Chapter 232 [Eat It All (610)]

As for how to completely kick Wang Qingxiong out, Fang Hong had already made plans. The series of clauses signed by Zhongtai Capital and Wang Qingxiong are closely linked, and the three-step strategy formulated by Fang Hong to acquire Hengtong Pharmaceutical Group is also closely linked.

The third step strategy is to finally kick Wang Qingxiong out and take everything away.

Qunxing Capital has a tight plan for this acquisition. First, it suppresses the valuation of Hengtong Pharmaceutical Group. The company's total assets are about 18 billion yuan, and the company's net assets are about 10.2 billion yuan. In the end, it gives the company a valuation of 9.2 billion to acquire its assets. Hengtong's equity and mess are definitely not wanted. Anyway, only assets are needed, so there is no need to worry about taking over a pile of debts.

Wang Qingxiong has no choice. Who made him sign the right of first sale clause with Zhongtai Capital? Who made Zhongtai choose Qunxing Capital as the seller?

According to the right of first sale clause, Wang Qingxiong also has to sell to Qunxing Capital.

Qunxing Capital holds 88% of Ruihe's shares, and is already the actual controller, which means it has absolute control, and control has a premium, which can generally be in the range of 25% to 35%.

Why is there no control premium for Hengtong Pharmaceutical's assets, which are valued at 9.2 billion? Because Qunxing bought Hengtong Pharmaceutical's assets, not Hengtong Pharmaceutical's shares. Hengtong Pharmaceutical's control is still in Wang Qingxiong's hands. He absolutely controls Hengtong Pharmaceutical, so of course there is no control premium.

Not only is the control premium gone, but it is also discounted by about 10% compared to the net asset size. This means that Wang Qingxiong's shares were sold at a 30% discount.

Just 30% off to get Wang Qingxiong out? Far more than that, Fang Hong wants to get him out of the game at a "discount".

At that time, Wang Qingxiong still holds 9% of Ruihe's shares. If you want to get him out completely, you usually ask him to buy it back or buy it directly, but he will definitely ask for a sky-high price on this route, and Fang Hong will not let him raise the price.

How to operate?

That is the third step strategy of annexing Hengtong: judicial auction of Ruihe Company!

The first step strategy has laid the groundwork for the third step strategy. Qunxing Capital pledged 100% of the shares of the shell company Ruihe to the bank financial institution in exchange for 3.8 billion yuan. After completing the second step strategy, Qunxing Capital holds 88% of the shares of Ruihe Company and is the largest shareholder with absolute control.

At that time, Ruihe will directly call the bank and send a notice to the bank. The company now has more than 20 billion yuan in debts and non-performing assets. There is no money, so I, Ruihe, can't pay back the 3.8 billion yuan owed to your bank, and I can only default!

This is called technical default in the jargon.

Good guy!

When the bank saw that you, a handsome young man, didn't pay back the money, but you are still so arrogant?

So they turned around and sued Ruihe Company directly, and put 100% of Ruihe's shares in an open judicial auction.

Once the judicial auction process was entered, Wang Qingxiong's 9% shares had been discounted by 70%, and then further discounted by half, which was directly broken.

When Ruihe Company pledged 100% of its equity to the bank, it was valued at 8.1 billion yuan. Now it is going to be auctioned by the court, but the court auction will be discounted.

Entering the judicial auction process, the first auction of the judicial auction is usually 70% of the appraisal price, which is a 30% discount. 8.1 billion 30% discount means the auction will be priced at 5.67 billion.

If no one bids in the first auction and it fails, the second auction will be sold, and the price reduction will not exceed 20% of the previous starting price. Assuming that the second auction is discounted by 15% on the base price of 5.67 billion, the second auction price will be 4.8195 billion yuan.

Fang Hong's strategy is to make the first auction fail and sell it when the second auction is discounted by 4.8 billion yuan.

How to sell it?

It's very simple. Another shell company of Qunxing Capital paid 4.8 billion to bid for 100% of Ruihe's equity. The reason why it was expected that it would fail to be sold was that Fang Hong had already stuffed 20 billion in debt into Ruihe before asking Ruihe to make a technical default on the pledged bank, that is, before triggering the judicial auction process.

And it was perfectly reasonable, legal and compliant, and there were no legal loopholes.

With 20 billion in liabilities or non-performing assets in it, who dares to grab the meat?

Someone really dared to come out and bid for it.

Fang Hong would never compete with him. When he won the bid, he would directly demand the debt from him. 20 billion debt, pay it back to me!

After making 20 billion for nothing, Ruihe will definitely fall into the hands of Qunxing in the end. This kind of good thing is rare.

Therefore, in fact, except for Qunxing Capital, no one in the entire market dared to bid for it. Except for Qunxing's shell company, whoever came would be a pure victim.

After the shell company bought the company with 4.8 billion, it owned 100% of the shares of Ruihe Company, and Wang Qingxiong was completely out of the game, not owning a single share. Not only did the company have nothing to do with him from then on, but he was not out of the game at a premium, and was eventually out of the game at a huge loss.

In this game, Wang Qingxiong had no chance to object at all. This carefully arranged game had been set up for him long ago. He had to jump in and out. When he jumped into the first pit of Zhongtai Capital, a series of pits were inevitable. He could only accept the fate of being bloodbathed by Zhongtai Capital once and then by Qunxing Capital again.

The auction price was 4.8 billion yuan, and Wang Qingxiong could only get 432 million yuan after the 9% of the shares were auctioned off. He founded Hengtong Pharmaceutical and spent more than ten years of hard work to increase the company's asset scale to more than 18 billion yuan. If it goes smoothly, it will definitely reach 50 billion yuan or even larger, and it is expected to reach 100 billion yuan in ten years.

But now the fate that awaits Wang Qingxiong is to get 432 million yuan and be completely eliminated. For ordinary people, of course, it is an astronomical figure, but for a wealthy man like Wang Qingxiong, it is no different from a little handout given by capital after a miserable defeat. In his eyes, what he got is not 432 million yuan, but shame.

At this moment, in the CEO office of Qunxing Capital, Fang Hong thought for a moment and said in a deep voice: "After Wang Qingxiong is eliminated, he will inevitably become the object of sympathy. Qunxing Capital will become the villain of the cruel capital group that slaughters mainland entrepreneurs in the eyes of the people. This is not acceptable."

Speaking of this, Fang Hong looked up at Hua Yu and ordered: "Wang Qingxiong cannot be made the object of sympathy. Let the outside world know that he is a man who has accumulated evil and misfortunes. He deserves this end. You go and dig out his black material. If you want to hammer him, hammer him to death and there will be no room for him to turn over."

Hua Yu couldn't help but shudder. The big boss usually looks like a harmless young man, but when he really gets serious, he can be both decisive and ruthless. It is true that kindness cannot lead an army.

After a moment, Hua Yu said: "It is not difficult to dig out Wang Qingxiong's black material. Just because he hides the ancient prescriptions, supports Chinese medicine on the surface but actually suppresses it, and even says that the medicine that is fine when taken all the time but causes problems once it is stopped is a good medicine, it can completely destroy his reputation, like a rat crossing the street, and everyone shouts and beats it."

If this matter is exposed, Hengtong Pharmaceutical will inevitably fall from grace, but it will not affect Qunxing Capital, because this time it is the assets of Hengtong Pharmaceutical that are annexed, and Hengtong's equity, including the Hengtong brand, is a mess, all thrown to Wang Qingxiong.

Yishengtang, a sub-brand of the original Hengtong Pharmaceutical Group, may be affected to some extent, but this sub-brand is not closely related to the parent company, so the impact will not be too great.

What Fang Hong values ​​most is the Chinese medicine practitioners who sit in the clinics in major stores of Yishengtang, because Chinese medicine practitioners are really difficult to train, and Chinese medicine practitioners with real skills are extremely scarce and precious.

At this time, Hua Yu changed the subject and added: "But in this way..."

He stopped talking.

At this moment, someone knocked on the office door.

Hua Yu turned his head and said: "Come in."

Fang Hong also looked over. When the office door opened, two women came in. Hua Yu's assistant Yue Qing brought another woman into the office.

"Mr. Fang, she is the candidate who came to apply for your assistant position, Tian Jiayi. She has passed our interview. It happened that you were in the company, so I brought her here." Yue Qing said with a smile.

Passing the company's interview can be said to be one in a million, but you still need to pass Fang Hong's final interview.

At this time, Fang Hong immediately set his eyes on Tian Jiayi and looked at her for a while.

She was wearing a summer shirt and skirt. Her outfit was simple, neat and textured. The V-neck added some momentum. Her ponytail was high. Her overall outfit was not as fresh as a newcomer, but not too mature and old-fashioned. Instead, she looked like a gentle and capable intellectual lady in between.

When Fang Hong looked at Tian Jiayi, she also looked at Fang Hong. She was very surprised and thought that Hua Yu's assistant was joking with her.

Obviously, she did not expect that the person who might become her direct superior would be such a young... younger brother?

It was normal to have such an idea. After all, from the appearance, Fang Hong should never be in such a position at this age.

But seeing the respect that Hua Yu and his assistant showed to Fang Hong, Tian Jiayi found that it was not a joke. After a closer look, he seemed to feel a unique temperament from Fang Hong, or the aura of a superior.

Hua Yu's assistant handed Fang Hong a piece of material he brought. This was a resume report about Tian Jiayi.

At this time, Fang Hong retracted his gaze and took the materials handed over, opened them and took a look.

[Tian Jiayi, 26 years old, born in 1983, graduated with a doctorate this year...]

Fang Hong immediately moved his eyes away from the resume, and glanced at Tian Jiayi with a slightly surprised look. Master's graduates are usually around 27 years old. I didn't expect that she actually got a doctorate at the age of 26, which shows that she has excellent abilities. Even if she graduated with a doctorate at the age of 30, she is still very young.

She combines beauty, figure, ability and talent in one, and can be regarded as an elite selected from thousands of people.

Fang Hong retracted his gaze and continued to look at the content of the resume. His original family is not prominent, but it is also a middle-class family. His father is a high school teacher and his mother works in a bank.

After roughly reading it and closing the resume, Fang Hong looked at Tian Jiayi again and said with a smile: "Very good, you are hired, and you will work with me in the future."

...