Rebirth 1991: My Financial Era

Manager Ma was impressed by Sun Chen's persistence, open-mindedness and appreciation, and held the young boss's hand tightly.

"Mr. Ma, welcome to join Huaxing Bank. I'm waiting for you in Hong Kong City!"

Sun Chen was in an excited mood, and all the hard work of the past few days was wiped out. He was truly lucky to be able to ask for the help of this financial master. Although President Ma at this time was not as mature as in his previous life, the growth of genius is quickly.

Sun Chen and Ma Weihua agreed on a date to meet in Hong Kong City.

Ma Weihua's entry into the sea represents the strong career passion of the cadres of the 92 faction. This wave of people represents a trend in the market economy of Huaguo.

Sun Chen returned to the port city and immediately convened a meeting with the insurance acquisition team led by Qian Cheng.

"Qian Dazhuang, I wonder if you have found a target for acquisition in the recent period?" Sun Chen asked straight to the point.

"Sun Cheng, we inspected three insurance companies that may be sold in Hong Kong City, and initially selected health insurance." Qian Cheng said.

"The general situation, please explain in detail." Sun Chen asked.

"Health Insurance mainly deals in life insurance. It was founded in 1970 and has been 22 years old. It was founded by Mr. Peng Dingshan, a Hong Kong tycoon. Its asset size ranks fifth in the insurance industry in Hong Kong. It basically maintains a low profit, but its operations are stable. There are currently no unfavorable results found. Contingent liabilities of operations.”

Qian Dazhuang spoke eloquently.

"Then why did the Peng family want to sell the company?" Sun Chen asked.

As a non-listed company, it is difficult to acquire it if the company controller is unwilling to sell.

"Sunsheng, Mr. Peng Dingshan is old and has only one son as his heir. He is a doctor and has no interest in running an insurance company. Mr. Peng plans to sell the company and invest in real estate assets to form a family trust."

Qian Cheng was talking about the inheritance of a family business, and the inheritance was interrupted.

Insurance companies need to operate and manage, but rent collection assets are very simple and can be managed by professional organizations. It is very reasonable to use the last to get rich and to stick to the basics.

"Very good, what are the total assets and net assets of health insurance?" Sun Chen asked.

"Sheng Sun, the total assets of health insurance are 100 billion Hong Kong dollars and the net assets are 10 billion Hong Kong dollars." The auditor, who is a beautiful woman, answered ably.

"So, what's Mr. Peng's price?" Sun Chen asked.

"Mr. Peng quoted 30 billion Hong Kong dollars, 3 times PB (price-to-book ratio)." Qian Cheng answered.

"In what directions are his assets mainly invested?" Sun Chen asked noncommittally about the direction of asset investment.

"Health insurance is relatively conservative. 50% of assets are allocated in interbank certificates of deposit and bonds, 30% is held in commercial properties, and 20% is held in Hong Kong stocks, mainly blue chip stocks." The auditor answered.

"What's the direction of bond investment?" Sun Chen continued to ask.

"The bonds are mainly U.S. Treasury bonds and local blue-chip corporate bonds. The asset quality is good and there is no provision for bad debts." The auditor replied.

"Very good, what kind of properties do you hold? There are no Japanese ones, right?" Sun Chen continued to ask.

"Mainly office buildings in Hong Kong, including office buildings for self-use with health insurance certificates. There is no marine property. Book value is used for accounting instead of market price. The book value after depreciation is 30 billion yuan, and we estimate that the actual value should exceed 40 billion Yuan."

The auditor answered in great detail and answered everything Sun Chen wanted to ask later in advance.

"In other words, after deducting the property premium, the actual PB is only 1.5 times?" Sun Chen said.

"You can say that, but the actual disposal will bring tax losses." The auditor answered more rigorously.

"So, the last question, why is the annual profit so low? Based on PE calculation, the valuation is 100 times." Sun Chen said.

"Sun Sheng, we think it's because health insurance adopts a relatively conservative business strategy. The founder is a master of insurance products and marketing, but the profitability of the investment team is relatively low." Qian Cheng analyzed.

Sun Chen asked questions one by one and basically understood the assets and value of health insurance. This is a very clean company with a low valuation. If there were no problems with the inheritance, it would not be sold.

"Da Zhuang, make an appointment with Mr. Peng for me." Sun Chen basically recognized the work of the acquisition team.

"Okay, Sun Sheng, I'll make arrangements right away."

After Qian Cheng finished speaking, he went out with the acquisition team.

Sun Chen is full of expectations for this acquisition. The assets are of good quality and he has a complete team of brokers. His shortcomings are only in investment. Isn't this just what he wants?

Alas, where are the talents? In the past, Mr. Peng managed it himself. Who will hand over the management in the future?

Sun Chen started scratching his head when he thought about the talent issue.

"Linshi, ask the human resources company to give me a list of well-known insurance industry managers in the Asia-Pacific region and provide a recruitment suggestion." Sun Chen called.

Leave professional matters to professionals.

"Okay, Sun Sheng." He Linshi replied.

The meeting was scheduled for the afternoon of the next day, and we would go to the Peninsula Hotel to have afternoon tea with Mr. Peng.

Peng Dingshan is over 70 years old, energetic and kind-hearted.

"Mr. Sun, I personally brought up health insurance. To be honest, I'm very reluctant to part with it."

As soon as Peng Dingshan met, he told Sun Chen that it was not like doing business negotiations, but like educating the younger generations.

"Peng Sheng, I respect the company you founded, and I fully accept your offer." When Sun Chen saw Peng Dingshan, he couldn't help but admire him.

"Thank you, Mr. Sun. The waves behind the Yangtze River push the waves ahead, and talents come forth from generation to generation." Peng Dingshan said with emotion.

"Peng Sheng, I can sign an agreement at any time and make a one-time payment in cash, but I currently don't have a suitable manager. Do you have any recommendations?" Sun Chen asked.

"I know that my management is very conservative. I am old and unwilling to take risks. Over the years, the cadres I have trained have no problem being the head of a department. If they can take charge of themselves, I am afraid it will be a bit difficult. This is also why I am selling the company. One of the reasons.”

Peng Dingshan said frankly.

"Peng Sheng, who do you think has the potential to manage a large insurance company in the current Asia-Pacific insurance industry?" Sun Chen continued to ask.

"Liang Jiaju, I have met this man once. He is very courageous. He was the deputy general manager of Youbang before and is currently the general manager of Nanshan Insurance in Bay Province." Peng Dingshan said without reservation.

It turned out to be this person, Liang Jiaju, known as the godfather of insurance in Asia, who later became the general manager of AIA and the chairman of Ping An Life Insurance.

"Thank you Peng Sheng for the recommendation. I hope you can be the director of the health insurance and help me manage it for two months. Can you do this for me?" Sun Chen said respectfully.

"Haha, Sun Sheng is really courageous. Aren't you afraid of the old man and me causing damage?" Peng Dingshan laughed.

"I believe you won't. You love this company more than me." Sun Chen said with a smile.

"Okay! It's a deal." Peng Dingshan said cheerfully.

On the same day, the two teams signed an equity transfer agreement at the health insurance, and Sun Chen personally handed the check to Peng Dingshan.

Peng Dingshan rubbed the check, handed it to his trust manager, and then said to Sun Chen with a smile: "A lifetime of hard work has been exchanged for a check, and I will work for Mr. Sun from now on."

"A family with an old man is like a treasure." Sun Chen said respectfully, "Peng Sheng, you are still in charge of our health insurance at this stage, but there is something I need to discuss with you."

"Mr. Sun, please speak." Peng Dingshan was very satisfied with Sun Chen's attitude.

"I hope to send a team from Huaxing Holdings to take over the company's investment business. Peng Sheng, do you think it's okay?" Sun Chen said sincerely.

Of course Sun Chen also wanted to change the company's name, but Peng Dingshan was still managing it, so in order to give him face, he didn't mention it for the time being.

"No problem, the company's previous investment was indeed not good enough." Peng Dingshan said objectively.

"Thank you Peng Sheng."

Sun Chen's hand and Peng Dingshan's hand were tightly held together.