v3 Chapter 974： Cathay Pacific Airways

"Chairman, Cathay Pacific's situation is indeed very complicated, so the collection of information is relatively slow, making you wait a long time."

After passing the information to Xia Yu, Huo Jianning explained with some embarrassment.

After all, Jiuding Securities Company and Jiuding Newspaper Company are both good at collecting commercial information, and they have a lot of information. In this case, it took him three days, and he felt a little embarrassed.

Xia Yu smiled carelessly, let him sit down and look through it.

At this point, it was nearly twenty minutes.

Cathay Pacific’s situation is really complicated.

It should be said that Xia Yu is indeed one of the core companies of the Swire Consortium. It not only involves a wide range of businesses, but also has strict control over the company.

According to the data, although Cathay Pacific is a core member of the Swire Consortium, it is actually a third-tier subsidiary, or even a fourth-tier subsidiary.

However, considering that the business of HeungKong and even in Asia is handled by HeungKong Swire Group, which is separated from the Swire Group in London, England, Xia Yu regards HeungKong Swire Group as the core body of the HeungKong Swire consortium.

HeungKong Swire Group is not listed, but 62% is controlled by Swire Group in the United Kingdom. Without even thinking about it, PASS is no chance.

Under the HeungKong Swire Group, there are many first-tier subsidiaries, such as Swire Co., Ltd., Swire Shipping, Swire Industries, Swire Financial, etc., which have the largest assets and are listed.

Swire Co., Ltd., which was listed in May 1973 when it was related to Cathay Pacific.

In terms of the shareholding structure, the HeungKong Swire Group holds 34% of the shares of Swire Pacific Limited. Then the Shi Yahuai family holds 17% of the shares through a wholly-owned family trust, and the Singapore Qiu Family holds% At 7.8, Hong Kong Songjia holds 6.7% of the shares, HSBC Bank holds 6.1%, Jiuding Securities holds 4.9%, Standard Chartered Bank holds 4.5%, and Jiuding The insurance shareholding is 3.8%...

Although the three companies of the Jiuding Consortium secretly held 13.2% of the shares, Xia Yu did not have any chance to win Swire Limited.

It is only because the two parties of the Xiangjiang Swire Group and the Shi Yahuai Family Trust jointly hold 51% of the shares. This equity ratio directly makes everyone give up.

This was not the case in the previous few years, but who allowed Xia Yu to hunt the British consortium one after another, so that the Shi Yahuai family quickly increased their shareholding, and it became the current situation. Xia Yu can't blame anyone or let himself I didn't directly form the Swire consortium at the beginning, and I have missed the opportunity.

Under Swire Pacific Limited, there are three directly affiliated secondary subsidiaries, namely Swire Properties Limited, Swire Airlines Limited and Swire Beverage Holdings Limited.

These three companies are not listed, and are 100% controlled by Swire Pacific.

So Xia Yu couldn't do anything on this level.

can only continue to look down for opportunities.

Under the umbrella of Swire Airlines, it has three three-tier subsidiaries, namely the Hong Kong Airport Ground Service Company, Cathay Pacific Airways and Heung Kong Aircraft Engineering Co., Ltd.

Among the three companies, the most important one is undoubtedly Cathay Pacific Airways!

Unfortunately, Cathay Pacific Airways is not listed.

In terms of the company’s shareholding structure, the parent company Swire Airlines holds 42%, HSBC holds 20%, Hong Kong Songjia holds 16%, and Standard Chartered Bank holds 13%. , The sister company Xiangjiang Airport Ground Service Company holds 5% of the shares, and Xiangjiang Aircraft Engineering Company holds 4% of the shares.

Although Cathay Pacific is not a listed company, its parent company, Swire Co., Ltd., is a listed company, so it still has to announce its financial reports on time every quarter and every year.

Last year, Cathay Pacific Airways achieved operating income of 2.16 billion Hong Kong dollars, carried 2.15 million passengers annually, and had a net profit of 470 million Hong Kong dollars.

In terms of company assets, the most important thing is the aircraft. The company has 21 aircraft, including six Boeing 747 series aircraft, including three of the best Boeing 747-200. The company’s total assets are as high as 3.7 billion. Forty million Hong Kong dollars, net assets are 1.72 billion Hong Kong dollars, and the debt-to-asset ratio is 54%. The debt ratio is not high.

In terms of detailed assets, in addition to aircraft, the more important ones are the shares and subsidiaries held.

Cathay Pacific Airways holds 24.8% of the shares of its sister company Xiangjiang Aircraft Engineering Company and 4% of the shares of Xiangjiang Airport Ground Service Company.

In addition, there are four fourth-level (group-level) subsidiaries, namely Yajie Laundry Co., Ltd., which is wholly-owned by the largest laundry factory in Xiangjiang, and holds 51% of the shares. , A wholly-owned Cathay Pacific Cargo Company, and an in-flight catering service company that holds 51% of the shares.

These four subsidiaries provide favorable guarantees for Cathay Pacific’s services.

It's a pity that these four subsidiaries are either wholly-owned by Cathay Pacific Airways, or they hold 51% of the shares. Xia Yu can't do anything from here.

And to be honest, these four companies would not have developed so well if it were not because they were subsidiaries of Cathay Pacific. So even if Xia Yu acquired it, it would decline after losing Cathay Pacific’s business.

So Xia Yu can only look for opportunities at the level of Cathay Pacific and its sister companies.

But the opportunity is almost non-existent.

Because of the cross-holding of the three companies Cathay Pacific Airways, Hong Kong Airport Ground Service Company and Hong Kong Aircraft Engineering Company.

In Cathay Pacific’s equity, the parent company Swire Airlines is the largest shareholder holding 42%. HeungKong Airport Ground Services Company and HeungKong Aircraft Engineering Company rank fifth and sixth, holding 5% and 100% respectively. Four-quarters equity.

The three companies together hold 51% of Cathay Pacific’s equity!

Even if Standard Chartered Bank owns 13% of the shares, Xia Yu will handle HSBC and the Song family, and the shareholding ratio will only be 49%. The Swire Consortium’s rule over Cathay Pacific will not be shaken!

The Xiangjiang Aircraft Engineering Co., Ltd. was listed in 1965. The largest shareholder is the parent company Swire Airlines, which holds 26.2% of the shares; the second largest shareholder is Cathay Pacific, which holds 24%. Eight.

51% of the two!

Although Jiuding Securities now holds 17.7% of the shares (previously owned by Jardine Matheson), Standard Chartered Bank holds 10.09% of the shares, and the total is only 28.6. It acquired the shares held by HSBC. 8.4% and 12% of the public are not enough.

Not to mention that the public’s equity is absolutely impossible to acquire unless the company is privatized.

If the Xiangjiang Aircraft Engineering Company cannot be acquired, then its 4% stake in Cathay Pacific Airways will never be bought.

Then look at the Hong Kong Airport Ground Service Company.

This company was established in 1961 when the Swire Consortium, Jardine Consortium and Hutchison Enterprises were jointly established. Swire Consortium was 45%, Jardine Consortium was 40%, and Hutchison Consortium was 100%. Of fifteen.

But two years ago, when the Jardine Consortium was dismembered, 40% of the equity held by the Jardine Consortium was bought by a Chinese tycoon, and Cao Guangbiao, a tycoon of the Yongxin Group, bought 24%. Huo Yingdong bought 16%.

And 15% of Hutchison’s enterprises entered Hutchison Whampoa after the merger of Hutchison International and Whampoa Dockyard, and Hutchison Whampoa was acquired by Xia Yu, so this 15% shareholding Now in the hands of Jiuding Industrial Group.

4% of the original 45% equity of Swire Airways ~ www.novelhall.com~ was transferred to Cathay Pacific Airways. At this time, Swire Airways held 41%.

But no matter how the transfer is made, Swire Airlines and Cathay Pacific still hold a total of 45% of the shares in the Hong Kong Airport Ground Service Company.

This is the only company in which the Swire Consortium holds no more than 50% of its shares.

And because the Hong Kong Airport Ground Service Company is not listed, the other two shareholders are big Chinese, Cao Guangbiao and Huo Yingdong, Xia Yu has great confidence in taking their shares.

But even if they take their equity and add 15% of their own ownership, it will only be 55%, not 67%, and it is impossible to control the board of directors.

A veto by Swire Airways can block all important proposals, such as the proposal to sell the company's 5% of Cathay Pacific's shares!

So this seemingly most likely place to succeed is actually a dead end!

Rao is Xia Yu who prides himself on being knowledgeable and resourceful. Facing such an interlocking and flawless situation, a touch of sorrow appeared between his brows.

Difficult...

Is there really no chance?

Xia Yu thought with a headache.

PS: In order to design this situation, it took more than four hours to collect information and repeatedly delibrate. The problem lies here. What reasonable method should be used to get Cathay Pacific Airways? It’s time to check the level. Welcome everyone to speak up, crowdfunding to write a book, if everyone’s opinion is good, I will copy the book review directly, and directly comment and participate in the chapter of the book in .asxs.