Chapter 1111 Taotie, a good man(2/2)
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On July 2, Thailand announced that it would abandon the fixed exchange rate system and implement a floating exchange rate system, which officially ignited a financial storm throughout Southeast Asia.
The exchange rate of the Thai baht against the US dollar plummeted by as much as 17% on that day, and foreign exchange and other financial markets were in chaos. Under the influence of the fluctuations of the Thai baht, the Philippine peso, the Indonesian rupiah and the Malaysian ringgit have successively become the targets of attacks by international speculators.
With the pace of the IMF, Nanshi (foreign) entered Thailand, and followed the contract signed by the IMF and Thailand to merge with and acquire the targets selected by the Thai financial industry, especially some commercial banks, which provided superior investment conditions and acquired as much shares as possible. At the same time, Nanshi Bank established a branch in Thailand.
In August, Malaysia gave up its efforts to defend the ringgit, and the always strong SGD also suffered the impact. Although Indonesia is the country with the latest infection, it has been the worst hit.
In late October, international speculators moved to Xiangwu, pointing to the point of contacting the exchange rate system; Taiwan suddenly abandoned the New Taiwan dollar exchange rate, depreciating by 3.46% a day, increasing pressure on the Hong Kong dollar and Xiangwu stock markets.
On October 23, the Hang Seng Index fell 1211.47 points; on the 28th, it fell another 1621.80 points, falling below the 9,000 point mark. Faced with the fierce attacks of international financial speculators, the SAR government reiterated that it would not change the current exchange rate system. In the end, the Hang Seng Index rose, with another tens of thousands of points mark.
Then in mid-November, a financial crisis broke out in South Korea. On the 17th, the exchange rate of the won against the US dollar fell to a record 1008-1; on the 21st, the South Korean government "had to" ask for help from the IMF to temporarily control the crisis.
But on December 13, the exchange rate of the won against the US dollar fell to 1737.60 to 1; from January to March of the following year, South Korea launched a donation campaign. The Korean won crisis also impacted the Japanese financial industry, which invested heavily in South Korea, and a series of banks and securities companies went bankrupt one after another, turning the Southeast Asian financial crisis into an Asian financial crisis.
During the period of great depreciation of the Korean won, Nam Yi was in Seoul and personally deployed an industrial encroachment plan. Nanshi Finance carried out mergers and acquisitions in the financial industry. The New Miracle Group's finger pointed directly at the industry and merged a large number of small and medium-sized enterprises at a bargaining price.
Although the strength of the South Korean consortium was also damaged in the depreciation of the Korean won, compared with other small and medium-sized enterprises, they have the support of the Blue House. The strength limited to South Korea has not declined but increased. South Korea has embarked on a path of more concentrated wealth. The entire society has shown a "Nine-Nine" pattern, with 10% of the rich plus 90% of the poor, and has continuously strengthened the pseudo-concept of "middle class".
Reflecting on this, Thailand and South Korea suffered huge losses due to short selling of international hot money. At the same time, the reduction in exchange rates has also loosened the "exports", and the deep-seated strategic goals of the two countries have been achieved.
Compared with Thailand, South Korea's strategy is more successful. The infamy is carried by the IMF, and the financial reforms are implemented smoothly. The huge debt is distributed to every South Korean people, and they are willing to do so. For a regime, there is no problem with the "stability" of the people under the rule. Instead, the patriotism in the entire South Korea has risen unprecedentedly.
Of course, South Korea has gained deep benefits and is naturally inevitably beaten by the IMF.
Starting from December 5, South Korea revised the Foreign Investment Management Law to relax capital market control and implement liberalization; and opened the securities market to foreign capital. Taking these two rules, PY Securities moved around to Seoul through the US$1.75 billion earned by shorting the Thai baht.
The proportion of foreign capital in domestic enterprises increased from 25% to 50%, providing a larger market for Japanese products (the benefits that make Japan not bet). Taking these two lines, Snow Mountain Trust drove a night market. After Nanshi and a group of Wall Street capital swallowed the fat meat into its stomach, it came to pick the leftovers and eat some relatively fat.
There is no way, no intelligence agency needs to take action. You can find out the connection between Xueshan Trust and Nanshi with a little snack. If Xueshan Trust comes early in the morning, it will be suspected of eating double portions, and it is difficult not to be targeted.
Moreover, Nan Yi also needs to take into account the idea that Scarlett and Nanyouqiu have the best intentions, and always have a certain degree in doing things.
During the Spring Festival in 1998, Nanyi stayed in Seoul before returning to the capital for the New Year, and participated in the dismantling and splitting campaign of Taixing.
Regarding the other industries of Taixing, Nanyi represented Pan American Investment and Investment unmoved. He sat down and watched Volvo take over the heavy industry department, SC Johnson took over the pharmaceutical department, General Electric took over the lighting department, and waited for Taixing Electronics. In the winter, he rolled up his sleeves and went up to work, throwing loan contracts at the negotiating table. If he wanted to fight, he would help Taixing pay back the debt first.
Not to mention, there are really people who help pay it back. At this time, the valuation of Minxing Electronics was not high. If Nanyi was asked to convert all the loans into debt-to-equity, Minxing Electronics would directly become a subsidiary of Pan American Investment.
After several days of negotiations, Pan American Holdings finally held 6.27% of the shares, Scarlett Fund 3.15%, and the others were divided by 76 institutions. The total number of shares directly registered under the name and scattered in the "Cross Holding Network" was only single digits.
But this digit share is a dual major shareholder in actual and nominal form, firmly grasping the controlling rights and voice.
This is intentional. The reason why Wall Street Capital is competing for the Star is that it is optimistic about the prospect of Star under the control of the Li family. If the Li family is kicked out, what's going on?
This is true. At this time, the market that is not unique and has left its competitors far behind, and there are few patents that can reach the world's leading level. They are technically suppressed by Japanese semiconductor clusters and can only barely be ranked in the second tier of the world.
After the Star is over, it is Daewoo. It is still on the "never bankrupt" list of Blue House. Only the automobile department can think of it, but with General Electric, everyone else has to stand aside.
Daewoo, which was finally worth $6 billion, was sold to General Motors for $400 million, and General Motors also bears Daewoo's debt.
The immediate benefits of this deal are not high, and the long-term benefits are quite promising, but there is a major premise that only automobile giants like General Electric and Volkswagen can play.
The telecommunications industry, Nanshi, did not squeeze in. Motorola acquired all the shares of Appeal Telecom, British Telecom obtained most of the shares of Postal, and Canada Bell cut off part of Han Song of the telecommunications industry.
In the banking industry, the Nanshi fought hard, and together with other commercial banks, the National Bank accounted for 77.77% of the National Bank, the Foreign Exchange Bank was 73.64%, the Asian Bank of Korea was 73.45%, the Xinhan Bank was 63.15%, and the First Bank's 51% shares.
The food and beverage industry, together with companies such as Coca-Cola, Seagram, Nestlé, Interblue, Novartis, Carrefour, Tesco and Yilixin, are crazily harvesting...
For South Korean chaebols, life has not changed much. They should eat and drink, but their wealth has shrunk a certain amount. However, their debt ratio has decreased, while the concentration of assets and wealth they control has greatly improved. They have unloaded their burdens and started to fight lightly. They have taken great strides to expand overseas based on their own monopoly.
For others in South Korea, life has changed dramatically, including salary cuts, unemployment, loan cuts, and living standards have been greatly reduced in a short period of time. The beef soup that frequently appeared on the dining table before, pork belly has become a rare thing, and only kimchi can be used to serve meals.
In the economic downturn, Xinmiji Agriculture was not affected much, while Nan’s father’s kimchi and ramen sales rose by 27.4% and 31.9% respectively.
At the same time, according to the old tradition of the Nan family, Xinmiji Group gave its employees the first inflation salary increase to ensure that the living standards of employees are not reduced too much due to the depreciation of the Korean won.
It has to be said that this salary increase is more than you pay. New miracle employees can see that their neighbors' living standards have declined, and they can often hear news that the elderly commit suicide in order not to drag down their children. In the collective downward environment, their living standards are rising, and their cohesion for the company has naturally increased a lot.
In addition, before the crisis came, Nanyi and Nan Jiajun had already discussed "disaster relief" - Xinmiji Agriculture will bring a certain amount of pork, beef, fruits, vegetables, rice and flour every day to set up sites in various residential areas of Seoul. There is no restrictions, and anyone can collect it until it is distributed.
Of course, these scenes will be recorded by TV stations and newspapers. Nan Jiajun also took the opportunity to appear in the TV camera, deeply expressing his love for this land, and also declared the "Republic of Korea" attributes of the New Miracle Group, which attracted a lot of attention and gained the favor of many potential consumers.
Until mid-April, when the Nan family's aid operation in South Korea ended, Nan Yi stepped down as a volunteer and quietly left Seoul, hiding his merits and fame.
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If the content of this chapter is written in detail, it is impossible to handle it without 200,000 words. It will continue to go down the water and it can only be explained in one stroke. The next chapter will be quickly promoted, and this article has officially entered the final stage.
The new book is already working on the outline, and it is planned to write about 2 million words and write a short story to complete within one year.
Chapter completed!