v3 Chapter 1346： Wheelock Consortium!

"The most powerful hero of rebirth (!

Soon, Wheelock's information was collected.

Although the Wheelock Consortium is the only survivor of the four established British consortiums, in fact its prestige has long since ceased.

Xiangjiang now is not the small pool of the year.

After Xia Yu's meticulous creation, Xiangjiang is changing with each passing day, the economy is very prosperous, and the financial market is full of vitality.

In addition, there are no unstable political problems in Hong Kong.

The successive listings of major companies in Hong Kong, Macau, and Southeast Asia, especially the leading companies in various industries under Xia Yu's Jiuding Consortium, have long concealed the beauty of Wheelock's consortium.

And because of Xia Yu's butterfly effect, the Wheelock Consortium is also very different from the previous life.

The most obvious point is that in the past few years, the Madden family and the Zhang family have not lost information about Xiangjiang. Under the leadership of the Madden family, Wheelock Shipping has successively taken over the ships of many companies, especially Bao Yugang. Wheelock Shipping took over a large number of ships of the original Global Shipping Group.

Nowadays, the total deadweight of ships owned by Wheelock Shipping has reached 3.37 million tons. There are also many ships that have not been delivered, and the booking amount is as high as 890 million Hong Kong dollars.

In the final analysis, the economic prosperity of Xiangjiang only slightly concealed the crisis of world shipping, while the value of ships is still shrinking.

The fixed assets of Wheelock Shipping’s fleet are now about HK$4.15 billion.

If the current number of ships is put in nearly five years ago, it would be worth 10 billion Hong Kong dollars!

From 1978 to 1983, John Madden continued to add new ships. It was not until the end of last year that he discovered that the shipping market had not yet come to a point of change. The sense of crisis finally appeared and he stopped adding new ships.

A series of mergers and acquisitions in the past also made Wheelock Shipping's liabilities as high as 3.59 billion Hong Kong dollars!

With the passage of time, the price of ships is still declining, and the fixed assets of Wheelock Shipping's fleet are getting closer and closer to the company's liabilities.

At present, the market value of Wheelock Shipping Company is 10.38 billion Hong Kong dollars, which can be regarded as a super large company of the tens of billions of Hong Kong dollars.

But the company's total assets are 7.09 billion Hong Kong dollars, and the net assets are 3.5 billion Hong Kong dollars.

It's just that this net asset is mostly the value of the equity held by other companies.

Wheelock Shipping is the core of the Wheelock Consortium, and the Wheelock Consortium does not have a special holding company like the Jardine Consortium.

The Wheelock Consortium, in addition to itself, also owns five listed companies, namely United Dockyard Company, Real Estate Trust Company, Lane Crawford Retail Company, Federal Real Estate Company and Xiangjiang Undersea Tunnel Company.

Of course, many of these listed companies have cross-shareholdings. For example, United Dock Company holds a 7.2% stake in Wheelock Shipping Company, and Real Estate Trust Company holds a 6.4% stake in Wheelock Shipping Company.

Wheelock Shipping Company holds 27.8% of United Dockyard Company, 38.2% of Real Estate Trust Company, 42.7% of Lane Crawford Retail Company, 44.5% of Commonwealth Real Estate Company, and Xiangjiang Undersea Tunnel Company. 27.9% equity.

The United Dockyard was formed by the merger of Taikoo Dockyard and Whampoa Dockyard, but the Swire Consortium and Hutchison Whampoa both cleared up their equity in the 1970s and withdrew. Now in addition to the dockyard, the assets are also ships, which can be said to be Wheelock. Shipping supporting company and industry younger brother.

The Real Estate Trust Company is the financial core of the Wheelock Consortium, and John Madden has borrowed funds from this company many times.

Lane Crawford retail company is rooted in the retail field. In addition to Lane Crawford hypermarkets, the company also has retail brands such as Le Chi and Super City.

Federal Real Estate Corporation is the largest real estate pillar company of the Wheelock Consortium.

The Hong Kong Undersea Tunnel Company can be said to be a slippery fish in the transportation industry. The company owns the franchise of the undersea tunnel. The most profitable tunnel is the Hung Hom Tunnel, the busiest and most used tunnel.

Among the six listed companies in total, they also hold many shares of unlisted companies or subsidiaries.

These companies together form the Wheelock Consortium.

Of course, the survey report shows that although the market value of Wheelock Shipping is still as high as tens of billions of Hong Kong dollars, in fact, the market value of Wheelock Shipping has been falling, which is contrary to the broader market.

Wheelock Shipping's tens of billions of market value is not supported by the company's shipping business, but is supported by dividends from other companies.

In fact, in the shipping business, the financial report of Wheelock Shipping Company in the first half of this year showed that its shipping business lost 73.59 million Hong Kong dollars.

And this is just a business loss.

The more critical fixed value of the fleet has shrunk. Wheelock Shipping Company deliberately concealed this aspect.

The purpose of this is very obvious, it is to maintain Wheelock Shipping's stock price.

From the perspective of the company's profits, Wheelock Shipping Company should be regarded as a financial company, because profits are basically the dividends of other companies.

The hidden dangers of Wheelock Shipping have been seen in the capital market.

At present, Wheelock Shipping Company still has an unpaid order of 890 million Hong Kong dollars for new ships. Based on the company's situation, this order cannot be discarded. At that time, it can only borrow from the bank or borrow from other financial companies.

Adding 30% of the advance payment, the total value of these undelivered ships was 1.271 billion Hong Kong dollars when the contract was signed.

By now, the value of these new ships has shrunk to 940 million Hong Kong dollars, and the loss has reached 330 million Hong Kong dollars.

Once delivered, it means that Wheelock Shipping will add 890 million Hong Kong dollars in debt, raising the company's debt to 5 billion Hong Kong dollars.

And Wheelock Shipping's net assets will further decline.

If the value of ships continues to shrink, there will be situations where the fixed assets of the fleet are lower than the company's liabilities. By then, the banks will take coercive measures.

Unless Wheelock Shipping Company takes cash or other assets, increases the collateral, and avoids the bank from compulsory disposal of assets.

So now the situation is very obvious, the Wheelock consortium is about to be dragged down by Wheelock Shipping.

Once in order to save Wheelock Shipping Company, the transfer of equity in other companies to return funds.

Wheelock Shipping can continue to survive, but the Wheelock consortium will begin to fall apart.

"The net assets are only 3.5 billion Hong Kong dollars, and the market value is about three times the net assets, which is still a bit high."

"You have to suppress the stock price first, otherwise, once the acquisition is initiated, the stock price will definitely skyrocket, and there is no need to spend more money."

"Well... let the Bright Fund do it, it's relatively unobtrusive."

After the decision, Xia Yu gave instructions and asked Huo Jianning to make arrangements.

quickly.

There is more pessimistic analysis on the world shipping market in public opinion, and in order not to arouse suspicion, the first news originated in British newspapers, and the newspapers here in Hong Kong were reprinted.

Then the media of Hong Kong analyzed the major shipping companies of Hong Kong ~ www.novelhall.com~ As some institutions shorted Wheelock Shipping, the market value of Wheelock Shipping began to decline rapidly.

In just half a month, the market value has shrunk from 10.38 billion Hong Kong dollars, nearly two tiers, to 8.45 billion Hong Kong dollars.

Just when the Guangming Fund Xiangjiang Branch was ready to buy.

Suddenly, a Cheng Yaojin came out!

PS: I need to check the information. Wheelock is completely unable to compare with the other three. The difficulty of searching the information is at least ten times higher, which is too little. It’s going to be updated tonight, I’m going to sort out the plot, Cavin