Cheung Kong (Holdings) Limited (SEHK:1) made a conditional share exchange offer to acquire the remaining 50.03% stake in Hutchison Whampoa Limited (SEHK:13) from The Hongkong and Shanghai Banking Corporation Limited, Investment Arm and others for approximately HKD 180 billion in stock on January 9, 2015. Under the terms, Hutchison Whampoa shareholders will receive new Cheung Kong shares at the share exchange ratio of 0.684 of new Cheung Kong share for every one Hutchison share for the cancellation of all the Hutchison scheme shares by way of a scheme of arrangement. On completion, Hutchison will become a wholly owned subsidiary of Cheung Kong. On February 5, 2015, the Board of Directors of Cheung Kong proposed to reorganize the structure by proposing that CKH Holdings will become the new holding company of the group and accordingly the scheme shareholders will receive one CKH Holdings share for every one scheme share held and will become CKH Holdings shareholders thereafter and all the scheme shares will be cancelled and extinguished.

An Independent Board committee (comprising all of the independent non-executive directors of Cheung Kong) has been established to make recommendations to the Independent Cheung Kong shareholders on the proposal. The deal is pre-conditional on completion of the Cheung Kong reorganization proposal and is conditional on the approval by the independent Cheung Kong shareholders, the approval by the independent Hutchison shareholders representing at least 75% of the voting rights of the Hutchison scheme, the sanctioning by the court of the Hutchison scheme, completion of the Husky share exchange transaction wherein Hutchison will acquire 6.24% stake in Husky, completion of a separate spinoff transaction, the listing committee granting approval for the listing of new shares issued as deal consideration, approval from regulatory or government bodies and the approval from antitrust authorities. The Board of Directors of Cheung Kong and Hutchison have approved the transaction and Independent Board committee recommended shareholders to approve the deal. The deal is expected to be completed by end of the first half of 2015. On March 18, 2015, CKH Holdings announced that completion of the Cheung Kong reorganisation proposal took place. Accordingly, a condition precedent to completion of the Husky Share Exchange and the pre-condition to the making of the Hutchison Proposal have been fulfilled. As of February 25, 2015 the scheme was approved by the shareholders of Cheung Kong (Holdings) and at the general meeting held on 25 February 2015, the special resolution set out in the notice of General Meeting was duly passed as a special resolution by the shareholders. As of March 30, 2015, Independent Board recommended that the shareholders vote in favor of the ordinary resolution to be proposed at the general meeting. As of March 31, 2015, it was announced that a special meeting of Hutchison shareholders will be held on April 20, 2015. On April 20, 2015, the transaction was approved by shareholders of CK Hutchison Holdings Limited and Hutchison Whampoa. As on May 19, 2015, court approved the acquisition of Hutchison Whampoa. The acquisition is expected to be effective on June 3, 2015.

HSBC and Merrill Lynch, as joint sponsors to the listing of CK Property. Anglo Chinese Corporate Finance, Limited and The Hongkong and Shanghai Banking Corporation Limited acted as financial advisors to Cheung Kong. Somerley Capital Limited acted as financial advisor for Hutchison Whampoa Limited. Goldman Sachs (Asia) L.L.C. acted as financial advisor for Hutchison Whampoa Limited. Woo Kwan Lee & Lo and Alexandra Bidlake, Craig Dally, Robert Cleaver, Pam Shores, Andrew Malcolm, Mike Bienenfeld, Tiffany Yan, Peiwen Chen of Linklaters and Maples & Calder Asia acted as legal advisors and Computershare Hong Kong Investor Services Limited and Maples Fund Services (Cayman) Limited acted as registrars to Cheung Kong (Holdings) Limited. PricewaterhouseCoopers Hong Kong and Deloitte Touche Tohmatsu act as accounting advisors for Cheung Kong (Holdings) Limited. DTZ Debenham Tie Leung Limited, Gerald Eve LLP, Smiths Gore, and CBRE, Inc. acted as property valuer. Eric L. Cochran of Skadden, Arps, Slate, Meagher & Flom, L.L.P. acted as legal advisor for CK Hutchison Holdings Limited. Alex Bidlake, Craig Dally, Rob Cleaver, Pam Shores of Linklaters acted as legal advisors for the banks in the deal. Ronald Durand, David Weekes, Lindsay Gwyer, Elizabeth Breen and Paul Rakowski of Stikeman Elliott LLP acted as legal advisors for Hutchison Whampoa. Grace Huang, Ken Martin, Teresa Ko, Andrew Heathcote, Daniel French, William Robinson and Georgia Dawson of Freshfields Bruckhaus Deringer LLP, Hong Kong acted as legal advisor to Hutchison Whampoa Limited.

Cheung Kong (Holdings) Limited (SEHK:1) completed the acquisition of the remaining 50.03% stake in Hutchison Whampoa Limited (SEHK:13) from The Hongkong and Shanghai Banking Corporation Limited, Investment Arm and others on June 3, 2015. Consequently, listing of the shares of Hutchison on the Main Board has been withdrawn on June 3, 2015.