In the hall prepared by Hutchison Whampoa, before 11 a.m. all the reporters from various newspapers had already arrived.
Lin BaoCheng, as the owner of Asia Television, naturally had his station's reporters present, ready to broadcast the news during the midday bulletin.
Around eleven o'clock, Lin BaoCheng and Wei Li entered with several colleagues.
"Welcome, reporters, to today's press conference.
Today we will give a direct response to recent claims of massive losses from our company's investments.
Now, please allow Chairman Lin to disclose the details. Afterwards, both Chairman Lin and President Wei will answer your questions. Each reporter may ask only one question, so we ask for your cooperation."
After the host's words, Lin stepped forward: "Good morning, friends of the press. I am Lin BaoCheng. Today I will reveal the truth about Hutchison Whampoa's recent investments.
Reports claiming our company suffered losses are false. In fact, we invested USD 150 million in gold futures. As of last night's sale, this investment brought Hutchison Whampoa USD 125 million in profit — equivalent to HK$525 million."
In London, the short gold futures were sold the previous evening. Settlement showed Hutchison had gained USD 125 million. The funds remained in the account alongside HSBC financing, not withdrawn.
Because the money wasn't withdrawn, no taxes or interest deductions applied — only minor fees.
In reality, the net profit was less than USD 125 million, but Lin saw no need to explain in detail. Announcing the headline figure was enough.
"My God, that much profit!" "Over HK$500 million — how is that possible?" "He's only been in charge a few months!" "Is this real?"
The hall buzzed with astonishment. Lin had been in control less than half a year, yet had delivered HK$500 million profit.
"Please, quiet down," Wei Li interjected. He held up a document: "This is proof issued by HSBC confirming the profit. Everything Chairman Lin said is true."
Flashbulbs erupted as reporters photographed the document.
Once that was done, the host announced Q&A.
The first question came from Asia Television — arranged in advance: "Chairman Lin, if Hutchison's investment was profitable, why didn't you reveal the truth earlier? Many shareholders sold their stock, which now looks like a huge mistake."
Lin explained: "At the time, we couldn't disclose details because we were invested in gold futures. The market is volatile, and Hutchison used five‑times leverage. A 1% drop meant a 5% loss of principal. Revealing details before selling would have risked attack and heavy losses.
If not for false reports, we wouldn't have closed the position so soon. But for shareholders' interests, we sold early, recovered funds, and now can reveal the truth."
Next, a reporter from Hong Kong Economic Daily asked: "Mr. Lin, with HK$500 million profit, will your company pursue similar large‑scale investments in the future?"
"Yes," Lin nodded. "But for safety, details of future investments will remain confidential."
Another reporter from Hong Kong Commercial Daily asked: "Mr. Lin, what do you say to shareholders about recent stock price volatility?"
Lin replied: "I understand many sold during the flood of negative news. But that morning, we announced a buyback plan, and I personally pledged not to sell a single share. That was a signal of management's confidence.
Let me state again: my acquisition of Hutchison was not impulsive. I have a full plan. Believe in me, and Hutchison will grow into one of Hong Kong's largest companies.
I know some will buy at high prices and face short‑term losses. But I say to them: hold your shares. As Hutchison grows, the price will rise again, setting new highs. Whatever peak you bought at will not be the ultimate peak."
Lin was not bluffing. With gold prices surpassing USD 800/oz in the early 1980s, Hutchison's investments would yield huge profits. Short‑term losses were temporary; long‑term gains were assured.
Whether investors listened was their choice. Lin himself was confident.
The press conference continued, with Lin answering most questions and Wei Li occasionally responding.
Meanwhile, across Hong Kong's four exchanges, news of Hutchison's profits spread rapidly. Investors went wild, lining up to buy Hutchison shares in a frenzy.