Chapter 357 A Storm is Brewing, a Complete Defection

But they had no idea that things weren't as they thought.

Just as everyone was getting ready to watch the show, the shipping magnate suddenly held a press conference, announcing that he now owned more than 35% of Wharf Holdings' shares.

This completely stunned the Jardine Matheson Group, which had initially thought that the Morning Light Group was up to something.

Why is it that the shipping magnate is making the move? What is the Morning Light Group doing?

Fortunately, to prevent the Morningside Group from gaining control, they proactively increased their stake in Wharf Holdings, from over ten percent to over twenty percent. This wasn't actually that far off from the shareholding of the shipping magnate.

At this point, the Jardine Matheson Group directly used its subsidiary, Hong Kong Land Group, to issue a statement saying it was willing to exchange HK$97 for Wharf Holdings shares worth HK$77, aiming to increase its shareholding ratio.

Not to be outdone, the shipping magnate offered an even higher exchange rate and spread rumors that Jardine Matheson, to which Hong Kong City Land Group belongs, lacked sufficient financial resources and would likely be unable to fulfill their promises in the future.

It's more reliable to choose a local, more trustworthy company like the "Shipping King". Moreover, the exchange rate for "Shipping King" shares is higher, reaching 105 yuan per share.

As a result, almost everyone in Hong Kong who held Wharf Holdings shares sided with the shipping magnate.

Because they all knew very well that what the shipping magnate said was true. Jardine Matheson had been poorly managed in recent years, which was why the original Wharf Holdings stock had been consistently undervalued, even dropping to just over ten dollars per share at its lowest point.

Given that the shipping magnate has always had an excellent reputation in Hong Kong, this battle is almost a foregone conclusion!

At this point, all the pressure was on the Jardine Matheson Group. They had to settle the score in the battle for Kowloon Wharf…