Chapter 999: Easily made billions

As soon as Wei Li finished speaking, someone immediately distributed the motion that had already been prepared to the participants.

Wei De Shi Yahuai's face had already changed when Wei Li was speaking.

As soon as he got the motion, he immediately flipped through it, searching for key phrases and numbers.

'...After the assets of Cathay Pacific Airways have been determined by Jiuding Bank, Standard Chartered Bank, Standard Accounting Firm, Standard Law Firm and other parties, Cathay Pacific Airways is valued at 1.8 billion Hong Kong dollars. The company currently has a total share capital of 200 million shares, with a valuation of 9 Hong Kong dollars per share...'

'...It is proposed to issue 100 million shares at a price of 9 Hong Kong dollars per share to Jiuding Industrial Group, raising 900 million Hong Kong dollars...'

'The funds raised will be used to purchase four Boeing 747 passenger aircraft...'

After reading these words and figures, Wade Shiyahuai's body trembled with anger, and his pale face turned dark red from excitement.

'Pang!'

Wade Shiyahuai slapped the table heavily, startling most of the people in the meeting room, and everyone's attention was focused on him.

Seeing him so angry, those who had already read the proposal naturally understood, but understanding aside, now the gods were fighting, and they could only watch and quietly watch the show.

'Wiley, don't go too far!'

'The valuation of Cathay Pacific Airways in the Economic Weekly is clearly 2.8 billion Hong Kong dollars. You are wantonly infringing on the legitimate interests of shareholders. This is illegal!'

'The Securities Regulatory Commission will never approve it! You can't get away with it!'

Wade Shiyahuai roared angrily.

Wade Shiyahuai had no choice but to be so angry. It was really true that if the private placement was carried out according to this proposal, the interests of Swire Pacific would be seriously damaged!

At present, Swire Pacific still holds a 37% stake in Cathay Pacific, which is worth HK$1,036 million based on the valuation of HK$2.8 billion.

If the valuation is HK$1.8 billion, then his stake is only worth HK$666 million.

That's a loss of HK$370 million!

Although through the layers of equity relationships, the actual loss apportioned to the Shi Yahuai family is only about three layers.

But even three layers is still more than 100 million!

In addition to the loss of assets, the decline in the proportion of equity and the strengthening of the de facto control of Cathay Pacific Airways by Jinding Industrial Group are also reasons for Wade Shiyahui's anger.

If the private placement is carried out according to this proposal, the total share capital of the company will change from 200 million shares to 300 million shares.

The 74 million shares currently held by Swire Pacific will account for 24.67% of the total share capital of the company, down from 37%.

The shareholding of Jiuding Industrial Group would increase from 54% to 69.33%!

More than two-thirds!

Together with the 6% shareholding of HXG Airport Ground Services and HXG Aircraft Engineering after dilution,

the number of directorships belonging to Jiuding Industrial Group would increase to 15!

It would be even easier for Jiuding Industrial Group to control Cathay Pacific!

Even if he manages to get a few independent directors, it won't have the slightest restraining effect.

Not to mention that if Welly does this again and again and again, maliciously diluting their shareholding, the losses will be even greater.

So what Weid Shiyahui is saying now is anger, but underneath it all is actually panic.

Facing Weid Shiyahui's threat of anger, Weili sneered, 'Mr Weid Shiyahui, I dare to make this proposal because it is definitely within the scope of what the law allows. If you don't understand the law, don't make wild accusations.'

'As for whether the China Securities Regulatory Commission will approve it, that's something for the future, so don't worry about it!'

After saying this, Weili said loudly, 'For this proposal, let's vote by show of hands!'

After saying this, Wei Li once again raised his hand.

A similar scene happened again.

Except for Wei De Shiyahui, everyone present who was eligible to vote raised their hands.

Wei De Shiyahui was so angry that his eyes were bloodshot and his face was hideous as he stared at Wei Li.

But Wery simply ignored him!

The secretary of the board of directors and the representative of the supervisory board once again worked together to count and read out the votes: 'Regarding the proposal for financing through a rights issue, there were 27 votes in total, 20 votes in favour and 7 votes against, which is a favourable rate of 74.07%, exceeding two-thirds. In accordance with the provisions of the Company Act and the Articles of Association, the proposal is passed!'

With these words, all was settled!

Wade Shiyahui was so angry that his chest felt like it was going to explode. He could no longer bear it, and without the slightest regard for his manners, he got up, kicked over his stool, and left in full view of everyone.

When he opened the door, due to the excessive force, the door of the meeting room slammed against the wall with a loud noise, causing most of the people in the meeting room to look at each other in shock.

Outside Cathay Pacific.

The reporters and onlookers stared up at the scorching sun, waiting with bated breath. No matter how much idle chatter there was, their gazes never left the door for three seconds.

As soon as Wade Schiawase's figure appeared by the door, the reporters waiting outside immediately became agitated.

'Wade Schiawase is coming out!'

Someone shouted, and the reporters immediately rushed towards him like crazy. If the police hadn't stopped them, Wade Schiawase would have been drowned by the crazed reporters.

'Mr. Weid Shiyahui, what exactly happened to make you so angry?'

'Mr. Shiyahui, why did you come out alone? Did you storm out of the meeting?'

'Mr. Shiyahui...'

Listening to the noisy questions, Weid Shiyahui, who was already in a bad mood, felt his headache intensify. In particular, he felt someone behind him poking at his clothes to prevent him from leaving, so he gave a strong shake and turned his head to yell angrily, 'Shut up!'

The reporter, who had been pushed, rolled his eyes, shouted 'Assault!' and fell to the ground.

The journalists surrounding him became even more excited, kept pressing the shutter, filming the 'beaten reporter' and the cold-hearted look on Wade Schiawai's face as he walked away.

The atmosphere on the scene became increasingly tense.

Wade Schiawai's bodyguard sensed that something was wrong and immediately stepped up his guard, doing his best to protect his employer as he pushed his way through the crowd and got into the car.

When they saw Wid Shiyahuai's car drive off, many reporters were reluctant, but not necessarily regretful.

Although they didn't get any useful information from Wid Shiyahuai, they could get it from someone else.

On the contrary, the scene that just happened was a huge breaking point.

Some reporters had already thought of tomorrow's headlines, such as 'Cathay Pacific Airlines has undergone major changes, and Chairman Wid Shiyahuai stormed off in anger!'

Or 'Cathay Pacific Chairman Loses Control of His Emotions and Beats Up Reporter!'

...

In short, after what happened to Wade Schiawai, everyone there was even more eager for the meeting between Welly and the others to end.

After about 20 minutes, Welly and the others finally came out laughing and chatting.

Facing the reporters, Welly deliberately stopped to give an interview.

The others also gave many interviews, and the complete recap of what happened at the temporary board of directors was in the minds of the reporters.

By noon, basically everyone in the upper echelons of Hong Kong knew the outcome of the struggle at Cathay Pacific.

The Shih Ya-huai family had suffered a crushing defeat!

Cathay Pacific Airways had officially changed hands and been gobbled up by the Jiuding consortium!

The Chinese-owned Jiuding consortium had won the first round against the British-owned Swire Pacific consortium!

The capital market reacted even more quickly. After Wei Li had answered in an interview that the share price of Hong Kong Aircraft Engineering Company was seriously overvalued and the market needed to return to rationality, he would not intervene in the acquisition of shares, the stock price of Hong Kong Aircraft Engineering Company began to plummet.

Jiuding Securities had long since withdrawn.

Norman Shiyahuai immediately told the Swire Financial people to stop buying shares after receiving a report from his nephew.

With two major players gone, the other small fish in the periphery could not make a big splash, so it was no wonder that the stock price fell.

By the time the market closed at half past twelve,

the share price of Hong Kong Aircraft Engineering Company had fallen to HK$13 per share, a drop of as much as 60% compared to the opening price earlier in the morning!

The market value had evaporated by more than 2 billion Hong Kong dollars!

And the downward trend was still unabated. After the stock market reopened in the afternoon, it would definitely continue to plummet, perhaps falling back to its original market value, or even lower.

This made Norman Shih, who had been paying close attention, angrily spit blood.

Swire Finance had cumulatively acquired more than 5% of the shares of Hong Kong Aircraft Engineering Company at a high price in the past two days. If the stock price fell back to the initial price, his loss would exceed 150 million Hong Kong dollars!

What a fool!

I believe that in the near future, this incident will be the talk of the town.

While some people are worried, others are happy.

While the Shi Yahuai family is in the midst of a dark cloud, Xia Yu is treating his capable subordinates to a meal at the Peninsula Hotel.

After a few drinks,

Xia Yu puts down his glass and says to Wei Li, his neighbour: 'Wei Li, the next private placement still needs to be voted on at the shareholders' meeting. You should convene it as soon as possible, and I will take care of the Securities Regulatory Commission.'

'Apart from this, you also need to take over Hsiang Jiang Aircraft Engineering Company and Hsiang Jiang Airport Ground Services Company, do your best to ensure the stability of the company, and don't let the Shih Ya-huai family cause any trouble.'

Wei Li nodded in response: 'Yes, Chairman!'

Xia Yu nodded slightly, then looked at Wang Qi on the other side and commanded: 'Wang Qi, once Wei Li has completed the private placement, you will initiate another takeover bid for Swire Pacific. You can start by aggressively driving down the price. Since we have the initiative, if they are sensible, they can relax the conditions a little.'

'Oh yes, Dongfeng Airlines still has 20% of the shares in their hands. Ask them to buy them back. That was originally mine.'

Wang Qi nodded seriously and thought for a moment before asking, 'Chairman, what is the appropriate price for the Dongfeng Airlines stake?'

Xia Yu thought for a moment and said with a faint smile, 'A maximum of 150 million!'

'You can offer 100 million, and we can talk about it slowly. They don't have any other options anyway.'

Since he had already completely fallen out with the Shi Yahuai family over Cathay Pacific, the feud had been started and there was no way to undo it. It would be better to continue weakening their strength, and it would be good to be able to reduce their holdings by tens of millions of yuan!

With their faces already burned, the 20% stake they hold is useless. Since the company is not listed, he can completely join forces with Bao Yugang and Huo Yingdong to slaughter the Shi Yahuai family.

Asset transfers or dilution through private placements, there is always one that suits them!