HUTCHISON WHAMPOA LIMITED
Subsidiary of Hutchison Whampoa Ltd v Town Planning Board
HK Court of First Instance, 21-Nov-2011
The judge makes a common error in paragraph 1: Turbo Top, which owns the site and building known as the Cheung Kong Centre, is not a subsidiary of Cheung Kong (Holdings) Ltd. It is in fact wholly-owned by Hutchison Whampoa Ltd, which is only an associated company of CKH. CKH owns 49.9% of HWL.
SFC's neighbours will celebrate
The SFC, to the relief of fellow tenants, is reportedly set to move out of Chater House in June 2013. We ask why the police and their masters have been so reluctant to enforce the Noise Control Ordinance against protestors, and what tenants and passers by at their reported new home can look forward to. The landlord, controlled by HK's biggest tycoon, has 7 listed companies and 2 REITs in the group, all ultimately regulated by the SFC, so there is a risk of future perceived conflicts of interest which it would have been better to avoid. (22-Aug-2011)
CRE: more needed on the port flip
CRE (0291) has issued a bland denial that its parent owes it anything under the profit-share for the on-sale of its stake in Hutchison's ports. The calculation under that agreement in itself amounts to a connected transaction. We call for full disclosure of the apportionment of proceeds received by CRH, backed up by independent valuation of the other assets CRH bundled in. Without better information, we conservatively estimate a gain of $1,927m. The interests of CRE independent shareholders have not yet been protected. (28-Jan-2011)
HPH Trust is no loss to HK
Singapore has invested over US$5bn in Hutchison's ports, so it is not surprising that HPH is listing there. We look at the other incentives, and the governance concerns for the Business Trust structure. We also ask why China Resources Enterprise (291) has not disclosed the outcome of its profit-sharing after CRH flipped its port stakes to HPH. (21-Jan-2011)
Vodafone's potential US$2bn+ claim against Hutch
After selling its Indian business to Vodafone in 2007, HTIL shrank itself by distributing proceeds, as well as its HK business, to shareholders, leaving far less in net tangible assets than the US$2bn+ Indian capital gains tax claim now levied against Vodafone. HTIL was privatised last month. If the tax is upheld, Vodafone may claim it back under an HTIL indemnity. How much is that worth now, and will HWL shareholders carry the can? (23-Jun-2010)
Government supermarket vouchers
Supermarket vouchers are often used as a sales incentive in HK, for anything from minibonds to TVs. The Government's last proposal for a competition law would still allow behaviour such as resale price maintenance, which the EU outlaws because it is "severely anti-competitive". Have you ever wondered how much those supermarket vouchers actually cost? A government tender to buy them reveals the answer. (27-Mar-2010)
The paid advert opposing the blackout rule
Click on "Orgs" or "People" below to get a list of signatories, scroll down, then click on their names to go to the signatory you are interested in. (29-Dec-2008)
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People
- Chan, Augustine Kwok Chuen (fka Chan Kwok Hung)
- Chan, Fut Yan
- Chau, Rosanna Mei Wah
- Cheung, Chi Kit (1966)
- Cheung, Edwin Hon Kit
- Chow, Louie Ki Shui
- Chuck, Winston Calptor
- Fung, Patrick Yuk Bun
- Fung, Tsun Pong
- Lai, David Tsan Tung
- Lam, Alvin Leslie Kwing Wai
- Lau, Stephen Sing Hung
- Lee, Hon Chiu (1962)
- Lee, Kit Wah
- Lee, William Tak Lun
- Li, David Kwok Po
- Lo, William Wing Yan
- Ma, Karl Chi Kong
- Tsang, David Kam Ching
- Tung, Chee Chen
- Yan, Loucia Ha Hung
Hutchison Whampoa voting advice
The 16th AGM in Project Poll is on 22-May-03. We urge shareowners to vote against the re-election of a banker as an independent director, and protect their investment by voting against the general mandate. (9-May-2003)
Out of Sight
Have you ever wondered why Cheung Kong (Holdings) owns 49.9% of Hutchison Whampoa and not a fraction more? Back in Feb-97, CKH stated its intention to increase its holding beyond 50% as soon as possible. Webb-site.com looks at the structuring regularly used by the pair, which puts their development projects off-balance sheet and outside the scope of certain rules on connected transactions. Out of sight, and out of mind - it is high time the Stock Exchange closed the loophole. (29-May-2001)
ICG Asia's HK Put Option
ICG Asia, HK-listed subsidiary of Nasdaq-listed Internet Capital Group, last week announced a huge loss in its 2000 annual results, including a HK$1.02bn (US$130m) provision against its toys and properties business. Webb-site.com asks whether things are as bad as they look, and we query the implications of a put option over the toys and properties business which if exercised, could give the benefit of a $1bn discount to Hutchison Whampoa. (10-Apr-2001)
3G in HK
A fascinating debate is going on in HK about how the Government should dispose of the radio spectrum needed to launch third generation (3G) mobile services. Two arms of the Li family, PCCW and Hutchison, appear on opposite sides of the spectrum debate. Auctioning the licenses could wipe out the budget deficit for several years, without introducing sales taxes or selling off the MTRC - Webb-site.com examines the issues. (9-Jun-2000)
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