Transcription
Hello everyone, Thursday, May 21st. Today is the first segment. Mr. Li Zeju and the children came out to speak. The news department has Mr. Li Zeju. This is the venue. As for the children, Mr. Li is the shareholder meeting of Hutchison Telecommunications Hong Kong. Compared to that, today, Mr. Li Zeju, what he said was more attractive to me, and also inspiring. However, it must be said that what the children said today is actually quite down-to-earth and has some humor. Why? What did he say that was so down-to-earth and humorous? Because at the shareholder meeting of Hutchison Telecommunications Hong Kong, some small shareholders asked, saying, "Hey, hey, are you a citizen? That person said, "When is the next concert?" And even, you said, can you, as a small shareholder of Hutchison Telecommunications Hong Kong, get tickets for the Mirror concert? Well, you said, he answered very seriously. First, he said, "When will the concert be held? Related colleagues will announce it." And so on. As for whether small shareholders can get tickets, he said, "No." He said that the most important thing for holding a concert is whether the sponsors make money or not. Therefore, small shareholders of Hutchison Telecommunications Hong Kong cannot buy tickets preferentially. Sorry. Well, wow, he answered quite seriously and quite honestly. So I think this attitude is worth encouraging. Even at the meeting, someone asked him about the World Cup. It is also a very down-to-earth and interesting topic. Some small shareholders are worried because they see that bars have decided not to broadcast the World Cup this year due to time issues. They are worried that Hutchison Telecommunications Hong Kong and TVB have bought the World Cup broadcast rights, will they lose money? Well, it's the small shareholders. You said that he is confident about buying the World Cup broadcast rights. Let's wait and see. So, aren't these topics very down-to-earth and interesting? As for what is more attractive to me and more inspiring, it is what Mr. Li Zeju said. What did you say? Well, this matter started with the merger of ParknShop and Watsons. Let's start with that. Everyone remembers that in mid-April, there was a report that CK Asset was negotiating with Hutchison Whampoa. If CK Asset wanted to buy ParknShop and then merge it with its own Watsons, they were negotiating this news. When it came out, it was very shocking. Because before this news came out, I believe no one would have thought that ParknShop and Watsons would have the opportunity to merge. They are competitors, arch-rivals. Why would there be such a possibility of merger? However, although this report came out, everyone knew that there was still a long way to go, a very long way to go. But he told everyone that things that people never thought would happen can happen, and there is a chance for them to happen. The merger of the two supermarkets has caused discussion. Today, at the shareholder meeting of CK Asset, the senior management for the first time officially stated that at this stage, there are no plans to sell ParknShop. However, it must be emphasized that this statement was not made by Chairman Li Zeju, but by CK Asset Managing Director, Mr. Li Ka-shing. He said at the shareholder meeting, "We usually do not comment on market rumors. However, there are currently no plans in this regard. There are really no plans to sell ParknShop." Mr. Li Ka-shing also said that he wanted to take this opportunity to praise the colleagues of ParknShop. He said that the colleagues of ParknShop, in a fiercely competitive market environment, are still doing their best to strengthen procurement and improve services for customers, so that everyone can have good value for money when shopping in Hong Kong. Well, this is what senior management, Mr. Li Ka-shing, said at the shareholder meeting today. This is also the first time that CK Asset has officially responded to the issue of selling ParknShop, the merger of ParknShop and Watsons. Because before the report, they did not have an official response, but of course, the news had some sources saying this and that. But there was no official response. This is the first time. Hearing his statement today, I immediately thought of someone. It's not that it has nothing to do with me, but I thought of Mr. Wong Chi-keung of Hong Kong TV. Why did I think of Mr. Wong Chi-keung? Because the statement made by CK Asset's senior management today seems to be responding to Mr. Wong Chi-keung, and it is targeted. Mr. Wong Chi-keung's Hong Kong TV is currently doing something. Last week, he also explained on social media why he was doing this. He cited the merger of the two major supermarkets. He said that the two major supermarkets are rumored to be merging, and he has heard from his friends that the merger is expected to be completed soon. It is said that Hong Kong will have a giant supermarket with a market share of 50%. His Hong Kong TV is trying its best to increase its market share from 10% to 20%, otherwise all Hong Kong people will lose. He said that if the two major supermarkets merge like this, it will be harmful to all suppliers, consumers, and other major competitors. He also joked on the online news, "Perhaps the colleagues of ParknShop should be on the same boat as me." This sentence means that if the two major supermarkets merge, then someone might have to be laid off, and will be fired. So he posted such an article online. And today, the senior management said, "There are no plans to sell ParknShop at the moment, and he has said some words to comfort the colleagues of ParknShop." So, don't you think it's a response to what Mr. Wong Chi-keung said last week? When I heard him say that, I felt like he was responding to Mr. Wong. What everyone is most concerned about is: Is what CK Asset's senior management said today true? Will ParknShop and Watsons definitely not merge? Absolutely not. There are several reasons. First, what CK Asset's senior management said today, the key word is "currently." "Currently, there are no plans." What about tomorrow? The day after tomorrow? The end of this year? Next year? So, he only said "currently," right? Who knows about the future? This is the first point. Second, CK Asset's senior management did not deny that they are negotiating this transaction. If they did not deny that they are negotiating this transaction, it means that this discussion has not been terminated. So, as long as the negotiation is not over, any possibility can exist. Of course, it is unlikely to be successful. I don't think we should underestimate the difficulty. But there is also a chance of success, right? So, it's not that ParknShop will definitely not merge. I'm not saying it will happen soon, because as I said before, there are many considerations for deciding whether to buy or sell, including cash flow, political factors, and so on. I think it's a multi-faceted consideration. But as long as the negotiation continues, no one knows. Any chance can exist. This is the second point. So I won't say that ParknShop will definitely not merge. As for the third point, I also remind everyone that the CK Asset senior management who spoke today is not Mr. Li Zeju. Although you were in the same occasion, at the shareholder meeting, this statement was not made by him. In fact, you said something else at the shareholder meeting. By putting these together, everyone can get a more complete picture of what you said. CK Asset has sold a lot of assets this year, including the UK electricity business. You said that the recent major transactions are all because of the price. The word "price" is very critical. Let me go back a bit. In April, when the media reported that CK Asset was negotiating with Hutchison Whampoa, whether ParknShop and Watsons supermarkets would merge. After that, the Hong Kong media followed up. Among them, Mr. Li Ka-shing's news said that he admitted that they were negotiating. He said that the matter was initiated by them. But for CK Asset, they felt that the price offered was not attractive. So, although they were negotiating, if they really wanted to sell ParknShop, it would take a long time. Similar to a report from Sing Tao. If you put this in today's context, the most important thing when buying assets is the price. And now, it is obvious that the price offered is not suitable for a low price. So, it will not be like this. You said that if, for some reason later, an attractive price is offered, then it might be another matter. So, I think that today, we cannot rule out this possibility. I am not saying that I predict it will happen. I am just saying that there is a possibility of change, and there is a possibility of merger. However, besides the word "price," he also talked about some business philosophy at the shareholder meeting today, which I think is very inspiring and can be shared with everyone. He said that the global environment is becoming more and more complex and difficult to predict. In a cash-strapped environment, the more you need to stand firm. In a nutshell, cash is king. He said that CK Asset has always maintained strong financial prudence and a very low debt-to-equity ratio. He said that this prudent strategy gives them a strong advantage in dealing with the market. From another perspective, as soon as there is an opportunity, they can act immediately. He emphasized that the most important consideration for every investment decision made by the group is the quality, stability, and return of the project. The most important thing is to calculate correctly. CK Asset has always chosen projects, not investment locations. As long as there are high-quality assets with attractive returns, whether in Hong Kong, mainland China, or overseas, they will invest. The most wise words are: opportunities must be waited for, and cash is king. These 12 words are the most inspiring in the end. Doing business is like this, and living is also like this. These words are universal. Of course, of course, of course. Of course, some people might say, "He is the son of Mr. Li Ka-shing, born with a silver spoon in his mouth. With such a large fortune, of course he can make cash king." But there are still many people in this world who cannot make ends meet, and cannot even afford to eat. How can they make cash king? Well, well, I think everyone should do what they can. Who told you to compare your own bag with his son's? Of course, you can't compare. But everyone can use these 12 words within their own scope. Opportunities must be waited for, and cash is king. Opportunities must be waited for, which means having patience. When the opportunity really comes, you must know how to seize it. Don't let it slip away when it's at your doorstep. So, cash is king. In conclusion, it is for those who are prepared. In the long process of waiting, you are not sleeping or wasting time. You are accumulating something. Whether it is money or skills, when the opportunity really comes, you will have the ability to seize it. So, I think these 12 words are worth everyone's reference. You see, as I said, we should not compare ourselves with him. Who can compare with him? It's probably the people in New World. If you compare, you will feel the key to "opportunities must be waited for, and cash is king." So, everything should be viewed this way. In fact, you can see that in recent years, CK Asset has faced many challenges. From a few years ago when Mr. Li Ka-shing stepped down to today, being involved in the current scandal, it has been a wave after wave. But why can they stand firm? It is because of their foundation. And this foundation is accumulated bit by bit. In the storm, in the waves, they are still there, whether you like it or not, they are still here, because of their foundation, their strength. This is true for individuals, for businesses, and for everything. This is very important. So, these 12 words, "Opportunities must be waited for, and cash is king." Everyone, let's talk about it here. Goodbye.