李嘉诚还是要卖港口

Core Viewpoint - The sale of Li Ka-shing's global port assets to a US consortium, with the involvement of Chinese mainland investors, represents a strategic move to ensure profitability for all parties involved in the transaction [3][7]. Group 1: Transaction Details - On July 28, Cheung Kong Holdings announced plans to invite major strategic investors from mainland China to join the sale of its port assets, emphasizing that no transactions would occur without regulatory approvals [3]. - The deal involves the sale of 80% of Cheung Kong's port assets and 90% of its Panama port company, expected to generate $19 billion in cash for the company [5]. - The consortium led by BlackRock and Italian shipping magnate Gianluigi Aponte's "Port Investment Company" is involved in the transaction, which includes 43 ports across 23 countries [5][6]. Group 2: Strategic Implications - The entry of China Ocean Shipping Group (COSCO) into the deal is seen as a stabilizing factor, providing a satisfactory price reference and potentially enhancing the transaction's viability [7][8]. - The transaction is viewed as a win-win situation, with COSCO's involvement allowing for strategic asset acquisition while BlackRock seeks quality assets and stable returns [7][8]. Group 3: Historical Context - Li Ka-shing has been considering the sale of port assets since at least 2015, with previous valuations suggesting a price of 150 billion HKD for 40% of the port business, which aligns closely with the current deal's valuation [8]. - The port business has been a core asset for Li Ka-shing, with a global presence that includes 295 berths across 53 ports in 24 countries, excluding mainland and Hong Kong ports [16][18]. Group 4: Financial Overview - As of the 2024 financial report, Cheung Kong Holdings has total assets of $83.137 billion, with the port assets being valued at $14.212 billion, representing 17.1% of the company's net assets [18][19]. - The port business contributes only 9% to the overall revenue of Cheung Kong, indicating a mismatch between asset value and revenue contribution, which may have influenced the decision to sell [19].