out of the trough, and I am willing to sign a contract with the board of directors. Within two years, the Can turn losses into profits!"

Qi Dezun's heart suddenly lost for a while, at this time, the general situation has gone!

Once those creditors make trouble, the court and the Hong Kong government will intervene in Hutchison;

HSBC does not support me, Wu Guangyao also intends to lead Hutchison, and shareholders and bondholders are forcing the palace, so I have no chance at all!

 …

March 20, 1974, at midnight.

The board of directors of Hutchison \u0026 Co. held a press conference and announced at the meeting: Hutchison \u0026 Co. and Mr. Wu Guangyao had reached an agreement that Hutchison International would issue 50 million new shares at a price of 3.2 Hong Kong dollars per share; Hutchison International shares issued this time increased its holdings to 35.6% and became the largest shareholder of Hutchison Matheson.

The board of directors of Hutchison \u0026 Co. also decided that Mr. Wu Guangyao was elected as the chairman of the board of Hutchison \u0026 Co., Rong Bensheng as the executive director of the board of Hutchison \u0026 Co., and Wei Li as the chief executive and director of Hutchison \u0026 Co.

As soon as the news came out, Hong Kong and Kowloon were shocked!

In the eyes of the citizens of Hong Kong Island, Hutchison \u0026 Co. is equivalent to the existence of Jardine Matheson, HSBC, Swire \u0026 Co., and Wheelock \u0026 Co. These five firms can be said to be well-deserved British giants on Hong Kong Island;

Back then, the Wharf Group acquired by Mr. Wu Guangyao could not be compared with the current Hutchison;

Heji Foreign Company is a giant. Although Heji Foreign Company is in trouble this year, the emaciated camel is bigger than the horse;

Its Huangpu Dockyard, Junyi Warehouse, Watsons, ParknShop Supermarket, International Container Terminal, Hebao, etc., these enterprises span real estate, ports, retail, and trade.

The next day, various newspapers in Hong Kong put Wu Guangyao's photo in the best position, and reported extensively:

"Business Evening News" commented: "It's like dropping a bomb", "The stock market soared this morning", "The small market drives the big market"

"Sing Tao Daily" commented: "The first big class to enter a British-owned foreign company", Mr. Wu Guangyao only needs to pay 160 million Hong Kong dollars to control such a huge company and own such a huge asset. A major victory; Mr. Wu Guangyao is the 'god of business', I believe Hutchison will be completely new under his hands!

Some newspapers also ridiculed Qi Dezun's "excessive appetite, indigestion" and "steel teeth, but poor gastrointestinal function".

The news broke out on Hong Kong Island, and it also attracted numerous media reports internationally:

The US "Newsweek" commented: Mr. Wu Guangyao, the richest Chinese man in the world, became the chairman of the board of directors of Hutchison Matheson. This is the first Chinese to serve as the chairman of the board of directors of a large foreign company in Hong Kong. Maybe he is not the only one.

The British "Times" analyzed: British-funded companies have been acquired by Chinese Wu Guangyao one after another, which makes Hong Kong's British-funded companies feel nervous; as we all know, Hong Kong is a British colony, but the Chinese still account for the vast majority of Hong Kong's population. The British who are the lifeblood of political power and economy are a minority. After World War II, especially in the 1960s and 1970s, the economic power of the Chinese grew rapidly; a "richest man in the Chinese" and "the richest man in the world" were born.

The British "Times" also pointed out: As the Chinese became more and more powerful, the upstart Chinese businessmen became more active, and they were ready to compete with British capital in order to obtain the economic benefits that originally belonged to British businessmen.

Although the tone of the British guy's "British Empire" is off-putting, he is not wrong in general. Chinese businessmen are indeed about to rise!

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