radicalducati Chapter 24: Li Ka-shing Sighs, Prepares to Hand Over Work
Chapter 24: Li Ka-shing Sighs, Prepares to Hand Over Work
Early the next morning.
The fog over Victoria Harbour has not yet lifted.
The reports from multiple newspapers have once again stirred up a huge storm throughout Hong Kong.
The front page headline of the Commercial Daily was glaringly obvious: "Sir Pao increases his stake in Wharf Holdings to 30%, poised to take control; Hong Kong Electric officially corporatized."
Hong Kong Economic Journal: "Wharf Holdings is about to change hands: Is the mysterious new owner of HK Electric a third-party power struggle involving Li Ka-shing, Sir John Paul II, and others?"
Ta Kung Pao: "HSBC strongly supports Sir John Paul Woo, Wharf Holdings to change hands, HK Electric consolidates its shareholding, Hong Kong's business community to undergo major changes."
Sing Tao Daily: "Sir John Paulson temporarily surpasses Jardine Matheson and is about to take control of Kowloon Wharf; the Hong Kong government announces that HK Electric has completed its corporatization and will no longer have joint ownership."
Ming Pao: "Chinese businessmen are rising, Sir John Paul Woo takes over Kowloon Wharf, and the new owners of Hong Kong Electric are also Chinese."
Newspapers flocked to report on these two major news stories. Hong Kong Commercial Radio and Television were also vying to report on these two significant business events.
With Pao Yue-kong becoming a major shareholder of Wharf Holdings and having the support of HSBC, it's certain that he will control Wharf Holdings and become its chairman.
As the first person of Chinese descent to control the core of a trading company, he received immense support and praise from the Chinese community. His success also conveyed a message to the Hong Kong Chinese community.
Foreign firms are no longer an unbreakable myth.
Pao Yuk-kong's move undoubtedly gave Hong Kong's Chinese capital a strong boost, and many Hong Kong Chinese businessmen began to get restless, eyeing the properties of various foreign firms.
Meanwhile, the reports about "Hong Kong Electric" also caused quite a stir, with many Chinese businessmen wondering who the new owner of "Hong Kong Electric" is.
The Hong Kong Economic Journal reported that HK Electric was acquired by Chinese, but the report did not provide any information about the new owner of HK Electric, which made them even more curious.
Although Hong Kong Electric is not as valuable as Wharf Holdings, it is a public utility after all. Hong Kong Electric has always been managed by British capital. If the reports are true, the new owner of Hong Kong Electric is also Chinese.
This undoubtedly confirmed for Hong Kong businessmen that the recent rumors about British capital withdrawing from the market were true.
In short, the release of these two reports caused a great sensation.
Luxury mansion at No. 79 Deep Water Bay.
Li Ka-shing was looking at today's newspaper in his study. The cover of the newspaper read: "Hong Kong Electric's Shareholding Restructuring Plan." His brows were furrowed.
One could even say that his complexion was extremely unpleasant.
For a good ten minutes or so, he put down the newspaper and couldn't help but sigh repeatedly, "Sigh!!"
"Who beat them to it?"
He put down the newspaper, opened the drawer, took out a notebook, and turned to the first page.
Several company names are listed above.
Wharf Holdings
Hutchison International
Xiangjiang Electric Lighting Group
"Qingzhou Yingni"
Wharf Holdings had been crossed out, while Hutchison International was circled. He picked up his pen and heavily crossed out Hong Kong Electric.
He stared at the crossed-out name "Hong Kong Electric Group," his eyes filled with a pained intensity.
"Sigh! I've been planning for Kowloon Wharf for over half a year, and I was originally going to wait until I settled Kowloon Wharf before... But Hong Kong Electric was beaten to it by someone else." Li Ka-shing sighed repeatedly with great regret.
"Now you're the only one left." Li Ka-shing moved his pen to "Qingzhou Yingni" and said in a low voice.
Meanwhile, in Lijiagang...
He contacted all the company's senior executives last night to come to the company early, as he needs to bring people over today to take over all management rights of "Hong Kong Electric".
In the conference room.
There were 11 company executives seated there.
Huo Jianning, Chairman's Assistant; Gao Fuhai, Vice President of the Company; Liu Jieying, Chief Financial Officer; Li Haiming, Administrative Manager; Chen Shaofen, Sales Manager; Zhou Haiyang, Business Manager; and others.
In addition, several newly recruited managers from the Human Resources Department, Logistics Department, Transportation Department, Purchasing Department, and Public Relations Department were all present.
Li Jiagang swept his gaze across the crowd with sharp eyes and said, "I'll cut to the chase and get to the point."
"You all read the morning newspaper, right?"
All the management members nodded.
Hong Kong people, especially the elite, almost all have a habit of reading the newspaper first thing in the morning.
"I acquired Hong Kong Electric Group. The reason I notified you all to come so early is that you need to go to the Hong Kong Electric headquarters later for the handover."
"What...?"
"Did you acquire HK Electric, Chairman?"
"Chairman, you're amazing."
Everyone present, except for Huo Jianning, was both shocked and proud.
What's shocking is that the chairman was able to acquire "Hong Kong Electric," which means that the company's business has expanded and is no longer developing in a single direction.
They are proud that they will also be employees of the restructured foreign firm and a listed company. How can they not be proud?
It wasn't just them who found it incredible.
In fact, when Fok Kin-ning learned last night that Li Ka-kong had actually won the bid for "Hong Kong Electric", he was equally shocked and found it unbelievable.
But when the contract was shown to him, Huo Jianning had to admit that Li Jiagang was someone he couldn't understand, and at the same time he was glad that he had decided to stay with the company and give it a try.
Now he has boundless expectations for Legendary Company—no! I should say for Lijiagang—and even a touch of admiration for it.
"Everyone, please don't get too excited. Let's hold a celebration banquet after we've finished handing over the work at Hong Kong Electric Company."
"Now let Assistant Manager Fok arrange the tasks for the handover work at HK Electric later."
Li Jiagang handed the speech to Huo Jianning.
It's not that he didn't want to make arrangements, but that he didn't understand; he really didn't understand company handover matters.
Therefore, Huo Jianning had no choice but to handle it.
He also took the opportunity to test Huo Jianning's skills and learn from him.
After receiving instructions from Li Jiagang, Huo Jianning showed no fear, opened his prepared notebook to take notes, and began to make arrangements.
"Li Haiming, Manager of the Administration Department, immediately after the meeting, go to the stock exchange, relevant banks and departments to submit applications for suspension of trading, asset liquidation and freezing, and transfer of liquidation documents."
"Yes, Assistant Huo."
According to Hong Kong's current company law and equity law, a routine change of chairman is merely a change in management and does not require applying for a trading suspension on the stock market.
In cases like Lijiagang's, the stock price is affected by major events such as changes in control, major asset restructuring, and transformation of core businesses.
The listing exchange requires a short suspension of trading until full information is disclosed, in order to maintain market order and protect the interests of investors.
During liquidation, whether it is voluntary or compulsory liquidation, once the liquidation process is initiated, the company's normal operations cease, assets are frozen, the basis for transactions disappears, and trading must usually be suspended.
Once the company has processed the matter and submitted the required documents for review, and the documents are approved, stock trading will resume, the freeze will be lifted, and normal business operations will resume.
However, their current situation is a simple liquidation and handover. As long as the numbers, financial statements, and cooperation from various departments are in place, the liquidation and handover can be completed in just a few days.
"Director of Finance, Liu Jieying, you will be responsible for working with relevant department personnel and HSBC accountants to verify and compile HK Electric's financial statements."
"Yes, Assistant Huo."
"Business Manager, you and your team are responsible for organizing all HK Electric's normally performed business and contracts. Completed and unsigned contracts can be put aside for now and reviewed internally after the liquidation is completed."
"Okay, I understand."
"Sales Manager, you will lead other departments to inspect the power plant units and consolidate some useful information from the company to facilitate a smoother handover."
"Yes, Assistant Huo."
As Huo Jianning assigned tasks one by one, everyone had their own tasks.
Li Jiagang is the only one who is idle.
Gao Fuhai will be responsible for liaising with the management of Hong Kong Electric, while Huo Jianning will oversee the overall situation.
Li Jiagang could only follow along and learn.
After the meeting.
The heads of each department issued orders one by one and selected personnel to participate in the handover.
Until 8:30 a.m....
Those in management with other arrangements left the company with their selected personnel.
Li Jiagang, Huo Jianning, and others all went to the headquarters of "Hong Kong Electric".