Word: whampoa
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Dates: during 2000-2009
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HONG KONG Li CHEUNG KONG HOLDINGS/HUTCHISON WHAMPOA Asia's richest man, Li Ka-shing, is preparing to pass on the keys to his empire. Which son will he choose--the steady, cerebral firstborn or the flashy, creative younger son? 2002 Revenues: $20.5 billion...
...Which of his two sons--quiet, nose-to-the-grindstone Victor or sociable, creative Richard--will take over the family businesses? The Li holdings are massive and include property giant Cheung Kong Holdings, one of Hong Kong's biggest property developers, and the ports, retailing and telecom conglomerate Hutchison Whampoa. It's a question that Li, as well as investors in his publicly traded companies, which have a combined market value of $74 billion, must inevitably confront in the coming years as he attempts to safeguard his immense legacy...
...hasn't lost his taste for construction sites. The Stanford-trained engineer occasionally slips away from his deputy chairman's office at Cheung Kong Holdings to schmooze with fellow engineers at half-built apartment blocks. He brings that hands-on spirit to Cheung Kong and sister company Hutchison Whampoa. In addition to property, Hong Kong's biggest conglomerate controls third-generation mobile-phone networks in Europe as well as the world's largest port operation. In Hong Kong, the Lis run telecom networks, supermarkets and pharmacies. Victor also won control of bankrupt Air Canada last month with a $490 million...
...from the successes of his 2G investments. Li and his team, led by group managing director Canning Fok, were the same folks who built Orange into a leading mobile carrier in the United Kingdom before unloading their 49% stake for a cool $21.5 billion in 1999. Soon thereafter, Hutchison Whampoa sold its 23% stake in U.S. wireless firm Voicestream to Deutsche Telekom for another $9 billion...
...Given Li's record as a dealmaker and the company's solid balance sheet, many of Hutchison Whampoa's minority shareholders are giving Li the benefit of the doubt, despite the swirling pessimism. Indeed, management conviction seems to be the only thing that matters?and few expect Li to blink. "3G is a long-term investment for them," says Paolo Pescatore, an analyst at research firm IDC. At least until they get a better offer...