Chapter 947
sets another record, raking in a staggering $1543 billion!
Since Keiko Yamada rarely visits Hong Kong, Lin Haoran naturally spends as much time as possible with her.
However, Lin Haoran's identity is sensitive, so he definitely can't openly take her out shopping or to tourist attractions.
Therefore, the two spend most of their time in the villa, occasionally taking a walk in the back garden or sunbathing by the pool.
Keiko Yamada was content with this kind of life. She wasn't a person who liked crowds, and she was happy to be alone with Lin Haoran, even if they did nothing.
On the morning of October 28th, after some disguise, Lin Haoran personally escorted Keiko Yamada to Kai Tak International Airport. He watched the passenger plane bound for Tokyo soar into the sky before turning and leaving.
Time flies, and it was already the end of 1982.
In the past two months, Hong Kong's real estate crisis has not improved but has instead intensified.
House prices have fallen by nearly 50% from their peak, transaction volume has shrunk to rock bottom, and more and more real estate developers are unable to hold on, going bankrupt one after another.
Banks have tightened credit, causing speculators to lose everything. Ordinary citizens who bought properties at the peak can only watch their assets shrink, feeling utterly helpless.
Lin Haoran, however, thrived in this crisis.
His companies, including Hongkong Land, HK Electric, and Hutchison Whampoa, have been aggressively buying up properties at rock-bottom prices over the past two months, acquiring dozens of high-quality properties at extremely low prices.
These high-quality properties are mainly concentrated in core business districts such as Central, Wan Chai, Causeway Bay, Tsim Sha Tsui, and Mong Kok.
Those developers who were once aloof and unwilling to lower prices are now coming to Lin Haoran's door begging for mercy, hoping he can take over their assets and help them recover their funds to get through the crisis.
Lin Haoran's group accepts almost any client, but keeps prices extremely low.
This isn't being heartless; it's the law of the market.
In the business world, no one will give you a discount just because you feel sorry for them.
On Bao Yugang's side, the acquisition of Wheelock by Wharf Holdings has also been finalized.
The cleansing transaction exemption was successfully approved, and the shareholders' meeting vote also passed it with a high number of votes.
Paul Yugang officially took control of Wheelock and became the de facto controller of this long-established British-owned trading company.
The news sent shockwaves through Hong Kong's business community once again.
Of the four major British trading companies, only Swire is still struggling to survive; the era of British capital has truly come to an end.
After taking control of Wheelock Group, Paul Pao immediately announced a comprehensive overhaul of Wheelock's business.
Measures include divesting non-core assets, such as selling the 56.5% stake in Lane Crawford Group held by Hui Tak Fung to Lin Hao Ran.
This deal was agreed upon long before Wharf Holdings acquired Wheelock and Company; it is now simply being executed according to plan.
To acquire 56.5% of the shares, according to the latest regulations of the Hong Kong Securities and Futures Commission, Lin Haoran needs to launch a full takeover bid for all Lane Crawford shareholders, or his shareholding cannot exceed 35%.
How could a shareholding of less than 35% possibly satisfy Lin Haoran?
High-end retail groups like Lane Crawford are practically walking money-printing machines in Hong Kong, a place teeming with the wealthy.
Lin Haoran has been eyeing it for so long, how could he be satisfied with just 35% of the shares?
He wanted 100%, the entire Lane Crawford Group.
In that case, he would have to acquire the remaining shares at Lane Crawford's highest price in the last six months.
Since the property crisis, Hong Kong's stock market has been severely impacted, with the Hang Seng Index falling sharply, investor confidence being dampened, and the market plunging into a slump.
至1982年12月2日跌至本轮行情的最低点676.30点，较本轮最高点下跌62.6%。
In other words, due to the impact of the real estate crisis, it's not just real estate-related stocks that have fallen; almost the entire Hong Kong stock market is declining, with very few stocks managing to maintain their prices.
Besides the real estate industry, finance, trade, logistics, tourism, professional services, retail, manufacturing, technology, healthcare, and many other sectors have been affected, with almost no sector spared.
The Hang Seng Index has fallen from its high of over 1800 points in 1981 to 676 points today, a drop of more than 60%, which is unprecedented in the history of the Hong Kong stock market.
Market pessimism has reached its peak, with many believing that Hong Kong's status as a financial center will cease to exist and the stock market will continue to decline.
Lane Crawford Group, as a high-end retail group in Hong Kong, has obviously been severely affected, with its market value falling from a high of HK$12.3 billion in the middle of the year to the current HK$6.1 million, a drop of more than 50%.
Lin Haoran naturally wouldn't be a sucker and buy the remaining shares at a high price.
Therefore, as early as September, when Bao Yugang reached an agreement with Lin Haoran to acquire Wheelock Group and agreed to transfer Lane Crawford Group to Lin Haoran, he had already begun to take action.
Firstly, Galaxy Securities was instructed to quietly acquire Lane Crawford shares on the secondary market while the company's stock price plummeted.
From mid-September to early December, Galaxy Securities gradually acquired approximately 25% of Lane Crawford's shares at an average price of less than HK$3 per share.
This operation was extremely secretive, carried out using multiple accounts, and caused almost no ripples in the market.
Secondly, through John Madden's mediation, Lin Haoran reached an agreement with several major shareholders of Lane Crawford Group, ultimately acquiring over 9.9% of the shares from these shareholders.
In other words, when Wharf Holdings' acquisition of Wheelock was finalized, Lam Ho-yin already held 34.9% of the shares.
This shareholding strictly complies with the regulations of the Securities and Futures Commission (SFC), does not trigger the red line of a full takeover offer, and can withstand the scrutiny of the SFC.
Therefore, when Bao Yugang transferred the 56.5% stake held by Huidefeng to Lin Haoran, Lin Haoran's shareholding exceeded 90%, reaching 91.4%.
Even if the remaining shares were acquired at the highest price in the past six months, it wouldn't be worth much more.
This shareholding far exceeds the threshold for a mandatory takeover of the remaining shares.
According to the regulations of the Hong Kong Securities and Futures Commission, if a shareholder holds more than 75% of the shares, they can apply for a compulsory takeover of the remaining shares. However, this is a partial requirement to launch a full takeover offer at the highest price within the past six months.
Lin Haoran had been waiting for this opportunity.
When Lin Haoran had Galaxy Securities announce the full acquisition of Lane Crawford Group in his name, it shocked the entire Hong Kong once again.
The news elicited mixed reactions in the market.
Some marveled at Lin Haoran's ingenious methods, some lamented that Lane Crawford's minority shareholders had been completely fleeced, and others were simply used to the addition of another piece to Lin Haoran's business empire.
Regardless of what others say, this deal is no longer in doubt.
The financial section of Sing Tao Daily used the headline: "Lam Ho-yin wins another victory, Lane Crawford officially changes hands."
The article provides a detailed analysis of the entire process of Lin Haoran's acquisition of Lane Crawford, from quietly acquiring shares on the secondary market to obtaining minority shareholders' shares through negotiated transfers, then reaching a deal with Wharf Holdings, and finally forcibly acquiring the remaining shares. Every step was timed perfectly.
The article concludes by saying, "Lin Haoran acquired Lane Crawford, a company with net assets of at least HK$15 billion, for less than HK$5 million. He made at least double his money on this deal, while Lane Crawford's minority shareholders could only watch helplessly as their shares were acquired at a low price, leaving them heartbroken."
Ming Pao's headline was even more sensational: "Lam Ho-yin reaps Lane Crawford, leaving minority shareholders with nothing."
The article quoted a Lane Crawford minority shareholder as saying, "I regret it. If I had known that Lin Haoran was acquiring Lane Crawford, I wouldn't have sold my Lane Crawford shares, worth hundreds of thousands of Hong Kong dollars, at half price so early."
The article concludes by saying, "In the business world, there is no mercy, only profit. Lin Haoran has taught all investors a lesson in his own way."
The Ta Kung Pao commentary was more rational: "The Lane Crawford acquisition is yet another demonstration of Lin Haoran's business acumen."
The article points out that Lin Haoran's ability to acquire Lane Crawford at such a low cost was not due to luck, but rather to accurate judgment and meticulous planning.
He acted when the market was most panicked and when no one else dared to move; that is the real reason for his success.
In fact, many retail investors are grateful to Lin Haoran.
These individual investors, naturally, never sold their shares, and Galaxy Securities eventually acquired them at the highest price in the past six months.
Most of these people bought in when Lane Crawford's stock price was high, and then the stock price fell all the way down, leaving them deeply trapped. They wanted to sell but were reluctant to cut their losses, and if they didn't sell, they were afraid that the price would continue to fall.
Lin Haoran acquired it at the highest price in the past six months. Although it was much lower than the price they paid when they bought it, it was still much higher than the current market price, which saved them a lot of money.
Of course, this share accounts for less than 10% of the total shares, so it has no significant impact on Lin Haoran and doesn't require much additional expenditure.
Lin Haoran doesn't care what others think.
What he cares about is that Lane Crawford Group is firmly in his hands.
From now on, half of Hong Kong's high-end retail market will belong to the Lin family.
On December 5th, Lin Haoran officially took over Lane Crawford, becoming the chairman of the Lane Crawford Group.
Of course, his position as chairman is still a nominal one.
After all, how could a hands-off manager like him possibly personally manage a group that had just been acquired?
After taking over, he and Simon Murray met with all the professional managers and senior executives of the Lane Crawford Group, keeping the suitable executives and removing those who were deemed unsuitable from the management team.
In addition, he transferred some senior executives from Dairy Farm International, Hong Kong Electric Group, and Hutchison Whampoa to Lane Crawford Group to ensure a smooth transition for this century-old establishment while maintaining complete control over the newly acquired high-end retail department store group. Lin Haoran's series of actions demonstrate his strong confidence in the future of Hong Kong.
From the perspective of the Governor-General's office, this was undoubtedly an extremely positive sign.
Since the outbreak of the property crisis, Governor Edward Youde has repeatedly hoped that Lam Ho-yin could step in to stabilize the market.
Although Lin Haohou later announced that he would invest more than HK$20 billion in Hong Kong, it was all just talk until it was actually implemented.
Some people even secretly spread rumors that Lin Haoran was "bragging" and that his actions were merely a temporary attempt to curry favor with the Governor's Office.
Lin Haoran has not only not withdrawn from Hong Kong, but has instead made a large-scale purchase during the real estate crisis and a major acquisition when the stock market is depressed. This can be seen as a concrete manifestation of his previous boasting, which is the strongest vote of confidence in the future of Hong Kong.
After all, it's all real money that's being invested.
Don't worry about whether it's bottom fishing or not.
If Lin Haoran dares to buy at the bottom, why don't others?
Therefore, his bargain-hunting activities not only did not cause trouble for the various departments of the Governor's Office, but the new Governor Youde even specifically mentioned Lin Haoran's name in internal meetings and in many media interviews, calling him "the backbone of Hong Kong's economy".
The acquisition of Lane Crawford Group has been finalized. The remaining finishing touches are that Galaxy Securities will be responsible for the forced acquisition of the remaining shares.
Those minority shareholders who were still hesitating had no choice but to accept the forced takeover when faced with the reality that Lin Haoran already held more than 90% of the shares.
……
São Paulo, Brazil's largest city.
In an office building near the São Paulo Stock and Futures Exchange, a secretive trading team is working intensely.
This team is small, consisting of only 12 people, all of whom are of Chinese descent.
The person in charge was Su Zhixue.
From October to December, the Huanyu Investment Company team systematically closed out their investments in Brazil.
To avoid attracting market attention, Su Zhixue dispersed his closing operations across multiple accounts and time periods, selling only a small portion each time and never distributing large quantities.
This "ant-like" operation, although time-consuming, is advantageous because it is covert, will not cause market panic, and will not be detected by counterparties.
By last week, after nearly two months of liquidation, Huanyu Investment Company's investment in the Brazilian market had been reduced by almost 90%.
To ensure everything went smoothly, Su Zhixue personally arrived in São Paulo in November to oversee the operation. After all, this involved over 11 billion US dollars, and any mishap in any环节 could cause incalculable losses.
Su Zhixue dared not let his guard down, personally monitoring the trading team's operations every day to ensure that every transaction was executed strictly according to plan.
Although it's possible to remotely control the team here from New York, it's obviously safer to be physically present.
Su Zhixue is not a person who likes to take risks; he prefers to be on-site in person to keep an eye on things.
Lin Haoran was quite at ease about this, because he knew that Su Zhixue was even more cautious than he was.
And today, barring any unforeseen circumstances, is the final day of Brazil's season.
In the office, team members were performing their duties, and the phone calls were constant, with the phone ringing occasionally. Everyone was working diligently and systematically.
Su Zhixue stood in front of an electronic screen, his eyes fixed on the numbers flashing on it. His expression was calm, but the slight tightening in his grip on the coffee cup betrayed his inner tension.
Today is the closing day for the last batch of positions.
Although these positions account for less than 3% of the total positions, the amount involved is still huge, and any price fluctuation could result in a profit or loss of hundreds of millions of dollars.
Su Zhixue dared not be careless. He barely slept last night, repeatedly checking today's operation plan to ensure that no detail was overlooked.
The purpose, of course, was to give the boss, Lin Haoran, a perfect explanation.
Over the years, Lin Haoran has placed great trust in him, entrusting him with the vast majority of his overseas investment funds. He cannot betray that trust.
Su Zhixue took a deep breath and issued the final batch of liquidation orders.
The trading team, following the pre-arranged plan, broke down the position into dozens of small orders, dispersing them across different trading sessions and different counterparties, and gradually bought in.
They can close their positions simply by buying back the debts they owe to brokerages, banks, or other financial institutions at a lower price and then repaying them.
Each small order is not large in amount, so it will not attract market attention or impact prices.
In addition to shorting debt, shorting the Brazilian Cruzeiro is also an important part of Global Investments' investments in Brazil.
The Brazilian Cruzeiro was severely overvalued before the debt crisis erupted. As the crisis unfolded and foreign capital withdrew in large numbers, the Brazilian government was forced to devalue the currency significantly.
Huanyu Investment Company shorted Cruzeiro at a high price and is now closing its position at a lower price, profiting from the price difference.
The profits from this are even more substantial than those from shorting debt.
Time passed by, second by second.
Su Zhixue stood motionless in front of the large screen, like a statue.
The leveraged short positions in Brazilian bonds and Cruzeiro are nearing final liquidation.
The office was so quiet that only the sound of keyboards clicking and the occasional ring of the telephone could be heard. Everyone held their breath, staring at the numbers on the screen.
At 2:30 p.m., the last transaction was completed.
The head of the trading team turned to Su Zhixue and said, "Mr. Su, all positions have been closed. The positions in Brazilian sovereign bonds and Cruzeiro coins have been cleared."
Su Zhixue nodded, his expression remaining calm, but he finally loosened his grip on the coffee cup.
He collected the team members' transaction slips, personally checked the transaction records, and only after confirming that every transaction had been completed without any errors did he breathe a long sigh of relief.
"Okay, thank you for your hard work!"
Su Zhixue stood up, clapped his hands, and said to the members of the trading team, "You've all worked hard these past few months. Tonight it's my treat. We'll go to the best restaurant in São Paulo. Order whatever you like."
Then, we'll give everyone three days off. After three days, everyone will return to New York in batches!
A cheer erupted in the office.
These young people followed Su Zhixue from Hong Kong to New York, and then flew from New York to São Paulo. They stayed in this unfamiliar city for nearly two months, working more than ten hours a day and enduring tremendous pressure.
Now that their mission is successfully completed, they can finally relax.
Su Zhixue collected all the documents, returned to his office, and without resting for a moment, picked up a calculator and began to calculate.
These data were too sensitive, so he had to calculate them himself rather than have his subordinates do it.
He only hoped to give his boss, who was far away in Hong Kong, a satisfying surprise tonight.
The room was softly lit and quiet, with only the ticking of the calculator keys and the rustling of papers turning.
Su Zhixue sat at his desk, entering each transaction record into a spreadsheet one by one, repeatedly checking the numbers to ensure there were no omissions or errors.
The sky outside the window gradually darkened, night fell in São Paulo, and the city lights lit up one after another, but he was completely unaware, his gaze fixed on the dense numbers.
Six hours later, he finally completed the preliminary settlement.
He leaned back in his chair, let out a long breath, and smiled slightly.
After deducting the funds spent on closing out positions, the remaining funds amounted to US$195.7 billion.
After deducting the initial investment of $40 billion, and further deducting the financing costs, transaction fees, personnel expenses, and various miscellaneous expenses incurred over the past few months, the final net profit settled at $154.3 billion.
This figure was slightly higher than he had expected, mainly due to the slightly better-than-expected price of the last batch of positions and the accelerated depreciation of Cruzeiro in the final stage.
In the Mexican debt crisis, the profits from the two investments amounted to only $158.1 billion.
In other words, during the Brazilian debt crisis, just one investment by Huanyu Investment Company earned Lin Haoran $154.3 billion, almost matching the profits from two investments in Mexico.
$ 154.3 billion.
Su Zhixue stared at the number, a surge of indescribable excitement welling up inside him.
He had seen many big events over the years following Lin Haoran, but this was the first time he had ever seen a single transaction with a net profit exceeding $150 billion.
This means they have set another record!
In the past six months, they have earned a profit of $312.4 billion in the Mexican and Brazilian markets!
If this got out, it would definitely cause a worldwide sensation. (End of Chapter)