李嘉誠商業帝國完成資產重組

HONG KONG — Li Ka-shing, Asia’s richest man, is shaking up his corporate empire in an extensive reorganization.

香港——亞洲首富李嘉誠(Li Ka-shing)正在重組自己的企業帝國，對之進行大幅調整。

In a complex deal announced Friday after the Hong Kong stock market closed, Mr. Li’s flagship Property company, Cheung Kong, said it would take over Hutchison Whampoa, his Holding company for a network of global businesses including ports, utilities and retail stores.

週五香港股市收盤後，李嘉誠名下的旗艦房地產公司長江實業(Cheung Kong)宣佈了一筆複雜的交易，表示將收購和記黃埔(Hutchison Whampoa)。李嘉誠旗下的控股企業和記黃埔下面有着港口、公用事業企業和零售店等一系列全球性資產。

If that first transaction is approved by shareholders, the enlarged group would then be split into two new companies. The first, CK Hutchison, would become the main holding company for all of Mr. Li’s nonproperty assets, which include ports, energy and utility businesses in Britain, Continental Europe and Australia, and a retail chain of thousands of health and beauty shops and supermarkets across Asia.

如果這第一步得到股東的批准，那麼合併後的龐大集團將被分拆成兩家新公司。其中一家是長和(CK Hutchison)。該公司將接管李嘉誠所有的非房地產資產，包括英國、歐洲大陸和澳大利亞的港口、能源和公用事業企業，以及由亞洲各地數千家以保健及美容爲主題的店鋪及超市組成的零售網絡。

The second company, Cheung Kong Property, would become the holding company for all of Mr. Li’s real estate assets, which include a huge portfolio of offices, shopping centers and residential developments in Hong Kong and mainland China.

另一家公司長地(Cheung Kong Property)將持有李嘉誠所有房地產資產，包括由香港和內地的辦公樓、購物中心及住宅區組成的龐大資產組合。

Mr. Li, 86, is one of the world’s richest people, with a net worth of $33.5 billion, according to Forbes. In the past two years, he has been selling assets in Hong Kong and mainland China, and acquiring blue-chip companies like utilities and energy businesses overseas — mainly focusing on Britain, Europe and Australia.

現年86歲的李嘉誠是世界頂級富豪之一，據《福布斯》(Forbes)稱，其淨資產價值335億美元（約合2100億元人民幣）。過去兩年裏，李嘉誠一直在出售香港和內地的資產，同時也在海外購入了公用事業企業和能源企業等藍籌公司——主要集中在英國、歐洲和澳大利亞。

Those deals include the $6 billion sale in March of a minority stake in his retail business, A.S. Watson, to Temasek Holdings, a Singapore state investment firm, and the $3.1 billion initial public offering of his Hong Kong electricity generation and distribution business in January last year.

相關交易包括去年3月以60億美元的價格，將其在屈臣氏集團(A.S. Watson)持有的少數股份賣給了新加坡國有投資公司淡馬錫控股公司(Temasek Holdings)，以及去年1月，其在香港的發電輸電公司公開募股，籌資31億美元。

Mr. Li’s companies said the restructuring announced on Friday was aimed at removing the discount that investors have typically applied to their shares because of the tiered shareholding structure of the Li family’s stake. At present, the Li family owns 43 percent of Cheung Kong directly, which in turn owns about 50 percent of Hutchison.

李嘉誠名下的公司表示，因爲李嘉誠家族所持股份的分層控股架構，投資者往往會申請股價折讓，而週五宣佈的重組旨在消除這種折讓。目前，李嘉誠家族直接持有長江實業43%的股份，長實則持有和記黃埔大約50%的股份。

The proposed deal would give the Li family a direct 30.2 percent stake in each of the new companies to be formed, with Mr. Li serving as the chairman of both firms and the elder of his two sons, Victor Li, serving as vice chairman.

根據提出的協議，在即將成立的兩家新公司中，李嘉誠家族將分別直接持有30.2%的股份。同時，李嘉誠將擔任兩家公司的主席，其長子李澤鉅(Victor Li)將擔任兩家公司的副主席。

Under the terms of the all-shares transaction, Hutchison shareholders would receive 0.684 of a Cheung Kong share for each share that they own.

根據此次純股份交易的條款，和記黃埔股東持有的每一股和記黃埔股份將換取0.684股新長和股份。

Shares in Cheung Kong have risen 9.7 percent over the past 12 months, while those in Hutchison have declined 10.7 percent.

過去12個月裏，長江實業的股價漲了9.7%，而和記黃埔的股價則跌了10.7%。

The restructuring would enhance the “size and scale” of both the new companies to be created, allow shareholders to invest directly in each of them, and “provide greater transparency and business coherence,” Cheung Kong said in a stock exchange announcement.

長江實業在一份換股公告中稱，重組將提升即將成立的兩家新公司的“規模”，讓股東直接持有它們的股份，並“提高透明度及業務一致性”。