Rebirth 2006, creating a super consortium

“For a comprehensive financial group, an insurance company is a cash cow with a constant source of income. Its importance is self-evident!

In addition, I am also extremely optimistic about the Hong Kong insurance industry!

According to data from the Hong Kong Insurance Regulatory Office, the new policy premium income of Hong Kong's insurance industry in the first three quarters of 2006 exceeded HK$500 billion.

The most important thing is that the Hong Kong insurance industry lifted restrictions on mainlanders buying insurance in Hong Kong in 2005, which means that the Hong Kong insurance industry is about to usher in a big boom!

We at Yuanfang Financial Group must not miss out on this huge piece of cake!

Mr. Wang, I asked you to find a suitable insurance company. Have you found any result? "

Hearing An Xin's question, Wang Ming nodded and said, "After Mr. An made the request in mid-July, I immediately set up a group insurance acquisition team and hired Mr. Tang Dong as the team leader. After Mr. Tang Dong's extensive research, we have now locked in an insurance company. Next, Mr. Tang Dong will introduce the details to everyone."

Tang Dong was sitting right below Wang Ming at this time, wearing a black suit, a pair of gold-rimmed glasses, and looked gentle.

Tang Dong is Wang Ming’s friend. He is 45 years old and a native of Hong Kong. He has been in the Hong Kong insurance industry for 20 years and is a top expert in the Hong Kong insurance industry.

After Anxin made the commission in mid-July, Wang Ming immediately poached Tang Dong, who was then the vice president of AIA Group. After Tang Dong joined Yuanfang Financial Group, he served as the group's vice president, specifically responsible for matters related to the group's insurance business.

After hearing Wang Ming's name, Tang Dong nodded to An Xin first, then slowly said: "Hello, Mr. An, hello colleagues, I am Tang Dong, let me introduce the details to you.

After careful analysis and investigation by the acquisition team, an insurance company has been identified: Yingke Insurance!

Yingke Insurance was founded in 1986 and was originally called New Zealand Insurance. It was later acquired by Singapore's Haiyu Group and renamed Pengli Insurance.

In 1994, Pacific Century Group, owned by Li Ka-shing's youngest son, Li Zekai, acquired Singapore's Haiyu Group and became the new owner of Pengli Insurance.

In 1995, at the invitation of Li Zekai, China Insurance Group became a shareholder of Pengli Insurance.

In 1999, Pengli Insurance was renamed Yingke Insurance and was successfully listed on the Hong Kong Stock Exchange in July.

Yingke Insurance has currently developed four markets in Hong Kong, Macau, Singapore and Malaysia, and its main business lines include critical illness insurance, savings dividend insurance, medical insurance, life insurance, property insurance and other insurance products.

In addition, according to the third quarter 2006 financial report released by Yingke Insurance, Yingke Insurance's premium income in the first three quarters was HK$8.86 million, and its net operating profit in the first three quarters was HK$1.46 million. The company's total assets were HK$99.75 billion and its net assets were HK$28.8 billion.

Currently, Pacific Century Insurance is still a listed company on the Hong Kong Stock Exchange. The company has a total share capital of 4.1 million shares. Today's opening price is HK$8.1 and the total market value is HK$33.21 billion.

My report is finished, thank you everyone! "

After listening to Tang Dong's report patiently, An Xin nodded in understanding.

He had an impression of Yingke Insurance. It was the later Fortis Insurance. After changing hands many times, it was finally acquired by the Zheng family in 2019.

After thinking for a while, An Xin looked up at Tang Dong and said, "Mr. Tang, is Li Zekai willing to sell Yingke Insurance?"

Tang Dong immediately replied: "Of course, it is not difficult to acquire Yingke Insurance. Li Zekai is only interested in capital operation and does not care about the specific development of Yingke Insurance at all!

Since Yingke Insurance was successfully listed in 1999, he has sold off Yingke Insurance shares several times to cash out. The original 76.6% stake he held has been reduced to 50.2%, just enough to retain the controlling stake.

So as long as we can make an attractive offer, he will definitely sell it!"

Li Zekai is truly a genius in capital operation!

Unlike his father Li Ka-shing's steady management style, he likes to make quick acquisitions and mergers, integrate asset packages and then go public to reap profits, without caring about the management and operation of assets at all.

And Yingke Insurance obviously operates in the same way!

After An Xin thought about it, she asked, "Is there a specific estimated purchase amount?"

"The estimated amount is HK$35 billion, but the exact amount can only be determined after a face-to-face interview with Li Zekai."

HK$35 billion, a premium of about 5%, is acceptable.

An Xin nodded in understanding, then turned to look at Wang Ming and asked, "Boss Wang, how much funds does the group have available at the moment?"

"31.5 billion Hong Kong dollars, but we need to retain at least 2.5 million Hong Kong dollars to maintain the basic operation of the group's business. The actual funds available are 29 billion Hong Kong dollars."

The difference is 6 million Hong Kong dollars!

An Xin turned her head and looked at Zhou Zhen without saying anything, but her meaning was very clear. She wanted Yuanfang Bank to fill the vacancy.

After feeling An Xin's gaze, Zhou Zhen was a little amused, but he still said readily: "Mr. An, no problem, Yuanfang Bank can issue a loan of 6 million Hong Kong dollars to the group through a third-party channel."

An Xin nodded with satisfaction and gave Zhou Zhen a thumbs up. Then he looked at Wang Ming and Tang Dong and said with a smile, "Mr. Wang, Mr. Tang, the task of acquiring Yingke Insurance is now handed over to you."

Wang Ming then exchanged glances with Tang Dong, then shook his head and smiled bitterly, "Boss An, I'm afraid you still have to come forward. In fact, we have tentatively contacted Li Zekai before, and he said he is willing to talk, but only with you!"

"Oh?"

An Xin felt a little strange, and then asked Wang Ming: "Why?"

"He seems to be interested in our Faraway Financial Group!"

An Xin understood a little after hearing this and probably knew why Li Zekai was interested in Yuanfang Financial Group.

There is no other reason, Yuanfang Financial Group has been quite active in the past month!

First, it spent nearly HK$77 billion to quickly complete the acquisition of Liu Chong Hing Bank and CITIC Securities, and now it wants to acquire Pacific Century Insurance.

As long as it gets the insurance license, Yuanfang Financial Group will obviously become an emerging comprehensive financial group with all the necessary financial licenses and total assets exceeding 100 billion yuan.

Li Zekai himself is a person with infinite enthusiasm for the capital market, so how could he miss the opportunity to get involved? So it is not surprising that he targeted Yuanfang Financial Group.

"How does he know that I'm the boss of Yuanfang Finance?"

Wang Ming shook his head and replied: "He doesn't know the specific situation, but he knows through the Liao family that you at least have some decision-making power in Yuanfang Finance!"

Yes, the acquisition of Chong Hing Bank revealed some clues!

But there is no other way, he has to personally take charge of the acquisition of Chong Hing Bank!

An Xin shook her head, looked at Wang Ming and said, "Then help me make an appointment with Li Zekai as soon as possible. I will come and talk to him."

"In fact, you can go see Li Zekai anytime!"

"Oh why?"

"He's been waiting for you for a few days. He calls you every day to ask when you're free to meet!"

An Xin almost couldn't hold it in after hearing that!

My goodness, this Li Zekai is too impatient!!!

"Then let's adjourn the meeting. We're going to talk to Li Zekai now!"

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