The merger of the Wu brothers' financial holding companies has been long rumored, and it seems that it is not groundless.
brothers climbed the mountain and met on the top of the mountain. 20 years ago, Xinguang Financial Holdings announced a merger with Taiwan New Financial Holdings, but it was suspended just one week later. After 20 years, the "Golden and Gold" of Xinguang has finally been revealed. It has hired Goldman Sachs as a financial consultant and has taken another substantial step.
hired Goldman Sachs as an advisor, and the Wu brothers started "Golden Gold"
Xinguang Financial Holdings Shareholders' Meeting
According to the Taiwan media "Business Times" report on September 5, the merger of Xinguang Wu family's two brothers Wu Dongjin and Wu Dongliang's new financial holdings and Taiwan's new financial holdings may launch a merger and acquisition action again.
According to reports, Xinguang Financial Holdings has hired Goldman Sachs as a financial advisor on whether to initiate a merger and acquisition action and whether to propose a merger invitation to Taiwan New Financial Holdings. The company's board of directors, which will be held on September 26, will discuss Goldman Sachs' evaluation recommendation report.
The other party, Taiwan New Financial Holdings, stated that if the merger negotiations are officially launched, it will hire EY and others as financial consultants to actively evaluate the relevant merger methods. One is a love for the husband and the other is a concubine. From this point of view, the merger of two financial holding companies that have been delayed for 20 years may start again.
On June 25, 2002, Xinguang Financial Holdings and Taiwan New Financial Holdings announced a merger, but on July 3 of the same year, Xinguang Life Insurance had to increase its reserve of NT$419.6 billion and reduce capital increase, the merger was announced to be suspended. From then on, the Wu brothers continued to climb the mountain in the hope of meeting at the top of the mountain in the future.
Former Xinguang Financial Holdings Chairman Wu Dongjin
By November 2020, there were rumors in the market that Wu brothers and Chairman of Xinguang Financial Holdings Wu Dongjin expressed the possibility of "government of the people" to Gu Lixiong, the chairman of the "Xinguang Financial Holdings Council", but at that time, Xinguang Financial Holdings and Taiwan Xinguang Financial Holdings did not comment.
On May 20 this year, the board of directors of Xinguang Financial Holdings passed the establishment of a research group on the possibility of merger with financial holding companies such as Taiwan New Financial Holdings; the board of directors of Taiwan New Financial Holdings held on June 2 also passed the establishment of a research group on the possibility of merger with Xinguang Financial Holdings. At the Xinguang Financial Holdings board meeting, which will be held on September 26, the merger assessment report of financial adviser Goldman Sachs will be discussed, and the next step will be decided, including the subsequent merger process.
Former Xinguang Financial Holdings Chairman Wu Dongjin recently listed three conditions for merger: (1) The merger must be considered in the best interests of Xinguang Financial Holdings, and Xinguang Financial Holdings shall lead the merger or continue to operate independently; (2) The merger process should be legal and compliant. After signing the relevant letter of intent, the independent directors shall establish a special committee to evaluate; (3) If the merger object is Taixin Financial Holdings, the three directors of Xinbo Co., Ltd. shall be avoided.
On June 28 this year, the Taiwan Stock Exchange issued a heavy message saying "boasting" or "class advertisements" by Xinguang Financial Holdings. The two financial holding companies each fined NT$100,000. Huang Tianmu, the current chairman of the "Xinjin Administration", said in mid-July that he had not received any definite news about the "Jinjinbing". Some observers believe that Taiwan New Financial Holdings has made preliminary explanations to the bank management institutions, while Xinguang Financial Holdings believes that it needs to wait for the results of the research plan to be released and that it will report to the competent authority "Finance Management Council" when the next action is taken.
Taiwan New Financial Holdings Chairman Wu Dongliang and Peng Xuefen (Chinese)
Xinguang Wu Family is one of the famous financial holding families on Taiwan Island and one of the "Wu Gu Caihua". Among them, Xinguang Financial Holdings, controlled by Wu Dongjin, the eldest son of Wu Huoshi , founder of Xinguang Group, was established on February 19, 2002. Its subsidiaries include Xinguang Life Insurance, Xinguang Bank, Xinguang Investment Credit, Xinguang Jinbaodian , Xinguang Jin Venture Capital and Yuanfu Securities.
Xinguang Financial Holdings headquarters building is the landmark opposite Taipei Railway Station - Xinguang Life Insurance Skyscraper . Xu Peng, chairman of Xinguang Financial Holdings, is a senior veteran under Wu Dongliang. Vice Chairman and General Manager Wu Xinru is the second daughter of Wu Dongliang.
, founded by Wu Dongliang, the third son of Wu Huoshi, and was also founded in February 2002. At that time, Taixin Bank merged with Da'an Bank and established Taixin Financial Holdings through share conversion. Taixin Financial Holdings includes subsidiaries such as Taixin Bank, Taixin Life Insurance, Taixin Securities, Taixin Investment Advisory, Taixin Investment Credit and Taixin Venture Capital, as well as many other subsidiaries such as Taixin Financial Leasing established in the mainland.
Among them, Taixin Bank was initiated and founded by Wu Dongliang and others in 1990. As for Taixin Life Insurance, which was included in Taixin Financial Holdings, it has worked in Taiwan for more than 30 years. As for Taixin Securities, it was changed from Taixin Financial Holdings' merger and acquisition of Dongxing Securities' in April 2010. By the way, Taixin Financial Leasing, established in Nanjing, Jiangsu in July 2011, is a wholly-owned subsidiary of Taixin Financial Holdings, established by Taixin Venture Capital.
After Wu Dongjin and his third brother Wu Dongliang split up, the brothers climbed the mountain. Now the merger of Xinguang Financial Holdings and Taiwan Xin Financial Holdings has started and joined at the top of the mountain. Since the two financial holding companies have an important position in the Taiwan financial industry, it is possible to rewrite the competition map of the island's financial holding market after the merger. Whether it can be smoothly promoted remains to be further observed.
Brothers fight, there is no unbeatable Fire Mountain
Xinguang Textile Chairman Wu Dongsheng (3rd from left)
People living in Taiwan may deal with "Xinguang" all their lives. The industries of Xinguang Wu family are closely related to the daily lives of the public. Wu Huoshi, the founder of Xinguang, is from Hsinchu, Taiwan, China. He worked as a clerk in his early years and later ran a cloth shop and tea processing factory, and started in a business.
In the early 1950s, Wu Huoshi founded Xinguang Textiles. By the time he entered the insurance industry in the 1960s, he was already a leader in Taiwan's textile industry. The "Shinguang Trading Company" opened by Wu Huoshi in 1945 has two meanings: one is to thank his hometown Hsinchu , and the other is to thank Kotaki Ogawa, the Japanese who helped him in the past and the owner of Hirano store.
firmly believes that "people's feet will bring fat water". Wu Huoshi, the founder of Xinguang, who believes in the business philosophy of "making good relationships", opened charity projects such as Xinguang Wu Huoshi Memorial Hospital after his career was successful. A statue of a fireball lion at the entrance of the Xinguang Life Insurance Building at Taipei Railway Station is to commemorate the founder Mr. Wu Huoshi. In 1986, Wu Huoshi died suddenly. Because the incident happened suddenly, he had time to explain his funeral, which also laid hidden dangers for the fight between his four sons and brothers in the future.
After Wu Huoshi passed away, his wife Wu Guilan became the "master" of the Wu family. Even though Wu Guilan, known as "Xinguang Master", died in March 2016, at the age of 96, many companies in the Xinguang Wu family still used her name as the person in charge. Wu Huoshi and Wu Guilan have four sons and two daughters. After Wu Huoshi's death, his wife Wu Guilan supported the first division, and his eldest son Wu Dongjin took control of Shin Kong Life Insurance, and later transferred to invest in the establishment of Shin Kong Financial Holdings. The second son Wu Dongxian took over "Xinguang Property Insurance" and "Xinguang Textiles"; the third son Wu Dongliang established Taixin Bank, and later transferred to investment and founded Taixin Financial Holdings. The fourth son, Wu Dongsheng, is currently the chairman of Xinguang Textiles, and he also established Ruixing Bank.
Xinguang Wu family, a double financial holding company (Xinguang Financial Holdings and Taixin Financial Holdings), are probably the only families that can compare with them, Cathay Pacific, Fubon's Cai family, and CITIC Financial Holdings Gu family.
Wu Dongjin's second daughter, vice chairman and general manager of Xinguang Financial Holdings Wu Xinru
In Taiwan, Xinguang is a well-known family business that is well-known and well-known. The Wu brothers' previous internal conflicts and disputes have always attracted attention from the outside world. In May 1996, the eldest brother Wu Dongjin had an open conflict with his third brother Wu Dongliang, which caused a brother's struggle and became the focus of social attention.
At that time, Wu Dongliang, who was the general manager of Xinguang synthetic fiber, saw the business opportunities in the mainland. He was not afraid of former Taiwanese leader Lee Teng-hui's "refrain from urgent and tolerant" policy and decided to go west to invest in the mainland, but he disagreed with his conservative elder brother Wu Dong-jin. The rushing wind hit the slow doctor. Although Wu Dongliang repeatedly explained the interests of going to the mainland to develop to his brother, his elder brother Wu Dongjin was still "refrain from urgent needing and endurance" and refused to let go of the investment case.
Previously, the second brother had a big argument about the company's seal. Later, the eldest brother Wu Dongjin invited his mother to settle it. Wu Guilan ruled that the seal was not given to the eldest and the third brother, but let the director of the board of directors take charge. Although the dispute over seals has subsided, the estrangement between brothers is still there. Later, for the investment of the Hangzhou factory, the conflict between the two became public. This is true for
. "Master" Wu Guilan came forward again to "dividing the work and separating the family" for the four brothers, and temporarily making up for the cracks and differences between brothers, and the brothers climbed the mountain. There is no "Flame Mountain" that cannot be climbed within the family. In addition to dealing with disputes calmly, time can sometimes heal the trauma.
20 years have passed, and the four "little" of the Wu family, who were in full swing in the past, are all very old. As the third generation of the Wu family enters the stage and embarks on the road of succession, one generation of magnificent songs, today's Xinguang Financial Holdings can once again start a merger with Taiwan New Financial Holdings, which is enough to prove that the two brothers Wu Dongjin and Wu Dongliang have long eliminated their differences and merged into one.
Wu Dongliang and Peng Xuefen and his wife participated in the women's 10-kilometer run for Taiwan New Bank
The wife of Wu Dongliang, chairman of Taiwan New Financial Holdings, was called "the most beautiful Dong Niang" by employees. In 2019, due to the "separation of gold and gold" policy of Taiwan's financial supervision, they voluntarily resigned as director of Xinguang Financial Holdings. At the same time, Wu Dongliang's second son Wu Xinhao also resigned as director of Xinguang Property Insurance.
"Gold and Gold Separation" is one of the policies to strengthen financial management. However, judging from this personnel change, it can be seen that the Wu brothers were not actually separated from each other and did not interact with each other. In fact, in Xinguang's relationship companies, the Wu brothers and sisters all hold shares with each other. At most, Peng Xuefen, the only one, took over the position of chairman of four Xinguang Financial Holdings shareholder companies in one fell swoop, so the outside world thought she was interested in merging Xinguang Financial Holdings.
Rich descendants, not everyone wants to take over. For example, Wu Dongliang and Peng Xuefen's eldest son Wu Xinwei, a fashion designer living in France, created his own men's clothing brand Peter Wu a few years ago. Someone once asked him when he would take over Taixin Financial Holdings, and his answer was straightforward: "If I were still in the banking industry, I wouldn't be able to wear this way. (Note: refers to the casual clothing on him)"
counting mentioned that Xinguang Financial Holdings' board of directors currently has three directors assigned by shareholder Xinbai Co., Ltd., and Xinbai Co., Ltd. is 100% controlled by the family investment company "Xinsheng", and the chairman of Xinsheng is Wu Dongliang's wife Peng Xuefen. This can also explain why Wu Dongliang asked these three directors to evade their interests when he proposed the merger conditions.
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