Skip to content
Subscriber Only

Li’s Cheung Kong, Hutchison Surge in Hong Kong on Merger Deal

Cheung Kong Holdings Ltd. and Hutchison Whampoa Ltd. surged the most since at least 1998 in Hong Kong trading after billionaire Li Ka-shing announced a $24 billion restructuring of his two main companies.

Cheung Kong gained 19 percent, the most since February 1998, to HK$148.30 as of 9:31 a.m. local time. Hutchison, which is 50 percent controlled by Cheung Kong, advanced 16 percent, the biggest gain since October 1997, to HK$101. The benchmark Hang Seng Index rose 0.8 percent.