李嘉诚商业帝国完成资产重组

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

香港——亚洲首富李嘉诚(Li Ka-shing)正在重组自己的企业帝国，对之进行大幅调整。

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.

周五香港股市收盘后，李嘉诚名下的旗舰房地产公司长江实业(Cheung Kong)宣布了一笔复杂的交易，表示将收购和记黄埔(Hutchison Whampoa)。李嘉诚旗下的控股企业和记黄埔下面有着港口、公用事业企业和零售店等一系列全球性资产。

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.

如果这第一步得到股东的批准，那么合并后的庞大集团将被分拆成两家新公司。其中一家是长和(CK Hutchison)。该公司将接管李嘉诚所有的非房地产资产，包括英国、欧洲大陆和澳大利亚的港口、能源和公用事业企业，以及由亚洲各地数千家以保健及美容为主题的店铺及超市组成的零售网络。

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 Chinese mainland.

另一家公司长地(Cheung Kong Property)将持有李嘉诚所有房地产资产，包括由香港和内地的办公楼、购物中心及住宅区组成的庞大资产组合。

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 Chinese mainland, and acquiring blue-chip companies like utilities and energy businesses overseas — mainly focusing on Britain, Europe and Australia.

现年86岁的李嘉诚是世界顶级富豪之一，据《福布斯》(Forbes)称，其净资产价值335亿美元（约合2100亿元人民币）。过去两年里，李嘉诚一直在出售香港和内地的资产，同时也在海外购入了公用事业企业和能源企业等蓝筹公司——主要集中在英国、欧洲和澳大利亚。

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.

相关交易包括去年3月以60亿美元的价格，将其在屈臣氏集团(A.S. Watson)持有的少数股份卖给了新加坡国有投资公司淡马锡控股公司(Temasek Holdings)，以及去年1月，其在香港的发电输电公司公开募股，筹资31亿美元。

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.

李嘉诚名下的公司表示，因为李嘉诚家族所持股份的分层控股架构，投资者往往会申请股价折让，而周五宣布的重组旨在消除这种折让。目前，李嘉诚家族直接持有长江实业43%的股份，长实则持有和记黄埔大约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.

根据提出的协议，在即将成立的两家新公司中，李嘉诚家族将分别直接持有30.2%的股份。同时，李嘉诚将担任两家公司的主席，其长子李泽钜(Victor Li)将担任两家公司的副主席。

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.

根据此次纯股份交易的条款，和记黄埔股东持有的每一股和记黄埔股份将换取0.684股新长和股份。

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

过去12个月里，长江实业的股价涨了9.7%，而和记黄埔的股价则跌了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.

长江实业在一份换股公告中称，重组将提升即将成立的两家新公司的“规模”，让股东直接持有它们的股份，并“提高透明度及业务一致性”。