Chapter 266 HSBC Board Member
Two years ago, Li Jiacheng had secretly acquired nearly 20% of Wharf Holdings' shares before his actions were exposed, resulting in failure.
This time, if he learned from that lesson and maintained strict secrecy, by the time anyone noticed, his companies' combined holdings in Hongkong Land might already surpass those of Jardines Matheson.
Just thinking about it made Li Jiacheng's blood boil with excitement, igniting the youthful passion that he hadn't felt in years.
He could hardly wait to make his move against Hongkong Land.
Recently, Li Jiacheng had read a newspaper article that ranked Hong Kong's top ten Chinese tycoons.
To his dismay, he was listed behind Bao Yugang and Lin Haoran, only in third place.
The article had sparked widespread discussion and was widely accepted by the public.
Although Li Jiacheng was the majority shareholder of Cheung Kong Holdings and Hutchison Whampoa, Lin Haoran's strength was more apparent:
Owning Yingzhou Cement, Hongkong Electric, China Gas, Kowloon Bus, Oriental Daily...
Had it not been for the short amount of time he had risen, many believed Lin Haoran's wealth already surpassed Bao Yugang's.
Li Jiacheng was well aware of the public's opinions.
While he willingly conceded to being behind Bao Yugang, being ranked behind Lin Haoran—a young newcomer—was something he found hard to accept.
Thus, Li Jiacheng resolved to change public perception.
He was determined to become recognized as Hong Kong's second-richest man—or even the first.
If he could take control of Hongkong Land, that dream could become reality.
He would surpass not only Lin Haoran but possibly even Bao Yugang.
For now, he ordered Cheung Kong's securities department to begin secretly acquiring Hongkong Land shares.
Once he ousted Wheeler and fully controlled Hutchison Whampoa, he would have that company acquire Hongkong Land shares as well.
Li Jiacheng was a man of action.
Once he made a decision, he moved without delay.
Soon, Cheung Kong's securities department convened an internal meeting.
Their next target was set: Hongkong Land!
...
That same evening, TVB reported on the restructuring of its leadership during its evening news broadcast.
Run Run Shaw becoming TVB's new chairman wasn't surprising to the public—after all, he was one of the founders and an important shareholder.
But Lin Haoran becoming a major shareholder—and even Vice Chairman—shocked everyone.
People hadn't expected that after acquiring Kowloon Bus, Lin Haoran would continue his buying spree, targeting one of Hong Kong's only two television networks.
His non-stop investment spree made many feel as though Lin Haoran's money was endless.
With Run Run Shaw at the helm, TVB might not change much in the short term.
But in the long run, it was destined to improve, eventually surpassing Rediffusion.
Thus, Lin Haoran knew he didn't need to focus too much attention on TVB.
It was likely that in the future, Run Run Shaw would even seek to increase his own shareholding, solidifying his control as chairman.
Lin Haoran didn't mind.
Owning 24% of TVB was sufficient for his purposes.
He had never intended to control TVB outright.
Not every company he invested in needed to be controlled.
For example, his 10% stake in Apple was purely strategic—he had no intention of controlling it.
TVB was different from a newspaper like Oriental Daily.
A newspaper could be easily managed by hiring one of Hong Kong's many experienced media professionals.
But there were only two television stations in Hong Kong, and experienced TV station managers were much rarer.
Thus, Lin Haoran trusted only Run Run Shaw to manage TVB properly.
Other candidates, even seasoned ones like former TVB Director-General Dorothy Leung Suk Yee, who later joined Commercial Television, hadn't been able to turn that station around.
So Lin Haoran was content to simply be a shareholder and leave TVB's management to the professionals.
...
Time quickly moved on to July 5th.
Today, Lin Haoran had another important engagement:
He was scheduled to attend a press conference at HSBC to officially announce his investment and appointment as a board member.
Yesterday, Shen Bi had called him to confirm everything was ready and invited him to HSBC headquarters before 10 a.m.
Investing HK$80 million for 1% of HSBC's shares was an incredible deal.
Given HSBC's current market cap of about HK$16 billion, it was a win-win.
Not only could he gain a foothold in the most powerful bank in Hong Kong, but he could also strengthen his ties with the financial giant.
Upon arriving at HSBC, Lin Haoran was surprised to see Bao Yugang—and even more surprised to see Li Jiacheng.
Bao Yugang's presence was expected.
He was already a member of HSBC's board.
But Li Jiacheng's presence was unexpected.
As far as Lin Haoran knew, Li Jiacheng wasn't yet a board member.
This suggested that, like him, Li Jiacheng had been invited to join the board.
Two Chinese being inducted into HSBC's board on the same day?
That was unprecedented in the bank's history.
"Mr. Lin, good to see you here!" Li Jiacheng greeted him with a smile, offering a handshake.
"I didn't expect to see Mr. Li here either," Lin Haoran replied with a light laugh.
Bao Yugang, the senior figure among them, clearly already knew the arrangement.
As Lin Haoran quickly learned, both he and Li Jiacheng were being inducted into HSBC's board.
However, there was a key difference:
Lin Haoran was investing HK$80 million for a 1% share, while Li Jiacheng was merely joining as a board member without buying shares at a discount.
This made Lin Haoran wonder—was he even more highly valued by HSBC than Li Jiacheng?
That shouldn't be, right?
After all, HSBC had previously sold their Hutchison Whampoa shares to Li Jiacheng at a bargain to support him.
Puzzled, Lin Haoran decided not to overthink it.
Sometimes, it wasn't worth obsessing over such matters.
As they waited for the press conference, Bao Yugang, acting as the elder statesman, chatted with Lin Haoran and Li Jiacheng, helping them familiarize themselves with HSBC's inner workings.
"With the two of you joining the board, it strengthens the Chinese voice at HSBC.
It's a good thing," Bao Yugang said with a hearty laugh.
Historically, Bao Yugang had been the first Chinese director at HSBC.
Before today, almost all board seats were held firmly by British executives.
Thus, having Lin Haoran and Li Jiacheng join represented a historic shift.
Still, Lin Haoran understood that HSBC remained a British-dominated bank.
Two Chinese directors wouldn't change that.
Lin Haoran never intended to meddle deeply in HSBC's affairs.
He simply wanted a good relationship with Hong Kong's biggest bank.
Becoming a shareholder and board member fulfilled that goal nicely.
"Uncle Bao, isn't Mr. Croucher attending today?" Lin Haoran asked casually.
Noel Croucher, head of Jardines Matheson, was a significant HSBC shareholder.
"He's not coming.
After what happened between you two, do you think he'd want to see you?
He's just sending a senior manager instead," Bao Yugang explained with a chuckle.
Given how Lin Haoran had humiliated Jardines during the Fortress Electrical scandal, it wasn't surprising that Croucher preferred to stay away.
At 10 a.m., dozens of journalists arrived from outlets like Oriental Daily and TVB.
Clearly, HSBC intended to make a big deal out of appointing two new Chinese directors.
In front of the reporters, Lin Haoran signed the investment agreement with Shen Bi.
From that moment onward, Lin Haoran officially became an HSBC shareholder.
With 1% of the shares, he ranked among the top twenty shareholders of the bank.
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