Former SHKP chairman Walter Kwok said to be seeking back-door listing
Former chairman of SHKP linked with an attempt to buy firm to list his own business
Walter Kwok Ping-sheung, the ousted chairman of Sun Hung Kai Properties (SHKP), is reportedly seeking a back-door stock exchange listing for his own businesses.
Market observers say it is a logical move in Kwok's (pictured) quest to expand his private business empire.
"Buying a listed shell company only costs HK$200 million to HK$300 million, and hundreds of them are available in the market," Phillip Capital Management fund manager Li Kwok-suen said.
The market began to speculate about Kwok's plans after he changed the names of two private shell companies to Empire Group Consultants and Kin Kwok Construction & Engineering since June.
Kwok was actively seeking a back-door listing, according to sources quoted by Ming Pao on Monday. The paper named him as one of the contenders to acquire Vincent Lo Hong-sui's Socam Development, which announced it was approached by a potential buyer in March.
But last month, Socam said its major shareholder, Shui On Land, failed to reach a deal with a potential buyer of Socam's shares.