Latest news with #LiKaShing
Bloomberg
13-06-2025
- Business
- Bloomberg
Chinese Firms In Talks to Join Group to Buy Li Ka-Shing's Ports
China's largest shipping company is among the firms in talks to invest in a multinational consortium seeking to buy billionaire Li Ka-shing's global ports, according to people familiar with the matter, in an effort to ease Beijing's concerns over the controversial deal. China Cosco Shipping Corp. is one of several Chinese state-backed companies in discussions with the consortium led by Italian billionaire Gianluigi Aponte's Terminal Investment Ltd. on matters including how they might participate in the port deal, the people said, asking not to be identified discussing private information. The buying group also includes US firm BlackRock Inc. and its Global Infrastructure Partners unit.
South China Morning Post
11-06-2025
- Business
- South China Morning Post
China ‘respects Panama Canal neutrality' as CK Hutchison ports deal looms
China's foreign ministry has said it respects Panama's sovereignty and recognises its canal as a neutral international waterway, after the head of the strategic channel warned that the CK Hutchison ports deal could jeopardise its impartiality. Advertisement Panama Canal Authority administrator Ricaurte Vasquez said in an interview published on Tuesday that the US$23 billion deal between CK Hutchison Holdings and a consortium led by BlackRock and MSC could result in a concentration of operators that would be 'inconsistent with neutrality.' He also reportedly said that a request from the US government to allow its ships to pass through the canal free of charge was not feasible under the waterway's current regulations. Responding to a question about recent reports on the matter on Wednesday, Lin Jian, the spokesman for China's Ministry of Foreign Affairs, said Beijing had always firmly opposed economic coercion, domineering and bullying. 'On the navigation of relevant country's vessels, China will, as always, respect Panama's sovereignty over the Canal and recognise the Canal as a permanently neutral international waterway,' Lin said. Advertisement 'We support Panama's effort to uphold independence and firmly defend its lawful rights and interests as an independent sovereign country.' Hong Kong tycoon Li Ka-shing's CK Hutchison Holdings dropped a bombshell in March by announcing the deal to sell its stakes in 43 overseas ports, including two strategic ones at the Panama Canal. CK Hutchison would earn US$19 billion from the sale.
South China Morning Post
09-06-2025
- Business
- South China Morning Post
National and commercial interests must go together, John Lee tells Hong Kong businesses
Hong Kong businesses must consider national interests while pursuing commercial deals, the city's leader has said, arguing that the two are not mutually exclusive. In an interview with the Post as he marked three years in office, Chief Executive John Lee Ka-chiu stressed the importance of local companies keeping national interests in mind while seeking profits. Hong Kong tycoon Li Ka-shing's CK Hutchison Holdings has recently drawn the ire of Beijing over a controversial deal to sell its overseas ports to a consortium led by US investment giant BlackRock. Without commenting directly on the controversy, Lee argued in general that commercial and national interests did not have to contradict each other. 'When you do business, you have the maximum freedom to pursue your own goals and foster capitalism,' Lee said. 'But at the same time, there are things that you don't want to hurt, because hurting those things will also hurt your business.'
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.
