Chapter 230 [Reaching a Consensus (410)]
The next afternoon, Hua Yu left Xincheng and flew to the city where Zhongtai Capital was located. After getting off the plane, he did not go to the hotel to rest, but went directly to the headquarters of Zhongtai Capital to visit.
"Are you serious?"
At this moment, in the VIP room of Zhongtai Capital's headquarters, its head Liu Qi was looking at Hua Yu in shock. The two had met for more than ten minutes, and Hua Yu did not beat around the bush. He came over and told his intentions directly.
Without waiting for Hua Yu to speak, Liu Qizhen said again: "Boss Hua, didn't you say that your company has recently, uh... lost a lot of money?"
Hua Yu laughed and said: "I've said that it's a rumor. I don't want to be modest at this time. Whether it's the domestic capital market or the external capital market, I have made a lot of money in Qunxing. Without the capital strength, how dare I come all the way here to make fun of you, Boss Liu?"
Hearing this, Liu Qizhen also laughed and set off the atmosphere, but hesitantly said: "Frankly speaking, this matter is a bit too sudden..."
At this time, Hua Yu rushed to say: "Suddenly, Boss Liu, it has to be fast. If it's slow, I might lose money again one day."
Liu Qizhen was stunned for a moment, and immediately laughed and said: "Boss Hua is joking."
The implication is naturally understood, that is, Qunxing Capital wants to get this done quickly, and there is no time to waste. It will give you a premium of 500 million, and the payment speed is extremely fast. Give you a clear answer whether you want to do this deal.
Forget it if you don't want to do it.
Liu Qizheng had also heard about the things that happened between Qunxing Capital and several major domestic entertainment companies some time ago. In the end, it was the domestic entertainment companies that begged Qunxing to buy it. Given Qunxing's nature, they might not want it.
The most important thing is that Hua Yu's proposal is very good. Not only can it allow Zhongtai Capital to earn an extra 500 million yuan, but the extra money is all profit.
What's more important is that someone is willing to take over and has the ability to do so.
Zhongtai Capital can quickly cash out 8.6 billion yuan and make a lot of money and exit smoothly. It is not easy to exit with such a huge amount of funds, especially in the current market environment where the financial tsunami has hit the world. It is really difficult to find a buyer who is willing to pay an astronomical figure of more than 8 billion yuan to take over, and there are even fewer who can quickly pay cash settlement.
Qunxing Capital took the initiative to come to the door. If you miss this opportunity, it may be difficult to find such a generous buyer.
Although Qunxing Capital caused a "thunderbolt" storm some time ago, it seems to be a rumor now. The efficiency of remittances to several major domestic entertainment companies can give us a glimpse of the whole picture, indicating that Qunxing Capital is not short of money now, and liquidity is very abundant.
"Mr. Hua, how does your company plan to acquire Hengtong Pharmaceutical?" Liu Qizheng also spoke frankly. Everyone is a smart person. Qunxing Capital is obviously aiming to acquire Hengtong Pharmaceutical Group, not to mention that Hua Yu did not hide it.
Both parties know that this is a matter of mutual benefit. Zhongtai Capital seeks to exit and Qunxing Capital seeks to enter. This is a world where only Wang Qingxiong is hurt.
This point can be revealed, and Zhongtai Capital and Liu Qizheng also play important middlemen in this merger plan.
Hua Yu said in an orderly manner: "For this transaction, my Qunxing Capital will not acquire Hengtong's equity, but only Hengtong's assets. It will save trouble and effort, and I am too lazy to do due diligence."
Liu Qizheng couldn't help but smile and said: "It should be. After all, for such a large transaction, risk control should be done fully."
For the acquisition of a company, it is usually an equity acquisition, that is, directly taking your equity.
But the equity acquisition model will have a huge potential problem, that is, the company you acquire is prone to a lot of debts, especially hidden debts, and you don't know how much debt it has hidden and not exposed.
It can't be adjusted by due diligence.
If Hengtong Pharmaceutical Group has a lot of hidden debts, Qunxing Capital will become a pure big wronged person who takes over.
In order to solve this potential risk, Fang Hong chose asset acquisition, that is, Qunxing will not acquire the equity of Hengtong Pharmaceutical Group, and leave it to Wang Qingxiong to cover it up. Qunxing only acquires the assets of the group company. In other words, it buys all the valuable things of Hengtong Pharmaceutical Group and leaves the rest of the mess to Wang Qingxiong.
Such an operation is called "emptying the cage and replacing the bird". Asset acquisition and "emptying the cage and replacing the bird" are the second step of the strategy to swallow Hengtong Pharmaceutical Group.
How to empty the cage and replace the bird?
The shell company "Ruihe" established by Qunxing Capital is to take over the acquisition of Hengtong Pharmaceutical Group's assets, package them all into Ruihe Company, and then reorganize the assets.
For example, the core assets of Yishengtang under Hengtong Pharmaceutical Group are the three words "Yishengtang" and those Chinese medicine practitioners. After the acquisition is completed, Hengtong Pharmaceutical Group will no longer have the right to use the "Yishengtang" brand. Fang Hong's approach is to let the shell company create another holding shell company, and then rename this shell company to Yishengtang, and Hengtong Pharmaceutical will not be able to use this brand.
After the second step of the strategy of "emptying the cage and replacing the bird" operation is completed, the assets acquired from Hengtong Pharmaceutical Group will be merged into Ruihe Company. At this time, Qunxing Capital will hold 88% of the shares of Ruihe Company, Wang Qingxiong will only hold 9% of the shares in Ruihe Company, and other small shareholders will hold the remaining 3% of the shares.
As for Hengtong Pharmaceutical Group, Qunxing Capital does not own a single share and has nothing to do with Hengtong Pharmaceutical Group. Wang Qingxiong is still the largest shareholder of Hengtong Pharmaceutical Group, accounting for 67% of the shares. However, at this time, Hengtong Pharmaceutical Group is only Empty shells and messes were left, and the valuable assets had been transferred to Ruihe Company.
And what does the actual situation look like?
By that time, Ruihe Company will be Hengtong's new identity, but Wang Qingxiong only holds 9% of the shares in Ruihe Company, so in fact, it has changed from an absolute controlling shareholder of 67% to a minority shareholder. In Ruihe Company, Inside, Wang Qingxiong, not to mention absolute control, does not even have the right to convene a shareholders' meeting, because he needs more than 10% to have the right to convene a shareholders' meeting.
"Mr. Hua, it's a pleasure to cooperate." In the VIP reception room, Liu Qizheng made a decision after thinking about it again. This sentence was a direct statement of his position. The two sides reached a consensus immediately after the initial meeting.
Qunxing Capital acquired what it wanted by annexing Hengtong Pharmaceutical Group, and Zhongtai Capital invested 1.35 billion in three years and successfully exited with 8.1 billion in capital and profit, and also got what it wanted.
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In the next two days, Tuesday and Wednesday, the market continued to adjust and continued to rise. It was still a dancing elephant market, with heavyweight blue-chip stocks leading the index to new highs.
The Shanghai Composite Index surged +2.10% on Tuesday to 3145.16 points; it closed up +1.38% again on Wednesday to 3188.55 points, a new high for the year. It closed almost at the highest point of the day, and the market once again exceeded the 300 billion trading volume mark.
Shortly after the market closed, Fang Hong came to the headquarters of Star Capital again.
In the CEO's office, Hua Yu held a print newspaper that came out today. There are still print newspapers, but it is obvious that traditional newspapers have been impacted by the Internet wave.
Hua Yu handed the newspaper to Fang Hong and said with a smile: "Zhongtai Capital acted very quickly. It seems that it has already started to 'force' Hengtong."
Fang Hong took over the Metro Business Daily. The headline on the front page was extremely eye-catching: "Wang Qingxiong: The introduction of Zhongtai Investment is a catastrophic mistake of Hengtong Pharmaceutical." This headline-like article spread quickly in the industry.
According to the content of the article, according to people familiar with the matter, after the dream of Hengtong Pharmaceutical's listing was shattered, Wang Qingxiong criticized the investor Zhongtai Capital. The article also excerpted the original words of his complaint: They (Zhongtai) did not bring much to the development of Hengtong. support, but with such a small amount of money diluting such a large shareholding, introducing them was a catastrophic mistake by Hengtong.
The report further revealed that Wang Qingxiong also complained that he had wanted to liquidate the investment six months ago, but the return required by Zhongtai Capital was too excessive and the two parties could not reach an agreement.
The contradiction between Hengtong Pharmaceutical and Bell Tai Capital Venture Capital was exposed in the public eye. Wang Qingxiong’s few words of dissatisfaction aroused huge attention from the outside world.
Hua Yu, who was sitting on the sofa, said: "After making the headlines in New City, perhaps because the public response was too huge, Wang Qingxiong was worried about the impact that would be detrimental to him. At noon today, he was interviewed by the media again and asked about the matter, and clarified that : The news and rumors are not true. Zhongtai Capital trusts us very much and invested in Hengtong on this basis. The P/E was also very high. At that time, the price quoted by Zhongtai was twice that of other investors..."
Hearing this, Fang Hong looked at the contents of the newspaper and said calmly: "Wang Qingxiong's left-leaning remarks clearly show his ambivalent mentality now. He wants to pour out his bitterness to the outside world, but he is afraid that it will be over-interpreted by the outside world and it will be detrimental to him. Haha. …It’s too late to still have illusions at this point.”
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