Rebirth of the Hong Kong Millennium Conglomerate

Zhang Zeyang's attention, however, was not on the verbal battle between the Dairy Farm Company and the Land Development Company.

Instead, it was locked away in a corner of the newspaper's social section, where HSBC tycoon Sanders publicly warned of a stock market bubble yesterday.

Compared to the current high-profile takeover battle between Hongkong Land and Dairy Farm, the HSBC helmsman is more likely to pique Zhang Zeyang's interest.

With his fingertips lightly tapping the table, Zhang Zeyang's thoughts had already drifted to the Hong Kong business world several years later.

He clearly remembered that Sanders would remain in the top position at HSBC until 1977 before officially stepping down.

When that time comes, Sim Bi will take the reins from him and become the new leader of HSBC.

Sir Michael Sandberg's rise to power marked the beginning of another legend—Li Ka-shing, whose name would later resound throughout Hong Kong and the entire Chinese business community, would soon ride on Sandberg's coattails to climb to the pinnacle of wealth.

However, at this moment, the real person in charge of HSBC is still Sanders.

This British tycoon, who controls the financial lifeline of Hong Kong, wields absolute power at HSBC.

What kept echoing in his mind was the profound influence that Sanders had on the Chinese-owned businesses in Hong Kong over the decades at HSBC.

In Zhang Zeyang's view, Sanders was no ordinary foreign banker. His vision and perspective had long surpassed the limitations of his time, and he had seen through the vicissitudes of Hong Kong in the coming decades.

Sandas's support for Chinese investment was not a spur-of-the-moment decision, but rather a result of a clear strategic plan.

Two of the most representative events are enough to be recorded in the annals of Hong Kong's business community.

The first thing was his strong support for Mr. Bao, the "Shipping King," during the 1950s and 60s.

At that time, Mr. Bao was just a newcomer in the shipping industry, full of ambition but lacking the leverage to attract capital.

It was Sanders who, despite immense pressure from within the British company, overcame all opposition and provided Mr. Bao with a continuous stream of financial support and credit endorsement.

Those seemingly ordinary loans and seemingly commonplace cooperation agreements actually paved the most solid steps for the shipping magnate's rise.

Everyone knows Mr. Bao's legendary achievements, but few know that the beginning of this legend was inseparable from the support of Sandas.

The second thing further demonstrates Sandas's foresight and wisdom, which far surpasses that of his contemporaries.

In the late 1960s and early 1970s, Hong Kong was still dominated by British trading companies.

Jardine Matheson, Swire, and Hutchison Whampoa, these long-established British giants, were like towering trees, monopolizing the economic lifeline of Hong Kong. Chinese capital was nothing more than a small blade of grass struggling to survive in the cracks, unable to gain any real influence.

However, Sanders keenly sensed the impending change. He had already foreseen that the 1970s would be a watershed moment for the rise of Chinese capital in Hong Kong.

What's even more remarkable is that Sanders had already foreseen the profound impact on Hong Kong's future ownership.

He knew that this land would ultimately be inextricably linked to his homeland in the north, and the British-dominated situation would be broken sooner or later. Rather than clinging to old ways, it was better to proactively adapt to the trend.

Thus, under Sanders' leadership, HSBC quietly adjusted its strategic direction.

The previous preferential support for British-owned enterprises has gradually shifted towards the cultivation and acceptance of Chinese-owned enterprises.

His policy ideas, like a gentle spring rain, subtly influenced HSBC's management.

Even Sir Michael Sandberg, who later succeeded him, was deeply influenced by this strategic thinking and continued the policy of supporting Chinese capital after taking charge of HSBC.

The threads of history often lay their foreshadowing unintentionally. It was the seed planted by Sandas that took root and sprouted in Shen Bi's hands, eventually blossoming into a magnificent flower—Li Jiacheng being the best witness to this flower.

After taking office, Sir Michael Sandberg recognized Li Ka-shing's business acumen and enterprising spirit and provided him with full support, which led to Li becoming the most influential richest man in Hong Kong and the richest Chinese man in Hong Kong.

However, it is too early to say these things now.

In 1972, Li Jiacheng's name had already gained some recognition in the Chinese business community in Hong Kong.

Especially after his company, Changjiang Industrial, successfully went public, it attracted the attention of many Hong Kong investors.

Occasionally, the financial section of the newspaper would publish reports about Changjiang Industrial, and between the lines, there was a lot of praise for this young entrepreneur.

But despite the praise, Li Jiacheng at this time was still far, far away from his future peak.

His business empire is still in its early stages, and the funds and resources he has are far from enough to compete with British giants like Jardine Matheson and Hongkong Land. Even within the Chinese-owned sector, he is not considered a top player.

Zhang Zeyang picked up the already warm milk tea from the table, took a small sip, and his gaze held a depth that was difficult for others to perceive.

Sandas's foresight, Sim Bi's relay, Li Jiacheng's rise...

He knew that Hong Kong's business world was about to undergo a radical transformation. The decline of British capital, the rise of Chinese capital, and the fates of countless people would all be rewritten in this wave.

But Zhang Zeyang's arrival will rewrite everything.

On Monday morning, just as dawn was breaking in Hong Kong and the morning mist over Victoria Harbour had not yet dissipated, anxious stock investors had already crowded outside the Central Stock Exchange.

At 9:30 a.m., the stock market officially opened with a clear chime.

Almost instantly, the numbers on the electronic display screen surged dramatically—the Hang Seng Index plummeted, dropping 87 points in a single day, a decline of 11.5%. This chilling wave first swept through the two giants at the forefront of the storm: Dairy Farm's stock price plummeted by 20%, and Hongkong Land suffered an even more devastating blow, with its share price falling by over 23%, leaving countless investors pale-faced.

However, this crash was merely a minor episode in the frenzied Hong Kong stock market.

Stock market investors were blinded by the recent profits. After a brief period of panic, they remained hopeful for the future of the stock market, and their enthusiasm for entering the market not only did not diminish but instead rose even higher.

Sure enough, the stock market staged a stunning rebound the next day, with the index soaring as if the previous day's crash had never happened.

Meanwhile, the showdown between Hongkong Land and Dairy Farm has already reached a fever pitch, with both sides completely bloodthirsty.

This war without gunfire has long since transcended the realm of stock market transactions, evolving into a comprehensive battle of public opinion, a war of words and actions, a clash of swords, with every move aimed at the opponent's vitals.

In order to seize the moral high ground, both companies simultaneously hired financial experts and writers at great expense to launch a barrage of attacks in major Hong Kong newspapers. Each article was a powerful and scathing critique of the other.

Starting from November 14th, Hongkong Land launched a massive "GG" campaign, with the front pages of all major Hong Kong newspapers being dominated by full-page "GG" ads featuring Hongkong Land for three consecutive days.

Those GG articles were truly scathing, each word a veiled attack, carrying both arrogant self-praise and biting sarcasm, pushing the flames of the propaganda war to their peak.

In a post on November 14th, Hongkong Land mercilessly mocked its competitor's asset allocation: "...Everyone knows that on barren mountains and wilderness, only lush green grass can be seen (this alludes to the feed land under the Dairy Company), with absolutely no profit to be made. You must understand the reason why... Only by revitalizing the land and building skyscrapers that soar into the clouds can shareholders' profits, like those skyscrapers, rise steadily and reach the heavens!"

On November 15th, GG suddenly changed its tune, beginning to boast about its glorious achievements: "...Over the past five years, our company's performance has climbed year after year, advancing triumphantly! In terms of past glories, who else but Hongkong Land can match us? In terms of future prospects, only Hongkong Land is worthy of your trust!"

By November 16th, Hongkong Land's CEO displayed even greater arrogance, launching a bombshell statement that swept through Hong Kong's business community: "Over the next three years, our company will embark on a leapfrog development. Who in Hongkong can stand shoulder to shoulder with us?"

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