A century-old wealthy family that rose from Shanghai

Chen Wenjie arrived at the conference room in Hutchison House and convened a meeting of senior executives of Hutchison Whampoa.

Starting from New Year's Day this year, Chen Wenjie officially assumed the position of Chairman of the Board of Directors of Hutchison Whampoa. In addition, McLeish, a director of Cheung Kong Holdings, also became a director of Hutchison Whampoa.

Meanwhile, after Wayne's departure, in order to retain the British management talent at Hutchison Whampoa, Chan Man-kit appointed his deputy Richardson as CEO. Business Director Harry Schereschewsky and Administrative Director Peter W. Smith also continued to be given important positions, forming the three giants of Hutchison Whampoa's new management team.

Of course, since CK Asset Holdings sold its retail assets (Wellcome, 7-Eleven, etc.) to Hutchison Whampoa, its shareholding increased to 51%. Therefore, CK Asset Holdings' influence is now unchallenged. The "Hutchison Big Three" can only stick together in terms of management, and it is impossible for them to get any support from external investors.

Subsequently, Wharf Holdings exchanged its shares in International Container Holdings for new shares in Hutchison Whampoa, effectively giving the Chan family a controlling stake of over 51% in Hutchison Whampoa.

After acquiring retail and container terminal assets, Hutchison Whampoa's strength grew rapidly. In addition, between 1978 and 1979, Hutchison Whampoa privatized Watsons, Hutchison Properties, Hutchison Whampoa (trading), and Anderson Tai Asia (quarrying), and sold the harbor project to Cheung Kong Holdings, further strengthening its power.

By this time, Hutchison Whampoa had formed a business portfolio including real estate, retail, manufacturing (pharmaceuticals, distilled water, etc.), trade, container terminals, and shipyards.

More importantly, Hutchison Whampoa's profit last year reached HK$2.6 million, making it a truly large enterprise.

At the meeting, Chen Wenjie spoke first: "It is said that American companies may commercialize mobile phones in the 1980s. I think mobile phones will become a new business in the telecommunications industry with great prospects. Therefore, I have decided to have Hutchison Whampoa prepare in advance to acquire Hong Kong paging companies. In a short period of time, we want to achieve a market share of more than 60%."

At that time, Hong Kong had about a dozen paging stations, and it was time for big capital to get involved.

Of course, Chen Wenjie knew that this industry was worth investing in, but he had not brought it up until he became chairman of the board.

CEO Richard Xin had just taken office, and at this time he felt that he should not have any rift with Chen Wenjie, especially since the paging business was insignificant and would only bring in a few dollars even if it were all acquired.

He immediately agreed, saying, "In that case, we can establish the relevant departments as soon as possible."

The others echoed their agreement, and it became clear that all of the dozen or so people in the meeting room were foreigners. Although Hutchison Whampoa had many senior Chinese employees, they were not considered core executives, not even the general manager of Wellcome Supermarket.

Today, Watson Group comprises the retail and manufacturing businesses of Hutchison Whampoa.

The meeting proceeded smoothly, and Chen Wenjie did not show much control afterward, as his focus remained on Cheung Kong Holdings.

"Dad, Cheung Kong Holdings' current financial situation is sufficient to acquire HK Electric. Should we take action?" Chen Wenjie asked in his father's office.

At this time, the chairman of the board of directors of Cheung Kong Holdings was Chen Wenjie, but Chen Guangliang still served as the honorary chairman of the board. In reality, he just kept an office and would come to sit there occasionally.

Chen Wenjie is 47 years old this year, and it was only natural that he became the chairman of the board of directors of Hong Kong's largest real estate conglomerate. However, he still habitually consults his father on many important matters.

"Wait for an opportunity. Acquiring now is not cost-effective. First, the price may be too high, and second, it would be too conspicuous."

Chan Man-kit then said, "But 'Hong Kong Electric' is a better asset than 'Land King'. I'm afraid that if I miss this opportunity, it will be hard to find another chance, or even harder."

Chen Guangliang laughed and asked, "Who are our competitors?"

Chen Wenjie thought for a moment, then suddenly realized and said, "As far as acquiring Hong Kong Electric is concerned, our only competitors are the Jardine Matheson Group. However, the Jardine Matheson Group is always on the outside menu, so we don't need to worry about missing out."

Chen Guangliang nodded and said, "So, we have a safety net, so why worry? Right now, my biggest concern is the future of Hong Kong and the growing influence of our Chen family. Of course, HK Electric will definitely belong to us; the key is how to acquire it. What do you think of Hongkong Land's new general manager, Paul Johnson?"

Chen Wenjie said, "After he took office, Hongkong Land seemed to start making a lot of moves. It seems that Newbikini and Bobby may be pursuing an investment strategy opposite to that of the Keswick family in the 1980s, investing more in Hong Kong."

Chen Guangliang nodded and said, "So, there's no rush. We just need to wait for the enemy to make a mistake. Investing funds in Japan and North America can alleviate the funding situation for Cheung Kong Group."

"Yes, father"

CK Asset Holdings has a very substantial portfolio of properties in Japan, including shopping malls, five-star luxury hotels, and commercial office buildings. It also owns an office building in Manhattan, USA, and two five-star hotels in Canada.

As 1980 approached, the management of Times Film Company also underwent changes, with Chen Guangliang's daughter, Chen Mengyi, becoming the executive director and thus the "third-in-command".

It's obvious to anyone with eyes to see that the Chen family is going to take back control of Era Films.

Of course, what is being taken back is not the management power headed by Raymond Chow, but the 'controlling stake' being taken back from the Chow family.

In fact, Zhuang Zhujiu understood this as well. He had already communicated with Chen Guangliang and planned to cash out all of the shares of Times Pictures starting this year, which was expected to be completed within two years.

Zhuang Zhujiu had this idea last year, but Chen Guangliang made him wait an extra year to take care of him and thus gain more profit.

At the same time, Hutchison Whampoa will reduce its stake in TVB by approximately 25% (the remaining 25% of the total shares), and the Zhuang family will take over. Through this private transaction, the Zhuang family will begin to gain real control of TVB.

"dad"

Chen Wensheng walked in with his sister Chen Mengyi into the temporary administrative headquarters office of Ping An Financial Group at Huaren Bank.

Chen Mengyi went directly behind Chen Guangliang and massaged her father's shoulders, showing her different status as a daughter.

Chen Wensheng smiled and then reported, "Dad, the equity transfer has been completed."

Chen Mengyi quickly said, "Thank you, Dad."

It turns out that Chen Guangliang had Chen Wensheng transfer 30% of the shares of Times Pictures to his sister Chen Mengyi, which means that Chen Mengyi will take over Times Pictures.

Time Pictures is not just a film production company; its property revenue also accounts for a large portion of its income, and its properties are located throughout Asia.

Previously, movie theaters were built as two- or three-story buildings; later, with the popularization of multiplex cinemas, Times Films transformed its 200 theaters into commercial complexes or sold them.

This not only maintains its position as the cinema chain with the most screens in Asia, but also generates a significant amount of rental property. In Hong Kong alone, it already owns five commercial complexes, located in Central, Tsim Sha Tsui, Mong Kok, Wan Chai, and North Point.

Therefore, Times Pictures has always been among the top 30 companies in Hong Kong by market capitalization, a true blue-chip stock.

Chen Guangliang said with a smile, "This is your dowry, no need to thank me!"

Chen Mengyi said coquettishly, "Dad, you already said you wouldn't rush me to get married."

"I won't urge you," Chen Guangliang said helplessly. "But if you meet a good person, of course I hope you can start a family."

Chen Mengyi said with a smile, "Anyway, you are only allowed to introduce things, not to offer suggestions."

"well"

The daughters of the Chen family are not only career-oriented, but also beautiful and elegant. Coupled with the excellence of their brothers, most men simply cannot catch their eye, so they are likely to marry late.

Then, Chen Guangliang said to Chen Wensheng, "Ping An Investment still holds 30% of the shares in Times. Starting at the end of the year, we will cash out 10% within six months, leaving 20% ​​is enough."

Chen Wensheng nodded and said, "Okay."

This is a rare instance of the Chen family releasing shares.

Currently, the Chan family holds a 75% stake in both Cheung Kong Holdings and Ping An Bank, but 25% of that stake has been injected into the Chan Guangliang Foundation, with all dividends from this stake going to charitable causes. Additionally, the Chan family holds a 49% stake in Wharf Holdings, but they are considering privatizing the group in the future.

Chan Kwong-leung continued, “There is another very important matter concerning my plans for Hong Kong. I have always had two visions for Hong Kong – to revitalize Hong Kong through technology and to revitalize Hong Kong through culture. As for revitalizing Hong Kong through technology, Cheung Kong Group is already working on it. And in terms of revitalizing Hong Kong through culture, Cheung Kong Group has also made efforts in the fields of comics and video games.”

Chen Wensheng and Chen Mengyi's eyes lit up. This involved their father's vision for the entire Hong Kong, which showed how important it was.

Chen Mengyi said with great enthusiasm, "Father, in fact, the contributions of Era Films to Hong Kong's cultural field are obvious to all."

Chan Kwong-leung smiled and nodded, but in his heart he believed that this was an achievement that Hong Kong was destined to have, so he never felt proud.

Even though he knew that Cinema City had already been established, he didn't interfere. Since Era Films already had the resources of Golden Harvest from its previous life, there was naturally no need for them to create a new Cinema City.

Chen Guangliang said seriously, "But this culture is not profound enough or influential enough to be world-class. At most, it can only be called the Hollywood of Asia. Therefore, I have decided to acquire RTV and create a cultural brand for Hong Kong. Wensheng, you and your sister will form a company together to handle the acquisition of RTV's shares."

Chen Wensheng immediately said, "Among the shares of RTV, Rediffusion Holdings holds more than 60%, while the rest are held by conglomerates such as Jardine Matheson. However, there is a high possibility that Rediffusion Holdings will sell its shares, since the TV station is currently in a state of near collapse. Therefore, it is more cost-effective to acquire at least 50% of the shares and take control of RTV."

That makes a lot of sense. Trying to acquire all the shares from the start inevitably gives others the opportunity to raise the price.

"What's next?"

Chen Wensheng said, "Once we gain control, we'll have plenty of opportunities, whether it's diluting other investors' shares or buying them at low prices. If Father has a good plan, we can postpone it for a few years."

Chen Guangliang said, "It's alright. My plan will be implemented in the mid-1980s. After acquiring 50% of Rediffusion Television, Mengyi, you will directly become the general manager, and Wensheng, you will become the chairman of the board. Then we will reduce costs and increase efficiency. In this way, the other shareholders will inevitably be unable to hold on."

Why couldn't other shareholders stick to cost reduction and efficiency improvement?
It's very simple. Reducing costs and increasing efficiency will only decrease the TV station's market share, cutting off its own future. Naturally, people will see no hope and will be willing to sell their shares.

"Ok"

After receiving instructions from their father, Chen Wensheng and his younger sister Chen Mengyi quickly got to work.

Of course, Chen Wensheng also understood that his involvement was actually as an investor, while his father ultimately hoped to groom his sister to be the head of the cultural industry.

At this time, the younger sister was only 28 years old and had much less experience in acquisitions and integrations.

It’s Spring Again (1980).

Chen Guangliang, along with his wife Yan Renmei, returned to Shanghai Beach once again.

The "Chen Family Residence" located on Weihai Road has now become a "memorial hall," but it is not open to the public for the time being. The Chen couple can stay there. However, Chen Guangliang and Yan Renmei have never stayed there for even one night, as they still have some reservations.

Looking at the ginkgo tree planted more than forty years ago, Yan Renmei was filled with emotion, but in the end, she only held Chen Guangliang's arm tightly. She also realized that Shanghai Beach today was not the Shanghai Beach of the past, and she needed to be careful with her words and actions, even though her family did have many privileges.

Starting in 1977, in just three years, the Chen Guangliang family donated US$200 million to mainland China, something no other Chinese could do. Of this US$200 million, approximately US$70 million went to Ningbo University, and approximately US$60 million went to other universities in China, demonstrating Chen Guangliang's strong emphasis on education.

"Mr. Chen, Mrs. Chen"

Several elderly faces approached Chen Guangliang and his wife.

Chen Guangliang exclaimed with delight, "Abao, Ayi!"

These city government staff are all about sentimentality. They don't know where they found Chen Guangliang's former servants and subordinates, who are all in their seventies or eighties.

However, Chen Guangliang still remembers everyone!
In fact, he had hoped that these people would go to Hong Kong with him, but they were unwilling to leave for various reasons.

After all, between 1945 and 1949, Chen Guangliang could have easily led 10,000 people to Hong Kong. But in the end, he probably only took about 3,000 to 4,000 people (including family members).

Ah Bao, one of his former drivers, is now seventy-six years old.

Ah Yi, one of his former servants, is now eighty years old.
The slender Abao said excitedly, "Mr. Chen, you still remember me! I heard you've been to Shanghai several times!"

Chen Guangliang patted A Bao on the shoulder and said with a smile, "Yes, this is the fourth time I've returned to Shanghai. The first three times I left in a hurry, and it was really difficult for me to get any news about you."

Ah Yi remarked from the side, "Mr. Chen's memory is still so good!"

People spoke cautiously, and city government staff stood by, not wanting to say things like "I regret not going to Hong Kong," but those were words they would probably say countless times in their hearts for the rest of their lives.

A moment later, Chen Guangliang said with a smile, "Let's have lunch together and catch up. My wife and I aren't in such a hurry this time."

"well"

At noon, everyone gathered at the former Shangri-La Hotel, now the Jinjiang Hotel.

So far, neither the Chen family residence, the Shangri-La Hotel, nor the Ping An Bank Building have been damaged, which is a good thing.

Chen Guangliang had no intention of taking back the property; he would simply purchase new land for investment when the opportunity arose.

After dinner, Chen Guangliang and Yan Renmei went to the Bund. They first visited the former China Merchants Group building, since Chen Guangliang, as the former general manager of China Merchants Group, made significant contributions to China's shipping industry.

Afterwards, everyone strolled along the Bund, attracting the attention of some people—the suits stood out so much among the group of people in Zhongshan suits.

Looking at the scenery of the Huangpu River, Chen Guangliang was filled with emotion. Fifty years had passed in the blink of an eye, and he was now seventy years old.

wandering, wandering

The mighty river flows on forever.

All the things in the world are gone

It blends into a surging tide.
Everyone looked at Chen Guangliang, thinking that this capitalist was probably reminiscing about his past glory on the Shanghai Bund.

It's unbelievable, really. All the once-powerful figures of Shanghai Beach have passed away, but this one is not only still alive, but also looks only fifty years old.

When Chan Kwong-leung became famous, he was only in his early twenties, and when he was at the height of his power, he was still in his early twenties. Coupled with his current youthful appearance, this naturally gives many people a sense of shock – is he really the tycoon who was once the head of the Shanghai Bund?
That evening, Chen Guangliang and Yan Renmei chose to stay at the 'guesthouse'.

He put his arm around Yan Renmei and said with emotion, "We must try to live another thirty years and see what Shanghai Beach will become!"

Yan Renmei nodded and said, "It will definitely be better than it is now! I can see it in your eyes."

"Ha ha"

She may not understand the future, but she understands her husband. (End of Chapter)