CKH HOLDINGS(HK:00001) 券商中国·2025-03-05 07:01Core Viewpoint - The announcement of a principle agreement to sell core global port assets by Cheung Kong Holdings has significantly boosted its stock price, with a potential cash inflow exceeding $19 billion from the sale [1][3][4]. Group 1: Transaction Details - Cheung Kong Holdings has reached a principle agreement with a consortium led by BlackRock to sell 90% of its stake in the Panama Port Company, which is part of a larger transaction involving the sale of its global port business [3][4]. - The total enterprise value of the assets being sold is agreed at $22.8 billion (approximately 165.7 billion RMB), with expected cash proceeds of over $19 billion after adjustments [4][5]. - The transaction includes ports across 23 countries in Asia, Europe, and the Americas, covering 43 ports and 199 berths, along with smart terminal management systems and global logistics networks [4]. Group 2: Financial Implications - According to Citigroup, if the transaction is completed, it will significantly enhance the value of Cheung Kong Holdings, potentially reducing its net debt ratio to below 20% if part of the proceeds is used for debt repayment [5]. - The sale is expected to reduce Cheung Kong's EBITDA by approximately 10% for the year 2025 [5]. Group 3: Market Reaction - Following the announcement, Cheung Kong's stock price surged over 24% during trading, with a market capitalization reaching 177.7 billion HKD [2][4].