A tale of two Asian share buy-backs: one economically rational, the other less so. Monday's announcement from Li Ka-shing's Hutchison Whampoa that it might make an offer to buy out minorities in a phone unit came as little surprise. Hong Kong-listed Hutchison Telecommunications International, spun off six years ago and then hollowed out by disposals of its best assets, is trading more than three times cheaper than peers on a price/book basis. This is how tycoons operate: buy low, sell high.
讲两个亚洲公司股票回购的事例：一件合乎manbetx20客户端下载 逻辑，另一件则不尽合理。周一，李嘉诚旗下的和记黄埔(Hutchison Whampoa)宣布，可能出价买下旗下一家电讯企业的所有少数股份。此事并不太出人意料。这家电讯企业——香港上市的和记电讯国际(HTIL)是6年前从和黄分拆出来的，后来由于陆续出售了优质资产而被淘空。目前，以市净率衡量，和记电讯国际的股价比同类公司便宜了3倍以上。这就是大亨们的行事之道：低吸高抛。
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