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Li Ka-shing and son reveal 11.6pc interest in Postal Savings Bank H-shares

Hong Kong’s richest man plans to hold the stock for the long-term as he expresses confidence in the lender

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Li Ka-shing sees long term value in Postal Savings Bank of China shares. Photo: Sam Tsang
Enoch Yiu
Hong Kong’s richest man Li Ka-shing, together with his son and his three charitable foundations, have accumulated a combined deemed interest of 11.62 per cent of the H-shares, or 2.8 per cent of total issued shares, of Postal Savings Bank of China, which saw a poor debut on the stock market this week.
Li, chairman of developer of Cheung Kong Property Holdings and conglomerate CK Hutchison Holdings, his son Victor Li Tzar-kuoi who is deputy chairman of both companies and the three charitable foundations, revealed the stake in a filing to the stock exchange on Thursday, according to a statement issued by the Li Ka Shing Foundation.

The Hong Kong Securities and Futures Ordinance requires anyone with a greater than 5 per cent stake in a publicly listed firm to file a statement of their interests.

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The deemed interest arises from the Li’s investment in performance linked notes related to the bank which were issued by a financial institution, which was not identified. Details of the notes and the conditions under which they would be converted into shares of the bank were not disclosed.

The US$7.3 billion offering by Postal Savings Bank, the largest initial public offering worldwide in the past two years, saw the second worst debut among companies that raised over US$7 billion.

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It closed at HK$4.77 on Thursday, unchanged from its debut close on Wednesday, which only edged up 0.2 per cent to HK$4.77.

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