Chapter 231: Kowloon Motor Bus Trading Halt!
In the past, although Lui Che-woo had little interest in the daily operations of Kowloon Motor Bus, leaving Tang Siu Kin to preside over the company's affairs, it was because the Lui family had the strength to do so. Holding 22% of Kowloon Motor Bus shares, they could have regained control at any time. After all, being the largest shareholder meant having the final say. To them, Tang Siu Kin was merely managing the company on their behalf; the true owner was always the Lui family.
But now, the message conveyed by Tang Siu Kin completely stripped the Lui family of their control.
Hearing Lui Che-woo's words, Lo Ying-shek, chairman of Eagle Group, who had been hoping to buy the Lui family's shares, was equally shocked. Kowloon Motor Bus had already been seized by someone else?
Lo Ying-shek and his son Lo Yuk-sui exchanged a glance, both showing a flash of relief.
Yes, relief.
Had they acquired those shares without gaining control, it would have been a major headache. The capital tied up would be stuck, and with such a large volume of shares, it would not be easy to liquidate them quickly on the secondary market.
Without other consortiums interested, trading volume would collapse, and selling out would become slow and painful, possibly requiring steep discounts.
Now, before committing to a purchase, they realized that Kowloon Motor Bus was already spoken for.
Their current small holdings, just a few percent, could easily be dumped without much trouble.
"Mr. Lui, since Kowloon Motor Bus has encountered such a major change, we will take our leave," said Lo Ying-shek, rising alongside his son.
There was no longer any point in discussing an acquisition.
Why buy a hot potato?
"Goodbye, Mr. Lo," Lui Che-woo replied, now with no heart left for small talk.
The situation had arisen so suddenly, leaving everyone caught off guard.
"Dad, what do we do now?" asked Lui's son, visibly upset.
Losing control of Kowloon Motor Bus stung badly.
"What can we do? They hold 36.83% of the shares — more than ten percentage points ahead of us. We can only accept it. Tomorrow, you will accompany me to Kowloon Motor Bus to attend the board meeting," Lui said helplessly.
Nowadays, everyone in Hong Kong knew Lin Haoran had deep pockets.
He had acquired Green Island Cement, then Hongkong Electric Group, followed by Hong Kong and China Gas Company, and now he had seized Kowloon Motor Bus.
In truth, any one of those companies was stronger than the entire Lui family's financial strength.
They had no way to compete.
Meanwhile, after leaving Kowloon Motor Bus headquarters, Su Zhixue didn't return to Wanqing Tower immediately.
Instead, he went to the Securities and Futures Commission and the Hong Kong Stock Exchange to formally report Huanyu Investment's acquisition of a controlling stake in Kowloon Motor Bus.
Since the threshold for triggering a mandatory general offer had not yet been lowered to 35%, Huanyu's current action was perfectly legal.
Time passed quickly, and the morning of May 15th arrived.
Lin Haoran left his house shortly after 8 a.m., heading first to Wanqing Tower.
The news of the acquisition had not yet spread, so even Burton, the president of Wanqing Group, was unaware.
Lin Haoran's visit was to arrange for Burton to take over control of Kowloon Motor Bus.
Originally, it would have been ideal for Chen Shoulin, head of Hongkong Electric and Hong Kong and China Gas, to assume control, but since neither company was involved in this acquisition, it would be inappropriate.
Thus, the best choice was to fold Kowloon Motor Bus into Wanqing Group.
After this, Wanqing Group would encompass Green Island Cement, Wanan Real Estate, and Kowloon Motor Bus — three major subsidiaries.
The group's overall strength would grow considerably.
Burton, just starting his workday, looked up in surprise when Lin Haoran entered.
"Boss, what brings you here?" Burton asked curiously.
"I've come with good news," Lin Haoran said with a smile.
"What good news? Please tell me," Burton replied in his not-so-fluent but understandable Cantonese.
"I've acquired another listed company to strengthen Wanqing Group.
Get ready — you'll be helping me assume control shortly," Lin Haoran said, laughing.
"Another listed company?" Burton was stunned.
Boss was just too powerful.
He had just acquired Hong Kong and China Gas not long ago, and now another one?
"Yes, Kowloon Motor Bus. I now hold more than 36% of its shares, enough to control it.
There will be a board meeting at ten o'clock," Lin Haoran said, glancing at his watch — it was just past nine.
"Alright, Boss, I'll tidy up here and come with you," Burton said, quickly putting away his paperwork.
Meanwhile, Su Zhixue, after assigning tasks at Huanyu Investment, also made his way to Burton's office.
The three of them would head to Kowloon Motor Bus headquarters together.
At the same time, traders at the Hong Kong Stock Exchange were stunned to find that trading in Kowloon Motor Bus shares had been suspended across all four stock exchanges.
Yesterday, the stock price had skyrocketed by 6%, and trading volume had surged, clearly signaling a major acquisition.
Retail investors had been eagerly preparing to ride the wave today, buying early and selling high later.
Instead, they were greeted with a suspension notice.
The Stock Exchange soon released an announcement:
Huanyu Investment now held 36.83% of Kowloon Motor Bus, a change in corporate control, thus requiring a one-day trading halt.
Upon learning this, everyone realized that yesterday's surge had been driven by Huanyu Investment.
And everyone knew — behind Huanyu was Lin Haoran.
The forums exploded with chatter:
"Mr. Lin is unbelievable — acquisition after acquisition!"
"Just look at his companies: Hongkong Electric now has a market value over HK$3 billion, Hong Kong and China Gas over HK$1 billion, and Kowloon Motor Bus over HK$900 million after yesterday. And that's not even counting Green Island Cement and Wanan Real Estate!"
"His financial power might even surpass Li Ka-shing and Bao Yugang now!"
"Maybe not yet. Bao Yugang's global shipping business is massive, plus he recently acquired Wharf Holdings."
"No wonder Kowloon Motor Bus had such high trading volume recently — it was all Lin Haoran's doing. Damn, I sold too early!"
"He's like a collecting madman! What's next?!"
"Surely another public utility company. He seems obsessed with them."
"First British companies, now public utilities. I bet his next target is Hongkong Telephone!"
While investors debated fiercely, Lin Haoran, Burton, and Su Zhixue were already arriving at Kowloon Motor Bus's headquarters in Lai Chi Kok.
Inside the chairman's office, Tang Siu Kin, Lui Che-woo, and the other board members had already gathered, waiting.
Their faces were grim.
To them, Kowloon Motor Bus was a legacy inherited from their fathers.
Even if leadership shifted within the founding families, it stayed among their own.
But now, everything had changed.
The company no longer belonged to them.
They might still be shareholders, but they had lost real control.
Although technically possible to resist by increasing their shareholdings, it was utterly impractical.
Only the Lui family had the financial strength to try — and even they were dwarfed by Lin Haoran.
There was no competing with him.
Some board members sighed heavily.
Lin Haoran's takeover meant the loss of their ancestral foundation.
At that moment, Lin Haoran stepped into the room with a smile.
"Hello everyone. I'm Lin Haoran. I look forward to working with you," he said cheerfully.
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