v3 Chapter 979： Shi Yahuai's family is powerful but overly cautious

Chapter 979 Shi Yahuai's family is powerful but overly cautious

In order to effectively implement his own strategy of curbing Hong Kong's housing prices, Xia Yu tilted his working hours to the real estate sector.

He went to Jiuding Real Estate Group many times, made field trips and made important instructions based on his own experience and memory, so that Liu Shihao quickly figured out the direction and context of his actions.

Another week later...

Liu Tianci and Gals Liddell worked together to sort out the information and present it to Xia Yu.

In front of these information, the Taikoo Consortium and Shi Yahuai's family were as if stripped, and there was almost no secret in front of Xia Yu.

I have to say that the Swire Consortium deserves to be the second of the four largest British consortiums. Now that the Hong Kong stock market has risen, its strength is increasing day by day. Except for Xia Yu, no other Chinese-funded giants are its opponents.

Even the Wheelock consortium is now being pulled further and further by the Swire consortium.

The development of the Taikoo Consortium is so good that it is inseparable from the shrewdness and caution of the Shi Yahuai family.

But precisely because of the caution of the Shi Yahuai family, the Swire Consortium and Shi Yahuai’s own debt ratio are not low.

In the information in Xia Yu's hand, for the convenience of reading, the unit of Hong Kong dollar is used uniformly, and the assets are all converted according to the exchange rate.

Because only some companies in the Swire Group are listed, in the statistics, listed companies calculate the amount of assets based on market value, while unlisted companies estimate the amount of assets based on actual assets, and the two are counted together.

Although this calculation is certainly not so rigorous, but this is the simplest and most effective method, and it has no effect on Xia Yu's actions.

After all, the value of the stocks of listed companies is relatively false. If used for bank pledge loans, it is generally about three to five percent off. Stocks worth 10 million Hong Kong dollars can only be loaned about 3 million to 5 million.

HSI cost stocks are not bad, the stock pledge rate can reach 50%, but if it is not HSI cost stocks, then I am sorry, the bank will only give a 30% discount to a 3.5% discount, and generally only a 30% discount!

If it is a non-listed company, it is more risky in the eyes of banks and securities companies. Few banks and securities companies do the equity pledge business of non-listed companies. Even if they do, the pledge rate given is very low, even As low as 20% off!

If the value of a company is quadrupled or five times after it goes public, it will be discounted by 30% after the pledge is taken, and it will be about the same as the amount of assets before the listing.

If you consider the risks of the company when it is not listed, it makes sense that the pledge rate of equity and assets for loans is low...

Get back to the subject.

Let’s start with the Swire Group of the United Kingdom. The group’s total assets are around 24.26 billion Hong Kong dollars, net assets are 8.81 billion Hong Kong dollars, and liabilities are 15.45 billion Hong Kong dollars. The debt ratio has reached 63.7 percent!

The HeungKong Swire Group is the most important branch of the British Swire Group, occupying more than six floors of the British Swire Group.

The total assets of HeungKong Swire Group are about 15.77 billion Hong Kong dollars, the liabilities are 9.24 billion Hong Kong dollars, the net assets are 6.53 billion Hong Kong dollars, and the group debt ratio is 58%. Sixth, lower than the parent company Swire Group.

In the end, it was the Shi Yahuai family itself.

The assets of the Shi Yahuai family are mainly under internal family trusts and family funds. Most of the assets are held by the stocks of Swire Group companies, including listed companies and unlisted companies.

Because these companies have already calculated their debts when they counted the assets of the Xiangjiang Taikoo Group, in principle, they cannot be counted as the main body of the Shi Yahuai family.

The total assets of the Shi Yahuai family are around 8.32 billion Hong Kong dollars, which can be divided into four parts.

The first part is the stocks and equity of listed or unlisted companies, valued at approximately HK$6.65 billion.

The second part is the fixed assets of the Shi Yahuai family, such as buildings, houses, villas, cars, yachts, etc. The total value of these things is about 460 million Hong Kong dollars, which is a real value without a trace of moisture.

It’s just that this part of the assets is more difficult to cash out, but the pledge rate is still relatively high if the mortgage is taken.

The third part is that the Shi Yahuai family's circulating funds in various banks are about 120 million Hong Kong dollars. This is the funds used by the Shi Yahuai family for risk control and will not be used easily, even if these funds are idle!

These working capital belong to his family, and are different from the working capital of various companies.

The last part is the debts under the name of Shi Yahuai's family, totaling about HK$1.09 billion!

The assets purchased by the loan money also belong to the Shi Yahuai family's assets, but they are only subtracted when calculating the net assets.

But now Xia Yu is not about the amount of the Shi Yahuai family's net assets, so these responsibilities of the Shi Yahuai family must be included in the calculation.

After all, there are explanations in the information.

The reason why the Shi Yahuai family’s debt is so high is because of the increase in equity held by loans in the past two years.

It can also be seen from this that the Shi Yahuai family is cautious and careful, and it is Xia Yu or Xia Yu who are guarded against.

But Shi Yahuai's family didn't expect that no matter how they guarded it, Xia Yu would still follow them if he wanted to follow them!

"The Shi Yahuai family has a debt of 1.090 billion Hong Kong dollars, which was pledged by stocks of listed and unlisted companies worth 3.1 billion Hong Kong dollars."

"So in fact, the first part of Shi Yahuai's family assets is worth 6.65 billion Hong Kong dollars, of which 3.1 billion is untouchable."

"The remaining 3.55 billion Hong Kong dollars of equity, even if all the loans are taken, they can only lend about 1.2 billion Hong Kong dollars, but unless Norman Shiya is mentally disabled, he will not go to this path to seek death. The way."

"In this way, the Shi Yahuai family seems to have huge assets, but in fact, after the loan of 1.090 million Hong Kong dollars to increase the shareholding, the space for activities has been severely reduced."

"The Shi Yahuai family sacrificed offensive power in exchange for their own defense power, but this defense power can prevent others, but it's hard to say to me...hehe..."

Xia Yu thought of this, and the corner of his mouth unknowingly conjured up an arc.

The prudence of the Shi Yahuai family has advantages and disadvantages. The advantage is that it strengthens the control over the Swire Group and its various companies, but the disadvantages are also obvious. The funds are trapped and the space for activities is reduced.

The difference between stocks and cash is undoubtedly obvious at this point.

To give a simple example, if the Shi Yahuai family’s assets are 3 billion Hong Kong dollars in cash, but they all bought 3 billion Hong Kong dollars worth of stocks, and these stocks are not money, they can only take the bank pledge loan. Loan back 1 billion to 1.5 billion Hong Kong dollars in cash.

Although the total assets of the Shi Yahuai family have increased by 1 billion to 1.5 billion Hong Kong dollars, the stocks worth 3 billion Hong Kong dollars have been frozen Only the re-loaning of 1 billion to 15 billion Hong Kong dollars can be operated. Hundreds of millions of Hong Kong dollars in cash, this deterrence and actual lethality can't be compared with 3 billion Hong Kong dollars in cash!

"Now that I understand it, it's time to act..."

After thinking about it, Xia Yu opened the safe behind him, took out a notebook, and reviewed the plans and ideas he had previously written down.

It was evening in a blink of an eye.

After dinner, Xia Yu bought some fruits and drove to Bao Yugang's house.

After meeting, there was a friendly and warm greeting, and then Xia Yu and Bao Yugang drank tea in the living room and chatted about idle days.

After three rounds of tea, Xia Yu talked about the purpose of visiting tonight.

"Old Bao, coming to you tonight, mainly because I have an immature idea. See if you can help. I plan to do something with Cathay Pacific!"

Bao Yu just wanted to pat his chest and said it was okay, but suddenly heard Xia Yu's last words, his expression instantly became solemn, and he looked at Xia Yu with scorching eyes, and asked with concern: "Ayu, I remember Cathay Pacific was not listed. ? Even its parent company, Swire Airlines, is not listed. How do you do it?"

"Wait...Are you planning to do something with Swire Holdings?"

"This is the biggest foundation of the Swire Consortium. If you touch it, Norman Shiyahuai will definitely have to fight you hard!"

"How sure are you?"

PS: The data setting is too cumbersome. If it is strong, it is unrealistic and it is not easy to write. If it is weak, it is boring to write the plot. The current degree is adjusted seven times.

This month’s update is not great, it’s the end of the month, and it will be updated as soon as possible, above!