Yu Pinhai:
Hong Kong Stock Exchange Listed Companies - Chairman of China Digital Information Board; Chairman Hilton Manila
The only Chinese handwritten newspaper in the 19th year of Canada.
Thirty-year-old cost acquisition of the Philippine listed company - Hilton Manila.
33 years old to acquire the Hong Kong Stock Exchange listed company - South China Development. In the same year, from Jin Yong's hand acquisition, it became the second generation of owners.
Thirty-nine-year-old business news television is 100 million US dollars.
Forty-one year old roll is coming ...
Opening white
Beijing, Haidian. In the office building of the Chinese Enterprise Network near the princess, it is the Internet that he is currently doing at the beginning, but it is very clear in the third "counting medium" in Endo. So I temporarily and stand, let's talk about this person, the right to open the scene.
Yu Pinhai, aged at forty-two, three, and body. The speech is peaceful, but the momentum is very powerful, with natural leaders. At the age of thirty-three years old, Yu Qihai has acquired a list of listed companies in Hong Kong, known as the controlled equity of Nanhai Development; - The Chairman of the Company is still a text. Some people are therefore like a fashionable name of the United States called him "Magic Kid". Later, "Magic Kid" has also made a global 24-hour Chinese satellite TV - News TV, specialized news. In 1994, this is the first. In a few years, he received a booth on the TV and Ming Pao. The newsletter television is taken over by Taiwan's realist family, and the Ming is reported to the Da Ma Fu Shang Zhang Xiaoqing. Then, the time was transferred to 2000, this person ranked a thousand rivals in Hong Kong with 590 million homes.
Before and after the age of twenty, "Magic Kid" went to Japan after the second school, I went to Japan to teach English, Chinese and the restaurant service for a living. After going to the University of California, California University read TV news. The tuition fees are insufficient, and it is going to Canada.
Most of the previous paragraphs have heard from the outside, in the Painting Sea, from the Canadian reading.
In 1977, international students in Canada went to Multiple computers and business studies. Yu Qihai takes the front and read the political economy.
Reading politics, always have some tendencies. Yu Qihai is Zuo Zi (left), representing the student's speech to support China, using the opportunity to work in the print factory boss, do a Chinese handwritten small newspaper, do not make money, but it is also the only one in the three provinces of Canada. Yu's newspaper is purely interesting, handwriting small newspaper content to tens of thousands of overseas Chinese in Canada. Only for boots of hundreds of coins, advertisements rely on their grocery stores in Chinatown, small supermarkets and restaurants. However, this first newspaper, the first newspaper, slightly losses.
Two years later, he returned to Hong Kong, soon he did a magazine called "current affairs comment" with friends, only 56, because did not understand how to do magazines, profit, and surely. Simply went to the "Financial Daily" to write the manuscript, or give many newspapers in Hong Kong like the "letter", "Business Daily", "Wenhui Daily", and the small part of the time. At that time, he did not buy a newspaper to earn money, even if it is a little money, it is not enough to buy a house. Of course, his opinion has a big turn in the future. In 1993, he became a chairman of the Hong Kong newspaper industry, the price was already more than ten billion Hong Kong dollars, which was later. So, in 1981, he entered Hong Kong's Chinese Chamber of Commerce. He did a year or so, and the Fu Qiangze family who was running in Fulihua Hotel.
Yu Qihai entered Fu Qiangze family for 4 years, and made something related to real estate, investment, and hotel. Subsequently, he found his own enterprise at the age of 27: Zhiji Management Consulting Company. The first business is invested in Guilinyuan, Guilin, Guangxi. The hotel industry is one of the first fields of foreign investment in China. 16 years ago, Guilin's house is not much, the environment is beautiful, but the infrastructure is not good, and there are not many guests. Download provided the original accumulation for his future media from the real estate projects and other consultants projects. With the original accumulation, in 1988, a series of acquisitions were started, and the price is geometric factor expansion, but it is a coy. The good thing people feel strange, nothing to do, so guess is because he has a hit tongue as a spring, good way. Yu Shi did not think about this, he said that there is no report to tell him from his previous things. This is to say that the first note of the comic remarks: "Continental Buy".
Serial purchase
Yu Pinghai is also interested in the history of overall US economic development. In the 1980s, the acquisition was merged into the United States. Yu Qianhai Dark, first study how people do it, ending in 1988, he took place in 1988: Buy a listed company in Hilton Manila, the Philippines Stock Exchange.
At this time, he is familiar with the Philippines in a director in the Zhizi Company, and informs the Painting Sea: The Philippine Political Bureau is unstable, and the Hilton Group is busy with retreat and is not interested in the hotel. Yu Pinghai seizes the opportunity and immediately develops the acquisition plan until the details. Borrow a $ 9 million to the bank, and a "high-risk financial arrangement" with a company in Japan, the fund is 14 million US dollars, and the Hilton Hotel Manila has passed through the stock market.
This is his first acquisition of listed companies and do beautiful. Between the balance sheets and cash flows, two differences were found: First, the return rate of Hilton Manila, which will be far more than the loan cost of the sea. In addition, the exchange rate trend is uncertain, the change of the fidile exchange is very large. The black market exchange rate and the official exchange rate of the Philippines have exchanged exchange rates. With these two differences, Yu Qihai bought the listed company with zero capital. After that, the Philippines political environment tends to ease. Hilton Hotel assets value-added, profit, exceeding the loan cost of the sea, only more than one year, and the funds are recycled.
This is a meter that the technique is similar to the lever acquisition of the United States in the 1980s. At the time, US Mirkens sent home with the difference between the rewards that the acquisition cost and the returns of the acquired enterprises. The mystery is if you can judge that the acquired company can have 25% of the income, even if your loan interest rate is as high as 8%, even if you add high-risk financial arrangements, the cost is increased to 14%, because you It is still possible to obtain a difference between 25% and 14%. If you can get the company's stable growth of the company to be 3 ~ 5 years, the return of the difference is more considerable. However, Mr. Mirken is too hot when Mr. Milken is too hot. However, this utilization difference is still an important means of excavating the potential value of the company.
Here, in the hearts of the products, the acquisition of Chinese people is not better than the United States. US company's asset-liability form is open to clear: 100 billion to buy a company with 10 components, and then divide 10 components into 10 independent parts worth 3 billion. Sell, Earn the difference in the middle. It can also spend 1 billion to buy a one in the middle of 500 million negative numbers, and the other 6 partial value of 1.5 billion companies, cut the negative part, sell a few parts of the value of 1.5 billion, which can also make a difference. Chinese companies are more complex in family-style business. Mr. Milken's mystery is not necessarily used here, unless some special circumstances appear. For example, some people want to returned home to live in the days.
The large shareholders of the Hong Kong Stock Exchange - South China Sea Development Dynasty Tang Qianzheng thought like this. After three years of operation in the Hilton Hotel in Manila, I have made a lot of money in the sea. But Yu Pinghai is required to have a fundraising tool in Hong Kong. That is, the target is clear, it is necessary to find the acquisition. Tang Wei Thousands I want to retire. Naturally a good news. What is the industry in the South China Sea is not so important. The key is that there are some people who have not seen in the balance sheet: the status of listed companies in the South China Sea, the factory and cash flow are expected to be in the expectations of the sea. . After persuading the Tang Qianqian, Tang Qian, who is guided by Manila's Hilton Hotel, and has a asset shift between the old factory in Cash, Stock, South China Sea, has made an asset shift: First, Nanhai Development The stocks of the Manila Hilton Hotel held in the sea, paid to Pinghai Cash, dilled the shares of Hilton Manila. South China Sea has become a parent company of Hilton Manila. Yu Pinghai got cash, with the control of the Tang Qi thousand people in the development of the South China Sea. So, the two sides take the required, both are happy. Tang Qian took the cash on the South China Sea development to the Hidden Mountain, and the Qing Dynasty is not a single population, becoming the major shareholders and board of directors of the South China Sea, and then sold the old factory building in the South China Sea, increasing controlled cash . This is the second meter.
The old factory building in the South China Sea is doing a cash flow. At the end of this year, in the year of the sea, it has been placed in the Nanhai Development with Jin Yong's listed company - Ming Pao company. This is a third plan in the serial acquisition.
Jin Yong Ten is still intended to "some people return to the hometown". At this moment, I want to minimize the burden of Ming, and the cloud is only. Yu Pinchai is waiting for a chance.
Jin Yong and Yu Qihai Commercial Missing, the current issued stock of the South China Sea held by the company in the city. Ming is the major shareholder of the South China Sea. Yu La's cash turned to buy some of the shares held in Jin Yen. However, this is a step away from the controlled equity of Ming Dao. Yu Shi's Mingtu Stock to Bank's pledge in the hands of Jin Yong, and he is convinced that the return rate of the company is much higher than his loan interest rate. After winning the cash from the bank, Yu Qihai has continued to purchase the Share Shares from Jin Yong, and finally became the shareholders of Ming Pao. It is also the need for each of the two people. At this point, the sequence of the three listed companies reappeared: Ming Pao company is "son", Nanhai Development is a grandson, and the original "son" Manila Hilton Hotel becomes "Zeng Zi". Three listed companies are controlled by the sea.
Yu Yaihai's serial acquisition of three gauges, for a few years, let him make a lot of money, outsiders looked strange, but in the sea said that such a technique is not difficult, but most people think of the balance sheet as necessary to eat The huge behemoth, panic, inverting unimportant things with an important thing, lost the goals of doing things, resulting in missed the opportunity. In fact, just use the asset-liability watch to make normal things, objectively analyzed, please come to a college two-grade student accounting, let him see the balance sheet can operate.
Yu Qiahai has a joke, you can make a series of serial acquisitions: If you take a million balance sheet to get the old mother in the home, use the hand on the billion unit on the liabilities. Old female look. She will say, this is just 1000 yuan, what is difficult, my home is like this! But when you tell her, this is a million debt, she is going to panic, the important thing is not seen.
You will be careful to take advantage of the 300 million yuan, you will be careful, just because it is not 10 yuan, but is 1 billion yuan. This will lead to a sentence - what is the difference between 100 billion yuan and 10 yuan? Yu said, this is no different, but it is more than 8 "0". But this is interesting, what is "0"?
Yu's answer: "0 'is not what is meaningless."
Yu Qihai purchased the news from Jin Yong, and Hong Kong at the end of 1991 was a talent.
Some people say that because the sea is like Jin Yong's big son to check the heritage, and asked Jin Yong, Jin Yong, in the same year, in the same year, in the same year, the appearance, may be I don't know if I don't know how to feel close. However, some people explain that the past ten years, Jin Yong has been enthusiastic to seek a smart, enthusiastic, enthusiastic, and sincerely trying to pay. And the product is rich in enterprises and investment experience, which is in line with this condition.
In fact, Jin Yong first saw the sea is not in 1991. As early as 1989, June, Jin Yong has exposed the meaning of the Qing Dynasty, and the sale of the shares will be sold. Later, in September, in the sea, I found Jin Yong, and I discussed the acquisition of Ming Pao. In the same time, there were still a hundred rich Liang Bo, News Group's Murdoch, Singapore's "Joint Morning Post" Group, and Huang Group and other many people and Jin Yong, intend to acquire. In the past year, it was more than 100 million Hong Kong dollars. Jin Yong first talked to Murdoch on the price of the price. He followed the sea and the discussion.
On March 22, 1991, Jin Yong officially issued the listing of his own faders. Yu Qihai found Jin Yong, two people talk. This time, in the price, Yu Pinhai completely followed Jin Yong, the acquisition details, such as the third plan of the previously mentioned series, made a acquisition of Ming Pao. He said that he said that he is young and smart, it is not interested, but it is only to say that Jin Yong is satisfied with him, and everyone has found something needed. And in the operation of the Ming Pao, Jin Yong is the political idea, and he is an idea of business.
On December 12, 1991, in the age of 33, this became the second generation of the owners.
There is a clear thinking in the Qing Dynasty. People say that the media should be neutral, objective, don't have a position. He does not think: How can a media have no position, which angle you stand, this is your clear position. Since then, he tried to establish a popular newspaper "Modern Daily" in the name of the enrollment, but he is not willing to flood over the newspaper and is full of erotic and lyrical things: How can such things to see 13-year-old son in the home? "Modern Daily" is only 4-5 months, because you can't calee the appetite of the public readers, you will shut down. Hundreds of employees have streamed to "Apple Daily", which makes a large extent of "Apple Daily".
In 1993, it was very popular in the sea.
Take the media boom, his price rose to HK $ 1.3 billion, as the chairman of the Hong Kong newspaper industry is only 35 years old. Yu Shi started to expand his media layout: Hong Kong's region is small, half of the population is half-in Beijing, so he has gathered in Toronto and Vancouver in Chinese gathered in Toronto and Vancouver, and made a lot of money. Alternatively, the Internet is taken into the newspaper, and the website will be opened. It is noted that the product sea believes that there is a lack of time-related weekly magazines. There is a good thing in Warner in Warner in the era, no one is watching "Asia Week". Looking at the products in the sea, I felt that the tray was good, the cost was low, so spend $ 2 million to buy. "Asia Weekly" is in the operation of the business, and it also makes a lot of money.
In the second year, the products were hitting the newsletter. Yu's television complex has always been in a TV. Think of the early 1990s, one day, Yu's family sitting in Hong Kong at home. CNN is broadcasting the news of US soldiers in Grenada. On the TV, the Ragan is a big story, and the look is excited. It explains that the United States will be inherited by Grenada. Before the TV, the friends of the people don't have this: How to always say how to speak Grenada? Yu's feelings: From a small time is the news of the United States, Reuters, and AFP, the so-called Tibet issue is a mess, the English dominant, the English dominant, in addition to this, no choice. Nowadays, I have gone to the TV complex in the capital, created the first Chinese 24-hour news TV network, broadcast in satellite. The Communication TV and Ming Pao build a media country in the sea. However, in the beginning of the establishment of the news, there is a shadow that is covered from the beginning of the creation. In order to concentrate on investing huge news TV, the total of 18% of the equity of 18% of the two sale in the sea, the capital of the China Policy Group, and Zhang Xiaoti Qing Qingqing. The strength is still not enough, this is "I can't help but" Jin Yong. First split the South China Sea to ensure that the development of the South China Sea is still under the door. Then, the 35.9% share of the company will be sold to Zhang Xiaoqing. Time is October 1995. The latter became the third generation of owners.
Even so, the newsletter TV in the sea is limited by the region, and it is the so-called small media that specializes in news. Yu Pinghai painfully helplessly, reached an agreement with Taiwan's Qianyan family, and Yan Jia's Hall Group over 100 million funds, in March 1996, entered Hong Kong Communication TV. However, the time of the family, today, has not fully fulfilled the agreement between the year and the product sea, and the two are still dispatched.
Later in the sea, in the media world of the Chinese society, any cross-regional media who want to make money is lacking in the mainland market, and finally is closing. Ask him whether the television is also a TV TV also wants to make money? Yu Qihai: "Of course, the result is a billion dollars."
At this point, in the media country of the sea, the country of the sea suddenly did not have a message, but it also made the visitor 's countless demonstration: just this?
Two years after 1997, Yu Qianhai is silent.
In 1999, in the sea, it is coming, but it is rushed to Hong Kong's charging TV.
He first renamed the South China Sea as China Digital Information Company, and the company's share price climbed three times. Then brought the Hong Kong Internet TV company with China Digital to bid a Hong Kong cable TV license. On July 4, 2000, the Hong Kong SAR Government approved five new charging TV licenses, and the Hong Kong Internet TV in the sea is better than five of the DTV of Milk, Milk's Satellite TV. Among the five wins, the charging TV programs in the Pinhai were more powerful than others: 3 years of investment of 65 channels in 200 million Hong Kong dollars, and 25 channels were 25 channels than Shao Yifu's Galaxy Satellite TV.
Yu's TV media kingdom should look at the two-degree powder ink, and the visitor is enthusiastic again. Unexpectedly, it is throwing out of the cable TV license of the hand in less than 9 months, announced that: exiting the service of the video license of Hong Kong.
Yu Qihai said: "Wait a minute,". Hong Kong's line status is within two or three years of truly interactive TV. If you use the old mode to broadcast, it will be eliminated soon. If you spend money now, it is too high, and you have to lose 4 to 500 million in the beginning of the two years, and the uncertain factors in operation are still going to last for a long time. "The biggest problem is that Hong Kong is too small, the opportunity cost is too high. You can get 500,000 users is a great thing, and I have 580,000 users in Wuhan." The lost hand news TV made Yu Yinghai Cautiously engaged in, even if the Media Kingdom is just a step away, but it is refused to cross.
In 1991, it was appointed to the founding of the television to the invasive TV to the roll soil, and the landing of the sea has been ten years, and the second "media" of the comic marks seems to be a little stagnant. But just like this year, after the news of the news, the visual question: Just this? Count
Since there is repeatedly a small loss of Hong Kong, it will gradually transfer business into mainland China for a broad market.
In fact, before the sea, the sea has long been trying to have an emerging network business in the mainland in 1999.
This dates back to 1992. Time, domestic cable television network epidemic microwave transmission technology. However, if you use microwave transmission, you cannot interact. More people with a civilian TV network in Beijing, Guangzhou, Shenzhen, etc. In addition to Wuhan waters, the rest of all parties insist on using microwave transmission. Yu Qiaohai has been selected in Wuhan to invest 70 million yuan, lay a cable fiber network, and the concept is more than a few years. In his opinion, the future media always does not undete the interactive and multimedia circles. Making interactive and multimedia kingdoms is the goal of making it in the morning. He does not agree that others say that he is a newspaper or TV: "It is all endless technical segments. Not because people need to produce."
This is not difficult to explain that when the network technology appears, the bottom of the product has entered the Internet industry.
The South China Sea Development is renamed China Digital Information is to become a technology stock, and the development of information technology business. In June 1999, the development of the South China Sea was suspended, and the plan was planned for $ 50 million, and the price of 6 angles per share was raised for 10 million 50 million to acquire domestic projects.
In August, 60% of China Enterprise Network in China was purchased in China. At that time, Chinese enterprise network is still a small website with only more than 20 people. But under the operation of the sea, 1300 employees have been employed today, 50 million income, specializing in providing online services.
It is not a new thing for the Internet for the Internet. In 1993, he opened a website. In 1994, he founded HK NET and found the ISP license for the telecommunications department of Hong Kong. The people of the Gangfu Telecommunications Department still don't understand the ISP, and if this is also a license? After a few explanations, Yu's first ISP license was taken. It is just that the sea is too superior, Amazon is just the establishment of the following year. ISP is not good in 1994, and Yu Qihai also does not here. When you leave the Ming I, you will leave HK NET to the following employees in a symbolic price. A few years later, HK Net was acquired by Hong Kong, and became one of the six major Internet access suppliers in Hong Kong.
Yu Qihai puts 200 million funds in the Internet: Buying in China's Siba Financial Information Company, Jianhua University Education Network, coupled with China Enterprise Network to build information network world. Yu Shi believes that China will develop into a smart society, not an outbreak society. Therefore, things around the knowledge information will achieve the greatest economic benefits. Although in the last two years, the Internet is high in the capital market, just like the symphony orchestra is constantly playing, others are dancing with music, and his business has to jump. But after all, in order, it is not possible to invert, doing business or make money, do not excerades the Internet industry.
Sketchy, what is going to do at the current time seems to be wonderful than before. However, under all kinds of characters, some things continue to have many relief.
For example, on October 16, 2000, China Digital Information in the Picture Hai was announced to the Shenzhen National Nan Industrial to obtain the CITIC National Security Company - Guoan Information. According to the appropriate agreement agreement, the national administration of the national security information 131, 720, 928 shares, accounting for 22.3% of the issued share capital of Guoan information, and the relevant matters are waiting for the approval of the Chinese regulatory authorities.
For example, in October last year, Yu Qihai acquired a listed company in Hong Kong, renamed the learning power holding company. This acquisition method is different from the past, and only a small amount of stocks will receive the shell resources of listed companies, the purpose is to integrate his internal assets. Traditional real estate and other business are put into the acquisition of learning motivation, with the Internet is incorporated into China Enterprise Network. For example, Yu Pinghai said that his Chinese enterprise network will be listed in the domestic motherboard in the case of policy permit. New market news: foreign capital is not allowed to be listed on the main board of China. As such, in the product sea will open the door of the China Securities Market, there is more tools in domestic fundraising ...
I have seen a remembering in the sea for more than a dozen years. It is expected that this person will end out in China's big market, and they will be wonderful, and there is a plan.
Journal of Huashan
