長江實業與和記黃埔股價均大漲

Shares of Cheung Kong and Hutchison Whampoa each jumped more than 15 per cent at the start of Hong Kong trading, following a radical move on Friday to reorganise the two flagship companies of Li Ka-shing.

週一，香港股市開盤伊始，長江實業(Cheung Kong Holdings)和和記黃埔(Hutchison Whampoa)的股價均大漲逾15%。此前在週五，這兩家李嘉誠旗下的旗艦集團曾公佈一項激進的重組措施。

The deal - an effective merger of the two companies, plus a spin-off of their property units into a new, separately-listed company - was meant to unlock value in both. Assuming shareholder approval the deal is expected to close in June.

這一重組協議實際上合併了這兩家集團，並將其房地產業務剝離爲新的單獨上市的公司。它的用意是爲了令兩家企業的估值得到解放。這一應該會得到股東批准的交易預計會在6月份達成。

It was announced after the close of Friday trading. American depositary receipts for both companies rose nearly 10 per cent each in New York.

該交易是在週五收盤後公佈的。在紐約，兩家企業的美國預託證券都上漲了10%。

Analysts called the plans the biggest restructuring for Cheung Kong since 1997.

分析師稱，這一規劃是1997年以來長江實業的最大規模重組計劃。

Barclays said it would be beneficial to shareholders in at least three ways:

巴克萊銀行(Barclays)表示，這一重組交易將從至少三個方面令股東收益：

•removal of one layer of holding company discount;

•將控股公司拿到的折扣減少了一層；

•optimizing capital structures; and

•優化資本結構；

•raising dividends, which should be generally positive.

•提升股東紅利，它通常會產生積極的影響。

Nomura estimated that Hutchison shares could be worth 9-19 per cent more after the deal.

野村證券(Nomura)估計，交易完成後，和記黃埔的股價或將上漲9%到19%。

“Major shareholder's share increases look very likely in the future,” they said before shares began trading.

在股市開盤之前，他們表示：“股東手中的股票將來極有可能大幅上漲。”

“Upon restructuring, the Li family and Trust will hold just above 30% interest in the two new flagship companies, a level which is hardly safe from hostile takeover and also limits fundraising capability, in our view. We believe Li will likely increase the shareholdings to cement a firmer control of the group, thereby providing share price downside support.”

“在重組之後，李嘉誠家族及其信託在這兩大旗艦企業中的股份只會略高於30%。在我們看來，這一持股比例很難防止惡意收購，也會限制其募資能力。我們相信，李嘉誠很可能會加大持股比例，以鞏固對集團的控制，從而爲抵禦股價下行提供支持。”