• Mon
  • Jul 28, 2014
  • Updated: 5:23pm

Hongkong Electric

Hutchison Whampoa is a Fortune 500 company and one of Hong Kong’s largest listed companies. It is 49.97 per cent owned by the Cheung Kong Group, a property company. Hutchison’s origins date back to two companies founded in the 19th century – Hong Kong and Whampoa Dock, established in 1863 by British merchant John Duflon Hutchison, and Hutchison International in 1877. In 1977, Hutchison became Hutchison Whampoa Ltd. Its operations include ports, with operations across Europe, the Americas, Asia, the Middle East and Africa, property and hotels, retailing through AS Watson & Co, PARKnSHOP supermarkets, Fortress electrical appliance stores, telecommunications through Hutchison Telecommunications International Ltd. It is also involved in infrastructure through its infrastructure arm, Cheung Kong Infrastructure, and has an interest in Hongkong Electric Holdings (HEH), the sole electricity supplier to Hong Kong Island and Lamma Island. Hutchison is also a major shareholder of Husky Energy, one of Canada’s largest energy and energy related companies. It is headed by Li Ka-shing, Asia’s wealthiest man, who has been nicknamed “Superman” because of his investment prowess. 

HK Electric may be right about idea of importing power from mainland China

It is not only government seeking public opinion. HK Electric has been e-mailing customers recently, asking them to speak out against mainland power, and even China Light, careful with its words, says the Hong Kong-only option "provides a more certain result".

Sunday, 8 June, 2014, 5:30am 12 comments

Hongkong Electric makes dim start on stock market

HK Electric Investments, the latest initial public offering by Li Ka-shing, took a tumble on its trading debut yesterday, joining a number of other disappointing listings by Asia's richest man.

30 Jan 2014 - 5:04am 1 comment

State Grid stake in HK Electric Investments key to future deals

Power Assets, the international utility firm controlled by Li Ka-shing, says an investment of up to HK$10 billion in its HK Electric Investments spin-off by State Grid of China opens the door to future co-operation in deals outside the city.

16 Jan 2014 - 4:39am

China's State Grid buys biggest chunk of HK Electric's IPO

Government-owned State Grid Corp of China is coming in as the biggest cornerstone investor in Li Ka-shing-backed HK Electric Investments’ up to US$5.7 billion Hong Kong initial public offering (IPO), according to people familiar with the matter .

11 Jan 2014 - 7:52pm

Hong Kong Electric spin-off sets lure on returns

Power Assets, an international utilities firm controlled by Asia's richest man, Li Ka-shing, plans to spin off its Hong Kong electricity unit at a valuation of HK$48 billion to HK$63.4 billion via the establishment of a trust firm that will offer potential investors a 5.5 per cent to 7.3 per cent annual return in the first year.

16 Dec 2013 - 6:11am

Hongkong Electric close to powered spin-off

Power Assets is nearing its HK$40 billion spin-off of Hongkong Electric, which will hold all its power assets in the city. The market knows the initial public offering is near because Hongkong Electric is close to finalising a HK$37.5 billion club loan, which is essential for leveraging the asset to create cash to pay to Power Assets, which is 38.87 per cent owned by Cheung Kong Infrastructure.

2 Dec 2013 - 10:30am

Gas deal 'could cut cost of power'

Power bills on Hong Kong Island and Lamma could be cut if hopes Hongkong Electric can secure a bargain deal to buy gas come to fruition.

25 Nov 2013 - 5:34pm

Power Assets seeks HK$37.5b loan facility

Loan proceeds would be used to fund the acquisition of the entire stake of Hongkong Electric by the spin-off unit, HK Electric Investments, the people said. Price talk for the facility was at an all-in rate, which included interest and fees, of about 110 basis points over the Hong Kong interbank offered rate for minimum pledges of HK$3 billion, they said.

9 Oct 2013 - 5:40am

HK$38b spin-off planned for Hongkong Electric

Power Assets Holdings, controlled by Asia's richest man, Li Ka-shing, yesterday announced a proposal to spin off its Hong Kong electricity business - Hongkong Electric.

 

28 Sep 2013 - 3:20am 3 comments

Culpability for Lamma ferry crash must be properly shared

The report of the inquiry into the Lamma ferry tragedy calls for congratulations but also misgivings. Congratulations because the report - 186 pages plus 82 pages of appendices - is an admirably clear summary of an inquiry which had 113 witnesses and was provided with a mass of expert evidence.

5 May 2013 - 2:51am 2 comments

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