Latest news with #LiKaShing
South China Morning Post
30-05-2025
- Business
- South China Morning Post
Richard Li's insurer FWD aims to list in Hong Kong in July after adding IPO bankers, sources say
FWD Group, the insurer founded by tycoon Richard Li Tzar-kai , could be listed in Hong Kong as soon as July after making its third attempt to list its shares amid a flurry of initial public offerings (IPOs) in the city, according to people familiar with the company's plans. Advertisement The insurer named CMB International and HSBC as overall IPO coordinators in a filing to the stock exchange on Thursday, joining Goldman Sachs and Morgan Stanley on a previously announced line-up. It followed a fresh IPO submission last week, after two previous attempts lapsed, as some investors showed interest in its prospects, sources said. FWD, which has not disclosed the size of its fundraising or the listing timeline, plans to use the proceeds to strengthen its capital base to support its business expansion, according to its filing. A representative for FWD declined to comment. The insurer postponed its Hong Kong IPO twice after an about-turn from a planned New York listing in 2021 amid US-China tensions. It had aimed to raise up to US$3 billion with that US flotation plan in September 2021, which would have valued the company at US$13 billion. Richard Li Tzar-kai leaves a government building after an official dinner in February 2024. Photo: Edmond So Li, 58, is the younger son of Hong Kong's richest billionaire Li Ka-shing. He is joining a beeline of Chinese companies taking advantage of a buzz in the city's stock market, following some stellar first-day winnings. They included a 16.4 per cent gain by China's biggest electric-car battery maker Contemporary Amperex Technology, and a 37 per cent surge in Jiangsu Hengrui Pharmaceuticals, one of China's largest drug makers.
South China Morning Post
22-05-2025
- Business
- South China Morning Post
Hong Kong developer CK Asset set to weather ‘stress test' conditions, chairman says
CK Asset Holdings , the flagship property developer of Hong Kong billionaire Li Ka-shing 's family, will weather the 'doldrums' in the city's commercial leasing market amid global economic uncertainties, according to chairman Victor Li Tzar-kuoi. 'No industry in this world is always well-performing, and demand for Hong Kong's retail and office properties is indeed slow at the moment,' the eldest son of Li Ka-shing said during the company's annual general meeting on Thursday. 'With approximately 88 per cent of our profit contribution coming from projects with recurring income, we are able to withstand the challenges of the local leasing market,' Li added. It will take time for the Hong Kong office market to emerge from its malaise, he said. The overall occupancy rate of CK Asset's current investment property portfolio in Hong Kong was around 86 per cent, Li said. Property agents estimated that CKC II, the developer's new tower in Admiralty, was 20 per cent occupied. Li did not provide occupancy figures for the building. 'We hope that when the market improves, CKC II's leasing performance will be better and better,' he said.
Yahoo
22-05-2025
- Business
- Yahoo
CK Hutchison confirms Aponte's MSC is main investor in ports deal
HONG KONG (Reuters) -CK Hutchison confirmed on Thursday that Italian billionaire Gianluigi Aponte's family-run MSC Mediterranean Shipping Company is the main investor in a group seeking to buy 43 ports from the Hong Kong conglomerate. Hutchison co-managing director Dominic Lai was speaking at the company's annual general meeting following weeks of scrutiny and criticism in China of its proposal to sell most of its $22.8 billion global ports business to a consortium led by U.S. investment firm BlackRock. When asked if the Swiss-headquartered MSC shipping empire, which is controlled by the Aponte family, was the major investor, Lai said: "Yes, it has been from the beginning." CK Hutchison has not previously disclosed the exact ownership of each investor in the consortium. MSC did not immediately respond to a request for comment on Lai's remarks. The sale of assets, which would include two ports along the strategically important Panama Canal, has become highly politicised at a time of intensifying U.S.-China trade tensions. In April, China's top market regulator said it was paying close attention to CK Hutchison's planned sale and that parties to the deal should not try to avoid an antitrust review. CK Hutchison, controlled by tycoon Li Ka-shing, said this month that the deal would strictly adhere to all required compliance standards. The proposed sale has also drawn the attention of U.S. President Donald Trump, who has repeatedly expressed his desire to reduce Chinese influence around the Panama Canal and termed the deal a "reclaiming" of the waterway. (Reporting By Jessie Pang and Donny Kwok; Writing by Anne Marie Roantree; Editing by Joe Bavier) Sign in to access your portfolio
South China Morning Post
15-05-2025
- Business
- South China Morning Post
Beijing cautions Hong Kong's CK Hutchison to ‘act with prudence' over port deal
The Chinese Ministry of Commerce has cautioned Hong Kong's CK Hutchison Holdings to maintain 'a clear understanding' of the situation and 'act with prudence' after Li Ka-shing's conglomerate pledged earlier this week that its Panama port sale would not violate any laws. A ministry spokeswoman made the remarks on Thursday after the conglomerate issued a statement on Monday in response to mounting concerns over the sale of its 43 overseas ports to a BlackRock-led consortium in a deal valued at US$23 billion. 'Since March, relevant departments have issued multiple statements stressing that the [company's] port sale will be reviewed according to the law to protect fair market competition in the market and safeguard public interests,' ministry spokeswoman He Yongqian said. 'Parties involved in the transaction should not take any actions evading the reviews. No concentration of undertakings can be implemented without approval; otherwise legal liability will be incurred. 'It is hoped that the relevant enterprise will maintain a clear understanding of the situation and act with prudence.' Under Article 20 of mainland China's Anti-Monopoly Law, 'concentration' refers to the merger of business operators, securing control over another by acquiring its equity or assets or an operator acquiring control or influence over others with a contract or through other means. Beijing has signalled its anger over the proposed sale of the ports, especially the two that CK Hutchison operates at either end of the Panama Canal. Its offices overseeing Hong Kong affairs have reposted scathing newspaper commentaries urging the company to think twice about which side it wanted to stand with amid Sino-US tensions. One op-ed piece called the deal a 'betrayal of all Chinese people'.
Bloomberg
14-05-2025
- Business
- Bloomberg
How Tycoon Li Ka-shing Landed in the Middle of US-China Tiff
When President Donald Trump called for the US to retake control of the Panama Canal during his inauguration speech in January, it set off a chain of events that landed Hong Kong tycoon Li Ka-shing in the middle of a US-China tiff. Li, whose conglomerate CK Hutchison Holdings Ltd. owns two port operations on the Panama Canal, came under political pressure from the Trump administration after the US leader falsely claimed that the strategic waterway was operated by China.
