Shares in Hutchison Whampoa and Cheung Kong Holdings surged on news of a $24b restructuring of the two companies.
Chairman Li Ka-shing is proposing to reorganize his companies’ assets into two distinct businesses, one focusing on property in China and Hong Kong, the other on global assets. The former, to be known as Cheung Kong Property Holdings, has the potential to become Hong Kong’s biggest listed property company.
Analysts at Mizuho Securities said the move should “unlock the true value” of the property business, which has been trading at a deep discount.
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