CHEUNG Kong Infrastructure is the listing for direct investments within the Cheung Kong group in infrastructure and related businesses. This time last year, SBC Warburg advised 'sell' on the stock saying the restructuring of the Cheung Kong group had made it a Hong Kong utility rather than a high-growth mainland infrastructure play. This proved poor advice as the stock outpaced the market, helped by utility stocks' surge and its inclusion in the Hang Seng Index. Cheung Kong Infrastructure shares traded at $21.85 12 months ago. Now they are worth $22.40, having outperformed the Hang Seng Index by 16.7 per cent.