Chapter 1346 Wheelock Consortium!

"Rebirth of the Most Powerful Tycoon ()"!

Soon, Wheelock's information was collected.

Although the Wheelock consortium is the only survivor of the four old British-owned consortiums, in fact, its prestige has long since disappeared.

The current Xiangjiang is not the small pond it used to be.

After Xia Yu's careful construction, Xiangjiang is changing rapidly, the economy is very prosperous, and the financial market is even more vibrant.

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

The continuous listing of large companies in Hong Kong, Macau and Southeast Asia, especially the listing of various industry leaders under Xia Yu's Jiuding Consortium, has long overshadowed the beauty of Wheelock Consortium.

And because of Xia Yu's butterfly effect, the Wheelock consortium is also very different from its 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. A considerable number of ships of the original Universal Shipping Group were taken over by Wheelock Shipping.

Today, Wheelock Shipping has a total deadweight of 3.37 million tons of ships, and there are many ships that have not yet been delivered, and the order price is as high as 890 million Hong Kong dollars.

In the final analysis, the economic prosperity of Hong Kong has only slightly masked the crisis of world shipping, while the value of ships is still shrinking.

Now Wheelock Shipping Company's fleet of fixed assets has been about 4.15 billion Hong Kong dollars.

With the current number of ships, it would have been worth 10 billion Hong Kong dollars nearly five years ago!

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

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

As time goes by, the price of ships is still falling, and Wheelock Shipping's fleet of fixed assets is 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 10 billion Hong Kong dollars.

It's just that the company's total assets are 7.09 billion Hong Kong dollars,

Net assets are 3.5 billion Hong Kong dollars.

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

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

In addition to itself, the Wheelock consortium also owns five listed companies, namely United Dock Company, Real Estate Trust Company, Lane Crawford Retail Company, Commonwealth Real Estate Company and Heungkong 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 Dock Company, 38.2% of Real Estate Trust Company, 42.7% of Lane Crawford Retail Company, 44.5% of Commonwealth Real Estate Company, and Xiangjiang Subsea Tunnel Company. 27.9% stake.

United Dock Company was formed by the merger of Taikoo Dockyard and Whampoa Dockyard, but both Taikoo Consortium and Hutchison Whampoa successively cleaned up their equity and exited in the 1970s. Now, apart from the dock, 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 the Lane Crawford hypermarket, the company also has retail brands such as Lechi and Super City.

Federal Realty is the largest real estate pillar company of the Wheelock consortium.

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

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

Together, these companies form the Wheelock Consortium.

Of course, the survey report shows that although the market value of Wheelock Shipping Company is still as high as 10 billion Hong Kong dollars, in fact, the market value of Wheelock Shipping Company has been declining, contrary to the broader market.

Wheelock Shipping Company's market value of 10 billion is not supported by the company's shipping business, but by the dividends of 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 that's just business losses.

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

The purpose of this is obvious, to maintain the share price of Wheelock Shipping Company.

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

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

At present, Wheelock Shipping Company still has 890 million Hong Kong dollars of new ship orders that have not been paid. According to the company's situation, this order cannot be thrown away. At that time, it can only borrow from banks or borrow from other financial companies.

With the advance payment of 30%, the total value of the undelivered ships at the time of signing the contract was HK$1.271 billion.

Now, the value of these new ships has shrunk to HK$940 million, and the loss has reached HK$330 million.

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

And Wheelock Shipping's net assets will further decline.

If the value of ships continues to shrink, there will be a situation where the fixed assets of the fleet will fall below the company's liabilities, and then the banks will take enforcement measures.

Unless Wheelock Shipping Company takes out cash, or takes out other assets, increases the collateral to avoid the bank's forced disposal of assets.

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

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

Wheelock Shipping can continue to hold on, but the Wheelock consortium will start to fall apart.

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

"We 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 less conspicuous."

After the decision, Xia Yu gave instructions and asked Huo Jianning to arrange it.

soon.

There is more pessimistic analysis about the world shipping market in the public opinion, and in order not to arouse suspicion, the first news came from a British newspaper, and the newspaper in Hong Kong reprinted it.

Then the media of Heungkong analyzed the major shipping companies in Heungkong.

As some institutions shorted Wheelock Shipping Company, the market value of Wheelock Shipping Company began to decline at an accelerated rate.

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

Just when Bright Fund Xiangjiang Branch was about to start buying.

But suddenly killed a Cheng Yaojin!

PS: Checking the data is going to vomit. Wheelock can’t compare with the other three at all. The difficulty of checking the data has increased at least ten times, which is too little. It's an update tonight, I'm going to sort out the plot, Kevin.

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