Chapter 1143 AIG and AIA
"Haitong Securities and Minsheng Bank are preparing to raise funds from external sources, but they are not public but targeted, and they have invited us to participate."
"Haitong Securities issued 725 million shares at a price of 35.88 yuan per share, raising net funds of 25.9 billion yuan, and the share capital after the additional issuance was 4.114 billion shares.
Haitong's net capital will increase from 5.2 billion yuan to 31 billion yuan, jumping from sixth to second in the industry. The gap with leader CITIC Securities has also been greatly narrowed. ”
Although Hanhua also has securities business, its foundation is weak. After so many years of development, it ranks fifth in the country, second only to CITIC, Guosen, Galaxy, and Guotai Junan.
Of course, this refers to capital.
In terms of comprehensive strength, Guoxin is well-deserved number one.
"Minsheng Bank plans to issue 238 million shares at a price of 7.63 yuan per share, raising net funds of 18.16 billion yuan..."
After taking the information in Sun Zhiping's hand and looking at it, Xu Liang understood what he was thinking.
Simply flip it over and put it down.
"If you ask me this, I'm afraid it's not whether these companies can invest, but when will the impact of the subprime mortgage crisis on China erupt?"
"Nothing can be hidden from you."
Sun Zhiping stopped being polite.
"Haitong and China Minsheng Bank are both high-quality targets. Investing now will definitely make you money in the future. But now the subprime mortgage crisis in the United States is getting bigger and bigger. Although the Federal Reserve has begun to actively respond, it is still unknown to what extent it will be able to achieve it in the end.
Once the response is inadequate and the subprime mortgage crisis breaks out, it will have a great impact on China, which is currently an export-oriented economy. Both A-shares and Hong Kong stocks will fall sharply.
The key now is that I am not sure when this crisis will break out. If I keep waiting, I will miss many opportunities.
If you rush in blindly and a crisis breaks out, a lot of losses will occur. ”
Sun Zhiping’s confusion is also the confusion of many investors around the world.
Xu Liang smiled. Others didn't know it, but he knew exactly when the crisis would break out.
"My judgment is that the crisis is still early, you might as well go in first and make a profit. When the opportunity comes, I will order a liquidation within the group."
Sun Zhiping's eyes lit up.
"With your words, I can do it with confidence."
Xu Liang smiled and nodded.
……
After bidding farewell to Sun Zhiping, Xu Liang came to Jiang Xiaoyang's office on the top floor of Hanhua Center.
After getting up and making him a cup of tea, the beautiful lady who was about to sit next to her was unexpectedly pulled into his arms by him.
"This is a company, please pay attention."
"It's okay, everyone already knows."
Seeing that he couldn't stand up to this two-skinned man, Jiang Xiaoyang just let it go.
"Is Sun Zhiping busy over there?"
"It sounds like there is money to be made, and real estate companies of all sizes in Beijing and Tianjin are coming to visit. I sat there for a while, and then I met SOHO, Longfor and Sunac."
"Sunac? Sun Hongbing is here again? Sunac should not be short of money now."
"Sunac is not short of money, but real estate companies are always short of money."
Jiang Xiaoyang nodded slightly.
"Let's not talk about this anymore. Let Lao Sun and others decide for themselves. ...By the way, has the donation amount for the second half of this year been set?"
"It's settled. The 'Xu's Hanhua Charity Foundation' will donate 80 million to rural primary and secondary schools in southwest China for poverty-stricken students.
80 million was donated to rural primary and secondary schools across the country, all of which was used for the purchase of sports equipment.
Donate 150 million to the "National Anti-Japanese War Veterans Charitable Foundation".
Donate 200 million to Beijing, Magic City, and Qilu Maternity and Children's Hospitals for the treatment of serious illnesses in infants and children from poor families. ”
Under his chairmanship, Xu has charitable foundations with branches around the world.
Nearly a billion dollars are donated annually.
It is most commonly used in China.
Although most of them were for tax reduction, they did earn a lot of fame and expanded their contacts in the political and business circles.
"Increase the amount of money spent on serious illness treatment for infants and young children from poor families to 300 million, and leave the rest like this." Xu Liang said.
Children are the future of the country, and they are also the most important place to spend money.
Jiang Xiaoyang nodded and agreed.
Hanhua's total global revenue last year reached US$132.7 billion. This year, the Pacific Phase II Fund will be unblocked, and the money earned from the gold war with Soros in 2005 will also be pocketed.
Coupled with the income of each major department of Hanhua.
Hanhua's revenue this year will definitely exceed US$150 billion.
Although tax is deducted and the shares of major GPs are included, the net profit that actually falls into the hands is only about 26%.
It is also a huge amount of money worth hundreds of billions of dollars.
As for next year, funds shorting subprime debt will be unblocked, and then there will be another huge profit.
Therefore, the little money donated is nothing at all.
What really makes her feel distressed is the money donated to the "Xu Family Charitable Foundation".
This fund is registered in the United States.
Hanhua swallowed up all its gross profits in the United States last year and this year.
This is a huge amount of money close to 90 billion US dollars.
Although we still have to earn it back slowly by investing in BOE and SMIC.
But after all, it no longer belongs to Hanhua.
Of course, Xu Liang promised that these two companies would still be acquired and managed by Hanhua in the future, and Zuo Zuo would still come back.
Playing with the beauty's delicate hands.
Xu Liang: “Hanhua’s current business is a bit too complex.
Securities, funds, insurance, private equity, asset management, etc. have no outstanding advantages and are somewhat bloated in management. ”
Jiang Xiaoyang was stunned for a moment, not expecting that he would bring up this topic.
"What are your plans?"
“Imitate Citigroup.”
As the CEO of Hanhua, Jiang Xiaoyang is very familiar with Citigroup.
As the world's preeminent financial services company, Citigroup serves approximately 200 million customers in more than 100 countries around the world.
Including individuals, institutions, businesses and government departments, it provides a wide range of financial product services from consumer banking services and credit, corporate and investment banking services, as well as brokerage, insurance and asset management, etc.
The main sub-brands brought together under Citigroup include Citibank, Travelers Life and Pension Insurance, Smith Barney, Citigroup Financial, Banco do Brasil and Primerica.
In the 2006 ranking of the world's top 1,000 banks by various indicators, the British "Banker" magazine ranked Citigroup first with tier one capital of 59 billion, total assets of approximately 1.097 billion, and profits of approximately 15.28 billion U.S. dollars. Its profitability accounted for 1,000 The major banks accounted for 6.1% of the total profit of US$252.4 billion.
After thinking for a while.
"Do you want Hanhua Group to expand its business by acquiring well-known companies in the industry?"
"My wife is still smart, she can tell at a glance."
As he spoke, Xu Liang stretched his right hand along the hem of his wife's clothes.
I felt a little satisfied for a moment.
Jiang Xiaoyang's body trembled, and he quickly held down the troublesome hand in front of him and gave the stinky man a hard look.
"We're talking about business, be honest."
"Haha, you can't blame me for this. No man in the world can remain indifferent to a lively beauty like you."
"That's all I can think of. Didn't I feed you last night?"
"It was okay at first, but after three or four days it became unbearable."
Jiang Xiaoyang originally wanted to persuade him to be more temperate, but he thought that this bastard had found so many women. As a result, after so many years, his body not only did not collapse, but became stronger and stronger.
I don’t bother to persuade anymore.
"Let's get down to business."
"Okay, okay, let's get down to business.
Taking advantage of this subprime mortgage crisis, Hanhua will complete three large-scale mergers and acquisitions.
First, to increase its holdings in Standard Chartered Bank, it is necessary to control at least 67% of the equity and gain absolute control. Second, acquire AIA Insurance Company. ”
Jiang Xiaoyang couldn't help but said in surprise: "AIA, a subsidiary of American International Group?"
"Besides AIG, how many AIAs are there in the world?" Xu Liang said with a smile.
"American International Group is the world's largest multinational insurance and financial group, with a market value of nearly US$200 billion, and AIA is its backbone in the Asian insurance industry. Do you think it will be sold?"
It's no wonder Jiang Xiaoyang doesn't believe it. Anyone who really knows AIG will be suspicious.
AIG, the big brother in the global insurance industry, is a truly super-large financial group.
This company prospered in the troubled Beiyang government era. The boss, Starr, wandered to the East because of a blackmail case. He hunted elephants in Vietnam, worked as a reporter at the Shanghai Foreign Language Newspaper, and pretended to be a fool in the church.
While selling insurance at Meifeng Bank, he discovered the secret of making money from insurance, so he established AIA in Shanghai in 1919.
In 1949, New China was founded.
In the troubled times, Starr was afraid that New China would liquidate him. In a panic, he returned to the United States with a huge amount of insurance funds and moved AIA to New York.
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This guy's business talent is mediocre, and AIG is not a big company.
But a genius comes from heaven.
In 1968, American business legend Maurice Greenberg took over the leadership of AIG.
This American veteran who experienced the Normandy landing not only inherited the pioneering spirit of his predecessors, but also brought his arbitrary and bold business style to the extreme.
Driven by the belief that ‘innovation can be done’, Greenberg led AIG to continuously launch new insurance businesses.
It has also jumped out of the insurance field and expanded its business scope to financial services, pension savings and asset management through acquisitions and other methods, and has established sizable branches in various fields.
Under his leadership, AIG's market value has soared from US$300 million to US$250 billion in the past 40 years.
At its peak, the company's annual net profit reached US$14 billion, with total assets approaching US$1 trillion, ranking among the top ten on the Fortune Global 500 list.
AIG has become a veritable "insurance empire".
If AIG had not been involved in a series of fraud investigations jointly launched by the U.S. Department of Justice, the Securities and Exchange Commission, and the New York State Attorney General in the mid-2000s, Greenberg would have been expelled from AIG in 2005.
The market value of this insurance empire will be even higher.
Now Xu Liang wants to take away the crown jewel of this insurance empire, which is really unbelievable.
Xu Liang smiled and said: "It sounds difficult, but it is actually very easy."
Facing Jiang Xiaoyang's questioning eyes.
“Do you know how much AIG invested in CDS policies?
A total of 134.9 billion US dollars.
From my research, the real estate industry’s insurance policies amount to nearly $60 billion.
In other words, once the U.S. subprime crisis breaks out, AIG will provide compensation for these policies.
No matter how big a business AIG is, it cannot withstand such a huge deficit. ”
Jiang Xiaoyang frowned slightly, "AIG has trillions of dollars in assets, but it can't afford 60 billion dollars in compensation?"
"Of course. The money from the 74 million insurance policies in AIG's hands was not misappropriated at will."
The money insured by the insurer is protected by law, and insurance companies cannot use it privately, otherwise it is illegal.
"And once the subprime crisis breaks out, it will not only affect the real estate industry. AIG will not only lose the US$60 billion."
After hearing the explanation, Jiang Xiaoyang's eyes gradually became hot.
It would be great to acquire AIA.
AIA covers 18 markets in the Asia-Pacific region, covering almost half of Asia including China, Japan, South Korea, and Australia.
It also holds a 49% stake in the Indian joint venture with the Tata Group.
In addition, AIA holds a 24.99% stake in China Post Life Insurance Co., Ltd.
In terms of business, AIA provides a range of products and services, covering life insurance, accident and medical insurance and savings plans to meet the long-term savings and protection needs of individual customers.
It also provides employee benefits, credit insurance and retirement protection services to corporate clients.
It has 42 million individual policies and 18 million group policies.
AIA alone ranks 388th among the Fortune 500 companies and is the 20th largest company in the global insurance field.
The strength is ten times that of Hanhua Life Insurance.
Since taking over Delong's life insurance company, Hanhua has developed in the past three years and invested billions in it.
There are only more than 4 million insurance policies nationwide.
Relying on Hanhua's strong investment ability, the group insurance policy was able to win over a lot of people, but it was only over 300,000.
There is no comparison with AIA.
If both sides merge.
Hanhua's insurance business will reach the top in one step and become the world's top insurance group.
The temptation is too great.
"What are the chances of success?"
"At least 80%."
Xu Liang smiled.
"So high?"
"Hongyan and Hanhua have insured more than 50 billion US dollars in AIG. Unless they are willing to pay us money, they will sell the company to us."
Of course, things are not as simple as they say.
There are also complex exchanges of interests and extreme pulls in the middle.
Xu Liang has been planning for this matter for many years.
Including the establishment of the S Fund "Phoenix" and the special trip to New York to win over those blue-blood nobles are all for this matter.
Jiang Xiaoyang nodded.
She also knew that Xu Liang had actively expanded his contacts in the United States over the years.
As he said, the chances of success were very good.
After all, AIA's business is mainly located in Asia, not the United States.
"It would be great if we could really acquire AIA." Jiang Xiaoyang said sincerely.
"Don't be too quick to be happy. This time we are not just acquiring AIA, but we are also expanding Hanhua's global investment banking business."
Hanhua's current investment banking business has expanded from China, Taiwan, Taiwan, and Taiwan to Japan, South Korea, and Southeast Asia.
Because of its weak foundation and a large number of high-quality unlisted companies, it has developed rapidly in the past two years.
But compared with those old investment banks, it is still far behind.
In the first half of this year, Hanhua's contribution to total revenue was less than 5%.
"Do you have a goal?" Jiang Xiaoyang asked curiously.
Xu Liang twisted the freshly peeled chicken head several times.
Jiang Xiaoyang quickly held his hand.
"Say it quickly."
"Say yes, the four of you will stay with me tonight?"
Jiang Xiaoyang said angrily: "As long as you are not afraid of exhaustion."
"Hey, I don't know who it will be when the time comes. ...Okay, I won't tease you anymore."
After calming down for a moment, Xu Liang said.
"What do you think of Lehman Brothers?"
Jiang Xiaoyang stared at him.
"Are you serious?"
"Do I look like I'm joking?"
Lehman Brothers, the fourth of the five largest investment banks on Wall Street, has operations all over the world and total assets of more than 600 billion US dollars.
The absolute pillar company of American finance.
Even if the shareholders of Lehman Brothers want to sell, the U.S. Department of Commerce will not agree.
(End of chapter)