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Lin Haoran’s speech on Jade Channel became a hit.

And it became an instant hit throughout Hong Kong.

This time period, as the prime time for TV stations, has a huge number of viewers.

Unlike Shen Bi’s live speech in the afternoon, that time period was purely a weekday afternoon, and most people were still busy at work and had no time to pay attention to the financial news on TV.

The moment chosen by Lin Haoran is the prime time for family reunion and shared leisure time, so the ratings are naturally different.

In Hong Kong, where the penetration rate of television is very high, almost every household turns on the TV during this period of time. Even families without a TV will go to other homes or go to the convenience store downstairs to watch TV.

In this age without mobile phones or computers, television is the main window for people to obtain information from the outside world and enjoy entertainment life.

Since last year, the sale of real estate projects by companies such as the Hong Kong Land Development has triggered a panic among citizens, who thought that Hong Kong real estate was about to enter a cold winter.

However, at the request of the Governor's Office and with the assistance of the Landmark Group, the panic was successfully overcome.

However, this is not sustainable after all.

Since the beginning of this year, many Hong Kong real estate developers have found that land and housing prices are no longer rising as wildly as before.

The enthusiasm of citizens for buying and speculating in real estate is gradually cooling down amid everyone's wait-and-see attitude.

The scenes of people fighting tooth and nail for a property and using high leverage to enter the market are now hard to find.

Hong Kong's real estate market seems to have been put on pause and has entered an unprecedented period of calm.

Although some radical real estate developers are still fearless and expanding blindly.

However, the volume of real estate transactions has declined, and the oil crisis, which has lasted for more than two years, has not yet ended, so people's consumption mentality has become more rational.

Although Hong Kong's stock market has been very active in the past two years, with a rare bull market, only a small number of citizens are speculators in the stock market.

In addition, the stock market crash in 1973 is still fresh in the minds of many people. Who knows how long the current bull market can last?

What if the bull market suddenly turns into a bear market, wouldn’t we be trapped?
During the famous "July 3 Stock Market Crash" that year, the Hang Seng Index plummeted by more than 90%. You can imagine how tragic the stock market was at that time. People who lost their fortunes were almost everywhere in Hong Kong.

So there are more ordinary citizens who appear to be very cautious and still maintain a conservative wait-and-see attitude.

In the eyes of many citizens, stocks are something that is both dangerous and high-end.

As a result, many people choose to save their money to cope with possible economic fluctuations and uncertainties.

Therefore, over the past six months, the streets and alleys of Hong Kong have often been filled with an atmosphere of caution and wait-and-see.

Citizens often get together and talk about not how much a property has increased in value recently, but which bank offers higher interest rates and what method of savings is more secure.

The result is that the mortgage market has become less active, it has become more difficult for banks to make money, and some banks have had to start lowering deposit rates in order to reduce costs.

Originally, in the afternoon, Shen Bibi raised the deposit interest rates of Huifeng Bank to 3.5% and 3.8%, which surprised some viewers who watched the live broadcast on TV.

Unexpectedly, I heard an even more explosive news: Bank of East Asia is going to increase the interest rate on 5-year time deposits to 5%!

In comparison, Huifeng Bank's 5-year deposit interest rate has risen to 3.8%, which seems much inferior and has completely lost its appeal.

With the deposit interest rate of Bank of East Asia rising so high, will citizens hesitate to make a decision out of fear of risks?

On the contrary, no one is worried that the Bank of East Asia will suddenly collapse today.

If the Bank of East Asia, which was previously run by the Li Peicai family, had suddenly raised its deposit interest rates to such a high level, everyone would have been suspicious and worried that the Bank of East Asia would collapse.

However, the Bank of East Asia has changed its owner today and has become a subsidiary of Hong Kong's new richest man, Lin Haoran.

As a business giant that owns many strong companies such as Hong Kong Land Development, Hong Kong Electric Company, China Gas, Kowloon Motor Bus, and Vieux Industry Group, and whose business portfolio spans many key areas such as real estate, finance, energy, transportation, and people's livelihood, Lin Haoran's influence and credibility in Hong Kong's business community are unparalleled.

Citizens naturally understand that with the backing of many giant companies, Lin Haoran's strong financial resources, excellent business acumen and stable management style, Bank of East Asia, under his leadership, will never easily face risks such as a broken capital chain.

Moreover, the timing of Bank of East Asia's sudden increase in deposit interest rates was very critical.

In the afternoon, Huifeng Bank just announced to the whole of Hong Kong that they had significantly increased deposit interest rates. In the evening, Lin Haoran made such a speech on Jade Channel. Coupled with the current hostile relationship between Bank of East Asia and Huifeng Bank, many people believed that the reason why Bank of East Asia announced a higher deposit interest rate was obviously aimed at Huifeng Bank, and it was definitely not due to any sudden situation such as a broken capital chain or a bankruptcy.

Not only does this not seem like a sudden move, but in the eyes of the citizens, it actually seems a bit like a fit of anger, with a sense of domineering determination to win.

Therefore, no matter what, Bank of East Asia is a very trustworthy bank and there is no need to worry about any danger.

The news spread like wildfire throughout the streets and alleys of Hong Kong in an instant.

Citizens who had been preparing to transfer their deposits from other banks to Huifeng Bank upon learning that the bank would raise interest rates have now changed their minds without hesitation.

Compared with the interest rate of 3.8%, the temptation of 5% interest rate is too great.

After Lin Haoran finished his speech, many citizens had secretly decided to rush to the branch of Bank of East Asia early the next morning to deposit their savings, or transfer their deposits from other banks to Huifeng Bank.

The speech was over and Lin Haoran left the studio in a happy mood.

He could already imagine that Shen Bi must be extremely furious at this moment!

The bosses of other banks in Hong Kong must be sitting on pins and needles, anxious like ants on a hot pan, right?
Lin Haoran couldn’t care less about the impending crisis of other banks.

To be honest, even if Bank of East Asia had not announced an increase in time deposit interest rates, other small and medium-sized banks would have been in crisis because of the behavior of Huifeng Bank.

Because the time deposit interest rates raised by Huifeng Bank are no longer acceptable to small and medium-sized banks.

Now, Bank of East Asia's move has only intensified the situation.

The culprit is Bank of East Asia, not Bank of East Asia.

He believed that everyone in Hong Kong understood this truth.

Such high deposit interest rates have never been seen before in the whole of Hong Kong.

After all, by raising interest rates so much, the profit pressure and potential risks that banks have to bear will increase exponentially.

How could ordinary banks dare to easily get involved in such a "high-interest" field? If they are not careful, they may fall into operational difficulties or even trigger a bank run, leading to bankruptcy.

In the past, in order to survive in Hong Kong, small and medium-sized banks had to adjust the interest rate on one-year fixed deposits to 1%, which was a last resort.

Even so, they find it difficult to attract too much capital due to risk issues.

It is also because of this that the entire Hong Kong financial system currently has no relevant laws to strictly limit the upper limit of bank deposit interest rates, giving each bank a certain degree of independent pricing space.

The Hong Kong financial system during this period had a sense of wild growth and the supervision was not strict.

So, strictly speaking, Bank of East Asia did not violate any relevant regulations. It just took a bold and impactful step under these seemingly relaxed rules.

If it was really not allowed, Dashan would have stopped Lin Haoran's plan long ago, and Huifeng Bank would be even less likely to use such means to reap small and medium-sized banks in an attempt to widen the gap with Bank of East Asia.

"Haoran, isn't the interest on your deposit a bit high?" Uncle Six Run Run Shaw asked doubtfully in the TVB chairman's office.

Of course, he watched the entire live broadcast just now.

Even though he was not in the financial industry, Uncle Six understood very well how much pressure a 5% deposit interest rate put on the bank. So he couldn't understand why he thought Lin Haoran made the decision on impulse in order to fight back against the Bank of East Asia.

"Uncle Six, don't worry. I have my own ideas and I am very confident that I will not lose money. As you know, my companies such as Hong Kong Land Group and Hong Kong Electric Group are huge in scale, and many of them have corresponding debt ratios to varying degrees.

The interest rates they pay to borrow from banks are very high. So, rather than letting other banks take away the profits, it is better for Bank of East Asia to take over this business.

In this way, Hong Kong Land and other subsidiaries can obtain financial support at a relatively more appropriate interest rate, and Bank of East Asia can also have stable high-quality loan customers, forming industrial synergy and achieving a win-win situation. "Lin Haoran leaned on the sofa and explained with a smile.

This explanation is, of course, not true. He certainly would not say that he planned to invest the money in Japan.

Since its privatization, the Hong Kong Land Group no longer needs to disclose its financial data to the public.

Therefore, if the terrifyingly low debt ratio of the Swire Properties were announced, it would definitely shock the entire Hong Kong.

After all, almost all real estate companies in Hong Kong currently have very high debt ratios.

Especially in recent years, Hong Kong's real estate industry has grown wildly, causing many real estate companies to use high leverage to acquire land and develop projects, and their debts have snowballed.

Therefore, even Uncle Six believes that a large real estate company like the Swire Properties Group must have a high debt ratio, and it is normal for it to need loans.

Therefore, Uncle Six believed Lin Haoran’s explanation.

"By the way, Haoran, the Bank of East Asia treats you like this. As your partner, I naturally cannot bear to see you being bullied like this. So I also plan to transfer the financial business of our Shaw Film Company, TVB and other companies under my control from the Bank of East Asia. Although my assets may not mean much to you, it is a token of my appreciation." Run Run Shaw suddenly said in a serious tone, with a look of loyalty in his eyes.

Of course, Lin Haoran naturally understood that there is no pure loyalty in the business world. Shao Yifu's move was not only to express his support, but also a gesture of goodwill based on his investment in him.

However, Lin Haoran would naturally appreciate this. Although Run Run Shaw said that his assets were nothing, as a movie king in Hong Kong, Run Run Shaw's net worth must be more than 1 billion Hong Kong dollars, which is also a great help to Bank of East Asia.

In this way, in addition to Run Run Shaw, Guo Henian, the richest man in Southeast Asia, has already clearly expressed his support for him and can transfer all the funds of the financial business from Huifeng Bank to Bank of East Asia at any time.

These two people can be considered his secret weapons.

Once you reveal these two cards at a critical moment, you will definitely get unexpected gains.

Suddenly he found that he had more and more cards to play, and he no longer felt flustered.

Thinking of this, Lin Haoran secretly calculated in his heart, but his face remained calm. He just smiled and expressed his gratitude to Shao Yifu: "Sixth Uncle, I, Lin Haoran, will remember your kindness in my heart. In this way, when I need it, you can transfer the business to me, how about it?"

Although Shao Yifu didn't understand why Lin Haoran had such a plan, he knew that the other party might be planning something.

So, he naturally agreed without hesitation: "Okay, Haoran, please feel free to contact me whenever you need me. Although I have been working with Huifeng Bank for many years, I have never owed them any favors. Business transfer is just a matter of words. As long as it is to support you, I will fully cooperate."

Lin Haoran nodded. At this moment, he finally realized the importance of personal connections.

At this moment, although only Shao Yifu and Guo Henian took the initiative to offer to support him, these two people are enough to replace countless ordinary customers.

The power of personal connections at critical moments is far beyond imagination.

I now have a better chance of winning in this business game.

After chatting with Shao Yifu in the office for a few minutes, Lin Haoran said goodbye to him.

Shao Yifu understood that Lin Haoran's mind was now entirely on the Bank of East Asia, so he did not try to keep him.

He just personally sent him to the elevator, patted him on the shoulder, and said earnestly: "Haoran, the business world in Hong Kong is ever-changing, and it won't be easy along the way, but I believe in your ability and courage.

If there is anything you need Uncle Six's help with, just ask, and don't be polite. Although I am not one of the richest men in Hong Kong, I can still give you a little help."

Lin Haoran knew that in Hong Kong's highly competitive and treacherous business world, it was rare to have a friend like Run Run Shaw who was truly willing to help him. Regardless of whether the other party was investing in him or doing something else, he appreciated the friendship.

Without further greeting, Lin Haoran said goodbye and hurriedly left the TVB headquarters building, preparing to go to the headquarters of Bank of East Asia.

At this time, Dashan and other senior executives of Bank of East Asia must still be working overtime.

After all, the next moment is an important one for Bank of East Asia.

Whether we can occupy a larger market depends on this wave.

As expected, when Lin Haoran arrived at the headquarters building of Bank of East Asia, Dashan and more than a dozen senior executives had not gone home from get off work, but were busy preparing for the upcoming tough battle.

Seeing the boss coming, all the senior executives took the initiative to applaud and cheer for Lin Haoran's wonderful speech.

The applause was warm and long-lasting, echoing in the spacious and bright office, and everyone's face was filled with excitement and anticipation.

Before long, everyone went back to their work.

And Dashan also followed Lin Haoran to the office.

"Are you ready?" Lin Haoran asked with a smile.

"Of course, boss, please rest assured. We have worked overtime and have completed all the preparations. The notice of deposit interest rate adjustment has been posted in all business outlets, and the publicity plan has been released. At the same time, the employees of all business outlets have received emergency training, and we are waiting to officially announce it to the public and welcome customers tomorrow morning."

Dashan responded confidently, his eyes revealing his determination to win this "battle".

"Okay, then I feel relieved. I hope you won't let me down!" Lin Haoran nodded.

"Boss, although the interest rate adjustment of our Bank of East Asia will definitely set off an unprecedented deposit boom, we must also make preparations in advance. If we do so, we will inevitably become a thorn in the eyes and flesh of all banks in Hong Kong.

In my opinion, this wave of deposit boom will not last too long, and the Governor's Office will most likely intervene. After all, if left alone, Hong Kong's financial industry will be turned upside down and suffer heavy losses. "Dashan was not overwhelmed by the upcoming business boom and still kept a clear mind.

Lin Haoran could naturally understand Dashan's words.

To put it bluntly, if this strategy of Bank of East Asia is implemented for a long time, it will inevitably lead to many banks suffering from broken capital chains due to bank runs, and eventually fall into bankruptcy crisis.

The Governor's Office would definitely not allow such a situation.

Therefore, Lin Haoran had no plan for the Bank of East Asia to continue implementing this policy.

His plan was to take advantage of the fact that Hong Kong's financial legal system was still imperfect and that the Bank of East Asia was the first to propose high interest rates as a shield, and to make a quick decision by absorbing as much funds as possible. Even if it only absorbed a few billion Hong Kong dollars in deposits before being stopped, it would be well worth it.

Especially on the side of Huifeng Bank, Lin Haoran hopes that the larger the proportion of the deposit funds transferred to Bank of East Asia, the better.

After all, he just likes to beat the downed.

"Mr. Dashan, you are right. We do need to be prepared for various possible situations." Lin Haoran sat on the sofa, crossed his legs, his eyes revealing a thoughtful look.

"However, we cannot be timid because of this. This time, we raise the deposit interest rate to fight a quick battle and take advantage of the window period when Hong Kong's financial legal system is not yet perfect to quickly absorb funds and lay a solid foundation for the long-term development of Bank of East Asia."

"Boss, I understand." Dashan said solemnly.

……

In the blink of an eye, the night passed.

As the news spread further, early the next morning, all major banks in Hong Kong were greeted by long queues.

Not only the Bank of East Asia, but also the major business outlets of Bank of East Asia, Standard Chartered Bank, Hengsheng Bank, as well as many foreign banks and local small and medium-sized banks have ushered in unprecedented bustling scenes.

It is not difficult to understand that the Bank of East Asia is experiencing a surge in queues, as this is all expected.

The reason why other banks are experiencing a surge in queues is very simple: these banks' deposit customers are withdrawing cash and preparing to transfer the funds to Bank of East Asia, which offers higher interest rates.

For a time, the entire financial circle of Hong Kong was in an uproar.

At the Causeway Bay branch of Bank of Communications, many people lined up early in the morning, many of whom were elderly.

Young people all have to go to work, but these old people are basically retired and have a lot of savings. As the largest bank in Hong Kong, Bank of Hong Kong is the first choice for many citizens to deposit money.

However, the 5% interest rate on five-year fixed deposits offered by Bank of East Asia has now become like a bombshell, causing huge waves in Hong Kong's financial market, forcing those elderly people who originally kept their money in Huifeng Bank to re-examine their financial management choices.

Huifeng Bank is reliable, and Bank of East Asia is also reliable.

Since they were planning to queue up and transfer their funds to Bank of East Asia, they had naturally thought it through after a night of consideration.

Therefore, the goal of these customers in line is very clear, which is to withdraw all the funds deposited in Huifeng Bank and then deposit them in Bank of East Asia.

The president of the Causeway Bay branch of Hui Feng Bank, upon seeing this scene, although he had been mentally prepared, he could not help sweating on his forehead and felt extremely anxious when faced with such a large number of cash withdrawals.

He naturally understood that if this trend continued, Huifeng Bank would suffer a heavy blow, with a large amount of capital outflow, which would have an immeasurable impact on the bank's operations and reputation.

Although time was tight, Huifeng Bank had already urgently convened all branch presidents for a meeting last night to discuss response strategies.

However, faced with such a radical interest rate adjustment by Bank of East Asia, Huifeng Bank was unable to come up with an effective solution for a while.

In the end, Shen Bi could only ask the branch presidents to adapt to the situation and try their best to persuade and stop customers from withdrawing cash.

But they all know that they can persuade them, but if these customers insist on withdrawing cash, they have no choice but to do so.

Otherwise, Huifeng Bank’s credibility system will collapse directly.

The branch president looked at the three long lines at the bank's business windows and estimated that there were at least forty or fifty people here.

This is still during working hours and many people are still at work, so the people queuing are mainly retired elderly people or unemployed middle-aged people.

If this happens when office workers are taking a break, I can’t imagine how much the number of people queuing will increase.

"President, what should we do now? Our persuasion has no effect at all. Those customers basically give the same answer. Unless our Huifeng Bank also raises the deposit interest rate to the same level as the Bank of East Asia, no matter how we persuade them, they will not change their minds.

More and more customers are withdrawing cash, and our branch's cash reserves are already a bit tight." A bank employee hurried over and reported anxiously.

The president took a deep breath and tried to calm himself down. He also wanted to think of a useful solution. The problem was that if he could think of one, he would have done it long ago.

The current situation is like a tangled mess, the more you try to sort it out, the more confused it becomes.

"Don't panic. Continue to follow the instructions of the head office and try to calm the customers. I will now report to my superiors on our branch's current cash reserves and cash withdrawal pressure." The president frowned and said in a deep voice.

At the moment, he really couldn't think of any good solution.

This situation at the Causeway Bay branch of the Huifeng Bank is happening simultaneously at all the branches of major banks in Hong Kong. (End of this chapter)