**Chapter 117 – Following Li Ka-shing's Path**
"Li Ka-shing and Pao Yue-kong."
As Lin Baicheng watched Pao Yue-kong fall silent, an idea suddenly came to him. "Mr. Pao," he began thoughtfully, "if I remember correctly, you're on the board of HSBC, aren't you?"
"Hm?"
Pao looked at him with mild confusion, not quite sure why Lin had brought that up, but he nodded. "Yes, that's right. I've been an HSBC director for several years now."
Lin leaned forward, his tone serious. "Then let me ask you this — you've been wanting to acquire Wharf Holdings, haven't you? Would you be willing to pay a certain price for it?"
"That's right," Pao said carefully. "As long as that price isn't something unreasonable, I'm willing."
Seeing Pao's earnest response, Lin smiled faintly. "Then listen to a proposal I have. It all depends on whether you'll find it acceptable."
The idea had come to Lin in a flash, inspired by memories from his previous life. "You know Hutchison Whampoa, right? The company formed from the merger between the old Hutchison & Co. and the Whampoa Dockyard. It's currently controlled by the Keswick family of Jardine Matheson. But from what I've heard, the Keswick family only holds around 20% of Hutchison Whampoa's shares. HSBC, as the company's major shareholder, owns roughly the same — about 20%."
Pao nodded and added, "HSBC holds nine million shares, which amounts to 22.5% of Hutchison Whampoa. I'm not sure of the Keswick family's exact figure, but it's around 20%, certainly not more than HSBC's."
Lin continued, "Here's my suggestion: I hope you can use your position at HSBC to persuade them to sell me all their shares in Hutchison Whampoa. In return, I'll sell you my shares in Wharf Holdings and Canjiang Industries. That way, we both benefit. What do you think?"
This was precisely the strategy Li Ka-shing had used in Lin's previous life — and Lin saw no reason he couldn't replicate it. He might not enjoy the same special treatment Li had received — HSBC had famously sold the shares at half price and even allowed Li to pay only 20% upfront — but Lin didn't need those favors. He was far wealthier now than Li had been back then. He could afford the entire purchase outright.
He didn't need HSBC's generosity, only their willingness to sell.
To Lin, acquiring Wharf wasn't a necessity — Hutchison Whampoa was just as good, if not better. In terms of property, Hutchison was the true "landlord" of Hong Kong, holding far more real estate than Wharf. Its potential in real estate development alone made it an even more profitable long-term play.
Of course, the company's scale came with problems. Hutchison Whampoa once controlled over 300 subsidiaries — perhaps now only a hundred or two — but it was still sprawling and unfocused. Worse, its predecessor, Hutchison International, had made reckless investments funded by debt. When the oil crisis hit a few years ago, the market crashed, the company went under, and it was forced to sell a controlling stake to HSBC for HK$150 million — a fire-sale price.
"HSBC really took advantage of that," Lin said with a knowing smile. "Hutchison had only wanted a loan, but HSBC refused and offered only equity investment. At the time, the global economy was in crisis — no other bank would lend them money. They had no choice but to sell a chunk of the company. HSBC practically robbed them in broad daylight."
Pao furrowed his brow, thinking. Of course he knew Hutchison Whampoa. As an HSBC board member, he'd even considered buying in himself. He could have done so easily, given his connections. But in the end, he'd walked away. The company was too complex, too indebted, too risky. One misstep, and it could swallow billions of dollars.
Wharf Holdings, on the other hand, was smaller, more focused, and perfectly aligned with his interests — far safer.
"On principle," Pao finally said, "I don't have an objection."
That was good news for him — he could still gain control of Wharf without paying a premium. "However," he added, "I'm only one director at HSBC. Whether this deal can happen depends on Sir Sandberg's attitude. I can try to mediate, but I can't promise success."
Lin nodded. "That's fair. It's the most mutually beneficial solution I can think of. Otherwise, we'll end up competing for Wharf and risk losing it altogether."
"Agreed," said Pao. "I'll do my best to convince Sir Sandberg."
Lin smiled appreciatively. "Then I'll be waiting for your good news, Mr. Pao."
Pao smiled in return. "One small favor, though. While I'm speaking to Sir Sandberg, I'd appreciate it if you'd temporarily hold off on buying more shares of Canjiang Industries — and refrain from joining its board, for now. Think of it as giving me some face."
"Since you put it that way, Mr. Pao, of course I'll give you that courtesy."
Lin laughed and agreed easily. After all, he already owned about 20% of Canjiang's stock. Waiting a while wouldn't hurt.
Pao was visibly pleased. "Excellent. I'll find the right moment to discuss this with Sir Sandberg. Hopefully, we can reach an agreement. I'll keep you informed."
"I'll be looking forward to your news," Lin said, raising his teacup in salute.
Though Li Ka-shing's earlier scheming had disrupted Lin's original plan to acquire Wharf, perhaps fate was steering him toward something even greater — Hutchison Whampoa, a company far larger and more influential.
Wharf was certainly valuable. But Hutchison Whampoa? That was a true prize.
After parting ways at the Peninsula Hotel, Lin returned to his office and immediately called in Cheng Yufeng to relay everything that had happened.
He wanted Cheng's perspective. Lin didn't believe his plan was flawed, but it never hurt to hear other opinions — especially from someone as capable and well-educated as Cheng.
Of course, that didn't mean Lin would blindly follow advice. He was, after all, a man reborn. When he had insisted on going long on gold earlier, Cheng and the others had called it too risky — yet Lin knew it was a sure win.
In matters of business, as in life, Lin Baicheng always trusted one thing above all: his own judgment.