The CK Infrastructure Holdings (CKI), part of the business empire of Hong Kong’s wealthiest person Li Ka-shing, made its debut on the London stock exchange in a secondary listing that did not raise new funds. The shares of the company traded at £5.64 on the London bourse, a 0.14% discount to its Hong Kong-listed shares. CKI is the first foreign company to take advantage of the U.K.’s biggest listing rule overhaul in three decades, which aims to revive its capital markets and increase competitiveness against U.S. stock exchanges.
Victor Li, chairman of CK Hutchison, the parent company of CK Infrastructure, stated that he has no plans to proceed with a U.K. secondary listing for other companies under the CK Group. CKI mentioned in a statement that the secondary listing would benefit its diverse shareholder base and provide a greater market for trading in the shares. The company reported a 1.7% increase in net profit in the first half of 2024, with a 2.3% drop in revenue. Nearly half of its turnover came from its U.K. business, which includes UK Power Networks Holdings, the country’s largest electricity distributor, followed by operations in Australia, continental Europe, Hong Kong, mainland China, Canada, and New Zealand.
CKI, with a cash reserve of more than HK$9 billion, has been taking advantage of opportunities in the market and reduced competition in deals amid higher inflation and interest rates. The company recently agreed to buy a wind farm portfolio in the U.K. for £350 million from British asset manager Aviva Investors. Other recent acquisitions include UU Solar, a group of renewable power generation assets in the U.K., and Phoenix Energy, Northern Ireland’s largest natural gas distribution network. CKI’s acquisitions reflect its global presence and diversification into energy and utilities.
Li Ka-shing, who handed over the helm of his business empire to his son Victor in 2018, continues to serve as a senior advisor to CK Hutchison and CK Asset. The empire built by Li Ka-shing includes interests in ports, utilities, telecom, real estate, and retail. CKI’s secondary listing in London marks a significant milestone for the company and showcases its global reach and ability to navigate different markets. The company’s recent acquisitions in the U.K. reflect its strategy to expand its presence in the energy and utilities sectors.
Overall, CK Infrastructure Holdings’ debut on the London stock exchange signals its commitment to expanding its global footprint and diversifying its portfolio. The secondary listing offers a new market for trading in shares and benefits its geographically diverse shareholder base. CKI’s recent acquisitions in the U.K. demonstrate its strategic focus on energy and utilities sectors and capitalizing on market opportunities. Li Ka-shing’s continued involvement in the business empire as a senior advisor underscores the company’s stability and long-term vision for growth. CKI’s successful listing in London marks a new chapter in its journey as a global infrastructure and energy company under the leadership of Victor Li.
