|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||4.9500 - 4.9500|
|52 Week Range||4.3200 - 7.4500|
|Beta (5Y Monthly)||1.21|
|PE Ratio (TTM)||3.60|
|Forward Dividend & Yield||0.09 (1.82%)|
|Ex-Dividend Date||Sep 08, 2020|
|1y Target Est||N/A|
Moody's Investors Service has assigned an A2 rating to the proposed senior unsecured perpetual securities to be issued by Panther Ventures Limited and irrevocably and unconditionally guaranteed by CK Asset Holdings Limited (CKA) (A2 stable). The proceeds from the securities will be used for the general corporate purposes of CKA and its subsidiaries, including redemption of outstanding perpetual securities.
Ant Group's upcoming dual listing, likely to be the largest in global financial history, will reward the staff and early investors of the world's biggest fintech company, including companies controlled by two of Hong Kong's wealthiest families.CK Asset Holdings and CK Hutchison Holdings, the two flagships of Hong Kong tycoon Li Ka-shing, hold 8.91 million each of Ant's Class C shares, a category of non-voting stock issued to offshore investors, according to a preliminary listing filing. Family members of Hong Kong's former Chief Executive Tung Chee-hwa own 1.78 million Class C shares in the Hangzhou-based fintech company.The value of the stakes are still to be determined, pending a pricing process. The initial public offerings (IPO), scheduled simultaneously in Shanghai and Hong Kong, are expected to raise an estimated US$30 billion, surpassing Saudi Aramco's US$29.4 billion stock sale last year and valuing the five-year-old company at US$225 billion.The company, which operates the ubiquitous Alipay online payments platform for the world's largest e-commerce company Alibaba Group Holding, is controlled by Alibaba's co-founder Jack Ma, who exercises 50.52 per cent of Ant's voting rights through stakes in two limited partnership units.SCMP Graphics alt=SCMP GraphicsMa's Ant stake is valued at US$25 billion if the company achieves its US$225 billion valuation, according to Bloomberg's calculation. The entrepreneur, who retired last September as Alibaba's chairman on his 55th birthday, will donate 611 million Ant shares to charitable causes. Alibaba owns South China Morning Post.Tung's daughter Audrey Tung Slighton, as well as his sons Andrew Tung Lieh Cheung and Alan Tung Lieh Sing are listed as Ant's investors through a private company they own. The Tung family founded Orient Overseas (International), one of the world's largest container shipping companies before its 2017 takeover by China Ocean Shipping (Group) Company, or Cosco. They were not immediately available for comment.Jack Ma, co-founder of Alibaba Group at the Vivatech start-ups and innovation fair in Paris on 16 May 2019. Photo: EPA-EFE alt=Jack Ma, co-founder of Alibaba Group at the Vivatech start-ups and innovation fair in Paris on 16 May 2019. Photo: EPA-EFEMore than a dozen current and former employees of Alibaba and Ant will become dollar-denominated billionaires if the fintech company achieves its valuation target, based on Bloomberg's calculation and the shareholding structure of the two limited partnerships Junhan and Junao disclosed in Ant's prospectus.The stake held by chairman Eric Jing, at 1.3 per cent of Ant, is valued at US$2.9 billion while Ma's successor Daniel Zhang, with 0.7 per cent interest in Ant, has his stake valued at US$1.7 billion, according to Bloomberg's calculation. Ant declined to comment on the calculations.The Lis and Tungs invested in Ant Group in the fintech company's US$14 billion private-equity funding round in 2018 before it filed its dual-listing application on Shanghai's Star Market and in Hong Kong, which set the world record for the largest funding round by a private company.The pre-IPO financing round also attracted interests from sovereign wealth funds including Singapore's Temasek Holding and Malaysia's Khazanah Nasional Berhad, as well as the Canada Pension Plan Investment Board. Other investors include leading private equity managers such as Warburg Pincus, Carlyle, Primavera Capital.Even China's state-owned pension fund, the National Social Security Fund (NSSF), was one of Ant's first 12 investors in the 2015 funding round, putting as much as 7.8 billion yuan (US$1.13 billion) in the Series A funding round for a stake of 2.94 per cent, according to the filings. Former NSSF deputy secretary general Wang Zhongmin called Ant one of the most successful investments for the pension fund, which owned 2.2 trillion yuan in assets at the end of 2018.(L-R) Tycoon Li Ka-shing with his son Victor Li Tzar-kuoi, Chairman of CK Asset Holdings Ltd, at the companies annual dinner in Wan Chai on 10 January 2020. Photo: Dickson Lee alt=(L-R) Tycoon Li Ka-shing with his son Victor Li Tzar-kuoi, Chairman of CK Asset Holdings Ltd, at the companies annual dinner in Wan Chai on 10 January 2020. Photo: Dickson LeeCK Asset and CK Hutchison were not immediately available for comment. Another private investor in 2018 equity was Fourmy, ultimately managed and owned by the Mulliez family of France, whose directors include Jerome Antoine Marcel Mulliez, according to records at Singapore's accounting and corporate regulatory authority. The Singapore-based company is listed with 17.8 million Class C shares in Ant, according to the preliminary filing.Given that Ant is seeking a valuation of more than US$225 billion in its stock offering, according to people familiar with the matter, these investors are likely to see the value of their holdings rise by at least 33 per cent, a handsome appreciation from the US$150 billion at which the company was valued at the time of the 2018 June fundraising round.These offshore investors will be eligible to redeem their C class shares, and use the proceeds to subscribe to tradeable H shares on the Hong Kong stock exchange on a one-for-one basis."The redemption and subscription would be completed without holders of Ant's Class C shares ... paying any additional subscription amount," according to the listing filing.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.
Hong Kong's most-famous billionaire Li Ka-shing has sent a top lieutenant to help rescue a cash-strapped developer in the first major blow-up and restructuring to unfold from the city's property market slump.Goldin Financial Holdings, the troubled developer with HK$18.5 billion of liabilities, named Gerald Ma Lai-chee as vice-chairman and non executive director, according to an exchange filing late Wednesday. The 52-year-old executive, an executive committee member at CK Asset, "will focus on providing financial and restructuring advice" to the group, Goldin added."We will actively study Goldin's financial and debt status," CK Asset said in a separate email statement to the press, in response to queries about its role as a white knight to Goldin.Helmed by billionaire Pan Sutong and a neighbour of Li's, Goldin is embroiled in a legal fight with hostile creditors while it attempts to recapitalise itself and quicken asset sales. Pan himself has remortgaged his personal properties to repay debt, according to Land Registry records.Gerald Ma Lai-chee, vice-chairman and independent non-executive director. Photo: HandoutMa's appointment came a week after hostile creditors filed notices to wind up Goldin and seize control of the group's assets pledged as security for debt related to two loans worth the equivalent of HK$3.5 billion in March 2019 and a HK$6.8 billion floating-rate bond in the following month.The assets in peril include Goldin's 27-storey headquarters in Kowloon Bay known as Goldin Financial Global Centre with a market value of at least HK$15 billion, according to its stock exchange filing on July 15. Others include equity stakes in its unlisted subsidiaries, it said.Goldin has filed legal actions in the High Court of Hong Kong to challenge the creditors and nullify the appointments of "purported receivers". The group has been working to raise HK$8.7 billion of fresh capital, while arguing that the value of its headquarters alone offers a comfortable margin over its indebtedness.Goldin Financial Global Centre at 17 Kai Cheung Road in Kowloon Bay. Photo: Website"We are open to discussing any kind of cooperation in refinancing depending on the terms and conditions," Goldin said in a reply to the Post, saying it is banking on Ma's experience to tackle its problems and details of its refinancing plan will be announce in due course. Goldin has fully repaid in 2019 an unspecified amount of loan from CK Group, confirming past financial support from Li's flagship.The distressed developer had HK$18.5 billion in total liabilities on December 31, according to its interim accounts published in March, while its cash stood at HK$2.38 billion. Its principal bankers are Industrial and Commercial Bank of China, Industrial Bank, Shanghai Commercial Bank and HSBC.Li, Hong Kong's second richest man who is nicknamed Superman for his business acumen, controls the CK conglomerate of property, telecoms, retail and port businesses spanning some 50 countries. He stepped down in 2018 to become a senior adviser to the group.It is not clear how far CK Asset will look into the Goldin situation beyond the stated advisory role. Getting on board, however, could give CK Asset an insight into its books, and possibly cherry-pick some assets at distressed prices to immediately alleviate the liquidity crunch.Apart from the Kowloon Bay headquarters, Goldin's other notable investments include a waterfront residential plot at the former airport runway in Kai Tak. It was acquired for HK$8.91 billion in late 2018. Local media reports in the past had speculated CK Asset as the probable party behind a mystery offer to buy the Kai Tak land parcel.That offer on May 10 from little-known Top Family Group, was to be completed within 30 days but has since been delayed. Goldin was supposed to despatch a circular to shareholders on the sale no later than July 24. There has been no update until the appointment of Ma from CK Asset on Wednesady.Goldin has slumped 59 per cent in Hong Kong over the past 12 months, reducing it to a penny stock. Its market value has shrunk to HK$6.92 billion from as high as HK$128 billion in December 2015. Pan controls 70.8 per cent of the company.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.