"Chairman Zhao, Wantang."
The voice of Chen Xi was the first to break the silence of the office.
Her tone was as calm and professional as ever, but upon listening carefully, she felt a little more prepared and solemn than usual.
"The preliminary calculation of Subscription Plan has been completed and requires your final review."
"Sit."
Zhao Chen nodded and turned his attention to the device Chen Xi was connecting to.
Su Wantang did not go to the guest chair opposite the desk, but naturally sat on the sofa on the side--
A position where she can clearly participate in the discussion without interfering with the main proceedings, which demonstrates her special status and tacit understanding.
Chen Xi skillfully connected the tablet computer to the conference projection, the screen lit up, and the complex Equity Structure Diagram, Cash Flow Projection Model, and Stock Price Sensitivity Analysis Table were arranged in sequence. The data was dense but clear.
She quickly moved and highlighted the core conclusion page.
"Based on the closing price of 7.35 Hong Kong Dollar per share on February 3,"
The voice of Chen Xi is clear and smooth, and the red dot of Laser Pointer accurately lands on the table title in the center of the screen.
"And in accordance with Hong Kong Stock Exchange<Listing Rules>'s general guidance on Rights Issue price discounts--
It is usually not allowed to exceed 20% of the benchmark price (such as the average closing price of the last five trading days before the announcement), and we have conducted multiple rounds of deductions."
Laser Pointer slides down, pointing to a set of bold digital ranges.
"The best plan has emerged: set the Rights Issue price between 5.88 Hong Kong Dollar and 6.24 Hong Kong Dollar. Within this range, based on the existing total share capital, implementing the '10 for 4' plan is expected to raise approximately 940 million to 1 billion Hong Kong Dollar for the company."
She paused intentionally for two seconds. The number fell heavily into the air, making the atmosphere in the room seem a little more solemn.
Su Wantang's eyes quickly swept over the numbers, and he began to silently calculate the share that he needed to deal with, and his eyebrows frowned slightly.
Laser Pointer of Chen Xi continues to move and falls on the next row of more critical data:
"Under this pricing, for Mr. Major Shareholder Zhao Jianguo, who currently holds 40.2% of the shares, if he wants to fully exercise his subscription rights in order to maintain his shareholding ratio without being diluted..."
The red circle locks several numbers firmly, "The cash that needs to be used is about 376 million to 400 million Hong Kong Dollar."
Finally, a line of conclusion, specially marked in red and enlarged in font, appeared with a shocking meaning:
"After comprehensive calculations, the peak value of Offshore Trust currently controllable by Lin Wanqing is about 420 million Hong Kong Dollar, and Mr. Zhao Jianguo's personal available cash is less than 50 million Hong Kong Dollar.
This plan will accurately consume most of it, and even all of it can be used Cash Reserves."
The office fell into a deep silence, with only the low sound of the central air conditioner blowing.
Zhao Chen's body leaned forward slightly, his eyes like the most sophisticated scanner, looking over and over at that line of red conclusions.
His fingers unconsciously tapped lightly on the smooth solid wood tabletop, making an almost inaudible "click, click" sound, which was his habit when he was deep in thought.
Zhang Qingxue and Chen Xi exchanged looks and waited patiently.
Su Wantang quietly looked at Zhao Chen's side face, reading from the corners of his slightly pursed mouth and slightly contracted pupils, the balance and decisions that were running rapidly under the calm surface.
"Exquisite."
About half a minute later, Zhao Chen finally spoke and leaned back into the chair. There was not much emotion in his voice, but a sharp hint of appreciation flashed in his eyes.
"376 million to 400 million... This range is like a caliper, right at the throat of her ability.
If there is a little more discount, although the financing amount will increase, the pressure on the stock price will increase, which may force her to give up the subscription in the first place, causing us to lose the opportunity to consume her ammunition;
If it were less, she would have room to breathe, and she might even be able to do some tricks with ease."
He raised his head and glanced at Zhang Qingxue and Chen Xi: "How many times have the underlying data and deduction process of the calculation been reviewed?"
"Three independent teams completed modeling and calculations back-to-back, using the same basic data sources, but the assumptions and verification logic were independent."
Zhang Qingxue immediately connected, took out a tightly bound thick document with "Top Secret" printed on the cover from Briefcase, and pushed it in front of Zhao Chen.
"As a result of cross-checking, the error rate of key data is controlled within three thousandths.
In addition, we also simulated the possible extreme fluctuation scenario of ±15% in the stock price before and after the announcement. This pricing strategy still holds true under the stress test, and the financing safety cushion is sufficient."
Zhao Chen took the report and quickly but carefully read the core chapters.
The charts are professional, the logical chain is clear, the risk warnings are comprehensive, and contingency plans for sudden black swan events in the market are even considered.
Zhang Qingxue's legal rigor and Chen Xi's financial acumen have become like the twin cores of a precision instrument.
"So, where are our own subscription funds?" He closed the report and asked the most critical question.
Chen Xi is already prepared. Switch to the next slide, which shows a clear analysis of the funding gap.
"Based on the fact that you and Wantang jointly hold approximately 30% of the shares, we need to prepare approximately 282 million to 300 million Hong Kong Dollar in cash."