Tech Giants: Starting from Bankrupt Companies

375: Chapter 375 Starships and StarshipsThe Twilight of Maersk

August in Copenhagen was as cool as late autumn. The Nordic sunlight filtered through the clouds, spilling onto the canals of Nyhavn, where the reflections of colorful houses swayed in the water. Tourists sat along the banks drinking beer, enjoying the brief summer. But in the Maersk headquarters building, just three kilometers from Nyhavn, the atmosphere was like a harsh winter.

The Maersk headquarters was a modern building with a glass curtain wall, situated on the waterfront facing the Øresund Bridge. Inside, the boardroom was filled with people along both sides of the long table—the third-generation heir of the Maersk family, the CEO, the CFO, the Legal Director, and Lin Wan, the president of Xingchen Group.

Lin Wan sat on one side of the long table, dressed in a sharp white suit with her short hair looking efficient, a thick acquisition agreement spread out before her. Opposite her, Maersk CEO Soren Skou sat in the head seat. At fifty-eight, with a head of graying hair and a square face, his brow carried the characteristic cold sternness of a Nordic man. He had steered the world’s largest shipping company for ten years, witnessing the golden age of container shipping and enduring the long winter following the financial crisis.

Outside the boardroom window, a Maersk container ship was slowly passing through the strait, the iconic blue seven-pointed star logo on its hull particularly striking in the sunlight. Soren’s gaze fell upon that ship, and he remained silent for a long time.

Lin Wan spoke, her voice calm and clear: ”Mr. Soren, Xingchen’s offer is 5.5 billion US dollars for the full acquisition of all assets in Maersk’s shipping segment, including the port network, inland transport system, and the entire fleet. This is an offer with a thirty percent premium, and the board has already reviewed and approved it.”

Soren turned his head, his gaze meeting Lin Wan’s: ”Ms. Lin, Maersk is not an ordinary company. It is a 120-year-old family business and a national symbol of Denmark. You Chinese have a saying about ’selling off the ancestral property.’ How can the people of the Maersk family face their fathers and grandfathers?”

Lin Wan did not avoid his gaze, her voice remaining steady: ”Mr. Soren, Maersk’s problem is not its assets, but its model. In traditional container shipping, profit margins are less than three percent; you lose money as soon as oil prices rise and die as soon as freight rates drop. Over the past decade, your return on assets hasn’t even beaten government bonds. This isn’t a management issue; it’s an industry issue.”

She paused and flipped to the next page of the document: ”Xingchen’s acquisition isn’t meant to dismantle Maersk, but to allow it to be reborn. The 5.5 billion dollars is just the first step. Subsequently, we will invest another 5 billion dollars to update the fleet, build a digital platform, and integrate the supply chain. The Maersk brand will be retained, the headquarters will remain in Copenhagen, and the management—including yourself—will all stay on.”

Soren’s brow twitched slightly. He looked down at the agreement, his gaze lingering on the words ’management will stay on’ for a long time.

The CFO leaned over and whispered: ”Soren, we won’t find another offer with these conditions. The stock price has been falling for three years. If we delay any longer, no one will even offer 5.5 billion.”

Soren didn’t answer. He stood up, walked to the window, and watched the container ship slowly passing on the sea. The blue seven-pointed star had once been the king of world shipping. Now, it needed a new master.

He turned around and extended his hand: ”Deal. But on one condition—the Maersk brand must never disappear.”

Lin Wan stood up, shook his hand, and smiled: ”Xingchen never lets a good brand disappear. Red Flag is still here, and Maersk will be too.”

Two days later, Taipei.

The headquarters of Evergreen Marine is located on Minsheng East Road in the Zhongshan District. It is a thirty-story building with a deep blue glass curtain wall exterior, topped with the green logo of the Evergreen Group. In the plaza before the building, fountains danced in the sunlight, and a few pigeons paced on the steps.

The founder of Evergreen Marine, Chang Yung-fa, had passed away four years ago, but his spirit still loomed over the company. As the largest shipping enterprise in Taiwan, Evergreen ranked seventh in the global container fleet rankings, renowned for its green ship technology and efficient operational management. However, in recent years, the winter of the shipping industry had caused even this venerable enterprise to feel the chill.

The meeting was held in the Chairman’s office on the top floor of the building. The office was spacious and bright, with a large photograph of Chang Yung-fa hanging on the wall and bookshelves filled with shipping industry trophies and memorabilia. The Chairman of Evergreen Marine, Chang Kuo-hua, sat behind the desk. He was fifty-six, with a refined appearance, wearing gold-rimmed glasses, a dark gray suit, and a tie in Evergreen’s signature green.

Lin Wan sat opposite him, with another acquisition agreement before her.

”Mr. Chang, Xingchen’s offer is 1.5 billion US dollars to acquire 100% of the equity in Evergreen Marine,” Lin Wan’s voice was as calm as ever. ”The Evergreen brand will be retained, the headquarters will remain in Taipei, and the management will stay on.”

Chang Kuo-hua remained silent for a long time, his fingers lightly tapping the tabletop. Outside, in the direction of Keelung Port, an Evergreen container ship was slowly sailing out of the harbor, the green ’EVERGREEN’ lettering on its hull gleaming in the sunlight.

”Ms. Lin,” Chang Kuo-hua finally spoke, his voice carrying a complex emotion, ”Evergreen is my father’s life’s work. He started from a single old cargo ship and took forty years to make Evergreen the seventh in the world. I’ve been in charge for four years, and the stock price has dropped forty percent. Sometimes I wonder if I’m just not as good as him.”

Lin Wan shook her head: ”Mr. Chang, it’s not that you aren’t as good as him; it’s that the times have changed. The logic of the shipping industry has shifted from ’capacity is king’ to ’supply chain is king.’ The era of going it alone is over; only by integrating into a larger system can one survive.”

She paused and spoke sincerely: ”Xingchen isn’t here to replace Evergreen, but to give Evergreen a larger stage. Our batteries, chips, cars, and aerospace all need a global logistics system for support. Evergreen’s green ship technology, Asia-Pacific route network, and operational efficiency are exactly what Xingchen needs. Together, one plus one is greater than two.”

Chang Kuo-hua took off his glasses, rubbed the bridge of his nose, and then put them back on: ”Ms. Lin, I have one condition—there must be no layoffs for Evergreen employees as long as they are qualified.”

Lin Wan smiled: ”Mr. Chang, Xingchen never lays off employees after an acquisition. On the contrary, we will expand hiring. Evergreen’s fleet needs updating, routes need expanding, and digitalization needs upgrading. All of this requires people.”

Chang Kuo-hua stood up, walked to the window, and took one last look toward Keelung Port. Then he turned and extended his hand: ”Deal. Thank President Su for me. Tell him Evergreen won’t let him down.”

Lin Wan shook his hand: ”President Su said that Evergreen is the only Asian shipping company he wanted. Because you are the best.”

A week later, Trieste, Italy.

This port city at the northern tip of the Adriatic Sea was once the largest outlet for the Austro-Hungarian Empire and is now a major industrial hub of Italy. The headquarters of the Fincantieri Shipbuilding Group is located here, commanding a seventy percent share of the global cruise ship market—seven out of every ten luxury cruise ships in the world come from Fincantieri’s shipyards.

But at this moment, this shipbuilding giant was in trouble. The cruise industry had been hit hard by the COVID-19 pandemic, with canceled orders, delayed payments, and dried-up cash flow. Fincantieri’s stock price had dropped to an all-time low. The Italian government was searching everywhere for a buyer, but no one was willing to take over this mess.

Until Xingchen appeared.

1.2 billion euros for a full acquisition of Fincantieri. This price was twenty percent higher than the stock price but sixty percent lower than the valuation from three years ago. The Italian government was overjoyed, and the parliament approved the deal overnight. The European Commission—having gone through the previous investigation storm—remained uncharacteristically silent.

The Fincantieri headquarters was a nineteenth-century red-brick building with arched windows, wrought-iron railings, and ivy-covered walls, exuding a Central European classical charm. Inside, the boardroom was filled with people—Fincantieri management, union representatives, the Italian Minister of Industry, and representatives from Xingchen Group.

Lin Wan sat at one end of the long table; today she wore a light blue suit, her hair styled in an elegant bun. Beside her was Giuseppe Bono, who was about to become the CEO of Xingchen Shipbuilding—sixty-two years old, the former CEO of Fincantieri and a legendary figure in the Italian shipbuilding industry. He was tall with white hair and used rich gestures when he spoke, possessing the typical passion of an Italian.

Bono stood up and looked around, his gaze sweeping over every familiar face: ”Friends, Fincantieri has been around for over two hundred years. We’ve built warships, cruise ships, and the largest ships in the world. But the past three years have been our darkest days.”

He paused, his voice becoming more powerful: ”But today, the darkness ends. Xingchen is here. Not to dismantle Fincantieri, but to make us stronger. 1.2 billion euros is just the beginning. Over the next five years, Xingchen will invest another 2 billion euros into R&D for new energy vessels, building digital shipyards, and expanding the Trieste and Marghera shipyards.”

A union representative raised a hand: ”Mr. Bono, what about the workers? Will there be layoffs?”

Bono shook his head, his gaze firm: ”Employees with qualified skills will stay. On the contrary, we need to hire. Over the next five years, Fincantieri will add five thousand new jobs in Italy.”

Applause broke out, and the union representatives looked at each other, showing smiles they hadn’t felt in a long time.

The Italian Minister of Industry stood up and shook Bono’s hand: ”Mr. Bono, the Italian government fully supports Xingchen’s investment. Fincantieri is the pride of Italy; we do not want to see it fall.”

Bono smiled: ”Mr. Minister, Fincantieri will not fall. It will stand up, taller than before.”

August 25th, Shenzhen.

At the Xingchen Technology headquarters, the large conference hall on the thirty-eighth floor was packed. Journalists from around the world, shipping industry representatives, and investment analysts filled the entire hall. The large screen on the wall scrolled through the logos of Xingchen Shipping and Xingchen Shipbuilding—the former a container ship breaking through waves, the latter a giant vessel under construction.

Su Chen stood on the podium in a dark blue suit and a white shirt, wearing a tie in Xingchen’s signature silver. Behind him stood four people—Lin Wan, Maersk CEO Soren Skou, Evergreen Marine Chairman Chang Kuo-hua, and former Fincantieri CEO, now Xingchen Shipbuilding CEO, Giuseppe Bono.

Su Chen spoke, his voice calm and firm: ”Today, Xingchen Group officially establishes two new subsidiaries—Xingchen Shipping and Xingchen Shipbuilding.”

The large screen lit up with jumping numbers:

Xingchen Shipping

Maersk Shipping Segment: 5.5 Billion USD, Full Acquisition

Evergreen Marine: 1.5 Billion USD, Full Acquisition

Total Capacity: Second largest container fleet globally

Port Network: Covering six continents, 76 major ports

Inland Transport: Integrated rail, road, and warehousing network

Xingchen Shipbuilding

Fincantieri Shipbuilding Group: 1.2 Billion EUR, Full Acquisition

Order Book: 70% share of the global cruise ship market

Shipyard Capacity: Three major bases in Italy, Norway, and the USA

Technical Advantages: New energy vessels, smart shipbuilding, luxury cruise ships

The sound of camera shutters from below was as dense as a rainstorm. A British reporter raised a hand: ”President Su, with Xingchen acquiring Maersk and Evergreen, plus Fincantieri, is this an attempt to monopolize global shipping?”

Su Chen smiled, his expression composed: ”Monopoly? No. We are simply integrating the world’s best shipping companies and shipyards. Maersk’s network, Evergreen’s green technology, Fincantieri’s shipbuilding capability, plus Xingchen’s batteries, chips, and digital platforms—guess what will happen?”

He paused, his gaze sweeping the room: ”A revolution will happen. A revolution in the shipping industry.”

Another reporter raised a hand: ”President Su, Maersk and Evergreen are traditional shipping giants, and Fincantieri is a century-old shipyard. As a technology company, what gives Xingchen the right to integrate them?”

Su Chen pointed to Soren, Chang Kuo-hua, and Bono behind him: ”Them. Mr. Soren has been at Maersk for thirty years, Mr. Chang Kuo-hua is the heir to Evergreen, and Mr. Bono has been at Fincantieri for forty years. They understand shipping and shipbuilding better than anyone. What Xingchen gives them isn’t orders, but resources—capital, technology, and markets.”

He paused, his voice becoming more powerful: ”Xingchen Shipping’s goal is not to become the largest shipping company, but to become the smartest shipping company. Using data to optimize routes, using super batteries to lower carbon emissions, and using digitalization to integrate the supply chain. Xingchen Shipbuilding’s goal is not to build more ships, but to build better ships—new energy ships, unmanned ships, and even spaceships.”

Thunderous applause erupted from below.

That evening, Yantian Port, Shenzhen.

One of the world’s largest container ports was brightly lit. At the docks, massive quay cranes were loading and unloading containers, their red arms tracing graceful arcs in the night sky. On the sea, a Maersk container ship and an Evergreen container ship were moored side by side, their logos particularly striking under the lights.

Su Chen stood on the dock’s viewing platform, with Lin Wan and several newly appointed executives behind him. The sea breeze blew in with a salty, damp scent, and the distant Hong Kong skyline flickered in the night.

Lin Wan handed him a glass of champagne: ”President Su, we spent 8.2 billion dollars today. Including previous investments, Xingchen’s capital expenditure this year has already exceeded 20 billion.”

Su Chen took the champagne and took a sip: ”Spending money is for the purpose of making more money. Shipping is the blood vessel of global trade; whoever controls the blood vessels controls the pulse of this world.”

In the distance, fireworks rose into the sky. Multicolored light bloomed in the night, illuminating the entire Yantian Port. The fireworks were reflected on the sea, intertwining with the lights of the container ships.

Soren stood beside Su Chen, looking at the fireworks, and said with emotion: ”President Su, I’ve been at Maersk for thirty years and never thought that one day we would be acquired by a Chinese company. But today, I feel this might be the best choice of my career.”

Su Chen turned to look at him: ”Why?”

Soren smiled: ”Because Maersk used to belong to Denmark, but now, it belongs to the world.”

Chang Kuo-hua stood to the side and also smiled: ”Evergreen too. When my father was sailing, his greatest dream was to deliver Taiwan’s goods to the whole world. Now, Xingchen can help him realize that dream.”

Bono raised his champagne glass: ”Fincantieri has two hundred years of history, and today is a new page. For the next cruise ship, I want to use Xingchen’s batteries, Xingchen’s chips, Xingchen’s materials, and Xingchen’s smart systems. It will be the most advanced ship in human history.”

Su Chen raised his glass and clinked it with the other three: ”To the future of the shipping industry.”

”To the future.”

The four glasses clinked together, the crisp sound echoing in the sea breeze.

The fireworks continued to bloom, illuminating every ship on the sea. Maersk’s blue seven-pointed star, Evergreen’s green logo, and Fincantieri’s silver ship emblem shone brightly under the lights.

Su Chen looked out at the sea, the corners of his mouth turning up slightly.

Shipping was the final piece of Xingchen’s puzzle. From chips to batteries, from cars to aerospace, from defense to shipping—Xingchen’s tentacles were reaching into every corner of the world.

And all of this was just the beginning.