London.
In a large manor on the outskirts of the city, the classical architectural style exudes dignity and elegance.
Every brick and tile of the manor seems to be telling the story of years of accumulation and the glory of the family.
In a spacious and bright study in the manor, John Keswick, the third-generation head of the Keswick family, sat quietly on the sofa.
He is already very old, with a head full of white hair like snowflakes dyed white by time, and the wrinkles on his face are deep and clear, as if each one records the ups and downs and vicissitudes of his life.
However, although the years have left deep marks on his body, his eyes are still as bright as ever, sparkling with wisdom and determination.
These eyes seem to be able to see through people's hearts, understand everything in the world, and witness the rise and fall, honor and disgrace of the family.
"Simon! Tell me what you think!" John Keswick looked at his second son Simon Keswick with sharp eyes.
Simon Keswick frowned slightly, pondered for a moment, and then spoke cautiously: "Father, I disagree with the plan proposed by Newbijian.
The debt of Hong Kong Land Development is as high as HK$15 billion. It is extremely difficult to cover up such a huge figure.
Now that Mo Zhexuan has noticed something, other interested people will surely be able to find out."
He paused and continued, "Instead of passively waiting for risks to be exposed, why not take the initiative and put the 20% stake held by Jardine Matheson up for public auction, allowing powerful investors like Li Zhaoji and Mo Zhexuan to compete, and the highest bidder wins.
This will not only help us quickly recover funds and alleviate our financial pressure, but also maximize our profits through market competition.
Of course, this is just the beginning. To truly save Hong Kong Land, we must be resolute and decisive in selling our non-core assets to generate more liquidity.
Only in this way can Hong Kong Land Development avoid being dragged down by its massive debts. This is arguably our only solution at the moment. Otherwise, Hong Kong Land will inevitably go bankrupt, and then Chinese investors will rush in.”
Henry Keswick, the former chairman of Jardine Matheson, took over the conversation from his brother Simon and said in a deep voice:
"I completely agree with Simon's view. We are now completely trapped in our own web. The "linked ship" structure of Jardine Matheson and Land Development was originally as stable as a rock, but we didn't expect that Jardine Matheson would also be significantly implicated.
The non-operating losses incurred by Hutchison Whampoa properties each year alone are a staggeringly huge figure.
This situation cannot continue, and Niubijian and Bao Guofu must be held accountable for it."
In 1980, in the acquisition battle over Wharf Holdings that broke out between Hong Kong Land and the shipping king, Hong Kong Land had to adopt a "cutting off one's arm to survive" strategy in order to defend its own control. It decisively sold all of Wharf Holdings' shares and successfully cashed out more than one billion Hong Kong dollars.
This decision not only gave Hutchison Whampoa a chance to catch its breath, but also provided financial support for its subsequent deployment.
Jardine Matheson Chairman John Newpigeon later defended himself against the loss of Wharf Holdings.
He lamented, "The entire situation in Hong Kong has changed. Since the 1970s, the power of Chinese businessmen has grown stronger and stronger, like a hungry tiger cub gradually growing into a ferocious adult. It's like the United States supporting an island nation after the war, only to discover one day that its baby had grown into a man-eating tiger."
He further explained, "People are always too focused on Wharf's gains and losses, but ignore the strength of their opponent. When a tiger bites your arm, no matter how hard you struggle, you will inevitably get hurt or bitten off. Therefore, the wisest thing to do is to give up what you have lost and do your best to preserve what you have left."
After this, Newbijian took a series of measures to defend Jardine Matheson's interests.
Through ingenious planning, he made Jardine Matheson Holdings hold 40% of the shares of Hutchison Whampoa, and Hutchison Whampoa held 40% of the shares of Jardine Matheson, forming a "linked ship" mutual control structure between the two parties.
This structure makes the control of both parties rock-solid and difficult to shake.
At the same time, with the strong support of Jardine Matheson, the Hong Kong government revised its proposal on control despite facing numerous objections.
The original rule that required holding 51% of the shares to gain control was changed to 35%, which means that once the second largest shareholder holds more than 35% of the shares, he must propose a full acquisition to all shareholders.
This amendment complements Jardine Land’s “linked ship” strategy and further consolidates the position of the major shareholder from a legal perspective.
"Alas...time flies! We, Jardine Matheson, have always been the undisputed king of that land. But now, times have changed. With the awakening of the lion of the East, everything has changed. It's changed so quickly."
John Keswick's eyes revealed a hint of sadness. He turned his head, looked at his two sons with a firm gaze, and said slowly:
"Simon, you will depart for Hong Kong immediately and be ready to take over Newbie's position and shoulder the task of saving Hong Kong.
Henry, you are responsible for Jardine Matheson's overseas business. If losses continue, you must act decisively and sell non-core assets as soon as possible. Our top priority now is to fully protect Hong Kong Land and ensure its stability and development."
"Yes, father!" Simon Keswick and Henry Keswick nodded at the same time.
John Keswick continued:
"From now on, all of Jardine Matheson's businesses in that area must abide by our duties, strictly abide by the law, and protect our existing business foundation.
Among all the businesses in Jardine Matheson Hong Kong, we can afford to lose any one of them, but we cannot afford to lose Hongkong Land, the jewel in our crown.
Jardine Matheson's future development focus will be on our home country. This will become our base, and we must gain a firm foothold no matter how much it costs."
“............”
After the father and son finished their conversation, Simon Keswick immediately set off from London and flew to Hong Kong to take over Newbie's position and sell some non-core businesses as soon as possible to save the Hutchison Whampoa property that was on the verge of bankruptcy.
Henry Keswick also gathered his men in London to sort out Jardine Matheson's overseas businesses, preparing to deal with those assets that were suffering losses and had bleak prospects as soon as possible.
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