He Chaoqiong won the Portuguese gamble. This is good news. But SJM, the family's core business, is already 26.7 billion in debt, and she can't be happy for long. SJM continued to lose money after the epidemic, and Macau's gaming revenue plummeted this year, which hit it to some extent, increasing SJM's debt.
At present, SJM accounts have cash reserves of only $4.5 billion. SJM ran out of money earlier this year and was then forced to refinance. In short, due to the ongoing epidemic in Macau, Macau has not been able to return to normal, and SJM is now relying on loans to make ends meet.

Previously, many people did not see the continuation of the Portuguese gambling card by the Stanley Ho family, which acquired the Portuguese gambling card in the 1980s and operated for decades, but this time a competitor offered a higher price. Many people thought that the Hongsheng family would lose the gambling card, but fortunately in the end, they still won by experience. The 3 casinos in Portugal still had billions in revenue last year, which is a very objective figure.
However, while Ho Chaoqiong had just kept his Portuguese gambling card, Macau was not getting better. After all, Macau is the home and heart of the Stanley Ho family. Ho's biggest challenge right now is not whether he can get a Macau gaming license, but whether he can turn the company around.
If you get a gambling card but don't make a profit, the pressure will be great in the future, and I don't know how long I will last. If SJM is not profitable, it will have to survive on loans. Even if they can continue to lend, they will over-squeeze future profit margins indefinitely. This is tantamount to saying that all future profits must be used to pay interest.

SJM currently has $26.7 billion in debt but only $4.5 billion in cash. Even before the pandemic, SJM's annual profit was only about 3 billion yuan. This means that it will take about 10 years to repay this debt with profits.
Chaoqiong currently hopes that the epidemic will subside within a year or two, improve the project to Lisbon, and save the entire SJM. The Lisboa project, with an investment of 39 billion yuan, was hit by the epidemic at the opening and has no income so far. But that's why, given this situation, being an entrepreneur means thinking about it at its worst.
If we continue to lose money and continue the plague, we must bet on He Chaoqiong's bravery. In case of long-term losses, the bank will stop lending sooner or later, at that time, He Chaoqiong can only rely on himself to use the money in his family's pocket to save the company, it is very dangerous, if it really comes, will his family be saved?

The point is that He Chaoqiong should consider everything, not just SJM. Their family owns SJM, Melco International, MGM Macau and three other gaming companies. The two companies are also in a state of loss, and the situation is not optimistic for the time being.
This time, Cao Qiong is the real bet. Because if you lose the bet, your family may have nothing. Because if you win the bet, your wealth can be preserved for at least a few decades. Of course, He Chaoqiong also has a choice. It's about giving up the business. Now it's hard for her to ride a tiger.
It has been more than two years since He Chaoqiong became the successor. If she gives up now, she will preserve the family's property, but she will also lose the family's reputation and status.

So Chao Qiong had to be careful. Perhaps this is also a test for He Chaoqiong and Stanley Ho. Many people believe that once the Huo Rendong family moves, the Stanley Ho family will feel at home. The participation of the Fok Yingdong family in the management of SJM will certainly increase the chance of SJM getting a gambling card, but in business, the Huo family can't help much.
Because of the Huo family's own business, it has been stormy over the years. After Huo Yingdong died, the Huo family's business was actually not good. Commerce in Nansha is also not very developed. In fact, in the past ten years, Nansha has entered the development of highways, but the Huo family has not seized the great opportunity.

Coupled with the fact that the Huo family has been fighting for more than ten years, it only came out this year. Anyway, his family has been making trouble for a few months, and the Huo family has been making trouble for more than ten years. He Chaoqiong is actually really working hard now. Otherwise, Liang Anqi would not have chosen to bravely quit at this time.
Yang Luoshi has attracted attention again, and her photo with the great director Lin Chaoxian has attracted a lot of attention. In fact, Leon Loxi is currently filming the new film "Breaking Point" produced by Lin Chusheng. This time, Yang Lasage played the heroine, not soy sauce. In recent years, Cheung Wai Ting and actor Cheung Ka Fai have become very popular for their films with Liang Luoshi.
Hong Kong movies are not as good as before, but Hong Kong police and gangster films are always very distinctive. Lam is now considered one of the best directors in Hong Kong. Over the years, he has taken on several films, from "Operation Mekong" to "Operation Red Sea" to last year's "Changjin Lake", which has been a success in word of mouth and box office.

Ryo Raseki also has a lot of action scenes this time, and he is exercising his moves. Liang Luoshi also posted a fitness photo before and said that he would thank everyone for their efforts tomorrow.
Looking at Liang Luoshi's current state, it is right not to marry into Li Ka-shing's family. If you do become a wealthy wife, you will live in a quagmire for the rest of your life. These wealthy ladies in Hong Kong have really lost themselves, and which wife can live their own value has become an accessory of men. Actually, this is a tragedy.
Many people think that Liang Luoshi's failure to marry into the Li Ka-shing family is a failure, but in fact, Liang Luoshi's failure to marry into the Li Ka-shing family is a success, and many people will not marry Li Shikai but they do not know that Li Shikai did not marry Liang Luoshi, and Liang Luoshi himself also voluntarily gave up.

Yang Luozhi officially debuted at the age of 16. Before his debut, he was favored by Yang Sucheng and secretly trained under the arrangement of Di Xue. Liang Ruoshi has a talent for acting, and several of her films became a sensation as soon as they debuted. At the same time, Ryora-sik's highly visible appearance makes her stand out instantly.
Yang Luoshi is not a beauty in the traditional sense, but has a charming and noble temperament that modern female stars do not have. In 2008, Yang Luoshi participated in the filming of the movie "The Mummy" and met the big star Michelle Yeoh.
Li Zekai and Michelle Yeoh were good friends for one day, and Li Shikai went to see Michelle Yeoh, who had nothing to do. After that, Li Shikai began to pursue Liang Luoshi.

Liang Luoshi lacked fatherly love since he was a child, and in the face of Uncle Duojin's pursuit, Liang Luoshi quickly fell into a trap, and for Liang Luoshi, Li Zekai offended Yang Shaocheng without hesitation and did not start. Li Zekai directly sued the emperor for 100 million yuan, demanding that Liang Luoshi's free body be restored. Yang Shouchen and Li Jiaxing are also good friends, both from Teochew. Li Shikai did not turn Elder Yang Shoucheng and caused a lot of trouble.
Yang Shucheng was also angry at that time. At first, he didn't budge and asked the rich woman if she liked Nicholas Tse. The parties then sued the court, but before the trial, Yang Shucheng withdrew the lawsuit and agreed to settle.
After that, Liang Luoshi began to publicly associate with Li Shikai, and soon became pregnant with Li Shikai's child. In two years, Liang Luoshi gave birth to three sons for Li Shikai, including a pair of twins. Just when everyone thought that Liang Luoshi officially married into the Li family and was about to become the daughter-in-law of the Li family, Liang Luoshi said goodbye to Li Zekai.

Many people think that Liangluo was abandoned by Li Shikai. However, since then, according to people familiar with the matter, Liang Liangzhi actually gave up on his own. Liang Luoshi thought that Li Shikai did not want to officially marry yet, so he could not accept it. In fact, many wealthy families in Hong Kong choose not to obtain marriage licenses. For example, Lin Qingxia's daughter-in-law Xin Jiacheng has two children with her foreign boyfriend, but she has not obtained a marriage certificate.
I think a marriage license is redundant, so if the two of you have a good relationship, it doesn't matter if you have a marriage certificate or not. If the two have a bad relationship, there is no point in getting a marriage certificate. Li Shihai probably thought the same way. He was very flamboyant all his life, but he never married.
Li Ka-shing has always been regarded as an invincible business giant. But seriously, making big money in the general situation is difficult for anyone, what does it mean? From last year to the present, the world stock market has crashed, and the assets of many well-known investors have shrunk by several percentage points, which is a normal situation.
Even Buffett can't profit in such a market. In fact, Li Ka-shing is the same. As a result of the global stock market crash, many well-known blue-chip companies lost more than 50% of their market value. This caused Li Ka-shing to lose a lot.

He lost a billion when he invested in Xiaomi, and a billion when he invested in Ali. In 2018, Xiaomi went public in Hong Kong, and before going public, Lei Jun paid a special visit to Li Ka-shing. After some discussion, Li Ka-shing decided to let his subsidiary Hutchison Telecom cooperate with Xiaomi, and Xiaomi's products officially entered the retail market of Hutchison Telecom. At the same time, Li Ka-shing personally invested $100 million in Xiaomi.
When Xiaomi went public, its market value exceeded 200 billion yuan, but after several years of growth, Xiaomi's market value has risen to more than 800 billion Hong Kong dollars. Li Ka-shing's investment has also quadrupled, but the good times are not long, from last year to now, Xiaomi has erased several years of growth, and Xiaomi's market value has returned to more than 200 billion. Li Ka-shing also lost more than 1 billion yuan.

Before Alibaba's listing in 2014, Li Ka-shing bought about 1.3 million Alibaba shares. When Alibaba went public, its market capitalization exceeded $200 billion. After that, Ali skyrocketed to more than $800 billion at its peak. Li Ka-shing's investment value at the peak of its market capitalization exceeded 2 billion. But now that Ali is bankrupt, Li Ka-shing has lost more than a billion yuan in this investment.
In fact, most of Li Ka-shing's business in the UK was lost. In the past two years, British politics has been turbulent, and the British economy has deteriorated significantly. After the announcement of the UK tax increase, the pound continued to fall sharply as no one was optimistic about the UK economy. The pound sterling has also caused the market value of companies with large positions in the UK to plummet.
The market value of Li Ka-shing's Changjiang Industrial, Changhe and Changjiang Infrastructure companies soared, and Li Ka-shing's personal net assets suffered a heavy loss of 1.5 billion yuan. Li Ka-shing is not invincible, he is also wrong.

In fact, businessmen and investors cannot be invincible. But the really powerful people are waiting for opportunities, waiting for opportunities to cross cycles. The global economy will neither rise forever nor go down forever. So patience is key.
In addition to stamina, there is the ability to resist attacks. In a fight between two boxers, you can't catch up with each other by hitting each other every time. Everyone is comparing who has the best combat effectiveness. You hit your opponent twice, and your opponent hit you twice, but you have a strong ability to fight back to have the last laugh.

It's the same with doing business, whoever has enough cash flow can cross cycles. Li Ka-shing began to reduce the company's debt ratio and increase the company's cash flow reserves last year.
Many people may not know that Li Ka-shing's Yangtze River Group has a very low debt ratio, less than 15%, but Li Ka-shing has continued to sell a number of assets since last year, and the cumulative cash outflow of aircraft leasing companies, European telecom base stations, British office buildings, etc. has exceeded 100 billion US dollars.
Li Ka-shing cashed out partly to increase the company's cash reserves and partly to continue to reduce the company's debt ratio. At present, Li Ka-shing's debt ratio is less than 5%.
SJM lost money again, losing about $2 billion in the third quarter, compared with a cumulative loss of more than $4 billion in the first three quarters of this year. Since the outbreak of the epidemic, SJM has accumulated losses of more than 10 billion. SJM lost more than 2 billion yuan in the first three quarters of last year, and instead of improving this year, it rose again, this time more than 4 billion.
In addition, SJM currently has more than 20 billion in debt and more than 4 billion in cash. At the current loss rate, if SJM has no new funds, or cannot turn a profit, the company will not survive for a year.
Looking at the situation of SJM, you can see why Liang Anchi bravely withdrew. Although Liang Anqi did not completely leave the company's daily operations, he resigned as managing director and transferred 10% of the shares to He Chaofeng for 1 yuan.

At the same time, Liang Anqi asked his son He Youheng to hand over the directorship to Huo Zhenting's son Huo Qishan. Liang also said that he will spend more time on personal wealth management in the future.
This time, Liang Anqi decided that he would rather back down than lose the game. Of course, now He Chaoqiong actually wants Liang Anqi to stay, but after all, Liang Anqi is also a talent.
In fact, it is definitely a blessing that Liang Anqi can withdraw now. Liang Anqi is over 60 years old and is already the grandmother of several children. Her children have also grown up and started families. At Liang Anqi's age, she is actually bringing her grandson and enjoying life, which is a very wise choice

Liang Anqi can retreat, but He Chaoqiong cannot. Not only can't, but you have to bite the bullet. SJM lost money earlier this year, but also had cash flow problems. At the time, SJM was negotiating a huge loan with the bank to solve the financing problem.
At the same time, He Chaoqiong is also ready, she has negotiated with other SJM shareholders to provide a 5 billion loan to SJM, SJM's parent company. The Fok Yin Tung family and the Cheng Yu Tung family, the largest shareholders of the Stanley Ho family, are the second and third largest shareholders.
Some of this was eventually funded by bank loans, and Aoyu also provided a loan of 2 billion to support SJM. If SJM funds are tight, she can only let Aoyu transfuse blood, but if she can't find a way to make a profit in the short term, Aoyu may eventually be exhausted by SJM.

He Chaoqiong and Liang Anqi have different identities. Angel Leung is only his fourth wife. She is the heir of the family and the eldest daughter of the second house. He Chaoqiong's mother, Lan Qiongying, was his second wife and his first wife. Chen Wanzhen and Liang Anqi can only be regarded as theoretical best friends.
Now they are all dying, He Youguang and He Chaoying have also passed away, and Dafang has completely disappeared from the family business. Ho Chaoxiong and Ho Chaoxian clashed again. Everything depends on the second room, because the first one is no longer reliable.
It has been more than two years since Stanley Ho died. What Chaoqiong can't let the family business go out of business so soon after her father's death. She has to persevere. It is also a daughter's commitment to her father. On the other hand, Ho Chaoqiong also acknowledged the political importance of Macau's business community.

Macau is of great importance to China, especially in the financial sector. The development of Macau has always been closely related to the Stanley Ho family, which is why the Stanley Ho family has the independent status it is today. If Ho Chaoqiong gives up her career in Macau, it is equivalent to giving up her family status.