Chapter 216: The Beginning of the Zhongba Acquisition
Yang Wendong thought for a moment and said, "Then let's prioritize Hang Seng, Standard Chartered, and HSBC. As for the other Chinese banks, we can work with them when appropriate—as long as they offer low interest or high credit limits."
In the early stages, he had chosen Liu Chong Hing Bank because Liu Baoshan was aggressive. Even though the interest was high, it matched his urgent need for capital at the time.
But knowing that Liu Chong Hing Bank was doomed to collapse, Yang Wendong had already positioned himself early. This allowed him to profit, and it also helped the Liu family minimize their eventual losses.
Now that it was all in the past, bank partnerships were less urgent. As his assets grew, his capital needs would become even larger. Diversifying his banking partners was now a necessity—after all, putting all your eggs in one basket was never wise.
Working with banks was more than borrowing money—it was a form of strategic alliance and resource sharing.
"Understood. I'll proceed based on maximizing our interests," Zheng Zhijie nodded.
...
The bank run at Liu Chong Hing gradually began to subside. With the joint intervention of HSBC and Standard Chartered, depositors relaxed, and minor runs at smaller banks came to an end.
But for the Liu family, it was a death blow. Even though the panic stopped, the damage was done. Depositors still no longer trusted them. They simply withdrew their funds slowly and moved them elsewhere.
The acquisition of the seven office buildings on Hong Kong Island was now widely known—especially the tower on Des Voeux Road, which had already been renamed Changxing Tower. It attracted enormous attention.
Inside a Central high-rise, a group of young professionals were sipping coffee.
One man reading the newspaper said, "Did you hear? Yang Wendong just bought multiple office buildings on Hong Kong Island all at once—one of them is right here in Central."
"You mean the Post-it King, Yang Wendong? An office building in Central?" a young woman exclaimed. Others around her looked up, clearly intrigued.
When people in Hong Kong thought of wealth, they thought of owning a building on Hong Kong Island—especially in Central. That's where most of the city's money and foreign businesses were concentrated.
The man continued, "Look here. The Liu Chong Hing Bank building was bought by him. It's already under renovation. He also got buildings in Causeway Bay, Happy Valley, and Wan Chai."
"So now he's also being called a real estate tycoon?" someone asked.
"Not quite, right? A few buildings doesn't make you a tycoon. There are plenty of people in Hong Kong who own more," another chimed in. "And he's got a shipping company too. Is he trying to be a Ship King now?"
"Maybe someday," the woman replied. "Look how young he is."
"True," a man teased. "What's the matter, Ah Juan? Trying to catch him as your golden husband? He's already married—you'd be the mistress."
"I'd still be willing!" she said, puffing out her chest defiantly.
"Hahaha!" the group burst into laughter.
"Get lost!" the woman said, half annoyed, half flustered.
Even if she had only been joking, being made the butt of the joke still stung.
...
North Point, Hong Kong:
Wearing black-rimmed glasses, Li Ka-shing read the newspaper and sighed. "Impressive—seven buildings on the Island. Over 1.5 million square feet."
His wife, Chong Yuet Ming, smiled. "We also own over a million square feet."
"That's not the same," Li Ka-shing shook his head. "Ours is in North Point—industrial land. His are commercial towers, in Central, Causeway Bay, Wan Chai… the price difference is thirty-fold."
"I know," Chong Yuet Ming said. "I just mean, don't fixate too much on Yang Wendong. Focus on your own path. He's growing fast, sure, but constantly comparing yourself to him will only make you feel worse. We're not exactly struggling here."
"True. The more I compare, the more it hurts," Li Ka-shing said with a sigh. "We both started in industry—he came in ten years after me, and now he's surpassed me."
"There are always people more talented," she replied. "No point comparing. There's no end to it."
"Yeah," Li Ka-shing nodded. "I'll just focus on running my own business well."
The acquisition of seven buildings on Hong Kong Island had become a legendary story in business circles. The Post-it King's reputation was soaring, and he was now widely seen as surpassing other industrial moguls.
Sing Tao Daily even devoted a full page to detailing Yang Wendong's business empire.
The report highlighted his core holdings: extensive industrial and commercial land in Tsim Sha Tsui; the Ten-Thousand-Person Industrial Park and dozens of properties in Kwun Tong; seven buildings on Hong Kong Island; eight oceangoing vessels; and a series of high-output factories.
These factories employed nearly 10,000 people and continuously exported goods. Changxing Industrial's exports now exceeded HK$10 million per month—making it Hong Kong's largest industrial exporter.
The paper sold out instantly.
"This guy's unbelievable," a man at a newsstand said while munching on a steamed bun. "He went from a squatter hut to almost becoming the richest Chinese man in Hong Kong in just a few years."
"Who cares if he's the richest," a nearby woman added. "Look what the paper says—he swore to wipe out squatter housing in Hong Kong and help all Chinese people move into proper homes. That's true virtue."
"You're right," the man nodded.
...
Ganghua Tower:
Yang Wendong read the paper and chuckled. "Wipe out squatter housing? When did I ever say that? Sing Tao Daily really chose an odd phrase."
Zheng Zhijie laughed. "Probably just a misquote. But hey, at least it's a positive one—it helps your reputation a lot."
"True," Yang Wendong nodded. "That is something I want to do. Squatter huts shouldn't exist anymore."
"Mr. Yang Wendong, truly noble," Zheng Zhijie praised.
Yang Wendong smiled and set the newspaper aside. "Any important updates lately?"
"Yes," Zheng Zhijie said. "Yesterday, I got a call from Huang Yaonan. He said he's finally convinced one shareholder to join our side."
"Oh? Huang Yaonan finally found an ally? That's not easy," Yang Wendong said with pleasant surprise.
Lately, he'd been focused on the Industrial Park and the Liu Chong Hing crisis. Everything else, unless urgent, had been put on hold.
The Zhongba (China Motor Bus) project had been handed off to Huang Yaonan.
Zheng Zhijie said, "Yan Chengkun still controls most of Zhongba. The current shareholders were only able to buy in thanks to their relationship with the Yan family.
Getting them to defect hasn't been easy. Huang Yaonan spent a lot of time before finally breaking through."
"Still, we're not in a rush," Yang Wendong nodded. "How many shares does this person hold?"
Back in February, when Zhongba first went public, Yang Wendong had acquired about 10% through the stock market. Combined with Huang Yaonan's original stake, they controlled 34%—enough to veto board decisions.
But to take over management, they needed at least 50%. That meant acquiring another 16%.
Zhongba's total valuation wasn't high—just HK$20–30 million. Even accounting for rising share prices, that extra 16% would only cost around HK$4–5 million.
But since the company had just gone public, and Yang Wendong had already been buying, available shares were limited. To seize control, they'd need insider cooperation.
Problem was, all the existing shareholders were Yan family allies. Reaching out too openly could backfire. If word got out, Yan Chengkun would know, and that would make everything ten times harder.
Zheng Zhijie said, "6.1%."
"6.1? That's quite a bit," Yang Wendong said with a pleased expression. "How much stock do we have in total now?"
Zheng Zhijie replied, "We currently hold 12.8%. Mr. Huang Yaonan has also been making purchases during this time—he now holds 26%."
"So that means, combined, we control nearly 45% of the stock?" Yang Wendong said excitedly.
Though they were still short of the 50% needed for majority control, that remaining 5% could be handled by taking a page out of Tung Chao Yung's playbook from two decades later—just offer a high price on the open market.
After all, 5% wasn't a lot. It wouldn't cost that much.
"Yes. If we can secure this next block of stock, we're essentially guaranteed to win," Zheng Zhijie nodded.
Yang Wendong asked, "How much is he asking?"
Zheng Zhijie shook his head. "He hasn't quoted a price. Mr. Huang Yaonan said the shareholder has certain conditions. He wants to meet with you to discuss."
"Did Mr. Huang Yaonan tell him who I am?" Yang Wendong frowned slightly.
He had intentionally kept his identity out of the public eye regarding the Zhongba takeover. Until it was time to make his move, he didn't want outsiders knowing his involvement.
Zheng Zhijie shook his head. "No. Mr. Huang Yaonan didn't reveal your identity. He only said he's backed by a top-tier Hong Kong tycoon."
"Haha, playing the tiger skin card," Yang Wendong laughed. "Any idea what the conditions are?"
Zheng Zhijie said, "No details. Mr. Huang Yaonan just said the person wants to speak with you in person."
"That's fine," Yang Wendong nodded. "If this acquisition goes through, I'll need to sit down with Mr. Huang Yaonan anyway to plan the final step for taking over Zhongba."
"Understood. I'll make arrangements," Zheng Zhijie said with a smile. "In advance—congratulations, Mr. Yang Wendong, you're about to become the new owner of China Motor Bus."
Yang Wendong smiled.
While the value of the assets he acquired from Liu Chong Hing Bank wasn't less than Zhongba, those were just real estate purchases.
This—this would be his first major business acquisition since starting his entrepreneurial journey.
...
That afternoon, Huang Yaonan and Yang Wendong met at The Peninsula Hotel.
The location was ideal for secrecy. Plans to take over Zhongba were not something that should be made public—at least not yet.
"Mr. Yang Wendong, congratulations on acquiring so many prime properties on the Island," Huang Yaonan greeted him.
"Thank you," Yang Wendong replied with a smile.
They didn't bother with small talk. Yang Wendong got right to the point. "Mr. Huang Yaonan, what's the story with this shareholder?"
Huang Yaonan explained, "His name is Liu Yulin. His father had close ties with the Yan family's elder generation. Their main business is in taxi operations, and they received Zhongba shares very early on.
Liu Yulin is quite fond of money and heavily invested in real estate. He's highly leveraged. With the recent property market downturn, he's taken some big losses. So he quietly put out feelers that he might be willing to sell."
"If it's about money, that's not a problem," Yang Wendong nodded. At this point, paying a premium for this final batch of shares was entirely acceptable.
"But there's one complication," Huang Yaonan said. "These shares were technically passed down from his father. Though they're under his name now, he's afraid his father might find out."
"So he doesn't want to sell? Why not take out a loan? Or is he hoping to borrow from you?" Yang Wendong immediately understood—this was classic rich-kid behavior, hiding his losses from his old man.
"He's afraid a bank loan would expose him to the other shareholders," Huang Yaonan said. "He came up with a proposal: he sells us the shares now, but we sign a paper agreement saying we'll sell them back to him at the original price later, once he has the money."
"Interesting proposal," Yang Wendong mused. "Alright, I'm open to that—on one condition: he can only buy them back after one year.
During our battle with the Yan family for control of the company, that 6% will be critical—it could be the deciding factor."
"Understood," Huang Yaonan nodded. "He knows what we're doing. He just isn't saying it out loud."
Yang Wendong added, "Once we succeed in taking over, I'll work on acquiring the Yan family's shares too. And if they refuse, we can issue new shares to dilute their holdings.
Once I have a comfortable majority, I'll sell the shares back to him—but with a bit of interest. I'm not running a charity."
"That's fair. I don't think Liu Yulin will object to that," Huang Yaonan said, clearly excited.
Once this deal was done, their alliance would control 45% of Zhongba—far more than the Yan family. With Yang Wendong's resources backing them, the company takeover was virtually inevitable.
And for Huang Yaonan, it would be the fulfillment of a lifelong dream—to take the reins of Zhongba, a dream passed down from his father.
Even if it wasn't absolute control, it was far better than being a large shareholder with no real authority.
"Alright, let's complete the transaction," Yang Wendong said. "As for the price, it's not worth nitpicking now—these are the most critical shares."
"Right. I'll go handle it immediately," Huang Yaonan said, standing up quickly. He was even more eager than Yang Wendong.
Yang Wendong smiled. "Mr. Huang Yaonan, I'll keep this suite for another day. Hopefully, we'll be celebrating here tomorrow?"
"Definitely," Huang Yaonan replied with a laugh.
...
The next day, they met again.
Huang Yaonan reported, "Mr. Yang Wendong, Liu Yulin's asking price is HK$1.8 million. That's about 15% above current market."
"That's fine—I'll pay," Yang Wendong nodded.
Back in February, when Zhongba went public, its market cap hovered around HK$20 million.
In the months that followed, more British and Chinese companies listed on the Hong Kong stock exchange. The most notable was Jardine Matheson, which pushed the entire market to new heights.
Though short-term trading volume dipped because of the big listings, the enormous returns attracted a flood of retail investors, driving up prices across the board—often even faster than property values.
Zhongba's shares had risen about 20% in recent months. The current market cap was around HK$25 million. A 6% stake should have been worth about HK$1.5 million. The markup was reasonable for a secretive, critical transaction.
"I'll handle the front end," Huang Yaonan said. "I'll use my shares as collateral, guaranteeing Liu Yulin the right to repurchase later at the same price."
"Good," Yang Wendong nodded. "So now we've reached 45%. What do you think our next move should be?
Do we wait a bit longer, or go all in—make an open-market offer at a high price to buy the final 5%?"
Huang Yaonan had anticipated the question. "Mr. Yang Wendong, over the past few months, I've quietly approached almost every other shareholder. Those holding tiny stakes—less than 1%—I've already hinted to.
But they're reluctant to sell. I didn't want to offer too much, or the news might leak.
At this point, unless someone has an urgent need for cash like Liu Yulin, we'll need to get lucky."
"I agree. There aren't many shares left in circulation, and if we keep buying slowly, someone will notice," Yang Wendong said. "So why not just go all in?
If we don't care about secrecy, we can offer a 15–20% premium. Like Liu Yulin's deal. Not just retail investors—those other shareholders you contacted will probably sell too."
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