Water and Flames

Chapter

WAF CH31

by DewdropTL — Shortly after, Fanhai received approval from all relevant regulatory bodies in both China and the UK and extended the offer period. At this point, the only remaining condition for the tender offer was "acquiring at least 50% + 1 share of the equity." Qinghui modified its tender offer, removing the discriminatory clauses directed against Fanhai. Immediately after, just when major media outlets universally believed Qinghui would emerge victorious based on price alone, Fanhai Group suddenly launched an…
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Chapter

WAF CH30

by DewdropTL — In late October, Fanhai Group issued another tender offer to Saint Games' shareholders at a price far higher than the previous one, this time with attached conditions: first, securing regulatory approvals from both countries, and second, acquiring at least a 50%+1 majority stake, ideally exceeding 90% to complete the privatization of Saint Games—under the laws of both countries, once a entity holds over 90% of shares, it has the right to initiate a squeeze-out and forcibly acquire all remaining…
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Chapter

WAF CH3

by DewdropTL — For the subsequent period, the merger between Kunpeng and Huawei fell into a complete deadlock. Neither Fanhai, as Kunpeng's investor, nor Qinghui, as Huawei's investor, was willing to yield on the critical question of who would assume the role of CEO. Zhao Hanqing made several trips to Shanghai. Kunpeng was based in Beijing, while Huawei was in Shenzhen. To demonstrate mutual sincerity, both parties had agreed to set the negotiation venue in a neutral third-party city. Furthermore, to ensure absolute…
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Chapter

WAF CH29

by DewdropTL — Just a few days after poaching Zhang Li, Qinghui and Zhou Chang caught Jing Hong's side completely off guard with another product. When it came to that specific product line, Fanhai and Qinghui had originally maintained a north-south divide—Qinghui dominated the north while Fanhai held sway over the south—living in peaceful coexistence for years. Recently, however, Qinghui Group achieved a breakthrough with its product technology. On the very night they rolled out the brand-new version, Zhou Chang…
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Chapter

WAF CH28

by DewdropTL — One day in late July, the due diligence process officially was settled. Fanhai's tender offer took effect, kicking off a month-long acquisition window. Because Saint Games' board of directors covertly advised major shareholders to retain their shares, and because Fanhai's offer price couldn't match those offering several-hundred-percent premiums, not many shareholders ultimately accepted the offer and sold their shares. By the time the tender offer expired, Fanhai held a total stake of 31%. As a…
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Chapter

WAF CH27

by DewdropTL — A few days later, Zhao Hanqing reported back to Jing Hong on Saint Games' progress. Fanhai Group refused to commit to no future share increases. Meanwhile, the Saint Games board of directors found themselves completely powerless against the invasion of Qinghui Group—the "barbarians at the gate"—because Qinghui's offer was genuinely high, and the individual shareholders were quite eager to sell. Ultimately, after several rounds of negotiations, both sides adjusted the "no further share increases"…
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Chapter

WAF CH26

by DewdropTL — After that, Fanhai and Qinghui enjoyed a fairly long period of peaceful coexistence, until one day when Zhao Hanqing, the head of Fanhai's investment department, came to seek Jing Hong's guidance once again. "President Jing," Zhao Hanqing asked, "are you familiar with a company called Saint Games?" Jing Hong nodded. "I am." Saint Games was one of the most prestigious gaming companies in the world after the year 2000. Headquartered in San Diego, California, it had gone public on NASDAQ several…
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Chapter

WAF CH25

by DewdropTL — Throughout the entire morning after parting ways, Jing Hong and Zhou Chang were separated. Zhou Chang attended a sub-forum on cloud computing, while Jing Hong attended another. They met again when having lunch in the hotel restaurant. This time, each brought several subordinates and sat at separate tables. They only glanced at each other from a distance, neither greeting the other. The hotel served Western food for lunch. Zhou Chang realized that during the meal, his gaze unconsciously drifted…
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Chapter

WAF CH24

by DewdropTL — After arriving at the hotel, Jing Hong realized that neither he nor Zhou Chang had chosen the official hotel. Instead, by coincidence, they had both checked into a different one. The hotel they selected was located at the intersection of the two rivers, boasting an exceptional view. It had only two luxury suites, both on the top floor; Fanhai and Qinghui had each booked one, so their suites were right next to each other. After sleeping a night at the hotel, Jing Hong left early the next morning to…
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Chapter

WAF CH23

by DewdropTL — With Fanhai powerless to reverse the situations regarding Xindong Media and Feichi Motors, Jing Hong naturally put them out of his mind. A few days later, Jing Hong had to travel to Chongqing to attend a highly important event—the China International Intelligent Industry Expo, commonly known as the "Smart China Expo." The Smart China Expo was jointly hosted by over a dozen ministries and commissions, including the Ministry of Industry and Information Technology, the National Development and Reform…
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