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Questions and Answers
財技的目的是什么?
財技的目的是什么?
研究其目标
控制董事局是如何能够用低成本控制更大公司的?
控制董事局是如何能够用低成本控制更大公司的?
通过持有少量股份实现对公司资源的控制
李嘉诚家族主要持有多少家公司?
李嘉诚家族主要持有多少家公司?
11间上市公司
以_______的成本控制的股份越少,控制权越薄弱。
以_______的成本控制的股份越少,控制权越薄弱。
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李兆基家族控制了哪几家公司的控股权?
李兆基家族控制了哪几家公司的控股权?
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股票的流通量越高,其价格就越高。
股票的流通量越高,其价格就越高。
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B股是指哪些投资者能够购买的股票?
B股是指哪些投资者能够购买的股票?
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私有化的三个先决条件是什么?
私有化的三个先决条件是什么?
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李嘉诚和李兆基的槓桿比例大约是多少?
李嘉诚和李兆基的槓桿比例大约是多少?
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为什么大股东会选择控制公司的方式?
为什么大股东会选择控制公司的方式?
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资产折让的直接原因是资产放在上市公司之内会导致________。
资产折让的直接原因是资产放在上市公司之内会导致________。
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私⼈出售股票是指什麼?
私⼈出售股票是指什麼?
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公司發行新股來集資的方式有哪些?
公司發行新股來集資的方式有哪些?
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舊股的擁有者要在市場中成功出售股票需要注意什麼?
舊股的擁有者要在市場中成功出售股票需要注意什麼?
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每當股價下跌時,__________價格的一種方式是控制賣家的數量。
每當股價下跌時,__________價格的一種方式是控制賣家的數量。
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大股東在市場上出售股票時不需要通知任何人。
大股東在市場上出售股票時不需要通知任何人。
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以下哪項是股票價格提升的方式?
以下哪項是股票價格提升的方式?
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介紹一下「槓桿收購」的基本概念。
介紹一下「槓桿收購」的基本概念。
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在財技操作中,失敗的可能性是不存在的。
在財技操作中,失敗的可能性是不存在的。
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有效的出售股票需要滿足哪些條件?
有效的出售股票需要滿足哪些條件?
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透過__________,可以有效地吸引其他買家來購買股票。
透過__________,可以有效地吸引其他買家來購買股票。
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收購的定義是什麼?
收購的定義是什麼?
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如果私有化被否決,在12個月內,不能再次提出私有化建議。
如果私有化被否決,在12個月內,不能再次提出私有化建議。
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和電國際的前股票編號是多少?
和電國際的前股票編號是多少?
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和電國際在2007年出售了其持有的哪項業務給Vodafone?
和電國際在2007年出售了其持有的哪項業務給Vodafone?
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以下哪一項是和電國際在2008年的派息金額?
以下哪一項是和電國際在2008年的派息金額?
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鱷魚恤成立於哪一年?
鱷魚恤成立於哪一年?
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林建名以哪一個價格提出對鱷魚恤的私有化建議?
林建名以哪一個價格提出對鱷魚恤的私有化建議?
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私有化需要滿足75%以上的股東贊成。
私有化需要滿足75%以上的股東贊成。
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在私有化的失敗案例中,鱷魚恤的每股資產淨值是______元。
在私有化的失敗案例中,鱷魚恤的每股資產淨值是______元。
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電訊盈科的兩個大股東是誰?
電訊盈科的兩個大股東是誰?
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南太電子在2004年以3.88元的招股價上市。
南太電子在2004年以3.88元的招股價上市。
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南太電子在2009年第二次提出的私有化作價為多少元?
南太電子在2009年第二次提出的私有化作價為多少元?
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李兆基的私有化計劃計劃涉及哪一家公司?
李兆基的私有化計劃計劃涉及哪一家公司?
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在2008年,證監會對南太電子的清盤計劃作出什麼反應?
在2008年,證監會對南太電子的清盤計劃作出什麼反應?
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Flashcards
Purpose of financial engineering
Purpose of financial engineering
Financial engineering aims to achieve specific objectives using minimal resources to control significant assets.
Controlling a company's board
Controlling a company's board
Controlling the board of directors grants substantial influence and control over a company's resources and operations.
Controlling share
Controlling share
A quantity of a company's shares that confers voting power and control.
Controlling share vs. complete ownership
Controlling share vs. complete ownership
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Leverage Ratio
Leverage Ratio
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Controlling Stock Example (Changho)
Controlling Stock Example (Changho)
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Public company listing purpose
Public company listing purpose
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Stock Purchase Example (Li Ka-shing)
Stock Purchase Example (Li Ka-shing)
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Hostile takeover
Hostile takeover
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B-shares
B-shares
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Asset discount
Asset discount
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Privatization
Privatization
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Privatization conditions
Privatization conditions
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Privatization costs
Privatization costs
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Privatization Timing
Privatization Timing
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Private Stock Sale
Private Stock Sale
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Stock Issuance: Public Offering
Stock Issuance: Public Offering
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Stock Issuance: Private Placement
Stock Issuance: Private Placement
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Stock Price Manipulation
Stock Price Manipulation
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Market Positioning in Stock Manipulation
Market Positioning in Stock Manipulation
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Own Money Investors
Own Money Investors
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Other People's Money Investors
Other People's Money Investors
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Leveraged Buyout (LBO)
Leveraged Buyout (LBO)
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Consideration in Acquisitions
Consideration in Acquisitions
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Tender Offer
Tender Offer
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Acquisition
Acquisition
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Merger
Merger
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Stock Sales: Market Strategy
Stock Sales: Market Strategy
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Stock Sales: Timing Strategy
Stock Sales: Timing Strategy
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Stock Sales: Risk Management
Stock Sales: Risk Management
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Stock Sales: Post-Sale Strategy
Stock Sales: Post-Sale Strategy
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Private Company Demutualization
Private Company Demutualization
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Private Company Acquisition
Private Company Acquisition
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Demutualization
Demutualization
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Going Private (Reverse Demutualization)
Going Private (Reverse Demutualization)
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Private Equity Firm
Private Equity Firm
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75% shareholder vote
75% shareholder vote
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Asset Value vs. Stock Price
Asset Value vs. Stock Price
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Shareholder Resistance
Shareholder Resistance
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Financial Leverage (Leverage)
Financial Leverage (Leverage)
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Initial Public Offering (IPO)
Initial Public Offering (IPO)
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Going Public
Going Public
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Equity
Equity
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Financial Engineering/Financial Creativity
Financial Engineering/Financial Creativity
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Asset Stripping
Asset Stripping
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Share Repurchase
Share Repurchase
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Capital Raising
Capital Raising
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Public Company
Public Company
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Study Notes
Corporate Finance Techniques
- Objective of Financial Techniques:
- Builds upon fundamental principles, delves into advanced financial techniques.
- Aims to control a company with minimal capital.
- Controlling a Company's Board of Directors:
- Controlling a company's board grants significant power over its resources.
- Maximising control with minimal investment is highly effective.
- Holding a smaller percentage of shares presents a risk of takeover.
- Example: Lee Ka-shing and Li Ka-shing:
- Lee Ka-shing controls 11 publicly listed companies through "Chang Heung Group".
- His investment in "Chang Heung Group" directly or indirectly controls the other 11 companies.
- The combined market capitalisation of those 11 companies was approximately HK$1 trillion in 2012.
- The value of Lee Ka-shing's "Chang Heung Group" shares was roughly HK$120 billion.
- Li Ka-shing controls four companies through "恆基系".
- His total investment in "恆基系" was approximately HK$830 billion in 2012.
- Control of Board of Directors:
- Major shareholders often control the board, representing management.
- Disputes between shareholders and the existing board can lead to control battles.
- Example: International Finance case:
- A contentious ownership battle arose in 2001.
- One party held 39% of the shares and controlled the board.
- Another party held 24% of the shares to challenge the control.
- Issuing B-shares:
- Chinese B-shares are RMB-denominated but traded in foreign currencies.
- Investors buy them in foreign currency.
- The total value may differ significantly between that in A-shares trading.
- Hong Kong's B-shares are different and are used for control measures.
- Asset Discounts:
- Assets held within a public company are often subject to discounts.
- Management and control hold value.
- Methods to Reduce Share Prices:
- Various techniques exist to lower share prices for profit, some even illegal.
- Selling shares in the market is one such method.
- Methods to Acquire More Shares:
- Acquiring through the market, issuing new shares (placing), and share swaps.
- Taking over through takeover in a friendly or hostile manner.
- Takeovers and Mergers:
- Techniques to acquire a company or merge with another.
- Various approaches to achieve control from a minority or majority position.
- Using Financial Instruments:
- Leveraged Buyouts (LBOs) involve using leverage to finance acquisitions.
- Asset divesting as a way to generate capital and reduce liabilities.
- The use of Financial Instruments, such as warrants and convertible bonds.
- Financial Tools:
- Convertible Bonds offer the potential to convert into equity.
- Issuing convertible bonds allows for funding while offering a change to convert to shares giving value.
- Acquiring a ‘Shell’ Company:
- Acquiring a “shell” company which is practically a company with assets but little market influence. It is cheap and the new owner can take control of the assets.
- Acquisitions:
- Acquiring a company by buying its shares.
- Mergers:
- Combining two or more companies into a single entity.
- Issuing New Shares:
- Issuing shares is a basic way to acquire capital. It risks diluting the current shareholders' share.
- Takeover:
- Taking over shares of other companies to acquire its control and power.
- Reasons for Stock Issuance:
- To raise capital for internal development and for acquisitions among other purposes.
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