港媒《星岛头条》日前独家披露，长和集团原定4月2日签署的巴拿马港口出售协议已被搁置。接近集团高 层的消息人士仅回应"大家明啦"，中国市场监管总局随后表态将"依法审查交易"，官方介入的信号明确。 地缘政治风险更为关键。巴拿马运河承担全球6%的贸易运输，其港口控制权直接影响"一带一路"海上通道 安全。美国前总统特朗普曾高调宣称"美国夺回巴拿马运河"，间接暴露交易背后的战略意图。分析人士指 出，若美方通过财团间接掌控该区域，可能对中国海外投资形成"卡脖子"威胁。 香港《大公报》连续三次刊发社论，直指长和交易"损害国家利益"，并质疑李嘉诚"在商不言商"的真实动 机。舆论普遍认为，在华为、TikTok等中企与美方激烈博弈的背景下，李氏家族却选择向美资大规模让渡 战略资产，无异于"逆流而行"。 李嘉诚资料图 市场对交易的质疑不仅限于政治层面。长和未公开资金用途，引发猜测其是否试图规避内地资本监管，或 将资产转移至海外。数据显示，李嘉诚家族近年已累计套现超2500亿港元，从欧洲电网到香港地产， 其"撤资模式"早已引发公众不满。此次交易更被贴上"商业逻辑混乱"的标签，进一步削弱市场信任。 长和集团此前与美国贝莱德财团达成初步 ...

李嘉诚旗下长和最新公告：电讯业务或分拆上市，市场反应不一 近日，李嘉诚旗下的长和集团再次成为市场关注的焦点。 3月31日，长和集团在港交所发布了一则重要公告，称集团不时接获建议并正在探索及评估可供考虑的机会，以提升股东的长远价值。其中，包括与本公司 全球电讯业务之资产及运营相关的可能交易，甚至不排除分拆上市的可能性。 这一消息立即引发了市场的广泛关注和热议。长和集团作为全球知名的综合性企业，其业务涵盖电信、基建、房地产等多个行业，任何战略调整都可能对市 场和投资者产生重大影响。 长和集团全球电讯业务的"家底" 长和集团的电讯业务主要包含欧洲"3"集团在六个欧洲国家业务，以及在联交所上市的和记电讯香港控股（和电香港）的66.09%的股权。2024年，电讯业务 实现收入883.71亿港元，同比增长2%，占整体营收的19%。该业务不仅是长和集团的重要收入来源，更是其盈利的重要支柱。 据知情人士透露，长和集团已开始准备剥离其全球电信资产并在伦敦上市。分拆后的实体将托管长和在欧洲、香港和东南亚的电信业务，估值可能在100亿 至150亿英镑（130亿至190亿美元）之间。这一计划若成功实施，将是过去几年规模最大的IPO之 ...

Core Viewpoint - The announcement by CK Hutchison Holdings has stirred significant interest in the capital markets, particularly regarding the potential spin-off of its telecommunications assets, reflecting the complex sentiments of international capital towards the Chinese market [1][3]. Group 1: Strategic Implications - The ambiguous statement "no decision has been made" in the announcement suggests a strategic maneuver to position core assets under the international spotlight amidst geopolitical tensions, serving as a protective measure against risks while showcasing the resilience of Chinese capital [3][9]. - The timing of the potential spin-off aligns with a favorable window following the approval of Vodafone's merger, leveraging market liquidity while avoiding regulatory risks, demonstrating a sophisticated strategic approach [5][10]. Group 2: Market Reactions and Perceptions - Some foreign media have labeled the spin-off as "capital flight," highlighting a double standard in the treatment of Chinese capital movements compared to Western companies, which raises questions about the fairness of global capital market rules [7][9]. - The contribution of the telecommunications business to CK Hutchison's profits (25%) has prompted a reevaluation of investment portfolios by institutions that previously criticized Chinese tech firms, indicating a shift in sentiment [7][9]. Group 3: National Interests and Regulatory Environment - The spin-off plan is seen as a strategic move to secure supply chain safety amid the ongoing US-China tech conflict, emphasizing the importance of controlling European telecom nodes in the digital age [9][10]. - The Chinese regulatory environment is portrayed as stable and strategic, balancing national interests with opportunities for international cooperation, reflecting a nuanced approach to modernization [10][12]. Group 4: Future Outlook - The announcement is expected to catalyze a significant shift in global commercial dynamics, with CK Hutchison's actions potentially paving the way for new forms of international collaboration and dialogue in the digital economy [12].

3月31日，外交部发言人郭嘉昆主持例行记者会。 有记者提问，据报道，中国国家市场监督管理总局表示将审查长江和记拟向贝莱德财团出售有关港口资产 事宜，请问发言人对此有何回应？ 郭嘉昆表示，我们注意到有关报道。国家市场监督管理总局就此表示，注意到此交易，将依法进行审查， 保护市场公平竞争，维护社会公共利益。 "我想再次强调，中方一贯坚决反对利用经济胁迫、霸道霸凌侵犯损害他国正当权益的行为。"郭嘉昆说。 来源：北京日报 责编：叶舒筠 校对： 冉燕青 圳证券交易所 SHENZHEN OCK EXCHANG 报名火热进行中 2月18日~3月31日 证券时报网 梧桐稳智 报名入口 金融强国梦妮 讲师启智引航 （点击图片进入报名页面） 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 10 = 据设备和机票部份云越 K 20 本市场投教"星火计划" T届金融强国讲师风 END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 ...

3月25日，维信金科（2003.HK）公布2024年度业绩。 财报显示，过去一年，公司实现总收入39.30亿元人民币，同比增长10.1%；实现净利润4.78亿元，同比增长5.3%。 尽管外部经济环境复杂，消费信贷需求疲软，维信金科仍然取得了不错的增长成绩，展现出公司在复杂环境中的业务韧性和稳健发展能力。 从资本市场来看，自年初以来，公司股价持续攀升，年内涨幅达到80%。不难发现，一场"业绩与估值"双升的行情正在维信金科身上演绎，那么该如何看待 这一行情背后的持续性？ 1、技术+生态的双重壁垒 深入分析维信金科的增长驱动力，离不开其良好的经营布局和强运营能力。 一方面，通过技术赋能与生态协同，维信金科不断优化业务流程与客户服务，提升运营效率与用户体验，从而实现了现有用户价值的深度挖掘与复贷业务的 强劲增长。 数据显示，2024年，复贷借款人占贷款总量的85.9%，这一比例充分说明了用户对维信金科服务的认可与信赖，也为公司收入的稳定增长奠定了坚实基础。 另一方面，公司积极拓展优质获客渠道，与国内领先的金融科技平台签订合作协议，进一步扩大了其市场覆盖范围与用户群体规模。 截至2024年12月31日，内地业务全年贷款 ...

Core Viewpoint - The company announced potential plans to split its global telecommunications assets and operations, aiming to enhance long-term shareholder value, although no final decision has been made yet [1][2]. Group 1: Company Announcement - The board of the company has received media reports regarding the possible split of its global telecommunications assets and business [1]. - The company is evaluating opportunities to enhance shareholder value, which may include transactions or a split of its telecommunications business [1]. - As of March 31, the company's stock price was HKD 43.55 per share, reflecting a decline of 3.54% [1]. Group 2: Telecommunications Assets - The potential split involves telecommunications assets valued between GBP 10 billion and 15 billion (approximately HKD 100 billion to 150 billion) with plans for a listing in London [1]. - The telecommunications business includes the European "3" Group operating in six European countries and a 66.09% stake in HKT Trust, which operates in Hong Kong and Macau [1]. - HKT Trust holds a significant market position in Hong Kong and Macau, with an estimated customer base of around 4.3 million by June 2024, against a total population of approximately 8.21 million [1]. Group 3: Related Developments - Earlier, a company associated with Li Ka-shing, 盈科拓展, publicly distanced itself from 长和, stating that all its operations are independent [2]. - The company has been under scrutiny following a planned port transaction, with the National Market Supervision Administration indicating an upcoming review [2]. - Reports suggest that the company will not finalize any agreements regarding the sale of the Panama port this week [2].

Group 1 - The core issue revolves around the port transaction involving Li Ka-shing's company, Cheung Kong Infrastructure, which is under scrutiny due to geopolitical tensions between the US and China [1][2] - The transaction is seen as a test of loyalty for the Li family amidst pressure from Chinese authorities and media, with potential repercussions for either proceeding or halting the deal [2][3] - The US government has expressed its discontent with the transaction, indicating that it undermines China's control over the Panama Canal and signaling its support for American companies to gain control over the port [3][4] Group 2 - The geopolitical landscape is shifting, with logistics becoming a new battleground, as China prepares alternative routes like the "Belt and Road Initiative" and the "China-Pakistan Economic Corridor" [4] - The potential loss of control over the Panama Canal could significantly impact Chinese freight companies, highlighting the strategic importance of the port transaction [4][5] - Li Ka-shing's son, Li Ze-kai, has distanced his businesses from Cheung Kong Infrastructure, suggesting a strategy to mitigate risks associated with potential sanctions or backlash [5]

Core Viewpoint - The sale of overseas ports by Cheung Kong Group, led by Li Ka-shing, is facing significant scrutiny and potential backlash from the Chinese government, particularly regarding the strategic importance of the Panama Canal ports involved in the transaction [1][3]. Group 1: Transaction Details - Cheung Kong Group is reportedly in collaboration with BlackRock to finalize the sale of key ports in Panama, aiming to sign an agreement by April 2 [1]. - The ports in question, Balboa and Cristobal, are critical for maritime trade, significantly impacting shipping routes and costs if controlled by the U.S. [3]. Group 2: Government Response - The Chinese government has expressed strong opposition to the transaction, emphasizing the need to protect national interests and warning against economic coercion [3][5]. - State-owned enterprises in China have been instructed to pause collaborations with Li Ka-shing's companies, indicating a significant pushback against the perceived threat to national interests [5]. Group 3: Potential Outcomes - Cheung Kong Group has the option to withdraw from the transaction, as the deal is contingent upon several conditions, including regulatory approvals and compliance with local laws [5]. - The Chinese government is actively engaging with both the Panamanian government and U.S. entities to seek a resolution, highlighting the importance of maintaining strategic relationships [8].

巴拿马港口（资料图） 长和早前与贝莱德牵头的"BlackRock-TiL"财团达成原则性协议，计划出售不含中国内地及香港港口资产、包含巴拿马在内的43个港口业务，预计套现190亿 美元。此消息一经传出，便引发各界争议。香港特区政府在3月4日意外得知该交易后，立即与长和取得联系，双方此后一直保持沟通，试图寻找合理解决方 案。香港特区行政长官李家超也曾公开表示，社会对该事件的关切值得重视，港府要求外国政府为香港企业提供公平营商环境，反对使用胁迫手段，且任何 交易须符合法律法规要求，港府会依法依规处理。 在国家市场监督管理总局宣布审查前，官方其实已多次对李嘉诚进行劝告，希望其终止与贝莱德集团之间的交易。但李嘉诚方面一直举棋不定。从商业角度 看，按照相关协议，如果长和在交易进入倒计时阶段突然终止，必然要向贝莱德集团赔付大量经济损失，这是李嘉诚不愿接受的。可在国家利益面前，长和 的私利显然微不足道。 巴拿马港口（资料图） 据港媒《星岛头条》3月28日报道，接近长和高层的消息人士透露，长和下星期不会签订任何关于出售巴拿马港口的协议。此前消息称，长和原定4月2日前 签订最终协议。而在同一天，国家市场监督管理总局也做出回应， ...

Core Viewpoint - The proposed sale of 43 global ports by Li Ka-shing to BlackRock for $22.8 billion has triggered an antitrust investigation by China's State Administration for Market Regulation, leading to a significant drop in the market value of Cheung Kong Group by HKD 78.1 billion [1][3][4]. Group 1: Antitrust Investigation Impact - The antitrust investigation has been described as a rare and strong response from Chinese regulators, indicating serious scrutiny of the $22.8 billion deal [3][4]. - The market reacted swiftly, with Cheung Kong Group's stock price plummeting, resulting in a loss equivalent to nearly one million average family homes [3][4]. - Legal experts affirm that Chinese regulators have the authority to investigate foreign monopolistic behaviors affecting domestic market competition under the Antitrust Law [3][4]. Group 2: Strategic Implications of the Deal - The sale of ports, particularly those at both ends of the Panama Canal, is seen as a strategic move that could impact China's trade routes, as approximately 21% of the ships using the canal are Chinese [8][10]. - The U.S. has shown increasing interest in global ports, with recent policy changes indicating a potential trade war targeting Chinese interests [6][8]. - Historical context reveals that the U.S. has previously exerted control over the Panama Canal, suggesting a pattern of geopolitical maneuvering through economic means [10][11]. Group 3: Li Ka-shing's Business Strategy - Li Ka-shing's decision to sell ports without a public bidding process raises questions about the motivations behind the transaction, suggesting a potential urgency in reallocating assets [4][17]. - The shift in Li's investment strategy from a heavy focus on Hong Kong to a more diversified portfolio in Europe and North America indicates a strategic pivot in response to global market dynamics [15][19]. - The rapid agreement with BlackRock, despite previous rejections of lower offers, suggests a pressing need to adapt to changing geopolitical landscapes [17][19]. Group 4: China's Strategic Countermeasures - China has initiated a multi-faceted response to the port sale, including high-level meetings with influential figures in the investment community, signaling a strategic recalibration [21][23]. - The introduction of stricter scrutiny under the revised Antitrust Law provides a legal framework for the government to intervene in transactions deemed to threaten national security [23][25]. - The ongoing negotiations and potential involvement of state-owned enterprises in acquiring the ports highlight China's commitment to safeguarding its strategic interests [21][25]. Group 5: Broader Implications for Global Trade - The situation exemplifies the intersection of commercial interests and national security, reflecting the complexities faced by businesses in a globalized economy [27]. - The case serves as a lesson for entrepreneurs on balancing profit motives with national strategic considerations, emphasizing the importance of understanding geopolitical contexts in business decisions [27].