长江实业与和记黄埔股价均大涨

Shares of Cheung Kong and Hutchison Whampoa each jumped more than 15 per cent at the start of Hong Kong trading, following a radical move on Friday to reorganise the two flagship companies of Li Ka-shing.

周一，香港股市开盘伊始，长江实业(Cheung Kong Holdings)和和记黄埔(Hutchison Whampoa)的股价均大涨逾15%。此前在周五，这两家李嘉诚旗下的旗舰集团曾公布一项激进的重组措施。

The deal - an effective merger of the two companies, plus a spin-off of their property units into a new, separately-listed company - was meant to unlock value in both. Assuming shareholder approval the deal is expected to close in June.

这一重组协议实际上合并了这两家集团，并将其房地产业务剥离为新的单独上市的公司。它的用意是为了令两家企业的估值得到解放。这一应该会得到股东批准的交易预计会在6月份达成。

It was announced after the close of Friday trading. American depositary receipts for both companies rose nearly 10 per cent each in New York.

该交易是在周五收盘后公布的。在纽约，两家企业的美国预托证券都上涨了10%。

Analysts called the plans the biggest restructuring for Cheung Kong since 1997.

分析师称，这一规划是1997年以来长江实业的最大规模重组计划。

Barclays said it would be beneficial to shareholders in at least three ways:

巴克莱银行(Barclays)表示，这一重组交易将从至少三个方面令股东收益：

•removal of one layer of holding company discount;

•将控股公司拿到的折扣减少了一层；

•optimizing capital structures; and

•优化资本结构；

•raising dividends, which should be generally positive.

•提升股东红利，它通常会产生积极的影响。

Nomura estimated that Hutchison shares could be worth 9-19 per cent more after the deal.

野村证券(Nomura)估计，交易完成后，和记黄埔的股价或将上涨9%到19%。

“Major shareholder's share increases look very likely in the future,” they said before shares began trading.

在股市开盘之前，他们表示：“股东手中的股票将来极有可能大幅上涨。”

“Upon restructuring, the Li family and Trust will hold just above 30% interest in the two new flagship companies, a level which is hardly safe from hostile takeover and also limits fundraising capability, in our view. We believe Li will likely increase the shareholdings to cement a firmer control of the group, thereby providing share price downside support.”

“在重组之后，李嘉诚家族及其信托在这两大旗舰企业中的股份只会略高于30%。在我们看来，这一持股比例很难防止恶意收购，也会限制其募资能力。我们相信，李嘉诚很可能会加大持股比例，以巩固对集团的控制，从而为抵御股价下行提供支持。”