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