Ruitai Securities.
Founded in 1974.
The registered capital is HK$10 million.
The founder, Wan Tai, became famous in Li Ka-shing's acquisition of British-owned Qingzhou Yingni in 1978.
Qingzhou Yingni is a cement production company.
It owns a large number of factories and docks in Hung Hom and Kennedy Town.
But the stock price has been sluggish for a long time, like a piece of gold buried in the desert.
At that time, the total assets of Wantai Ruitai Securities were only RMB 20 million.
But he was very courageous and took a gamble, and finally succeeded in bottom fishing and won the bet.
Because shortly after buying the bottom, Li Ka-shing of Cheung Kong Holdings launched a lightning-fast acquisition.
The share price of Qingzhou Yingni immediately soared, and Ruitai Securities also became famous and made a huge profit of hundreds of millions of Hong Kong dollars.
This also created Wantai's gambler-like mentality, as long as he saw the right thing to do.
That is to do it regardless of the consequences and give it your all.
Fate will not favor Ruitai Securities again and again, and it suffered the consequences this year.
After the Jianing Group went bankrupt.
A large number of stocks held by Ruitai Securities instantly became worthless, resulting in losses of more than hundreds of millions of Hong Kong dollars.
If the other party had operated its business honestly, Ruitai Securities might have had a chance to turn around in the future.
But unexpectedly, Wantai actually borrowed money to buy a large amount of real estate company stocks.
With the outbreak of the Hong Kong dollar crisis, the result is predictable, and now everyone has lost everything.
A securities company that once shone brightly in Hong Kong is nearing its end.
Investors withdrew their investments and shares.
The client funds managed by Ruitai Securities have also dropped from hundreds of millions of Hong Kong dollars to around tens of millions of Hong Kong dollars today, which is a heavy loss.
Among the information on a number of bad securities companies provided by Li Guowei, Mo Zhexuan finally decided to acquire Ruitai Securities.
The reason is as follows: Ruitai Securities has a very complete range of business licenses, including securities trading licenses, securities and futures contract trading licenses, securities leveraged foreign exchange trading licenses, securities advice licenses, securities advice licenses for futures, and securities advice licenses for institutional financing.
These licenses basically cover all the professional qualification licenses announced by the Hong Kong Securities Association.
This is not something that a small securities company can obtain. It is extremely difficult to obtain these licenses without the corresponding qualifications and connections.
At the same time, Ruitai Securities itself holds a portion of stocks and an office building.
This is also one of the main reasons why Mo Zhexuan decided to acquire it.
The company owns 300,000 shares of Wheelock Shipping Company, 250,000 shares of China Gas Company, 150,000 shares of Cheung Kong Holdings, 100,000 shares of Sun Hung Kai Properties, and 50,000 shares of Henderson Land Development.
The office building is located on Healthy West Road, North Point, Central, Hong Kong Island, and has a total of ten floors.
The total area is square meters, and each floor is 1,500 square meters. Due to the downturn in the real estate market, its value has shrunk significantly and is only about 50 million Hong Kong dollars.
If these shares are calculated based on the current share price.
The value is around HK$120 million, but Ruitai Securities owes the bank a debt of up to HK$200 million.
Among them, it owes HK$100 million to Hang Seng Bank, HK$50 million to HSBC, HK$25 million to Bank of East Asia, HK$15 million to Standard Chartered Bank, HK$10 million to Wing Lung Bank, and HK$5 million to Fubon Bank.
Now, with debts looming, Ruitai Securities is also selling office buildings.
But no one took over, so I could only keep lowering the price, but it was of no avail.
As for the shares I hold, I have thought about selling them.
But after the sale, it meant that Ruitai Securities had no chance of recovery and was really close to bankruptcy.
After Mo Zhexuan, Wang Pengfei, and bodyguard Wang Yalin arrived at the office of Ruitai Securities, they met the real boss Wan Tai.
After a brief exchange of greetings in the office, Mo Zhexuan explained his purpose.
"Wansheng! I believe Mr. Li has already discussed this with you! I'll be straight to the point. I'll pay HK$10 million to acquire Ruitai Securities and assume all of its debts."
"Mr. Mo! I read your news and I'm completely impressed by your shorting of the Jianing Group. But you're trying to acquire Ruitai Securities for just HK$10 million. That's absolutely impossible. Just based on the licenses Ruitai Securities holds, it's definitely worth way more than HK$10 million."
Ever since Wan Tai read the news in Oriental Daily, he has been envious of Mo Zhexuan who has earned billions of wealth, but he is more jealous.
Because Mo Zhexuan's rise started with shorting the Jianing Group, and Ruitai Securities also declined with the bankruptcy of the Jianing Group.
It can be said that Mo Zhexuan completely climbed to the top by stepping on the corpse of Ruitai Securities, so how could he not hate it? However, he knew the current situation of Ruitai Securities very well.
As Hong Kong's economy declines, the stock market continues to fall.
I'm afraid Ruitai Securities really can't hold on any longer, and I have considered selling Ruitai Securities during this period.
But Ruitai Securities was like a hot potato, and no one was interested in it.
Now that a buyer has finally come, he secretly decided that he must make a lot of money from this young man.
"Wansheng! You must be well aware of Ruitai Securities' current situation. If you sell now, you can still get 10 million Hong Kong dollars. If you wait until the bank comes to collect the debt, you won't get a cent."
Wang Pengfei followed suit and persuaded.
"I believe the Hong Kong government will not sit idly by and allow Hong Kong's economy to continue to decline. By then, the value of Ruitai Securities' shares will surely rise, making it easy to repay the debt."
My dear, there is more to this chapter. Please click on the next page to continue reading. It will be even more exciting later!
Continue read on readnovelmtl.com
