Reborn Capital Madman

Sir Gao is particular about people, and naturally he is also particular about work. The thing he entrusted Wen Enhui to do is called a business investigation in a serious way, and it is not some gray corporate business, everyone understands!

The target of this investigation, as complicated as ever, is an international investment company named Bailida registered in Bermuda, first listed in Hong Kong, and second listed in New Zealand.

As for why Sir Gao was alarmed and asked to use Wen Enhui's connections to conduct a secret investigation, it was as complicated as a mess, so he could only explain it as clearly as possible, layer by layer.

First of all, it is necessary to explain the general background. As an international financial center, Xiangjiang, and the role that Sir Gao, the president of the Xiangjiang Monetary Authority, has assigned to Xiangjiang as an international digital center, a Japanese yen offshore financial center, etc., has attracted countless international capital and has come to Hong Kong.

Xiangjiang, and its various operations include simple and easy-to-understand backdoor listings, which is how Bailida came to be.

Specifically, when Jardine Matheson still existed in Hong Kong, it sold a securities investment company that was listed on the Hong Kong stock market during the boom of the Hong Kong stock market in the early 1980s to New Zealand's Bailida Group; it obtained a controlling stake.

Later, by making a comprehensive acquisition proposal to other small shareholders, Bailida Group finally became the major shareholder holding 54% of the shares and changed the company's name to Bailida Group.

Lida International Co., Ltd.; shortly after the global stock market crash broke out on Black Monday last year, Bailida International Co., Ltd. and New Zealand's parent company - Bailida Group announced their merger, becoming Bailida Limited registered in Bermuda, replacing the original Bailida Group.

Lida International Co., Ltd. is listed in Xiangjiang and is also listed for the second time in New Zealand. This is currently commonly referred to as Bailida.

The evolution history of companies like Bailida fully explains one of the aspects of Xiangjiang as an international financial center.

Originally, Bailida was just a third-rate player in the Hong Kong stock market and did not attract attention. However, it was unable to withstand a showy operation, so it became the target of public criticism. It is no exaggeration to say that it threatened the authority of the Hong Kong securities industry.

.

Furthermore, this focus is related to New Zealand Securities, the major shareholder of Bailida, which holds 36% of Bailida's equity and controls Bailida's board of directors. For example, Fan Fan, chairman of Bailida's board of directors,

Peter, Executive Director Fan Liandeng, Jia Peide, etc.

What kind of tricks are these Australian ghosts doing? Bailida suddenly announced that it will fully acquire its holding company, New Zealand Securities, in a share exchange. The specific conditions are that the price per share is HK$2.24, and every five

The new shares of Bailida will be exchanged for two New Zealand Securities ordinary shares.

The actions of Bailida and New Zealand Securities were not unsatisfactory. Within a few days, Bailida's board of directors announced that 74% of shareholders had accepted the acquisition proposal, and the acquisition became an unconditional acquisition, and a special shareholders' meeting was held.

, to vote on the proposal to expand share capital.

For this acquisition, the public explanation given by Bailida's executive director Fan Liandeng is that it can increase Bailida's development opportunities in the Pacific Coast region, and at the same time provide Bailida with a diversified base outside of Xiangjiang.

But the actual situation is not as simple as it seems. It is true that Bailida plays a third-rate role in the Hong Kong stock market, but naturally there are investors of the corresponding level to follow up. It pointed out that New Zealand Securities has already capitalized after the global stock market crash on Black Monday last year.

It is unable to pay its debts, and its stock price has fallen to less than one New Zealand dollar on the New Zealand stock market; while Bailida's operations in Xiangjiang are stable and steady, with comprehensive profits in the first half of June this year exceeding HK$11 million. Why should it engage in such a loss-making business?

?To harm the interests of small shareholders in this way, there must be something shady!

As a specific act of opposition, Liz Investment Company, which holds 15.5% of the shares of Bailida, proposed to acquire Bailida in cash, but there was only one condition: Bailida could not acquire the rotten piece of New Zealand Securities.

, As a result, Bailida's board of directors immediately rejected it without thinking.

You must know that cash acquisition has its own special attraction. This reaction of the Board of Directors of Bailida without thinking at least shows its irresponsibility to all shareholders.

In this way, the commotion became louder and louder, and the performance of the Hong Kong Stock Exchange and the Provisional Hong Kong Securities Regulatory Commission in this matter obviously added fuel to the fire.

The Hong Kong Stock Exchange has no objection to Bailida's acquisition of New Zealand securities because the shareholder support ratio is sufficient. Everyone says that the interests of small shareholders are harmed. The Hong Kong Stock Exchange cannot agree. However, the Hong Kong Stock Exchange follows the existing laws.

In this example, I can't find any basis for objection. In the financial industry, things are done according to the rules. Otherwise, how can we talk about credibility and authority?

The response of the Provisional Hong Kong Securities Regulatory Commission is more positive than that of the Hong Kong Stock Exchange. Although there is no basis for objecting to Bailida's acquisition of New Zealand securities from the existing laws and regulations, this acquisition will benefit Bailida's small shareholders.

Damage is a fact. Therefore, Bailida's acquisition of New Zealand securities should be suspended to give Bailida's small shareholders more time to consider, or to wait for the Hong Kong Securities Regulatory Commission regulations to be passed by the Hong Kong Legislative Council to improve the relevant regulations.

The attitudes of the Hong Kong Stock Exchange and the Provisional Hong Kong Securities Regulatory Commission are very different, which will inevitably surprise the outside world.

Bailida's board of directors did not take the recommendations of the Interim Hong Kong Securities Regulatory Commission seriously at all, and still convened a special shareholders' meeting as planned. The major shareholder New Zealand Securities not only voted against postponing the special shareholders' meeting, but also voted to approve Bailida's decision.

The decision to acquire oneself, with such a pure face, there are loopholes in the Hong Kong securities industry and I cannot blame others. Anyway, I can't control it. Bailida is registered in Bermuda. At worst, it will not be listed on the Hong Kong stock market.

The actual situation is also the same. The Board of Directors of Bailida insists on going its own way, which has caused quarrels among relevant parties in Xiangjiang, but there is nothing they can do.

The controversy here can be summarized into two points:

First, as New Zealand Securities is the target of acquisition and is also a major shareholder of Bailida, should it participate in the vote?

Second, when the interests of small shareholders are sacrificed, should the Hong Kong Stock Exchange and the Hong Kong Securities Industry Regulatory Authority clearly intervene?

I can't find the answer in a bunch of French texts including the Xiangjiang Company Law, Listing Regulations, etc. In short, I can't keep up with the situation, and there are bigger problems behind these two disputes, which makes Xiangjiang Securities

The circle is full of chaos, gloating about misfortune, indignant, furious...all kinds of complicated emotions!

Sir Gao is also a little angry. The Interim Hong Kong Securities Regulatory Commission is also the Hong Kong Securities Regulatory Commission. It turns a deaf ear to the words of the Interim Hong Kong Securities Regulatory Commission. It uses bean bags as food instead of solid food. These Australian ghosts on the board of directors of Bailida do not take me, Mr. Gao, seriously.

!

However, Gao Xian is still very calm. There are so many knowledgeable people in Xiangjiang who are helpless, but it does not mean that they are fools. They are going around in circles where there is no prohibition by law. To do practical things, you should use more brains.

Find another way, for example, go to the hometown of these Australian ghosts and check their background.