 |
HK Tycoon Denies Firms Monopolise Mainland Markets
Tycoon Li Ka-shing has denied that his companies hold a monopoly on the markets either in Hong Kong or in the mainland.
"If a Hong Kong company can create a monopoly situation in a country, it should be Hong Kong people's glory, but it is impossible to monopolise a market," Li said, in a transcript of a press conference received Friday.
Li controls two of Hong Kong's flagship multinationals, Cheung Kong (Holdings) Ltd and Hutchison Whampoa Ltd, which have wide-ranging interests in everything from property, to telecoms, ports and even retail outlets.
Li also dismissed fears that Hutchison Port -- reportedly the world's largest private port investor -- had a monopoly hold on the port operating business in China.
"It is impossible for any one to monopolise any business, particularly the transport business in the mainland. Our business in the Chinese mainland always creates a win-win situation," he told the company's annual general meeting on Thursday.
"Ports are long-term investments. We might be able to announce another port project soon," he said, quoted in the transcript.
He said his companies were always looking for investment opportunities with such a huge cash pool at their disposal.
"But under the present economic condition, we have to be very cautious," he said, adding patents for biotech businesses were also being applied for.
"Within the group, every company is very dynamic, particularly those companies outside Hong Kong, the growth is tremendous," Li said.
He also dismissed press reports that Cheung Kong Group was planning to restructure after shareholders Thursday gave it the go-ahead to raise its authorised share capital by 1 billion shares to 3.8 billion, according to the South China Morning Post.
"Cheung Kong Group has no immediate plans for restructuring ... Seeking a general mandate to increase authorised share capital is just a house-keeping routine operation. It is not for any special purpose," Li said.
"I am very satisfied with the present structure of the group. All of our companies are doing well and the results are very encouraging," Li said.
Li also reiterated his group would remain in the former British territory, saying "Hong Kong is our base."
The tycoon -- now one of the world's wealthiest men -- has a rags-to-riches story, after he made his first business selling plastic flowers.
Much of his fortune came from property but he has proven to be gifted at generating cash from shrewd investments in the industries of the future, such as technology-based businesses and the Internet.
Li's younger son, Richard heads Hong Kong's biggest Internet and telecommunications firm Pacific Century CyberWorks
In This Section
|