Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Power Assets Shareholders Approve Spinoff of Hong Kong Unit

Power Assets Holdings Ltd., controlled by Asia’s richest man Li Ka-shing, said shareholders yesterday approved the spinoff of its Hong Kong electricity unit on the city’s stock exchange.

A resolution on the spinoff received 99.7 percent of votes in favor at a shareholders’ meeting, according to a statement yesterday. The company said a final decision whether to proceed with an initial public offering is now at the discretion of its directors.

Hongkong Electric Co. shares are expected to start trading on Jan. 29, Power Assets said in a Dec. 15 statement. The unit will have a market value of HK$48 billion ($6.2 billion) to HK$63.4 billion after the spinoff, according to the statement last month.

The proposed spinoff of the city’s second-largest electricity supplier comes as Li sells assets in the former British colony, where growth is slowing. Power Assets has said it will use proceeds from the spinoff to fund global acquisitions.

The Hong Kong-based company plans to start gauging demand this week for the IPO, two people with knowledge of the matter said last week, asking not to be identified because the information is private.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.