Chapter 255 5.8 Billion Hong Kong Dollars, Spent!
Clear Water Bay, Kowloon – Shaw Studios, Chairman's Office.
At this moment, the two bosses of Shaw Brothers Pictures, Run Run Shaw and his elder brother Runme Shaw, were sitting across from each other in the office.
For many people, the name "Sixth Uncle" Run Run Shaw was familiar, but they didn't know much about "Third Uncle" Runme Shaw. In fact, it was Runme and Run Run Shaw who co-founded Shaw Brothers Pictures.
However, unlike Run Run Shaw, who remained tireless even past sixty, Runme preferred to delegate management to younger family members and enjoy a luxurious life, keeping a much lower profile.
"Third Brother, this is our perfect opportunity to enter TVB.
Hong Kong has developed rapidly over the past years, and TV ownership is becoming increasingly common.
Television is unstoppable.
If I can become TVB's chairman, it will be a major advantage for us, whether for offense or defense," Run Run Shaw said seriously.
Although saddened by the death of his good friend Lee Siu Ho, Shaw understood that life and death were natural.
When his eldest brother passed away last year, he too had felt grief, but he quickly came to terms with it.
Right now, his priority was the interests of Shaw Brothers.
Although he hadn't directly served as TVB's board chairman, through TVB, he had indirectly nurtured a vast number of talented actors for Shaw Brothers Pictures.
This experience gave him deep insight into the massive potential of the television industry.
Especially since the 1970s, Hong Kong's movie market share was rapidly being eaten away by Golden Harvest, while Shaw Brothers' dominance was fading—a key reason for Run Run Shaw's desire to take over TVB.
In the 1960s, Shaw Brothers commanded nearly half the Chinese-speaking world's movie market.
But from the 1970s, following defections like that of director Zhu Wenhuai, missing the chance with Bruce Lee, and defections like Hui Koon Man, Shaw Brothers suddenly found itself facing serious competition from Golden Harvest.
Despite this, Run Run Shaw did not regret enforcing strict rules.
As the saying goes, without rules, there's no order.
When a company expands, strict rules are necessary to ensure stability.
If individuals broke those rules, it would be detrimental to the company.
Lee Siu Ho's death now presented a golden opportunity for Shaw Brothers to shift its focus from film to television.
"Yat Fu, I agree.
Television has great prospects.
You go ahead; I fully support you.
But remember—Lee's family still holds the largest TVB shareholding.
If you simply take over the chairman's seat without being the largest shareholder, your position could be unstable.
I suggest you buy part of the Lee family's stake to formally become TVB's top shareholder," Runme advised.
Now 79 years old, Runme had long since lost interest in corporate management and preferred a leisurely retirement.
Thus, he fully supported Run Run Shaw's decisions.
Though he still owned part of Shaw Brothers, he rarely intervened in its management.
Nonetheless, Runme remained a shrewd businessman.
He was calm and prudent—qualities that complemented Run Run Shaw's decisiveness.
It was even said that when Li Hanxiang, once considered a "traitor" to Shaw Brothers, wanted to return in the early 1970s, it was Runme who convinced Run Run Shaw to accept him back:
"We compete for profits, not for face."
Runme also had a brilliant way with words.
For instance, when Shaw Brothers hired Japanese directors under the pretext of "international collaboration" (but actually to learn their techniques), a reporter once questioned this.
Runme coolly defused the situation with one sentence:
"Even Hollywood hires European directors."
"Third Brother, I feel the same way.
But since Lee Siu Ho's funeral just ended yesterday, it would be inappropriate to rush to the Lee family to discuss buying shares.
I'll wait a few days.
Considering our decades-long friendship, they should agree.
As for taking over the chairman's position, if they have no interest in managing TVB anymore, it should not be difficult," Run Run Shaw said.
He was confident about buying the Lee family's shares.
"Exactly.
Our relationship spans decades.
It won't be a problem.
The era of Shaw Brothers' dominance in cinema is over.
It's time to move forward," Runme sighed.
They reminisced about their early days in the film industry—starting with helping at their eldest brother's Tianyi Film Company, then co-founding Shaw Brothers.
The two brothers had spent over fifty years battling through the entertainment world, from struggling to thriving, and then witnessing decline.
"How I miss the days when Father was still alive and the six of us siblings were together," Run Run Shaw said nostalgically.
Their father had died early, in 1920, when Run Run Shaw was just 13.
Now, decades had passed in a flash.
The two old men, both over seventy, sat in the office, quietly recalling their youthful days.
...
Meanwhile, after leaving Lee Ming Chak's office, Lin Haoran headed toward Wanqing Building.
Soon, he arrived at the 31st floor, at the offices of Huanyu Investment.
It had been nearly half a month since Su Zhixue last informed him that they had accumulated over 25% of Hongkong Land shares.
Since then, although Oriental Daily and other media had stopped attacking Jardines Matheson, the stock prices of Jardines and Hongkong Land had struggled to rebound significantly.
Previously, Hongkong Land's market value had surged past HK$100 billion and was heading toward HK$110 billion.
But after the recent turmoil, it dropped back to around HK$90 billion.
Although it didn't fall back to the HK$70 billion range (where Huanyu had first entered), it was still a favorable situation.
At least the cost of accumulating shares was now lower.
As for Jardines Matheson, it had fared even worse—its market value had fallen from almost HK$60 billion to just over HK$40 billion.
Over the past month, Huanyu Investment had taken full advantage of this window, aggressively accumulating shares in both companies.
Thus, indirectly, the Fortress Electrical scandal had turned out to be hugely beneficial for Lin Haoran.
Now, his holdings were:
26.27% of Hongkong Land.15.23% of Jardines Matheson.
He had quietly become a major shareholder in both companies.
In Hongkong Land's case, he was now in a position to contend for control.
The reason accumulation in Jardines Matheson was slower was because British investment groups held a larger portion, leaving fewer shares in circulation compared to Hongkong Land.
That's why the Hongkong Land acquisition had progressed more smoothly.
Lin Haoran sat across from Su Zhixue, reviewing Huanyu's investment reports.
"Boss, our available funds are almost exhausted," Su Zhixue reminded.
"How much do we have left?" Lin Haoran was surprised.
Hadn't he had HK$5.824 billion available? How could it be nearly gone?
It was staggering.
In his mind, he had always thought he had HK$2-3 billion in reserve, feeling no urgency about cash flow.
"I just checked with Finance. We have about HK$30 million left," Su reported.
"Give me the calculator," Lin Haoran pointed.
Taking the calculator, Lin Haoran did the math:
He had brought back HK$5.744 billion from the U.S.Plus HK$80 million in dividends from Amega.
He had about HK$5.824 billion to use.
Since then, he had spent:
HK$594 million at Hongkong Electric,HK$200 million in Wan On Properties,HK$1 billion buying United Building and International Building from Wheelock,HK$200 million buying Oriental Daily,HK$200 million for 49.9% of China Gas,HK$250 million on a commercial plaza project with Guo Heniann,HK$360 million for 49.9% of Kowloon Bus,HK$2.23 billion buying 26.27% of Hongkong Land,HK$760 million buying 15.23% of Jardines Matheson.
Adding it up, in just six months, he had burned through almost HK$5.8 billion!
Even Lin Haoran was shocked by his own spending speed.
"I'll handle the funding.
Continue accumulating Hongkong Land shares as planned.
Stop for now with Jardines," Lin Haoran ordered.
Given MacLehose's attitude, taking full control of Jardines seemed unlikely.
Hongkong Land, however, was within reach—and far more critical to his plans.
"Understood, Boss," Su Zhixue replied respectfully.
With only HK$30 million left, it wouldn't last long.
Especially since buying TVB shares from the Lee family would require more cash.
Still, Lin Haoran wasn't worried.
He had several options:
Borrow (as usual),Draw funds from companies like Yingzhou Cement, China Gas, and Hongkong Electric,Take a company public to raise money,Or sell properties like International Building.
Drawing funds from operating companies wasn't ideal—they needed liquidity for expansion.
Taking a company public would take months.
Selling property wasn't timely either.
Thus, the best move was: take a loan.
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