Chapter 265 Li Jiacheng's Ambition
When Run Run Shaw proposed appointing Lin Haoran as the vice chairman of the board, Lin Haoran did not refuse.
After all, with a professional like Run Run Shaw handling management, this position was just a formality for Lin Haoran.
Ultimately, the proposal was unanimously passed.
As TVB's largest shareholder, Lin Haoran was more than qualified to serve as vice chairman.
Following this, Run Run Shaw, now officially the new chairman, outlined his management principles to the shareholders and their representatives in the conference room.
He even touched on the issue of repositioning TVB—a topic Lin Haoran had discussed with him the previous day.
The shareholders' meeting didn't last long, concluding in just half an hour.
Besides the appointments of Run Run Shaw as chairman and Lin Haoran as vice chairman, no other changes were made, so there wasn't much to deliberate.
After the meeting, shareholders and their representatives left TVB headquarters one after another.
Run Run Shaw, Lin Haoran, and Yu Bok Kwan returned to the chairman's office.
"Mr. Shaw, as you know, I have many enterprises under my belt and little time to focus on TVB.
Its future development will still rely on you and Mr. Yu," Lin Haoran said after they sat down.
"Mr. Lin, I understand.
As long as you occasionally offer your valuable advice, that will be enough," Run Run Shaw replied with a smile.
In fact, from his perspective, it was better if Lin Haoran didn't interfere too much.
It's easier to manage when fewer hands are involved.
However, after their conversation yesterday, Shaw had recognized Lin Haoran's talents and welcomed any future insights he might offer.
After chatting for a while longer, Lin Haoran said his goodbyes and prepared to return to Wanqing Building.
Matters at TVB were more or less resolved—he would leave the rest to the newly appointed chairman, Run Run Shaw.
...
Meanwhile, at Cheung Kong Holdings' headquarters.
Li Jiacheng sat in his chairman's office, listening as the head of the securities department reported to him.
"Mr. Li, as of today, Cheung Kong's holdings in Hutchison Whampoa have officially exceeded 40%, reaching the target you set!" the subordinate said excitedly.
"Good, you've done well.
This year's year-end bonus will be doubled!" Li Jiacheng said, trying to remain calm, though he couldn't hide his delight.
Finally, Hutchison Whampoa was within his grasp!
How could he not be excited?
At the end of last year, HSBC and Jardines had sold 22.4% of Hutchison Whampoa to Li Jiacheng at a bargain price.
But just that stake alone wasn't enough to seize control.
Since acquiring HSBC's shares, Cheung Kong had continued quietly accumulating Hutchison stock without making a public fuss.
In Li Jiacheng's view, there was no need for confrontation—he only needed to build up his holdings quietly.
Once he held enough, ousting the current chairman Wheeler would be a simple matter.
Now, after six months, with 40% of Hutchison shares in hand, the victory was within reach.
Everyone knew what that meant.
Li Jiacheng could now formally take over one of the biggest British trading houses in Hong Kong.
Originally, Cheung Kong didn't have the funds to pull this off—not to mention the millions it still owed HSBC.
But the real estate market in Hong Kong had exploded.
In less than a year, Cheung Kong's asset value had almost doubled, thanks to selling many older projects at high prices.
Thus, Cheung Kong's financial position was greatly improved.
Not just Cheung Kong—other property giants like Sun Hung Kai and Henderson Land were flush with cash too, thanks to the booming property market.
Lin Haoran's series of high-profile acquisitions over the past six months—Hongkong Electric, China Gas, Kowloon Motor Bus—also helped divert attention, allowing Cheung Kong to absorb Hutchison shares more smoothly.
Moreover, watching Lin Haoran continually succeed in buying major companies had made Li Jiacheng envious.
Thus, he had accelerated the secret acquisition of Hutchison Whampoa shares.
In another world, Cheung Kong wouldn't surpass 40% ownership until year-end.
But in this world, influenced by Lin Haoran, Li Jiacheng reached that goal by July.
After his subordinate left, Li Jiacheng sat alone, contemplating.
Seeing Lin Haoran continuously snapping up prime companies—ones he himself coveted—only fueled his ambition.
Be it Yingzhou Cement, Hongkong Electric, Kowloon Motor Bus, or China Gas—he had missed them all.
Thus, he hoped to fully secure Hutchison Whampoa quickly, then move on to other major targets.
Long ago, he had set his sights on Hongkong Land.
Now, with Hutchison Whampoa almost in hand, it was time to move to the next step.
Controlling just one giant wasn't enough.
Li Jiacheng's ambition was massive—otherwise, he wouldn't have dared to target Hutchison, whose market cap far exceeded Cheung Kong's.
Buoyed by the property boom, his appetite had only grown.
And Hongkong Land—Hong Kong's largest and most prestigious property company—was the perfect prize.
"Once I fully control Hutchison, I'll use both Cheung Kong and Hutchison to launch a stealth attack on Hongkong Land.
It won't be easy... maybe I need a partner?" Li Jiacheng pondered.
He knew that Jardines and Jardine Fleming together only controlled about 20% of Hongkong Land.
Thus, it was a rare opportunity: if Cheung Kong and Hutchison together amassed over 20% of the shares, he could become Hongkong Land's largest shareholder.
Whoever controlled Hongkong Land would be the undisputed king of Hong Kong real estate.
As Hongkong Land itself claimed in its advertisements:
"Without Hongkong Land, Victoria Harbour would not be the same."
Controlling Hongkong Land meant owning a vast portfolio of Central's most prestigious commercial buildings—the crown jewels of Hong Kong real estate.
Li Jiacheng wanted to be the "King of Kings" in real estate.
Looking at his nearly-secured victory over Hutchison, his ambitions for Hongkong Land burned even brighter.
With just Cheung Kong, he couldn't pull it off.
But with Hutchison's backing, his odds multiplied.
If he could recruit one more strong ally, his chances would grow even further.
"Maybe Bao Yugang?" Li Jiacheng thought.
Bao had always been his best friend in business.
But then he shook his head.
Bao Yugang was still financially stretched after buying Wharf Holdings last year.
He had borrowed heavily from HSBC—21 billion Hong Kong dollars in debt—and was still recovering.
Thus, Bao wasn't a viable partner.
"Maybe Zheng Yutong, Lee Chiu Kee, or Kwok Tak Seng?" Li Jiacheng thought next.
Unlike Lin Haoran, whom he didn't know well and didn't trust, he had long-standing friendships with Zheng, Lee, and Kwok.
They had even collaborated in 1976 to buy the land for Shatin New Town.
"Perhaps I should try acquiring alone first.
If I can use Cheung Kong and Hutchison to control Hongkong Land, I'll become Hong Kong's undisputed wealthiest tycoon.
Since I could seize Hutchison, why can't I seize Hongkong Land too?" Li Jiacheng thought, his ambition swelling.
Unable to sit still any longer, he immediately left his office and went to Cheung Kong's finance department.
"How much available cash do we have?" he asked.
"Mr. Li, we currently have about HK$128 million in cash.
Recent Hutchison purchases drained quite a lot, but in two weeks, we'll complete a real estate project in North Point.
That should bring back several hundred million more," the finance chief reported respectfully.
Ten minutes later, Li Jiacheng summoned the securities department and instructed them to begin discreetly acquiring Hongkong Land shares.
Since he had decided to pursue it, Cheung Kong would act first.
Hutchison would follow once he had full control.
Two-pronged attack—perhaps he really could become Hongkong Land's largest shareholder.
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