Chapter 1020

In mid May, the weather in Hong Kong was hot. As an island city, the air was also soaked with the smell of the sea. Standing in the open pick-up hall, Zhai Danqing looked at the light rain outside the hall through the crowd and glass doors. The outdoor water vapor was dense and hazy. He went to the door and watched a group of black birds passing low in the rain. Zhai Danqing took a breath, I thought Hong Kong was really boring and wet. Suddenly I saw Tang Jing holding Zhang Ke's arm looking at herself.

"Ah, are you talking to me?" Zhai Danqing suddenly asked.

"Hong Kong, is there any place you particularly want to go? Zhang Ke can't put forward any exciting suggestions," Tang Jing said.

Zhai Danqing stretched out a tail finger, scratched his ears and temples gracefully, smiled and said, "Jianye is relatively dry this spring, and there is not much rain. It is quite a good enjoyment for me to find a place to sit down and look at the rain outside the window - there is no special place to go."

"Then go to the seaside and listen to the weather forecast. It's going to rain hard," Tang Jing said.

Instead of going to the hotel, Zhang Ke went directly to the wharf near the hotel to find a coffee shop and sat down. The aroma of coffee was filled in the air. Looking at the increasing rain outside the window in the dimly lit shop, they would feel a sense of luxury and decadence.

Zhang Ke is not in the mood to appreciate the petty bourgeoisie in the rain. Ye Jianbin and sun Shangyi will meet with Liu Chengwei and some officials of CNOOC listing working group in the coffee shop.

Among the three domestic oil giants, CNOOC ranks first, but its scale should not be underestimated. The total assets of the oil exploration, development, production and sales business to be listed in Xianghai this time are nearly 24 billion, with net assets of more than 11 billion. This is also the core assets of CNOOC, which are all placed under CNOOC.

CNOOC plans to issue 24% shares on the stock exchange of Hong Kong to raise US $1 billion, which is not much. At this time, Jinhu commercial can barely come up with us $1 billion. Since its establishment, Jinhu commercial has raised US $1.6 billion in Southeast Asia through various means. At this time, it has successively invested US $600 million. Dongshan Island port construction project and ten million ton iron and steel industry base have not yet ushered in the construction peak. At present, although it undertakes the iron ore import business of Dongshan iron and steel, on the one hand, Dongshan iron and steel consumes relatively limited iron ore, On the other hand, the capital strength of Jinhu commercial is so strong that it has more financial means to reduce the occupation of cash. Jinhu has no financial pressure for the time being,

However, if Jinhu really wants to round up the 24% equity of CNOOC, it is not an ordinary financial investment, but a strategic investment. Controlling the 24% equity of CNOOC can directly affect the development direction of CNOOC and penetrate the management of CNOOC.

CNOOC and CNOOC behind CNOOC are the only force in China's development of offshore oil energy strategy, or all the forces at this time. How can other capital forces be allowed to exert influence and penetration on it at the level of development strategy? Even if the central authorities are confused and open this hole, those overseas oil giants and other capital forces will flock three feet to squeeze away the Jinhu Lake.

Even for the financial investment through the open market of the stock exchange of Hong Kong, Jinhu can't be too conspicuous. It's almost the limit to directly spend $300 million to participate in the issuance of new shares, and the shareholding ratio reaches 7.2%. If the financing is smooth, controlling the shareholding ratio at 5-6% is the most beneficial to the financial structure of Jinhu commercial.

Ye Jianbin, sun Shangyi, Liu Chengwei and other people came in. Together with the accompanying personnel and drivers, the small coffee shop was full. There were also representatives of CNOOC's main underwriters of stock issuance.

Liu Chengwei doesn't mind Zhang scruxuan meeting on such an occasion. He has been running around in the conference room all day. When he sees the long conference table in the conference room, he will feel disgusted. It's still that the strong aroma of coffee in the small shop makes people feel comfortable.

Although Jinhu has promised a financing share of US $400 million, there is also a lot of pressure on the remaining US $600 million issuance share. In particular, there have been a lot of negative reports on CNOOC in Hong Kong media recently. Liu Chengwei and other CNOOC executives have no experience in dealing with these problems and are still very passive.

Zhang Ke asked Liu Chengwei and others to sit down and said bluntly: "the situation is less optimistic than we had expected, the economic situation is also a little volatile, the temperature in North America has warmed up, the crude oil consumption in North America has become weak, and the oil price is likely to decline further in June. Let's discuss the alternative plan for the failed issuance..."

Liu Chengwei didn't know what alternative Zhang Ke could propose. He straightened his waist, looked at Zhang Ke and expected him to continue.

"You can't issue new shares, you can also issue bonds through the United stock exchange. Jinhu's direct subscription proportion of bonds can be higher to ensure the smooth financing plan of CNOOC," Zhang Ke said.

When Liu Chengwei heard Zhang Ke say this, his mood was quite complicated. His habitual thinking made him have some doubts about Jinhu's hot pillow. He looked at Zhang Ke and quickly hid the doubts from his eyes. He was still a little ashamed. Jinhu tried its best to help CNOOC. This doubt was really inexplicable. Unless CNOOC went bankrupt and liquidated, otherwise, The influence of creditor's rights formed through public issuance of bonds on CNOOC is much weaker than direct shareholding.

Liu Chengwei knows that Jinhu commercial can hold a huge amount of money, which is also raised by issuing corporate bonds from Chinese businessmen in Southeast Asia. He wants to pay bond interest to investors. If Jinhu purchases bonds with CNOOC, the bond interest obtained from this part of the funds will not be much higher than the bond interest to be paid. It can be said that it is almost a non profitable business, At least it is much lower than the expected return of equity investment, and the funds used will be extremely huge, which will seriously affect the development planning of Jinhu commercial. Liu Chengwei pondered for a moment, looked at Zhang Ke, and asked, "why?" but he was very sincere.

"I have learned that this financing is still important for the development of CNOOC and the national offshore oil industry," Zhang Ke said, "As a commercial organization, Jinhu should take the pursuit of commercial profits as its own responsibility, or it will be dereliction of duty - we have seriously considered that if Jinhu's interest demands can be consistent with national interests, it can go further in the future. Buying CNOOC's bonds will not be a loss at least - besides, the IPO plan does not mean that it will fail, I think There is such a preventive alternative, which will make the pressure on the top of CNOOC a little less. Of course, we should try our best to promote the listing and issuance of new shares. "

In 1999, almost all of China's offshore oil exploration equipment depended on imports, especially the equipment for deep-sea exploration and exploitation. The cost of large-scale deep-sea drilling vessels was staggering. The cost of large-scale deep-sea drilling vessels was more than hundreds of millions of dollars. CNOOC did not have the strength to buy directly. Even if it rented, the daily rent was as high as US $200000 or 300000. Although the central government will unswervingly adhere to CNOOC However, the national foreign exchange reserves are limited, and there are too many strategic development levels that need to be supported. The foreign exchange support for CNOOC is very limited. Overseas financing is an extremely key step in the development of CNOOC.

Ye Jianbin said: "we also have an emergency communication with the senior management of Nanyang shipping. If CNOOC is willing to give priority to renting Nanyang shipping oil tankers, they can also participate in the bond subscription plan..."

By participating in the issuance of CNOOC bonds, the direct income of Jinhu commercial will decrease significantly, but it is not without benefits. The successful financing of CNOOC is bound to promote the development of the national offshore oil industry, the demand for offshore oil exploitation and crude oil transportation equipment will surge, CNOOC will enter the field of refined oil refining, the demand for ocean transportation will also increase significantly, and a large number of orders will be made It can flow to enterprises with shares of Jinhu commercial, such as Nanyang shipping, Dongshan shipbuilding and Dongshan iron and steel, so as to increase the marginal income of Jinhu commercial.

Issuing bonds is only a last resort alternative plan. In order to dispel the concerns of CNOOC executives, CNOOC executives also agree that Jinhu will make suggestions for overseas listing in a deeper level. Although CNOOC can also issue bonds through the open market after its successful listing, that is another concept.

At present, the media mainly question that CNOOC's monopoly franchise will be impacted. Zhang Ke suggested that CNOOC's senior management should respond more flexibly. On the other hand, he hopes that CNOOC will urge the competent department, the State Economic and Trade Commission, to take a tougher stance on the monopoly franchise of the oil industry.

The State Council attaches great importance to CNOOC's overseas listing. In addition to the development of the offshore oil industry, China is actively promoting its accession to the general agreement on Tariffs and trade, promoting the overseas listing of super large state-owned enterprises, accelerating the integration process with the global economy and increasing opening-up. These are some preliminary conditions for promoting China's entry into GATT.

Although we do not expect the central government to allocate an additional $1 billion to CNOOC, it is still possible for the State Council to issue a document.

We talked a lot with Liu Chengwei and others in the coffee shop, and learned more about the difficulties encountered by CNOOC in listing. In the first half of 1997, red chips in the Hong Kong stock market were popular. As long as state-owned enterprises listed and raised funds in Hong Kong, they would almost be oversubscribed ten or dozens of times. At this time, CNOOC received less than 80% of the shadow orders, and we have to take into account that A considerable number of these shadow orders will be withdrawn at the last minute. Strictly speaking, Jinhu's commitment should also be included in the concept of shadow orders, and it is impossible to sign a formal financial investment agreement.

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